Core Insights - Luca Mining Corp. has reported significant high-grade mineralization results from its drilling activities at the Campo Morado mine, indicating strong potential for gold, silver, copper, zinc, and lead deposits [4][6][21] - The ongoing exploration programs, both underground and surface, aim to expand the existing mineral resources and confirm the potential of the Reforma and El Rey deposits [12][15][21] Exploration Results - Surface drillhole CMRF-25-07 intersected 37.2 meters of 13.85 g/t AuEq, including 6.2 meters of 43.77 g/t AuEq [4][7] - Underground drillhole CMUG-25-022 returned assays of 5.5 meters of 15.2 g/t AuEq from an unmined area within 20 meters of current underground workings [3][4] - A total of 24 underground drillholes have been completed, totaling 5,070 meters, as part of the Phase 1 exploration program [4][9] Project Development - The Campo Morado mine covers a land package of over 121 square kilometers and hosts several polymetallic massive sulphide deposits [5][22] - The current exploration campaign is the first substantive exploration since 2014, focusing on defining mineable resources and testing new zones [15][16] - A Phase 2 drilling program is anticipated to follow up on positive results and target additional high-grade gold areas [6][9] Historical Context - Previous exploration efforts at Campo Morado have produced a comprehensive geological database, including over 600,000 meters of drilling and various geophysical surveys [17] - The exploration results have exceeded historical grades and widths, indicating a potential for significant resource expansion [2][6] Market Potential - The rising prices of gold and silver present an attractive opportunity for the company to enhance its asset base through the exploration of the Reforma and El Rey deposits [14][21] - The company aims to systematically explore over 38 identified priority targets within the Campo Morado concession [13]

Core Viewpoint - Prime Mining Corp. has successfully exercised 97% of its $1.10 warrants, increasing its cash balance to approximately $33 million, which will support the advancement of the Los Reyes gold-silver project in Mexico [1][2]. Financial Position - The company's cash position is now approximately $32.9 million, enabling it to deliver a Preliminary Economic Assessment (PEA) in Q3 2025 and advance technical programs through the end of 2026 [2]. Exploration Plans - The company plans to continue its exploration efforts to identify new targets, expand existing resources, and conduct infill drilling, including geological mapping and geochemical sampling [3]. Drilling and Security Situation - Drilling was paused due to security concerns in Sinaloa, but the company expects to resume a minimum 40,000 meters of drilling within 12 months once conditions improve [4]. Project Activities - Planned activities for fiscal 2025 include extending high-grade mineralization in various areas, completing the PEA, and engaging with local communities through educational and infrastructure programs [6][8]. Resource Estimates - The Los Reyes project has a significant resource base, with over 49 million tonnes indicated at an average gold grade of 0.95 g/t and silver grade of 34.2 g/t, based on a $1,950/oz gold price and $25.24/oz silver price [9][10]. Historical Context - Historically, the Los Reyes area has produced an estimated 1 million ounces of gold and 60 million ounces of silver from previous operations between 1770 and 1990 [11]. Technical and QA/QC Procedures - The company employs rigorous QA/QC protocols for sampling and analysis, ensuring the integrity of its geological data and resource estimates [12][13][14].