Dan Barnholden, CEO of Luca Mining Corp, joined Steve Darling from Proactive at the Vancouver Resources Investment Conference (VRIC) and provided an update on the company’s key assets, including its producing Campo Morado project.
Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) is pleased to announce it has been named to the 2025 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year.
The OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX market. The ranking is calculated based on an equal weighting of one-year total return and average daily dollar volume growth in the previous calendar year. Companies in the 2025 OTCQX Best 50 were ranked based on their performance in 2024.
For the complete 2025 OTCQX Best 50 ranking, visit
https://www.otcmarkets.com/files/2025_OTCQX_Best_50.pdf.
The OTCQX Best Market offers transparent and efficient trading of established, investor-focused U.S. and global companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
Dan Barnholden, CEO, commented, “We are very pleased to rank in the top 5 of such an esteemed group of 50 high performing companies. We greatly appreciate the recognition of our efforts at creating shareholder value. We fully expect 2025 to be another transformative year for Luca as we continue to grow our production and cash flow and embark on exciting exploration programs on both our gold and our base metals assets.”
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historic mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.
The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.
The Tahuehueto epithermal gold and silver mine is a new underground operation in Durango State. The Company is commissioning the Tahuehueto mill and expects to achieve commercial production in early 2025.
(signed) “Dan Barnholden”
Dan Barnholden, Chief Executive Officer
Contact Information:
| Sophia Shane Director of Corporate Development sshane@lucamining.com +1 604 306 6867 | Glen Sandwell Corporate Communications Manager ir@lucamining.com |
For more information, please visit: www.lucamining.com
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).
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 Financings, the anticipated timing of closing thereof and the expected use of proceeds therefrom; 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 all requisite approvals in respect of the Financings will be received, and all conditions precedent to completion of the Financings will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. 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.
Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) is pleased to announce the commencement of exploration drilling at the Campo Morado mine in Guerrero State, Mexico. The Campo Morado Project (the “Property”) hosts several polymetallic massive sulphide deposits containing zinc, copper, gold, silver, and lead mineralization within a highly prospective land package totaling over 121 square kilometers within the Guerrero Gold Belt (see attached location map). This current drill campaign represents the first meaningful exploration program carried out on the Property since 2014 and is designed to target the addition of mineral resources to the near and medium term mine plan at Campo Morado.
The Company plans up to 5,000 metres of underground diamond drilling from approximately 25 holes during this first phase of exploration activities. This program’s primary target is the definition of additional mineral resources from under-drilled zones proximal to existing underground production areas as well as the identification of mineralization within previously untested areas with high potential for the discovery of new mineral resources. A surface drill program that will test portions of the concessions outside of the current mine workings and begin to unlock the district-scale potential of this rapidly developing mineral camp is expected to begin later this quarter.
Previous exploration at Campo Morado has combined to produce an extensive set of high-quality, proprietary geological data, including over 600,000 meters of underground and surface drilling, property wide geologic/structural mapping, approximately 30,000 geochemical soil samples, and a variety of airborne and ground-based geophysical surveys (including gravity, electromagnetics, and induced polarization). Analyses of these geophysical survey datasets, particularly gravity, resulted directly in the discovery and definition of mineral resources on the Property and will continue to guide all exploration initiatives; moreover, this large geophysical dataset is currently being compiled, cleaned and reinterpreted by Luca in an effort to prioritize the greater than 38 exploration targets identified to date across the Property. See attached exploration target map. Production from Campo Morado has been exclusively from five deposits; G9, El Largo, Reforma, Naranjo and El Rey. <Listen to Luca CEO, Dan Barnolden discuss this news>
Paul Gray, VP Exploration, commented, “Like many established VMS systems around the world, Campo Morado has significant growth potential, and I am excited to be embarking on these first exploration efforts on the property in many years. My aim for this, and all future drill programs, is to identify additional near-mine mineralization that can be quickly added to the mine plan at Campo Morado; leverage the extensive historical data and generate new information through drilling and other exploration tools to extend the mine life and expand resources, and; eventually, demonstrate the true district-scale potential at Campo Morado by targeting high-impact exploration zones further from the mine site. This 2025 drill program represents a pivotal moment for Luca, the first step in the realization of these initiatives and Luca looks forward to seeing the results from this, and all future exploration programs.”
Luca also announces that 500,000 incentive stock options (“options”) has been granted to the Company’s recently hired Chief Technology Officer. These options are exercisable at a price of $0.58 per share and expire five years from the date of their issuance. A second tranche of 100,000 options, exercisable at $0.58 has been granted to one other eligible person in accordance with Luca’s omnibus equity incentive plan. These options are exercisable over a period of two years.
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historic mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.
The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.
The Tahuehueto epithermal gold and silver mine is a new underground operation in Durango State. The Company is commissioning the Tahuehueto mill and expects to achieve commercial production in early 2025.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice-President Exploration at Luca Mining. Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.
(signed) “Dan Barnholden”
Dan Barnholden, Chief Executive Officer
Contact Information:
| Sophia Shane Director of Corporate Development sshane@lucamining.com +1 604 306 6867 | Glen Sandwell Corporate Communications Manager ir@lucamining.com |
For more information, please visit: www.lucamining.com
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).
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 Financings, the anticipated timing of closing thereof and the expected use of proceeds therefrom; 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 all requisite approvals in respect of the Financings will be received, and all conditions precedent to completion of the Financings will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. 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.
Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68) is pleased to announce that it, along with an arm’s-length third-party corporation, Jaluca Limited (“Jaluca”), have reached an agreement with Urion Holdings (Malta) Limited (“Urion”, a wholly owned subsidiary of Trafigura Mexico S.A. de C.V.) to repurchase 100% of Luca’s US$5.8 million convertible debenture (the “Debenture”) held by Urion. Luca and Jaluca are purchasing 43% and 57% of the Debenture, respectively, for a total purchase price of US$7.2 million or at an as if converted basis of CAD$0.4338 per share, a discount of over 25% to Luca’s closing share price on the TSX-V on January 3, 2025 of $0.58. Luca will immediately cancel its portion of the Debenture, reducing fully diluted shares outstanding by 10,285,714 shares or 4.4%. As part of the transaction, Jaluca has agreed to convert its purchased share of the Debenture at the Debenture’s exercise price of $0.35. The result of the purchase and cancellation of US$2.5 million of the Debenture by Luca and the purchase and conversion of US$3.3 million of the Debenture by Jaluca is the removal of US$5.8 million in debt from Luca’s balance sheet. After completion of the transaction, Luca will have 221,365,671 shares outstanding.
In addition, the Company has continued to make principal repayments on its term loan with Trafigura Mexico S.A. de C.V. Total debt outstanding has been reduced to approximately US$11.1 million since October 2024, representing a nearly 39% reduction.
The purchase of the Debenture was facilitated by the exercise of 8.7 million Luca warrants in December 2024 for proceeds of C$4.4 million. The Company’s cash balance is roughly US$6.75 million, net after the purchase of the Debenture and term debt repayment.
As a result of the foregoing, Luca will have 221,365,671 million shares outstanding, 47,789,457 warrants outstanding, US$11.1 million debt and approximately US$6.75 million cash. The Company will continue to use proceeds from the ongoing warrant exercises to pay down its debt with an objective to be debt free before the end of 2025.
Dan Barnholden, CEO, commented, “As we have committed to shareholders, we are dedicated to repaying our debt and reducing our shares outstanding as quickly as possible. We are thrilled to be in a position to opportunistically reduce our issued and outstanding shares, at a significant discount to our current trading price, while simultaneously strengthening our balance sheet. This sets us apart from our peers and speaks to our commitment to creating shareholder value. We have a well-defined growth strategy and boxes are being checked. We are well on our way to being debt free and are beginning to generate free cash flow from both of our mines. We have recently announced exploration underway at Tahuehueto focused on resource expansion and mine life extension, and we will soon commence exploration at Campo Morado. The optimization program at Campo Morado is yielding excellent results and commissioning of Tahuehueto is nearing completion. This year is shaping up to be a transformative year for Luca Mining.”
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historic mines along its trend. The Company produces gold, copper, zinc, silver 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. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization 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. which hosts numerous producing and historic mines along its trend. The Company is commissioning its mill and is expected to achieve commercial production by Q1 2025.
Qualified Person
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.
(signed) “Dan Barnholden”
Dan Barnholden, Chief Executive Officer
Contact Information:
| Sophia Shane Director of Corporate Development sshane@lucamining.com +1 604 306 6867 | Glen Sandwell Corporate Communications Manager ir@lucamining.com |
For more information, please visit: www.lucamining.com
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).
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, anticipated discovery of higher-grade mineralization and ability to add to existing mine plans; 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. 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 Tahuehueto Project and Campo Morado properties that can be achieved; the geological mapping from mining activity at Tahuehueto Project and Campo Morado will continue to provide information to guide exploration program plans; the continuity of the price of gold and other metals, economic and political conditions, and operations. 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.
Luca Mining Corp. (“Luca” or the “Company”) (TSX-V: LUCA; OTCQX: LUCMF; Frankfurt: Z68)
The Company has been advised that on December 31, 2024, one of the Company’s insiders, Calu Opportunity Fund LP, (“Calu”) with an address at 1166 Alberni Street, Suite 1201 Vancouver, BC V6E 3Z3, sold an aggregate of 5,699,975 common shares (“Common Shares”) of Luca. The Common Shares were sold on the open market through the facilities of the TSX Venture Exchange (the “TSXV”) at an average price of approximately $.62 per Common Share for an aggregate gross amount of $3,533,984 (the “Sales Proceeds”). Calu has advised the Company’s management that it intends to use $2,000,000 of the Sales Proceeds to exercise a total of 4,000,000 warrants at an exercise price of $.50 per warrant.
Immediately prior to the sale of the Common Shares described above, Calu owned or controlled an aggregate of 35,000,000 Common Shares, representing approximately 17.57% of the then issued and outstanding Common Shares and 7,000,000 share purchase warrants (the “Warrants”) entitling Calu to acquire an additional 7,000,000 Common Shares. Following the sale of the Common Shares and the exercise of 4,000,000 Warrants, Calu will own or control 33,300,025 Common Shares and 3,000,000 Warrants.
Calu does not have any specific current plan or future intention with respect to such securities and may or may not purchase or sell securities of the Company in the future on the open market or in private transactions in the ordinary course, depending on market conditions and other factors material to Calu’s investment decision.
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines in Mexico within the prolific Sierra Madre Mineral Belt. The Company produces gold, copper, zinc, silver 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, an important 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 mill at Campo Morado has a capacity of 2,400 tonnes per day.
The Tahuehueto Gold, Silver mine is a new underground mine in Durango State, Mexico which hosts numerous producing and historic mines on trend. Tahuehueto has a designed processing capacity of 1,000 tonnes per day and is expected to achieve commercial production in Q1 2025.
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, Chief Executive Officer
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; 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 and other metals, economic and political conditions, and operations. 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.
For further information about Luca Mining Corp., please contact:
Sophia Shane
Director of Corporate Development
Tel: +1 (604) 306-6867
sshane@lucamining.com
