Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins me to review their Q4 and full-year 2025 operations and key financial metrics, further debt repayment, ongoing metallurgical studies and development work, and expanded exploration programs moving into 2026.  He provides insights on key upcoming growth initiatives through improving grades and better precious metals recoveries across both of Luca’s producing assets – the Campo Morado and Tahuehueto mines, located in the prolific Sierra Madre mineralized belt in Mexico.

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 (as broken out by each metal at each mine in the news released Jan. 19, 2026). Production reflected stable operations at Campo Morado and the continued ramp-up of underground mining and processing activities at Tahuehueto. The company is also engaged in ongoing metallurgical testing to improve recovery rates and future payability for their 5 metals, and 3 concentrates; with an emphasis on gold and silver recoveries.

As of 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.

Dan goes on to highlight both the expanded CAD$25Million exploration program, with both underground drilling and surface drilling going on at Campo Morado and Tahuehueto, in the first meaningful drill campaign in over a decade.

• The exploration work at Campo Morado has been targeting new high-grade gold and silver areas at the Reforma zone. This drill will be ongoing, but is highlighting broad intercepts that will be amenable to bulk mining methods, lower costs and improving efficiencies.
  • 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
• New underground and surface diamond drilling results from its ongoing exploration programs at the Tahuehueto gold-silver mine have been focused on the other side of the mountain at the Santiago Deposit.
  • This 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.
  • Dan mentioned the working thesis that these two vein areas of similar mineralization getting closer together may end demonstrating that it is all one larger vein system going through the entire mountain.
• There is also a concerted effort to expand mineralization and extend the mine life for both projects.

If you have any question for Dan regarding Luca Mining, then please email those into me at  Shad@kereport.com.

• In full disclosure Shad is a shareholder of Luca Mining at the time of this recording and may choose to buy or sell shares at any time.

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