VANCOUVER, BC, May 30, 2024 /CNW/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV:LUCA) (OTCQX:LUCMF) (Frankfurt: Z68) is pleased to announce financial results for the three months ended March 31, 2024. Highlights Production of 14,148 troy oz of gold equivalent up 20% from Q4 2023, being comprised of 4,297 ounces of gold, 207,505 ounces of silver, 3,068 tonnes of zinc, 791 tons of copper and 661 tonnes of lead. Total Net Revenue of C$22.04 million, an increase 21% from Q4 2023  A milestone achievement of Positive Operating Earnings: generated C$4.8 million in operating income and C$7.3 million in net income. Cash Flow: C$4.04 million in positive operating cash flow before working capital changes. Operating Costs: All-in Sustaining costs per AuEq oz produced ("AISC") was US$1,325 at Campo Morado and US$1,690 at Tahuehueto for consolidated AISC of US$1,549. We note that AISC is expected to decrease at Tahuehueto and at Campo Morado as both mines continue to ramp up production in 2H 2024. Construction at Tahuehueto nearing completion: The third filter press, being the last major component to complete construction at Tahuehueto is currently being installed with commissioning upon completion of installation and expected to be operational in Q2 2024. Campo Morado Improvement Project ("CMIP") moving forward: The two major steps we are focused on going forward are to increase throughput at the Campo Morado mine, which is well underway and to implement the copper lead separation process to produce three separate concentrates (copper, zinc and lead). Ramon Perez, President stated, "We are very proud to announce our Q1 2024 results. We have achieved a number of significant milestones that are key to our overall growth plans, including increasing revenues, and most importantly generating positive operating cash flow, before working capital changes, and positive net income. We started Q1 with pre-production at Tahuehueto averaging 250 tpd and ended Q1 with an average 450 tpd. We are now expecting to commission Tahuehueto at the end of Q2 at which point we expect to increase production to +800 tpd. At Campo Morado, the Mine Improvement Program we initiated in Q4 2023 has resulted in better recoveries which is reflected in the financial information presented. The Q1 2024 results at Campo Morado are based on an average throughput of approximately 1,390 tpd, and we are currently in the process of ramping up to our next target of 2,000 tpd as we move into June 2024. It is a great position to be in. We have two long life mines - a producing copper-zinc mine and a brand new gold-silver mine moving to commercial production at a time when metal prices are rising. We expect to continue creating significant shareholder value and take advantage of our unhedged gold, silver and copper production". Lisa Dea, Chief Financial Officer, commented, "Looking ahead, we anticipate that the positive trajectory observed in Q1 2024 will persist throughout the second quarter and the remainder of the 2024 year. These developments affirm our commitment to driving growth and shareholder value creation." Production and Financial Overview 1. Gold equivalents are calculated using an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024; 85.07:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q4, 2023; 81.84:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q3,2023; 81.80:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q2 2023; 83.71:1 (Ag/Au), 0.0008:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1,2023 2. Production costs include mining, milling, and direct overhead cost at the operation sites. See reconciliation on page 25 of the March 31, 2024 MD&A. 3. Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs. See reconciliation on page 25 of the March 31, 2024 MD&A. 4. AlSC per Au/Eq oz includes mining, processing, direct overhead, corporate general and administration expenses, on-site exploration, reclamation, and sustaining capital. See Reconciliation to IFRS on page 25 of the March 31, 2024 MD&A. 5. See "Non-IFRS Financial Measures" on page 21 of the March 31, 2024 MD&A. 6. Based on provisional sales before final price adjustments, before payable metal deductions, treatment, and refining charges of the March 31, 2024 MD&A. 7. All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 25 of the March 31, 2024 MD&A. About Luca Mining Corp. Luca Mining (TSXV:LUCA, OTCQX:LUCMF, Frankfurt: Z68)) is a diversified Canadian mining company with two 100%-owned producing mines in Mexico.The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside. The Campo Morado mine, is an underground operation located in Guerrero State, a prolific mining region in Mexico. It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimisation program which is already generating significant improvements in recoveries and grades, efficiencies, and cashflows. The Tahuehueto Gold, Silver Mine is a new underground operation in Durango State, Mexico, within the Sierra Madre Mineral Belt which hosts numerous producing and historic ...