2024 Full Year Consolidated Production and Financial Guidance
- Consolidated production and sales of between 60,000 to 70,000 ounces gold equivalent ("AuEq") from its Campo Morado and soon to be commissioned Tahuehueto mine.
- Consolidated Revenue of $90 million - $105 million (C$125 million to C$145 million).
- Consolidated Total Cash Costs ("TCC") between $1,200 and $1,335 per ounce of gold equivalent produced.
- Consolidated All-in Sustaining Costs ("AISC") between $1,320 and $1,500 per ounce of gold equivalent produced.
- 2024 near-mine and regional exploration program planned.
- Key milestones for 2024 include 1) throughput expansion at both mills; 2) declaration of commercial production at Tahuehueto; 3) addition of a separate copper concentrate at Campo Morado; and 4) commencement of a major exploration programs at both properties
Ramon Perez, President, stated: "As we look ahead to the rest of the year, we expect continued growth in the Company's cash flow. Our milestones are progressing well and are nearly complete, allowing us to fully realize their benefits in the second half of this year and beyond. Both Campo Morado and Tahuehueto have an extensive and highly prospective land packages offering district scale potential."
In Q1 the Company produced 14.1K oz of gold equivalent with our Tahuehueto and Campo Morado mines operating on average at 35-40% and 55-60% of their potential capacities, respectively. Luca is focused on increasing the capacity of both mines and is approaching its full production targets.
At the Tahuehueto Gold Mine, the Company is 97% complete in the construction of the new mill, which has a capacity of 1,000 tpd. Production is currently averaging 450 tpd. The main component needed to complete construction, a third filter press, has arrived on-site and is being installed (See Image 1). Once installed, this will allow Luca, in a very short timeframe, to increase production to +800 tpd (when considering asset efficiency). Given the current spot gold price, this achievement is timely, and the Company will see the benefits of this ramp up in Q3 and Q4 2024.
