Luca Mining Corp · TSXV:LUCA
Luca Mining — Merger or Acquisition (September 2026)
42 slides from Luca Mining's merger presentation, September 2026
Slide 1: Acquisition of the Cozamin Mine: Creating a Leading Polymetallic Producer
September 2026 TSX-V: LUCA | OTCQX: LUCMF | FRANKFURT: Z68 | L U C A LMUI CNAI MN IGN .I C NGO .MC O M 1 Acquisition of the Cozamin Mine Creating a Leading 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: Key transaction terms
LUCAMINING.COM 3 Key transaction terms • Luca Mining Corp. entered into a definitive share purchase agreement (the "Agreement") with Capstone Copper Corp. ("Capstone"), an arm’s Transaction length party, to acquire 100% of the Cozamin Mine ("Cozamin" or the "Project") in Zacatecas, Mexico • Total up
Slide 4: Luca's Proposed Transformational Acquisition of the Cozamin Mine
LUCAMINING.COM 4 Luca’s Proposed Transformational acquisition of the Cozamin mine Expected to more than double current production and meaningfully increases revenue (2027E of US$598 million vs. 2025 of Immediate Scale US$177 million) and unlevered free cash flow (2027E of US$127 million vs. 2025 of
Slide 5: Cozamin Optimization & Exploration Upside
LUCAMINING.COM 5 Cozamin Optimization & Exploration Upside Exploration Priorities Yearly Exploration Spend At Cozamin (US$mm) Near-mine exploration could extend mine life and support a more consistent production profile $10 $8.3 Yearly Exploration Spend at Cozamin (US$mm) Mine life extension $8 • Fo
Slide 6: Cozamin near-mine Exploration Upside
LUCAMINING.COM 6 Cozamin near-mine Exploration Upside Main producing orebodies hold significant potential along strike and at depth Mala Noche Vein - MNV MNV Far West: +1.8km of poorly tested strike MNV East: poorly tested with known Cu + Zn mineralization MNV open at depth: MNV West Deep & FW1 Mala
Slide 7: Cozamin regional Exploration Upside
LUCAMINING.COM 7 Cozamin regional Exploration Upside Several untested targets with historical workings 7
Slide 8: Cozamin
LUCAMINING.COM 8 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 9: Cozamin is Highly Accretive and Would Significantly Transform Luca
LUCAMINING.COM 9 Cozamin is Highly Accretive and Would SIGNIFICANTLY Transform Luca Transaction Impact to Luca (1) (2) +130% 55 $223 +258% +US$139mm $127 Transaction materially 24 24 $62 $62 increases Luca’s production and cash flow ($12) ($12) 2027E CuEq. Sold 2027E Operating Cash Flow 2027E Unleve
Slide 10: Pro Forma Production and Cost Profile by Asset
LUCAMINING.COM 10 Pro Forma Production and Cost Profile by Asset Production (kt CuEq.) and Co-Product AISC (US$/lb CuEq.) Campo Morado Tahuehueto Cozamin Co-Product AISC 90 $3.43 $3.28 $3.07 $3.04 $3.02 59 62 55 57 58 60 Production (CuEq. kt) 43% 40% 42% 49% 57% 30 18% 18% 17% 19% 19% 32% 39% 42% 41
Slide 11: Cozamin Historical and future Production and Cash Costs
LUCAMINING.COM 11 Cozamin Historical and future Production and Cash Costs Production (CuEq. kt) C1 Cash Cost (US$/lb Cu) LME Grade A Cash Copper Price (US$/lb Cu) 40 Actuals Estimates 31 30 31 30 29 30 28 28 28 $4.52 25 26 Production (CuEq. kt) $4.23 $4.15 $4.00 23 $3.85 20 $1.93 $1.98 10 $1.74 $1.7
Slide 12: Cozamin Historical and future Unlevered Free cash flow
LUCAMINING.COM 12 Cozamin Historical and future Unlevered 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 n
Slide 13: Pro Forma Luca Unlevered Free cash flow profile
LUCAMINING.COM 13 Pro Forma Luca Unlevered Free cash flow profile Operating Cash Flow Capex Unlevered FCF Cumulative Unlevered FCF Cozamin as Percentage of Total FCF $1,250 109% 94% 48% 37% 37% $1,000 $933 (US$mm) $750 $697 $473 $500 $255 $250 $219 $223 $237 $127 $127 - ($250) 2027E 2028E 2029E 2030
Slide 14: Pro Forma Positioning
LUCAMINING.COM 14 Select Junior Gold Producer Pro Forma Positioning Select Junior Copper Producer 2027E Production (koz AuEq.) 45 49 50 54 56 57 60 62 66 68 72 79 83 84 88 111 118 150 152 156 161 161 168 186 195 265 33 Thor 29Metals Metals West Red Americas Americas Andean PF Luca Atalaya GoGold Cer
Slide 15: Potential for a significant Share Price Re-rating
LUCAMINING.COM 15 Potential for a significant Share Price Re-rating Pro Forma Street NAV Table Illustrative Share Price (@ Street NAVPS) NAV SUMMARY (US$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$2.2
Slide 16: Transaction Sources & Uses
LUCAMINING.COM 16 Transaction Sources & Uses Cash Sources (US$mm) Cash Uses (US$mm) Bought Deal Private Placement of Subscription $110 Upfront Proceeds to Capstone $275 Receipts Concurrent Private Placement $40 Estimated Transaction Costs(1) $14 Macquarie / Taurus Debt Financing $125 Cash to Luca’s
Slide 17: PF Capitalization
LUCAMINING.COM 17 PF Capitalization LUCA LUCMF Z68 63% OTHER SHAREHOLDERS 20% EQUITY BACKSTOP TSXV OTCQX Frankfurt PROVIDED BY TRAFIGURA(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$2.16 high
Slide 18: Appendix 1: Financing
LUCAMINING.COM 18 Appendix 1: Financing 18
Slide 19: Debt and stream financing overview
LUCAMINING.COM 19 Debt and stream financing overview Type Amount (US$mm) Terms •Financing: US$125mm secured corporate facility from Taurus and Macquarie fully utilised in a single drawdown upon Financial Close to partially fund the Cozamin acquisition •Term: 4 years from Financial Close, with quarte
Slide 20: Equity financing Overview
LUCAMINING.COM 20 Equity financing Overview Issuer •Luca Mining Corp. (“Luca” or the “Company”) Offering •Bought deal private placement financing (the “Offering”) of 155 million Subscription Receipts Offering Price •C$1.00 (approximately US$0.71) per Subscription Receipt (the “Issue Price”) Offering
Slide 21: Appendix 2: Cozamin
LUCAMINING.COM 21 Appendix 2: Cozamin 21
Slide 22: Cozamin Historical Depletion & R&R Replacement
LUCAMINING.COM 22 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 23: Cozamin Reserve and Resource Estimate
LUCAMINING.COM 23 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 24: Appendix 3: Luca Overview
LUCAMINING.COM 24 Appendix 3: Luca Overview 24
Slide 25: Mexico mining experts
LUCAMINING.COM 25 Mexico mining experts Some of the largest mining companies in the world Mining in Mexico surround us in Mexico We know Mexico - and our experienced management team TAHUEHUETO and our knowledge of the Mexican mining landscape give us a competitive EL BARQUEÑO advantage CAMPO MORADO
Slide 26: Milestone-Based Consideration Structure for El Barqueño
LUCAMINING.COM 26 Meaningful Historical Advancement with Milestone-Based Consideration Structure Consideration Structure $10M Upfront Consideration Paid in shares upon close of the transaction $30M Deferred Consideration Payable in cash or shares at Luca’s election ▪ $15M payable 3 months after firs
Slide 27: Campo Morado
LUCAMINING.COM 27 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 28: Redefining Campo Morado
LUCAMINING.COM 28 Redefining campo morado Transitioning from zinc-focused operations to a higher-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
Slide 29: Recent drilling success
LUCAMINING.COM 29 Recent drilling success Un-mined Deposits Higher Precious Metals Grades First drilling in >10 years July 7, 2025: First Surface Drill Result at Reforma 15.1 metres of 13.4 g/t AuEq (5.35 g/t Au, 187.48 g/t Ag, 0.31% Cu, 8.39% Zn, 2.75% Pb) Aug 27, 2025: Additional Drill Results at
Slide 30: Reforma – The future of Campo Morado
LUCAMINING.COM 30 Reforma – The future of campo morado • Current Mining Areas: Southwest, G9 Zones, El Largo • Large stopes 40m wide, productive, low-cost mining • Current mining cost: $41/t • Starting in 2028: Reforma and El Rey Zones will be primary source of ore feed • More efficient mining metho
Slide 31: Exploration upside at Campo Morado
LUCAMINING.COM 31 Main Declines, Development exploration upside G9, Naranjo and Largo Ore Bodies at Campo morado • Well-defined, drilled and developed ore bodies • Potential to Expand gold and silver-rich Mineral Resources • 38 exploration targets • >12,000-hectare mining concession • >600 kilometre
Slide 32: Tahuehueto
LUCAMINING.COM 32 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 Processing 1,200 tpd throughput capacity (crushing, milling, flotation) Ownership 100% 2025A Full Year Achieved Revised Guidanc
Slide 33: Transformative exploration potential at Tahuehueto
LUCAMINING.COM 33 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 34: A strong Board of Directors
LUCAMINING.COM 34 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 35: A strong Management Team
LUCAMINING.COM 35 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 36: Campo Morado Resource estimate
LUCAMINING.COM 36 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 37: Tahuehueto reserve and resource estimate
LUCAMINING.COM 37 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 38: Appendix 4: Risk Factors
LUCAMINING.COM 38 Appendix 4: Risk Factors 38
Slide 39: Risk Factors
LUCAMINING.COM 39 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 40: Statutory Rights of Rescission
LUCAMINING.COM 40 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 41: Manitoba Purchasers
LUCAMINING.COM 41 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 42: Thank You
LUCAMINING.COM 42 Thank You LUCAMINING.COM TSX-V: LUCA OTCQX: LUCMF FRANKFURT: Z68