Luca Announces Grant Of Stock Options And Restricted Share Units And Amendment To Empress Agreement

VANCOUVER, Aug. 15, 2024 - Luca Mining Corp. ("Luca" or the "Company") (TSX-V: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) announces that it has granted an aggregate of 4,508,833 incentive stock options ("Options") and 800,000 Restricted Share Units ("RSUs") to certain officers and directors in accordance with Luca's omnibus equity incentive plan. The Options are exercisable at a price of $.55 and will expire five years from the date of their issuance. The Options will vest as follows: (i) 33% on August 15, 2024 ; (ii) 33% February 15, 2025 ; and (iii) the balance on August 15, 2025 . The RSUs will vest on August 15, 2025. The grant of the Options and RSUs are subject to approval by the TSX Venture Exchange.

Luca is also pleased to announce that it has reached an agreement with Empress Royalty Corp. ("Empress Royalty") to amend (the "Amendment") the metal purchase and sale agreement (the "Agreement") entered into between the Company and Empress Royalty on April 14, 2021 and subsequently amended on May 1, 2023. The Amendment introduces a revised payment schedule designed to normalize payments under the Agreement which were partially deferred while Tahuehueto's nameplate capacity of 1000 tpd was installed. Regular silver ounce deliveries under the Agreement are deemed to have recommenced effective July 1, 2024. For further information with respect to the Amendment, please see Empress Royalty's press release dated August 14, 2024. As previously announced by a news release dated July 25, 2024, the Company has completed construction of its new Tahuehueto gold, silver mine and is in the process of commissioning same, with declaration of commercial production expected to be announced within the next quarter.

On Behalf of the Board of Directors

(signed) "Dan Barnholden"

Dan Barnholden, Chief Executive Officer

About Luca Mining Corp.
Luca Mining (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a diversified Canadian mining company with two 100%-owned producing mines in Mexico. The Company produces gold, copper, zinc, silver and lead from these mines that each have considerable development and resource upside.

The Campo Morado mine, is an underground operation located in Guerrero State, a prolific mining region in Mexico. It produces copper/lead and zinc concentrates with precious metals credits. It is currently undergoing an optimisation program which is already generating significant improvements in recoveries and grades, efficiencies, and cashflows.

The Tahuehueto Gold, Silver Mine is a new underground operation in Durango State, Mexico, within the Sierra Madre Mineral Belt which hosts numerous producing and historic mines along its trend. The Company is commissioning its mill capacity to 1,000 tonnes per day, and key test work and production ramp-up is underway, to increase production by 2H 2024.

The Company expects its operations to start generating positive cash flows in 2024. Luca Mining is focused on growth with the aim of maximizing shareholder returns.

For more information, please visit: www.lucamining.com

Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Mr. Chris Richings, Vice-President Technical at Luca Mining as the Qualified Person for the Company as defined in National Instrument 43-101.

Cautionary Note Regarding Production Decisions and Forward-Looking Statements
It should be noted that Luca declared commercial production at Campo Morado prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a preliminary economic assessment ("PEA") mining study on the Campo Morado mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see news releases dated November 8, 2017, and April 4, 2018).

Furthermore, Luca intends to declare commercial production at the Tahuehueto gold, silver mine prior to completing a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, readers should be cautioned that Luca's production decision has been made without a comprehensive feasibility study of established reserves such that there is greater risk and uncertainty as to future economic results from the Tahuehueto gold, silver mine and a higher technical risk of failure than would be the case if a feasibility study were completed and relied upon to make a production decision. Luca has completed a prefeasibility study on the Tahuehueto gold, silver mine (see news releases dated April 26, 2022).

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Luca Mining Corp.