Announcement • Jun 23

Luca Mining Corp. Reports New Underground Drill Results At Campo Morado Mine

Luca Mining Corp. announced new underground drill results from its ongoing exploration program at the Campo Morado polymetallic VMS mine in Guerrero State, Mexico. Surface drillhole CMRY-26-10 intersected 28.4 metres of 2.28 g/t Au, 134.89 g/t Ag, 0.57% Cu, 0.95% Pb and 3.69% Zn from 104.2m, expanding the known mineralized footprint in the unmined El Rey zone. Underground drillhole CMUG-26-44 intersected 19.6 m of 2.78 g/t Au, 103.12 g/t Ag, 0.52% Cu, 0.67% Pb and 2.75% Zn from 40.5 m in the unmined Naranjo zone. Underground drillhole CMUG-26-42 intersected 20.6 m of 3.05 g/t Au, 50.69 g/t Ag, 0.65% Cu, 0.43% Pb and 1.57% Zn from 41.5 m, expanding previously defined mineralization in the unmined Naranjo zone. Exploration drilling operations continue at Campo Morado with two surface drill rigs and one underground drill rig – 12,035 m drilled from underground in 52 drillholes and 16,535 m drilled from 68 surface drillholes to date. Underground drillhole CMUG-26-42 through CMUG-26-45 targeted the Largo Norte zone and successfully intersected mineralization in each of these drillholes from this unmined zone. CMUG-26-42: 47.2 m of 1.79 g/t Au, 44.63 g/t Ag, 0.68% Cu, 0.46% Pb and 2.49% Zn from 25.8 m, including 20.6 m of 3.05 g/t Au, 50.69 g/t Ag, 0.65% Cu, 0.43% Pb and 1.57% Zn from 41.5 m which includes 0.7 m of 3.35 g/t Au, 113.80 g/t Ag, 4.20% Cu, 0.24% Pb and 1.79% Zn from 43.0 m. CMUG-26-43: 93.7 m of 0.86 g/t Au, 48.21 g/t Ag, 1.14% Cu, 0.14% Pb and 1.06% Zn from 0.0 m, including 15.0m of 0.93 g/t Au, 81.20 g/t Ag, 3.08% Cu, 0.09% Pb and 1.31% Zn from 29.5 m. CMUG-26-44: 64.0 m of 1.43 g/t Au, 54.47 g/t Ag, 0.52% Cu, 0.30% Pb and 1.30% Zn from 0.0m, including 19.6 m of 2.78 g/t Au, 103.12 g/t Ag, 0.52% Cu, 0.67% Pb and 2.75% Zn from 40.5 m. CMUG-26-45: 107.6 m of 0.95 g/t Au, 33.74 g/t Ag, 0.64% Cu, 0.22% Pb and 1.33% Zn from 0.0 m; including 29.6 m of 1.37 g/t Au, 48.27 g/t Ag, 0.55% Cu, 0.52% Pb and 2.39% Zn from 75.7 m. CMRY-26-10: 28.4 m of 2.28 g/t Au, 134.89 g/t Ag, 0.57% Cu, 0.95% Pb and 3.69% Zn from 104.2m, including a high-grade interval of 9.7 m of 4.09 g/t Au, 208.99 g/t Ag, 0.74% Cu, 1.33% Pb and 5.05% Zn from 111.3 m. CMRY-26-11: 5.8 m of 2.15 g/t Au, 74.72 g/t Ag, 0.49% Cu, 0.64% Pb and 0.65% Zn from 103.4 m, and 7.6 m of 1.11 g/t Au, 80.35 g/t Ag, 0.68% Cu, 0.44% Pb and 5.62% Zn from 111.0 m. CMRY-26-12: 2.2 m of 3.45 g/t Au, 8.58 g/t Ag, 0.06% Cu, 0.07% Pb and 0.28% Zn from 123.0 m. These recent intersections from the unmined Naranjo zone highlight the multiple opportunities to add additional mineable resources proximal to current development headings, existing infrastructure and expand previously defined mineral resources. The El Rey drillholes analytical results continue to showcase the potential to add tonnage to new areas currently being developed into the long-term Campo Morado mine plan. Surface drilling continues, with the current focus on Estrella de Oro and Naranjo in conjunction with on-going underground drilling planned to target the A9, Muneco, Bajo and Fish deposits, which all contribute to the 2026–2028 mine plans. Table 1: Highlight Diamond Drill Assay Results from UG Drillholes CMUG-26-42 through CMUG-26-45 and CMRY-26-10 through CMRY-26-12. Hole ID From (m) To (m) Interval (m) Au g/t Ag g/t Cu% Pb% Zn% CMUG-26-42 1.0 11.5 10.5 0.18 46.40 1.55 0.10 1.06 And 25.8 73.0 47.2 1.79 44.63 0.68 0.46 2.49 Including 41.5 62.1 20.6 3.05 50.69 0.65 0.43 1.57 Including 43.0 43.7 0.7 3.35 113.80 4.20 0.24 1.79 And 74.2 95.5 21.3 0.12 20.94 0.87 0.03 1.94 CMUG-26-43 0.0 93.7 93.7 0.86 48.21 1.14 0.14 1.06 Including 1.9 6.0 4.1 0.85 34.93 0.42 0.22 1.91 9.1 25.5 16.5 1.35 48.37 0.61 0.22 1.92 Including 9.1 14.8 5.7 1.27 43.46 0.65 0.15 1.50 14.8 16.8 2.0 3.01 57.55 0.57 0.84 1.76 And 29.5 44.5 15.0 0.93 81.20 3.08 0.09 1.31 47.5 49.5 2.0 0.61 36.15 0.47 0.11 1.58 64.0 69.0 5.0 0.63 39.42 0.61 0.19 1.39 77.0 93.7 16.7 0.92 53.17 1.39 0.10 0.52 Including 77.0 84.0 7.0 1.05 50.11 1.21 0.14 0.61 0.0 64.0 64.0 1.43 54.47 0.52 0.30 1.30 Including CMUG-26-44 2.5 26.5 24.0 0.92 35.41 0.44 0.17 0.87 33.4 40.5 7.1 0.94 39.86 0.50 0.18 0.48 40.5 60.1 19.6 2.78 103.12 0.52 0.67 2.75 CMUG-26-45 0.0 107.6 107.6 0.95 33.74 0.64 0.22 1.33 Including 0.0 5.8 5.8 0.48 34.06 0.58 0.09 2.04 7.2 22.2 15.0 1.15 21.63 0.55 0.18 1.28 29.3 40.7 11.4 1.55 34.79 0.75 0.12 1.67 58.2 62.2 4.0 1.09 26.63 0.69 0.11 0.52 67.3 69.9 2.6 0.83 23.29 0.72 0.21 0.43 75.7 105.3 29.6 1.37 48.27 0.55 0.52 2.39 CMRY-26-08 No Significant Values CMRY-26-09 No Significant Values CMRY-26-10 104.2 132.6 28.4 2.28 134.89 0.57 0.95 3.69 Including 106.7 109.5 2.8 2.19 104.78 0.46 0.53 1.49 And 111.3 120.9 9.7 4.09 208.99 0.74 1.33 5.05 And 126.2 132.6 6.4 1.80 122.93 0.66 1.04 4.94 101.1 123.4 22.3 1.28 59.66 0.60 0.40 2.65 CMRY-26-11 103.4 109.3 5.8 2.15 74.72 0.49 0.64 0.65 And 111.0 118.5 7.6 1.11 80.35 0.68 0.44 5.62 CMRY-26-12 123.0 142.6 19.7 0.82 154.57 0.06 0.09 0.08 Including 123.0 125.2 2.2 3.45 8.58 0.06 0.07 0.28 And 133.6 142.6 9.0 0.31 327.13 0.05 0.12 0.02 CMUG-26-42, CMUG-26-43 and CMUG-26-45 were all drilled parallel to the mineralized body which ranges from 20 to 100m in thickness and has a known length of up to 540m and width of up to 210m. CMUG-26-44 was drilled across the mineralized body and represents ~90% of true width. Starting in late 2025, Luca initiated an extensive data compilation and analysis program supported by VRIFY Technology Inc. and its proprietary AI prospectivity mapping software, DORA. This program at Campo Morado leverages Luca's substantial datasets, including over 650,000 metres of historical drilling, more than 30,000 soil samples, and detailed geological mapping at 1:20,000, 1:10,000, and 1:5,000 scales. These datasets are complemented by a comprehensive, multi-disciplinary geophysical survey database. All Campo Morado datasets have been compiled and integrated into VRIFY's DORA software, which leverages proprietary deep learning models. These datasets form the geoscientific layers from which the selected model identifies patterns and generates prospective exploration targets. For the Campo Morado property, DORA utilized a total of 153 geophysical layers including 56 augmented and 97 non-augmented layers, all contributing to target modelling. The geophysical inputs include primary layers along with their derivatives and augmented derivatives. These encompass: magnetic data, electromagnetic data, VLF, resistivity, gravity data, radiometric data, and induced polarization. Augmented geophysical datasets were generated through advanced feature extraction and deep learning techniques within DORA, including extraction of textural layers and automated lineament detection.

Announcement • Feb 20

Luca Mining Corp Advances Study to Optimize Campo Morado and Increase Gold and Silver Production

Luca Mining Corp. announced that the Company's board of directors has approved a mill optimization and expansion study and mine plan update for the Campo Morado mine to be prepared as a technical report in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, expected to be delivered in the second half of 2026. Ausenco PTY Ltd. has been selected as the technical third-party engineering consultant to lead the Campo Morado Expansion. Ausenco is designing the Campo Morado Expansion as a two-phase optimization and expansion project. Phase 1 will consider a bulk sulphide flotation processing flowsheet with increased grinding capacity to achieve optimal separation of sulphide minerals and produce high-quality copper and zinc concentrates, targeting higher recovery rates of all metals and increased mill throughput rates. Phase 2 will evaluate the recovery to doré of the gold and silver contained in a precious metals-rich pyrite concentrate remaining after the Phase 1 optimized flotation process. Additional metallurgical test work to support the Campo Morado Expansion Phase 1 and Phase 2 optimization is underway at third-party testing facilities and will be released as available. Alongside the Campo Morado Expansion mill optimization, a life of mine plan, including the currently unmined high-grade Reforma and El Rey deposits will be evaluated. The Campo Morado Expansion, life of mine plan and Mineral Reserve statement will be delivered in a Technical Report to be prepared in accordance with National Instrument 43-101, expected to be released in the second half of 2026. Luca is evaluating the purchase of key long-lead-time items to support the timely delivery of the Campo Morado Expansion optimization project. Phase 1 of the Campo Morado Expansion is being considered with the goal to achieve greater consistency in operational performance at the Campo Morado processing facilities, with improved pre-flotation, on-stream analysis of flotation concentration, and the addition of ultra-fine grinding capacity to achieve a target grind size of 8-10 microns from current operational levels of a target regrind size of 15 microns. The Phase 1 flowsheet at the Campo Morado mill is expected to reconfigure the current sequential flotation of copper and zinc concentrates to a bulk flotation of all sulphides, followed by additional regrinding to effectively separate sulphide species prior to a sequential flotation process to produce copper and zinc concentrates. The final tailings from this Phase 1 bulk flotation-regrinding flowsheet are expected to be primarily a pyrite concentrate containing gold and silver. The Company anticipates that the additional grinding capacity contemplated under the Phase 1 optimization will allow the current grinding capacity bottlenecks at the operation to be relieved. Luca and Ausenco are evaluating various proven grinding technologies in order to achieve targeted grind sizes under the Campo Morado Expansion, including both Glencore Technology's IsaMill and vertical stirred mill options. Given existing grid power and transformer capacity at Campo Morado, the Company does not expect power costs to be a primary sensitivity under the Campo Morado Expansion Phase 1 flowsheet. Additional metallurgical testwork is ongoing both at Luca's metallurgical laboratories and at independent third-party testing facilities to support the Campo Morado Expansion Phase 1 flowsheet. It is expected that these test results will be released in the first half of 2026. Following the flotation of high-quality zinc and copper concentrates under the Campo Morado Expansion Phase 1 optimization, Ausenco will evaluate if a tailings product containing high grades of precious metals and consisting primarily of pyrite-associated gold and silver will be available for further processing. Under the Campo Morado Expansion Phase 2, Ausenco will evaluate various conventional methodologies to recover gold and silver from this high-grade pyrite concentrate to produce a gold-silver doré at the mine. Currently at the Campo Morado operation, there is no gold leaching capacity and all precious metals produced are contained in concentrates with no existing doré production. As a base case, Campo Morado Expansion Phase 2 will evaluate direct conventional cyanide leaching of this high-grade pyrite concentrate. The Phase 2 optimization is being evaluated to include the construction of leach tanks, counter current decantation filters, and a Merrill-Crowe process to recover gold and silver to doré. Additional metallurgical testwork to support the Campo Morado Expansion Phase 2, including samples from the currently unmined high-grade Reforma and El Rey deposits at Campo Morado are being evaluated at both Luca's metallurgical laboratories and at independent third-party testing facilities. Metallurgical test results will be released as they become available. When considering the Campo Morado Expansion Phase 2 flowsheet, alternate gold recovery methods to direct cyanide leaching, including Glencore Technology's Albion process and Pressure Oxidation will also be evaluated under trade-off analysis scenarios. In parallel with the ongoing metallurgical and engineering studies to advance the Campo Morado Expansion, Luca is working with third-party consultants to update the Campo Morado mine plan to include, amongst other items, updated metal prices, updated ore characterization, optimized metals recovery assumptions, and recent drilling success at the mine. Luca expects to complete a life of mine plan and Mineral Reserve statement in a Technical Report to be prepared in accordance with National Instrument 43-101 in the second half of 2026. As part of the mine plan update, all mineralized deposits at the operation will be evaluated in context of the current metals price environment and the potential benefits of the Campo Morado Expansion. In particular, the high-grade and unmined Reforma and El Rey deposits are expected to be included in the updated mine plan as Mineral Reserves.

Snowflake Score
Valuation	5/6
Future Growth	4/6
Past Performance	3/6
Financial Health	5/6
Dividends	0/6

Historical stock prices
Current Share Price	CA$1.04
52 Week High	CA$2.16
52 Week Low	CA$0.80
Beta	1.95
1 Month Change	4.00%
3 Month Change	-4.59%
1 Year Change	-41.90%
3 Year Change	316.00%
5 Year Change	-71.11%
Change since IPO	-99.50%

	LUCA	CA Metals and Mining	CA Market
7D	-3.7%	0.3%	0.7%
1Y	-41.9%	49.5%	22.6%

LUCA volatility
LUCA Average Weekly Movement	9.1%
Metals and Mining Industry Average Movement	10.6%
Market Average Movement	9.1%
10% most volatile stocks in CA Market	16.0%
10% least volatile stocks in CA Market	3.6%

LUCA fundamental statistics
Market cap	CA$299.99m
Earnings (TTM)	CA$1.08m
Revenue (TTM)	CA$296.89m

Key profitability statistics from the latest earnings report (TTM)
LUCA income statement (TTM)
Revenue	US$211.94m
Cost of Revenue	US$146.10m
Gross Profit	US$65.84m
Other Expenses	US$65.07m
Earnings	US$771.00k

Earnings per share (EPS)	0.0028
Gross Margin	31.06%
Net Profit Margin	0.36%
Debt/Equity Ratio	47.1%

Data	Last Updated (UTC time)
Company Analysis	2026/09/18 21:48
End of Day Share Price	2026/09/18 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Luca Mining (LUCA) Stock Overview

Rewards

Risk Analysis

Top Community Narratives

A Case for Luca Mining Corp reaching (Bull Case) CAD $9.00 - 12.00 by Early 2031

Luca Mining, $176M Revenue, Strong FCF, 200K Oz AuEq Vision & Debt-Free by Mid-2026

Top Community Narratives

A Case for Luca Mining Corp reaching (Bull Case) CAD $9.00 - 12.00 by Early 2031

Luca Mining, $176M Revenue, Strong FCF, 200K Oz AuEq Vision & Debt-Free by Mid-2026

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Price History & Performance

Recent News & Updates

Now 21% undervalued after recent price drop

Luca Mining Corp. (TSX-V: LUCA) agreed to acquire the El Barqueño property from Agnico Eagle Mines Limited for approximately $60 million.

Luca Mining Corp. Reports New Assay Results from 2026 Exploration Drill Program At Tahuehueto Gold-Silver Mine

Consensus EPS estimates fall by 12%

Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

A Case for Luca Mining Corp reaching (Bull Case) CAD $9.00 - 12.00 by Early 2031

Recent updates

Now 21% undervalued after recent price drop

Luca Mining Corp. (TSX-V: LUCA) agreed to acquire the El Barqueño property from Agnico Eagle Mines Limited for approximately $60 million.

Luca Mining Corp. Reports New Assay Results from 2026 Exploration Drill Program At Tahuehueto Gold-Silver Mine

Consensus EPS estimates fall by 12%

Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind

A Case for Luca Mining Corp reaching (Bull Case) CAD $9.00 - 12.00 by Early 2031

Luca Mining Corp. Reports New Underground Drill Results At Campo Morado Mine

Price target decreased by 15% to CA$3.18

Price target decreased by 7.7% to CA$3.51

Luca Mining Corp. Reports New Assay Results From 2026 Drilling Program At Tahuehueto Gold-Silver Mine

Luca Mining Corp. Reports New Underground Drill Results At Campo Morado Mine

Valuation Update (June 2026)

Luca Mining Corp. Announces Departure of Ramón Mendoza as Chief Technical Officer

First quarter 2026 earnings: EPS exceeds analyst expectations

Luca Mining Corp Reports New Assay Results from Ongoing 2026 Drilling Program At Tahuehueto Gold-Silver Mine

Director recently sold CA$350k worth of stock

Director recently sold CA$242k worth of stock

Director recently sold CA$608k worth of stock

Full year 2025 earnings: EPS and revenues exceed analyst expectations

Luca Mining Corp. Announces Executive Changes

Luca Mining Corp Reports New Assay Results from Ongoing Drilling Program At Tahuehueto Gold-Silver Mine in Durango, Mexico

Luca Mining Corp Advances Study to Optimize Campo Morado and Increase Gold and Silver Production

Luca Mining Corp. Announces New Underground Drill Results from its Ongoing Exploration Program at the Campo Morado Polymetallic VMS Mine in Mexico

Even With A 33% Surge, Cautious Investors Are Not Rewarding Luca Mining Corp.'s (CVE:LUCA) Performance Completely

Luca Mining Corp. Reports New Drill Results from Its Ongoing Phase 2 Exploration Program At Campo Morado Polymetallic Vms Mine in Guerrero State, Mexico

Luca Mining Corp. Drills 55.8 Metres of 5.90 G/T AuEq at Campo Morado - Confirms Near-Grade High-Grade Mineralization and Expands Exploration Program

Luca Mining's (CVE:LUCA) Returns On Capital Not Reflecting Well On The Business

Less than half of directors are independent

Luca Mining Corp. Reports New Underground and Surface Diamond Drilling Results from Its Ongoing Exploration Programs At the Tahuehueto Gold-Silver Mine in Durango, Mexico

Third quarter 2025 earnings: EPS and revenues miss analyst expectations

Consensus revenue estimates fall by 28%

New major risk - Revenue and earnings growth

No longer forecast to breakeven

Take Care Before Jumping Onto Luca Mining Corp. (CVE:LUCA) Even Though It's 26% Cheaper

Luca Mining Corp. Intersects High-Grade Gold at Reforma, Including 13 Metres of 11.4 Grands Per Tonne Gold Equity

Luca Mining Confirms Full Operational Continuity at Tahuehueto Mine Following Environmental Inspection

Chief Executive Officer exercised options to buy CA$403k worth of stock.

Price target increased by 16% to CA$2.30

Insider recently sold CA$511k worth of stock

Independent Chairman of the Board exercised options to buy CA$322k worth of stock.

Luca Mining Corp., Annual General Meeting, Nov 13, 2025

Luca Mining Corp. (TSXV:LUCA) executed a purchase agreement to acquire Humaya 3 Mining Concession, located adjacent to Tahuehueto Mine in Durango, Mexico from Minera Mexicana La Ciénega, S.A. de C.V. for $0.4 million.

Forecast to breakeven in 2025

Luca Mining Corp. Provides Production Guidance for the Full Year 2025

Second quarter 2025 earnings released

Director recently sold CA$426k worth of stock

Luca Mining Corp. Drills 15 Metres of 5.4 G/T Gold and 8.4% Zinc At Campo Morado

Independent Chairman of the Board recently bought CA$98k worth of stock

Luca Mining Corp. Announces Management Changes

First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

Luca Mining Corp. Announces Drill Results from the Next Seven Underground Diamond Drill Holes of an Ongoing 5,000 Metre Phase One Exploration Drill Program At the Campo Morado Polymetallic Vms Mine in Mexico

Luca Mining Corp. Announces Analytical Results from the Next Nine Underground Diamond Drill Holes of an Ongoing 5,000 Metre Exploration Drill Program At the Tahuehueto Gold-Silver Mine in Durango State, Mexico

Director recently sold CA$76k worth of stock

Luca Mining Corp.'s (CVE:LUCA) Shares Climb 34% But Its Business Is Yet to Catch Up

Chief Executive Officer exercised options to buy CA$1.8m worth of stock.

Luca Mining Corp. Announces Chief Operating Officer Changes, Effective April 24, 2025

Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind