Luca Mining Corp · TSXV:LUCA
Luca Mining — Investor Presentation (October 2026)
35 slides from Luca Mining's investor presentation, October 2026
Slide 1: Creating a Leading Polymetallic Producer
October 2026 TSX-V: LUCA | OTCQX: LUCMF | FRANKFURT: Z68 | L U C A LMUI CNAI MN IGN .I C NGO .MC O M 1 Optimization Exploration Creating a Leading Expansion Polymetallic Producer
Slide 2: Forward Looking Statements and Legal Disclaimer
LUCAMINING.COM 2 which may cause the actual results, performance or achievements of the Company to be materially enterprise value (“EV”), EBITDA, price-to-cash-flow (“P/CF”), revenue and components thereof, all of FORWARD LOOKING STATEMENTS different from any future results, performance or achieveme
Slide 3: Luca investment case
LUCAMINING.COM 3 Luca investment case Mexico Mining Experts Competitive advantage in Mexico We know Mexico, while our peers turn to other jurisdictions Polymetallic production Natural hedge benefits of producing 50/50 precious/base metals TAHUEHUETO Transformational M&A Track record of transformatio
Slide 4: Polymetallic production
LUCAMINING.COM 4 Polymetallic production 2027E Revenue ~50/50 Precious and Base metals Copper 45% Gold 17% 18% COPPER Valuation premium Jr. Copper producers trade at 0.82x P/NAV vs. 0.57x for jr. precious metals producers Silver 26% Lower cost of debt Base metal cash flows attract cheaper financing
Slide 5: Financial turnaround
LUCAMINING.COM 5 Financial turnaround Balance sheet reset complete; Cozamin cash flow repays acquisition debt by 2029 Balance Sheet Reset Acquisition Debt Net Cash by 2027E Debt cut $31M to <$1M by 2026 ~$125M @ 8.5% Cozamin facility repaid by 2030 $206 $388 $150 $125 Actuals Estimates What This Mea
Slide 6: Strong track record and catalysts
LUCAMINING.COM 6 Strong track record and catalysts 2024 2025 2026 2027 2028 2029+ July 2024 2025 May 2026 Ongoing Corporate New management Balance sheet Potential M&A Announced NCIB team implemented transformation Q1/25 Q4/26 2028 2029 Campo Morado Exploration restarted Updated technical CME Phase I
Slide 7: Cozamin acquisition summary
LUCAMINING.COM 7 Cozamin acquisition summary Consideration US$300mm financing package US$290mm Upfront: US$275mm cash + US$15mm in Luca shares US$125mm Debt: Taurus and Macquarie US$110mm Bought deal led by National Bank Deferred and contingent: US$35mm at 1-year anniversary, Up to US$95mm up to US$
Slide 8: El Barqueño Acquisition Summary
LUCAMINING.COM 8 El Barqueño Acquisition Summary Consideration Asset history US$10mm Upfront: paid in Luca shares at close Deferred: cash or shares at Luca's election; $15mm US$30mm 3 months after first drill program, $15mm at commercial production Production-linked: $5mm per 100 koz AuEq Up to US$2
Slide 9: Cozamin
LUCAMINING.COM 9 HISTORICAL RESERVE COPPER SILVER ZINC LEAD 6.7 Mt P&P 93 kt P&P 9 Moz P&P 49 kt P&P 28 kt P&P Cozamin Location Ownership Zacatecas State 100% • Long-standing copper producer operated by Capstone since commencing commercial production in 2006 Mine Type Underground • History of reserv
Slide 10: Cozamin Historical and future Production and AISC
LUCAMINING.COM 10 Cozamin Historical and future Production and AISC Copper Production (CuEq. kt) Silver Production (CuEq. kt) Other Production (CuEq. kt) AISC (US$/lb Cu Net of Silver Stream) Copper Price (US$/lb Cu) 40 Actuals Estimates $5.93 $5.89 $5.74 $5.68 $5.49 1 $4.99 30 1 0 0 6 1 5 Productio
Slide 11: Cozamin Historical and future Free cash flow
LUCAMINING.COM 11 Cozamin Historical and future Free cash flow $180 Actuals Estimates $139 $133 (US$mm) $120 $120 $104 $88 $88 $80 $82 $75 $60 $37 $22 - 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E Source: Cozamin forecasted figures based on Visible Alpha estimates and do not include
Slide 12: Cozamin Exploration Upside
LUCAMINING.COM 12 Cozamin Exploration Upside Near-mine: orebodies open along strike and at depth Regional: nine targets, most under-tested 2 4 3 1 1 MNFWZ Open down-dip and along strike SE 2 MNV Far West +1.8 km of poorly tested strike 3 5 1 Poorly tested Moderately tested Well-tested 3 MNV at depth
Slide 13: Tahuehueto
LUCAMINING.COM 13 GLOBAL M&I GOLD ZINC COPPER SILVER LEAD 6.3 Mt M&I 425 Koz M&I 273 Mlbs M&I 36 Mlbs M&I 9 Moz M&I 123 Mlbs M&I Tahuehueto Location Durango State 100 sq km Replacement Value ~$100 million Ownership 100% Processing 1,200 tpd throughput capacity (crushing, milling, flotation) Mine Typ
Slide 14: Transformative exploration potential at Tahuehueto
LUCAMINING.COM 14 Transformative exploration potential at tahuehueto CONNECTING CRESTON/EL PERDIDO TO SANTIAGO Drilling is underway to investigate the highly prospective gap between El Perdido and Santiago with two active rigs Zones are open along strike and to depth EARLY RESULTS CONFIRM GROWTH POT
Slide 15: Campo Morado
LUCAMINING.COM 15 GLOBAL M&I GOLD ZINC COPPER SILVER LEAD 16.6 Mt M&I 909 Koz M&I 1.5 Blbs M&I 0.3 Blbs M&I 66 Moz M&I 0.3 Blbs M&I CAMPO Location Guerrero State 121 sq km Processing 2,400 tpd throughput capacity (crushing, milling, flotation) MORADO Ownership 100% 2025A Production Achieved Revised
Slide 16: Redefining Campo Morado
LUCAMINING.COM 16 Redefining campo morado Transitioning from zinc-focused operations to a high-margin precious metals platform 1 Initial design (2009) 2 Current design 3 CME Phase 1 4 CME Phase 2 • High-grade zinc mine utilizing sequential • Sequential flotation and 15 micron • Bulk flotation and 8-
Slide 17: El Barqueño overview
LUCAMINING.COM 17 El Barqueño overview TIER-1 LOCATION WITHIN MEXICO'S PREMIER EPITHERMAL BELT Location – State of Jalisco ▪ 100 km west of Guadalajara ▪ Road access from both Guadalajara and Puerto Vallarta, both with international airports ▪ Straightforward access to major powerlines, highways, an
Slide 18: Exploration Potential
LUCAMINING.COM 18 Exploration Potential STRONG POTENTIAL TO ADD OUNCES AT SEVERAL ZONES ACROSS THE PROJECT EXPLORATION PIPELINE | TARGET TO RESOURCE(1)(2) Section A-A’ INDICATED RESOURCE | 399 Koz @ 1.47 g/t AuEq Azteca-Zapoteca - Peña de Oro 250m INFERRED RESOURCE | 650 Koz @ 1.43 g/t AuEq Azteca-Z
Slide 19: Pro Forma Positioning
LUCAMINING.COM 19 Select Junior Gold Producer Pro Forma Positioning Select Junior Copper Producer 2027E Production (koz AuEq.) 45 49 50 54 56 57 60 62 66 68 72 79 83 84 88 111 118 150 152 156 161 161 168 186 195 265 33 Thor 29Metals Metals West Red Americas Americas Andean PF Luca Atalaya GoGold Cer
Slide 20: Potential for a significant Share Price Re-rating
LUCAMINING.COM 20 Potential for a significant Share Price Re-rating Pro Forma Street NAV Table Illustrative Share Price (@ Street NAVPS) NAV SUMMARY (US$mm) STREET AVERAGE % NPV CONTRIBUTION Asset NPV 155% increase Campo Morado $645 45% C$2.65 116% Cozamin $482 34% increase Tahuehueto $267 19% C$2.2
Slide 21: PF Capitalization
LUCAMINING.COM 21 PF Capitalization LUCA LUCMF Z68 63% OTHER SHAREHOLDERS 19.9% EQUITY COMMITMENT FROM TSXV OTCQX Frankfurt GOLDGROUP MINING INC.(3) Basic Shares 522 million Outstanding Fully Diluted 563 million Market Cap C$543 million (C$1.04/share) 7% WHEATON (Sep 18, 2026) 4% CAPSTONE 52 Week C$
Slide 22: A strong Board of directors
LUCAMINING.COM 22 A strong Board of directors Mine builders | Opportunity driven Phil Brumit DIRECTOR Peter Damouni CHAIRMAN, DIRECTOR Mr. Brumit is a mining executive with over 40 years of experience in Over 20 years of corporate and investment banking experience with a property evaluation, enginee
Slide 23: A strong Management Team
LUCAMINING.COM 23 A strong MANAGEMENT TEAM Effective Execution Dan Barnholden, CEO Dan Barnholden is a seasoned professional with over 20 years of experience in senior mining investment banking roles at bank-owned and boutique dealers in Toronto and Vancouver . He has raised Nick Shakesby, COO billi
Slide 24: What's next
LUCAMINING.COM 24 What’s next We see a near-term With significant And longer term valuation re-rating additional upside growth ahead The acquisition of Cozamin brings All three mines are under explored Continue to evaluate M&A growth enhanced asset quality and and have strong resource growth opportu
Slide 25: Appendix 1: resources
LUCAMINING.COM 25 Appendix 1: resources 25
Slide 26: Cozamin Historical Depletion & R&R Replacement
LUCAMINING.COM 26 Cozamin Historical Depletion & R&R Replacement Reserves Resources Cumulative Production 600 521 483 500 443 419 413 400 352 371 274 309 261 323 300 247 255 255 250 223 242 225 232 347 214 205 205 341 208 248 200 113 201 230 123 85 Copper (kt) 69 69 151 151 175 125 176 247 222 100 1
Slide 27: Cozamin Reserve and Resource Estimate
LUCAMINING.COM 27 Cozamin Reserve and Resource Estimate Historical NI 43-101 Compliant, 31-Dec-2025 Category Tonnes Copper Silver Lead Zinc kt % Mlbs g/t Moz % Mlbs % Mlbs 2P Reserves 6,657 1.40% 205 42.2 9.0 0.43% 62 0.73% 108 M&I Resources 10,854 1.23% 293 44.8 15.6 0.47% 112 1.52% 364 Inferred Re
Slide 28: Tahuehueto reserve and resource estimate
LUCAMINING.COM 28 Tahuehueto reserve and resource estimate NI 43-101 Compliant, 23-Feb-2022 Category Tonnes Gold Silver Copper Lead Zinc kt g/t Moz g/t Moz % Mlbs % Mlbs % Mlbs 2P Reserves 3,585 2.6 0.3 50.1 5.8 0.26% 21 1.11% 87 1.92% 152 M&I Resources 2,675 1.5 0.1 42.8 3.7 0.27% 16 0.62% 37 2.06%
Slide 29: Campo Morado Resource estimate
LUCAMINING.COM 29 Campo Morado Resource estimate NI 43-101 Compliant, 5-Nov-2017 Category Tonnes Gold Silver Copper Lead Zinc kt g/t Moz g/t Moz % Mlbs % Mlbs % Mlbs M&I Resources 16,627 1.7 0.9 123.0 65.8 0.80% 293 0.93% 341 4.01% 1,470 Inferred Resources 988 1.3 0.0 116.0 3.7 0.64% 14 0.92% 20 3.2
Slide 30: El Barqueño Resource estimate
LUCAMINING.COM 30 El Barqueño Resource estimate Historical NI 43-101 Compliant, 31-Dec-2025 Category Tonnes Gold Silver Copper kt g/t Koz g/t Moz % Mlbs M&I Resources 8,431 1.2 335 5.2 1.4 0.21% 39 Inferred Resources 14,158 0.8 349 49.2 22.4 0.17% 52 Note: The historical resource estimate has an eff
Slide 31: Appendix 2: Risk Factors
LUCAMINING.COM 31 Appendix 2: Risk Factors 31
Slide 32: Risk Factors
LUCAMINING.COM 32 Risk Factors The Transactions may not be Completed The completion of the Transactions are subject to a number of conditions precedent, including but not limited to the approval of the Mexican Federal Antitrust Commission and the TSXV, certain of which are outside the control of the
Slide 33: Statutory Rights of Rescission
LUCAMINING.COM 33 STATUTORY RIGHTS OF RESCISSION the case may be, or (iii) every person who signed this Corporate Presentation. Alternatively, the action described herein exceed the price at which the securities were sold to the purchaser. No action purchaser may elect to exercise aright of rescissi
Slide 34: Manitoba Purchasers
LUCAMINING.COM 34 MANITOBA PURCHASERS purchased by the purchaser were offered. In an action for damages, no person or company, other becoming aware of any misrepresentations, the person or company withdrew the person’s or than the Company, will be liable: (a) if the person or company proves that thi
Slide 35: Thank You
LUCAMINING.COM 35 Thank You LUCAMINING.COM TSX-V: LUCA OTCQX: LUCMF FRANKFURT: Z68