Luca Mining Produces 57,487oz of AuEq in 2024

Luca Mining reported its results for 4Q24. The company achieved a record annual production of 57,487oz AuEq in 2024, which led to record-high mine operating cash flow before taxes of  US$22.3 million. Luca Mining attributed these results to the effectiveness of its programs for construction, optimization, and ramp-up in operations, along with improvements in mine planning and operating strategy. The company expects 2025 production to range from 80,000oz to 100,000oz AuEq, representing a year-on-year increase of over 38-73%.

Net revenue for 2024 increased by 59% to US$80.6 million compared to 2023. Mine operating earnings rose significantly to US$17.2 million, a 1,477% increase year-on-year. Cash costs and all-in sustaining costs (AISC) increased to US$1,503/oz and US$1,827/oz, respectively, reflecting the transition to contract mining at Campo Morado and the company's investments in mine and mill infrastructure.

Luca Mining Operational Highlights

Mill throughput increased over 4Q24 as Campo Morado and Tahuehueto ramped up to targeted levels. Campo Morado reached its objective of 2,000t/d late in the year, with Tahuehueto reaching its objective of an average of 820t/d in 1Q25. Commercial production at Tahuehueto was declared on March 31, 2025. In total, 17,404oz of the 57,487oz AuEq produced in 2024 were from 4Q24. For 2024, Campo Morado accounted for approximately 68% of total AuEq production, while Tahuehueto contributed 32%.

Individual metal production for 2024 included 19,299oz of gold, an increase of 63% over 2023; 782,867oz of silver, an increase of 14%; 26.3Mlbs of zinc, a decrease of 22%; 7.3Mlbs of copper, an increase of 27%; and 5.8Mlbs of lead, a decrease of 2% over 2023. As a result of ongoing optimization, metal recoveries improved quarter over quarter except for zinc.

Luca Mining started a 5,000m exploration program at Tahuehueto and Campo Morado, the first drill campaigns in over a decade, as reported by MBN, aiming to delineate additional near-mine mineral resources and test district-scale potential.