Core Insights - Luca Mining Corp. reported strong operational and financial results for Q2 2025, with significant revenue growth and production increases, despite challenges related to precious metal grades and higher capital investments [1][2][5] Financial Performance - The company generated revenue of US$36.8 million in Q2 2025, a 102% increase compared to Q2 2024, and achieved record revenue of US$75.4 million for the first half of the year [2][10] - Adjusted EBITDA for Q2 was US$5.8 million, with a total of US$18.2 million for the first half, indicating strong operational performance [3][12] - Net free cash flow before changes in working capital was negative US$4.5 million for Q2, but positive at US$4.9 million for the first half [3][12] Production and Costs - Gold equivalent production reached 17,861 ounces in Q2 2025, a 28% increase year-over-year, with total production for the first half at 39,154 ounces, reflecting a 50% increase [8][13] - All-in sustaining costs (AISC) rose to US$3,310 per AuEq ounce sold, a 45% year-over-year increase, primarily due to increased development and exploration spending [4][7] - The company completed 1,780 meters of underground development and 6,804 meters of exploration drilling during the quarter, marking a significant increase in investment compared to the previous year [7][15] Operational Highlights - The company maintained strong health and safety performance, reporting no major incidents during the quarter [8] - Tahuehueto achieved over 90% plant utilization and increased tonnes milled by 104% year-over-year, while Campo Morado set a new benchmark with 98.7% grinding availability [8][11] - The company anticipates producing between 85,000 and 100,000 gold equivalent ounces for the year, with expected free cash flow of US$30 million to US$40 million before working capital adjustments [21][22] Strategic Development - Luca Mining is focused on advancing critical underground development and exploration activities to enhance mine access and overall flexibility, which are expected to improve productivity and profitability in the future [6][25] - The company is actively pursuing exploration initiatives at both Campo Morado and Tahuehueto, with ongoing drilling campaigns aimed at expanding mineral resources [15][17][19]

Tourism & Exploration - The speaker highlights the beauty and undiscovered potential of various locations, encouraging exploration while emphasizing the importance of safety and local guidance [1] - The speaker advocates for responsible tourism, suggesting ways to create income opportunities for local communities through sustainable practices like alternative medicine using local plants [1] - The speaker promotes using mobile phones to capture and share the beauty of the country, encouraging positive representation and documentation of its history, heritage, and natural landscapes [1] - The speaker shares personal experiences of mountain climbing, including reaching the summit of Mera Peak at 6,472 meters, and using clothing to display messages and promote tourism [1] - The speaker emphasizes the importance of research and preparation for expeditions, including understanding weather conditions and learning from local guides [1] Cultural & Heritage Preservation - The speaker discusses the positive energy derived from walking through iron-rich rock formations, suggesting a potential project in the Al-Humeima area [1] - The speaker mentions writing 140 published articles in media outlets, highlighting the demand for such content from international media [1] - The speaker's experiences have led to involvement in the Supreme National Committee for Culture, Arts, and Heritage, and overseeing tourism routes in the Golden Triangle [1] - The speaker emphasizes the importance of engaging local people when planning routes to boost the national income [1] Personal Development & Inspiration - The speaker encourages others to explore and discover, suggesting local destinations and emphasizing the mental benefits of disconnecting from mobile phones [1] - The speaker stresses the importance of sharing success and teaching others, inspiring them to reach their own potential [1]

Travel & Content Creation Industry Insights - The speaker, a public relations graduate and camping/adventure content creator, shares his journey of exploring Libya beyond common knowledge [1] - The speaker highlights the potential for domestic tourism and content creation in Libya, starting with a trip to Jabal Nafusa with friends [1] - The speaker's initial content creation efforts using basic equipment (an iPhone 6) faced criticism but eventually led to opportunities and recognition [1] - The speaker emphasizes the importance of documenting and sharing experiences to promote tourism and highlight lesser-known aspects of Libya [1] Personal Development & Entrepreneurial Lessons - The speaker advises against waiting for others to join one's vision, as individual efforts can evolve into collaborative projects [1] - The speaker notes that Libya presents significant challenges, but these challenges are often accompanied by greater opportunities [1] - The speaker cautions against setting high expectations at the beginning of a journey, as unmet expectations can lead to disappointment [1] - The speaker underscores the value of social interaction and collaboration, contrasting it with the promotion of isolation in contemporary society [1] - The speaker encourages taking initiative and trying new experiences to discover oneself and increase possibilities [1]

Environmentalism and Personal Connection - The speaker, Léo Urbain (aka Léopole Urbain), shares a personal story about reconnecting with nature and exploring primary forests [1] - The speaker climbed one of the tallest tropical trees, measuring 82 meters, which is compared to the height of a building [2] - The speaker's parents instilled in him a love for nature, which later led to a desire to renew his connection with it [3][5] - The speaker expresses a concern about modern society's disconnection from nature and questions what values are being transmitted to future generations [9][10] - The speaker advocates for reconnecting with the living world and giving humanity a chance to renew its relationship with nature [15][16] Overcoming Fear and Personal Growth - The speaker discusses how parkour helped him feel aligned and led him to seek greater heights and freedom [5] - The speaker describes a challenging tree climb on December 3, 2020, emphasizing the fear and concentration required [5] - The speaker reflects on facing fears and gaining new perspectives through challenging experiences in nature [5] - The speaker recounts an unusual encounter with gorillas, highlighting the curiosity and atypical behavior displayed [7] - The speaker questions whether being in a primary forest, high in a tree, is more fulfilling than being in a typical urban environment [14]

Key Takeaways on Career & Passion - The speaker reflects on the common Gen Z struggle of defining a career path post-graduation, highlighting the pressure to find one's passion [1] - The speaker initially felt lost despite extensive extracurricular involvement, revealing a sense of obligation rather than genuine passion in those activities [1] - The speaker challenges the misconception that passion is a pre-existing feeling to be discovered, instead advocating for passion as something built through exploration and learning [1][2] - The speaker emphasizes the importance of taking action and starting a process before expecting to find passion, suggesting that passion emerges from engagement and experience [8] - The speaker shares a personal anecdote of discovering leadership potential through initially obligatory activities, illustrating how consistent effort can lead to unexpected passion and skill development [6][7] The "Effect of Getting Hooked" - Four Stages - The speaker outlines four stages: initial boredom due to external demands, gradual realization of benefits, emotional investment and pride in one's work, and finally, an inability to imagine doing anything else [9][10][11][12] - The speaker compares discovering passion to the process of courtship, emphasizing the need to approach and try things to see if they fit, accepting that not every attempt will succeed [13] - The speaker encourages listeners to stop searching for passion and instead start taking action, as the fear of not liking something can hinder progress [14][15] - The speaker highlights that passion often arises from unexpected sources, urging listeners to step outside their comfort zones and try new things [17][18] - The speaker concludes by advocating for learning to love what is in front of you, emphasizing that action and engagement are necessary to discover and cultivate passion [19][20]

Financial Data and Key Metrics Changes - In Q2 2025, the company sold just over 148,000 ounces at an average realized price of $3,200 per ounce, reflecting the pre-merger assets [9] - Pro forma consolidated revenue for H1 would have been approximately $1,330,000,000 from 401,000 ounces, highlighting the enhanced scale and earnings power post-merger [9] - The company expects production, cash flow, and earnings to grow meaningfully in the coming quarters [7] Business Line Data and Key Metrics Changes - Greenstone's mining rates increased by 23% and processing rates improved by 20% over Q1 [10] - Month-to-date August mining rates averaged 200,000 tons per day, with the best performance reaching 227,000 tons per day [13] - Ballantyne is on track to deliver first gold approximately a month after the first ore to the plant, with a steady ramp-up to nameplate capacity expected in Q1 2026 [15] Market Data and Key Metrics Changes - The company is focused on disciplined capital allocation and rationalizing its portfolio to enhance shareholder value [16] - The sale of Nevada assets for $115,000,000 is an example of the company's strategy to create value and return capital to shareholders [16] Company Strategy and Development Direction - The company aims for operational excellence, advancing high-quality organic growth, and disciplined capital allocation [7] - The strategy emphasizes quality over quantity, focusing on production that enhances free cash flow and valuation [16] - The company is exploring opportunities to sell non-core assets to create value for shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to realize the vision of becoming a top quartile valued gold producer [17] - The company is optimistic about improving grades at Greenstone and expects quarter-on-quarter improvements [20][22] - Management highlighted the importance of maintaining open dialogue with stakeholders in all jurisdictions [27] Other Important Information - The company has invested over $25,000,000 in critical spares to support a smooth ramp-up at Ballantyne [15] - The company is actively engaged in exploration activities in Nicaragua and other assets, with significant potential identified [84] Q&A Session Summary Question: What is the expected improvement in grades at Greenstone? - Management indicated that month-to-date August grades are around one gram per ton, showing improvement over Q2, with expectations for continued improvements [20][22] Question: Is the equipment fleet sufficient for mining rates? - Management confirmed that all required equipment is in place and emphasized maximizing the value of committed capital [24][26] Question: What is the status of community agreements for Los Filos? - Management stated that agreements are in place with two communities, and discussions are ongoing with a third community [27] Question: Will there be more asset sales in the near future? - Management is open to exploring opportunities for selling non-core assets if it creates value for shareholders [30] Question: What are the expected cash costs for the company in the future? - Management provided a ballpark estimate of cash costs around $1,400 per ounce for Q2, with expectations for improvement as larger, lower-cost producers come online [91][92] Question: What are the key metrics to watch during the ramp-up of Valentine? - Management emphasized that tons milled will be the key metric during the ramp-up process [78] Question: What is the exploration potential across various assets? - Management highlighted ongoing exploration in Nicaragua, Valentine, and Mesquite, with plans to recommence exploration programs [84]

Financial Data and Key Metrics Changes - In Q2 2025, Endeavor Silver reported revenue of $85 million, a 46% increase compared to the prior year, driven by higher precious metal prices and increased production [6] - The company produced 1.5 million ounces of silver and 7,800 ounces of gold, totaling approximately 2.5 million silver equivalent ounces, representing a 13% increase compared to 2024 [5] - Mine operating cash flow before working capital changes rose by 21%, while cash costs were $15.35 per ounce of payable silver, and all-in sustaining costs were $25.26 per ounce [6] - The company reported a net loss of $20 million for the period, primarily due to operating losses during the commissioning of Terronera and increased general and administrative expenses [6][7] Business Line Data and Key Metrics Changes - The integration of the newly acquired Colpa mine is ongoing, with production expected to align with historical performance of approximately 5 million silver equivalent ounces annually [9] - The company anticipates achieving an annualized production profile of 20 million silver equivalent ounces by 2026, combining output from Terronera, Guanacevi, and Bolanitos [10] Market Data and Key Metrics Changes - As of June 30, the company's cash position was $52 million, but working capital was negative, which is by design as Terronera approaches commercial production [7] - The company is focusing on optimizing throughput and recovery rates at Terronera, with throughput averaging between 1,900 and 2,000 tons per day and silver and gold recoveries averaging 71% and 67%, respectively [7][16] Company Strategy and Development Direction - The company is focused on achieving commercial production at Terronera and integrating the Colpa acquisition, which is expected to enhance its position as a leading mid-tier silver producer [5][8] - Management is exploring additional acquisition opportunities but emphasizes the need for a breather to ensure Terronera reaches commercial production and generates positive cash flow [23][24] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ramp-up of Terronera, targeting commercial production by the end of July 2025, and expects recoveries to improve as operational adjustments are made [16][29] - The company anticipates working capital to improve in the second half of the year as cash flows from Terronera are realized [44] Other Important Information - The company is advancing the Pitoria project, focusing on upgrading inferred resources and obtaining necessary permits for tailings dam and economic studies [10][78] - The integration of the Colpa mine is expected to take time, with management working on validating historical resources before providing production guidance [9][75] Q&A Session Summary Question: Update on commercial production at Terronera - Management indicated that the ramp-up is progressing well, with recoveries expected to align with historical averages as operational adjustments are made [16][29] Question: Operating costs at Colpa - Management noted that integration costs are impacting current operating costs but expects them to align with historical performance as operations stabilize [30][32] Question: Hedging strategy moving forward - The company prefers not to hedge precious metals, focusing instead on providing exposure to silver price movements for shareholders [41][42] Question: Exploration potential at Colpa - Management is reorganizing the exploration team to adopt a more systematic approach to exploration, with results expected soon [55][56] Question: Timeline for updated technical report for Colpa - An updated technical report is anticipated by mid-2026, as validation of historical resources is underway [75][76]

Career & Personal Development - The speaker initially pursued multiple creative passions (photography, fashion design, marketing) believing they could "do it all," but felt drained and lost [1][2] - The speaker realized the importance of focusing on what they truly loved (branding and product photography) rather than spreading themselves too thin [3][13] - The speaker emphasizes that it's never too late to change career trajectory and let go of roles that no longer serve you [18][17] - The speaker highlights that skills from past experiences converge and strengthen current pursuits, rather than being wasted [19] - The speaker advocates for exploration and learning from different areas, especially when younger, but also knowing when to focus [23][24] Creative Process & Mastery - The speaker initially sought a 360-degree perspective by learning multiple disciplines, aiming to approach projects holistically [6] - The speaker realized that mastery comes from depth, not just breadth, and that focusing amplifies creativity [26][22] - The speaker defines convergence as bringing together lessons from exploration to find clarity, refining rather than giving up exploration [20][21] Social Media & Impact - The speaker shifted their social media content from solely fashion and beauty to thought-provoking content about life, self-improvement, and personal lessons [14][15] - The speaker wanted to use their platform to make a positive impact and take the responsibility of having a platform seriously [16]

Financial Data and Key Metrics Changes - Free cash flow reached $146 million, enabling the repayment of the remaining balance on a revolving credit facility and funding initial share repurchases, resulting in a higher cash balance at quarter end [3][17] - Adjusted EBITDA is updated to over $800 million for the full year, with free cash flow expected to exceed $400 million [3][17] - Consolidated gold and silver production increased by 2527% respectively compared to the last quarter, totaling 108,000 ounces of gold and 4.7 million ounces of silver [5][6] - Total adjusted cash per ounce for gold and silver decreased by 56% respectively compared to the last quarter [5] Business Line Data and Key Metrics Changes - At Los Chispas, silver production reached nearly 1.5 million ounces and gold production added 16,000 ounces, both exceeding annual guidance levels [6] - Palmarejo generated $42 million of free cash flow, driven by gold and silver production increases of 186% respectively compared to the first quarter [6] - Rochester saw silver and gold production increase by 137% respectively compared to the prior quarter and by 5079% compared to last year's second quarter [7] - Kensington achieved a 17% quarter-over-quarter production increase, generating $20 million of free cash flow [8] - Wharf's quarterly gold production increased by 18% to over 24,000 ounces, leading to free cash flow of $38 million [9] Market Data and Key Metrics Changes - The company reaffirmed its overall production and cost guidance for 2025, anticipating a stronger second half of production growth and higher margins [4] - The adjusted EBITDA margin reached 51%, more than double the margin from the same time last year [16] Company Strategy and Development Direction - The company is focused on brownfield exploration potential around existing sites, with a significant increase in land positions around each asset [28] - The exploration program at Los Chispas is delivering promising results, with a focus on extending and infilling known veins [10][11] - The company aims to maintain a six-year mine life at Los Chispas while exploring opportunities for production growth [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a net cash position by year-end, supported by strong cash flow and a solid balance sheet [3][17] - The company anticipates generating second half free cash flow of between $250 million to $300 million based on updated pricing forecasts [18] - Management highlighted the importance of maintaining operational flexibility and efficiency across all sites [58] Other Important Information - The company fully repaid the $110 million balance on its revolving credit facility, a quarter ahead of schedule [17] - Cash and cash equivalents increased by 44% versus Q1 to $112 million [17] - The company is implementing a $75 million share buyback program as part of its return of capital strategy [17] Q&A Session Summary Question: Is there an opportunity to accelerate Silvertip into a development project? - Management indicated a five-year timeframe for Silvertip but noted potential to shorten it due to supportive measures for critical minerals projects in Canada [26][27] Question: What are the biggest items to drive production growth? - Management emphasized brownfield exploration potential across existing sites, with significant opportunities at Wharf, Palmarejo, Kensington, and Las Chispas [28][29] Question: Clarification on free cash flow and tax implications? - Management confirmed that Mexico will continue to pay quarterly taxes, while the U.S. will maintain a zero tax rate due to net operating losses [35][38] Question: Insights on the share buyback program and Las Chispas exploration? - Management described the buyback program as having both discretionary and non-discretionary components, with plans to increase repurchase activity post-second quarter results [47][48] - Exploration at Las Chispas is focused on high-grade blocks, with positive results expected to support mine life and production growth [50][55]

Disclaimer The summary information contained in this document has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Greatland Resources Limited (together, Greatland or Company). This document and the information contained in it has not been independently verified and no reliance should be placed on it or the opinions contained within it. In furnishing this document, the Company reserves the rig ...