Luca Mining (TSXV: LUCA) doubled Q2 2025 revenue by 102% to $36.8 million from $18.2 million last year, thanks to a favorable pricing environment.
Cost of sales climbed 79% to $27.7 million from $15.5 million, lifting mine operating earnings to $9.1 million from $2.7 million. This leads to operating earnings falling to $2.4 million from $3.3 million, further driven by a jump in general & administration expense to $3.9 million and a $1.9 million loss on foreign exchange compared to a gain last year.
A further loss in fair value of derivative liabilities of $4.2 million led to a net loss of $3.2 million versus a $4.7 million profit a year ago. This translates to $0.01 loss per share from $0.03 EPS last year.
On adjusted basis, earnings improved to $3.3 million from breakeven. Adjusted EBITDA rose 39% to $5.8 million from $4.2 million.
Net cash from operating activities jumped to $12.6 million from $0.7 million. With investing outflows widening to $9.5 million and financing providing $4.8 million inflows, cash balance rose to $24.3 million from $10.2 million at year-end. Free cash flow before working-capital changes was an outflow at $4.5 million on heavier development and exploration spend.
Gold equivalent production rose 28% to 17,861 ounces from 13,947 ounces last year. Breaking it down, gold output was 6,622 ounces (up 55%), silver at 279,839 ounces (up 49%), zinc at 12.0 million pounds (up 74%); copper at 2.58 million pounds (up 66%), and lead 2.2 million pounds (up 49%).
Gold equivalent ounces sold also increased 32% to 13,476 from 10,186 ounces. Realized prices improved for gold to $3,275 per ounce (up 41%) and silver to $33.53 per ounce (up 17%).
However, cash costs also rose 20% to $2,275 per ounce and AISC rose 45% to $3,310 per ounce, reflecting catch-up development and exploration.
The firm maintains guidance of 85,000–100,000 gold equivalent ounces for 2025 and $30–$40 million free cash flow, with a second-half-weighted profile as new areas open and grades normalize. H1 delivered 39,154 gold equivalent ounces and $4.9 million free cash flow year-to-date. Management expects a stronger H2 from Tahuehueto and steady throughput at Campo Morado.
Luca Mining last traded at $1.61 on the TSX Venture.
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