HDR

Mining Corp.

Management's Discussion and Analysis

For the three months ended March 31, 2025

LUCA

Mining Corp.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the unaudited condensed consolidated interim financial statements of Luca Mining Corp. ("Luca" or the "Company"), for the three months ended March 31, 2025, and the related notes contained therein (the "Financial Statements") which were prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and the Company's audited consolidated financial statements for the year ended December 31, 2024. The Company uses certain non-IFRS financial measures in this MD&A as described under "Non-IFRS Measures". Additional information relating to the Company is available on SEDAR at www.sedarplus.ca. All amounts are expressed in thousands of United States ("US") dollars except per share amounts, realized prices, tonnes and ounces or unless otherwise stated. Certain amounts shown in this MD&A may not add exactly to total amounts due to rounding differences.

This MD&A contains "forward-looking statements" that are subject to risk factors set out in a cautionary note contained therein. All information contained in this MD&A is current and has been approved by the Board of Directors of the Company as of May 27, 2025, unless otherwise stated.

QUALIFIED PERSON

The scientific and technical information contained in this MD&A relating to the Company's mines and mineral projects has been reviewed and approved by Mr. Ramon Mendoza Reyes, P.Eng., a Qualified Person within the meaning of National Instrument 43-101, "Standards for Disclosure of Mineral Projects." The scientific and technical information contained in this MD&A relating to the Company's geology and exploration projects has been reviewed and approved by Mr. Paul D. Gray, P.Geo., a Qualified Person within the meaning of National Instrument 43-101, "Standards for Disclosure of Mineral Projects".

FORWARD-LOOKING STATEMENTS

Certain statements included in this MD&A may contain forward-looking statements that relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements concerning: the future cash flows, profitability, financial and operating performance of the Company; estimated future metals prices, cut-off grades, operating costs, capital costs, commodity prices, rates of inflation, metallurgical recoveries, amenability of ore to mining and treatment, environmental considerations and labor availability; the estimation of reserves and resources; expected benefits and outcomes of mine optimization activities; the realization of reserve estimates; timing of technical reports, scoping studies, and preliminary economic assessments; expected content of scoping studies and preliminary economic assessments; anticipated working-capital requirements; capital expenditures; costs and timing of future exploration; requirements for additional capital; government regulation of resource operations; environmental risks; title disputes or claims; limitation of insurance coverage; and the maintenance of permits, licenses and surface rights necessary for the Company's operations.

Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "proposes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, but are not limited to: general business and economic uncertainties; exploration and resource extraction risks; uncertainties relating to permits, licenses and surface rights; the actual results of current exploration, development and mining activities; fluctuations in future metals prices; inherent risks of operating in a foreign jurisdiction; climate-change related risks; changes in capital and operating costs for the Company's properties; foreign exchange risks; changes in mine plan and design and the mining methods employed on the Company's properties; labor risks; lack of access to infrastructure, power and water; changes in labor laws; counterparty risk; volatility in the price of the Company's common shares; security risks; tailings pond risks; the outcome of negotiations; conclusions of economic evaluations and studies; future prices of natural resource based commodities; increased competition in the natural resource industry for properties, equipment and qualified personnel; risks associated with environmental compliance and permitting, including those created by changes in environmental legislation and regulation; natural disasters; the risk of arbitrary changes in law; title risks; and the risk of loss of key personnel.

The forward-looking statements contained herein are based on a number of assumptions that the Company believes are reasonable but may prove to be incorrect. These assumptions include, but are not limited to, assumptions about: no material deterioration in general business and economic conditions; favorable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of gold, silver, copper, zinc, lead and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of Tahuehueto and Campo Morado being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favorable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks (including COVID-19); political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favorable terms; obtaining required renewals for existing approvals, licenses and permits on favorable terms; requirements under applicable laws; sustained labor stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of any debt obligations of the Company.

LUCA

Mining Corp.

The foregoing lists of factors and assumptions are not exhaustive. The reader should also consider carefully the matters discussed under the heading "Risks Factors and Uncertainties" elsewhere in this MD&A. Forward-looking statements contained herein are made as of the date hereof (or as of the date of a document incorporated herein by reference, as applicable). No obligation is undertaken to update publicly or otherwise revise any forward-looking statements or the foregoing lists of factors and assumptions, whether as a result of new information, future events or results or otherwise, except as required by law. Because forward-looking statements are inherently uncertain, readers should not place undue reliance on them. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.

The forward-looking statements and forward-looking information contained herein are based on information available as of May 27, 2025.

Floatation cells at Tahuehueto

LUCA
Mining Corp.

OPERATING AND FINANCIAL HIGHLIGHTS...5
COMPANY HISTORY, OVERVIEW & STRATEGY...7
HEALTH & SAFETY, ENVIRONMENTAL, SOCIAL AND GOVERNANCE...9
MINING OPERATIONS...10
FINANCIAL PERFORMANCE...26
LIQUIDITY AND CAPITAL RESOURCES...28
ANNUAL OUTLOOK...29
NON-IFRS FINANCIAL MEASURES...31
SUMMARY OF QUARTERLY RESULTS...38
OTHER FINANCIAL INFORMATION...41
FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS...42
RISKS AND UNCERTAINTIES...45
CHANGES IN ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS...49
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS...52
MANAGEMENT'S REPORT ON DISCLOSURE CONTROLS AND PROCEDURES...52

Sag Mill at Campo Morado

LUGA

Mining Corp.

OPERATING AND FINANCIAL HIGHLIGHTS

The results outlined below provide a summary of the operating performance of Campo Morado mine and the commissioning results from the Tahuehueto mine.

Consolidated	Three months ended
	March 31 2025	March 31 2024	% Change
Operating
Tonnes mined	259,506	135,262	92%
Tonnes milled	246,282	158,424	55%
Gold ("Au") ounces produced	7,677	4,297	79%
Silver ("Ag") ounces produced	350,669	207,505	69%
Lead ("Pb") produced (lbs)	2,401,418	1,456,297	65%
Zinc ("Zn") produced (lbs)	11,547,374	6,763,320	71%
Copper ("Cu") produced (lbs)	2,507,061	1,744,679	44%
AuEq produced (oz) (1)	21,293	14,148	51%
Gold ounces sold	6,720	3,579	88%
Silver ounces sold	273,198	150,092	82%
Lead sold (lbs)	988,398	389,375	154%
Zinc sold (lbs)	8,392,973	4,555,046	84%
Copper sold (lbs)	1,833,735	1,170,402	57%
AuEq sold (oz) (1)	16,600	10,053	65%
Direct mining cost per tonne ($) (5)(9)	88	72	21%
Cash cost per AuEq ounce sold ($) (1)(2)(5)	1,896	1,775	7%
AISC per AuEq ounce sold ($) (1)(3)(5)	2,251	2,066	9%
All-in cost per AuEq sold ($) (1) (5)(8)	2,700	2,114	28%
Financial	$	$
Net Revenue	38,617	16,341	136%
Cost of Sales	25,254	12,735	98%
Mine operating earnings	13,363	3,606	271%
Mine operating cash flow before taxes (7)	15,728	4,038	290%
Net earnings	4,520	5,301	(15%)
Adjusted net earnings (5)	9,741	1,109	778%
Net free cashflow before working capital (10)	11,711	3,148	272%
EBITDA (4)(5)	7,589	6,386	19%
Adjusted EBITDA (4)(5)	12,741	1,973	546%
Realized gold price per ounce ($) (5)(6)	2,851	2,056	39%
Realized silver price per ounce ($) (5)(6)	31.69	22.99	38%
Realized lead price per lb ($) (5)(6)	0.89	0.92	(4%)
Realized zinc price per lb ($) (5)(6)	1.29	1.09	18%
Realized copper price per lb ($) (5)(6)	4.18	3.80	10%
Working capital (5)	751	(30,002)	(103%)
Shareholders
Earnings per share - basic and diluted	0.02	0.03	(46%)
Adjusted earnings per share - basic and diluted (5)	0.04	0.01	516%
Weighted average shares outstanding - basic ('000)	230,252	161,566	43%
Weighted average shares outstanding - diluted ('000)	256,814	161,566	59%

Gold equivalents are calculated using an 89.95:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0015:1 (Au/Cu) and 0.0003:1 (Au/Pb) ratio for Q1 2025; and Gold equivalents are calculated using an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024; respectively.
Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs. See Reconciliation to IFRS on page 35.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation, and sustaining capital on page 35.
See Reconciliation of earnings before interest, taxes, depreciation, and amortization on page 32.
See "Non-IFRS Financial Measures" on page 31.
Based on provisional sales before final price adjustments, treatment, and refining charges.
Mine operating cash flow before taxes is calculated by adding back royalties, changes in inventory and depreciation and depletion to mine operating earnings. See Reconciliation to IFRS on page 31.
All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 35.
Direct mining costs include mining, processing, and direct overhead cost at the operation sites. See reconciliation on page 35.
Net free cash flow before working is operating cash flow before working capital changes, less capital expenditures. See page 33.

LUGA

Mining Corp.

Quarter Production Summary	Three months ended March 31, 2025			Three months ended March 31, 2024
	Campo Morado	Tahuehueto	Consolidated	Campo Morado	Tahuehueto	Consolidated
Production
Tonnes milled	175,334	70,948	246,282	125,105	33,319	158,424
Gold ounces produced	2,980	4,697	7,677	1,929	2,368	4,297
Silver ounces produced	285,757	64,912	350,669	180,108	27,396	207,504
Lead produced (lbs)	1,284,687	1,116,731	2,401,418	903,744	552,553	1,456,297
Zinc produced (lbs)	9,954,295	1,593,079	11,547,374	5,731,806	1,031,514	6,763,320
Copper produced (lbs)	2,208,604	298,457	2,507,061	1,649,557	95,122	1,744,679
AuEq produced (oz) (1)	14,356	6,937	21,293	10,491	3,657	14,148
Sales
Gold ounces sold	2,366	4,354	6,720	1,282	2,297	3,579
Silver ounces sold	216,864	56,334	273,198	130,624	19,468	150,092
Lead produced (lbs)	-	988,398	988,398	-	389,375	389,375
Zinc produced (lbs)	7,370,599	1,022,374	8,392,973	4,084,981	470,065	4,555,046
Copper produced (lbs)	1,833,735	-	1,833,735	1,170,402	-	1,170,402
AuEq ounces sold(1)	10,847	5,753	16,600	7,108	2,945	10,053
Cost
Direct mining cost per tonne ($)(4)(6)	77	114	88	62	110	72
Cash cost per AuEq ounce sold ($)(1)(2)(4)	1,993	1,712	1,896	1,821	1,665	1,775
AISC per AuEq ounce sold ($)(1)(3)(4)(5)	2,121	2,054	2,251	1,909	1,881	2,066
All-in cost per AuEq sold ($)(1)(3)(5)	2,220	2,546	2,700	1,909	1,881	2,114

Gold equivalents are calculated using an 89.95:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0015:1 (Au/Cu) and 0.0003:1 (Au/Pb) ratio for Q1 2025; and Gold equivalents are calculated using an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024; respectively.
Cash cost per gold equivalent ounce includes mining, processing, direct overhead costs and treatment and refining charges. See Reconciliation to IFRS on page 35.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation, and sustaining capital on page 35.
See "Non-IFRS Financial Measures" on page 31.
All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 35.
Direct mining costs include mining, milling, and direct overhead cost at the operation sites. See reconciliation on page 35.

	March 31, 2025	March 31, 2024
	$	$
Cash	15,942	10,207
Total assets	147,705	134,974
Non-current liabilities	37,345	35,361
Shareholders' equity	69,533	47,684

The above highlights are key measures used by management; however, they should not be the sole measures used in determination of the performance of the Company's operations.

LUCA

Mining Corp.

CONSOLIDATED Q1-2025 AuEq(1) PRODUCTION BY METAL

Key Highlights for the quarter:

In health and safety, the Company reported a TRIFR (total recordable injuries frequency rate) of 0.87, improvement over the prior year and achieved 1,000,000 hours of no lost time incidents at Campo Morado in the first quarter of 2025.
Record consolidated gold equivalent production of 21,293 ounces, a 51% increase compared to Q1 2024, driven by higher throughput and improved head grades at both Campo Morado and Tahuehueto.
Commercial production declared at Tahuehueto, following consistent plant performance, stable plant utilization at 83%, and the successful ramp-up of ore processing to over 70,000 tonnes in the quarter.
Strong throughput growth, with a 55% increase in tonnes milled year over year to 246,282 tonnes, Campo Morado processed 175,334 tonnes (+40%), while Tahuehueto more than doubled to 70,948 tonnes.
Gold production reached 7,677 ounces, up 79% from Q1 2024, alongside increases of 69% in silver and 71% in zinc, reflecting higher grades and volumes at both mines.
Campo Morado sustained near 2,000 tpd processing rate, supported by over 1,800 meters of mine development and improved haulage capacity with new trucks and ramp access.
Tahuehueto gold equivalent production increased 90%, reaching 6,937 ounces, despite underground development delays, highlighting operational resilience and plant stability.
Lead and copper production increased 65% and 44%, respectively, year over year, supporting broader metal output diversification and revenue growth.
All-in sustaining cost (AISC) per AuEq ounce sold remained controlled at $2,251, up just 9% from the prior year despite inflationary pressures and ramp-up expenses.
Cash provided by operating activities totaled $3,367, compared to a use of $704 in Q1 2024, driven by stronger revenues and cost discipline.
Positive adjusted EBITDA of $12,741 (Q1 2024 – positive adjusted EBITDA $1,973).
Positive net free cashflow before working capital items of $11,711 (Q1 2024 – positive $3,148).

COMPANY HISTORY, OVERVIEW & STRATEGY

Luca is a polymetallic producer focused on the operation, development and exploration of mineral resource properties in North America. The Company currently operates two mines in Mexico. In the state of Guerrero, Luca produces gold, silver, zinc, copper, lead from the Campo Morado Mine and Mill Complex ("Campo Morado"). During 2024, the Company was in the process of commissioning the gold, silver, zinc, copper and lead Tahuehueto Mine and Mill ("Tahuehueto") in the state of Durango; the Company declared commercial production at Tahuehueto on March 31, 2025.

LUCA

Mining Corp.

The Company was incorporated under the Business Corporations Act of British Columbia in 1986 and is a publicly traded company on the TSX Venture Exchange ("TSX.V") under the symbol "LUCA", quoted on the OTCQX over-the-counter market in the USA under the symbol "LUCMF" and quoted on the Frankfurt Stock Exchange under the symbol "Z68". The Company's head office is located at suite 410 - 1111 Melville Street, Vancouver, British Columbia, Canada, V6E 3V6 and its registered and records offices, is located at Suite 2501 - 550 Burrard Street, Vancouver, British Columbia, Canada, V6B 0A4. Additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca and the Company's website www.lucamining.com.

The Company's focus is on growing its mining business through the advancement of its existing mines and mineral concessions, along with the acquisition and development of additional operations, resources, and reserves. Growth is driven by opportunity rather than geography, with an emphasis on assets where the Company's unique mix of experience across political, exploration, operational, financial, and community aspects can create meaningful value.

This expertise plays a key role in identifying and evaluating acquisitions, particularly in situations where a fresh approach or strategic investment can unlock potential. Whether it's optimizing underperforming assets, advancing overlooked exploration potential, or navigating complex regulatory and stakeholder environments, the Company applies a hands-on, solutions-oriented mindset to growth.

Underlying this approach is a commitment to disciplined execution, long term value creation, and the integration of environmental and social responsibility into every step of the process.

General location Map of the Company's mines

LUCA

Mining Corp.

HEALTH & SAFETY, ENVIRONMENTAL, SOCIAL AND GOVERNANCE

As a conscientious mining entity, Luca recognizes the paramount importance of the Health & Safety of our employees and the significance of Environmental, Social, and Governance ("ESG") considerations in all aspects of its operations. The Company is dedicated to conducting its activities sustainably, striving to create enduring value for stakeholders while minimizing any negative impact on the environment and society. Embracing responsible mining as both a moral imperative and a strategic necessity, Luca's management is unwavering in its commitment to uphold high ethical and compliance standards, as well as ensure transparent and integrity-driven operations.

Luca's adherence to world-wide accepted health and safety standards and to ESG principles are not merely a philosophical stance but a practical imperative that underpins its business strategy. It is essential for fostering trust and garnering support from customers, investors, employees, and the communities where it operates. Luca has delineated key focus areas and is actively in pursuit of concrete actions to achieve and uphold these objectives.

At the heart of Luca Mining Corp.'s endeavors lies the value of family. The Company recognizes that its purpose extends beyond profit; it encompasses producing metals essential for a world grappling with critical issues like climate change, poverty reduction, gender equality, and health and well-being. Luca's commitment to meaningful work resonates deeply with the local families in the communities it operates in, as it strives to empower individuals to achieve their personal and professional aspirations, thereby building a lasting legacy for future generations.

Luca's mission is clear: to build profitable mining operations while creating lasting economic and social benefits for all stakeholders. Central to this mission is the Company's unwavering dedication to honor and protect employee safety and the environment every day. Luca aims to become the benchmark in sustainable development, passionately fostering economic and social benefits for communities and shareholders alike. Ultimately, the Company seeks to ensure that all of its families can take pride in the impactful work it does.

Health and Safety

Promote safe and healthy behavior as a core value in the organization's culture
Provide training and information to enable all our people to work safely and competently.
Promote and enhance employee commitment and accountability.
Achieved 1,000,000 hours with no LTI's at Campo Morado
Maintain a 5-hectare community landfill site at Tahuehueto.
Maintain 160 km of roads annually, including the main road access to the communities and routes to nearby villages

Environmental Stewardship

Pursue continual improvement in environmental performance.
Implemented a water re-utilization system in Campo Morado, and the Company plans to also implement the same system at Tahuehueto.
Actively advancing green energy initiatives, evaluating the benefits of installing solar power at Campo Morado and planning natural gas generator installation at Tahuehueto to cut carbon emissions.
Tahuehueto is also exploring solar panel installation to reduce reliance on generators for daytime electricity needs.

People, Community and Culture

Assisted local authorities to establish and equip the first school and medical clinic in the Tahuehueto area.
Provide annual vaccination campaigns to the community.
Contributed to enhancing infrastructure including electricity, water supply, and filtration systems in the Tahuehueto communities.
Local hiring and procurement policies to benefit local communities. Campo Morado employs over 200 locals directly and supports local suppliers and contractors.
Tahuehueto mine currently employs approximately 150 people, directly supporting the local community.

Governance & Ethics

Governance policies in place include a Corporate Disclosure policy, Insider Trading policy, Code of Conduct, and a Whistleblower policy.
The Company's board is diverse with individuals from varied backgrounds and expertise with one senior director being a Mexican national.
The Company regularly interacts with employees, investors, communities and regulators to understand their concerns and incorporate their feedback in the decisions made.

LUCAS

Mining Corp.

MINING OPERATIONS

CONSOLIDATED OPERATIONS

The Company operates the Campo Morado mine and the Tahuehueto mine. Consolidated operating results are as follows:

	Three months ended
	31-Mar 2025	31-Dec 2024	30-Sep 2024	30-Jun 2024	31-Mar 2024
Production
Tonnes mined	259,506	213,511	153,010	159,096	135,262
Tonnes milled	246,282	208,649	151,221	153,676	158,424
Average tonnes milled per day (8)	2,897	2,426	1,758	1,808	1,864
Head Grade
Average gold grade (g/t)	1.96	1.88	1.63	1.84	1.70
Average silver grade (g/t)	91.27	73.65	72.22	79.46	95.71
Average lead grade (%)	0.80	0.68	0.66	0.78	0.77
Average zinc grade (%)	2.59	1.85	2.18	2.49	2.38
Average copper grade (%)	0.60	0.61	0.69	0.58	0.66
Recovery
Average gold recovery (%)	49.4	56.3	45.5	46.9	49.5
Average silver recovery (%)	48.5	46.2	45.2	48.0	42.6
Average lead recovery (%)	55.0	55.6	52.3	55.8	54.0
Average zinc recovery (%)	82.0	79.8	80.8	81.6	81.4
Average copper recovery (%)	77.2	79.5	78.6	78.8	75.3
Gold produced (oz)	7,677	7,120	3,604	4,278	4,297
Silver produced (oz)	350,669	228,317	158,778	188,267	207,505
Lead produced (lbs)	2,401,418	1,745,645	1,141,934	1,471,506	1,456,297
Zinc produced (lbs)	11,547,374	6,805,533	5,876,385	6,889,575	6,763,320
Copper produced (lbs)	2,507,061	2,226,489	1,817,924	1,557,367	1,744,679
AuEq produced (oz) (1)	21,293	17,404	11,988	13,947	14,148
Sales
Gold sold (oz)	6,720	6,612	3,124	3,629	3,579
Silver sold (oz)	273,198	183,049	127,650	131,736	150,092
Lead sold (lbs)	988,398	805,152	340,036	537,648	389,375
Zinc sold (lbs)	8,392,973	4,438,232	4,837,234	4,364,913	4,555,046
Copper sold (lbs)	1,833,735	1,540,895	1,366,899	1,219,655	1,170,402
AuEq sold (oz) (1)	16,600	13,746	9,569	10,186	10,053
Realized gold price per ounce ($) (5)(6)	2,851	2,671	2,442	2,315	2,056
Realized silver price per ounce ($) (5)(6)	31.69	31.39	29.36	28.57	22.99
Realized lead price per pound ($) (5)(6)	0.89	0.91	0.93	0.98	0.92
Realized zinc price per pound ($) (5)(6)	1.29	1.38	1.26	1.28	1.09
Realized copper price per pound ($) (5)(6)	4.18	4.16	3.73	4.38	3.80
Costs
Direct mining cost per tonne ($) (2)(5)	88	79	99	84	72
Cash cost per Au/Eq ounce sold ($) (1)(3)(5)	1,896	1,603	2,427	1,897	1,775
AISC per Au/Eq ounce sold ($) (1)(4)(5)	2,251	2,056	3,004	2,276	2,066
All-in cost per Au/Eq ounce sold($) (1)(4)(5)(7)	2,700	2,145	3,038	2,271	2,114
Capital expenditures
Sustaining ($)	1,274	2,653	1,837	1,641	410

Gold equivalents are calculated using an 89.95:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0015:1 (Au/Cu) and 0.0003:1 (Au/Pb) ratio for Q1 2025; and Gold equivalents are calculated using an 84.96:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0016:1 (Au/Cu) and 0.0003:1 (Au/Pb) ratio for Q4 2024, an 84.15:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0017:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q3 2024, an 81.00:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q2 2024, an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024.
Direct mining costs include mining, processing, and direct overhead cost at the operation sites. See reconciliation on page 35.
Cash cost per gold equivalent ounce includes mining, processing, direct overhead costs and treatment and refining charges. See reconciliation on page 35.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, on-site exploration, reclamation, and sustaining capital. See Reconciliation to IFRS on page 35.
See "Non-IFRS Financial Measures" on page 31.
Based on provisional sales before final price adjustments, treatment, and refining charges.
All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 35.
Average tonnes milled per day assumes the actual days in the month less 2 planned monthly down days.

LUCA

Mining Corp.

Production

Three months ended March 31, 2025 (compared to the three months ended March 31, 2024)

In the first quarter of 2025, the total production amounted to 21,293 ounces of gold equivalent, which is comprised of 7,677 ounces of gold, 350,669 ounces of silver, 11,547,374 pounds of zinc, 2,507,061 pounds of copper, and 2,401,418 pounds of lead. This represents a 50% increase in gold equivalent ounces compared to Q1 2024, when production was 14,148 ounces. The 51% increase in consolidated gold equivalent production in Q1 2025 over Q1 2024 is primarily attributed to higher throughput, improved gold and zinc grades, and stable recoveries across most metals. Out of the total production for the three months ended March 31, 2025, Campo Morado accounted for approximately 14,356 gold-equivalent ounces, or 67% of the total production. Tahuehueto contributed 6,937 ounces of gold-equivalent, representing 33% of the total.

In this quarter, the Company's two plants processed a consolidated 246,282 tonnes of ore with average grades of 1.96 grams per tonne ("g/t") for gold, 91 g/t for silver, 2.59% zinc, 0.60% copper, and 0.80% lead. This represents a 55% increase in tonnes compared to Q1 2024 (158,424 tonnes), and an improvement in average grades of gold (up 15%), zinc (up 9%), and lead (up 4%), while silver and copper grades slightly decreased by 5% and 9%, respectively. Metallurgical recoveries for gold, silver, zinc, copper, and lead were 49.4%, 48.5%, 82.0%, 77.2%, and 55.0%, respectively, reflecting a mixed recovery performance compared to Q1 2024. Gold and silver recoveries showed minimal change, while zinc and copper recoveries improved modestly; lead recovery remained stable.

At Campo Morado, steady improvements in mine development and equipment availability supported a 40% increase in tonnes milled period over period, reaching 175,334 tonnes in Q1 2025. Despite some intermittent plant disruptions related to ore quality, mechanical maintenance, and ore blending inconsistencies which impacted copper recovery in particular, production performance remained resilient. Key maintenance initiatives, including mill motor repairs and filter upgrades, helped sustain availability in line with operational plans. Mine development progressed as scheduled, with approximately 1,412 meters completed and over 185,000 tonnes of ore extracted, bolstered by the arrival of new haulage trucks in March. These efforts allowed Campo Morado to produce 14,356 gold-equivalent ounces in the quarter, up 37% from Q1 2024, while maintaining consistent processing rates near the 2,000 tpd threshold established in late 2024.

At Tahuehueto, the Company declared commercial production during the quarter following consistent performance at the newly constructed plant, which averaged 83% utilization. Plant availability was supported by the successful installation of critical components, including a zinc circuit conditioner and a crane system, along with a proactive preventive maintenance program. While mine development faced ongoing challenges due to contractor and employee turnover and training gaps leading to the extraction of lower grade material, overall production more than doubled period over period. Tahuehueto processed 70,948 tonnes and contributed 6,937 gold-equivalent ounces to consolidated output, reflecting the site's progress toward stable, full-scale operations.

Together, these achievements at both assets provide a solid foundation for further efficiency improvements and production growth in the remainder of 2025.

LUCA

Mining Corp.

Cash Cost and All-In Sustaining Cost per AuEq Ounce Sold (see "Non-IFRS Financial Measures" on page 31)

Three months ended March 31, 2025 (compared to the three months ended March 31, 2024)

In prior years, the Company calculated Cash Costs, All-In Sustaining Costs ("AISC"), and All-In Costs using produced ounces as the denominator. Beginning in 2025, the Company has transitioned to using payable ounces as the denominator for these metrics to better align its cost reporting with industry peers. All comparative figures have been restated accordingly.

For the three months ended March 31, 2025, consolidated costs of sales increased by 101%, rising to $25.6 million from $12.7 million in Q1 2024. This increase was driven primarily by significant expansions at both Campo Morado and Tahuehueto. At Campo Morado, mining costs increased by 124%, from $3.3 million to $7.4 million, due to higher mining throughput and increased development work aimed at sustaining the mine's 2,000 tonnes per day (tpd) target. Tahuehueto also experienced a 162% increase in mining costs, from $1.6 million to $4.1 million, as the operation continued ramping up to achieve steady state production around 800 tpd. Milling costs also increased at both sites, up 13% at Campo Morado and 68% at Tahuehueto, reflecting greater utilization of processing capacity, increased consumables usage, and improved throughput following equipment optimization.

On a per tonne milled basis, consolidated direct mining cost increased by 21%, from $72/tonne in Q1 2024 to $88/tonne in Q1 2025, driven primarily by a 52% rise in mining cost per tonne, from $31 to $47. However, milling costs declined by 16%, from $37 to $31 per tonne, and indirect costs remained stable. These shifts reflect ongoing investment in long term infrastructure, mine preparation, and operational reliability at both projects.

Consolidated cash costs increased 76% period over period, from $17.8 million to $31.4 million, reflecting both increased output and higher cost input. On a per-ounce sold basis, the cash cost per gold equivalent ounce sold increased modestly by 7%, from $1,775/oz in Q1 2024 to $1,896/oz in Q1 2025, as gold equivalent ounces sold increased by 65%, from 10,053 oz to 16,600 oz. Campo Morado's cost per ounce increased from $1,821/oz to $1,993/oz, while Tahuehueto saw an increase from $1,665/oz to $1,712/oz, as both sites processed significantly more tonnes but faced cost pressure due to consumables and support services.

Total AISC increased by 87%, from $20.8 million in Q1 2024 to $37.3 million in Q1 2025. The AISC per ounce sold increased by 9%, from $2,066/oz to $2,251/oz, reflecting both higher sustaining capital investments and increased site-level operating costs. Campo Morado's AISC per ounce sold climbed to $2,121, while Tahuehueto reached $2,054, up from $1,909 and $1,881 respectively. Sustaining capital expenditures also increased significantly from $0.4 million to $1.27 million, largely related to tailings, underground development, and equipment improvements.

All-in costs, including loan and interest payments, increased 109%, from $21.3 million to $44.6 million, with the all-in cost per gold equivalent ounce sold increasing from $2,117/oz in Q1 2024 to $2,686/oz in Q1 2025, a 27% rise. The increase reflects the Company's strategic expansion and commissioning efforts, including increased debt servicing and equipment leases aimed at supporting higher throughput. These elevated costs are expected to normalize in future periods as production stabilizes, and economies of scale are realized.

LUCAS

Mining Corp.

CAMPO MORADO MINE

Campo Morado is an underground polymetallic mine located in the state of Guerrero, Mexico, producing concentrates containing gold, silver, zinc, copper and lead. The mine is situated on a property consisting of six mining concessions covering a surface of 12,090 hectares (121 square kilometers). The processing plant at Campo Morado includes a crushing and grinding mill, and a flotation circuit with an installed capacity of approximately 2,400 tonnes per day.

OPERATIONS

Operating results for the three months ended March 31, 2025, and 2024, were as follows:

	Three months ended
	March 31 2025	March 31 2024	% Change
Production
Tonnes mined	187,058	112,831	66%
Tonnes milled	175,334	125,105	40%
Average tonnes milled per day (8)	2,063	1,472	40%
Head Grade
Average gold grade (g/t)	1.78	1.46	22%
Average silver grade (g/t)	114.81	112.69	2%
Average lead grade (%)	0.75	0.71	5%
Average zinc grade (%)	3.06	2.51	22%
Average copper grade (%)	0.75	0.79	(5%)
Recoveries
Average gold recovery (%)	29.7	33.0	(10%)
Average silver recovery (%)	44.2	39.7	11%
Average lead recovery (%)	44.1	45.9	(4%)
Average zinc recovery (%)	84.1	82.9	1%
Average copper recovery (%)	76.2	75.4	1%
Gold produced (oz)	2,980	1,929	54%
Silver produced (oz)	285,757	180,108	59%
Lead produced (lbs)	1,284,687	903,744	42%
Zinc produced (lbs)	9,954,295	5,731,806	74%
Copper produced (lbs)	2,208,604	1,649,557	34%
AuEq produced (oz) (1)	14,356	10,491	37%
Sales
Gold sold (oz)	2,366	1,282	84%
Silver sold (oz)	216,864	130,624	66%
Lead sold (lbs)	-	-	-
Zinc sold (lbs)	7,370,599	4,084,981	80%
Copper sold (lbs)	1,833,735	1,170,402	57%
AuEq sold (oz) (1)	10,847	7,108	53%
Realized gold price per ounce ($) (5)(6)	2,668	2,038	31%
Realized silver price per ounce ($) (5)(6)	31.33	22.95	37%
Realized zinc price per pound ($) (5)(6)	1.38	1.09	27%
Realized copper price per pound ($) (5)(6)	4.16	3.85	8%
Costs
Direct mining cost per tonne ($) (2)(5)	77	62	23%
Cash cost per AuEq ounce sold ($) (1)(3)(5)	1,993	1,821	9%
AISC per AuEq ounce sold ($) (1)(4)(5)	2,121	1,909	11%
All-in cost per AuEq sold ($) (1)(5)(7)	2,220	1,909	16%
Capital expenditures
Sustaining ($)	460	247	86%

Gold equivalents are calculated using an 89.95:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0015:1 (Au/Cu) and 0.0003:1 (Au/Pb) ratio for Q1 2025; and Gold equivalents are calculated using an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024; respectively.
Direct mining costs include mining, processing, and direct overhead at the operation sites See reconciliation on page 35.
Cash cost per gold equivalent ounce includes mining, processing, direct overhead costs and treatment and refining charges. See reconciliation on page 35.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, on-site exploration, reclamation and sustaining capital. See Reconciliation to IFRS on page 35.
See "Non-IFRS Financial Measures" on page 31.
Based on provisional sales before final price adjustments, treatment, and refining charges.
All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 35.
Average tonnes milled per day assumes the actual days in the month less 2 days for planned preventative maintenance.

LUCAS

Mining Corp.

Production

Three months ended March 31, 2025 (compared to the three months ended March 31, 2024)

For the three months ended March 31, 2025, the total production of gold equivalent ounces at Campo Morado amounted to 14,356 ounces, representing a 37% increase compared to the 10,491 ounces recorded in the same period in 2024. This growth was driven by both improved head grades and higher throughput. The Company processed 175,334 tonnes in Q1 2025, a 40% increase from 125,105 tonnes in Q1 2024, supported by enhanced operational efficiency and consistent plant availability.

Despite a 10% decline in gold recovery (29.7% from 33.0%), the operation saw meaningful improvements in other key metrics. Gold and silver head grades increased by 22% and 2%, respectively, while zinc grades improved by 22% to 3.06%. Silver and copper recoveries also improved, up 11% and 1%, respectively. The zinc recovery remained strong at 84.1%, a 1% improvement, while lead recovery decreased by 4% to 44.1% from 45.9%.

Metal production reflected these improvements, with gold output rising by 54% to 2,980 ounces, silver by 59% to 285,757 ounces, zinc by 74% to 9.95 million pounds, and copper by 34% to 2.21 million pounds. Lead production also increased 42% to 1.28 million pounds. These gains underscore the site's continued progress in stabilizing and enhancing mine and plant performance. The Company achieved an average throughput of 2,063 tonnes per day, compared to 1,472 tpd in Q1 2024, aligning with its operational target of 2,000 tpd. Working closely with the Company's contractors, the team sustained this rate throughout the quarter.

On the financial side, direct mining costs per tonne increased by 23%, from $62 to $77, reflecting higher input prices and expanded operational activity. Cash cost per gold-equivalent ounce increased 9%, from $1,821 to $1,993, while AISC and all-in costs per ounce sold increased by 11% and 16%, respectively, reaching $2,121 and $2,220. These cost increases were largely offset by higher realized metal prices and increased sales volumes, helping to maintain strong revenue generation during the ramp-up phase. Sustaining capital expenditures nearly doubled, rising 86% to $460, supporting infrastructure and equipment critical to the site's expansion goals.

Cash Cost and All-In Sustaining Cost per AuEq Ounce Sold (see "Non-IFRS Financial Measures" on page 35)

Three months ended March 31, 2025 (compared to the three months ended March 31, 2024)

In prior years, the Company calculated Cash Costs, AISC, and All-In Costs using produced ounces as the denominator. Beginning in 2025, the Company has transitioned to using payable ounces as the denominator for these metrics to better align its cost reporting with industry peers. All comparative figures have been restated accordingly.

For the three months ended March 31, 2025, Campo Morado's cost of sales increased by 72%, rising to $14.7 million from $8.6 million in the same period of 2024. This increase of $6.2 million reflects the continued ramp-up in operational scale and activity following the successful transition to a consistent 2,000 tonnes per day processing rate. The number of tonnes milled increased by 40%, from 125,105 to 175,334, and gold equivalent ounces sold increased by 53%, from 7,108 oz to 10,847 oz, demonstrating the impact of expanded throughput on overall output.

Direct mining costs increased by 73%, or $5.7 million, from $7.8 million to $13.5 million, primarily due to a 124% rise in mining activity costs, reflecting the ramp-up in ore extraction and preparatory work to support higher daily tonnage targets. On a per-tonne basis, direct mining cost per tonne increased 23%, from $62 to $77 while, mining costs increased 60%, from $26/tonne to $42/tonne. Milling cost per tonne declined by 19%, from $32 to $25, indicating enhanced efficiency in plant operations, despite a 13% increase in absolute milling costs to $4.5 million. Indirect costs increased by 63% ($610 increase), but on a per-tonne basis remained manageable at $9/tonne.

LUCA

Mining Corp.

Total cash costs increased by 66%, from $12.9 million to $21.6 million, driven not only by higher production levels but also by increased treatment and selling costs (up 52%) and royalties, which more than doubled to $746, reflecting higher realized prices and volumes. On a per-ounce basis, the cash cost per AuEq ounce sold increased 9%, from $1,821 to $1,993.

All-in sustaining costs (AISC) increased by 69%, from $13.6 million to $23.0 million, with the increase primarily attributed to higher cash costs and a 86% increase in sustaining capital, which reached $460. Sustaining capital investments supported critical underground development and equipment upgrades.

Additionally, Campo Morado incurred $1.0 million in loan repayments and $60,000 in interest, costs that were not present in the same quarter prior year. As a result, total all-in costs increased by 77%, or $10.5 million, to $24.0 million, with the all-in cost per AuEq ounce sold increasing by 11%, from $1,909 to $2,221.

Administrative costs also increased significantly, with general and administrative corporate expenses rising 235%, from $223 to $748, due to scaled operations and enhanced support structures for expansion. Lease payments also increased by 54%, reaching $88, linked to additional equipment mobilized during the quarter.

These increases underscore the operational intensity required to establish and maintain a high-throughput regime at Campo Morado. While cost pressures remain elevated due to capital deployment, infrastructure upgrades, and scaling inputs, the operational leverage achieved from higher throughput, along with efficiency improvements in milling and indirect costs, provide a foundation for cost optimization in future periods.

DEVELOPMENT

Mining Operations

During the first quarter of 2025, Campo Morado achieved an average processing rate of 2,063 tonnes per day ("tpd"), marking continued progress in operational optimization. This performance was made possible through close collaboration with our mining contractors and reflects the ongoing success of the Campo Morado Improvement Plan ("CMIP").

The increase in throughput has also enabled the Company to establish a consistent run-of-mine ore stockpile, which enhances our ability to optimize ore blending strategies. This development supports improved plant stability and positions us to target further gains in metal recoveries. As CMIP advances, our focus remains on increasing throughput toward the 2,400 tpd target while prioritizing operational efficiency, metallurgical performance, and cost control.

Tailing storage capacity is increased progressively through the construction of embankment lifts constructed on the downstream side of the existing structure. The Company expects to complete the Stage-6 lift of the Naranjo Alto tailings storage facility (NATSF) in early Q2 of 2025. Stage-6 targets an elevation of 1,300 masl and will provide a storage capacity sufficient for approximately 1.5 years of operation at a nominal rate of 2,000 tpd. The Company has started the engineering studies and design work to extend the operational life of the NATSF beyond stage-6. Designed to reach the ultimate elevation of 1,332 masl of downstream construction, the NATSF will have a capacity of 8-9 Mt of tailings.

Stage-6 of the Naranjo Alto Tailings Storage Facility

LUCAS

Mining Corp.

Campo Morado Improvement Project

The Company continues to work on improving the performance of the Campo Morado mine and mill. The Company engaged international engineering consultants, Ausenco México, S. de R.L. de C.V. ("Ausenco"), in the last quarter of 2022 to undertake a detailed review of the Campo Morado processing plant with the goal of improving the overall metallurgical performance. The external review provided the Company's operations with a roadmap to improve recoveries and concentrate grades which has been progressively implemented since Q3 2023 with positive results to date. These improvements have been achieved by beginning with a geometallurgy program at site which enhanced the Company's understanding of ore zone mineralogy and metallurgical performance in the plant. This initial stage provided the necessary inputs to design a more efficient flowsheet that simplified the milling, flotation and concentration processes.

Currently Campo Morado produces a zinc concentrate, and a mixed (bulk) copper-lead concentrate. The Company is now working to configure the Campo Morado plant to separate the copper and lead from the bulk concentrate into two separate concentrates, with the ultimate goal of producing of cleaner high-grade zinc, copper and lead concentrates; more importantly, with higher recoveries and more efficient operational processes, the sales margins are increased. All bench-level metallurgical testwork to achieve a clean copper-lead separation was carried out at the ALS laboratories in Canada. A variability testwork program using the flowsheet developed by ALS is in progress at the site laboratory to validate the robustness of the new flow-sheet. Understanding the mineralogy and the mineral associations have been a critical part of the testing and the results have guided modifications to the plant, identification of grinding target size and prediction of flotation performance. The separation results in the lab have been positive with improved grades of gold and silver in the copper concentrate. Open-circuit, bulk rougher results have returned copper recovery of between 80% and 93%.

The CMIP has already delivered significant financial benefits to the Campo Morado operation with only minor adjustments to the process plant. Copper recovery to the bulk concentrate reached 65.0% in Q1-2025 slightly lower than 69.1% obtained during 2024. Figure 1 below shows copper recovery and Figure 2 shows bulk concentrate copper grade over the last two years.

Figure 1

Figure 2

Work continues on Stage 3 of the CMIP project which consists of modest but important modifications to the processing plant, including:

Revised metallurgical sampling systems.
Modernization of reagent dosing systems.
New flotation cell air flow monitoring and control.
Installation of next generation pH/ORP probes.
New bulk rougher concentrate surge tank.
Modifications to the bulk regrind circuit to operate with 2-stage regrinding.
Modernization of thickening mechanisms.
Rebuild of certain flotation cells banks.
Construction of a 4th thickening tank to have the ability of filtering the lead concentrate.

Completion of Stage 3 will increase the degree of liberation of the copper and lead minerals, allowing for collection in two separate concentrates through a sequential flotation process. In conjunction with the refurbishment of equipment and a new mine-to-mill strategy, it is anticipated that the CMIP 3 will deliver more robust revenues for the Campo Morado operation. The Company expects to test the copper-lead separation process during Q2 and Q3 of 2025, with project completion by Q4 2025.

With the assistance of Ausenco, the Company has formally started Stage 4 of the CMIP. Known as CMIP 4.0, this study, initiated at a conceptual level, aims to investigate which technology is amenable to the Campo Morado mineralogy to increase the metallurgical recovery of precious metals, particularly gold, which is found in higher grades in the Reforma and El Rey mineralized zones.

LUCA

Mining Corp.

EXPLORATION

In January 2025, the Company commenced an exploration drilling campaign at Campo Morado. The property hosts several polymetallic massive sulphide deposits containing zinc, copper, gold, silver, and lead mineralization within a highly prospective land package totaling over 121 square kilometers within the Guerrero Gold Belt. The current drill campaign represents the first meaningful exploration program carried out at Campo Morado since 2014 and is designed to target the addition of mineral resources for the near and medium term mine plan.

The Company plans up to 5,000 metres of underground diamond drilling from approximately 25 holes during this first phase of exploration activities. This program's primary target is the definition of additional mineral resources from under-drilled zones proximal to existing underground production areas as well as the identification of mineralization within previously untested areas with high potential for the discovery and development of new mineral resources. A surface drill program has commenced this quarter that will test portions of the property away from of the current mine workings towards development of the greater resource potential across the entirety of Luca's concessions that make up the Campo Morado Property.

Previous exploration at Campo Morado has produced an extensive set of high-quality, proprietary geological data, including over 600,000 meters of underground and surface drilling data, property-wide geological/structural mapping, approximately 30,000 geochemical soil sample data, as well as several airborne and ground-based geophysical survey datasets, inclusive of gravity, electromagnetics, and induced polarization surveys. Analyses of these geophysical survey datasets, particularly gravity, directly resulted in the original discovery and initial definition of mineral resources on the property and will continue to guide all exploration initiatives; moreover, this large geophysical dataset is currently being compiled, cleaned and reinterpreted by the Company to prioritize the greater than 38 exploration targets identified to date across the property (See below exploration target map). Production at Campo Morado has been exclusively from five deposits; G9, El Largo, Reforma, Naranjo and El Rey.

LUCA

Mining Corp.

The strategic objectives for the current, and all future drill programs, are to 1) identify additional near-mine mineralization that can be quickly developed and added to the resource/reserve base and mine plan at Campo Morado; 2) Expand mineral resources to allow for increased mine production rates and/or mine life extension, and; 3) develop the mineral resource potential across the larger Campo Morado property through the advancement of defined exploration targets distal to the mine site.

The first seven (7) drillholes of the 2025 program targeted an under drilled area within the Area 9 Zone – an area of active mine development; CMUG-25-01 through CMUG-25-05 were drilled generally west from a single drill station within Area 9 Zone of the G9 Deposit, and Drillholes CMUG-25-06 and CMUG-25-07 were drilled generally east from a single drill station in Area 9. These two drill stations are located approximately 340m from each other; and the drillholes were focused on testing an area interpreted to contain extensions to previously defined massive sulphide mineralization. This high-priority area, which can be quickly integrated into the Campo Morado resource/reserve base and mine plan, proved to host appreciable widths of mineralization above mine-cutoff grades.

Highlighted below are the Diamond Drill Assay Results from six out of seven Drillholes CMUG-25-01, CMUG-25-02, CMUG-25-03, CMUG-25-05, CMUG-25-06 and CMUG-25-07.

Hole ID	From	To	Interval*	Au g/t	Ag g/t	Cu %	Pb %	Zn %
CMUG-25-01	25.7	36.9	11.2	0.27	10.38	0.21	0.16	2.35
	75.1	80.7	5.6	2.30	149.86	0.56	0.74	3.71
	85.8	96.9	11.1	0.24	23.21	0.92	0.03	0.98
Including	90.7	96.3	5.5	0.28	28.07	1.43	0.03	1.26
CMUG-25-02	2.7	8.7	6.0	1.04	30.10	0.23	0.19	0.93
Including	3.3	6.5	3.2	1.26	37.90	0.30	0.32	0.90
CMUG-25-03	36.3	39.5	3.2	0.10	6.30	0.39	0.02	2.12
	75.4	77.7	2.2	0.09	6.23	0.76	0.03	1.87
	79.1	82.4	3.3	0.27	9.19	0.83	0.02	1.81
CMUG-25-05	79.5	83.2	3.8	0.18	15.36	0.31	0.09	1.84
CMUG-25-06	17.8	20.1	2.3	0.27	21.32	0.68	0.07	2.16
	48.0	51.2	3.2	0.65	31.79	0.85	0.03	0.12
	90.0	112.5	22.5	0.20	7.55	0.55	0.03	2.95
including	91.3	97.6	6.3	0.19	7.12	0.80	0.01	5.10
that includes	92.8	95.5	2.7	0.10	10.70	1.46	0.01	8.58
and including	98.2	101.1	2.9	0.10	7.62	1.00	0.09	5.79
that includes	99.6	101.1	1.4	0.12	13.50	1.91	0.17	11.02
CMUG-25-07	12.9	19.3	6.4	0.67	32.55	0.72	0.08	2.96
	21.2	30.3	9.1	0.49	19.69	0.70	0.12	2.97
	42.0	46.6	4.6	0.59	50.44	1.21	0.21	1.05
	54.6	55.9	1.3	0.59	32.94	0.92	0.36	0.57
	72.6	74.4	1.8	0.44	25.95	0.98	0.01	0.03
	87.6	99.5	11.9	0.13	7.61	0.77	0.07	4.78
including	88.8	90.8	2.0	0.12	13.87	1.57	0.07	12.02
and including	97.1	99.5	2.3	0.05	8.28	1.77	0.03	5.74
	101.0	111.3	10.3	0.16	6.78	0.87	0.11	2.18

*True widths are estimated to be >90% of drilled intervals.

Of the next seven (7) drillholes of the 2025 Campo Morado underground diamond drilling program, five (5) (CMUG-25-08 through CMUG-25-012 inclusive) targeted an under-drilled area within the C127 Zone of the G9 Deposit – an area of active mine development; CMUG-25-08 was drilled roughly north and CMUG-25-010 through CMUG-25-012 inclusive, were drilled generally north-northeast from a single drill station within the C127 Zone of the G9 Deposit; Drillhole CMUG-25-13 was a vertical hole in the Southwest Zone designed to test mineralization continuity below current mining levels. The mineralization identified in these drillholes can be quickly integrated into the near-term and medium-term Campo Morado mine plan. Results from these holes are presented in the table below:

LUCA

Mining Corp.

Hole ID	From	To	Interval*	Au g/t	Ag g/t	Cu %	Pb %	Zn %	AuEq**
CMUG-25-004	NSV
CMUG-25-008	NSV
CMUG-25-009	13.6	17.6	4.1	0.57	61.53	1.63	0.26	1.17	3.52
and	35.1	37.3	2.1	0.34	49.16	1.46	0.09	0.35	2.63
including	36.9	37.3	0.4	0.60	215.00	7.50	0.33	1.25	11.70
and	48.3	56.0	7.8	0.64	58.68	0.70	0.35	2.07	2.91
CMUG-25-010	14.5	17.0	2.6	0.30	100.73	2.25	0.10	0.23	4.03
and	59.6	65.1	5.5	0.71	63.35	0.85	0.37	1.92	3.14
and	73.6	75.7	2.1	0.41	36.79	0.45	0.48	4.42	2.98
CMUG-25-011	18.3	20.4	2.2	0.26	23.67	0.49	0.08	4.27	2.57
and	25.8	29.3	3.5	0.71	56.02	1.09	0.24	7.74	5.29
CMUG-25-012	5.3	8.6	3.3	2.14	105.45	0.77	0.71	2.22	5.19
including	5.3	6.1	0.8	8.04	270.00	0.58	2.23	6.64	14.79
and	69.9	70.9	1.0	0.63	47.70	0.48	1.14	3.36	3.14
and	76.8	80.2	3.5	3.31	136.19	0.31	1.13	2.73	6.52
including	76.8	92.6	15.8	2.21	109.36	0.29	0.81	2.38	4.87
and including	86.0	92.6	6.6	3.31	177.51	0.50	1.33	4.12	7.76
or including	86.0	86.3	0.3	2.05	184.90	0.72	1.28	9.34	8.62
and including	88.8	92.6	3.8	5.44	287.83	0.78	2.19	6.44	12.54
CMUG-25-013	2.5	7.1	4.6	0.22	38.34	1.26	0.14	1.16	2.46
including	2.5	5.0	2.5	0.35	64.82	2.12	0.26	1.60	4.01
and	228.4	232.2	3.9	0.14	34.80	2.06	0.04	0.32	2.86

True widths are estimated to be >90% of drilled intervals.
** AuEq equation is: AuEq = Au + (Ag0.0124) + (Cu%1.0572) + (Pb%0.2203) + (Zn%*0.3469), at §2,488.14 US$/oz Au, 30.79 US$/oz Ag, 3.84 US$/lb Cu, 0.80 US$/lb Pb and 1.26 US$/lb Zn, respectively.

To date, 16 underground diamond drillholes have been completed for over 2,700 m with "HQ" sized diamond drill core. This is part of the current exploration campaign whose primary objective is to define mineable resources in close proximity to existing mine workings, as well as within zones interpreted to host extensions of the mineralization, based on the extensive historic drilling database this property offers. It is anticipated that these drillholes will inform a planned, updated Mineral Resource at Campo Morado and will contribute to add new ore into the near-term and medium-term Campo Morado Mine Plan.

Luca's inaugural surface drill program is now underway and will be run in parallel with the on-going underground exploration program at Campo Morado. A Phase 1 program is planned to consist of 2,500m of diamond drilling focused on definition and expansion of the Reforma and El Rey Deposits (located approximately one kilometer north and east of the main Campo Morado Mine). These deposits host mineral resources (See the 2018 Campo Morado Technical Report dated March 30, 2018 filed on SEDAR+) which have not been assessed in any way in over 14 years. Of the thirty-eight priority targets that have been identified, including Reforma and El Rey, several have seen historic exploration including diamond drilling; however, the majority remain undrilled. Considering the fertile geologic settling of the large Campo Morado concessions, each of these targets has the potential to host economic massive sulphide mineralization and Luca intends to prioritize and systematically explore the larger Campo Morado concession package in the coming months.

Of particular interest with respect to Reforma and El Rey is the elevated precious metal content that has been identified at both targets. Luca believes the potential precious metal endowment of these, and other related zones can add significant value to the mineral resources and mine reserves.

LUCAS

Mining Corp.

TAHUEHUETO MINE

Tahuehueto is a new underground gold and silver mine located in northwestern Durango State, Mexico, within the prolific Sierra Madre Mineral Belt. Construction of the plant, with an installed capacity of 1,000 tonnes per day, has been completed. The Company finalized commissioning and officially declared commercial production in excess of 800 tpd on March 31, 2025.

OPERATIONS

Operating results for the three months ended March 31, 2025, and 2024 were as follows:

	Three months ended
	March 31 2025	March 31 2024	% Change
Production
Tonnes mined	72,447	22,431	223%
Tonnes milled	70,948	33,319	113%
Average tonnes milled per day (8)	835	392	113%
Head Grade
Average gold grade (g/t)	2.40	2.64	(9%)
Average silver grade (g/t)	33.09	31.95	4%
Average lead grade (%)	0.93	0.99	(6%)
Average zinc grade (%)	1.44	1.90	(24%)
Average copper grade (%)	0.22	0.18	26%
Recoveries
Average gold recovery (%)	85.6	83.83	2%
Average silver recovery (%)	86.0	80.05	7%
Average lead recovery (%)	76.6	75.92	1%
Average zinc recovery (%)	70.7	73.99	(4%)
Average copper recovery (%)	84.9	72.72	17%
Gold produced (oz)	4,697	2,368	98%
Silver produced (oz)	64,912	27,396	137%
Lead produced (lbs)	1,116,731	552,553	102%
Zinc produced (lbs)	1,593,079	1,031,514	54%
Copper produced (lbs)	298,457	95,122	214%
AuEq produced (oz) (1)	6,937	3,657	90%
Sales
Gold sold (oz)	4,354	2,297	90%
Silver sold (oz)	56,334	19,468	189%
Lead sold (tonnes)	988,398	389,375	154%
Zinc sold (tonnes)	1,022,374	470,065	117%
AuEq sold (oz) (1)	5,753	2,945	95%
Realized gold price per ounce ($) (5)(6)	2,672	2,066	29%
Realized silver price per ounce ($) (5)(6)	31.57	23.25	36%
Realized lead price per pound ($) (5)(6)	0.91	0.92	(1%)
Realized zinc price per pound ($) (5)(6)	1.39	1.10	26%
Costs
Direct mining cost per tonne ($) (2)(5)	114	110	4%
Cash cost per Au/Eq ounce sold ($) (1)(2)(5)	1,712	1,665	3%
AISC per Au/Eq ounce sold ($) (1)(4)(5)	2,054	1,881	9%
All-in cost per Au/Eq sold ($) (1)(5)(7)	2,546	1,881	35%
Capital expenditures
Sustaining ($)	814	163	399%

Gold equivalents are calculated using an 89.95:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0015:1 (Au/Cu) and 0.0003:1 (Au/Pb) ratio for Q1 2025; and Gold equivalents are calculated using an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024; respectively.
Direct mining costs include mining, processing, and direct overhead at the operation sites. See reconciliation on page 35.
Cash cost per gold equivalent ounce includes mining, processing, direct overhead costs and treatment and refining charges. See reconciliation on page 35.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, on-site exploration, reclamation and sustaining capital. See Reconciliation to IFRS on page 35.
See "Non-IFRS Financial Measures" on page 31.
Based on provisional sales before final price adjustments, treatment, and refining charges.
All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 35.
Average tonnes milled per day assumes the actual days in the month less 2 days for planned preventive maintenance.

LUCA

Mining Corp.

Production

Three months ended March 31, 2025 (compared to the three months ended March 31, 2024)

For the three months ended March 31, 2025, Tahuehueto reported strong operational growth, underscoring its continued ramp-up toward commercial production. Tonnes mined increased by 223%, from 22,431 tonnes to 72,447 tonnes, while tonnes milled more than doubled, rising 113% from 33,319 to 70,948 tonnes. The average daily throughput reached 835 tonnes per day, up from 392 tpd in Q1 2024, reflecting operational consistency and improved plant utilization following key infrastructure upgrades.

Head grades showed mixed performance: gold and lead grades declined by 9% and 6%, respectively, while silver and copper grades increased, with silver up 4% to 33 g/t, and copper rising by 26% to 0.22%. Zinc grades declined by 24%, falling from 1.90% to 1.44%. Despite some grade pressure, recovery rates improved significantly across most metals, particularly silver (+7%) and copper (+17%), while gold recovery increased modestly (+2%) to 85.62%. Zinc recovery slipped slightly by 4%, and lead recovery remained stable at 76.64%.

As a result, metal production increased sharply:

Gold production nearly doubled, rising 98% to 4,697 ounces,
Silver output increased by 137% to 64,912 ounces,
Lead production grew 102%, reaching 1.12 million pounds,
Zinc production increased by 54%, to 1.59 million pounds and
Copper output surged 214% to 298,457 pounds.

These gains translated into a 90% increase in gold equivalent production (AuEq), from 3,657 to 6,937 ounces.

Sales volumes kept pace with output, with AuEq ounces sold up 95%, from 2,945 to 5,753 ounces, and strong growth in gold (90%) and silver (189%) sales. Lead and zinc sales also more than doubled, reflecting enhanced recoveries. Average realized prices were favorable, particularly for gold (29%) and silver (36%), which supported improved revenue metrics despite softer zinc pricing.

On the cost side, direct mining cost per tonne increased by 4%, from $110 to $114, as operational scale increased. Cash cost per AuEq ounce sold increased by 3%, from $1,665 to $1,712, driven by inflationary pressures, higher processing volumes, and increased reagent use. AISC per ounce sold increased by 9% to $2,054, and all-in cost per ounce sold increased by 35%, reaching $2,546, due in part to Empress stream payments and a 399% increase in sustaining capital expenditures, which increased from $163 to $814. These investments included final mill optimizations, tailings handling improvements, and other infrastructure required to sustain steady-state production.

LUCA

Mining Corp.

Cash Cost and All-In Sustaining Cost per AuEq Ounce Sold (see "Non-IFRS Financial Measures" on page 31).

Three months ended March 31, 2025 (compared to the three months ended March 31, 2024)

For the three months ended March 31, 2025, costs of sales at Tahuehueto increased by 150%, rising from $4.1 million to $10.2 million, as the operation continued to ramp toward commercial-scale output. The sharp increase in cost reflects both volume growth and the operational scaling required to maintain higher processing rates. Tonnes milled more than doubled, from 33,319 to 70,948 tonnes (+113%), and gold equivalent ounces sold grew by 95%, from 2,945 to 5,753 ounces, highlighting the growing maturity of mine's performance.

Direct mining costs increased by 124%, from $3.7 million to $8.1 million, driven by a 162% increase in mining activities. However, on a per tonne basis, total production cost only increased by 5%, from $110/tonne to $114/tonne, demonstrating improved cost control at higher throughput. Mining cost per tonne increased by 23%, reflecting intensified underground development and early-stage inefficiencies, while milling costs per tonne fell by 21%, from $58 to $46, thanks to higher plant utilization. Indirect cost per tonne also declined by 24%, indicating better cost management as operations stabilized. The shift in inventory change impact, from a $471 credit to a $162 credit, reflects tighter control over work-in-process balances.

Cash cost per AuEq ounce sold increased 3%, from $1,665 to $1,712, reflecting higher input and processing costs, including 86% higher treatment and selling costs. Royalty expenses increased to $354 up from nil in Q1 2024. Meanwhile, general and administrative corporate expenses increased 128% to $658 and lease payments climbed 237% to $424 related to equipment mobilization and plant commissioning support.

AISC increased by 115%, from $5.5 million to $11.8 million, driven by the above-mentioned operational costs and a 318% increase in sustaining capital expenditures, which increased from $163 to $681. These capital investments supported ongoing plant enhancements and underground development. On a per-ounce basis, AISC increased 25%, from $1,881 to $2,054.

Including loan repayments of $800 and interest of $343 and a 246% increase in streaming charges due to greater volumes and stronger metal prices all new for this quarter compared to the same quarter prior year, total all-in costs reached $14.6 million, a 164% increase over Q1 2024. The all-in cost per gold equivalent ounce sold increased 35%, from $1,881 to $2,546.

These cost increases, while substantial, reflect the mine's transitional phase toward full commercial production. The 113% increase in throughput, consistent performance across recoveries, and a 95% increase in gold equivalent sales volume demonstrate that the mine is effectively leveraging its expanded capacity. With stable mill performance and strong volume trends, Tahuehueto is well-positioned to improve cost efficiency and margin performance in upcoming quarters as one-time ramp-up expenditures normalize.

DEVELOPMENT

During the first quarter of 2025, the Tahuehueto mine continued to progress toward full operational capacity, achieving an average processing rate of 835 tonnes per day ("tpd"), an increase from 785 tpd in the previous quarter. A major milestone was reached on March 31, 2025, when the Company officially declared commercial production at Tahuehueto, a significant achievement and testament to the dedication and efforts of the entire team.

Operational improvements during the quarter included the successful installation of a new vibrating screen, which has already enhanced plant efficiency through improved classification and reduced recirculating loads. Additionally, the Company continued to stock the newly constructed on-site warehouse with critical spare parts and consumables. This initiative is part of a broader risk mitigation strategy aimed at ensuring long-term plant reliability and minimizing potential supply chain disruptions.

EXPLORATION

Tahuehueto is a large epithermal gold-silver vein system with associated breccias additionally hosting lead-zinc-copper sulphides. The property comprises approximately 75 square kilometres (7,492 hectares) located in the state of Durango in north-central Mexico within the Sierra Madre mineral belt and has significant exploration potential. It is estimated that less than 10% of the concession area has been adequately explored.

Tahuehueto is comparable in concession area size and epithermal mineralization style to the Tayoltita mine of the San Dimas district to the south. It is estimated that the San Dimas district has produced over 11 million ounces of gold to date (Source: Technical Report on Mineral Resource and Reserve Update December 2020, First Majestic Silver Corp.).

In October 2024 the Company commenced an underground exploration drilling campaign at the Tahuehueto gold mine. This campaign represents the first significant exploration drill program on the property in over 10 years. The Company expects the current campaign to include up to 5,000 metres of diamond core drilling in 26 holes from underground over the next 4-6 months. The drill plan takes advantage of recently developed underground areas to potentially expand the mineral resource through the additions of economic mineralization along the modeled veins and interpreted vein extensions.

UCA

Mining Corp.

Mineralization is open along strike and at depth for most of the modeled resource area and the objective of the current campaign will be a combination of infill and step-out drilling to determine the vertical and lateral extent of mineralization as well as to identify mineralized brecciated zones within the epithermal vein system.

In addition to the four veins that comprise the mineralized resource, there are at least 14 additional prospective veins or splays documented within the greater concession area that have potential to host additional epithermal mineralization. In some cases, these prospective targets may represent extensions or continuations of the currently defined Mineral Resource. The Company estimates that there are more than 11 km of prospective vein structures (measured along strike), compared to the currently defined $4.5\mathrm{km}$ of known mineralized veins.

Drillhole DDH24-213 targeted a previously untested zone, approximately 20m below the active mine workings of Level 23, and intersected a new high-grade brecciated zone within the El Creston vein system that returned 7.9m of 2.59 g/t Au, 68.41 g/t Ag, 0.68% Cu, 2.32% Pb, and 2.73% Zn within a larger 22.3m zone of 1.47 g/t Au, 41.88 g/t Ag, 0.44% Cu, 1.46% Pb, and 2.34% Zn from 201.2m. The figures below presents the location of the drillholes and the table below provides highlighted drill results.

Plan View

Cross-Section

LUCA

Mining Corp.

The results from the four drill holes have achieved the following exploration objectives:

To demonstrate the continuity of known mineralized veins in untested areas outside of the resource envelope, where the veins are expected to continue; and,
To successfully discovered a new, high-grade breccia zone immediately beneath current mine workings, based on a predictive structural model for Tahuehueto. The Tahuehueto mineralizing system is a multi-stage mineralizing event, with the last stage of mineralization interpreted to represent high grade gold-silver breccia zones. The discovery of this new high-grade breccia zone also acts as an important "proof of concept" that will allow our exploration team to fully delineate and to make additional new discoveries of this style of higher-grade gold-silver mineralization; and,
To demonstrate that systematic drilling efforts can result in meaningful additions to the Mineral Resources at Tahuehueto.

Drillholes DDH24-212 through DDH24-215 have successfully established the continuity of the Creston Mineralized Vein Structure within previously untested areas, to greater than 60m below Level 23. Next steps in the execution of the 2025 Tahuehueto Exploration program include the additional underground drilling of areas interpreted as open extensions of the Creston Vein to the northeast of current mine workings and importantly surface drilling in and around the Santiago Vein, located approximately 950m from the eastern extent of the existing Tahuehueto mine development. The Santiago Vein is considered to offer excellent potential for expansion and mineral resource development as it remains open along strike and to depth. Recent surface mapping at Santiago has identified the potential for higher grade brecciated zones within the limitedly tested deposit.

The table below highlights the diamond drill assay results from DDH24-212 through DDH24-215

Hole	From (m)	To (m)	Interval (m)^{(1)}	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	Au Eq^{(2)}
DDH24-212	219.1	220.9	1.8	0.95	59.82	1.11	0.22	0.17	3.23
DDH24-213	201.2	223.4	22.3	1.47	41.88	0.44	1.46	2.34	3.75
including	213.3	221.2	7.9	2.59	68.41	0.68	2.32	2.73	5.87
DDH24-214	8.0	8.9	0.9	0.09	17.60	0.21	0.94	4.02	2.19
and	210.9	213.2	2.3	2.37	3.07	0.00	0.12	0.30	2.54
and	214.1	221.2	7.2	0.37	40.97	0.26	1.80	0.93	2.02
DDH24-215	11.5	13.1	1.7	0.09	22.17	0.29	2.09	2.05	2.00

(1) True widths are estimated to be 85% of drilled intervals
(2) AuEq equation is: AuEq = Au + (Ag0.0128) + (Cu%1.2799) + (Pb%0.2737) + (Zn%0.3359)·$2,250 US$/oz Au, 28 US$/oz Ag, 9,260 US$/Tonne Cu, 1,980 US$/Tonne Pb and 2,430 US$/Tonne Zn, respectively.

Drillhole DDH24-216 targeted a previously untested zone, approximately 60m below the active mine workings of Level 23, and intersected a new high-grade brecciated zone within the El Creston vein system that returned 9.4m of 0.48 g/t Au, 166.63 g/t Ag, 1.46% Cu, 2.00% Pb, and 0.71% Zn (5.21 g/t Au Eq) within a larger 13.9m zone of 0.43 g/t Au, 121.09 g/t Ag, 1.10% Cu, 1.40% Pb, and 0.51% Zn (3.90 g/t AuE Eq) from 124.6m.

Drillhole DDH25-221 targeted the strike extension of the Creston FW Vein north of previously drilling, in an area approximately 65 horizontal metres from active mine workings of Level 12, and intersected a new high-grade brecciated zone within the El Creston vein system that returned 6.9m of 1.90 g/t Au, 68.40 g/t Ag, 0.19% Cu, 1.40% Pb, and 2.16% Zn (4.10 g/t AuEq) from 119.9m.

Drillhole DDH25-222 was drilled into an undertested area of the Creston FW Vein north of current underground workings, in an area approximately 80 horizontal metres from active mine workings of Level 12, and intersected a new high-grade brecciated zone within the El Creston vein system that returned 4.8m of 3.15 g/t Au, 121.51 g/t Ag, 0.58% Cu, 0.27% Pb and 0.41% Zn (5.62 g/t AuEq) from 117.7m.

Drillhole DDH25-224 was, similar to DDH25-222, drilled into an undertested area of the Creston FW Vein north of current underground workings, in an area approximately 120 horizontal metres from active mine workings of Level 12, and intersected a new high-grade brecciated zone within the El Creston vein system that returned 5.1m of 0.76 g/t Au, 88.19 g/t Ag, 0.42% Cu, 3.36% Pb and 6.85% Zn (5.62 g/t AuEq) from 134.4m, including 2.4m of 1.23 g/t Au, 111.51 g/t Ag, 0.71% Cu, 6.86% Pb and 11.80% Zn (9.37 g/t AuEq).

LUCA

Mining Corp.

Twenty (20) holes have been completed to date for over 4,500m as part of the current Phase 1 exploration drilling campaign, which has a primary resource development objective to determine both vertical and lateral extents of known mineralization within the Creston and Perdido vein systems that are; a) proximal to current mine workings and b) interpreted to host un-tested extensions of the mineralized structures. Through these efforts, it is anticipated that mineable resources will be added into the near-term and medium term Tahuehueto Mine Plan. The majority of holes completed to date in this program have intersected new mineralized parts of the Creston and Perdido vein structures in areas of no previous historic drilling, further validating the continuous nature of these pervasive and mineralized veins. A key result is the discovery of a new, thick, high-grade breccia zones in close proximity to the existing mine workings which demonstrates the high potential for additional new high-impact discoveries and the immediate and meaningful return on investment of this exploration drilling

Hole ID	From (m)	To (m)	Interval (m) (1)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	AuEq^{(2)}
DDH24-216	124.6	138.5	13.9	0.43	121.09	1.10	1.40	0.51	3.90
including	124.6	134.0	9.4	0.48	166.63	1.46	2.00	0.71	5.21
DDH24-217	158.8	159.3	0.5	0.34	79.20	1.31	0.04	0.05	3.03
DDH25-218	175.5	177.0	1.5	0.23	28.30	0.23	0.44	1.12	1.37

DDH25-219	175.5	178.6	3.1	0.28	65.99	0.85	0.34	0.55	2.47
DDH25-220	199.5	202.5	3.0	0.08	58.25	0.56	0.24	0.32	1.69
and	208.0	214.5	6.5	0.23	70.98	0.57	0.13	0.10	1.91

DDH25-221	119.9	132.5	12.6	1.11	40.51	0.12	0.87	1.77	2.60
including	119.9	126.8	6.9	1.90	68.40	0.19	1.40	2.16	4.10
DDH24-222	113.5	129.5	16.0	1.50	67.03	0.38	0.37	0.65	3.14
including	117.7	129.5	11.8	2.00	85.73	0.47	0.27	0.53	3.92
or including	117.7	122.5	4.8	3.15	121.51	0.58	0.27	0.41	5.62
or including	117.7	118.5	0.8	7.25	376.00	1.09	0.32	0.14	13.45
DDH25-223	43.6	44.8	1.2	0.12	10.34	0.05	0.22	3.27	1.47
and	125.3	128.1	2.9	0.73	17.89	0.07	0.11	1.50	1.58
and	146.6	154.8	8.2	0.35	62.37	0.35	0.72	1.23	2.18
including	149.5	154.8	5.3	0.41	91.15	0.50	0.90	1.22	2.84
DDH25-224	127.1	139.5	12.4	0.79	45.32	0.23	1.66	3.44	3.26
including	134.4	139.5	5.1	0.76	88.19	0.42	3.36	6.85	5.62
or including	135.9	138.2	2.4	1.23	111.51	0.71	6.86	11.80	9.37

(1)True widths are estimated to be 85% of drilled intervals.
(2) AuEq equation is: AuEq = Au + (Ag0.0128) + (Cu%1.2799) + (Pb%0.2737) + (Zn%0.3359), at $2,250 US$/oz Au, 28 US$/oz Ag, 9,260 US$/Tonne Cu, 1,980 US$/Tonne Pb and 2,430 US$/Tonne Zn, respectively.

With the success of the Phase 1 exploration campaign, a Phase 2 underground drilling program consisting of an additional 5,000m of drilling has been approved and has commenced. Phase 2 will target the extension of the Creston Vein System to the north and will be bolstered by surface drilling in and around the underexplored Santiago Deposit, located ~950m from the eastern extent of the existing Tahuehueto mine development. The Santiago Deposit (See Company News Release of April 26, 2022) offers significant expansion potential as historic drilling left it open along strike and to depth. Recent surface mapping at Santiago has identified the potential for thick, higher-grade breccia-type zones within areas of the deposit with low drill density and along strike.

LUCAS

Mining Corp.

FINANCIAL PERFORMANCE

The financial results below for 2025 include commercial production from Campo Morado and Tahuehueto. The financial results below for 2024 include commercial production from Campo Morado and revenue and associated costs from Tahuehueto during the pre-production period.

CONSOLIDATED	Three months ended
	March 31, 2025	March 31, 2024	% Change
Financial Results
Revenue	47,400	21,882	117%
Gold	19,160	7,360	160%
Silver	8,658	3,450	151%
Lead	876	360	143%
Zinc	10,790	4,968	117%
Copper	7,674	4,452	72%
Income from stream	-	363	(100%)
Provisional pricing adjustments	243	929	(74%)
Treatment and selling costs	(8,783)	(5,541)	59%
Net Revenues	38,617	16,341	136%
Production Costs	21,902	12,348	77%
Royalties	1,100	364	202%
Empress stream	-	488	(100%)
Inventory changes	(113)	(897)	(87%)
Cost of Sales	25,254	12,735	98%
Mine operating cashflow before taxes (7)	15,728	4,038	290%
Depreciation and depletion	2,365	432	447%
Mine operating earnings	13,363	3,606	271%
General and administration	(3,237)	(2,043)	58%
SBC compensation	(464)	(129)	260%
Foreign exchange (loss) gain	(69)	(221)	(69%)
Other operating expenses	75	199	(62%)
Interest and finance costs, net	(658)	(653)	1%
Gain on debt modification and settlement	295	4,542	(94%)
Change in fair value of financial instruments	(4,785)	-	(100%)
Current income tax	-	-	-
Deferred income tax	-	-	-
Net earnings	4,520	5,301	(15%)
Earnings per share - basic and diluted	0.02	0.03	(40%)
Adjusted net earnings	9,741	1,109	778%
Adjusted earnings per share - basic and diluted	0.04	0.01	516%
Net free cashflow before working capital (9)	11,711	3,148	272%
EBITDA(1) (5)	7,589	6,386	19%
Adjusted EBITDA (2) (5)	12,741	1,973	546%
Cash cost per Au/Eq ounce sold (3)(5)	1,896	1,775	7%
AISC per Au/Eq ounce sold (4)(5)	2,251	2,066	9%
All-in cost per Au/Eq ounce sold ($) (5)(8)	2,700	2,114	28%
Realized gold price per ounce ($) (5)(6)	2,851	2,056	39%
Realized silver price per ounce ($) (5)(6)	31.69	22.99	38%
Realized lead price per tonne ($) (5)(6)	0.89	0.92	(4%)
Realized zinc price per tonne ($) (5)(6)	1.29	1.09	18%
Realized copper price per tonne ($) (5)(6)	4.18	3.80	10%

See Reconciliation of earnings before interest, taxes, depreciation, and amortization on page 33.
See reconciliation of Adjusted EBITDA on page 33.
Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs. See Reconciliation to IFRS on page 35.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation and sustaining capital. See reconciliation to IFRS on page 35.
See "Non-IFRS Financial Measures" on page 31.
Based on provisional sales before final price adjustments, treatment, and refining charges.
Mine operating cash flow before taxes is calculated by adding back royalties, changes in inventory and depreciation and depletion to mine operating loss. See Reconciliation to IFRS on page 31.
All-in cost per AuEq oz includes AISC plus interest paid and loan payments. See page 35.
Net free cash flow before working capital is operating cash flow before working capital changes, less capital expenditures. See page 33.

LUCA

Mining Corp.

Three months ended March 31, 2025 (compared to the three months ended March 31, 2024)

Revenues

For the three months ended March 31, 2025, net revenues totaled $38.6 million, reflecting a significant increase of $22.3 million, or 136%, compared to $16.3 million for the same period in 2024. This surge was driven primarily by higher sales volumes and stronger realized metal prices across most commodities.

Gold sales increased by 88% to 6,720 ounces (from 3,579 ounces in Q1 2024), while silver sales increased by 82% to 273,198 ounces (from 150,092 ounces). Copper sales increased by 57% to 1,833,735 pounds (from 1,170,402 pounds), and lead sales increased by 154% to 988,398 pounds (from 389,375 pounds). Zinc sales also increased significantly, up 84% to 8,392,973 pounds (from 4,555,046 pounds), contributing meaningfully to the revenue growth.

Realized metal prices further enhanced revenues, with the gold price per ounce increasing by 39% to $2,851, and the silver price increasing by 38% to $31.69 per ounce. The zinc price increased by 18% to $1.29 per pound, while copper increased by 10%, reaching $4.18 per pound. The lead price decreased slightly by 4% to $0.89 per pound, though the impact was offset by significantly higher sales volumes.

These favorable volume and pricing dynamics drove strong revenue growth in gold ($19.2 million), zinc ($10.8 million), silver ($8.7 million), and copper ($7.7 million), while lead revenue contributed $0.9 million due to lower price realization despite higher volume. Unlike the prior year, there was no income from stream arrangements, and provisional pricing adjustments contributed modestly, adding $243,000, down from $929,000 in Q1 2024.

Cost of sales

Cost of sales is comprised of production costs including mining, processing, maintenance, and site general administration net of inventory changes, as well as depreciation and depletion. For the three months ended March 31, 2025, cost of sales increased by 98%, to $25.2 million, compared to $12.7 million in the same period of 2024. This increase was primarily driven by higher production volumes and increased operating costs across both Campo Morado and Tahuehueto, as the Company advanced its production ramp-up strategy.

The direct mining cost per tonne increased by $16, or 21%, to $88 per tonne, up from $72 per tonne in Q1 2024. This increase was due to a combination of higher mining costs, which increased by 52% per tonne, and ongoing investment in plant operations. Notably, mining costs totaled $11.5 million, a 136% increase, reflecting intensified development activity and expansion of underground infrastructure. Processing costs increased by 31%, reaching $7.7 million, while indirect site costs increased by 62%, to $2.5 million, reflecting the scaling of site support functions.

Despite a significant 55% increase in tonnes milled (from 158,424 to 246,282 tonnes), the Company also incurred higher depreciation and depletion, which increased by 447% to $2.3 million, as more assets at Tahuehueto entered full depreciation following increased throughput. These higher non-cash costs contributed to the overall increase in cost of sales.

General and administration

For the three months ended March 31, 2025, At the Corporate office, salaries and benefits increased by $221 due to the addition of the VP of Corporate Development and VP of Exploration, while professional fees increased by $202 mainly from increased geology services and consulting. Corporate and admin expenses increased by $227 driven by higher business promotion and office improvements. At Campo Morado, salaries and benefits increased by $58 and professional fees went up by $355 primarily due to higher legal and geology service costs. This was offset by a $56 decrease in depreciation. At Tahuehueto, salaries and benefits increased by $106 due to a 42% increase in headcount as mining operations ramped up to support operations, partially offset by a $68 decrease in administrative expenses. Overall, increases in staffing and professional services were the main drivers of higher costs, with some reductions in other areas helping to mitigate the impact.

Share-based compensation

For the three months ended March 31, 2025, share-based compensation expense increased by $335, or 259%, to $464, compared to $129 for the same period in 2024. The increase is primarily attributable to the timing, fair value, and size of stock option grants issued in the current period, as well as the proportion of previously granted options that vested during the quarter.

During the period ended March 31, 2025, the Company granted 1,300,000 stock options with a weighted average exercise price of CAD$0.87, compared to 400,000 options granted in Q1 2024 at a weighted average exercise price of CAD$0.21. The higher grant size and exercise price contributed to a higher fair value per option under the Black-Scholes model. Additionally, vesting of previously issued options particularly from the 10,059,833 options granted in Q4 2024 contributed significantly to the current quarter's expense. As of March 31, 2025, the Company had 15,237,750 options outstanding, with a weighted average exercise price of CAD$0.54 and a weighted average remaining life of 3.88 years. Of these, 10,907,806 options were exercisable, indicating an increase in the proportion of vested options compared to the same period in 2024.

Interest and finance costs

For the three months ended March 31, 2025, interest and finance costs totaled $658, a slight increase of 1% compared to $653 in the same period of 2024. The increase was primarily driven by a rise in interest expense to $533 from $141, reflecting higher borrowing levels. This was largely offset by the absence of accretion on streaming arrangements and amortization of deferred financing costs, which contributed $343 and $6, respectively, in the prior-year period but were not recorded in Q1 2025. Accretion related to site reclamation remained stable at $161, while bank fees and other charges increased modestly to $6. A $42 reversal in accretion on loans and a $4 gain on loan modification also contributed to keeping the overall increase minimal.

LUCA

Mining Corp.

LIQUIDITY AND CAPITAL RESOURCES

The Company has historically funded its acquisition, exploration and development activities through equity financings, debt facilities and convertible debentures. The Company may choose to undertake equity, debt, convertible debt or other financings, on an as-needed basis, in order to facilitate its growth. Management of the Company believes that operating cash flow and existing working capital will be sufficient to cover 2025 capital requirements and meet its short-term obligations. The Company continues to assess financing alternatives, including equity or debt or a combination of both, to fund future growth, including future M&A activity.

	Years Ended
	March 31 2025	March 31 2024	% Change
Cash Flow	$	$
Cash provided by (used in) operating activities	3,367	(704)	(578%)
Cash used in investing activities	(1,274)	(410)	210%
Cash provided by financing activities	3,604	1,631	121%
Effect of exchange rate changes on cash	38	(3)	(1,367%)
Change in cash	5,735	514	1,017%
Cash, beginning of the period	10,207	2,058	396%
Cash, end of the period	15,942	2,572	520%

As at March 31, 2025, the Company had cash of $15,942 and positive working capital of $751 compared with cash of $10,207 and negative working capital of $20,968 at December 31, 2024.

Operating activities

For the three months ended March 31, 2025, cash provided by operating activities increased to $3,367, compared to cash used of $704 in the same period in 2024. This improvement of $4,071 was primarily driven by stronger non-cash adjustments to the net loss and changes in working capital. The Company reported a net loss of $4,520, a decrease of $781 or 15% compared to a loss of $5,301 in the prior year. Key non-cash adjustments included depreciation and amortization of $2,574, up from $594 in 2024, reflecting a higher depreciable asset base. Accretion and interest related to the stream agreement increased to $4,784, compared to $343 in the prior year, and share-based compensation increased to $662 from $145, largely due to new grants and accelerated vesting. Accretion and interest on debt and leases also contributed $542 in 2025, compared to $184 in the prior period.

Working capital movements had a mixed impact on cash flow. There was an increase in accounts receivable and other assets, which reduced cash, as well as a decrease in accounts payable and accrued liabilities, reflecting timing differences in payments. Inventories also increased slightly, while prepaid expenses and deposits decreased period over period. Additionally, the Company recorded a cash outflow of $2,639 for silver bullion purchases. The impact of these working capital changes was partially offset by the absence of several one-time non-cash losses and gains recorded in 2024, including a larger gain on settlement of debt. Taken together, these factors contributed to a notable period over period improvement in cash from operating activities, driven by increased operating scale, more consistent production levels, and tighter control over administrative expenses.

Investing activities

Investing activities used cash of $1,274 for the three months ended March 31, 2025, compared with $410 used in the same period in 2024. The increase of $864, or 210%, primarily reflects continued investment in operational infrastructure to support ramp-up and production scale. During the period, the Company invested $660 in property, plant and equipment, compared to $247 in the prior year. Additionally, $614 was invested in mineral properties, an increase from $163 in the comparative period. These investments reflect the Company's ongoing commitment to expanding production capabilities and enhancing long-term asset value.

Financing activities

Cash provided by financing activities totaled $3,604 for the period ended March 31, 2025, compared to $1,631 in the same period of 2024, representing an increase of 121%. The primary inflow consisted of $9,926 in proceeds from the exercise of warrants and stock options, which were not present in the prior-year period. These inflows were partially offset by lease liability repayments of $552 (2024 - $389), loan repayments of $5,332, and interest paid of $438 (2024 - $480). No new debt was issued during the year, whereas the comparative period included $2,500 in loan proceeds. The net inflow in 2025 reflects the Company's ability to fund operations through equity-based instruments, while gradually reducing debt obligations.

On January 11, 2024, the Company received an additional loan from Trafigura for $2,500 under the Trafi Campo loan agreement, converted $5,800 of the Trafi Tah loan into a non-interest-bearing convertible debenture and concurrently amended the terms of the Trafigura Loans. The Trafi Campo loan's maturity date was extended to June 30, 2025, with repayments of $260 plus interest commencing on April 30, 2024. The Trafi Tah loan's maturity date was extended to January 3, 2026, with repayments of $200 plus interest commencing on March 31, 2024. After six months, the repayments on the Trafi Tah loan will increase to $345 plus interest.

LUCA

Mining Corp.

Trafigura conditionally assigned the convertible debenture to its affiliate Urion Holdings ("Malta") Limited ("Urion"), such assignment to be perfected upon Urion being included in the existing security arrangements between the Company and Trafigura (the "Condition"). The convertible debenture was originally signed and placed in escrow, but was released on August 22, 2024, as the Condition is met. The convertible debenture matures three years from the date it is released from escrow and made effective but may be repaid prior to that date upon providing 60 days written notice and that the Trafigura Loans and the Breakwater Loan have been repaid in full. Trafigura may elect to convert in whole or in part, the convertible debenture principal at any time prior to the maturity date at the conversion price of $0.35 per common share. Any Shares issued under the convertible debenture will be subject to a four month plus one day hold period under applicable Canadian securities laws. The convertible debenture is subject to the receipt of final approval from the TSX-V.

Further on August 22, 2024, the Company and Trafigura further amended the outstanding Trafigura Loans to extend the maturities of the Trafi Campo loan to December 2025 and the Trafi Tah loan to July 2026. For Trafi Campo, repayments are to be made in 15 equal installments commencing in October 2024. For Trafi Tah, repayments are to be made 22 installments commencing October 2024 at $200 and increasing to $345 in April 2025.

Concurrently with the Trafi Tah and Trafi Campo amendments, on August 22, 2024, the Company and Breakwater further extended the maturity date of the loan to December 2025 with repayment to commence in October 2024 with payments initially at $55, increasing to $124 in January 2025.

In January 2024, the Company closed a debt settlement (the "Debt Settlement") with Latapi Consultores, S.A. de C.V. ("Latapi"), by issuing an aggregate of 17,750,000 Shares to settle outstanding debt of $11,030, comprising of (i) $3,042 of debt that the Latapi and the Company agreed to write off and (ii) CAD$7,988, of debt that was settled in common shares of the Company (the "Shares"), at a price of CAD$0.45 per Share. The Shares were issued to a syndicate of creditors with Latapi acting as agent on behalf of the syndicate to negotiate the terms of the Debt Settlement. The debt was originally owed under a loan facility to Accendo Banco, S.A. and assigned to Latapi acting on behalf of a syndicate of creditors.

On September 26, 2024, the Company completed a private placement and sold 6,126,167 Units at a price of $0.33 (CAD$0.45) per unit for gross proceeds of $2,046 (CAD$2,756) and also concurrently closed its Listed Issuer Financing Exemption offering selling 19,000,000 Units at a price of $0.33 (CAD $0.45) per unit for gross proceeds of $6,346 (CAD$8,550) (combined the "Offering"). The Offering consists of one common share in the Company and one half of one share purchase warrant (the "Unit") entitling the holder to purchase an additional common share at a price of CAD$0.60 per common share until March 26, 2026. In connection with the Offering, the Company issued 1,140,000 finders' warrants with a fair value of $177 (CAD$239) and legal fees and other transaction costs of $591 (CAD$789). The entirety of the fair value net of share issuance costs have been allocated to share capital with the finders' warrants being allocated to other reserves.

On January 07, 2025, the Company, along with an arm's-length third-party, Jaluca Limited ("Jaluca"), reached an agreement with Urion to repurchase 100% of Luca's $5,800 Convertible Debenture (Note 13(a)) held by Urion. Luca and Jaluca purchased 43% and 57% of the Convertible Debenture, respectively. Upon closing of the transaction, Luca immediately canceled its portion of the Convertible Debenture and Jaluca converted its purchased share of the Convertible Debenture at the Convertible Debenture's exercise price of $0.35 for a total of 13,566,771 shares extinguishing the debt.

ANNUAL OUTLOOK

2025 Production and Free Cash Flow² Guidance Highlights

For the year ahead, the Company anticipates producing between 85,000 and 100,000 gold equivalent ounces with payable ounces ranging between 65,000 and 80,000. Free cash flow before working capital adjustments is anticipated to be between $30 million and $40 million.

Produced Metal		Campo Morado	Tahuehueto	Consolidated
Gold production	oz	11,000 – 13,000	22,000 – 26,000	33,000 – 39,000
Silver production	oz	997,000 – 1,173,000	247,000 – 291,000	1,244,000 – 1,464,000
Lead production	lbs	5,000 – 6,000	3,600 – 4,200	8,600 – 10,200
Zinc production	lbs	40,000 – 47,000	6,000 – 7,000	46,000 – 54,000
Copper production	lbs	8,000 – 9,000	1,400 – 1,700	9,400 – 10,700
Gold Equivalent production¹	oz	54,000 – 64,000	31,000 – 36,000	85,000 – 100,000

LUCA

Mining Corp.

Payable Metal		Campo Morado	Tahuehueto	Consolidated
Gold production	oz	7,000 – 9,000	20,000 – 25,000	27,000 – 34,000
Silver production	oz	722,000 – 889,000	219,000 – 270,000	941,000 – 1,159,000
Lead production	lbs	-	3,000 - 4,000	3,000 – 4,000
Zinc production	lbs	32,000 – 40,000	4000 - 5000	36,000 – 45,000
Copper production	lbs	6,000 – 7,000	-	6,000 – 7,000
Gold Equivalent payable^{1}	oz	40,000 – 49,000	25,000 – 31,000	65,000 – 80,000

Operations

At Campo Morado, efforts will continue to ramp up operations with the goal of achieving a consistent and sustainable mill feed while targeting an increase in throughput above 2,000 tonnes per day towards the end of 2025. Optimization work remains ongoing to improve metal recoveries and maintain grade consistency, including refining grinding techniques and reagent dosing. Additionally, the development of a third lead concentrate is expected to enhance payability of precious metals with improved concentrate grades. The Company has also outlined plans for a minimum 5,000-metre exploration program, which aims to expand mineral resources and sustain long-term production.

At Tahuehueto, our processing plant has an installed capacity of 1,000 tpd, with demonstrated instantaneous production rates of up to 1,200 tpd. As operations transition into commercial production, plant availability is currently at 82%, reflecting the typical phased approach to ramp-up as operations stabilize. This results in an average processing rate of 820 tpd, with a clear plan to systematically increase availability to 85%-90% as the plant continues to perform well. Our focus remains on optimizing efficiencies to enhance long-term reliability and maximize throughput. The Company is prioritizing infrastructure enhancements, including the construction of a spare parts warehouse to minimize downtime and improve operational resilience. Increasing mill throughput remains a key objective, alongside continued exploration efforts to assess both near-mine and regional targets within the property's extensive epithermal vein system.

Free Cash Flow

The Company anticipates generating between $30 million and $40 million in free cash flow before working capital adjustments for the year, reflecting the strength of its core mining operations. This metric, which excludes short-term fluctuations in receivables, payables, prepaids and inventory, provides a clear measure of the Company's ability to generate cash from operations net of capital expenditures. Strong free cash flow supports key initiatives, including debt repayment, reinvestment in growth opportunities, and potential shareholder returns. The Company's anticipated cash generation underscores its operational efficiency and financial resilience as it continues to execute its long-term strategy.

2025 Budgeted Capital Expenditures and Exploration

		Mine Development - Sustaining^{2}	Other Capital - Sustaining^{2}	Total Sustaining^{2}	Exploration	Total
Campo Morado	$	10.0 million	3 million	13.0 million	1.3 million	14.3 million
Tahuehueto	$	6.5 million	4 million	10.5 million	2.6 million	13.1 million
Consolidated	$	16.5 million	7 million	23.5 million	3.9 million	27.4 million

In 2025, Luca plans to invest a total of $27.4 million into its projects, $23.5 million in sustaining capital expenditures and $3.9 million in exploration across its two operating mines. These expenditures are expected to be fully funded through operational cash flow.

At Campo Morado, a total of $13 million will be allocated to capital projects, with the primary investment being the development mine workings estimated at $10 million. Additional funds will support mine infrastructure, equipment acquisitions, and improvements to the processing plant and tailings storage facility. The exploration program will include 5,000 metres of drilling for $1.3 million, marking the first such initiative in several years. This campaign will focus on increasing high-grade resources near existing operations while also evaluating regional targets for future development.

At Tahuehueto, planned capital expenditures amount to $10.5 million, with $6.5 million allocated to mine workings. Additional investments will be directed toward infrastructure upgrades, plant enhancements, and camp improvements. The 2025 exploration program for $2.6 million is expected to involve 5,000 metres of drilling, primarily targeting resource expansion and mine life extension.

LUCA

Mining Corp.

NON-IFRS FINANCIAL MEASURES

The Company has disclosed certain non-IFRS financial measures and ratios in this MD&A, as discussed below. These non-IFRS financial measures and non-IFRS ratios are widely reported in the mining industry as benchmarks for performance and are used by Management to monitor and evaluate the Company's operating performance and ability to generate cash. The Company believes that, in addition to financial measures and ratios prepared in accordance with IFRS, certain investors use these non-IFRS financial measures and ratios to evaluate the Company's performance. However, the measures do not have a standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other companies. Accordingly, non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for measures and ratios of the Company's performance prepared in accordance with IFRS.

Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI 52-122") as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ration, fraction, percentage or similar representation.

A non-IFRS ratio is defined by 52-112 as a financial measure disclosed that (a) is in the form of a ration, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.

Working Capital

Working capital is a non-IFRS measure that is a common measure of liquidity but does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is current assets and net of current liabilities. Working capital is calculated by deducting current liabilities from current assets. Working capital should not be considered in isolation or as a substitute from measures prepared in accordance with IFRS. The measure is intended to assist readers in evaluating our liquidity.

	March 31 2021	December 31 2022
	$	$
Current assets	41,578	30,961
Current liabilities	40,827	51,929
Working capital	751	(20,968)

Mine Operating Cash Flow before Taxes

Mine operating cash flow before taxes is a non-IFRS measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Mine operating cash flow is calculated as revenue minus production costs, transportation and selling costs and inventory changes. Mine operating cash flow is used by management to assess the performance of the mine operations, excluding corporate and exploration activities, and is provided to investors as a measure of the Company's operating performance.

	Three Months Ended
	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024	Dec 31 2023	Sep 30 2023	Jun 30 2023
	$	$	$	$	$	$	$	$
Net revenues	38,617	27,975	18,095	18,163	16,341	13,416	11,275	12,156
Production cost	(21,902)	(19,475)	(14,307)	(14,289)	(12,348)	(10,112)	(10,796)	(10,921)
Royalties	(1,100)	(1,071)	(541)	(493)	(364)	(247)	(324)	391
Empress streaming	-	2,119	(136)	(1,495)	(487)	(463)	(180)	(707)
Inventory changes	113	2,960	(727)	1,454	897	(591)	55	(428)
Mine operating cash flows before taxes	15,728	12,531	2,384	3,340	4,038	2,003	30	491
	Cumulative as at the end of each period
---	---	---	---	---	---	---	---	---
	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024	Dec 31 2023	Sep 30 2023	Jun 30 2023
	$	$	$	$	$	$	$	$
Net revenues	38,617	80,574	52,599	34,504	16,341	50,593	37,178	25,903
Production cost	(21,902)	(60,419)	(40,944)	(26,637)	(12,348)	(43,968)	(33,856)	(23,060)
Royalties	(1,100)	(2,446)	(1,398)	(857)	(364)	(1,921)	(1,211)	(707)
Empress streaming	-	-	(2,119)	(1,983)	(487)	-	-	-
Inventory changes	113	4,584	1,624	2,351	897	(630)	(39)	(94)
Mine operating cash flows before taxes	15,728	22,293	9,762	7,378	4,038	4,074	2,072	2,042

LUCAS

Mining Corp.

Adjusted Earnings and Adjusted Earnings per Share

Adjusted earnings and adjusted earnings per share are non-IFRS measures and supplement information to the Company's consolidated financial statements. The Company believes that, in addition to the conventional measures prepared in accordance with IFRS Accounting Standards, the Company and certain investors and analysts use this information to evaluate the Company's underlying core operating performance. The presentation of adjusted earnings and adjusted earnings per share is not meant to be a substitute of net earnings and net earnings per share presented in accordance with IFRS but rather should be evaluated in conjunction with such IFRS measures.

The Company defines the adjusted earnings as net income adjusted to exclude certain non-cash items, and items that in the Company's judgment are subject to volatility as a result of factors which are unrelated to the Company's operation in the period. Certain items that become applicable in a period may be adjusted for, with the Company retroactively presenting comparable periods with an adjustment for such items and, conversely, items no longer applicable may be removed from the calculation. The following table provides a detailed reconciliation of net earnings (loss) as reported in the Company's consolidated financial statements to adjusted earnings (loss) and adjusted earnings (loss) per share.

	Three months ended
	March 31, 2025	Dec 31, 2024	Sep 30, 2024	June 30, 2024	March 31, 2024
Net earning (loss) per financial statements	$ 4,520	$ (17,889)	$ (2,509)	$ 4,674	$ 5,301
Share based compensation	662	1,015	975	73	129
Loss on revaluation of derivative liability	-	14,440	-	-	-
Foreign exchange loss (gain)	69	1,772	(19)	(2,663)	221
(Gain) loss on settlement of debt and modification of loans	(295)	5,988	-	-	(4,542)
(Gain) loss on disposition of subsidiary	-	-	-	(2,087)	-
Change in fair value of financial instruments	4,785	364	-	-	-
Other non operating expenses	-	330	-	-	-
Adjusted Net earnings (loss)	9,741	6,020	(1,553)	(3)	1,109
Adjusted earnings (loss) per share
Adjusted earning (loss) per share basic	0.04	0.03	(0.01)	(0.00)	0.01
Adjusted earning (loss) per share diluted	0.04	0.03	(0.01)	(0.00)	0.01
Basic weighted average shares outstanding ('000)	230,252	198,526	171,431	165,875	161,566
Diluted weighted average shares outstanding ('000)	256,814	227,578	171,431	165,875	161,566
	Cumulative for the period ended
---	---	---	---	---	---
	March 31, 2025	Dec 31, 2024	Sep 30, 2024	June 30, 2024	March 31, 2024
Net earning (loss) per financial statements	$ 4,520	$ (10,423)	$ 7,466	$ 9,975	$ 5,301
Share based compensation	662	2,192	1,177	202	129
Loss on revaluation of derivative liability	-	14,440	-	-	-
Foreign exchange loss (gain)	69	(689)	(2,461)	(2,442)	221
(Gain) loss on settlement of debt and modification of loans	(295)	1,446	(4,542)	(4,542)	(4,542)
(Gain) loss on disposition of subsidiary	-	(2,087)	(2,087)	(2,087)	-
Change in fair value of financial instruments	4,785	364	-	-	-
Other non operating expenses	-	330	-	-	-
Adjusted Net earnings (loss)	9,741	5,573	(447)	1,106	1,109
Adjusted earnings (loss) per share
Adjusted earning (loss) per share basic	0.04	0.03	(0.00)	0.01	0.01
Adjusted earning (loss) per share diluted	0.04	0.03	(0.00)	0.01	0.01
Basic weighted average shares outstanding ('000)	230,252	174,412	166,316	163,730	161,566
Diluted weighted average shares outstanding ('000)	256,814	199,570	166,316	163,730	161,566

LUCA

Mining Corp.

Net Free Cashflow Before Working Capital

Net free cash flow before working capital adjustments is a non-IFRS liquidity measure that reflects operating cash flows before changes in working capital, and less capital expenditures. Management uses this measure as a key indicator of the Company's underlying liquidity, as it provides a clearer view of the cash generated from core operations, excluding short-term fluctuations in working capital. This metric is used alongside related IFRS amounts when assessing available cash for decision-making purposes, including dividends and discretionary investments. It also assists management, the Board of Directors, and investors in evaluating the Company's ability to generate sustainable liquidity from operating activities.

Three months ended
CONSOLIDATED	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024	Dec 31 2023	Sep 30 2022	Jun 30 2023
	$	$	$	$	$	$	$	$
Cash provided by (used in) operating activities per financial statements	3,367	5,490	1,143	739	(704)	(6,243)	(2,500)	6,459
Net changes in non-cash working capital per financial statements	(9,618)	88	1,456	(2,643)	(4,262)	(3,850)	1,195	3,183
Operating cash flow before working capital changes	12,985	5,402	(313)	3,382	3,558	(2,393)	(3,695)	3,276
Property, plant and equipment	(660)	(1,574)	(1,257)	(1,386)	(247)	(20)	(3,008)	(4,580)
Mineral Properties	(614)	-	(624)	(225)	(163)	(129)	(554)	(167)
Net free cash flow before working capital changes	11,711	3,829	(2,195)	1,772	3,148	(2,542)	(7,257)	(1,471)
Net free cash flow before working capital changes per share ($)	0.05	0.02	(0.01)	0.01	0.02	(0.02)	(0.05)	(0.02)
Basic weighted average shares outstanding ('000)	230,252	198,526	171,431	165,875	161,566	148,108	141,713	64,382
Cumulative for the period ended
---	---	---	---	---	---	---	---	---
CONSOLIDATED	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024	Dec 31 2023	Sep 30 2023	Jun 30 2023
	$	$	$	$	$	$	$	$
Cash provided by (used in) operating activities per financial statements	3,367	6,668	1,178	35	(704)	907	6,271	8,771
Net changes in non-cash working capital per financial statements	(9,618)	(5,361)	(5,449)	(6,906)	(4,262)	2,760	4,583	3,388
Operating cash flow before working capital changes	12,985	12,030	6,628	6,941	3,558	(1,853)	1,688	5,383
Property, plant and equipment	(660)	(4,464)	(2,890)	(1,633)	(247)	(8,440)	(8,420)	(5,412)
Mineral Properties	(614)	(1,012)	(1,012)	(388)	(163)	(975)	(846)	(292)
Net free cash flow before working capital changes	11,711	6,553	2,725	4,920	3,148	(11,268)	(7,578)	(321)
Net free cash flow before working capital changes per share ($)	0.05	0.04	0.02	0.03	0.02	(0.11)	(0.08)	(0.00)
Basic weighted average shares outstanding ('000)	230,252	174,412	166,316	163,730	161,566	103,557	90,394	64,309

EBITDA

EBITDA is a non-IFRS financial measure, which excludes the following from net loss:

Income tax expense;
Amortization and depletion.
Finance costs;

Adjusted EBITDA excludes the following additional items from EBITDA:

Share based compensation;
Loss (gain) on Settlement of debt;
Non-recurring impairments (reversals);
Significant other non-routine finance items.

Adjusted EBITDA per share is calculated by dividing Adjusted EBITDA by the basic weighted average number of shares outstanding for the period.

Management believes EBITDA is a valuable indicator of the Company's ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or "EBITDA multiple" based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a Company. EBITDA intends to provide additional information to investors and analysts. It does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of operating performance prepared in accordance with IFRS.

LUGA

Mining Corp.

EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances and therefore is not necessarily indicative of operating profit or cash flow from operations as determined by IFRS. Other companies may calculate EBITDA and Adjusted EBITDA differently.

	Three months ended
	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024	Dec 31 2023	Sep 30 2023	Jun 30 2023
	$	$	$	$	$	$	$	$
Net earnings (loss) per financial statements	4,520	(17,889)	(2,509)	4,674	5,301	(2,471)	(3,727)	(3,979)
Depreciation and depletion – cost of sales	2,365	3,382	636	673	432	652	773	916
Depreciation and depletion – general and administration	46	12	-	114	-	69	-	-
Interest and finance costs (income), net	658	416	822	692	653	567	557	649
EBITDA	7,589	(14,079)	(1,051)	6,153	6,386	(1,183)	(2,397)	(2,414)
Share based compensation	662	1,015	975	100	129	189	257	369
Loss (gain) on derivatives	-	14,440	-	-	-	-	-	-
Loss (gain) on settlement of debt and modification of loans	(295)	5,988	-	-	(4,542)	3	-	-
Loss (gain) on disposition of subsidiary	-	-	-	(2,087)	-	-	-	-
Change in fair value of financial instruments	4,785	364	-	-	-	-	-	-
Other non-operating expenses	-	330	-	-	-	-	-	-
Adjusted EBITDA	12,741	8,058	(76)	4,166	1,973	(991)	(2,140)	(2,045)
	For the period ended
---	---	---	---	---	---	---	---	---
	Mar 31 2025	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024	Dec 31 2023	Sep 30 2023	Jun 30 2023
	$	$	$	$	$	$	$	$
Net earnings (loss) per financial statements	4,520	(10,423)	7,466	9,975	5,301	(11,114)	(8,642)	(4,915)
Depreciation and depletion – cost of sales	2,365	5,123	1,741	1,105	432	2,985	2,333	1,560
Depreciation and depletion – general and administration	46	126	-	-	-	173	103	-
Interest and finance costs (income), net	658	2,583	2,167	1,345	653	3,031	2,464	1,907
EBITDA	7,589	(2,591)	11,374	12,425	6,386	(4,925)	(3,742)	(1,448)
Share based compensation	662	2,192	1,177	202	129	1,174	985	728
Loss (gain) on derivatives	-	14,440	-	-	-	-	-	-
Loss (gain) on settlement of debt and modification of loans	(295)	1,446	(4,542)	(4,542)	(4,542)	3	-	-
Loss (gain) on disposition of subsidiary	-	(2,087)	(2,087)	(2,087)	-	-	-	-
Change in fair value of financial instruments	4,785	364	-	-	-	-	-	-
Other non-operating expenses	-	330	-	-	-	-	-	-
Adjusted EBITDA	12,741	14,094	5,922	5,998	1,973	(3,748)	(2,757)	(720)

Realized Price per Ounce and Realized Price per Tonne

Realized price per ounce or per tonne are based on provisional prices received from the sales of gold, silver, zinc, copper and lead before price adjustments and treatment and refining charges. It also excludes income from streaming.

LUCA

Mining Corp.

Cash Cost per AuEq Ounce sold, All-In Sustaining Cost per AuEq Ounce sold, All-In Cost per AuEq Ounce sold and Direct Mining Cost per Tonne

Cash costs per gold equivalent ounce sold and direct mining costs per tonne are measures developed by precious metals companies to provide a comparable standard; however, there can be no assurance that the Company's reporting of these non-IFRS measures and ratios are similar to those reported by other mining companies. Cash costs per gold equivalent ounce sold and total direct mining cost per tonne are non-IFRS performance measures used by the Company to manage and evaluate operating performance at its operating mining unit, in conjunction with the related IFRS amounts. They are widely reported in the silver mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Direct mining costs include mining, milling, direct overhead and changes in finished goods inventory at the operation sites. Cash costs include all direct costs plus royalties, special mining duty and treatment and selling costs.. Cash costs per gold equivalent ounce sold is calculated by dividing cash costs by the payable gold equivalent ounces sold. Direct mining costs per tonne are calculated by dividing total direct mining cost costs by the number of processed tonnes. The following tables provide a detailed reconciliation of these measures to the Company's direct production costs, as reported in its consolidated financial statements.

All-in Sustaining Costs ("AISC") is a non-IFRS performance measure and was calculated based on guidance provided by the World Gold Council ("WGC"). WGC is not a regulatory industry organization and does not have the authority to develop accounting standards for disclosure requirements. Other mining companies may calculate AISC differently as a result of differences in underlying accounting principles and policies applied, as well as differences in definitions of sustaining capital expenditures. AISC is a more comprehensive measure than cash cost per ounce sold and is useful for investors and management to assess the Company's operating performance by providing greater visibility, comparability and representation of the total costs associated with selling gold equivalent ounces from its current operations, in conjunction with related IFRS amounts. AISC helps investors to assess costs against peers in the industry and helps management assess the performance of its mine.

AISC includes total direct mining costs (IFRS measure) incurred at the Company's mining operation, which forms the basis of the Company's total cash costs. Additionally, the Company includes sustaining capital expenditures, corporate general and administrative expenses, operating lease payments, share-based compensation and reclamation cost accretion. The Company believes this measure represents the total sustainable costs of selling metal concentrates from current operations and provides additional information of the Company's operational performance and ability to generate cash flows. As the measure seeks to reflect the full cost of gold equivalent ounces from the zinc and lead concentrate production from current operations, new projects capital at current operation is not included. Certain other cash expenditures, including, tax payments, dividends and financing costs are also not included.

LUCA

Mining Corp.

The following tables provide detailed reconciliations of these measures to cost of sales, as reported in notes with our consolidated financial statements.

	For the three months ended				For the three months ended
	March 31, 2025				March 31, 2024
	Cempo Monato	Tabuabuejo	Consolidated	Cempo Monato	Tabuabuejo	Consolidated
Cost of sales	14,796	10,261	25,255	8,594	4,141	12,735
Royalties	(746)	(354)	(1,100)	(364)	-	(364)
Empress stream	-	-	-	-	(487)	(487)
Depreciation and SBC	(556)	(1,809)	(2,563)	(432)	-	(432)
Direct mining cost (4)	13,494	8,098	21,592	7,798	3,654	11,452
Add:
Treatment and selling costs	7,383	1,400	8,783	4,780	761	5,541
Royalties	746	354	1,100	364	-	364
Empress stream	-	-	-	-	487	487
Total cash cost (2)	21,623	9,852	31,475	12,942	4,902	17,844
General and administrative - corporate	748	658	3,237	223	289	2,043
SBC Compensation	-	-	662	-	-	129
Lease payments	88	424	552	57	126	178
Accretion relating to reclamation and rehabilitation	90	71	161	101	61	162
Sustaining capital expenditures	460	814	1,274	247	163	410
Total All-in sustaining cost (3)	23,009	11,819	37,361	13,570	5,541	20,766
Loan payments	1,006	800	5,332	-	-	-
Empress stream	-	1,684	1,684	-	-	-
Interest paid	60	343	438	-	-	490
All-in cost (3)	F	24,075	14,646	44,815	13,570	5,541	21,256
Tonnes milled	D	175,334	70,948	246,282	125,105	33,319	158,424
Gold equivalent ounces sold (1)	E	10,847	5,753	16,600	7,108	2,945	10,053
Direct mining cost (4)	A	13,494	8,098	21,592	7,798	3,654	11,452
Total cash cost (2)	B	21,623	9,852	31,475	12,942	4,902	17,844
Total All-in sustaining cost (3)	C	23,009	11,819	37,361	13,570	5,541	20,766
Direct mining cost per tonne (4)	A/D	77	114	88	62	110	72
Cash cost per AuEq ounce sold (2)	B/E	1,993	1,712	1,896	1,821	1,665	1,775
All-in sustaining cost per AuEq ounce sold (3)	C/E	2,121	2,054	2,251	1,909	1,881	2,066
Loan payments	93	139	321	-	-	-
Empress stream	-	293	101	-	-	-
Interest paid	6	60	26	-	-	49
All-in cost per AuEq ounce sold (3)	F/E	2,220	2,546	2,700	1,909	1,881	2,114
Mining cost per tonne	42	58	47	26	47	31
Milling cost per tonne	25	46	31	32	58	37
Indirect cost per tonne	9	13	10	8	19	10
Inventory changes	0	(2)	(0)	(3)	(14)	(6)
Direct mining cost per tonne (4)	77	114	88	62	110	72
Mining	7,396	4,109	11,505	3,305	1,570	4,875
Milling	4,469	3,237	7,706	3,949	1,930	5,879
Indirect	1,580	914	2,494	970	625	1,595
Inventory changes	49	(162)	(113)	(426)	(471)	(897)
Direct mining cost	13,494	8,098	21,592	7,798	3,654	11,452

Gold equivalents are calculated using an 84.96:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0016:1 (Au/Cu) and 0.0003:1 (Au/Pb) ratio for Q4 2024; 85.07:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.0002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q4 2023.
Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation and sustaining capital.
Production costs include mining, milling, and direct overhead at the operation sites.

LUCAS

Mining Corp.

The following table is a summary of these measures to cost of sales by quarter and year to date.

	March 31, 2021	Dec 31, 2021	Sep 30, 2021	June 30, 2021	March 31, 2021	Consolidated year ended
						March 31, 2022	March 31, 2022
Cost of sales	25,255	18,827	16,347	15,496	12,735	25,255	12,735
Royalties	(1,100)	(1,048)	(541)	(493)	(364)	(1,100)	(364)
Empress stream	-	2,119	(136)	(1,496)	(487)	-	(487)
Depreciation	(2,563)	(3,383)	(636)	(673)	(432)	(2,563)	(432)
Direct mining cost (4)	21,592	16,515	15,034	12,834	11,452	21,592	11,452
Add:
Treatment and selling costs	8,783	4,466	7,515	5,996	5,541	8,783	5,541
Royalties	1,100	1,048	541	493	364	1,100	364
Empress stream	-	-	136	-	487	-	487
Total cash cost(2)	31,475	22,029	23,226	19,323	17,844	31,475	17,844
General and administrative - corporate	3,237	1,361	2,294	1,823	2,070	3,237	2,043
SBC Compensation	662	484	975	100	129	662	129
Lease payments	552	1,596	278	126	178	552	178
Accretion relating to reclamation and rehabilitation	161	137	135	170	162	161	162
Sustaining capital expenditures	1,274	2,653	1,837	1,641	410	1,274	410
Total All-in sustaining cost(3)	37,361	28,260	28,745	23,183	20,766	37,361	20,766
Loan payments	5,332	660	-	-	-	5,332	-
Empress stream	1,684	-	-	-	-	1,684	-
Interest paid	438	566	323	386	490	438	490
All-in cost (3)	44,815	29,486	29,068	23,569	21,256	44,815	21,256
Tonnes milled	D	246,282	208,649	151,221	153,676	158,424	246,282
Gold equivalent ounces sold(1)	E	16,600	13,746	9,569	10,186	10,053	16,600
Direct mining cost (4)	A	21,592	16,515	15,034	12,834	11,452	21,592
Total cash cost(2)	B	31,475	22,029	23,226	19,323	17,357	31,475
Total All-in sustaining cost(3)	C	37,361	28,260	28,745	23,183	20,306	37,361
Direct mining cost per tonne(4)	A/D	88	79	99	84	72	88
Cash cost per AuEq ounce sold(2)	B/E	1,896	1,603	2,427	1,897	1,727	1,896
All-in sustaining cost per AuEq ounce sold(3)	C/E	2,251	2,056	3,004	2,276	2,066	2,251
Loan payments	321	48	-	-	-	321	-
Empress stream	101	-	-	-	-	101	-
Interest paid	26	41	34	(5)	49	26	49
All-in cost per AuEq ounce sold(3)	2,700	2,145	3,038	2,271	2,114	2,700	2,114
Mining cost per tonne	47	55	43	36	31	47	31
Milling cost per tonne	31	29	35	42	37	31	37
Indirect cost per tonne	10	9	16	14	10	10	10
Inventory changes	-	(14)	5	(9)	(6)	-	(6)
Direct mining cost per tonne(4)	88	79	99	84	72	88	72
Mining	11,505	11,491	6,561	5,587	4,875	11,505	4,875
Milling	7,706	6,090	5,253	6,526	5,879	7,706	5,879
Indirect	2,494	1,894	2,493	2,175	1,595	2,494	1,595
Inventory changes	(113)	(2,960)	727	(1,454)	(897)	(113)	(897)
Direct mining cost	21,592	16,515	15,034	12,834	11,452	21,592	11,452

Gold equivalents are calculated using an 84.96:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0016:1 (Au/Cu) and 0.0003:1 (Au/Pb) ratio for Q4 2024, an 84.15:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0017:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q3 2024, an 81.00:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for Q2 2024, an 88.72:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0018:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2024; 85.07:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q4, 2023; 81.84:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q3 2023; 81.80:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q2 2023; 83.71:1 (Ag/Au), 0.0008:1 (Au/Zn), 0.002:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for Q1 2023, an 84.46:1 (Ag/Au), 0.0005:1 (Au/Zn), 0.0019:1 (Au/Cu) and 0.0004:1 (Au/Pb) ratio for YTD 2024; and an 83.02:1 (Ag/Au), 0.0006:1 (Au/Zn), 0.0020:1 (Au/Cu) and 0.0005:1 (Au/Pb) ratio for YTD 2023.
Cash cost per gold equivalent ounce includes mining, processing, and direct overhead costs.
AISC per AuEq oz includes mining, processing, direct overhead, corporate general and administration expenses, reclamation, and sustaining capital.
Production costs include mining, milling, and direct overhead at the operation sites.

LUCA

Mining Corp.

SUMMARY OF QUARTERLY RESULTS

The following is a summary of the Company's financial results for the eight most recent quarters:

	2025	2024				2023
	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
	$	$	$	$	$	$	$	$
Net revenue	38,617	27,975	18,095	18,163	16,341	13,416	11,275	12,156
Production costs	(21,902)	(19,475)	(14,307)	(14,289)	(12,348)	(10,112)	(10,796)	(10,921)
Royalties	(1,100)	(1,049)	(541)	(493)	(364)	(247)	(324)	391
Empress streaming	-	2,119	(136)	(1,495)	(488)	(463)	(180)	(707)
Inventory changes	113	2,960	(727)	1,454	897	(591)	55	(428)
Mine operating cashflows before taxes	15,728	12,531	2,384	3,340	4,038	2,003	30	491
Depreciation	(2,365)	(3,382)	(636)	(673)	(432)	(652)	(773)	(916)
Mine operating earnings (loss)	13,363	9,149	1,748	2,667	3,606	1,351	(743)	(425)
Net earnings (loss)	4,520	(17,889)	(2,509)	4,674	5,301	(2,471)	(3,727)	(3,979)
Net free cashflow before working capital	11,711	3,828	(2,195)	1,772	3,148	(2,542)	(7,257)	(1,471)
EBITDA	7,589	(14,079)	(1,051)	6,153	6,386	(1,183)	(2,397)	(2,414)
Adjusted EBITDA	12,741	8,058	(76)	4,166	1,973	(991)	(2,140)	(2,045)
Basic and diluted earnings (loss) per share	0.02	(0.09)	(0.01)	0.03	0.03	(0.02)	(0.03)	(0.06)
Weighted Average shares outstanding ('000)
basic	230,252	198,526	171,431	165,875	161,566	148,108	141,713	64,382
Weighted Average shares outstanding ('000)
diluted	256,814	227,578	171,431	165,875	161,566	148,108	141,713	64,382

For the three months ended December 31, 2024, revenues totaled $27,975, reflecting a significant increase of $14,559 or 109% compared to $13,416 for the same period in 2023. This surge was driven primarily by an increase in both sales volumes and metal prices. Gold sales increased by 131% to 6,612 ounces (from 2,857 ounces in the previous period), and silver sales jumped by 63% to 183,049 ounces (from 112,373 ounces). Copper sales saw a notable increase of 48%, rising to 1,540,895 pounds (from 1,037,905 pounds), while lead sales increased by 105% to 805,152 pounds (from 393,657 pounds). Zinc sold remained relatively flat, with a slight 1% decrease (from 4,490,111 pounds to 4,438,232 pounds), though still contributing to the overall growth.

In addition to higher sales volumes, realized prices for all key metals improved significantly during the quarter. The realized gold price per ounce increased by 32%, reaching $2,671.41 (from $2,018.05 in Q4 2023), while the silver price increased by 32% to $31.39 per ounce (from $23.79 per ounce). The zinc price saw a 23% increase, reaching $1.38 per pound (from $1.12), and the copper price also improved by a notable 10%, rising to $4.16 per pound (from $3.78). The lead price, however, decreased slightly by 3%, falling to $0.91 per pound (from $0.94). This improvement in metal prices, coupled with the higher sales volumes, had a significant positive impact on revenues.

Provisional pricing adjustments also contributed negatively to revenues, with a decrease of $5,232 compared to a smaller impact of $54 in Q4 2023. This adjustment reflected disavowable impact of final settlements from prior periods to the overall revenue growth for the fourth quarter.

For the three months ended September 30, 2024, revenues totaled $18,095, net of metal deductions, treatment and refining charges, and provisional pricing adjustments, representing an increase of $6,820 or 60%, compared to $11,275 in the same period of 2023. This growth was primarily driven by higher sales volumes across key metals, particularly a 61% increase in gold sold to 3,124 ounces (from 2,476 ounces in the prior period) and a 9% increase in silver sold to 127,650 ounces (from 117,250 ounces). Copper sold also experienced strong growth, with copper sold increasing by 46% to 1,366,899 pounds (from 934,124 pounds) and lead sold rising by 7% to 340,036 pounds (from 317,774 pounds). Zinc sold increased by 15%.

LUCA

Mining Corp.

For the quarter ended June 30, 2024, revenues totaled $18,163, net of metal deductions, treatment and refining charges, and provisional pricing adjustments, representing an increase of $6,007 or 49%, compared to $12,156 in the same period of 2023. This growth was primarily driven by higher sales volumes across key metals, particularly a 65% increase in gold sold to 3,629 ounces (from 2,200 ounces in the prior period) and a 9% increase in silver sold to 131,736 ounces (from 121,072 ounces).

Copper and lead sold also experienced strong growth, with copper sold increasing by 55% to 553 tonnes (from 356 tonnes) and lead sold rising by 15% to 244 tonnes (from 211 tonnes). However, zinc sold declined by 47% to 1,980 tonnes, compared to 3,767 tonnes in the prior year period. Despite this decline in zinc sold, the overall increase in metals sold was driven by the sale of other metals, particularly gold and silver.

The Company generated revenues of $16,341 net of treatment and refining costs in Q1 2024, which was a 19% increase compared to Q1 2023, mainly due to sales of 3,579 ounces of gold and 150,092 ounces of silver a 48% and 4% increase respectively. Additionally, the Company sold 2,066 tonnes of zinc at a realized price of $2,405, 531 tonnes of copper at a realized price of $8,479 and 177 tonnes of lead at a realized price of $2,038. During the quarter realized gold and silver price per ounce sold averaged $2,056 and $22.99 a 7% and a 0% increase respectively, compared to $1,919 and 22.88 per ounce in Q1 2023.

The Company generated revenues of $13,416 net of treatment and refining costs in Q4 2023, which was a 19% increase compared to Q3 2023, mainly due to sales of 2,857 ounces of gold and 112,373 ounces of silver a 15% increase and a 4% decrease respectively. Additionally, the Company sold 2,037 tonnes of zinc at a realized price of $2,476, 471 tonnes of copper at a realized price of $8,358 and 179 tonnes of lead at a realized price of $2,093. During the quarter realized gold and silver price per ounce sold averaged $2,018 and $23.79 a 5% and a 3% increase respectively, compared to $1,917 and 23.06 per ounce in Q3 2023.

The Company generated revenues of $11,270 net of treatment and refining costs, during the three months ended September 30, 2023, a 7% decrease compared to the three months ended June 30, 2023, from the sales of 2,476 ounces of gold at a realized price of $1,917 and 117,250 ounces of silver at a realized price of $23.06 a 3% decrease and 3% decrease in ounces respectively, as compared to Q2 2023. In addition, the Company sold 2,134 tonnes of zinc at a realized price of $2,482, 424 tonnes of copper at a realized price of $8,396 and 144 tonnes of lead at a realized price of $2,143.

In the second quarter of 2023, the Company sold 2,200 ounces of gold at a realized price of $1,968 per ounce and 121,072 ounces of silver at realized price of $23.88 per ounce, resulting in revenues of $12,158 net of treatment and refining cost. A decrease of 9% and 16% in ounces of gold and silver sold respectively from Q1 2023. In addition, the Company sold 3,767 tonnes of zinc at a realized price of $2,372, 356 tonnes of copper at a realized price of $8,180 and 211 tonnes of lead at a realized price of $2,120 in Q2 2023. The Company generated $423 of mine operating losses in the second quarter of 2023 compared with $907 in income in the first quarter of 2023.

Revenue increased by 5% in the first quarter of 2023 to $13,747 compared to $13,057 in Q4 2022 due primarily to higher gold (70%) and silver (29%) ounces sold to 2,418 and 144,831 respectively. Sales of zinc, copper, and lead tonnes were 3,210, 446, and 268 respectively, in Q1 2023, an increase of 4%, 43% and 62%, respectively over the Q4 2022 tonnes. The Company generated a mine operating profit in Q1 2024 of $907, a swing of 195% over Q4 2022 mine operating loss of $959 due primarily to the increase in ounces sold.

LUCAS

Mining Corp.

The following is a summary of the Company's production information for the eight most recent quarters:

	2025	2024				2023
PRODUCTION	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2

Processed tonnes	246,282	208,649	151,221	153,676	158,424	130,210	147,732	185,953
Campo Morado	175,334	141,097	122,195	118,104	125,105	106,765	128,287	166,796
Tahuehueto	70,948	67,552	29,027	35,572	33,319	23,446	19,445	19,157

Gold Ounces	7,677	7,120	3,604	4,278	4,297	3,155	3,437	2,716
Campo Morado	2,980	2,002	1,347	1,517	1,929	1,164	1,869	1,155
Tahuehueto	4,697	5,118	2,258	2,761	2,368	1,991	1,568	1,561
Gold Grade	1.96	1.88	1.63	1.84	1.70	1.40	1.81	1.23
Campo Morado	1.78	1.46	1.35	1.58	1.46	1.02	1.62	1.03
Tahuehueto	2.40	2.78	2.79	2.74	2.64	3.13	3.05	2.97
Gold Recovery	49.44	56.34	45.53	46.94	49.52	53.80	40.09	36.80
Campo Morado	29.68	30.30	25.35	25.36	32.96	33.18	28.03	20.82
Tahuehueto	85.62	84.88	86.72	88.16	83.83	84.46	82.28	85.21

Silver Ounces	350,669	228,317	158,778	188,267	207,504	155,763	169,162	178,583
Campo Morado	285,757	172,642	138,065	158,762	180,108	133,872	152,213	158,792
Tahuehueto	64,912	55,674	20,713	29,505	27,396	21,891	16,949	19,791
Silver Grade	91.27	73.65	72.22	79.46	95.71	75.63	91.95	75.30
Campo Morado	114.81	94.70	83.30	94.47	112.69	84.72	100.91	79.70
Tahuehueto	33.09	29.70	25.57	29.65	31.95	34.24	32.79	37.01
Silver Recovery	48.52	46.21	45.22	47.95	42.56	49.19	38.74	39.67
Campo Morado	44.15	40.19	42.19	44.26	39.73	46.03	36.57	37.15
Tahuehueto	86.01	86.32	86.79	87.01	80.05	84.83	82.69	86.83

Lead Pounds Produced	2,401,418	1,745,645	1,141,934	1,471,506	1,456,297	1,230,654	1,421,212	1,436,927
Campo Morado	1,284,687	768,445	736,470	821,723	903,744	761,657	934,117	903,205
Tahuehueto	1,116,731	977,201	405,464	649,783	552,553	468,997	487,095	533,722
Lead Grade	0.80	0.68	0.66	0.78	0.77	0.68	0.82	0.71
Campo Morado	0.75	0.60	0.62	0.71	0.71	0.60	0.74	0.63
Tahuehueto	0.93	0.85	0.81	1.00	0.99	1.08	1.34	1.46
Lead Recovery	54.99	55.58	52.25	55.79	54.00	62.59	53.52	49.18
Campo Morado	44.15	41.08	44.20	44.37	45.90	54.16	44.92	39.17
Tahuehueto	76.64	76.94	78.07	82.73	75.92	83.78	84.59	86.68

Zinc Pounds Produced	11,547,374	6,805,533	5,876,385	6,889,575	6,763,320	6,018,969	6,675,763	10,691,403
Campo Morado	9,954,295	5,291,927	5,162,000	5,701,467	5,731,806	5,074,841	5,552,531	9,447,680
Tahuehueto	1,593,079	1,513,606	714,385	1,188,109	1,031,514	944,128	1,123,232	1,243,723
Zinc Grade	2.59	1.85	2.18	2.49	2.38	2.49	2.61	3.23
Campo Morado	3.06	2.08	2.36	2.65	2.51	2.53	2.51	3.19
Tahuehueto	1.44	1.39	1.44	1.95	1.90	2.35	3.27	3.54
Zinc Recovery	81.98	79.83	80.77	81.63	81.42	84.06	78.56	80.75
Campo Morado	84.12	81.94	81.26	82.54	82.91	85.35	78.27	80.45
Tahuehueto	70.73	73.24	77.41	77.50	73.99	77.74	80.04	83.16

Copper Pounds Produced	2,507,061	2,226,489	1,817,924	1,557,367	1,744,679	1,478,472	1,410,806	1,467,268
Campo Morado	2,208,604	1,982,864	1,714,874	1,441,433	1,649,557	1,407,968	1,359,019	1,411,178
Tahuehueto	298,457	243,625	103,050	115,934	95,122	70,503	51,787	56,090
Copper Grade	0.60	0.61	0.69	0.58	0.66	0.64	0.69	0.56
Campo Morado	0.75	0.81	0.81	0.70	0.79	0.75	0.77	0.61
Tahuehueto	0.22	0.19	0.19	0.18	0.18	0.17	0.14	0.16
Copper Recovery	77.18	79.49	78.64	78.83	75.29	80.16	63.18	63.62
Campo Morado	76.24	78.96	78.35	78.55	75.44	80.13	62.60	63.00
Tahuehueto	84.90	84.18	83.70	82.36	72.72	80.84	83.58	84.32

LUCA

Mining Corp.

OTHER FINANCIAL INFORMATION

SHARE CAPITAL

The Company's authorized share capital consists of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value.

The common shares, warrants and stock options outstanding are as follows:

	Number of units	March 31, 2025		May 27, 2025
		Weighted average exercise Price (1)	Weighted average life (years)	Number of units	Weighted average exercise Price (1)	Weighted average life (years)
Common shares	241,716,620			260,294,655
Warrants	27,967,619	0.58	0.46	10,863,610	0.71	0.66
Stock options	15,237,750	0.54	3.88	13,560,002	0.55	3.81
Restricted share units	1,300,000	-	-	1,300,000	-	-
Fully diluted	286,221,989			286,118,267

Amounts are in CAD.
The convertible debenture was partially repurchased and partially converted on January 7, 2025, at an exercise price of $0.35, resulting in the issuance of 13,566,771 shares. Refer to Note 30 – Subsequent Events in the Consolidated Financial Statements for the year ended December 31, 2024.

MANAGEMENT OF CAPITAL

The Company considers the items included in the consolidated statements of changes in equity as capital. The Company's objective when managing capital is to safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders. The Company manages the capital structure and makes adjustments to it in light of changes in economics conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through private placements, convertible debentures, asset acquisitions or return capital to shareholders. As at December 31, 2024, the Company is not subject to externally imposed capital requirements

OFF BALANCE SHEET ARRANGEMENTS

As of March 31, 2025, the Company has commitments of $362 for contracted mining services which are expected to be expended within one year.

TRANSACTIONS WITH RELATED PARTIES

Compensation of key management personnel

Key management personnel include persons having the authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The key management personnel of the Company are the members of the Company's executive management team and Board of Directors. Compensation provided to key management personnel is as follows:

	Three months ended
	March 31 2025	March 31 2024
	$	$
Salaries, bonus and benefits	1,073	230
Consulting fees	239	200
Share-based compensation	511	111
Total	1,823	541

Related party balances

As at March 31, 2025, directors and officers or their related companies were owed $104 (December 31, 2024 - $127) included in accounts payable and accrued liabilities mainly in respect to directors' fees payable and reimbursement of labour obligations. These amounts are unsecured, non-interest bearing and have no specific terms of settlement.

LUCA

Mining Corp.

Cozen O'Connor LLP ("Cozen")

Cozen O'Connor is an Amlaw 100 international law firm to which the Company has legal services. A director of the Company was deemed to have economic influence in the law firm. During the period ended March 31, 2025, the Company incurred legal expenses of $40 (March 31, 2024 - $56).

CONTINGENCIES AND CONTRACTUAL OBLIGATIONS

a) Commitments

As of March 31, 2025, the Company has commitments of $362 for contracted mining services which are expected to be expended within one year.

b) Contingencies

In the normal course of business, the Company is aware of certain claims and potential claims. The outcome of these claims and potential claims is not determinable at this time, although the Company does not believe these claims and potential claims will have a material adverse effect on the Company's results of operations or financial position.

As at March 31, 2025, the Company has estimated an accrual of $4,403 (December 31, 2024 - $3,831) in contingent liabilities, mainly as follows:

Servicio de Administracion Tributaria Vs Minas de Campo Morado, S.A. de C.V.

During the 2019 fiscal year, the Servicio de Administracion Tributaria ("SAT") performed an audit on the Company's subsidiary, Minas de Campo Morado, S. A. de C. V. ("MCM"), in relation to value added tax ("VAT") and Impuesto Sobre la Renta ("ISR") claimed for the years 2014 and 2015. As a result of the audit, the SAT determined a difference in taxes payable of approximately $810 (MXN$16,000) and possible reduction of accumulated tax losses for $5,290 (MXN$104,000), which the Company is challenging through a legal process. As at December 31, 2023, Minas de Campo Morado, S.A. de C.V. has non-capital losses available for future periods in excess of the claimed amount, thus no additional accrual has been recorded on a contingent basis.

For the nine months ending September 30, 2024, the Mexican court issued a favorable resolution granting MCM 90% of the 2014 and 2015 tax credits, affirming that the deducted expenses complied with income tax regulations. On May 2024, MCM filed an appeal to seek the remaining 10% of the tax credit. This appeal was accepted, leading the upper court to instruct the tax court to issue a new judgment. As of the date of these financial statements, the Company is still awaiting the tax court's new resolution.

Size Solutions, S.A. de C.V.

In March 2020, the Company terminated its business relationship with Size Solutions S.A. de C.V. ("Size"), a payroll service provider for Minas de Campo Morado, S.A. de C.V., and corporate offices in Mexico City. Size has given notice to the Company of outstanding amounts payable in the amount of $3,152 (MXN$62,000).

FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

Fair value measurement and valuation techniques

Financial instruments included in the consolidated statements of financial position are measured either at fair value or amortized cost. Estimated fair values for financial instruments are designed to approximate amounts for which the instruments could be exchanged in an arm's-length transaction between knowledgeable and willing parties.

The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (interest rate, yield curves), or inputs that are derived principally from or corroborated observable market data or other means.
Level 3 inputs are unobservable (supported by little or no market activity).

LUCA

Mining Corp.

The table below summarizes the valuation methods used to determine the fair value of each financial instrument:

Financial asset or liability	Methods and assumptions used to estimate fair value
Trade receivables	Trade receivables arising from the sales of metal concentrates are subject to provisional pricing, and the final selling price is adjusted at the end of a quotational period. These are marked to market at each reporting date based on the forward price corresponding to the expected settlement date.
Derivative Liability	The fair value of the derivative liability arising from a convertible debenture used to cancel debt, is measured using a partial differential equation approach.
Stream Agreement	The fair value of the Stream Agreement is determined based on a discounted cash flow model using the assumptions outlined in Note 13 to the March 31, 2025 condensed consolidated interim financial statements of the Company.

The carrying value of cash and cash equivalents, other receivables, other assets, amounts payable and accrued liabilities and loans payable, all of which are carried at amortized cost, approximate their fair value given their short-term nature. Trade receivables and related derivatives and derivative liability arising from the convertible debenture are classified within Level 2 of the fair value hierarchy. The fair value of the Stream Agreement is classified within level 3 of the fair value hierarchy.

LUCA

Mining Corp.

During the period ended March 31, 2025, there were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy.

March 31, 2025	Fair value through profit or loss	Amortized cost	Total	Level 1	Level 2	Level 3	Carrying value approximates Fair Value
	$	$	$	$	$	$	$
Financial assets measured at Fair Value
Trade receivables from sale of concentrate	5,630	-	5,630	-	5,630	-	-
	5,630	-	5,630	-	5,630	-	-
Financial assets not measured at Fair Value
Cash and cash equivalents	-	15,942	15,942	-	-	-	15,942
Other receivables	-	3,961	3,961	-	-	-	3,961
	-	19,903	19,903	-	-	-	19,903
Financial liabilities not measured at Fair Value
Amounts payable and accrued liabilities	-	(24,944)	(24,944)	-	-	-	(24,944)
Derivative from convertible debenture	-	-	-	-	-	-	-
Derivative liability from stream agreement	(25,904)	-	(25,904)	-	-	(25,904)	-
Loans payable	-	(9,519)	(9,519)	-	-	-	(9,519)
	(25,904)	(34,463)	(60,367)	-	-	(25,904)	(34,463)
December 31, 2024 -	Fair value through profit or loss	Amortized cost	Total	Level 1	Level 2	Level 3	Carrying value approximates Fair Value
---	---	---	---	---	---	---	---
	$	$	$	$	$	$	$
Financial assets measured at Fair Value
Trade receivables from sale of concentrate	1,005	-	1,005	-	1,005	-	-
	1,005	-	1,005	-	1,005	-	-
Financial assets not measured at Fair Value
Cash and cash equivalents	-	10,207	10,207	-	-	-	10,207
Other receivables	-	6,632	6,632	-	-	-	6,632
	-	16,839	16,839	-	-	-	16,839
Financial liabilities not measured at Fair Value
Amounts payable and accrued liabilities	-	(24,715)	(24,715)	-	-	-	(24,715)
Derivative from convertible debenture	(4,975)	-	(4,975)	-	(4,975)	-	-
Derivative liability from stream agreement	(22,804)	-	(22,804)	-	-	(22,804)	-
Loans payable	-	(17,037)	(17,037)	-	-	-	(17,037)
	(27,779)	(41,752)	(69,531)	-	(4,975)	(22,804)	(41,752)

LUCA

Mining Corp.

RISKS AND UNCERTAINTIES

The Company is exposed to many risks in conducting its business, including but not limited to: metal price risk as the Company derives its revenue from the sale of zinc, copper, lead, silver and gold; trading and credit risk in the normal course of dealing with other companies; foreign exchange risk as the Company operates in Mexico that utilize the Mexican Peso; risks relating to cyber security; the inherent risk of uncertainties in estimating mineral reserves and mineral resources; political, economic and social risks related to conducting business in jurisdictions such as Canada, and Mexico; environmental and permitting regulation; risks related to its relations with employees and local communities where the Company operates. The risks set out below are not the only risks the Company faces. Risks and uncertainties not currently known to the Company or that are currently deemed to be immaterial may also materially and adversely affect the Company's business, financial condition, financial performance and prospects. Certain of these risks are described below and are more fully described in the Company's consolidated financial statements for the year ended December 31, 2023 (available on SEDAR+ at www.sedarplus.ca). Readers are encouraged to refer to these documents for a more detailed description of some of the risks and uncertainties inherent to the Company's business.

Financial risk management

The Company thoroughly examines the various financial instruments and risks to which it is exposed and assesses the impact and likelihood of those risks. These risks include fluctuations in metal prices, exchange risk, credit risk, interest rate risk, and liquidity risk. Where material, these risks are reviewed and monitored by the Board of Directors.

The Board of Directors has overall responsibility for the determination of the Company's risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Company's competitiveness and flexibility.

Commodity price risk

Gold, silver, zinc, copper and lead prices have historically fluctuated significantly and are affected by numerous factors outside of the Company's control, including, but not limited to, industrial and retail demand, central bank lending, forward sales by producers and speculators, level of worldwide production, short-term changes in supply and demand due to speculative hedging activities and certain other factors. The ability of the Company to develop its mineral properties and exploration and evaluation assets is highly correlated to the market prices of zinc, copper, lead, gold and silver. If metal prices decline for a prolonged period below the anticipated cost of production of the Company's mine, it may not be economically feasible to continue production.

The following table summarizes the effect on provisionally priced sales and accounts receivable of a 10% change in metal prices from the realized prices used at March 31, 2025:

Metal	Change	Effect on Sales $
Gold	+/- 10%	752
Silver	+/- 10%	1,606
Zinc	+/- 10%	379
Copper	+/- 10%	313
Lead	+/- 10%	23

Credit risk

Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and amounts receivable. The Company deposits its cash and cash equivalents with high credit quality major Canadian and Mexican financial institutions as determined by ratings agencies. Trade accounts receivable from concentrate sales are held with large international metals trading companies.

As of	March 31, 2025	December 31, 2026
	$	$
Cash	15,942	10,207
Trade receivables	5,335	770
Other receivables	4,082	267
Other assets	174	116
	25,533	11,360

LUCA

Mining Corp.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives.

The Company enters into contracts that give rise to commitments in the normal course of business. The following table summarizes the remaining contractual maturities of the Company's financial liabilities, operating and capital commitments, shown in contractual undiscounted cash flows, including interest, as at March 31, 2025:

Expected payments, by year, as at March 31, 2025
	Less than 1 year	1 -3 years	After 5 years	Total
	$	$	$	$
Accounts payable and accrued liabilities	24,944	-	-	24,944
Lease liabilities	1,822	5,947	3,089	10,858
Royalty streaming	6,358	17,970	1,576	25,904
Loans payable	7,703	1,816	-	9,519
Provision for reclamation and rehabilitation	-	-	6,947	6,947
Total contractual obligations	40,827	25,733	11,612	78,172

Interest rate risk

Interest rate risk is the risk that the fair value of the future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

As at March 31, 2025, and December 31, 2024, the Company's loans payable were at fixed and floating rates and the Company has not entered into any financial derivatives or other financial instruments to hedge against this risk. The Company's loans bear interest at variable and fixed rates. Interest risk exposure is in relation to variable interest rates and a variation of 1% on the interest rate would change net loss by approximately $81 (December 31, 2024 – $98).

The Company's cash is mainly held in bank accounts at Canadian and Mexican chartered banks. The interest rate risks on cash and cash equivalents are not considered significant.

Foreign currency risk

Currency risk is the risk that foreign exchange rates will fluctuate significantly from expectations. The Company reports its financial statements in US dollars; however, it operates in Mexico which utilized both the Mexican Peso ("MXN") and the US Dollar ("USD") and Canada which utilized the Canadian dollar ("CAD") (collectively "Local Currencies"). Consequently, the financial results of the Company's operations as reported in US dollars are subject to changes in the value of the US dollar relative to the Local Currencies. Since a significant portion of the Company's operating costs and capital spending are in Local Currencies, the Company is negatively impacted by strengthening local currencies relative to the US dollar and positively impacted by the inverse.

The US dollar equivalents of financial assets and liabilities denominated in currencies other than the US dollar as at March 31, 2025, are as follows:

	March 31, 2025		December 31, 2024
Denominated (000's)	CAD Dollars	Mexican Peso	CAD Dollars	Mexican Peso
	$	$	$	$
Financial assets, foreign currency	1,565	62,708	3,304	144,984
Financial liabilities, foreign currency	(1,024)	(636,486)	(1,575)	(482,509)
Net financial assets (liabilities)	541	(573,778)	1,729	(337,525)

Of the financial assets listed above, CAD$3,244 (2023 - CAD$1,071) represents cash held in CAD dollars and MXN$4,305 (2023 - MXN$6,284) represents cash held in Mexican pesos. The remaining cash balance is held in US Dollars.

The Company is primarily exposed to fluctuations in the value of USD against CAD and USD against MXN. With all other variables held constant, a 10% change in USD against CAD or USD against MXN would result in the following impact on the Company's net loss for the period:

Currency	Change	Effect $
CAD dollars	+/- 10%	34
Mexican pesos	+/- 10%	2,557

LUCA

Mining Corp.

Risks Relating to the Company's Business Operations

The business, financial condition, actual results of operations and prospects of the Company could also be materially and adversely affected by the following risks:

estimates of mineral resources and mineral reserves are based on interpretation and assumptions, which are inherently imprecise;
there is no guarantee that the Company or its subsidiaries will obtain the licenses and permits necessary to conduct business, the failure of which may result in an impairment or loss in the Company's mineral properties;
surface rights for the Company's mineral properties are not guaranteed;
most exploration projects do not result in commercially mineable deposits;
the Company's principal properties are located in Mexico;
economic and political instability may affect the Company's business;
the relative strength and stability of future metal markets are difficult to predict, and the Company's liquidity and long-term ability to raise necessary capital may be affected by market volatilities;
community relations may affect the Company's business, including its interest in Campo Morado and Tahuehueto;
emerging climate change regulations could result in significant costs and climate change may result in physical risks to a mining company's operations;
the Company has a history of losses and values attributed to the Company's assets may not be realizable;
the Company has historically had negative cash flows;
uncertainties and risks relating to the operation of the Campo Morado and Tahuehueto;
capital requirements for Tahuehueto and Campo Morado contemplated in the technical reports titled "NI 43-101 Technical Report, Preliminary Feasibility Study, Altaley Mining Corporation, Tahuehueto Project, Durango, Mexico", with an effective date of February 3, 2022 (the "PFS"), and "Campo Morado Project, Guerrero State, Mexico, Technical Report on Preliminary Economic Assessment", with an effective date of March 30, 2018 (the "PEA"), are subject to volatility and uncertainty;
mineral projects, such as Campo Morado and Tahuehueto, are uncertain and it is possible that actual capital and operating costs and economic returns will differ significantly from those estimated for project production;
the Company has declared commercial production mining at Campo Morado without the benefit of a feasibility study of mineral reserves demonstrating economic and technical viability;
the mining methods utilized as the basis for the economic analysis in the PFS and PEA differ from the mining methods currently employed by the Company at the Tahuehueto and Campo Morado projects, and therefore the plan, design and financial results from Tahuehueto and Camp Morado may not be consistent with the PFS and PEA, respectively;
the continued operation of Campo Morado and Tahuehueto may be adversely impacted by a lack of access to a skilled workforce;
labor risks;
the continued operation of Campo Morado and Tahuehueto may be adversely impacted by lack of access and availability of infrastructure, power, water and other critical inputs;
risks related to amendments to the Mexican federal labor law on labor subcontracting;
risks related to the Company's decision to participate in the development, exploration, processing and production of Campo Morado and Tahuehueto;
the Company may encounter certain transportation and refining risks that could have a negative impact on its operations;
the Company's mineral properties are subject to title risk and any challenge to the title to any of such properties may have a negative impact on the Company;
risks related to potential Indigenous rights claims made against the Company's mineral properties and the complex nature of such claims;
any challenge to the title to Campo Morado and Tahuehueto may have a negative impact on the Company;

LUCA

Mining Corp.

title to the properties in which the Company has an interest that are not registered in the name of the Company may result in potential title disputes, which may have a negative impact on the Company;
the Company has a significant shareholder that may be able to exert influence over the direction of the Company's business;
the price of the Common Shares is volatile;
there is no assurance of a sufficient liquid trading market for the Company's Common Shares in the future;
most of the Company's mineral assets and certain directors and officers of the Company are located outside of Canada;
the Company has outstanding common share equivalents which, if exercised, could cause dilution to existing shareholders;
the Company has not paid dividends and may not pay dividends in the immediate future;
risks related to the highly competitive nature of the mineral exploration industry;
environmental regulations are becoming more onerous to comply with, and the cost of compliance with environmental regulations and changes in such regulations may reduce the profitability of the Company's operations at Campo Morado and Tahuehueto;
risks relating to tailings storage facilities and the loss of permits for such facilities;
the Company may experience difficulties managing and integrating acquisitions;
the Company or its subsidiaries may be subject to litigation, the disposition of which could negatively affect the Company's profits to varying degrees;
if the Company is unable to hire, train, deploy and manage qualified personnel in a timely manner, particularly in Mexico, its ability to manage and grow its business will be impaired;
cyber security risks may impact the Company's business;
risks related to natural disasters;
the Company may face equipment shortages, access restrictions and a lack of infrastructure;
the Company is dependent on its key personnel, none of whom are insured by the Company;
foreign currency fluctuations and inflationary pressures may have a negative impact on the Company's financial position and results;
conflicts of interest may arise among the Company's directors as a result of their involvement with other natural resource companies;
the Company may be subject to reputational risk;
mining operations generally involve a high degree of risk and potential liability and insurance coverage may not cover all potential risks associated with the Company's operations;
metal prices and marketability fluctuate and any decline in metal prices may have a negative effect on the Company;
risks related to amendments to the Mexican Federal Mining Law;
the environment in which the Company operates may not adhere to international standards with respect to security and human rights;
risks related to the Company being subject to anti-corruption laws;
the Company may be required by human rights laws to take actions that delay the advancement of its projects;
the Company's activities within Mexico are subject to extensive laws and regulations governed by Mexican regulators;
risks related to Mexican foreign investment and income tax laws applying to the Company; and
any enforcement proceedings under Canada's Extractive Sector Transparency Measures Act against the Company could adversely affect the Company.

LUCA

Mining Corp.

CHANGES IN ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Adoption of new accounting standards, interpretation or amendments in the period

Lack of Exchangeability (Amendments to IAS 21)

Effective January 1, 2025, the Company adopted the amendments to IAS 21. The Effects of Changes in Foreign Exchange Rates, related to a lack of exchangeability. These amendments clarify how an entity should assess whether a currency is exchangeable and how to determine the spot exchange rate when exchangeability is lacking. The amendments also introduce disclosure requirements to enable users of the financial statements to understand the effects of a currency that is not exchangeable. The adoption of these amendments did not have a material impact on the Company's consolidated financial statements.

Critical accounting estimates

The preparation of financial statements requires the Company to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant areas requiring the use of management's judgment relate to the determination of mineralized reserves and resources, plant and equipment lives, estimating the fair values of financial instruments and derivatives, impairment of non-current assets, reclamation and rehabilitation provisions, recognition of deferred tax assets, and assumptions used in determining the fair value of share-based compensation.

Determination of mineral reserves and resources

Judgments about the amount of product that can be economically and legally extracted from the Company's properties are made by management using a range of geological, technical and economic factors, history of conversion of mineral deposits to proven and probable reserves as well as data regarding quantities, grades, production techniques, recovery rates, production costs, commodity prices and exchange rates. This process may require complex and difficult geological judgments to interpret the data. The Company uses qualified persons (as defined by the Canadian Securities Administrator's National Instrument 43-101) to compile this data.

Estimating the quantity and/or grade of reserves and resources requires the size, shape and depth of ore bodies or fields to be determined by analyzing geological data such as drilling samples. Following this, the quantity of ore that can be extracted in an economical manner is calculated using data regarding the life of mine plans and forecast sales prices (based on current and long-term historical average price trends). Changes in estimates can be the result of estimated future production differing from previous forecasts of future production, expansion of mineable ore through exploration activities, differences between estimated and actual costs of mining and differences in the commodity price used in the estimation of mineable ore.

The economic assumptions used to estimate mineralized material may change from period to period and additional geological data is generated during the course of operations, which may change management's judgments surrounding reserves and resources. Any changes in management's judgements may impact the carrying value of mineral properties, plant and equipment, reclamation and rehabilitation provisions, recognition of deferred income tax amounts and depreciation.

The Company's management reviews the carrying values of its mining properties on a regular basis to determine whether any write-downs are necessary. The recovery of amounts recorded for mining properties depends on confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete the development, and future profitable production or proceeds from the disposition thereof. Management relies on life-of-mine ("LOM") plans in its assessments of economic recoverability and probability of future economic benefit. LOM plans provide an economic model to support the economic extraction of reserves and resources. A long-term LOM plan and supporting geological model identifies the drilling and related development work required to expand or further define the existing ore body.

Commencement of Depreciation and Depletion of Fixed Assets and Mineral Properties

Once a mine reaches the operating levels intended by management, depreciation of capitalized costs begins. Significant judgement is required to determine when certain of the Company's assets reach this level. Management considers several factors including: completion of a reasonable period of commissioning; consistent operating results achieved at a pre-determined level of design capacity and indications exist that this level will continue; mineral recoveries at or near expected levels; and the transfer of operations from development personnel to operational personnel has been completed.

Estimation of the amount and timing of reclamation and rehabilitation costs

The Company has obligations for decommissioning, restoring and other similar activities related to its mining properties. The future obligations for mine closure activities are estimated by the Company using mine closure plans or other similar studies which outline the requirements that will be carried out to meet the obligations.

Because the obligations are dependent on the laws and regulations of the countries in which the mines operate, the requirements could change as a result of amendments in the laws and regulations relating to environmental protection and other legislation affecting resource companies. As the estimate of the obligations is based on future expectations, a number of estimates and assumptions are made by management in the determination of closure provisions, including the future costs, the period over which they will be incurred, and the appropriate discount rate to be used.

LUCA

Mining Corp.

Deferred Income Taxes

The Company follows the asset and liability method of accounting for income taxes. Under this method, future tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and losses carried forward. Future tax assets and liabilities are measured using substantively enacted or enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on future tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the substantive enactment date. Future tax assets are recognized to the extent that they are considered more likely than not to be realized. Judgement is required in determining the recognition and measurement of deferred income tax assets and liabilities on the balance sheet. In the normal course of business, the Company is subject to assessment by taxation authorities in various jurisdictions. These authorities may have different interpretations of tax legislation or tax agreements than those applied by the Company in computing current and deferred income taxes. These different interpretations may alter the timing or amounts of taxable income or deductions.

Final taxes payable and receivable are dependent on many factors, including outcomes of tax litigation and resolution of disputes. The resolution of these uncertainties may result in adjustments to the Company's tax assets and liabilities. Management assesses the likelihood and timing of taxable earnings in future periods in recognizing deferred income tax assets. Estimates of future taxable income is based on forecasted cash flows using life of mine projections and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred income tax assets recorded at the balance sheet date could be impacted. In addition, future changes to tax laws could limit the ability of the Company to obtain tax deductions in future periods from deferred income tax assets.

Valuation of inventory

Consumable parts and supplies, ore stockpiles and concentrates are valued at the lower of cost and net realizable value. Estimates in the carrying values of inventories arise due to the nature of the valuation of ore stockpiles and concentrates based on an appropriate allocation of direct mining costs, direct labour and material costs, mine site overhead and depletion and amortization.

Share-based compensation

Determining the fair value of stock options requires estimates related to the choice of a pricing model, the estimation of stock price volatility, the expected forfeiture rate and the expected term of the underlying instruments. Any changes in the estimates or inputs utilized to determine fair value could result in a significant impact on the Company's future operating results or on other components of equity. The fair value of the RSUs is determined based on the market price of the Company's common stock on the grant date.

Functional currency

The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which each operates. The determination of functional currency may require certain judgements to determine the primary economic environment. The Company reconsiders the functional currency used when there is a change in the events and conditions which determined the primary economic environment.

Revenue recognition

The Company's sales of metal in concentrates allow for price adjustments based on the market price at the end of the relevant quotational period ("QP") stipulated in the contract. These are referred to as provisional pricing arrangements and are such that the selling price for metal in concentrate is based on the prevailing spot price on a specified future date. At each balance sheet date, the Company estimates the value of the trade receivable using forward metal prices.

Adjustments to the sale price occurs based on movements in quoted market prices up to the end of the QP. The period between provisional invoicing and the end of the QP is generally between one and three months. Any future changes over the QP are embedded within the provisionally priced trade receivables and are, therefore, within the scope of IFRS 9 and not within the scope of IFRS 15. As such, the provisional price adjustments are accounted for as derivatives and presented as revenue separately in Note 20 of these consolidated financial statements.

Streaming arrangements

To qualify for the own use exemption, a contract to buy or sell a non-financial item needs to be entered into and continue to be held to receive or deliver that non-financial item in accordance with the Company's expected purchase, sale or usage requirements. The Company previously made significant judgments and historically, the Company considered its precious metal streaming arrangement as commodity arrangement in which the fair value of the stream was recorded as deferred revenue until the payable silver is delivered in line with the terms of the agreement. On August 13, 2024, the Company amended the Stream Agreement with Empress (as defined in Note 15). As a result of this amendment, a portion of the Stream Agreement was settled in cash, shares, and refined silver that was not produced at the Tahuehueto mining project. As a result, Management has determined that the Streaming Agreement no longer qualifies for the own use exemption and determined that the Streaming Agreement is in the scope of IFRS 9 from August 13, 2024. The Streaming Agreement meets the definition of a derivative instrument and has been classified as a financial instrument at FVTPL.

LUCA

Mining Corp.

Significant judgments applied to the valuation of the Stream Agreement included the forecasted silver delivery schedule, the discount rate, and the determination of the future silver price to apply to the valuation. The valuation of the Stream Agreement is sensitive to changes in these variables.

Depreciation and amortization rates

Depreciation and amortization expenses are allocated based on assumed asset lives and depreciation and amortization rates. Should the asset life or depreciation rate differ from the initial estimate, an adjustment would be made in the consolidated statement of loss prospectively. A change in the mineral reserve estimate for assets depreciated using the units of production method would impact depreciation expense prospectively.

Value-added tax ("VAT") receivable

Timing of collection of VAT receivables is uncertain as VAT refund procedures require a significant amount of information and follow-up. The Company assesses the recoverability of the VAT receivable and its classification as current or non-current at each reporting date. This is impacted by several factors, including the status of discussions with the tax authorities, and current interpretation of relevant tax legislation. Changes in these estimates can materially affect the amount recognized as VAT receivable and the classification and could result in an increase in other expenses recognized.

Leases

Primarily judgements include whether a lease conveys the right to use a specific asset, whether the Company obtains substantially all of the economic benefits from the use of the asset, whether the Company has the right to direct the use of the asset, evaluating the appropriate discount rate to use to discount the lease liability for each lease or groups of assets, and to determine the lease term where a contract includes renewal options. Significant estimates, assumptions and judgements over these factors would affect the present value of the lease liabilities, as well as the associated amount of the ROU asset.

Business Combinations

On the acquisition of a business, the acquisition method of accounting is used, whereby the purchase consideration is allocated to the identifiable assets, liabilities and contingent liabilities (identifiable net assets) on the basis of fair value at the date of acquisition. When the cost of acquisition exceeds the fair values attributable to the Company's share of identifiable net assets, the difference is treated as purchased goodwill, which is not amortized but is reviewed for impairment annually or more frequently where there is an indication of impairment. If the fair value attributable to the Company's share of the identifiable net assets exceeds the cost of acquisition, the difference is immediately recognized in profit or loss. Incremental costs related to acquisitions are expensed as incurred.

Determination of the fair value of assets acquired and liabilities assumed and the resulting goodwill, if any, requires that management make estimates based on the information provided by the acquiree. Changes to the provisional values of assets acquired and liabilities assumed, deferred income taxes and resulting goodwill, if any, will be adjusted when the final measurements are determined (within one year of acquisition date).

When purchase consideration is contingent on future events, the initial cost of the acquisition recorded includes an estimate of the fair value of the contingent amounts expected to be payable in the future. When the fair value of contingent consideration as at the date of acquisition is finalized, before the end of the 12 months measurement period, the adjustment is allocated to the identifiable assets acquired and liabilities assumed. Changes to the estimated fair value of contingent consideration subsequent to the acquisition date are recorded in profit or loss.

LUCA

Mining Corp.

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS

Information provided in this MD&A, including the consolidated financial statements, is the responsibility of management. In the preparation of the consolidated financial statements, estimates are sometimes necessary to make a determination of future value or certain assets or liabilities. Management believes such estimates have been based on careful judgments and have been properly reflected in the accompanying consolidated financial statements. Management maintains a system of internal controls to provide reasonable assurance that the Company's assets are safeguarded and to facilitate the preparation of relevant and timely information.

MANAGEMENT'S REPORT ON DISCLOSURE CONTROLS AND PROCEDURES

Management of the Company has established processes to provide them sufficient knowledge to support representations that they have exercised reasonable diligence that (i) the consolidated financial statements do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of and for the periods presented by the consolidated financial statements; and (ii) the consolidated financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented.

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Luca Mining Corp. — Management Reports 2025

43638_rns_2025-05-27_4828d361-8703-460a-b7c9-5af5bfa4f671.pdf

HDR

Management's Discussion and Analysis

MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

QUALIFIED PERSON

FORWARD-LOOKING STATEMENTS

TABLE OF CONTENTS

OPERATING AND FINANCIAL HIGHLIGHTS

Key Highlights for the quarter:

COMPANY HISTORY, OVERVIEW & STRATEGY

HEALTH & SAFETY, ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Health and Safety

Environmental Stewardship

People, Community and Culture

Governance & Ethics

MINING OPERATIONS

CONSOLIDATED OPERATIONS

Production

Cash Cost and All-In Sustaining Cost per AuEq Ounce Sold (see "Non-IFRS Financial Measures" on page 31)

CAMPO MORADO MINE

OPERATIONS

Production

DEVELOPMENT

Mining Operations

Campo Morado Improvement Project

EXPLORATION

TAHUEHUETO MINE

OPERATIONS

Production

DEVELOPMENT

EXPLORATION

FINANCIAL PERFORMANCE

Three months ended March 31, 2025 (compared to the three months ended March 31, 2024)

Revenues

Cost of sales

General and administration

Share-based compensation

Interest and finance costs

LIQUIDITY AND CAPITAL RESOURCES

Operating activities

Investing activities

Financing activities

ANNUAL OUTLOOK

2025 Production and Free Cash Flow² Guidance Highlights

Operations

Free Cash Flow

2025 Budgeted Capital Expenditures and Exploration

NON-IFRS FINANCIAL MEASURES

Working Capital

Mine Operating Cash Flow before Taxes

Adjusted Earnings and Adjusted Earnings per Share

Net Free Cashflow Before Working Capital

EBITDA

Realized Price per Ounce and Realized Price per Tonne

Cash Cost per AuEq Ounce sold, All-In Sustaining Cost per AuEq Ounce sold, All-In Cost per AuEq Ounce sold and Direct Mining Cost per Tonne

SUMMARY OF QUARTERLY RESULTS

OTHER FINANCIAL INFORMATION

SHARE CAPITAL

MANAGEMENT OF CAPITAL

OFF BALANCE SHEET ARRANGEMENTS

TRANSACTIONS WITH RELATED PARTIES

Compensation of key management personnel

Related party balances

Cozen O'Connor LLP ("Cozen")

CONTINGENCIES AND CONTRACTUAL OBLIGATIONS

FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

RISKS AND UNCERTAINTIES

Financial risk management

Commodity price risk

Credit risk

Liquidity risk

Interest rate risk

Foreign currency risk

Risks Relating to the Company's Business Operations

CHANGES IN ACCOUNTING POLICIES AND CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Adoption of new accounting standards, interpretation or amendments in the period

Critical accounting estimates

Determination of mineral reserves and resources

Luca Mining Corp. Management Reports 2025