LUCA MINING CORP. REPORTS $10.5 MILLION OF NET EARNINGS IN Q2
LUCA MINING CORP. REPORTS $10.5 MILLION OF NET EARNINGS IN Q2 |
| [17-August-2026] |
Q2 Revenue Increases to 58.4 Million; First-Half Net Earnings Reach 23.1 Million VANCOUVER, BC, Aug. 17, 2026 /PRNewswire/ -- Luca Mining Corp. ("Luca" or the "Company") (TSX-V: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to report operational and financial results for the second quarter and six months ended June 30, 2026. The Company delivered another strong financial quarter, generating revenue of $58.4 million, net earnings of $10.5 million, adjusted net earnings of $6.9 million and Adjusted EBITDA of $14.3 million. Revenue increased 47% and mine operating earnings increased 90% compared to Q2 2025, supported by significantly stronger realized metal prices and continued contributions from both operations. For the first six months of 2026, Luca generated $116.0 million of revenue, $23.1 million of net earnings and $36.7 million of Adjusted EBITDA. Strong operating cash generation enabled the Company to fund significant underground development, sustaining capital, infrastructure and exploration expenditures, substantially reduce debt, meet its obligations under the Empress silver stream, repurchase shares under its Normal Course Issuer Bid ("NCIB"), and maintain a cash balance of $24.7 million at June 30, 2026.
Q2 2026 Highlights
Production and financial performance in Q2 2026 continued to reflect the Company's strategy of investing operating cash flow into underground development, mine preparation, infrastructure and exploration to strengthen the operating platform at both mines. Consolidated tonnes mined increased 6% and tonnes milled increased 3% compared with Q2 2025, while silver production increased 19% and copper production increased 3%. Dan Barnholden, Chief Executive Officer, commented: "The second quarter reflects another period of significant investment as we continued to strengthen both operations. During the first half, we invested more than $21 million into underground development, infrastructure and exploration, including our highest quarterly exploration drilling activity in at least a decade. These investments are focused on improving operating performance, increasing production flexibility and advancing the significant growth opportunities across our properties. At the same time, we have made significant progress strengthening the balance sheet. We have substantially reduced our debt while continuing to meet our obligations under the Empress silver stream and advance toward its stepdown threshold. With these financial obligations increasingly behind us, we expect a greater proportion of future operating cash flow to be available to support our operations, growth initiatives and shareholders."
Operational Performance Consolidated tonnes mined increased 6% to 267,028 tonnes during Q2 2026 over Q2 2025 and tonnes milled increased 3% to 260,461 tonnes. Consolidated silver production increased 19% to 334,237 ounces, while copper production increased 3% to 2.7 million pounds. Gold production decreased 7% to 6,161 ounces, zinc production decreased 26% to 8.9 million pounds and lead production decreased 12% to 1.9 million pounds. Campo Morado (Guerrero, Mexico) Campo Morado produced 32.3 million pounds of ZnEq during Q2 2026, an increase of 6% compared with 30.4 million pounds in Q2 2025. Tonnes mined totaled 174,497 while tonnes milled totaled 171,237, as mining intentionally outpaced processing to build ore stockpiles and improve future feed blending and operating flexibility. Precious metal grades improved significantly during the quarter, with gold grades increasing 42% and silver grades increasing 45% compared with Q2 2025. Silver production increased 13% to 234,896 ounces. Metallurgical recoveries, however, remained below prior-year levels as the operation processed ore from multiple mining areas while advancing feed blending and metallurgical optimization initiatives. The Company continued implementing reagent optimization, flotation circuit improvements and feed blending controls while advancing rehabilitation and optimization of flotation circuits, pumping systems, tailings infrastructure and other critical plant assets. Underground development remained focused on the Naranjo, Largo Norte, Fish and Southwest areas. Cash cost per ZnEq payable pound sold was $1.02/lb compared with $0.91/lb in Q2 2025. AISC was $1.33/lb, compared with $1.29/lb in Q2 2025, reflecting increased mining and development activity, higher treatment charges and continued investment in sustaining capital. ZnEq payable pounds sold increased 7% during the quarter. Exploration activity remained significant, with approximately 9,000 metres of diamond drilling completed at Campo Morado during Q2, including underground, surface and geotechnical drilling. The program continues to target near-mine resource additions and the broader district-scale exploration potential of the property. Tahuehueto (Durango, Mexico) Tahuehueto continued to strengthen its operating performance during Q2 2026 over Q2 2025. Tonnes mined increased 28% to 92,531 tonnes and tonnes milled increased 23% to 89,224 tonnes. Average throughput reached 1,115 tonnes milled per operating day, exceeding the plant's 1,000 tpd installed capacity. Higher throughput and stronger silver and base-metal grades supported improved production across several metals. Silver production increased 39% to 99,340 ounces, zinc production increased 16% to 1.6 million pounds and copper production increased 47% to 434 thousand pounds. Overall AuEq production increased 10% to 7,397 ounces. Gold production decreased 8% to 4,461 ounces as lower gold grades and metallurgical recoveries offset higher throughput. The operation continued advancing underground development into additional mining areas while implementing flotation optimization, reagent adjustments and feed blending controls to improve metallurgical stability. The transition of underground mining activities to contractor La Cantera continued to support increased mining and processing activity, with additional infrastructure investments in power distribution, compressed air, ventilation, pumping and underground preparation intended to improve production flexibility and operational continuity. Cash cost was $3,011 per AuEq ounce sold and AISC was $3,538 per AuEq ounce sold, reflecting the increased operating scale, underground development and mine preparation activity, lower gold grades and recoveries, and continued investment in mine and processing infrastructure. Sustaining capital totaled $2.5 million during the quarter. The Company remains focused on converting the investments made across both operations into improved metallurgical recoveries, production consistency and operational efficiency for sustainable long-term free cash flow generation. This news release should be read in conjunction with the company's condensed consolidated interim financial statements for the three and six months ended June 30, 2026 and associated Management's Discussion and Analysis ("MD&A") which are available on the Company's website, www.lucamining.com and on Sedar+ at www.sedarplus.com. Qualified Person About Luca Mining Corp. The Company's Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres. It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State. The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. The Company has successfully commissioned its mill and is now in commercial production. On Behalf of the Board of Directors Dan Barnholden, Chief Executive Officer For more information, please visit: www.lucamining.com Cautionary Note Regarding Forward-Looking Statements 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, estimated production guidelines for 2026 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company's properties, such as production rates and increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine 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 Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. 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.
SOURCE Luca Mining Corp. | ||
Company Codes: TorontoVE:LUCA,Frankfurt:Z68,OTC-PINK:LUCMF,FRANKFURT:Z68,OTC-BB:LUCMF,OTC-QX:LUCMF,TorontoV:LUCA |
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