Recorded on February 9, 2026 (Atlanta, Georgia) | TSX.V: LUCA | OTCQX: LUCMF | Frankfurt: Z68
Andy Millette meets Luca Mining CEO Dan Barnholden in person in Atlanta for a straight-shooting breakdown of what actually drives mining equities when gold and silver are ripping: operating performance, cash generation, and capital allocation discipline—not hype. They dig into why many junior miners still don’t move “with the metal,” what separates real leverage from dead money, and how execution shows up (or doesn’t) in the numbers.
Dan explains how Luca is positioning for 2026 with a cash-flow-funded exploration ramp, including why exploration intensity matters after a company stabilizes operations, and what it takes to earn a re-rating as drilling and technical work translate into tangible catalysts. They also get specific about Luca’s framework for staying Mexico-focused, building value through operational execution first, and approaching M&A selectively—only where Luca’s team, infrastructure, and experience can realistically improve outcomes instead of just “buying a story.” If you’re trying to separate narrative from cash flow in mining stocks, this episode is built for that. #Millettian
Key topics
Why junior miners can lag gold/silver even in a strong tape
What “real leverage” looks like: margins, throughput, and cash conversion
Luca’s exploration ramp: why timing and funding source matter
Campo Morado: expansion thesis and shifting the asset’s “complexion”
Capital allocation in a windfall environment: reinvest, pay down debt, M&A, or return capital
Mexico-first strategy and what Luca will not buy
Catalysts to watch: drilling targets, studies, and proof points that markets reward
Company links
Email: info@lucamining.com
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
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Chapters
00:00 Debt free trajectory and exploration push
01:56 Gold and silver run and miner leverage
03:55 Why juniors lag metal prices
05:43 2026 outlook for flows and sentiment
06:44 Consolidation and how M&A really works
07:48 Windfall profits and capital allocation choices
08:43 Luca plan for cash flow deployment
09:08 $25M exploration focus
10:27 Campo Morado expansion and precious-metals shift
11:23 Mexico-first M&A strategy and discipline
14:58 CEO priorities: strategy, cash, team
17:25 Near-term catalysts and drilling newsflow
18:04 El Rey and Reforma targets
22:09 Wrap
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