Further to its news releases dated September 6 and 12, 2024, Luca Mining Corp. (TSX-V: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) confirms that it has fully subscribed its brokered private placement pursuant to the “listed issuer financing exemption” under Part 5A of NI 45-106 – Prospectus Exemptions  of 19,000,000 units of the Company. Due to heavy demand, the Company has determined to increase the total amount of the recently announced concurrent non-brokered private placement from 3,222,222 units of the Company at a price of C$0.45 per unit to 6,126,167 units for gross proceeds of C$2,756,775.

The Company is pleased to advise that it has received lead orders for the Private Placement from Term Oil Inc. and Luca’s CEO Dan Barnholden in the amounts of C$500,000 and C$450,000 respectively. Dan Barnholden, CEO stated: “I am very pleased to welcome an extremely strong group of retail and institutional investors, including Rick Rule. I believe Luca is poised to deliver on its plan for production growth as demonstrated by my own personal investment”.

The Non-LIFE Units have identical terms to the LIFE Units except that the securities issued or made issuable pursuant to the Non-LIFE Units will be subject to a statutory four-month hold period. There are no finder’s fees payable on the Private Placement.

The combined gross proceeds of the Financings will total C$11,306,775. The net proceeds from the Financings will be used for ongoing work on the Campo Morado Improvement Program, exploration drilling at both Campo Morado and Tahuehueto, commissioning of the Tahuehueto mill and for general corporate purposes.

Certain directors and officers of the Company are acquiring securities under the Private Placement. Such participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to, or the consideration paid by, such persons will exceed 25% of the Company’s market capitalization.

The Financings are scheduled to close on or about September 26, 2024, and are subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, “U.S. Persons” (as such term is defined in Regulation S under the U.S. Securities Act) absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

About Luca Mining Corp.

Luca Mining 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-zinc-lead concentrates with precious metals credits. It is currently undergoing an optimization 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.