Luca Mining has entered into a definitive share purchase agreement to acquire 100% of the Cozamin mine, an established underground copper-silver operation located in the Zacatecas district of Mexico. The copper mine acquisition, announced on September 21, 2026, involves total upfront consideration of US$290 million, with up to an additional US$95 million in deferred and contingent consideration, bringing the total potential value of the transaction to US$385 million. The deal positions Luca Mining to add a long-running, cash-generating copper asset to its growing Mexico-focused portfolio. The transaction has not yet closed and remains subject to required regulatory approvals and customary closing conditions, with closing expected in the fourth quarter of 2026.
Established Underground Copper Silver Mine with Significant Infrastructure
The Cozamin mine has operated continuously for approximately 20 years, making it one of the more durable underground copper silver mine operations in the region. The site includes established mining, processing and tailings infrastructure, with a processing capacity of 4,400 tonnes per day. The operation accesses ore through two ramp declines and a shaft, supported by surface infrastructure that was modernized in recent years with the completion of a paste backfill and filtered tailings system alongside an upgraded underground haulage loop.
This copper mine acquisition gives Luca Mining direct access to a productive belt of epithermal and mesothermal vein deposits. Mineralization at Cozamin remains open at depth and along strike across two principal structures, including the primary vein system with a mapped strike length of 5.5 kilometres and a higher-grade footwall zone discovered in 2010. Historical resource and reserve estimates previously disclosed for the mine remain subject to verification and are not currently being treated as current Mineral Resources or Mineral Reserves under NI 43-101 standards.
Planned Exploration and Potential Mine Life Extension Following Closing
The copper mine acquisition is expected to serve as a platform for expanded exploration activity. Following closing, Luca Mining plans to increase exploration investment at Cozamin beyond the site’s recent annual budget, with the objective of extending the mine’s operational life beyond the historical 2030 mine plan. Substantial portions of the mineralized systems at depth and along strike remain underexplored, and the company has identified this as a key area of focus going forward.
In addition to exploration, Luca Mining intends to evaluate the potential restart of an existing zinc flotation circuit at the Cozamin site. The circuit is currently inactive, and any restart decision would follow a full assessment of base metal market conditions and operational feasibility. This evaluation is planned for after the transaction closes and does not represent an operational change that has already taken place.
The Cozamin mine acquisition deal strengthens Luca Mining’s exposure to copper and silver production in Zacatecas Mexico and adds a proven producing asset to its portfolio. The copper mine acquisition, valued at up to US$385 million in total potential consideration, is one of the more significant recent transactions in Mexico’s mining sector. The closing of the deal remains contingent on regulatory approvals and customary conditions, with the fourth quarter of 2026 targeted for completion.