VANCOUVER, BC, Nov. 18, 2025 /PRNewswire/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV:LUCA) (OTCQX:LUCMF) (Frankfurt: Z68) is pleased to report operational and financial results for the three and nine months ended September 30, 2025. Q3 has delivered substantial production and revenue growth from the prior-year period. Luca has generated positive net free cash flow before working capital of $5.3 million in the first 9 months of 2025, even as the Company has invested heavily in development and exploration to position both mines for stronger production and profitability going forward. Sustaining capital in the quarter was elevated and metals recoveries were temporarily lower due to mine sequencing and commissioning activities; however, these investments have led to improvements in mine efficiency and expected increases in recoveries. As the Company moves into 2026, increased grades, higher recoveries and continued cash generation from operations are expected.
Third Quarter 2025 Highlights
Safety: continued emphasis on safe, disciplined operations with strengthened housekeeping and visible leadership engagement across both sites.
Throughput increased: consolidated tonnes milled of 250,807 (+66% vs. prior year), supported by increased plant availability at both mines which has resulted in higher metal output:
Gold increased 51%, Silver increased 97%, Zinc increased 78%, Lead increased 81%, Copper increased 43% over Q3 2024.
Profitability indicators: Adjusted EBITDA of $4.3 million for the quarter and positive year-to-date adjusted net earnings of $12.8 million, a reflection of greater operational performance.
Revenue momentum: Revenues of $35.0 million (+94% vs. prior year), supported by higher sales volumes and increased realized precious-metal prices (gold +28%, silver +18%).
Campo Morado performance: production in Q3 improved year-over-year (+75% ZnEq pounds(a)) on higher grades, notably zinc (+30%) and silver (+27%) and increased volumes (+43% tonnes milled per day). Cash costs decreased to $1.09 per payable ZnEq pound(a) (-14% vs. prior year) with AISC of $1.43/lb slightly increased (+8%) from the same quarter in the prior period, reflecting increased sustaining capital development and the commencement of a significant exploration program at the mine (all of the Company's exploration expenditures are included in AISC).
Tahuehueto ramp-up: 77,548 tonnes milled, setting a record of 969 tonnes milled per day in the quarter (+187% vs. prior year), with AuEq production up 74% year-over-year. As a result of increased volumes, direct cost per tonne reduced to $149 (-22%). Lower grades in the quarter, as well as increased capital development and exploration, resulted in an increase in AISC (+35%) year-over-year. Increased grades and the benefit of this capital development are expected to decrease AISC at Tahuehueto in the subsequent periods.
Investment for reliability: sustaining capital investment of $8.7 million in the quarter ($19.0 million YTD) to accelerate underground development and exploration drilling, positioning both mines for improved grades and operating flexibility.
The Company made significant progress in exploration, with multiple high-grade intercepts at both operations.
Repaid $2.5 million in debt.
"Q3 was a transformational quarter of operational investment and performance for Luca Mining," stated Dan Barnholden, CEO of Luca Mining. "Both of our operating mines delivered substantial year-over-year production growth, are operating at throughput levels above budget, and our increased development investment is positioning us for higher grades, stronger recoveries, and improved cash flow as we enter 2026. While sustaining capital, including exploration, was elevated this quarter, this spending was strategic and front-loaded to enhance long-term asset performance. Even with the increased investment we have made in our mines and in exploration, so far in 2025 our operations have generated $5.3 million in net free cash flow net of corporate expenses. Given the strong exploration results received to date, we are excited to have committed to a major three-year, US$25 million exploration program, introduced in our recent news release dated November 12, 2025, which we believe has the potential to unlock considerable new gold resources at both Campo Morado and Tahuehueto."
(a)
Beginning in Q3 2025, Luca refined its production and cost reporting to better reflect each mine's distinct profile. Campo Morado results are now presented on a zinc-equivalent (ZnEq) basis, while Tahuehueto continues to report on a gold-equivalent (AuEq) basis. Further details are provided in the Company's MD&A on page 6.
