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Luca Mining Maintained at Buy at Stifel Canada After Campo Morado Drill Results; Price Target Kept at C$4.00

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-- Stifel Canada on Wednesday maintained its buy rating on the shares of Luca Mining (LUCA.V) and its C$4.00 price target following drilling results from its Campo Morado mine in Mexico.

" Luca reported underground drill results from Campo Morado's Largo Norte zone with a weighted average grade of 2.05g/t Au, ~20% above Campo Morado's current M&I gold grade of 1.70g/t Au. Polymetallic intercepts adjacent to existing underground infrastructure support potential for lower capital intensity mineable tonnes with the drilling extending mineralization beyond the current resource boundary. We view the results as supportive of Campo Morado's upcoming 2H26 LoM plan update and expansion study, which outlines a potential path to double group production from ~55kozpa AuEq in 2026 to ~110kpa AuEq by 2029 via production growth and improved recoveries. At 0.23x LT P/NAV versus junior peers at 0.57x, or 5.4x 2026 P/CF versus junior peers at 7.8x, we continue to see multiple expansion potential as the Campo Morado Expansion project and the upcoming mine plan update improve visibility on Luca's growth profile," analyst Cole McGill wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $1.33, Change: $-0.04, Percent Change: -2.92%

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