Luca Mining to Acquire Agnico Eagle's El Barqueño Gold Project for Up to $60M
Guadalajara, Mexico – September 19, 2026 -- Luca Mining Corp. has agreed to acquire the El Barqueño gold-silver-copper property in Jalisco, Mexico from a subsidiary of Agnico Eagle in a deal that could total up to $60 million in cash and shares plus royalty consideration.
Deal structure ties payments to drilling and production milestones
Luca will pay $10 million on closing through the issuance of its common shares, followed by up to $30 million in contingent payments: $15 million three months after the first drilling program begins, and $15 million upon commercial production. A further $20 million is tied to output, paid at $5 million for every 100,000 gold-equivalent ounces produced, capped at 400,000 ounces. Agnico Eagle will also hold a 2.0% net smelter return royalty on areas with currently defined mineral resources, which Luca can halve to 1% for $12.5 million.