11:59 AM EST, 11/27/2024 (MT Newswires) -- Luca Mining ( LUCMF ) said Wednesday that its third-quarter loss narrowed as revenue increased 60% to US$18.1 million.

The company said its loss in the quarter narrowed to $2.51 million, or $0.01 per share, from $3.73 million, or $0.03, in the year-prior period.

The company booked a negative EBITDA of US$1.1 million as gold production slipped to 11,988 ounces from 12,813 ounces.

Gold equivalent sales totaled 9,569 ounces, up from 8,593 ounces.

"The third quarter was a transitional quarter where a key focus was to complete work on the mines and mills which impacted our results, but this work is setting the stage for exciting growth ahead in Q4 and for 2025," chief executive Dan Barnholden said. "This initiative will maximize efficiency, production and financial results."

"We expect our fourth quarter and beyond to demonstrate the results of our optimization efforts," Barnholden added.

Luca shares were last seen up $0.02 to $0.54 on the TSX Venture Exchange.

Price: 0.54, Change: +0.02, Percent Change: +3.85