LUCA OUTLINES PLANNED WORK PROGRAMS FOR Q4 2024 AND BEYOND
CEO
The following updates to key work programs will be aimed at optimizing our asset base and aggressively exploring our under-explored property portfolio: <Listen to Dan describe these programs>
- As disclosed on
August 6, 2024 , Luca has engagedCominvi, SA de CV as mining contractor atCampo Morado with the objective of increasing mining performance. Ramp up is well underway and mining rates are expected to consistently exceed 2,000 ore tonnes per day by the end of Q4 2024. The increase to mining rates is expected to have a significant positive impact on financial performance. Further increases are planned in 2025 and beyond. - As disclosed on
May 2, 2024 , improvements in metallurgical recoveries have been ongoing atCampo Morado . Building on the successful outcomes from previous work, the Company continues its collaboration with Ausenco and others, focusing on enhancements at the mill to further improve recoveries. - As disclosed on
July 31, 2024 , the Company is initiating the first meaningful drill program atCampo Morado in over a decade. Drilling contractors have visited the site and are in the process of mobilizing equipment and crews. The Company expects to announce drill results on an ongoing basis commencing in mid-to-late Q4 2024.
- As disclosed on
July 25, 2024 , construction at Tahuehueto has been completed and the Company is actively commissioning the mill and plant, with commercial production expected to be declared during Q4. - The Company is initiating the first meaningful drill campaign at Tahuehueto in over 10 years. Drilling contractors are in the process of mobilizing to site and with drilling to commence in early Q4. See news release dated
July 31, 2024 . The Company expects to announce drill results on an ongoing basis commencing in mid-to-late Q4 2024.
Balance Sheet
- Luca will commence repayments of its debt owed to Trafigura, from cashflow, in
October 2024 under the terms of the restructured debt agreement as outlined in the condensed consolidated interim financial statements for the three and six months endedJune 30, 2024 . Under the terms of the agreement, the final payment of the debt facility would occur inJuly 2026 , however Luca is focused on deleveraging as quickly as possible.
About
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On Behalf of the Board of Directors
(signed) "Dan Barnholden"
For more information, please visit: www.lucamining.com
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by
Cautionary Note Regarding Forward-Looking Statements
It should be noted that Luca declared commercial production at
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
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