10:25 AM EDT, 10/01/2024 (MT Newswires) -- Luca Mining ( LUCMF ) was edging higher on Tuesday after it provided an update on planned activities at its two producing mines in Mexico as well as a corporate update.

CEO Dan Barnholden in a statement said, "Our primary areas of focus outlined...support our three pillars of value creation: optimization, exploration and expansion. We expect these programs to not only lead to a near term valuation re-rating but also highlight the significant upside potential of our operations and to forge a path of organic growth ahead."

In forward looking commentary on the Tahuehueto Gold Mine, the company is initiating the first meaningful drill campaign there in over 10 years. Drilling contractors are in the process of mobilizing to site and with drilling to commence in early Q4. The company expects to announce drill results on an ongoing basis commencing in mid-to-late Q4 2024.

On balance sheet, Luca will commence repayments of its debt owed to Trafigura, from cashflow, in October 2024 under the terms of the restructured debt agreement as outlined in the condensed consolidated interim financial statements for the three and six months ended June 30, 2024. Under the terms of the agreement, the final payment of the debt facility would occur in July 2026, however Luca is focused on deleveraging as quickly as possible.

Luca was last seen up $0.01, to $0.46, on the TSX Venture Exchange.

Price: 0.46, Change: +0.01, Percent Change: +1.10