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Luca Mining acquires Capstone Copper's Cozamin mine in Zacatecas for up to $385 million

Luca Mining Corp. ("Luca") (TSXV: LUCA) entered into a definitive share purchase agreement dated September 21, 2026 with Capstone Copper Corp. ("Capstone") (TSX: CS) to acquire 100 percent of the Cozamin copper-silver-zinc-lead mine in Zacatecas, Mexico, held through a Mexican subsidiary of Capstone. Luca will pay total upfront consideration of $290 million plus up to an additional $95 million in deferred and contingent consideration. Capstone describes the deal as worth up to $385 million in total consideration and states the transaction is not subject to shareholder approval or financing conditions. Upfront consideration comprises a $275 million cash payment at closing and $15 million in Luca common shares, with $35 million in deferred consideration due on the first anniversary of closing and up to $60 million in copper-price-linked contingent payments through 2029. Luca is funding the cash portion through a $300 million financing package: a $110 million bought-deal private placement of subscription receipts led by National Bank of Canada Capital Markets with a Trafigura equity backstop, a $40 million concurrent private placement with Wheaton Precious Metals and Taurus Mining Finance Fund, a $125 million senior secured acquisition facility from Taurus and Macquarie, and a $25 million capped silver stream from Wheaton. Closing is expected in the fourth quarter of 2026, subject to customary conditions and regulatory approvals including Mexican antitrust clearance and stock exchange approvals. 

Company

Luca Mining Corp.

Law Firm / Organization
Cassels Brock & Blackwell LLP
Law Firm / Organization
Borden Ladner Gervais LLP (BLG)

Company

Capstone Copper Corp.

Law Firm / Organization
Blake, Cassels & Graydon LLP
Merger & Acquisition
Mining
Undisclosed/Confidential
Active