Luca Mining Buys Mexico Project From Agnico Eagle

By Adriano Marchese

Luca Mining has agreed to acquire a gold-silver-copper project in Jalisco, Mexico, from mining major Agnico Eagle Mines for up to $60 million, plus a net smelter return interest.

Luca Mining said Thursday that it would pay Agnico Eagle for the El Barqueno property $10 million up front in newly issued shares, followed by two $15 million deferred contingent payments that can be paid with either cash or stock. It would then pay up to $20 million upon achievement of certain production milestones.

Agnico Eagle would also receive a 2% net smelter return interest on all metal production for certain areas of the property that currently have a defined mineral deposit. Luca said it would have the right to purchase back half of the net smelter return for $12.5 million.

The El Barqueno property covers over 32,000 hectares and hosts a historical mineral resource estimate of 399,265 gold equivalent ounces as well as 650,046 ounces of gold equivalent ounces inferred, Luca said.

Luca's chief executive, Dan Barnholden, calls the acquisition highly strategic and accretive for the company.

The property is currently not permitted for exploration drilling due to regional environmental land-use zoning. The two companies are currently pursuing legal proceedings in Mexico to address the application.

"This acquisition aligns with our growth strategy to use our specific in-country skills and experience to de-risk mining projects, adding value and realizing benefits for all stakeholders," Barnholden said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 17, 2026 07:53 ET (11:53 GMT)