Campo Morado mill optimization targets higher recoveries and throughput, echoing Barrick Gold strategy

Campo Morado metallurgical push underscores industry focus on recovery and throughput

Luca Mining advances a two-phase mill optimization and expansion for its Campo Morado operation, commissioning Ausenco PTY Ltd. to lead a NI 43-101 technical study expected in the second half of 2026. The program isolates metallurgical performance as the priority: Phase 1 evaluates a bulk sulphide flotation flowsheet with increased grinding capacity to improve sulphide liberation, produce higher-quality copper and zinc concentrates and lift metal recoveries and mill throughput. Additional test work is underway at third‑party laboratories, with results to be released as available.

Phase 2 targets the precious-metals-rich pyrite concentrate that remains after flotation, assessing options to recover gold and silver to doré and thereby capture metal currently locked in concentrate streams. Luca simultaneously updates its life‑of‑mine plan to explicitly include the high‑grade Reforma and El Rey deposits, with the Mineral Reserve statement and CME life‑of‑mine plan to be delivered in the forthcoming NI 43‑101. The company is also evaluating procurement of long‑lead equipment to de‑risk execution and accelerate potential value creation once technical results and the updated mine plan are finalised.

The Campo Morado program reflects a broader industry emphasis — shared by major gold producers such as Barrick Gold — on extractive and processing improvements that boost head grades, recoveries and cash‑flow resilience without relying solely on new resource discoveries. Independent engineering oversight, staged scale‑up and pre‑purchase of long‑lead items form a common template for reducing technical and schedule risk on brownfields expansions and optimizing existing asset bases.

Agnico Eagle stakes exploration pipeline access

Agnico Eagle continues to secure strategic exposure to emergence-stage projects by acquiring 662,780 common shares of Maple Gold Mines at C$2.45 per share and holding roughly 13% of issued common shares on a non‑diluted basis. Under an existing investor rights agreement, Agnico Eagle retains the ability to participate in financings and nominate board representation — a tactic that majors use to access discovery upside and technical collaboration.

Insurance and local service consolidation in resource regions

Separately, Arthur J. Gallagher expands regional brokerage capabilities in western Pennsylvania by acquiring B&W Insurance Agency, retaining local principals and offices. While not a mining transaction, such consolidations in underwriting and risk‑management services affect project-level insurance capacity and local continuity for companies operating regional assets.