VANCOUVER, BC, Aug. 15, 2024 – Luca Mining Corp. (“Luca” or the “Company”) has announced the granting of 4,508,833 incentive stock options (“Options”) and 800,000 Restricted Share Units (“RSUs”) to certain officers and directors in compliance with Luca’s omnibus equity incentive plan. These Options have an exercise price of $.55 and will expire five years from their issuance date. The vesting schedule for the Options is as follows: 33% on August 15, 2024; 33% on February 15, 2025; and the remaining balance on August 15, 2025. The RSUs will vest on August 15, 2025, pending approval by the TSX Venture Exchange.
Luca also confirms the agreement with Empress Royalty Corp. to amend the metal purchase and sale agreement that was initially executed on April 14, 2021, and subsequently modified on May 1, 2023. The Amendment includes a revised payment schedule intended to regularize payments under the Agreement, which had been partially deferred during the installation of Tahuehueto’s 1000 tpd nameplate capacity. Silver ounce deliveries have resumed under the Agreement as of July 1, 2024. For more details on the Amendment, refer to Empress Royalty’s press release dated August 14, 2024. Furthermore, Luca has completed construction of its new Tahuehueto gold and silver mine and is currently in the commissioning phase, with commercial production expected to be announced within the next quarter.
Dan Barnholden, Chief Executive Officer of Luca Mining Corp., expressed these announcements on behalf of the Board of Directors. Luca Mining is a diversified Canadian mining company operating two 100%-owned producing mines in Mexico, producing gold, copper, zinc, silver, and lead. The Campo Morado mine in Guerrero State and the Tahuehueto Gold, Silver Mine in Durango State portray considerable resource development potential. Luca Mining aims to optimize shareholder returns by focusing on growth and operational excellence.
For further information, please visit the Luca Mining website. The technical information in this News Release has been reviewed and approved by Mr. Chris Richings, Vice-President Technical at Luca Mining, as the Qualified Person for the Company. Please note that production decisions at Campo Morado and Tahuehueto were declared prior to completing feasibility studies, introducing greater risk and uncertainty to future economic results from these mines. Luca Mining remains committed to updating the market of any revisions to its operations in accordance with applicable regulations.
Contact:
Sophia Shane, Director of Corporate Development, [email protected]
Glen Sandwell, Corporate Communications Manager, [email protected]
Tel: +1 (604) 684-8071
Source: Luca Mining Corp.
