(6) 1.26 1.28 1.09 1.12 1.10 1.08 1.24
Realized
copper price
per pound
($)(6) 3.73 4.38 3.80 3.78 2.79 3.69 3.93
Realized lead
price per
pound ($)(6) 0.93 0.98 0.92 0.94 0.73 0.96 0.94
Costs
Production
cost per
tonne
($)(2)(5) 95 93 78 78 73 59 60
Cash cost per
AuEq ounce
($)(3)(5) 1,877 1,490 1,290 1,249 1,305 1,256 1,200
AISC per AuEq
ounce
($)(4)(5) 2,337 1,766 1,499 1,484 1,724 1,743 1,342
All-in cost
per AuEq ($)
(7)(5) 2,364 1,763 1,533 1,572 1,908 1,737 1,401
Capital
expenditures
Sustaining
($) 1,837 1,641 410 151 3,369 4,650 384
1. Gold equivalents are calculated using an 84.15:1 (Ag/Au),
0.0005:1 (Au/Zn), 0.0017:1 (Au/Cu) and 0.0004:1 (Au/Pb)
ratio for Q3 2024, an 81.00:1 (Ag/Au), 0.0005:1 (Au/Zn),
0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q2
2024, an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1
(Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024; 85.07:1
(Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1
(Au/Pb) ratio for Q4, 2023; 81.84:1 (Ag/Au), 0.0006:1
(Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio
for Q3 2023; 81.80:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1
(Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q2 2023; 83.71:1
(Ag/Au), 0.0008:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1
(Au/Pb) ratio for Q1 2023.
2. Production costs include mining, milling, and direct
overhead cost at the operation sites. See reconciliation
on page 29 of the September 30, 2024, MD&A.
3. Cash cost per gold equivalent ounce includes mining,
processing, and direct overhead costs. See reconciliation
on page 29 of the September 30, 2024, MD&A.
4. AISC per Au/Eq oz includes mining, processing, direct
overhead, corporate general and administration expenses,
on-site exploration, reclamation, and sustaining capital.
See Reconciliation to IFRS on page 29 of the September
30, 2024, MD&A.
5. See "Non-IFRS Financial Measures" on page 26 of the
September 30, 2024, MD&A.
6. Based on provisional sales before final price adjustments,
treatment, and refining charges.
7. All-in cost per AuEq oz includes AISC plus interest
paid and loan payments. See page 29 of the September
30, 2024, MD&A.
8. Average tonnes milled per day assumes the actual days
in the month less 2 planned monthly down days.
About Luca Mining Corp.
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines in Mexico. The Company produces gold, silver, zinc, copper and lead from these mines that each have considerable development and resource upside.
The Campo Morado mine, is an underground operation located in Guerrero State, a prolific mining region in Mexico. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimisation program which is already generating significant improvements in recoveries and grades, efficiencies, and cashflows.
The Tahuehueto Gold, Silver Mine is a new underground operation in Durango State, Mexico, within the Sierra Madre Mineral Belt which hosts numerous producing and historic mines along its trend. The Company has completed the installation of major equipment and is commissioning its mill capacity to 1,000 tonnes per day, with key test work and production ramp-up underway, to achieve full production.
The Company expects its operations to start generating positive cash flows in 2024. Luca Mining is focused on growth with the aim of maximizing shareholder returns.
For more information, please visit: www.lucamining.com
On Behalf of the Board of Directors
(signed) "Dan Barnholden"
Dan Barnholden, CEO
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Mr. Paul Gray, Vice-President Technical at Luca Mining as the Qualified Person for the Company as defined in National Instrument 43-101.
Cautionary Note Regarding Production Decisions and Forward-Looking Statements
It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).
Positive operating cash flow is defined as excluding capital, debt repayment and Trafigura financing.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the planned program to improve mining operations at Campo Morado, impact of debt reduction on the Company's operations and timing to be debt free; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; that the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold, copper and other metals, economic and political conditions, and operations; the impact of debt reduction on the Company's operations and operating performance, and increased financial flexibility resulting from such debt reduction. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Luca Mining Corp.
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/CONTACT:
For further information about Luca Mining Corp., please contact: Sophia Shane, Director of Corporate Development, sshane@lucamining.com, or Glen Sandwell, Corporate Communications Manager, ir@lucamining.com, Tel: +1 (604) 684-8071
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November 27, 2024 08:00 ET (13:00 GMT)
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