Luca Mining
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.
- Company typePublic
- Founded2004
- HeadquartersVancouver, Canada
- Headcount101–250
- GTM typeB2B
- OfferingServices
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.
Luca Mining firmographics
Firmographics- 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
Luca Mining industry classification
Industry- 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
Where Luca Mining is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices3 records
Markets served
Luca Mining business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Others
Revenue model
- 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
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Commodity metal sales - no tiered pricing structure |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Luca Mining product offering
Product offeringCore 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
Companies that use Luca Mining
Customer profileSegments2 records
Ideal customer profiles2 records
Luca Mining technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability3 records
Feature3 records
Luca Mining partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Ausenco PTY Ltd.coreAusenco 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.coreLuca 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 GlobalminorMOU signed in August 2023 to evaluate reprocessing of historical tailings at Campo Morado mine
- CominviminorMining contractor performing underground mining at Campo Morado, with strong performance leading to five-fold increase in ore stockpile
- La Cantera (Contractor)minorUnderground 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
Luca Mining competitors and assessment
Company assessmentDirect 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
Luca Mining social profiles
Digital presenceLuca Mining financial estimates
Financial estimateRevenue estimate
Valuation estimate
Luca Mining leadership team
Management profileNumber of profiles
Profiles8 records
Luca Mining subsidiaries and ownership
Company hierarchySubsidiaries2 records
Luca Mining funding detail
Funding detailFunding overview
Funding rounds6 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Luca Mining M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Luca Mining
What does Luca Mining do?
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.
Is Luca Mining a public or private company?
Luca Mining is a public company. It is classified as public and is currently operating.
When was Luca Mining founded?
Luca Mining was founded in 2004. It employs 101 to 250 people.
Where is Luca Mining based?
Luca Mining is headquartered in Vancouver, Canada, in the North America region.
How does Luca Mining make money?
One revenue line is on record: metal Concentrate Sales.
Who are Luca Mining's main competitors?
Direct peers on record are First Majestic Silver Corp., Endeavour Silver Corp., Fortuna Silver Mines Inc., MAG Silver Corp., Coeur Mining, Inc. and Hecla Mining Company. Broad incumbents are Alamos Gold Inc., Pan American Silver Corp. and Agnico Eagle Mines Limited. New Gold Inc. is listed as an others.
Does Luca Mining have an API?
No public API is recorded for Luca Mining.
What industry is Luca Mining in?
Luca Mining's product category is Precious and Base Metals Mining. Its primary akta.pro industry code is IMAKAFAL, Exploration & Resource Development (Critical Minerals), with a secondary code of IMAKAKAK, Mine Surveying & Geospatial Services (Survey, Drone/LiDAR, GIS, Grade Control). Its NAICS code is 212290 and its SIC code is 1000.