Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins us to provide insights on key production milestones and upcoming catalysts across both of Luca’s assets – Tahuehueto and Campo Morado.
Key topics discussed:
- Commercial Production Declared at Tahuehueto:
As of March 31st, the company has officially declared commercial production at Tahuehueto, with an initial throughput rate of 800 tonnes per day and plans to expand toward full mill capacity. Dan outlines how recent capital raised enabled this milestone and details the growth potential from improved mill availability and throughput. - 2025 Production Guidance Released:
Luca projects 85,000 to 100,000 ounces of gold equivalent production, with 65,000 to 80,000 ounces payable. Dan breaks down the company’s polymetallic revenue mix – currently weighted about 55-60% toward precious metals – and explains how changes in metal prices impact gold-equivalent calculations. - Metallurgical Optimization at Campo Morado:
A major focus is the Campo Morado Improvement Project, now in Phase 3. The company is transitioning from two to three concentrate streams, which will significantly enhance metal recoveries and payabilities. Looking ahead, Phase 4 targets improvements in precious metals recovery. - Exploration Ramps Up at Both Mines:
Underground drilling has resumed at Campo Morado for the first time in over a decade, aiming to extend mine life. Surface drilling is also underway, targeting higher-grade precious metal zones, a strategic shift given current gold prices. Similar exploration plans are in motion at Tahuehueto. - Strong Free Cash Flow Outlook:
Dan highlights forecasted $30-$40 million in free cash flow for 2025, after capital expenditures, G&A, and exploration. He emphasizes the company’s focus on bankable, bottom-line growth over traditional cost metrics like AISC. - Upcoming Catalysts:
- Additional exploration results from both mines
- Technical reports and updated resource estimates
- Year-end and Q1 financial results
- Analyst site visit at Campo Morado—the first in over 15 years
- Additional exploration results from both mines
Please email us with any follow up questions for Dan – Fleck@kereport.com & Shad@kereport.com.