LUCA MINING CORP. REPORTS $10.5 MILLION OF NET EARNINGS IN Q2
Luca reported solid first half net earnings, though high all-in sustaining costs and shrinking cash reserves have kept the stock in a downtrend.
Luca Mining Corp. (LUCA) reported second-quarter 2026 revenue of $58.4 million, an increase of 47% from the $39.7 million recorded in Q2 2025 and slightly above the $57.6 million posted in Q1 2026. Net earnings for the quarter stood at $10.5 million, or $0.04 per share, a significant turnaround from the $3.2 million net loss reported in the same period last year. Adjusted net earnings were $6.9 million, while Adjusted EBITDA reached $14.3 million, marking a 156% year-over-year increase.
For the first half of 2026, revenue totaled $116.0 million, up 43% year-over-year. H1 net earnings were $23.1 million, and H1 Adjusted EBITDA was $36.7 million. Operating cash flow before working capital changes was $13.9 million in Q2. After accounting for $11.3 million in capital investment, free cash flow before working capital changes was $2.6 million.
Cash reserves were $24.7 million at June 30, 2026, down from $36.4 million at March 31, 2026. The company substantially reduced its debt, with a prior operational update indicating remaining debt of about $1.4 million and full repayment expected in July 2026. These Q2 results continued a strategy of investing operating cash flow into underground development, infrastructure, and record exploration activity.
Luca Mining Corp. (LUCA) released a positive earnings report relative to Q2 2025, though the results did not constitute a game-changing or materially differentiated event. Much of the operational and balance-sheet content had already been disclosed in the July 20, 2026 production update, including the cash decline to $24.7 million, debt reduction to about $1.4 million, and the temporary Campo Morado milled-tonne reduction. Newly reported items included net earnings, adjusted earnings, Adjusted EBITDA, and Q2 capital allocation details.
Positively, H1 net earnings of $23.1 million, sharply improved from $1.3 million in H1 2025, show the company has shifted from losses to profitability on a trailing basis. However, Q2 free cash flow before working capital was only $2.6 million despite $14.3 million of Adjusted EBITDA, because sustaining and expansion-oriented capital investment consumed most of it. The cash balance fell materially quarter-over-quarter, from $36.4 million to $24.7 million.
The stock had already fallen from its January 2026 high of $2.05 to $0.96 before the report, suggesting the market had already de-rated the shares on high costs, weak base-metal production, and cash consumption. The report reinforces, but does not create, the core narrative: profitable revenue growth, near-zero debt, but heavy reinvestment and thin post-capex free cash flow.
Luca Mining Corp. is a Canadian mining company operating two wholly owned mines within the Sierra Madre mineralized belt in Mexico. The company’s Campo Morado asset is an underground VMS-style polymetallic mine located in Guerrero State, producing zinc, copper, gold, silver, and lead. Its Tahuehueto property, situated in Durango State, is a newly constructed underground epithermal gold-silver mine that entered commercial production in March 2025.
The Campo Morado land package covers approximately 121 square kilometres, while the Tahuehueto property spans more than 100 square kilometres. Luca Mining maintains an active exploration and expansion program across both assets.