LUCA MINING CORP. REPORTS RECORD ANNUAL RESULTS FOR 2025 AND EXCEEDS REVISED PRODUCTION GUIDANCE
Record 2025 results and debt cut fuel Luca Mining’s transformation into a cash‑rich, multi‑metal producer
Luca Mining Corp. released its 2025 annual MD&A on 8 Apr 2026 reporting:
- Revenue: $176.8 M (+103% YoY)
- Adjusted EBITDA: $46.0 M (+226% YoY)
- Free cash flow: $20.8 M (incl. $15.5 M Q4)
- Cash balance: $25.5 M (up from $10.2 M in 2024)
- Long‑term debt: reduced from $17.0 M at 31 Dec 24 to $3.3 M at 31 Dec 25 and further to $1.4 M by MD&A date.
- Production: All five metals (Ag, Zn, Pb, Cu, Au) exceeded revised guidance; silver +69%, zinc +72%, lead +53%, copper +37% YoY.
- Cost metrics: Campo Morado cash cost $0.99/ZnEq lb (‑9% YoY); all‑in sustaining cost $1.24/ZnEq lb, flat YoY. Tahuehueto AuEq cash cost $2,197/oz (‑16.7%) and AISC $2,832/oz (‑15.3%).
- Capital: Sustaining capex $27.3 M; copper‑lead separation circuit installed, commissioning 2026.
- Exploration: ~30 km of drilling in 2025, first re‑initiation in >10 years, new mineralized zones identified.
- Equity financing: $20 M raised from exercise of 50 024 980 warrants and 4 932 681 stock options (2024: $3.4 M).
The announcement is materially positive for several reasons:
| Aspect | Prior Expectation | Actual Outcome | Impact |
|---|---|---|---|
| Revenue & EBITDA | Forecasted modest growth after 2024’s turnaround | >100% revenue jump, >200% EBITDA increase | Strong top‑line momentum and profitability lift. |
| Cash & Debt | Debt ~ $17 M; cash ~$10 M (end‑2024) | Cash $25.5 M; debt cut to $1.4 M | Near‑term liquidity surplus; eliminates refinancing risk for 2026. |
| Production | Revised guidance met/exceeded for all metals | All five metals above revised guidance, especially silver (+69%) and zinc (+72%) | Validates operational execution and scaling of both mines. |
| Costs | Anticipated modest cost reductions | Campo Morado cash cost down 9%; Tahuehueto cash cost down 16.7% | Improves margins and supports higher free cash flow. |
| Capital projects | Expected commissioning of copper‑lead circuit in 2026 | Circuit installed, on schedule for 2026 start‑up | Adds value‑creating processing capability. |
| Exploration | Re‑initiation after a decade; modest drill budget | ~30 km drilled, new high‑grade zones identified | Expands resource base and underpins future growth. |
The news exceeds prior guidance on revenue, earnings, cash generation, and debt reduction, delivering a transformational financial profile for a market‑cap‑small miner.
Luca Mining Corp. operates two adjacent VMS‑type base‑metal projects in Mexico: - Campo Morado (Guerrero): 100 % owned, historically Zn‑focused but now delivering multi‑metal (Ag, Au, Cu, Pb) production; undergoing mill optimization (CME) and underground expansion. - Tahuehueto (Durango): 99 % owned, gold‑silver epithermal vein system with a 1.6 % NSR royalty and streaming agreement; recent commissioning of a copper‑lead separation circuit.
Both mines are now cash‑flow positive, with integrated processing streams that enable simultaneous recovery of precious and base metals.