Impact: Positive
Luca reported Q3/23 financial and operating results from its Campo Morado and Tahuehueto operations in Mexico. The company reported EPS of -C$0.03, while the realized net operating loss was C$0.74M (gain of C$1.16M in Q3/22). Quarterly results are expected to improve in 2024 as the optimization program at Campo Morado is now complete. The program resulted in significant increases in both recoveries and grades of the Cu, Zn, and Pb concentrates in lab and plant (read notable). As Tahuehuto ramps up to its full capacity of 1,000 tpd in 2024, and the optimization program at Campo Morado is fully implemented to increase recoveries and grades, we expect Luca’s quarterly performance to steadily improve over the coming year.