Stifel Canada on Wednesday maintained its buy rating on the shares of Luca Mining (LUCA.V) and its C$4.00 price target after the company reported first-quarter production results.
"Luca reported mixed 1Q26 production results with weaker gold output partially offset by stronger silver, while overall AuEq production came in modestly below expectations. Importantly, the quarter was highlighted by a significant balance sheet improvement, with cash increasing ~40% QoQ to $36.4MM driven by strong operating cash flow. An increased cash balance positions the company to more feasibly self fund upcoming growth initiatives in the Campo Morado Expansion and operational improvements at Tahuehueto. We continue to view LUCA as a mispriced growth story with a pathway to ~100% production growth through the Campo Morado Expansion and transition to higher-grade mining fronts towards the end of the decade. LUCA currently trades at 0.25x LT P/NAV versus junior peers at 0.63x, or 5.7x 2026 P/CF versus junior peers at 8.5x," 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: $1.50, Change: $+0.07, Percent Change: +4.55%