- Luca Mining Corp. (LUCMF, Financial) reported a 59% increase in net revenue to USD $80.6M for 2024.
- Record annual production of 57,487 ounces gold equivalent, with gold production up 63%.
- Company's total debt has been reduced by 50% from $18M to $9M.
Luca Mining Corp. (LUCMF) has announced its financial and production results for the year ending December 31, 2024, reporting substantial growth across several key metrics. The company achieved record annual production of 57,487 ounces gold equivalent (oz AuEq), contributing to a 59% increase in net revenue, which reached USD $80.6 million.
The company's mine operating earnings surged by 1,477% year-over-year to USD $17.2 million. Luca Mining reported a record mine operating cash flow of USD $22.3 million and net free cash flow before working capital of USD $6.6 million. Despite these strong financial results, the company recorded a net loss of USD $10.4 million due to a non-cash accounting adjustment related to the Tahuehueto silver stream.
In terms of production, the company saw significant growth in gold, silver, and copper production, with respective increases of 63%, 14%, and 27%. However, zinc and lead production saw declines of 22% and 2%, respectively. Luca Mining's cash costs increased by 20% to USD $1,503 per gold equivalent ounce, while the all-in sustaining costs (AISC) rose 15% to USD $1,827.
Looking forward, Luca Mining projects a production increase of 38-73% for 2025, aiming for 80,000 to 100,000 ounces gold equivalent. The reduction in total debt from $18 million to $9 million underscores the company's efforts to strengthen its balance sheet. This includes the buyback and cancellation of a convertible debenture.
