Luca Mining

What Luca Mining does

Luca Mining Corp. is a Canadian-domiciled, publicly listed mining company (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) operating two wholly owned producing underground mines in Mexico's Sierra Madre mineralized belt. The company generates revenue through direct B2B sales of polymetallic metal concentrates — zinc, copper (with precious metal credits), lead, and gold/silver doré — to commodity trading firms and smelters, with pricing tied to LME benchmark rates net of treatment and refining charges.

Its core operations comprise the Campo Morado mine in Guerrero State, a polymetallic VMS (Volcanogenic Massive Sulphide) underground operation processing 2,000+ tonnes per day and producing zinc and copper concentrates with gold, silver, and lead by-products, and the Tahuehueto mine in Durango State, an epithermal gold-silver underground operation that achieved commercial production in March 2025 at its 1,000 tpd designed processing plant. The company holds a combined M&I resource base of 2.2 million AuEq ounces across 221 km² of mining concessions. Luca is executing a three-year US$25 million exploration program leveraging VRIFY's DORA AI software for prospectivity mapping, and has commissioned Ausenco to lead a two-phase Campo Morado Expansion study targeting improved metal recoveries and potential doré production from pyrite concentrate.

The business model is transaction-based commodity sales with revenue tied to metal prices and production volumes. The company serves two primary segments: commodity concentrate buyers (smelters, trading houses) for core product sales, and mining sector investors accessed through public listings and mining investment conferences. Luca reported 2025 revenue of $176.8M (103% YoY growth), Adjusted EBITDA of $46.0M (226% YoY growth), and held $36.4M in cash against $1.4M in debt as of Q1 2026, reflecting a transition from capital-raising to cash-generative operating profile.

Name

Luca Mining

Legal name

Luca Mining Corporation

Website

https://lucamining.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

101–250 employees

Short description

Luca Mining Corp. is a Canadian public mining company operating two wholly owned producing underground mines in Mexico — the polymetallic Campo Morado VMS mine and the gold-silver Tahuehueto epithermal mine — selling metal concentrates to commodity buyers and serving mining sector equity investors.

Ownership category

akta.pro rank

Product category

Precious and Base Metals Mining

NAICS

Other Metal Ore Mining (212290), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industry

Mine Surveying & Geospatial Services (Survey, Drone/LiDAR, GIS, Grade Control) (IMAKAKAK)

Keywords

• Polymetallic mining
• Gold silver mining
• Base metal concentrates
• Precious metals exploration
• Underground mining operations

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Others

Revenue model

1. Metal Concentrate Sales: Luca Mining generates revenue through the sale of polymetallic concentrates produced at its Campo Morado and Tahuehueto mines. The company produces zinc concentrate, copper concentrate (with precious metals), lead concentrate, and gold/silver doré. Revenue is transaction-based, driven by commodity prices and production volumes.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Luca Mining is a Canadian-based, publicly traded mining company that operates two wholly owned underground mines in Mexico — the polymetallic VMS Campo Morado Mine in Guerrero (producing zinc and copper concentrates with gold, silver, and lead by-products at ~2,000+ tpd) and the epithermal Tahuehueto Mine in Durango (producing gold and silver, commercial since March 2025 at 1,000 tpd design capacity). The company sells metal concentrates directly to commodity buyers and smelters and pursues district-scale exploration through a US$25 million three-year program leveraging AI-assisted target generation.

Product overview

Luca Mining Corp. is a Canadian-based mining company operating two wholly owned producing mines in Mexico. The Campo Morado Mine is a polymetallic VMS operation in Guerrero State producing zinc and copper concentrates with precious metal credits at approximately 2,000+ tpd. The Tahuehueto Mine is an epithermal gold-silver operation in Durango State that achieved commercial production in March 2025 with 1,000 tpd design capacity. Both mines are located in the Sierra Madre mineralized belt and produce gold, silver, zinc, copper, and lead, generating strong cash flow with significant development and resource upside. The company is executing a US$25 million three-year exploration program leveraging AI analysis through VRIFY's DORA software to identify new high-grade zones at both properties.

Differentiator

Problem solved

Functional benefit

Products and services

• Campo Morado Mine Polymetallic underground Volcanogenic Massive Sulphide (VMS) mine in Guerrero State, Mexico, processing approximately 2,000+ tonnes per day to produce zinc and copper concentrates with gold, silver, and lead as by-products. Contains approximately 16.6 million tonnes of measured and indicated resources grading 4.01% zinc, 0.80% copper, 0.93% lead, 123 g/t Ag and 1.70 g/t Au. Products are sold as concentrates to commodity buyers and smelters.
• Tahuehueto Mine Underground epithermal gold-silver mine in Durango State, Mexico, within the Sierra Madre mineralized belt. Achieved commercial production in March 2025 at its 1,000 tpd design-capacity mineral processing plant across a 100+ km² property. Produces gold and silver doré and concentrates sold to commodity buyers and smelters.
• Campo Morado Exploration Program Comprehensive district-scale drilling and AI-assisted exploration initiative at Campo Morado utilizing VRIFY's DORA prospectivity software. Represents the first meaningful exploration program on the property since 2014, combining surface and underground drilling with analysis of over 650,000 metres of historical drilling data and targeting 38 priority areas across the 121 km² concession package.

Quantifiable outcome

• 103% revenue increase to $176.8M in 2025
• +5 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Ausenco PTY Ltd.coreImplementation/ SI/ Consulting Partner · 18 February 2026Ausenco selected as technical third-party engineering consultant to lead the two-phase Campo Morado Expansion project. Phase 1 implements bulk sulphide flotation processing with increased grinding capacity. Phase 2 evaluates gold and silver recovery to doré from pyrite concentrate. Technical report expected H2 2026.
• VRIFY Technology Inc.coreTechnology or Integration · 12 November 2025Luca Mining partnered with VRIFY Technology Inc. to use AI prospectivity mapping software DORA for exploration analysis at Campo Morado. The software analyzes historical drilling data (650,000+ metres), geochemical samples (30,000+), geological mapping, and geophysical surveys to identify exploration targets. DORA identified six distinct target zones through deep learning models using 153 geophysical layers.
• EnviroGold GlobalminorStrategic or Co-development Partner · 28 August 2023MOU signed in August 2023 to evaluate reprocessing of historical tailings at Campo Morado mine
• CominviminorChannel Partner/ Reseller/ DistributorMining contractor performing underground mining at Campo Morado, with strong performance leading to five-fold increase in ore stockpile
• La Cantera (Contractor)minorChannel Partner/ Reseller/ DistributorUnderground mining contractor at Tahuehueto mine, with transition completed in Q1 2026 to improve equipment reliability and productivity

Scale indicators16 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• First Majestic Silver Corp. Canadian-listed silver and gold producer with primary underground operations across multiple Mexican mines. Most directly comparable to Luca Mining as a mid-cap precious metals producer with significant Mexican underground mining exposure and similar polymetallic concentrate output.
• Endeavour Silver Corp. Canadian mid-cap silver and gold producer operating three underground mines in Mexico (Guanaceví, Bolañitos, Terronera). Closely comparable to Luca Mining in scale, geography, and polymetallic underground mining model, producing silver-gold concentrates for smelter customers.
• Fortuna Silver Mines Inc. Canadian mid-tier silver and gold producer with the San Jose mine in Mexico and Caylloma mine in Peru. Comparable to Luca Mining as a polymetallic underground operator producing silver-gold concentrates, with similar mid-cap scale and commodity mix.
• MAG Silver Corp. Canadian silver mining company focused on the Juanicipio project in Mexico (joint venture with Fresnillo). Comparable to Luca Mining as a Mexico-focused precious metals operator with underground mining exposure, though more concentrated on a single asset.
• Coeur Mining, Inc. US-listed precious metals producer operating the Palmarejo silver-gold mine in Mexico along with US and Canadian operations. Comparable to Luca Mining as a polymetallic underground miner with significant Mexican production of silver-gold concentrates.
• Hecla Mining Company: US-listed silver and gold producer with the Greens Creek mine in Alaska and the Lucky Friday mine in Idaho. Comparable to Luca Mining in commodity mix and underground polymetallic production, though operating in different geographies.

Broad incumbents

• Alamos Gold Inc. Larger Canadian intermediate gold producer with significant Mexican operations including the Mulatos mine, plus development assets in Canada and Turkey. Highly comparable geography and underground mining model to Luca Mining, but with broader geographic and operational scale.
• Pan American Silver Corp. Major Canadian silver and gold producer with multiple Mexican operations including La Colorada and Dolores. Comparable to Luca Mining as a polymetallic Mexican operator, though much larger and diversified across multiple countries and mines.
• Agnico Eagle Mines Limited: Major Canadian gold producer with the Pinos Altos and La India mines in Mexico (La India divested in 2024). A senior incumbent in the Mexican gold mining space with comparable Sierra Madre geology, though operating at significantly larger scale with broader portfolio.

Others

• New Gold Inc. Canadian intermediate gold and copper producer with operations in Canada (Rainy River) and Chile (Cerro San Pedro/Mechoacan). Comparable to Luca Mining as a mid-cap intermediate precious/base metals producer for size and growth-stage benchmarking, though operating in different geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/LucaMining
• YouTubeyoutube.com/@LucaMining
• Facebookfacebook.com/LucaMiningCorp%20
• LinkedInlinkedin.com/company/lucamining
• Instagraminstagram.com/lucamining

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds6 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Luca Mining