The CME is a mill optimization and expansion study and mine plan update for the Campo Morado mine, targeting improved recovery rates of all metals, most notably an expected significant increase in gold and silver recoveries at the operation (see Company press release dated February 18, 2026). The CME, life of mine plan, and Mineral Reserve estimate will be delivered in a Technical Report to be prepared in accordance with NI 43-101, expected to be released in the second half of 2026.

Luca’s new technical team has been assembled to provide deep management experience and expertise in overseeing and executing on the asset optimization and transformational growth opportunities ahead for the Company. 

Nick Shakesby, Luca’s new COO, is a senior mining executive with more than 30 years of operational and project leadership experience across underground mining operations globally, with a strong focus on Mexico and Latin America.

Mr. Shakesby joins Luca from COMINVI S.A., Mexico’s largest underground mining contractor, where he has served as Chief Executive Officer since 2023. Previously, Mr. Shakesby served as Vice President, Operations and Country Manager, Mexico at Endeavour Silver Corp., where he was responsible for four operating underground mines. He resides in Mexico and is fluent in Spanish and English.

Ramón Mendoza, currently Chief Operating Officer and Chief Technical Officer (“CTO”), will transition to a dedicated CTO role focused on leading Luca’s growth initiatives, including the recently announced CME. The CME is expected to consist of a two-phase expansion at the Campo Morado processing facility and will include an updated mine plan for the operation. Mr. Mendoza will oversee this exciting brownfields growth opportunity, ensuring the project’s execution and delivery.

In addition, Luca has hired Dr. Jose Hernandez as Vice President, Metallurgy and Process Engineering, effective March 1, 2026. Dr. Hernandez is a globally recognized metallurgical leader and will work closely with the COO and CTO to deliver Luca’s operational optimization and growth initiatives. Most recently, Dr. Hernandez served as Manager, Project Metallurgy at Teck Resources and is fluent in Spanish and English.

These appointments expand and strengthen Luca’s operational and technical leadership as the Company advances optimization initiatives at both of its operating mines and executes its near-term growth strategy.

Dan Barnholden, Luca’s CEO and Director, commented, “We are very pleased to welcome Nick to Luca at an important stage in the Company’s growth. Nick will oversee all mining operations, with responsibility for operational performance, safety, cost management, and integration of the Campo Morado Expansion, strengthening our ability to deliver safe, stable, and efficient production at both Campo Morado and Tahuehueto.

“We are equally pleased that Ramón Mendoza will continue as CTO, where his full focus will be on overseeing and advancing our growth pipeline and delivering the CME. Dr. Jose Hernandez will play a key role in all these initiatives, as we optimize and improve the metallurgical process at both our mines and execute on what we believe will be an industry-leading brownfields expansion at our Campo Morado mine.”

Nick Shakesby, Chief Operating Officer

Mr. Shakesby is a senior mining executive with more than 30 years of operational and project leadership experience across underground mining operations globally, with a strong focus on Mexico and Latin America.

He joins Luca from COMINVI S.A., Mexico’s largest underground mining contractor, where he has served as Chief Executive Officer since 2023. During his tenure, Mr. Shakesby led an operational and organizational transformation focused on safety performance, operational efficiency, and profitability, positioning the company for sustained growth across multiple operating projects.

Previously, Mr. Shakesby served as Vice President, Operations and Country Manager, Mexico at Endeavour Silver Corp., where he was responsible for four operating underground mines. In that role, he implemented operational improvement and safety culture initiatives while increasing production performance and cost discipline.

Mr. Shakesby resides in Mexico and is fluent in Spanish and English.

Ramón Mendoza, Chief Technical Officer

Mr. Mendoza brings over 35 years of senior experience in the mining industry, with expertise in mine development and process improvements, and a highly successful track record of managing underground and open-pit operations. He specializes in advanced optimization techniques, integrating mine designs, planning, cost modeling tools, and geo-sciences into the mine and processing plans.

Prior to joining Luca, he worked as a mining consultant and spent many years at First Majestic Silver Corp. where he was a member of the senior leadership team focused on strategic management and project implementation.

In his prior roles, Mr. Mendoza provided technical oversight of the mineral resource and reserve estimation process, led technical due diligence for multiple mine acquisitions, directed exploration, mine design, and projects teams to successfully explore, design, and develop numerous growth projects and new mine developments, developed teams to lead change and innovation for the continuous improvement of operations, ensuring the integration of optimized business plans, and managed the operation of a portfolio of assets in Mexico with more than 4,000 direct employees.

Mr. Mendoza holds an MSc in Mining Engineering from Colorado School of Mines and is fluent in both Spanish and English.

Dr. Jose Hernandez, Vice President, Metallurgy and Process Engineering

Dr. Hernandez is a mineral processing executive with more than 20 years of international experience delivering operational improvements and technical innovation across global mining operations.

Most recently, he served as Manager, Project Metallurgy at Teck Resources, where he led processing activities through all project study phases, from conceptual engineering through detailed design, while providing company-wide technical leadership in mineral processing innovation.

Previously, Dr. Hernandez held senior technical leadership roles including Head of Processing for Latin America and Australia at Anglo American and Vice President of Innovation, Processing and Metallurgy at First Majestic Silver, where he led plant optimization and technology deployment initiatives that improved throughput, recoveries, and operating efficiency across multiple operations.

Earlier in his career, he contributed to the Highland Valley Copper Mill Optimization Project at Teck Resources, supporting the design and implementation of a major flotation plant expansion and recovery improvement programs.

Dr. Hernandez holds a PhD in Metallurgical Engineering from McGill University and is fluent in Spanish and English.

Option Issuance

The Company has granted a total of 300,000 incentive stock options (“Options”) to certain officers in accordance with Luca’s omnibus equity incentive plan. The Options are exercisable at a price of C$1.97 and will expire five years from the date of their issuance. The Options will vest as follows: (i) 33% on March 2, 2026; (ii) 33% on September 2, 2026; and (iii) the balance on March 2, 2027. The grant of the Options is subject to approval by the TSX Venture Exchange.

About Luca Mining Corp.

Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow.  Both mines have considerable development and resource upside as well as significant exploration potential.

The Company’s Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres.  It is an underground operation, producing zinc, copper, gold, silver, and lead. The mine is located in Guerrero State.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  Luca has successfully commissioned its mill and is now in commercial production at Tahuehueto.

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, conditions or performance that are based on assumptions about the proposed exploration programs and its anticipated results; the timing and costs of future activities on the Company’s properties; success of exploration and development; anticipated time and results of forthcoming reports on the Campo Morado mine; capital requirements of the CME; the CME and targets, expectations and results thereof;  inclusion of the Reforma and El Rey deposits in the updated mine plan as Mineral Reserves; and benefits from Campo Morado expansion and structure thereof. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans”, “expects”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado mine can be achieved; that consistent and sustainable mill feed at Campo Morado mine will be achieved; the CME will yield anticipated results; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post Luca Strengthens Technical Leadership with Appointment of COO and Builds Team to Execute on Mine Optimizations appeared first on Luca Mining Corp..

Initial drilling has intersected high-grade gold mineralization in breccia zones, immediately below current mine workings, confirming continuity of breccia-hosted mineralization within the Creston vein system and highlighting potential for near-mine resource expansion.

Highlights

• High-grade intercepts from surface drill holes, including 7.6 metres (“m”) of 16.08 g/t AuEq** (14.27 g/t Au, 46.64 g/t Ag, 0.33% Cu, 2.57% Pb, 1.19% Zn) in hole DDH26-SU-01 and 5.4 m of 16.00 g/t AuEq (15.49 g/t Au, 30.86 g/t Ag, 0.01% Cu, 0.19% Pb, 0.34% Zn) in hole DDH26-SU-03 
• Strong continuity of mineralization confirmed in unmined areas approximately 30 m below Level 23, extending known high-grade breccia zones
• These intercepts exceed current mined grades and occur within development distance of existing underground infrastructure
• Results validate the geologic model and are expected to inform near-term mine plans, adding potential near-mine resources
• To date: 28 underground holes completed for 6,750 m and 19 surface holes for 3,650 m (Creston Vein and Santiago targets)
• Based on continued strong drilling results, Luca’s board of directors has approved a 40% increase ($1 million) to the Tahuehueto 2026 drill budget, now totaling $3.5 million

“These initial surface holes confirm that high-grade breccia zones within the Creston Vein system remain unmined below current workings,” said Paul D. Gray, VP Exploration. “The results validate our Tahuehueto geological model and highlight the opportunity to expand high-grade mineral resources within development distance of existing infrastructure. With both underground and surface rigs active, and an expanded drill budget, we are well positioned to continue defining high-grade mineralization and demonstrating the broader scale of the Tahuehueto system.”

Drill Results Summary

Drillholes DDH26-SU-01 through DDH26-SU-03 targeted a previously untested zone approximately 30 metres below active mine workings on Level 23 and along strike from Luca’s successful Phase 1 2024-2025 underground drill program (See Company News Release Dated February 20, 2025).  

All three holes intersected the Creston mineralized structure in well developed brecciated veins and confirm strike continuity of the high-grade breccia zone identified in prior drilling, on strike and down plunge.

Key Intercepts 

DDH26-SU-01 

• 7.6 m @ 16.08 g/t AuEq(14.27 g/t Au, 46.64 g/t Ag, 0.33% Cu, 2.57% Pb and 1.19% Zn) from 80.9 m
  • including 2.6 m @ 25.52 g/t AuEq (25.13 g/t Au, 25.00 g/t Ag, 0.00% Cu, 0.14% Pb and 0.23% Pb) from 82.4 m

DDH26-SU-02 

• Multiple mineralized veins, including:
  • 1.0 m @ 5.00 g/t AuEq (4.05 g/t Au, 25.20 g/t Ag, 0.18% Cu, 0.35% Pb and 1.73% Zn) from 91.9 m
  • 1.9 m @ 6.77 g/t AuEq (1.38 g/t Au, 178.00 g/t Ag, 2.38% Cu, 0.76% Pb, 0.69% Zn) from 104.1m

DDH26-SU-03 

• 13.2 m @ 7.11 g/t AuEq (6.66 g/t Au, 17.18 g/t Ag, 0.04% Cu, 0.25% Pb and 0.65% Zn) from 42.7 m:
  • including 5.4 m @ 16.00 g/t AuEq (15.49 g/t Au, 30.86 g/t Ag, 0.01% Cu, 0.19% Pb and 0.34% Zn) from 42.7 m
  • including 3.2 m @ 20.24 g/t AuEq  (19.54 g/t Au, 46.38 g/t Ag, 0.00% Cu, 0.22% Pb and 0.36% Zn) from 42.7m

True widths are estimated to be approximately 85% of drilled intervals.

Figure 1 and Figure 2 present the location of the drillholes with assay results and Tables 1 and 2 provide summary analytical results and drill collar details, respectively.

About 2026 Tahuehueto Exploration Program

The Tahuehueto property comprises a large epithermal gold-silver vein system with approximately 11 kilometres of known vein strike length and numerous mineralized structures. Mineralization remains open along strike and at depth across most modeled Mineral Resource areas. The current campaigns represent the first substantive exploration drilling conducted on the property in more than 12 years, and the first since the addition of key concessions to the land package (See Company News Release dated August 28, 2025).

Luca’s 2026 exploration program builds on the success of the 2025 campaign. The program is designed to expand known mineral resources, adding near-term mineable material and defining the vertical and lateral extent of mineralization, as well as to identify additional thick, high-grade breccia zones known to occur within the epithermal vein system, and test multiple underexplored vein systems.

In addition to the four veins that currently support the mineral resource, at least 14 additional prospective veins have been documented within the concession area with potential to host epithermal Au-Ag (±Cu-Zn-Pb) mineralization. In several cases, these targets may represent extensions of the existing mineralized structures.

Overall, the Company has identified more than 11 km of prospective vein structures along strike, compared to approximately 4.5 km of mineralized veins incorporated into the current mineral resource model, highlighting significant exploration upside across the property.

Assay Tables and Collar Locations

Table 1: Highlighted Diamond Drill Assay Results from DDH26-SU-01 through DDH26-SU-03

*True widths are estimated to be approximately 85% of drilled intervals.

** AuEq equation is: AuEq = Au + (Ag*0.0126) + (Cu%*1.1931) + (Pb%*0.2333) + (Zn%*0.1919), considering actual reported metallurgical recoveries of Au 84%, Ag 85%, Cu 78.3%, Pb 71.6% and Zn 48% for the Tahuehueto, at $2,250 US$/oz Au, 28 US$/oz Ag, 9,260 US$/Tonne Cu, 1,980 US$/Tonne Pb and 2,430 US$/Tonne Zn.

Table 2: Drill Collar Locations and Details for Released Results

About Luca Mining Corp. 

Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historical mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State within a 121 square kilometer land package.  It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  The Company has successfully commissioned its mill and is now in commercial production.

Analytical Method and Quality Assurance/Quality Control Measures

All drill core splits reported in this news release were analyzed by Bureau Veritas of Durango, Mexico, utilizing the Multi-Acid digestion ICP-ES 35-element MA300 analytical package with FA-430 30-gram Fire Assay with AAS finish for gold on all samples. Au over-limits from FA-430 are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Ag over-limits from ICP MA300 analytical package are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Similarly, Cu, Pb and Zn over-limits from ICP MA300 analytical package are re-analyzed by ICP Multi-Acid digestion MA370 package. All core samples were split by core saw on-site at Luca’s core processing facilities at the Tahuehueto Mine. Once split, half samples were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were collected by Bureau Veritas at the Tahuehueto Mine site and transported to Bureau Veritas’ Durango Laboratory, where samples are prepared to a 250 gram pulp and analyzed for Gold by Fire assay with pulps shipped to Bureau Veritas’s Analytical laboratory in Vancouver, B.C., for final ICP chemical analysis.  A robust system of standards, 1/4 core duplicates and blanks was implemented in the 2024-2025 exploration drilling program and is monitored as chemical assay data become available.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice President Exploration at Luca Mining.  Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

For more information, please visit: www.lucamining.com 

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, conditions or performance that are based on assumptions about the proposed exploration programs and its anticipated results; the timing and costs of future activities on the Company’s properties; success of exploration and development; anticipated time and results of forthcoming reports on the Campo Morado mine; capital requirements of the CME; the CME and targets, expectations and results thereof;  inclusion of the Reforma and El Rey deposits in the updated mine plan as Mineral Reserves; and benefits from Campo Morado expansion and structure thereof. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans”, expects”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado mine can be achieved; that consistent and sustainable mill feed at Campo Morado mine will be achieved; the CME will yield anticipated results; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post Luca Intersects 7.6 Metres of 16.1 g/t Gold at Tahuehueto Mine – Expanding High-Grade Mineralization Near Existing Workings appeared first on Luca Mining Corp..

Highlights

• Ausenco PTY Ltd. (“Ausenco”), a global leader in metallurgical design, flotation and precious metals recovery methods, has been selected as the technical third-party engineering consultant to lead the Campo Morado Expansion
• Ausenco is designing the CME as a two-phase optimization and expansion project:
  • Phase 1 will consider a bulk sulphide flotation processing flowsheet with increased grinding capacity to achieve optimal separation of sulphide minerals and produce high-quality copper and zinc concentrates, targeting higher recovery rates of all metals and increased mill throughput rates
  • Phase 2 will evaluate the recovery to doré of the gold and silver contained in a precious metals-rich pyrite concentrate remaining after the Phase 1 optimized flotation process
• Additional metallurgical test work to support the CME Phase 1 and Phase 2 optimization is underway at third-party testing facilities and will be released as available
• Alongside the CME mill optimization, a life of mine plan, including the currently unmined high-grade Reforma and El Rey deposits will be evaluated
• The CME, life of mine plan and Mineral Reserve statement will be delivered in a Technical Report to be prepared in accordance with NI 43-101, expected to be released in the second half of 2026
• Luca is evaluating the purchase of key long-lead-time items to support the timely delivery of the CME optimization project

Dan Barnholden, Luca’s CEO and Director, commented, “The initiation of the Campo Morado Expansion is a significant event for Luca and our shareholders. We are targeting improved metal recoveries, particularly for precious metals, at what we expect could be a long-lived mining operation with increased production levels at expanded margins. Given our existing processing facilities and mining operations at Campo Morado, we anticipate that the CME may be implemented for a capital cost reflective of the brownfield nature of the project. We are pleased to partner with industry-leading processing and metallurgical engineers at Ausenco as we advance and derisk this opportunity at Campo Morado.”

Campo Morado Expansion – Phase 1

Phase 1 of the CME is being considered with the goal to achieve greater consistency in operational performance at the Campo Morado processing facilities, with improved pre-flotation, on-stream analysis of flotation concentration, and the addition of ultra-fine grinding capacity to achieve a target grind size of 8-10 microns (from current operational levels of a target regrind size of 15 microns).

The Phase 1 flowsheet at the Campo Morado mill is expected to reconfigure the current sequential flotation of copper and zinc concentrates to a bulk flotation of all sulphides, followed by additional regrinding to effectively separate sulphide species prior to a sequential flotation process to produce copper and zinc concentrates. The final tailings from this Phase 1 bulk flotation-regrinding flowsheet are expected to be primarily a pyrite concentrate containing gold and silver.

The Company anticipates that the additional grinding capacity contemplated under the Phase 1 optimization will allow the current grinding capacity bottlenecks at the operation to be relieved. The Company hopes that the study will prove that under this proposed flowsheet, overall mill throughput capacity at Campo Morado could materially increase. Luca and Ausenco are evaluating various proven grinding technologies in order to achieve targeted grind sizes under the CME, including both Glencore Technology’s IsaMilland vertical stirred mill options. Given existing grid power and transformer capacity at Campo Morado, the Company does not expect power costs to be a primary sensitivity under the CME Phase 1 flowsheet.

Additional metallurgical testwork is ongoing both at Luca’s metallurgical laboratories and at independent third-party testing facilities to support the CME Phase 1 flowsheet. It is expected that these test results will be released in the first half of 2026.

Campo Morado Expansion – Phase 2

Following the flotation of high-quality zinc and copper concentrates under the CME Phase 1 optimization, Ausenco will evaluate if a tailings product containing high grades of precious metals and consisting primarily of pyrite-associated gold and silver will be available for further processing.  

Under the CME Phase 2, Ausenco will evaluate various conventional methodologies to recover gold and silver from this high-grade pyrite concentrate to produce a gold-silver doré at the mine. Currently at the Campo Morado operation, there is no gold leaching capacity and all precious metals produced are contained in concentrates with no existing doré production.

As a base case, CME Phase 2 will evaluate direct conventional cyanide leaching of this high-grade pyrite concentrate. The Phase 2 optimization is being evaluated to include the construction of leach tanks, counter current decantation filters, and a Merrill-Crowe process to recover gold and silver to doré.

Additional metallurgical testwork to support the CME Phase 2, including samples from the currently unmined high-grade Reforma and El Rey deposits at Campo Morado are being evaluated at both Luca’s metallurgical laboratories and at independent third-party testing facilities. Metallurgical test results will be released as they become available.

When considering the CME Phase 2 flowsheet, alternate gold recovery methods to direct cyanide leaching, including Glencore Technology’s Albion process and Pressure Oxidation will also be evaluated under trade-off analysis scenarios.

Figure 1 – CME Phase 1 and 2 Design Targets

Updated Campo Morado Mine Plan

In parallel with the ongoing metallurgical and engineering studies to advance the CME, Luca is working with third-party consultants to update the Campo Morado mine plan to include, amongst other items, updated metal prices, updated ore characterization, optimized metals recovery assumptions, and recent drilling success at the mine. Luca expects to complete a life of mine plan and Mineral Reserve statement in a Technical Report to be prepared in accordance with NI 43-101 in the second half of 2026.

As part of the mine plan update, all mineralized deposits at the operation will be evaluated in context of the current metals price environment and the potential benefits of the CME.  In particular, the high-grade and unmined Reforma and El Rey deposits are expected to be included in the updated mine plan as Mineral Reserves.

CME Execution Plan

Luca is working with Ausenco to derisk the timeline and execution of the CME optimization project. Efforts underway to ensure delivery of the project include:

• Ongoing metallurgical testwork at independent metallurgical laboratories, including ALS Environmental, located in Kamloops, BC
• Advanced procurement of long lead time items, including: Courier 6G SL Elemental Analyzer (Metso), Jameson cleaner flotation cell, regrinding mills, flotation cell mechanisms, as well as various pumps, tanks and filters
• Delivery of the CME optimization study and mine plan
• Establishment of a technical team to execute on the CME timeline and budget
• Luca expects a significant portion of the capital for the CME Phase 1 and 2 could be funded from cash flow from existing operations; however, discussions with various capital providers will be advanced to secure funding when required to execute on the CME
• Although not expected to be a critical path item for the CME, advanced permitting efforts are underway to support required permit modifications and amendments

Figure 2 – Proposed CME Study Flowsheet

Source: Ausenco PTY Ltd.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Mr. Ramon Mendoza Reyes, P.Eng., Chief Operating and Technical Officer at Luca Mining.  Mr. Mendoza is a Qualified Person for the Company as defined by NI 43-101.

Richard Whittering, Principal Process Engineer at Ausenco PTY Ltd., is acting as technical lead for Luca’s third-party independent consultant for the Campo Morado Expansion study. Mr. Whittering is a Qualified Person as defined by NI 43-101.

About Luca Mining Corp.

Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow.  Both mines have considerable development and resource upside as well as significant exploration potential.

The Company’s Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres.  It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  Luca has successfully commissioned its mill and is now in commercial production at Tahuehueto.

About Ausenco

Ausenco is a global company redefining what’s possible. The team is based out of 21 offices working across five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors (www.ausenco.com).

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, conditions or performance that are based on assumptions about the proposed exploration programs and its anticipated results; the timing and costs of future activities on the Company’s properties; success of exploration and development; anticipated time and results of forthcoming reports on the Campo Morado mine; capital requirements of the CME; the CME and targets, expectations and results thereof;  inclusion of the Reforma and El Rey deposits in the updated mine plan as Mineral Reserves; and benefits from Campo Morado expansion and structure thereof. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans”, expects”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado mine can be achieved; that consistent and sustainable mill feed at Campo Morado mine will be achieved; the CME will yield anticipated results; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post Luca Advances Study to Optimize Campo Morado and Increase Gold and Silver Production appeared first on Luca Mining Corp..

Highlights

• On-going success defining high-grade, gold and silver-rich VMS mineralization in areas immediately adjacent to active underground workings at Campo Morado 
• Underground drillhole CMUG-25-36 intersected 135.7 metres (“m”) of 1.58 g/t Au, 77.10 g/t Ag, 0.88% Cu, 0.40% Pb and 1.61% Zn from 87.7m, defining new mineralization at an unmined zone and extending mineralization approximately 20m from the previously defined extents of the Largo Norte Zone
• Underground drillhole CMUG-25-33 intersected 14.3m of 1.50 g/t Au, 75.81 g/t Ag, 1.01% Cu, 0.46% Pb and 2.81% Zn from 167.6m, defining new mineralization within the Fish Zone
• Based on the results of CMUG-25-36, follow-up drilling of the Largo Norte Zone has commenced with a focus on the definition of additional mineral resources
• Drilling is ongoing at Campo Morado with two surface drill rigs and one underground drill rig

Paul D. Gray, Luca’s VP of Exploration, commented:

“The Largo Norte Zone remains largely unmined; CMUG-25-36 targeted an area just west of the existing bounds of the mineralized body and was designed to expand mineralization in this under-drilled area of the Campo Morado Mine. This drillhole intersected a long, consistent interval of massive sulphide mineralization beyond known mineralization extents.  The Largo Norte Zone represents a large, consistent mineralized VMS body that dips shallowly to the south and ranges from 20 to 60 meters in thickness.  Based on the strength of the mineralization intersected in CMUG-25-36, follow-up drilling has been initiated with a view to further expand mineralization to the west.”

Near-Mine Underground Drilling

Underground drillhole CMUG-25-36 targeted areas immediately adjacent to the previously defined western extent of the Largo Norte Zone and successfully intersected mineralization from these unmined areas, including: 

• CMUG-25-36:
  • 135.7m of 1.58 g/t Au, 77.10 g/t Ag, 0.88% Cu, 0.40% Pb and 1.61% Zn from 87.7m Including 101.5m of 1.92 g/t Au, 98.59 g/t Ag, 0.88% Cu, 0.52% Pb and 2.14% Zn from 121.9m with a high grade section of 16.0m of 3.20 g/t Au, 191.84 g/t Ag, 0.99% Cu, 1.29% Pb and 5.03% Zn from 207.4m

Underground drillholes CMUG-25-27 and CMUG-25-28 targeted extensions of the C-227 mineralized zone, both currently under mine development, and successfully intersected mineralization from unmined areas, including:

• CMUG-25-28:
  • 6.6m of 0.54 g/t Au, 67.62 g/t Ag, 1.05% Cu, 0.65% Pb and 3.26% Zn, from 261.7m in a zone located within approximately 40m of existing underground workings

Underground drillholes CMUG-25-29 and CMUG-25-30 targeted extensions of the A8 mineralized zone, and successfully intersected mineralization from unmined areas, including: 

• CMUG-25-30:
  • 1.5m of 0.46 g/t Au, 36.00 g/t Ag, 1.55% Cu, 0.33% Pb and 2.57% Zn from 151.9m

Underground drillhole CMUG-25-33 targeted extensions of the Fish mineralized zone, and successfully intersected mineralization from unmined areas, including: 

• CMUG-25-33:
  • 14.3m of 1.50 g/t Au, 75.81 g/t Ag, 1.01% Cu, 0.46% Pb and 2.81% Zn from 167.6m

These recent intersections underscore the multiple opportunities to add additional mineable resources proximal to current development headings, existing infrastructure and expand previously defined mineral resources.

Drilling continues at Reforma and El Rey, in conjunction with on-going underground drilling planned to target the Largo, Largo Norte, Naranjo and Fish deposits, which all contribute to the 2026–2028 mine plans.

Table 1: Highlighted Diamond Drill Assay Results from UG Drillholes CMUG-25-27 through CMUG-25-36.

*True widths are estimated to be >90% of drilled intervals with the exception of CMUG-25-36 where the drillhole was drilled parallel to the mineralized body which ranges from 20 to 60m in thickness.

Figures 1 through 8 present assay results from these latest batch of sample results and location maps of all drillholes presented in this news release.

About Campo Morado Exploration Program

The current Campo Morado drill campaign represents the first meaningful exploration program conducted on the property since 2014 and is designed to support the addition of mineral resources to the near- and medium-term mine plan.

To date, 38 underground diamond drillholes totaling 9,043m have been completed at the Campo Morado mine using “HQ” and/or “NQ” sized diamond drill core. These underground drillholes are focused on the definition of mineable resources proximal to existing underground workings, as well as testing new zones interpreted to host extensions of known mineralization based on the property’s extensive historical drilling database.

In addition, 8,682m have been drilled from 29 surface drillholes at the Reforma, El Rey, Reforma Deeps and Zapata targets using “HQ” and/or “PQ” sized diamond drill core. These surface drillholes are designed to confirm and expand existing mineral resources at the Reforma and El Rey deposits, collect material for additional metallurgical test work, and support the potential inclusion of these deposits into an improved Campo Morado mine plan.

Previous exploration at Campo Morado has generated an extensive, high-quality proprietary geological database, including more than 600,000m of underground and surface drilling, property-wide geological and structural mapping, approximately 30,000 geochemical soil samples, and a range of airborne and ground-based geophysical surveys, including gravity, magnetics, electromagnetics and induced polarization. Interpretation of these datasets—particularly gravity surveys—has directly contributed to the discovery and definition of mineralized zones on the property and will continue to guide future exploration. Luca is currently compiling, cleaning and reinterpreting this geophysical database to prioritize the more than 38 exploration targets identified across the Campo Morado concession package.

Table 2: Underground and Surface Drill Collar Details for Released Results

Analytical Method and Quality Assurance/Quality Control Measures

All drill core splits reported in this news release were analysed by Bureau Veritas of Durango, Mexico, utilizing the Multi-Acid digestion ICP-ES 35-element MA300 analytical package with FA-430 30-gram Fire Assay with AAS finish for gold on all samples. Au over-limits from FA-430 are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Ag over-limits from ICP MA300 analytical package are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Similarly, Cu, Pb and Zn over-limits from ICP MA300 analytical package are re-analyzed by ICP Multi-Acid digestion MA370 package. All core samples were split by core saw on-site at Luca’s core processing facilities at the Campo Morado Mine. Once split, half were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were collected by Bureau Veritas at the Campo Morado Mine site and transported to their laboratory in Durango, where they were prepared into 250-gram pulps for gold fire assay. The pulps were then shipped to Bureau Veritas’s Analytical laboratory in Vancouver, B.C., for final ICP analysis.  A robust system of standards, 1/4 core duplicates and blanks were implemented in the 2025 exploration drilling program and is monitored as chemical assay data become available.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice-President Exploration at Luca Mining.  Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.

About Luca Mining Corp.

Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow.  Both mines have considerable development and resource upside as well as significant exploration potential.

The Company’s Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres.  It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  Luca has successfully commissioned its mill and is now in commercial production at Tahuehueto.

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, estimated production guidelines for 2025 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company’s properties, such as production rates and increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine site. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans”,” expects”, ”scheduled”, ”estimates”, “forecasts”, “intends”, ”anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Initial results indicate thick, gold- and silver-rich VMS mineralization at El Rey, an unmined deposit located approximately 200 metres from the Reforma deposit and close to existing underground infrastructure, supporting its potential inclusion in the longer-term Campo Morado mine plan.

Highlights

• First drilling at the El Rey VMS deposit in over 14 years confirms thick, high-grade gold- and silver-rich mineralization
• 28.6 m of 5.35 g/t AuEq**, including 2.8 m of 12.55 g/t AuEq (CMRY-25-02)
• 21.0 m of 6.13 g/t AuEq, including 2.2 m of 25.38 g/t AuEq (CMRY-25-06)
• El Rey is an unmined VMS deposit ~200 m from the Reforma deposit, close to existing underground infrastructure
• Mineralization extends beyond historical models, particularly to depth and along the western margin
• Results support mine life extension and improved production flexibility at Campo Morado

Figures 1 through 7 present cross-sections and assay results from the initial El Rey drillholes.  Figure 8 presents the 2026 exploration drill program targets.

El Rey Deposit – Surface Drilling Results

Surface drillholes CMRY-25-01 through CMRY-25-07 were collared within and around the El Rey and Reforma deposits and intersected notable intervals of massive sulphide mineralization (See Table 1), including:

CMRY-25-01:
24.9 m of 5.44 g/t AuEq (2.00 g/t Au, 78.66 g/t Ag, 0.61% Cu, 0.55% Pb, 2.40% Zn) from 183.1 m,
including 4.0 m of 13.86 g/t AuEq (6.63 g/t Au, 199.40 g/t Ag, 0.94% Cu, 1.52% Pb and 4.77% Zn) from 203 m.

CMRY-25-02:
28.6 m of 5.35 g/t AuEq (1.34 g/t Au, 114.93 g/t Ag, 0.47% Cu, 0.83% Pb, 2.68% Zn) from 229.7 m, including 2.8 m of 12.55 g/t AuEq (5.20 g/t Au, 218.96 g/t Ag, 0.85% Cu, 1.67% Pb and 4.60% Zn) from 255.5 m

CMRY-25-03:
11.7 m of 5.46 g/t AuEq (2.00 g/t Au, 111.31 g/t Ag, 0.35% Cu, 0.84% Pb and 2.02% Zn) from 209.9 m, including 5.6 m of 8.80 g/t AuEq (3.40 g/t Au, 192.01 g/t Ag, 0.53% Cu, 1.13 % Pb and 2.71% Zn) from 209.9 m.

CMRY-25-04:
17.7 m of 5.70 g/t AuEq (1.75 g/t Au, 141.57 g/t Ag, 0.30% Cu, 0.95% Pb and 2.18% Zn) from 220.8 m.

CMRY-25-05:
3.7 m of 3.98 g/t AuEq (1.40 g/t Au, 54.57 g/t Ag, 0.40% Cu, 0.85% Pb and 2.62% Zn) from 157.8 m.

CMRY-25-06:
21.0 m of 6.13 g/t AuEq (1.82 g/t Au, 131.25 g/t Ag, 0.40% Cu, 0.88% Pb and 6.13% Zn) from 193.2 m, including 2.2 m of 25.38 g/t AuEq (12.27 g/t Au, 556.42 g/t Ag, 0.46 % Cu, 3.52% Pb and 5.95% Zn) from 211.9 m.

Drilling targeted the central and eastern portions of the El Rey deposit to confirm grade continuity, improve geological definition, and test expansion potential beyond historical interpretations. Drillhole CMRY-25-05 extended mineralization by more than 30 metres beyond the previously modeled deposit boundary, highlighting the potential to increase mineral resources through continued drilling.

Exploration Program Update

Two surface drill rigs are currently operating at Campo Morado in parallel with ongoing underground diamond drilling. Together, these programs are targeting previously undrilled, high-priority VMS targets across the Camp, as well as continued drilling at the Reforma and El Rey deposits.

To date, approximately 8,200 m of surface drilling and 8,700 m of underground drilling have been completed. Underground drilling continues to target the Largo, Largo Norte, Naranjo and Fish deposits, all of which form part of the 2026–2028 mine plans.

Exploration activities are focused on near-mine and resource expansion targets, with the objective of extending mine life and improving production flexibility.

Paul D. Gray, Luca’s VP of Exploration, commented:

“The first drilling at El Rey in over 14 years has confirmed the presence of thick, gold- and silver-rich VMS mineralization and has meaningfully extended the deposit beyond previous interpretations, particularly along its western margin and at depth. El Rey shares key geological characteristics with the nearby Reforma deposit and represents an additional unmined source of mineralization with clear potential to support mine life extension and improve production flexibility at Campo Morado. Current interpretations suggest El Rey is a faulted-off portion of the Reforma deposit, opening up exploration potential both laterally and at depth for discovery of additional VMS mineralization. Drilling has also commenced at the Zapata target, where previously undrilled coincident gravity and geochemical anomalies have been identified. Zapata is one of 38 prospective targets defined within the Campo Morado concessions, and Luca looks forward to advancing these targets in the first half of 2026, with strong confidence in the potential for new VMS-style mineralized zones.”

Table 1: Highlighted Diamond Drill Assay Results from El Rey Surface Drillholes CMRY-25-01 through CMRF-25-07.

*True widths are estimated to be >90% of drilled intervals.

 ** The AuEq (gold equivalent) calculation is: AuEq* = Au +(Ag*0.0154) + (Cu%*1.5809) + (Pb%*0.2989) + (Zn%*0.4650), at $2,250 US/oz Au, $28 US/oz Ag, $4.20 US/lb Cu, $0.90 US/lb Pb and $1.20 US/lb Zn. The AuEq calculation includes gold, silver, copper, lead and zinc, net of assumed metallurgical recoveries using deposit-average recovery value in a bulk floatation scenario provided by Ausenco PTY Ltd.: 55% for gold, 68% for silver, 68% for copper, 60% for lead and 70% zinc.

Table 2: Surface Drill Collar Details 

Figure 8: Exploration Targets and Proposed Drill Plan at the Campo Morado Project.

Analytical Method and Quality Assurance/Quality Control Measures

All drill core splits reported in this news release were analysed by Bureau Veritas of Durango, Mexico, utilizing the Multi-Acid digestion ICP-ES 35-element MA300 analytical package with FA-430 30-gram Fire Assay with AAS finish for gold on all samples. Au over-limits from FA-430 are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Ag over-limits from ICP MA300 analytical package are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Similarly, Cu, Pb and Zn over-limits from ICP MA300 analytical package are re-analyzed by ICP Multi-Acid digestion MA370 package. All core samples were split by core saw on-site at Luca’s core processing facilities at the Campo Morado Mine. Once split, half were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were collected by Bureau Veritas at the Campo Morado Mine site and transported to their laboratory in Durango, where they were prepared into 250-gram pulps for gold fire assay. The pulps were then shipped to Bureau Veritas’s Analytical laboratory in Vancouver, B.C., for final ICP analysis.  A robust system of standards, 1/4 core duplicates and blanks was implemented in the 2025 exploration drilling program and is monitored as chemical assay data become available.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice-President Exploration at Luca Mining.  Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.

About Luca Mining Corp.

Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow.  Both mines have considerable development and resource upside as well as world-class exploration potential.

The Company’s Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres.  It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  Luca has successfully commissioned its mill and is now in commercial production at Tahuehueto.

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, estimated production guidelines for 2025 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company’s properties, such as production rates and increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine site. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans”,” expects”, ”scheduled”, ”estimates”, “forecasts”, “intends”, ”anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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The OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX market.  The ranking is calculated based on an equal weighting of one-year total return and average daily dollar volume growth in the previous calendar year.  Companies in the 2026 OTCQX Best 50 were ranked based on their performance in 2025. 

For the complete 2026 OTCQX Best 50 ranking, visit https://www.otcmarkets.com/corporate-services/otcqx-best-50

The OTCQX Best Market offers transparent and efficient trading of established, investor-focused U.S. and global companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

About Luca Mining Corp.

Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historical mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State within a 121 square kilometer land package.  It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  The Company has successfully commissioned its mill and is now in commercial production.

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the Financings, the anticipated timing of closing thereof and the expected use of proceeds therefrom; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans,” “expects,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that all requisite approvals in respect of the Financings will be received, and all conditions precedent to completion of the Financings will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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As at December 31, 2025, Luca increased its cash position to approximately $25.5 million, compared to $15.9 million at the end of the third quarter of 2025 and $10.2 million at December 31, 2024, the increase in the quarter driven by free cash flow from operations. During 2025, the Company also repaid $10.1 million of debt, reducing outstanding principal to $2.5 million at year end, with the remaining balance expected to be fully repaid by mid-2026.

For the full calendar year 2025, Luca delivered total payable production within or above revised guidance ranges for gold, silver, zinc, copper and lead across its two operating mines in Mexico. Production reflected stable operations at Campo Morado and the continued ramp-up of underground mining and processing activities at Tahuehueto.

Exploration Update

During the fourth quarter of 2025, the Company invested approximately $0.8 million in exploration, completing approximately 5,836 metres of drilling. For the full year, exploration drilling totaled approximately 22,855 metres, at a total cost of approximately $3.8 million. Exploration activities were primarily focused on near-mine and resource expansion targets, achieving the objectives of extending mine life and improving production flexibility at the Company’s operating assets.

CEO Commentary

“2025 was an important year of execution for Luca,” said Dan Barnholden, Chief Executive Officer. “We delivered on our revised production guidance while materially improving our balance sheet through disciplined operations and debt reduction. With a stronger financial position and stable operations across both mines, the Company enters 2026 well positioned to focus on optimization and organic growth.”

Non-GAAP Financial Measures

Management believes that the reported non-GAAP financial measures will enable certain investors to better evaluate the Company’s performance, liquidity, and ability to generate cash flow. These measures do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently.

About Luca Mining Corp.

Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historical mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State within a 121 square kilometer land package.  It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  The Company has successfully commissioned its mill and is now in commercial production.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice President Exploration at Luca Mining.  Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the Financings, the anticipated timing of closing thereof and the expected use of proceeds therefrom; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans,” “expects,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that all requisite approvals in respect of the Financings will be received, and all conditions precedent to completion of the Financings will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Highlights

• Continued success defining wide, high-grade, gold-rich VMS mineralization at the Reforma Deposit and in areas immediately adjacent to active underground workings at Campo Morado 
• Surface drillhole CMRF25-13 intersected 25.1 metres (“m”) of 8.31 g/t AuEq**, including 4.9 m of 11.32 g/t AuEq 
• Surface drillhole CMRF25-15 returned 55.8 m of 5.90 g/t AuEq, including 7.7 m of 10.09 g/t AuEq 
• Underground drillhole CMUG-25-25 intersected 4.0 m of 1.04% Cu from a previously unmined zone within ~60 m of existing underground workings 
• Gold- and silver-enriched VMS mineralization shown to be higher grade and more extensive than historically modeled 
• Second surface drill rig mobilized to test undrilled high-priority VMS targets across the Campo Morado camp 
• 7,218 m of surface drilling and 8,440 m of underground drilling completed to date 
• Metallurgical samples from Reforma and El Rey collected for updated recovery testing

The latest drilling at the Reforma Deposit and adjacent near-mine targets confirms robust, gold-rich VMS mineralization, laterally extensive and positioned close to existing underground development. This combination supports the potential for near-term conversion of exploration success into mineable resources, increased precious-metal contribution to mill feed, and incremental mine-life extension with limited new infrastructure requirements

Reforma Deposit – Surface Drilling

Surface drillholes CMRF25-12 through CMRF25-16 were collared within and around the Reforma Deposit and intersected significant intervals of massive sulphide mineralization, including:

• CMRF25-13:
  • 25.1 m of 8.31 g/t AuEq, including 4.9 m of 11.32 g/t Au
• CMRF25-15:
  • 55.8 m of 5.90 g/t AuEq, including 7.7 m of 10.09 g/t AuEq, with strong copper and zinc
• CMRF25-12:
  • 9.1 m of 7.11 g/t AuEq, highlighting high precious-metal enrichment
• CMRF25-14:
  • Multiple zinc-rich massive sulphide intervals, including 3.3 m of 4.29 g/t AuEq

These holes were drilled across the central and eastern portions of the Reforma Deposit to confirm grade continuity, improve geological definition, and test expansion potential beyond historical interpretations.

Near-Mine Underground Drilling

Underground drillholes CMUG-25-25 and CMUG-25-26 targeted extensions of the C752 and C108 mineralized bodies, both currently under mine development, successfully intersectingmineralization from previously unmined areas, including:  

• CMUG-25-25:
  • 4.0 m of 1.04% Cu, with associated gold and silver, from a zone located within approximately 60 m of existing underground workings

These intersections highlight opportunities to add mineable resources proximal to current development headings and existing infrastructure.

Exploration Program Expansion Highlights

• A second surface drill rig was mobilized in December to test previously undrilled, high-priority VMS targets across the Campo Morado camp
• 7,218 m of surface drilling completed across Reforma, El Rey and a new previously undrilled target – Reforma Deeps
• 8,440 m of underground drilling completed to date as part of the 10,000-metre Phase 1 and Phase 2 near-mine expansion program
• Metallurgical samples from Reforma and El Rey collected for recovery testing

Drilling continues at Reforma and El Rey, with additional underground drilling planned to target the Largo, Naranjo and Fish deposits, which form part of the 2026–2028 mine plans.

Paul D. Gray, Luca´s VP of Exploration, commented,

“These results confirm that Reforma hosts a larger and more gold-rich VMS system than previously understood, with grades and widths that compare favorably to historical drilling. Importantly, this mineralization is located close to existing underground infrastructure, which enhances its potential to be incorporated into near-term mine plans. Based on the strength and consistency of these intercepts, Luca has expanded drilling at Reforma and mobilized a second surface rig to accelerate testing of additional high-priority targets across the Campo Morado camp. With multiple untested VMS prospects and strong precious-metal enrichment, we see a potential opportunity to continue building mineable inventory and long-term value at Campo Morado.”

Table 1: Highlighted Diamond Drill Assay Results from UG Drillholes CMUG-25-25 and CMUG-25-26 through and Surface Drillholes CMRF25-12 through CMRF25-16.

*True widths are estimated to be >90% of drilled intervals.

 ** The AuEq calculation is: AuEq = Au +(Ag*0.0124) + (Cu%*1.2787) + (Pb%*0.2740) + (Zn%*0.3653), at $2,250 US/oz Au, $28 US/oz Ag, $4.20 US/lb Cu, $0.90 US/lb Pb and $1.20 US/lb Zn. Additionally, the AuEq calculation combines gold, silver, copper, lead and zinc, net of assumed metallurgical recoveries using deposit-average recovery value assumptions in a bulk floatation scenario provided by Ausenco PTY Ltd.: 55% for gold, 68% for silver, 68% for copper, 60% for lead and 70% zinc.

Figures 1 through 7 present cross-sections of the assay results from this latest batch of exploration drillhole results.

To date, 36 underground diamond drillholes totaling 8,440 metres are complete at the Campo Morado mine using “HQ” and/or “NQ” sized diamond drill core. These underground drillholes form part of the Phase 2 underground exploration campaign, which is focused on the definition of mineable resources proximal to existing underground workings, as well as testing new zones interpreted to host extensions of known mineralization based on the property’s extensive historical drilling database.

In addition, 7,218 metres have been drilled from 26 surface drillholes at the Reforma, El Rey and Reforma Deeps targets using “HQ” and/or “PQ” sized diamond drill core. These surface drillholes comprise the Phase 1 and Phase 2 surface drilling campaigns (initially planned for 6,500 metres), designed to confirm and expand existing mineral resources at the Reforma and El Rey deposits, collect material for additional metallurgical test work, and support the potential inclusion of these deposits into an improved Campo Morado mine plan.

Based on the strength of surface drilling results to date, Luca has added a second drill rig and an additional 10,000 metres to the exploration campaign (see Company News Release dated November 12, 2025).

Table 2: Underground and Surface Drill Collar Details for Released Results

About the 2025 Campo Morado Surface Exploration Program

Luca’s inaugural surface drill program is running in parallel with the ongoing underground exploration program at Campo Morado, both of which commenced in 2025. The initial Phase 1 surface program consisted of 2,500 metres of diamond drilling and was subsequently expanded by an additional 4,000 metres and again by a further 10,000 metres. The program is focused on the definition and expansion of the Reforma and El Rey deposits, located approximately one kilometre north and east of the main Campo Morado mine, where drilling continues.

These deposits host mineral resources (see Company News Release dated April 8, 2025) that have not been assessed in over 14 years.

A total of thirty-eight (38) priority targets are  identified across the Campo Morado concession package based on coincident favourable geological, geochemical and geophysical characteristics. Several of these targets, including Reforma and El Rey, have historical exploration, including diamond drilling; however, the majority remain undrilled. Given the fertile geological setting of the Campo Morado concessions and the camp’s prolific discovery history, each of these targets has the potential to host significant VMS mineralization. Luca intends to systematically prioritize and advance these targets in the coming months (see Figure 8).

Figure 8: Exploration Targets and Proposed Drill Plan at the Campo Morado Project.

Gold–Silver Endowment at Reforma and El Rey

Of particular interest at the Reforma and El Rey deposits is the gold- and silver-enriched nature of the VMS mineralization that has been identified through recent drilling. Since these deposits were last systematically explored, gold and silver prices have increased materially, enhancing the potential economic significance of precious-metal-rich mineralization within the Campo Morado camp.

Luca believes that the precious-metal endowment of the Reforma and El Rey deposits, together with other related mineralized zones across the camp, represent nea-term opportunities to add value to the Company’s asset base as exploration and resource definition continue.

About 2025 Campo Morado Underground Exploration Program

The current Campo Morado underground drill campaign represents the first meaningful exploration program conducted on the property since 2014 and is designed to support the addition of mineral resources to the near- and medium-term mine plan.

The Company initially planned 5,000 metres of underground diamond drilling from approximately 25 drillholes during the first phase of exploration activities. The primary objectives of this program are to define additional mineral resources within under-drilled zones proximal to existing underground production areas and to test previously untested areas with potential to host extensions of known mineralization. An additional 5,000 metres was added to the underground drilling program in late 2025, and Luca expects exploration efforts to continue to ramp up in 2026 in parallel with underground production activities.

Previous exploration at Campo Morado has generated an extensive, high-quality proprietary geological database, including more than 600,000 metres of underground and surface drilling, property-wide geological and structural mapping, approximately 30,000 geochemical soil samples, and a range of airborne and ground-based geophysical surveys, including gravity, magnetics, electromagnetics and induced polarization. Interpretation of these datasets—particularly gravity surveys—has directly contributed to the discovery and definition of mineralized zones on the property and will continue to guide future exploration. Luca is currently compiling, cleaning and reinterpreting this geophysical database to prioritize the more than 38 exploration targets identified across the Campo Morado concession package.

The company will provide additional updates as drilling advances at Reforma, El Rey, and the broader Campo Morado district.

Analytical Method and Quality Assurance/Quality Control Measures

All drill core splits reported in this news release were analysed by Bureau Veritas of Durango, Mexico, utilizing the Multi-Acid digestion ICP-ES 35-element MA300 analytical package with FA-430 30-gram Fire Assay with AAS finish for gold on all samples. Au over-limits from FA-430 are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Ag over-limits from ICP MA300 analytical package are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Similarly, Cu, Pb and Zn over-limits from ICP MA300 analytical package are re-analyzed by ICP Multi-Acid digestion MA370 package. All core samples were split by core saw on-site at Luca’s core processing facilities at the Campo Morado Mine. Once split, half were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were collected by Bureau Veritas at the Campo Morado Mine site and transported to their laboratory in Durango, where they were prepared into 250-gram pulps for gold fire assay. The pulps were then shipped to Bureau Veritas’s Analytical laboratory in Vancouver, B.C., for final ICP analysis.  A robust system of standards, 1/4 core duplicates and blanks was implemented in the 2025 exploration drilling program and is monitored as chemical assay data become available

Qualified Person

The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice-President Exploration at Luca Mining.  Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.

About Luca Mining Corp.

Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow.  Both mines have considerable development and resource upside as well as strong  exploration potential.

The Company’s Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres.  It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  Luca has successfully commissioned its mill and is now in commercial production at Tahuehueto.

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, estimated production guidelines for 2025 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company’s properties, such as production rates and increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine site. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans”,” expects”, ”scheduled”, ”estimates”, “forecasts”, “intends”, ”anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post LUCA DRILLS 55.8 METRES OF 5.90 G/T AUEQ AT CAMPO MORADO – CONFIRMS NEAR-MINE HIGH-GRADE MINERALIZATION AND EXPANDS EXPLORATION PROGRAM appeared first on Luca Mining Corp..

Recent drilling at the Santiago Deposit has successfully extended high-grade gold mineralization by more than 100 metres along strike toward the west, in the direction of the producing Perdido vein, located approximately 600 metres away (See Figure 1). These results, together with ongoing underground drilling at Perdido, support Luca’s interpretation that the Santiago and Perdido veins may represent a single, continuous mineralized structure. Current drilling is designed to test the projected strike extension linking Santiago with Perdido, and while additional drilling is required to fully demonstrate continuity across this distance, results to date provide encouraging evidence along the interpreted structural trend.

Santiago Deposit – High-Grade Expansion Confirmed

Surface diamond drilling at the Santiago Deposit has returned consistent and locally high-grade gold mineralization, marking the first drilling at Santiago since 2008 (see Company press release dated September 8, 2025).

Notably, new drillhole DDH25-SGO-008 returned 2.4m of 12.2 g/t gold (14.8 g/t AuEq**) from 188.0m within a broader mineralized interval hosted within an extension of the Santiago mineralized vein system, approximately 80m west of the previous resource boundary. Subsequently, DDH25-SGO-009 intersected the same mineralized structure reporting 3.2m of 2.17 g/t Au from 259.9m. These two drillholes have combined to extend the strike length of the Santiago Deposit by over 100m and confirm the robustness and continuity of the mineralized structure in this area.

Additional new drill results at Santiago include:

• DDH25-SGO-006: 5.7 m of 6.10 g/t gold (7.8 g/t AuEq)
• DDH25-SGO-007: 6.7 m of 3.76 g/t gold (4.62 g/t AuEq) within a broader mineralized zone

These results exceed grades modelled in the current resource estimate and demonstrate clear potential for resource growth.

The Santiago Deposit is located approximately one kilometre from existing mine infrastructure, has never been mined, and lies at the northeast end of the Tahuehueto mineralized trend. Importantly, Santiago trends directly onto a recently acquired concession from Fresnillo Plc, making eastern extensions of mineralization a priority exploration target.

Based on the success of the initial surface program, Luca has expanded drilling at Santiago to further test strike extensions to the east and west.

Figure 1: Idealized Long Section Tahuehueto Mineralized Zones

Underground Drilling – Strong Continuity Near Mine Workings

Underground drilling at Tahuehueto continues to intersect mineralization in every hole drilled to date, reinforcing confidence in near-term resource additions.

Drilling north of current underground workings has identified previously untested, gold-rich breccia zones within the Creston vein system, including:

• DDH25-236: 5.3 m of 2.23 g/t AuEq, including a high-grade internal interval of 0.4m of 3.09 g/t Au, 84.30 g/t Ag, 0.07%, 3.14% Pb, and 21.57% Zn (9.11 g/t AuEq) from 50.4m.

These results highlight the lateral and vertical continuity of the Creston and Perdido veins and support Luca’s strategy of adding mineable ounces close to existing development.

To date, 26 underground drillholes totaling over 6,200m with “HQ” sized diamond drill core have been completed as part of the Phase 1 and Phase 2 programs.

Geological Interpretation and Growth Potential

Surface and underground results continue to support management’s interpretation that the Santiago and Perdido veins may form part of a single, continuous mineralized structure.

The Santiago Deposit is currently defined over approximately 350m of strike length and up to 50m in width, with mineralization remaining open to the east, west, and at depth. The property hosts 18 identified mineralized veins, of which Santiago represents only one underexplored target.

Exploration Strategy

Luca’s 2025 exploration program at Tahuehueto represents the first meaningful exploration campaign on the property in over 12 years. The program is designed to:

• Expand known mineral resources
• Identify high-grade breccia zones
• Add near-term mineable material
• Test multiple underexplored vein systems across the concession

With more than 11 kilometres of prospective vein structures identified, Luca sees significant upside beyond the current mineral resource footprint.

Paul D. Gray, P.Geo., Vice President Exploration at Luca Mining, commented “Mineralized veins have been intersected in every drillhole at Santiago this drill season, with recent results extending high-grade mineralization at the Santiago Deposit by over 100 metres to the west. This confirms the expansion potential of the Santiago Deposit and supports our interpretation that it is part of the broader Perdido vein system. At the same time, underground drilling continues to validate strong continuity near current workings, reinforcing the growth potential at Tahuehueto.”

Figures 2 through 10 present the relative locations of the reported drillholes and Tables 1 and 2 provide summary analytical results and drill collar details, respectively.

Figure 2

Figure 3

Figure 4

Figure 5

Figure 6

Figure 7

Figure 8

Figure 9

Figure 10

Table 1: Highlighted Diamond Drill Assay Results from DDH25-236 through DDH25-237 and DDH-25-SGO-003 and DDH-25-SGO-009

*True widths are estimated to be approximately 85% of drilled intervals.

** AuEq equation is: AuEq = Au + (Ag*0.0126) + (Cu%*1.1931) + (Pb%*0.2333) + (Zn%*0.1919), considering actual reported metallurgical recoveries of Au 84%, Ag 85%, Cu 78.3%, Pb 71.6% and Zn 48% for the Tahuehueto, at $2,250 US$/oz Au, 28 US$/oz Ag, 9,260 US$/Tonne Cu, 1,980 US$/Tonne Pb and 2,430 US$/Tonne Zn.

Table 2: Drill Collar Locations and Details for Released Results

About 2025 Tahuehueto Exploration Program

The Tahuehueto property comprises a large epithermal gold-silver vein system with approximately 11 kilometres of strike length of known veins and mineralized structures.  These campaigns represent the first substantive exploration drilling on the Property in over 12 years. Mineralization remains open along strike and at depth for most of the modeled Mineral Resource areas.  The objective of the current campaigns will be a combination of in-fill and step-out drilling to demonstrate the vertical and lateral extent of mineralization as well as to target thick, high-grade mineralized breccia zones known to exist within the epithermal vein system. Recent mining in Level 23 encountered higher-grade mineralization averaging 3.30 g/t Au over vein widths up to 20 metres (with values up to 65.04 g/t Au) in breccia zones branching off the main Creston vein (See news release dated May 29, 2024). 

In addition to the four veins that comprise the mineral resource, there are at least 14 additional prospective veins documented within the concession area that have potential to host additional epithermal Au-Ag(-Cu-Zn-Pb) mineralization. In some cases, these prospective targets may represent extensions of the currently defined Mineral Resource. The Company estimates that there are more than 11 km of prospective vein structures (measured along strike), compared to the 4.5 km of mineralized veins that support the current Mineral Resource model.

Figure 11 below shows the relative location of prospective veins (yellow) and veins modeled for resources and reserves (red) within the Company’s concession area.

Figure 11

About Luca Mining Corp.

Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines within the prolific Sierra Madre mineralized belt in Mexico which hosts numerous producing and historical mines along its trend. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

The Campo Morado polymetallic VMS mine is an underground operation located in Guerrero State within a 121 square kilometer land package.  It produces copper-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization program which is already generating significant improvements in recoveries, grades, efficiencies, and cashflows.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State.  The project hosts epithermal gold and silver vein-style mineralization.  Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver.  The Company has successfully commissioned its mill and is now in commercial production.

Analytical Method and Quality Assurance/Quality Control Measures

All drill core splits reported in this news release were analysed by Bureau Veritas of Durango, Mexico, utilizing the Multi-Acid digestion ICP-ES 35-element MA300 analytical package with FA-430 30-gram Fire Assay with AAS finish for gold on all samples. Au over-limits from FA-430 are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Ag over-limits from ICP MA300 analytical package are re-analyzed by FA530 30-gram Fire Assay with Gravimetric finish. Similarly, Cu, Pb and Zn over-limits from ICP MA300 analytical package are re-analyzed by ICP Multi-Acid digestion MA370 package. All core samples were split by core saw on-site at Luca’s core processing facilities at the Tahuehueto Mine. Once split, half samples were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were collected by Bureau Veritas at the Tahuehueto Mine site and transported to Bureau Veritas’ Durango Laboratory, where samples are prepared to a 250-gram pulp and analyzed for Gold by Fire assay with pulps shipped to Bureau Veritas’s Analytical laboratory in Vancouver, B.C., for final ICP chemical analysis.  A robust system of standards, 1/4 core duplicates and blanks was implemented in the 2024-2025 exploration drilling program and is monitored as chemical assay data become available.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice President Exploration at Luca Mining.  Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.

On Behalf of the Board of Directors

(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

Contact Information:

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca’s production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the Financings, the anticipated timing of closing thereof and the expected use of proceeds therefrom; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company’s properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans,” “expects,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that all requisite approvals in respect of the Financings will be received, and all conditions precedent to completion of the Financings will be satisfied, in a timely manner; the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; the program to improve mining operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The post Luca Intersects 2.4 Metres of 12.2 g/t Gold at Santiago Deposit – Tahuehueto Mine High Grade Gold Mineralization Extended by Over 100 Metres Along Strike appeared first on Luca Mining Corp..

Luca Mining Corp. (“Luca” or the “Company”) (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to report operational and financial results for the three and nine months ended September 30, 2025. Q3 has delivered substantial production and revenue growth from the prior-year period. Luca has generated positive net free cash flow before working capital of $5.3 million in the first 9 months of 2025, even as the Company has invested heavily in development and exploration to position both mines for stronger production and profitability going forward. Sustaining capital in the quarter was elevated and metals recoveries were temporarily lower due to mine sequencing and commissioning activities; however, these investments have led to improvements in mine efficiency and expected increases in recoveries.  As the Company moves into 2026, increased grades, higher recoveries and continued cash generation from operations are expected.

Third Quarter 2025 Highlights

• Safety: continued emphasis on safe, disciplined operations with strengthened housekeeping and visible leadership engagement across both sites.
• Throughput increased: consolidated tonnes milled of 250,807 (+66% vs. prior year), supported by increased plant availability at both mines which has resulted in higher metal output:
  • Gold increased 51%, Silver increased 97%, Zinc increased 78%, Lead increased 81%, Copper increased 43% over Q3 2024.
• Profitability indicators: Adjusted EBITDA of $4.3 million for the quarter and positive year-to-date adjusted net earnings of $12.8 million, a reflection of greater operational performance.
• Revenue momentum: Revenues of $35.0 million (+94% vs. prior year), supported by higher sales volumes and increased realized precious-metal prices (gold +28%, silver +18%).
• Campo Morado performance: production in Q3 improved year-over-year (+75% ZnEq pounds^(a)) on higher grades, notably zinc (+30%) and silver (+27%) and increased volumes (+43% tonnes milled per day). Cash costs decreased to $1.09 per payable ZnEq pound^(a) (-14% vs. prior year) with AISC of $1.43/lb slightly increased (+8%) from the same quarter in the prior period, reflecting increased sustaining capital development and the commencement of a significant exploration program at the mine (all of the Company’s exploration expenditures are included in AISC).
• Tahuehueto ramp-up: 77,548 tonnes milled, setting a record of 969 tonnes milled per day in the quarter (+187% vs. prior year), with AuEq production up 74% year-over-year. As a result of increased volumes, direct cost per tonne reduced to $149 (-22%). Lower grades in the quarter, as well as increased capital development and exploration, resulted in an increase in AISC (+35%) year-over-year. Increased grades and the benefit of this capital development are expected to decrease AISC at Tahuehueto in the subsequent periods.
• Investment for reliability: sustaining capital investment of $8.7 million in the quarter ($19.0 million YTD) to accelerate underground development and exploration drilling, positioning both mines for improved grades and operating flexibility.
• The Company made significant progress in exploration, with multiple high-grade intercepts at both operations.
• Repaid $2.5 million in debt.

“Q3 was a transformational quarter of operational investment and performance for Luca Mining,” stated Dan Barnholden, CEO of Luca Mining. “Both of our operating mines delivered substantial year-over-year production growth, are operating at throughput levels above budget, and our increased development investment is positioning us for higher grades, stronger recoveries, and improved cash flow as we enter 2026. While sustaining capital, including exploration, was elevated this quarter, this spending was strategic and front-loaded to enhance long-term asset performance. Even with the increased investment we have made in our mines and in exploration, so far in 2025 our operations have generated $5.3 million in net free cash flow net of corporate expenses. Given the strong exploration results received to date, we are excited to have committed to a major three-year, US$25 million exploration program, introduced in our recent news release dated November 12, 2025, which we believe has the potential to unlock considerable new gold resources at both Campo Morado and Tahuehueto.”

1. See Reconciliation of earnings before interest, taxes, depreciation, and amortization in the MD&A
2. See “Non-IFRS Financial Measures” in the MD&A .
3. Based on provisional sales before final price adjustments, treatment, and refining charges
4. Mine operating cash flow before taxes is calculated by adding back royalties, changes in inventory and depreciation and depletion to mine operating earnings. See Reconciliation to IFRS in the MD&A
5. Net free cash flow before working is operating cash flow before working capital changes, less capital expenditures. See in the MD&A
6. Information presented herein for the three and nine months ended September 30, 2024, has been restated to reflect the impact of the reclassification of the Amended Streaming Agreement from deferred revenue to a derivative financial liability. See Note 2 of the condensed consolidated interim financial statements

Production

Campo Morado (Guerrero, Mexico)

Campo Morado delivered another quarter of solid production and improved cost performance. The mine processed 173,260 tonnes of mineralized material, representing a 42% increase over the same quarter in 2024. This resulted in total production of approximately 30.2 million zinc-equivalent pounds, a 75% year-over-year increase, reflecting higher throughput (+43% tonnes milled per day) and improved plant reliability, as well as on higher grades: zinc (+30%), copper (+3%), gold (+11%), and silver (+27%).

Cash operating costs averaged $1.09 per payable ZnEq pound (-14%), while all-in sustaining costs were $1.43 per pound (+8%), reflecting both increased production volumes and grades and increased sustaining capital development and the commencement of a significant exploration program at the mine. All of the Company’s exploration expenditures are included in AISC.

Ongoing initiatives to improve blending control and metallurgical performance have continued to stabilize recoveries and enhance concentrate quality. Zinc-circuit recoveries have been stabilized through targeted ore-blend controls and optimized reagent operating adjustments and the commissioning of a fourth Zn-cleaning flotation stage. In parallel, development activities supported the opening of new production areas and further optimization of mine sequencing.

High grade precious metals drill results were returned from the Reforma deposit at Campo Morado in the quarter, including 37.2 metres grading 5.87 g/t gold, 367.50 g/t silver, 0.53% copper, 5.54% zinc and 2.57% lead, released on August 27, 2025. Exploration drilling also returned multiple high-grade intercepts adjacent to existing workings, reinforcing confidence in the resource potential and the opportunity for near-mine expansion.

Tahuehueto (Durango, Mexico)

At Tahuehueto, production continued to ramp up steadily through the quarter. The mine processed 77,548 tonnes of ore, setting a record of 969 tonnes per day milled in the quarter (+187% vs. prior year), as plant availability improved and mining activities expanded into new zones. Total gold-equivalent production reached 5,579 ounces, an increase of 74% year-over-year, reflecting the growing contribution of both gold and silver output as the mine progresses toward nameplate capacity.

Direct mining cost per tonne improved 22% year-over-year to $149, supported by better equipment utilization and increased ore volumes. Lower grades in the quarter, as well as increased capital development and exploration, resulted in an increase in AISC (+35%) year-over-year.  While average gold grades were lower year-over-year due to mine sequencing, new stopes developed during the quarter are expected to provide higher-grade feed in Q4 and into 2026.

The Company also advanced installation of a new copper-lead separation circuit, a key process improvement designed to enhance metal recoveries and overall concentrate quality. This system will allow Tahuehueto to produce separate copper and lead concentrates for the first time, rather than a combined bulk concentrate. The separation is expected to improve payabilities, reduce impurities, and create greater marketing flexibility with multiple potential offtake partners. Mechanical installation was substantially completed during the quarter, and industrial trials are scheduled to begin in late-Q4 2025, with full integration into regular production anticipated early in 2026.

Exploration drilling at Tahuehueto continued to return strong results in the second quarter, including 14.0 metres grading 6.68 g/t gold from the Santiago deposit, released on September 8, 2025. Located one kilometre from current mine workings, Santiago has never been mined and is open along strike.

Outlook

Based on mine sequencing and year-to-date performance, Luca has revised its 2025 production and capital expenditure guidance to reflect year-to-date production and development schedules at both operations. Consolidated gold and zinc production and payable metal are tracking below the pace implied by the original full-year guidance, primarily due to sequencing through lower-grade zones, metallurgical recoveries, and the timing of new stope access. This is somewhat offset by consolidated copper, silver and lead production and payable metal tracking within or above original guidance ranges.

Going forward, both Tahuehueto and Campo Morado are expected to enter higher-grade areas which, combined with the strong milling rates observed at both mines, is expected to drive increased production, improved recoveries, and lower unit costs through year-end.

2025 Production Guidance

Consolidated

Campo Morado

Tahuehueto

2025 Budgeted Capital Expenditures and Exploration 

Luca has updated its 2025 capital program to $29.4 million (from $27.4 million), a reflection of accelerated underground development, plant reliability upgrades, and targeted optimization projects at both operations, as well as an increased exploration program at Campo Morado. Year-to-date spending totaled $20.3 million (74% of original guidance).

Free Cash Flow

The Company initially anticipated generating between $30 million and $40 million⁽¹⁾ in Net Free Cash Flow before working capital adjustments for the year. However, following additional capital investments to accelerate mine development and infrastructure upgrades, together with lower-than-expected gold and zinc output during the second and third quarters of 2025 as mining progressed through lower-grade areas, full-year Net Free Cash Flow is now expected to be between $5 million and $10 million.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice-President Exploration at Luca Mining.  Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.

About Luca Mining Corp.
Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow.  Both mines have considerable development and resource upside as well as district scale exploration potential.

The Company’s Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres.  It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. The Company has successfully commissioned its mill and is now in commercial production.

On Behalf of the Board of Directors
(signed) “Dan Barnholden”

Dan Barnholden, Chief Executive Officer

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, estimated production guidelines for 2025 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company’s properties, such as production rates and increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine site. In certain cases, Forward-Looking Information can be identified using words and phrases such as “plans”,”expects”,”scheduled”,”estimates”, “forecasts”, “intends”,” anticipates” or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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