Luca Sets up for a Strong 2H 2024 with Production Guidance of 60,000 – 70,000 AuEq Ounces for the Full Year

VANCOUVER, BC, June 13, 2024 – Luca Mining Corp. (“Luca” or the “Company“) (TSXV:LUCA) (OTCQX:LUCMF) (Frankfurt:Z68) is pleased to announce its 2024 guidance and outlook for its 100% owned Campo Morado and Tahueheuto mines in Mexico. All financial amounts are expressed in USD dollars unless otherwise indicated.

2024 Full Year Consolidated Production and Financial Guidance

• Consolidated production and sales of between 60,000 to 70,000 ounces gold equivalent (“AuEq”) from its Campo Morado and soon to be commissioned Tahuehueto mine.
• Consolidated Revenue of $90 million – $105 million (C$125 million to C$145 million).
• Consolidated Total Cash Costs (“TCC”) between $1,200 and $1,335 per ounce of gold equivalent produced.
• Consolidated All-in Sustaining Costs (“AISC”) between $1,320 and $1,500 per ounce of gold equivalent produced.
• 2024 near-mine and regional exploration program planned.
• Key milestones for 2024 include 1) throughput expansion at both mills; 2) declaration of commercial production at Tahuehueto; 3) addition of a separate copper concentrate at Campo Morado; and 4) commencement of a major exploration programs at both properties

Ramon Perez, President, stated: “As we look ahead to the rest of the year, we expect continued growth in the Company’s cash flow. Our milestones are progressing well and are nearly complete, allowing us to fully realize their benefits in the second half of this year and beyond. Both Campo Morado and Tahuehueto have an extensive and highly prospective land packages offering district scale potential.”

In Q1 the Company produced 14.1K oz of gold equivalent with our Tahuehueto and Campo Morado mines operating on average at 35-40% and 55-60% of their potential capacities, respectively. Luca is focused on increasing the capacity of both mines and is approaching its full production targets.

At the Tahuehueto Gold Mine, the Company is 97% complete in the construction of the new mill, which has a capacity of 1,000 tpd. Production is currently averaging 450 tpd. The main component needed to complete construction, a third filter press, has arrived on-site and is being installed (See Image 1). Once installed, this will allow Luca, in a very short timeframe, to increase production to +800 tpd (when considering asset efficiency). Given the current spot gold price, this achievement is timely, and the Company will see the benefits of this ramp up in Q3 and Q4 2024.

Luca also recently announced the high-grade gold zones with significant mining widths at the Tahuehueto Gold Mine. The Company expects to start drilling in these zones from underground soon. The investment in exploration has excellent potential as it is located on the main Creston vein at underground Level 23. If successful, this presents opportunity for expanding resources and leveraging the processing capacity of the mill.

At Campo Morado, the Company is ramping back up to 2,000 tpd, having achieved an average throughput of approximately 1,390 tpd in Q1 2024. Following the successful mobilization of new long hole drill and scoop trams by external contractors (Images 2 and 3), the Company reached 1,800 tpd over the past two consecutive weeks. Luca expect to achieve its targets in the early part of Q3.

Another key milestone objective is to increase cash flow at Campo Morado by producing three high-quality concentrates of copper, zinc, and lead, instead of two (zinc and a bulk concentrate).  The Company recently announced successful metallurgical test work on the copper-lead separation process and is currently implementing the flowsheet, at minimal cost. Luca expects this to be completed in Q3, resulting in a significant improvement in cashflows.

Amid all the developments at Luca, the Company continues to integrate responsible and sustainable mining practices throughout its operations, demonstrating the Company’s commitment to transparency, accountability, and adherence to the highest standards of environmental and social responsibility.

Given Luca’s track record over the past 6 to 12 months of delivery, production growth, high-grade gold discoveries and positive cash flow, the Company continues to present a compelling equity investment opportunity.

2024 GUIDANCE

SOURCE Luca Mining Corp.

Featured Image: Freepik

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Luca Mining Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Luca Mining Corp.’s industry; (b) market opportunity; (c) Luca Mining Corp.’s business plans and strategies; (d) services that Luca Mining Corp. intends to offer; (e) Luca Mining Corp.’s milestone projections and targets; (f) Luca Mining Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Luca Mining Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Luca Mining Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Luca Mining Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Luca Mining Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) the accuracy of budgeted costs and expenditures; (e) Luca Mining Corp.’s ability to attract and retain skilled personnel; (f) political and regulatory stability; (g) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (h) changes in applicable legislation; (i) stability in financial and capital markets; and (j) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Luca Mining Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Luca Mining Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Luca Mining Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Luca Mining Corp.’s business operations (e) Luca Mining Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Luca Mining Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Luca Mining Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Luca Mining Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

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