Luca Mining Reports Us$11.4 Million EBITDA For Nine Months
Luca Mining Corp's Strong Financial Performance
Luca Mining Corp. (TSXV: LUCA) recently reported robust financial results for the first nine months of 2024, showcasing an impressive EBITDA of US$11.4 million. This figure represents a remarkable increase of 396% compared to the same period last year.
Significant Operational Improvements
The optimization and ramp-up of operations at both Campo Morado and Tahuehueto mines have shown positive progress throughout the third quarter. A range of activities aimed at enhancing process efficiency continues to drive improvements in both production and financial outcomes.
Key Highlights from Financial Results
- Despite multiple planned and unplanned mill shutdowns for testing and optimization, Luca generated a positive mine operating profit of US$1.7 million in Q3 2024, contributing to a total of US$8.0 million across the first nine months.
- While Q3 saw a negative EBITDA of US$1.1 million, the nine-month EBITDA figure stands at US$11.4 million, marking a substantial growth compared to last year.
- The quarterly revenue for Q3 reached US$18.1 million, up 60% year-over-year, leading to a total net revenue of US$52.6 million for the first nine months of the year.
- Mine operating cash flow before taxes was reported at US$2.4 million for Q3 and US$9.8 million for the first nine months.
- Luca produced approximately 11,988 ounces of gold equivalent during Q3, which included 3,604 ounces of gold and 158,778 ounces of silver.
- Campo Morado has celebrated a year without lost-time injuries, marking an impressive safety record in the mining industry.
- The recent mobilization of a new mine contractor has strengthened production capabilities and enhanced access to cost-effective mining equipment.
- At Tahuehueto, ramp-up efforts are pushing throughput towards the target of 800 tonnes per day, moving the mine closer to commercial production.
Future Prospects and Exploration Initiatives
Looking ahead, Luca is embarking on an exploration drilling campaign at Tahuehueto, which aims to enhance the resource base with an estimated 5,000 meters of diamond core drilling planned. The company is keen on improving resource assessments as part of its strategic growth initiatives.
About Luca Mining Corp.
Luca Mining, trading under the ticker symbols LUCA and LUCMF, is a diversified Canadian mining company with two fully-owned operating mines in Mexico. The company is dedicated to maximizing shareholder value through efficient production of gold, silver, zinc, copper, and lead.
Financial Overview
The financial results illustrate a clear trajectory of growth and operational efficiency at both mining sites, with operations expected to contribute positively to cash flows throughout the remainder of 2024.
Frequently Asked Questions
What was Luca Mining's EBITDA for the first nine months of 2024?
Luca Mining reported an EBITDA of US$11.4 million for the first nine months of 2024.
How much did the revenue increase in Q3 2024?
The revenue for Q3 2024 rose to US$18.1 million, indicating a 60% year-over-year increase.
What measures are in place to ensure safety at the mines?
Campo Morado recently marked a year without lost-time injuries, highlighting the company's commitment to safety.
What exploration activities are underway at Tahuehueto?
Luca Mining is initiating a drilling campaign to explore potential new mineral resources, with an estimated 5,000 meters planned.
What does Luca Mining aim to achieve in 2024?
The company expects its operations to generate positive cash flows and enhance shareholder returns throughout 2024.
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