Luca Mining reports significant EBITDA growth in 2024
- Luca Mining Corp. reported US$11.4 million EBITDA with a significant increase of 396% over the previous year.
- The company experienced a positive mine operating profit of US$1.7 million in Q3 and a total of US$8.0 million for the first nine months despite operational challenges.
- Looking ahead, Luca Mining expects continued growth and improved production capabilities as optimization efforts continue.
In Canada, Luca Mining Corp. reported its financial results for the three months and nine months ending September 30, 2024. During the third quarter, the company experienced a positive mine operating profit of US$1.7 million, leading to a total mine operating profit of US$8.0 million over the first nine months. Notably, the EBITDA for this period was US$11.4 million, representing a remarkable 396% increase over the previous year. Overall net revenue reached approximately US$52.6 million, and the company produced 40,083 ounces of gold equivalent. This growth occurred despite several mill shutdowns related to optimization efforts at both its Campo Morado and Tahuehueto sites. The optimization process is aimed at enhancing operational efficiency and includes a drilling campaign at Tahuehueto, which is part of their strategy to expand resources and prolong mine life. Additionally, Paul Gray has been appointed as Vice President of Exploration to oversee these efforts. A recent financing round raised C$11.3 million to expedite their value creation initiatives. The company anticipates that these improvements will yield positive results in the fourth quarter and in 2025 as they work to increase the output and efficiency of their operations, producing separate concentrates for zinc, copper, and bulk precious metals. This optimistic outlook is driven by extensive historical data and exploration strategy focusing on identifying additional mineralization opportunities near existing sites to extend mine life further.