Highlights

  • LUCA’s Q1FY25 net revenue increased by 136.3% year-over-year to USD 38.6 million.
  • The company recorded cost of sales of USD 25.3 million for the period.
  • LUCA expects to produce 85,000–100,000 gold equivalent ounces, with payable production ranging between 65,000 and 80,000 ounces in FY25.

Luca Mining Corporation (TSXV: LUCA) is a Canadian mining company with two 100%-owned producing mines in Mexico's Sierra Madre belt. It produces gold, copper, zinc, silver, and lead.

In the first quarter of the financial year 2025 (Q1FY25), the company’s net revenue increased by 136.3% YoY to USD 38.6 million, primarily due to a 51% increase in gold production, driven by higher throughput at both Campo Morado and Tahuehueto. The cost of sales surged by 98.3% YoY to USD 25.3 million, driven by higher processing volumes, associated input costs, inflationary pressures, and expenses related to the ramp-up at the Tahuehueto mine. Adjusted EBITDA grew by 545.8% YoY, while net earnings declined by 14.7% YoY, primarily due to non-cash charges, tax expenses related to mine development, and the impact of hedging strategies.

Recent Business Update

LUCA launched a 5,000-meter underground drilling program at Campo Morado in January 2025, to expand resources in under-drilled areas near existing working and testing new high-potential zones.

Tahuehueto achieved 83% plant utilization, although lower-grade ore impacted performance due to workforce turnover and training gaps. Plant stability improved, supported by newly installed components and proactive maintenance.

Company Outlook

In FY25, the company expects to produce 85,000–100,000 gold equivalent ounces, with payable production between 65,000 and 80,000 ounces, and generate USD 30–40 million in free cash flow before working capital adjustments.

A total of USD 27.4 million is budgeted for sustaining capital and exploration, fully funded by internal cash flow, which includes 5,000 metres of drilling at each site to support long-term growth.

Top 10 Shareholders

The top 10 shareholders together form ~17.12% of the total shareholding in the company. Calu Opportunity Fund, LP and Barnholden (Daniel) hold a maximum stake in the company at ~13.19% and ~1.17%, respectively.

Stock Information

The stock has witnessed a fall of ~10.27% in the past month whereas it has appreciated by around 147.16% in the past six months. Moreover, it is trading above the average 52-week high price of CAD 1.60 and the 52-week low price of CAD 0.41. As of June 05, 2025, the stock’s closing price is CAD 1.31.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is June 05 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.