VANCOUVER, BC, Aug. 9, 2024
/CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC) PDF
Version
Lucara Diamond Corp. ("Lucara" or the "Company") today reports
its results for the quarter ended June 30,
2024. All amounts are in U.S. dollars unless otherwise
noted.
Q2 2024 HIGHLIGHTS
- Karowe registered no lost time injuries during the three months
ended June 30, 2024. As of
June 30, 2024, the mine had operated
for over three years without a lost time injury.
- The recovery of a 491-carat Type IIa diamond, a 225.6-carat
Type IIa diamond, followed by the recovery of a 109-carat Type IIa
diamond.
- A total of 76,387 carats of diamonds were sold, generating
revenue of $41.3 million during the
second quarter of 2024.
- Significant progress was made in shaft sinking in the
ventilation and production shafts in Q2 2024 with the critical path
ventilation shaft ahead of the July
2023 rebase schedule. At the end of Q2, the production and
ventilation shafts had reached a depth of 557 metres below collar
("mbc") and 550 mbc respectively.
- A total of 92,419 carats were recovered during the quarter at a
recovered grade of 12.9 carats per hundred tonnes ("cpht") of
direct milled ore. A further 8,349 carats were recovered from
processing of historic recovery tailings. The recovery of 206
Specials (defined as rough diamonds larger than 10.8 carats)
equated to 6.9% by weight of the total recovered carats from Q2's
ore processed which is in line with the Company's expectation.
- Operational highlights from the Karowe Mine included:
- Ore and waste mined of 0.7 million tonnes ("Mt") (Q2 2023:
0.7Mt) and 0.2 million tonnes (Q2 2023: 0.9Mt), respectively.
- 0.7 million tonnes of ore processed (Q2 2023: 0.7Mt).
- Financial highlights for Q2 2024 included:
- Operating margins of 67% were achieved (Q2 2023: 59%). A strong
operating margin continues to be achieved due to robust pricing for
the Company's larger stones and cost reduction initiatives assisted
by a strong U.S. dollar.
- Operating cost per tonne processed(1) was
$26.32, a decrease of 6% over the Q2
2023 cost per tonne processed of $27.97 and stayed relatively consistent with Q1
2024 of $26.00 cost per tonne. The
continued impact of inflationary pressures, particularly labour,
has been well managed by the operation. A strong U.S. dollar
continues to offset a small increase in costs over the comparable
period.
- Adjusted EBITDA(1) was $18.8
million (Q2 2023: $16.5
million), with the increase attributable to the increase in
revenue and lower operating expenses.
- During Q2 2024, the Company invested $11.2 million into the Karowe Underground Project
("UGP"), excluding capitalized cash borrowing costs:
- During Q2 2024, the ventilation shaft sank 128 metres and
commenced development of the 470-level station (at approximately
550 mbc).
- Production shaft activities included sinking a total of 104
metres, and the completion of three probe hole covers with no water
being intersected. A total of 26 metres of lateral development on
the 470-level together with the 470-level station development was
completed.
- Cash position and liquidity as at June
30, 2024:
- Cash and cash equivalents of $21.9
million.
- Working capital (current assets less current liabilities
excluding held for sale) of $21.7
million.
- $165.0 million drawn on the
$190.0 million Project Facility
("Project Facility") for the Karowe UGP with $25.0 million drawn on the $30.0 million working capital facility ("WCF")
and Cost Overrun Reserve Account ("CORA") balance of $37.5 million.
(1) Operating cash cost per tonne
processed and adjusted EBITDA are non-IFRS measures (See "Use of
Non-IFRS Financial Performance Measures" in MD&A).
|
William Lamb, President & CEO
commented: "Lucara's performance this quarter reaffirms our
position as a leader in the diamond industry. Our unwavering
commitment to safety and operational excellence continues to drive
our success, with both our open pit operations and underground
construction progressing admirably. The Underground Expansion
Project, in particular, is advancing well, with shaft sinking
progress surpassing our expectations.
In the face of a challenging diamond market, Lucara's unique
production profile sets us apart. Our Karowe mine's consistent
delivery of large, high-quality diamonds provides a natural hedge
against market volatility. These exceptional stones, coupled with
our innovative sales strategies, allow us to navigate current
market conditions effectively.
Looking ahead, I'm confident that Lucara is well-positioned for
sustainable growth. Our expansion strategy and focus on operational
efficiency provide us with the flexibility to adapt to market
dynamics while continuing to deliver value. As we move forward,
Lucara remains committed to setting new industry standards and
capitalizing on the opportunities that lie ahead in the evolving
diamond market."
DIAMOND MARKET
The long-term outlook for natural diamond prices remains
positive due to improving supply and demand dynamics due to
long-term reductions from major producing mines. However, the
market for the smaller size stones remains soft as demand is
impacted by a weak Asian market and laboratory-grown diamonds.
Demand for larger stones over 10.8 carats remains robust, as
reflected in the Company's sales. The G7 sanctions on Russian
diamonds over one carat, effective March
2024, have caused some trade delays. New regulations require
these diamonds to be processed through the Antwerp World Diamond
Centre for origin verification. The Company views this as
short-term support for diamond prices, as the emphasis on stone
provenance increases. Lucara, with its established operations
producing exceptional Botswana
diamonds, stands to benefit from this heightened focus on origin
verification.
Sales of laboratory-grown diamonds increased steadily through
2023 and into 2024 with many smaller retail outlets increasingly
adopting these diamonds as a product. In Q2 2024, De Beers
announced it will cease creating synthetic diamonds and direct its
efforts to sell natural diamonds. This is in conjunction with
several major brands confirming that they would not market
laboratory-grown diamonds. The overall long-term impact will
support the natural diamond market as the Company expects to see
bifurcation between the natural and laboratory-grown diamond market
in the medium term. The longer-term market fundamentals for natural
diamonds remains positive, as demand is expected to outstrip future
supply, which has been declining globally over the past few
years.
KAROWE UNDERGROUND PROJECT UPDATE
The Karowe UGP is designed to access the highest value portion
of the Karowe orebody, with initial underground carat production
predominantly from the highest value eastern magmatic/pyroclastic
kimberlite (south) ("EM/PK(S)") unit. The Karowe UGP is expected to
extend mine life to 2040.
An update to the Karowe UGP schedule and budget was announced on
July 16, 2023 (link to news release).
The anticipated commencement of production from the underground is
H1 2028. The revised forecast of costs at completion is
$683.0 million (including
contingency). As at June 30, 2024,
capital expenditures of $336.3
million had been incurred and further capital commitments of
$69.7 million had been
made.
With the 2023 update, the Karowe Mine production and cash flow
models were updated for the revised project schedule and cost
estimate. Open pit mining will continue until mid-2025 and provide
mill feed during this time. Stockpiled material (North, Centre,
South Lobe) from working stocks and life of mine stockpiles will
provide uninterrupted mill feed until late 2026 when Karowe UGP
development ore will begin to offset stockpiles with high-grade ore
from the underground production feed planned for H1 2028. The
long-term outlook for diamond prices, combined with the potential
for exceptional stone recoveries and the continued strong
performance of the open pit could mitigate the modelled impact on
project cash flows due to the changes in schedule. The Company
continues to explore opportunities to further mitigate the modelled
impact.
During Q2 2024, the UGP achieved a twelve-month rolling Total
Recordable Injury Frequency Rate of 0.65. Project to date Total
Recordable Injury Frequency Rate at June 30,
2024 was 0.56. A total of $11.2
million was spent on the Karowe UGP development in Q2 2024
for the following surface infrastructure and ongoing shaft sinking
activities:
The ventilation shaft Q2 2024 development:
- Reached a depth of 550 metres below collar out of a planned
final depth of 731 metres.
- Commenced 470-level station development.
The production shaft Q2 2024 development:
- Reached a depth of 557 metres below collar, out of a planned
final depth of 765 metres.
- The 470-level station and development excavation at the
production shaft was completed.
Related infrastructure Q2 2024 development:
- Construction of the permanent bulk air coolers at the
production shaft continued during Q2 and was completed in
July 2024.
- Detailed engineering and fabrication of the permanent people
and materials winder continued during the quarter, representing the
last major component for the permanent winders.
- Preparation of tender documents for the underground lateral
development work. Tenders for this contract are expected to be
received in September 2024.
- Mining engineering advanced with a focus on supporting shaft
sinking, underground infrastructure engineering and finalizing
drilling level plans.
The capital cost expenditure for the UGP in 2024 is expected to
be up to $100 million – see "2024
Outlook" below.
Activities planned for the Karowe UGP in Q3 2024 include the
following:
- Production shaft sinking to 310-level.
- Complete station and commence lateral development at the
470-level for the ventilation shaft.
- Procurement of underground equipment, including an additional
Load Haul Dump (LHD) vehicle for the production shaft station
development. Major components of the underground crusher and
dewatering pumps will be delivered to site.
- Continuation of detailed design and engineering of the
underground mine infrastructure, draw bells and underground
layout.
- Finalise engineering of the permanent people and materials
winder.
- Commencement of people and materials winder earthworks and
civils.
FINANCIAL HIGHLIGHTS – Q2 2024
|
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Three months ended
June 30,
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Six months ended
June 30,
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In millions of U.S.
dollars, except carats
|
|
2024
|
2023
|
|
2024
|
2023
|
|
|
|
|
|
|
|
Revenues
|
$
|
41.3
|
38.6
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$
|
80.8
|
79.9
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Operating
expenses
|
|
(13.7)
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(13.9)
|
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(32.0)
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(30.8)
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Net income from
continuing operations for the period
|
|
11.9
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6.1
|
|
5.0
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7.9
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Net loss from
discontinued operations for the period
|
|
(0.6)
|
(1.1)
|
|
(1.5)
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(2.0)
|
Earnings per share from
continuing operations (basic and diluted)
|
|
0.03
|
0.01
|
|
0.01
|
0.02
|
|
|
|
|
|
|
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Cash on hand
|
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21.9
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26.7
|
|
21.9
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26.7
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Cost overrun facility
(restricted cash)
|
|
37.5
|
18.0
|
|
37.5
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18.0
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Amounts drawn on
WCF(1)
|
|
25.0
|
35.0
|
|
25.0
|
35.0
|
Amounts drawn on
Project Facility
|
|
165.0
|
86.2
|
|
165.0
|
86.2
|
|
|
|
|
|
|
|
Carats sold
|
|
76,387
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72,717
|
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169,948
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156,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes
amounts drawn from the Clara Facility.
|
QUARTERLY RESULTS FROM OPERATIONS – KAROWE MINE
|
UNIT
|
Q2-24
|
Q1-24
|
Q4-23
|
Q3-23
|
Q2-23
|
Sales
|
|
|
|
|
|
|
Revenues from the sale
of Karowe diamonds
|
US$M
|
41.3
|
39.5
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36.3
|
56.2
|
38.6
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Karowe carats
sold
|
Carats
|
76,387
|
93,560
|
111,523
|
111,673
|
72,717
|
|
|
|
|
|
|
|
Production
|
|
|
|
|
|
|
Tonnes mined
(ore)
|
Tonnes
|
699,846
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809,999
|
607,101
|
869,188
|
682,636
|
Tonnes mined
(waste)
|
Tonnes
|
245,006
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386,849
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456,880
|
954,226
|
907,051
|
Tonnes processed
|
Tonnes
|
714,301
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698,870
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703,472
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724,640
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720,345
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Average grade
processed(1)
|
cpht
(*)
|
12.9
|
11.7
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14.0
|
13.6
|
12.6
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Carats
recovered(1)
|
Carats
|
92,419
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81,611
|
98,177
|
98,311
|
90,497
|
|
|
|
|
|
|
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Costs
|
|
|
|
|
|
|
Operating cost per
tonne of ore processed(2)
|
US$
|
26.32
|
26.00
|
31.96
|
28.62
|
27.90
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
|
|
|
|
|
Sustaining capital
expenditures
|
US$M
|
3.5
|
1.8
|
8.0
|
3.2
|
2.4
|
Underground expansion
project(3)
|
US$M
|
11.2
|
17.9
|
28.0
|
20.3
|
22.5
|
(*) Carats per
hundred tonnes
|
(1) Average grade
processed is from direct milling carats and excludes carats
recovered from re-processing historic recovery
tailings
|
(2) Operating
cost per tonne of ore processed is
a non-IFRS measure. See Table
6.
|
(3) Excludes
qualifying borrowing cost capitalized
|
DIAMOND SALES
Karowe diamonds are sold through three sales channels: through a
diamond sales agreement concluded with HB Antwerp ("HB"), on the
Clara digital sales platform and through quarterly
tenders.
HB Sales
Karowe's large, high value diamonds have
historically accounted for approximately 60% to 70% of Lucara's
annual revenues. In February 2024,
Lucara entered into a ten-year New Diamond Sales Agreement ("NDSA")
with HB. Under the sales arrangements with HB, +10.8 carat gem and
near gem diamonds from the Karowe Mine of qualities that could
directly enter the manufacturing stream are sold to HB at prices
based on the estimated polished outcome of each diamond. The
estimated polished value is determined using advanced scanning and
planning technology, with an adjusted amount payable on actual
achieved polished sales, less a fee. The timing of payments varies
based on the category of stones being delivered, as determined by
the estimated diamond's polished value.
Additional consideration, in the form of a "top-up" payment, is
payable to the Company if the final sales price of the polished
diamond sold is higher than the initial estimated polished price.
Any polished diamonds sold to an end buyer for less than the
initial estimated polished price (after deductions for HB's fee)
will result in the difference being refunded to HB.
Top-up payments, net of HB's fees, are payable when polished
diamonds are sold to an end buyer and the sales prices achieved
exceeds the initial purchase price paid to Lucara. Top-up payments
primarily relate to carats delivered in previous quarters. The
amount and timing of top-up payments received is impacted by the
complexity of certain rough diamonds and the qualitative
assumptions that are part of the initial planning process. At
various points during the manufacturing process, the stones are
re-assessed, and adjustments may be made to the manufacturing plan,
with the objective of maximizing the final sales price, also taking
into account the marketability of the polished outcome.
Payments owing for the final polished sales price and top-up
payments received are estimated, after deductions for HB's fee and
the cost of manufacturing, when determining the transaction price
recognized for accounting purposes. This estimate is updated
at each period end until the transaction price is confirmed.
Sethunya Diamond
Sethunya, a 549ct stone recovered in 2020, distinguished by
its considerable size and quality is subject to a separate
agreement with HB, in which HB acts as an agent to the sale of the
stone to the end customer. Lucara received an advance of future
proceeds of $20.0 million from HB
that has been classified as deferred revenue, as this advance
relates to the future sale of the stone, it will decrease the
remaining consideration to be received from the sale. As of
June 30, 2024, the Sethunya had not
yet been sold and the $20.0 million
advance remains recorded as deferred revenue on the Statement of
Financial Position.
Quarterly Tenders
All +10.8 carat non-gem quality
diamonds and all diamonds less than 10.8 carats which are not sold
on the Clara platform are sold as rough diamonds through quarterly
tenders. Viewings take place in both Gaborone, Botswana and Antwerp, Belgium.
Clara
Clara Diamond Solutions Limited Partnership, a
wholly owned subsidiary of Lucara, has developed a secure
web-based digital marketplace which is designed to transact
diamonds between 1 and 10 carats, in higher colours and
quality.
During the six months ended June 30,
2024, Lucara received an indicative non-binding offer for
the purchase of the Company's interest of Clara Diamond Solutions
Limited Partnership, Clara Diamond Solutions B.V., and Clara
Diamond Solutions GP (together referred to as "Clara"). The Company
has concluded that, despite the uncertainty regarding completion of
a potential definitive agreement, there is a high probability that
its interest in Clara is likely to be sold within the next 12
months. Therefore, under IFRS 5, Clara is classified as held for
sale on statement of financial position ended June 30, 2024. Based on the expected sales
proceeds on June 30, 2024, the
Company has determined that the net book value of Clara is
recoverable, and no impairment has been recorded in connection with
the reclassification. Further, Clara remained operational during
the period ended June 30, 2024, and
its activities from operations has been reported as discontinued
operations on the Company's statements of operations and cash
flows.
QUARTERLY SALES RESULTS
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|
|
|
|
|
|
Three months
ended
June
30,
|
|
Six months
ended
June
30,
|
Revenue is in
millions of U.S. dollars
|
2024
|
2023
|
|
2024
|
2023
|
Sales
Channel
|
|
|
|
|
|
HB
Arrangements
|
29.5
|
25.8
|
|
52.8
|
50.4
|
Tender(1)
|
9.2
|
9.8
|
|
22.2
|
22.7
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Clara
|
2.6
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3.0
|
|
5.8
|
6.8
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Total
Revenue
|
41.3
|
38.6
|
|
80.8
|
79.9
|
(1) Non-gem
+10.8 carat diamonds and diamonds less than 10.8 carats that did
not meet characteristics for sale on Clara were sold through
tender.
|
HB Arrangements
For the three months ended June 30,
2024, the Company recorded revenue of $29.5 million from the HB arrangements as
compared to revenue of $25.8 million
on the period ending June 30, 2023.
Revenue generated from HB was 71% of total revenue recognized in
the second quarter of 2024 (Q2 2023: 67%). The revenue
includes "top-up" payment which is payable to the Company for final
sales price of the polished diamond sold when it is higher than the
initial estimated polished price.
Quarterly Tender & Clara
During Q2 2024, the sales volume transacted by Tender was
$9.2 million (Q2 2023: $9.8 million) and by Clara was $2.6 million (Q2 2023: $3.0 million). Both sales channels experienced
lower prices compared to Q2 2023 reflecting the weakening of prices
in the smaller sized diamond market.
2024 OUTLOOK
This section of the news release provides management's
production and cost estimates for 2024. These are
"forward-looking statements" and subject to the cautionary note
regarding the risks associated with forward-looking statements.
Diamond revenue guidance does not include revenue related to the
sale of exceptional stones (an individual rough diamond which sells
for more than $10.0 million), or the
Sethunya. No changes have been made to the guidance released in
November 2023.
Karowe Diamond
Mine
|
2024
|
In millions of U.S.
dollars unless otherwise noted
|
Full Year
|
Diamond revenue
(millions)
|
$220 to $250
|
Diamond sales
(thousands of carats)
|
345 to 375
|
Diamonds recovered
(thousands of carats)
|
345 to 375
|
Ore tonnes mined
(millions)
|
2.8 to 3.2
|
Waste tonnes mined
(millions)
|
0.8 to 1.4
|
Ore tonnes processed
(millions)
|
2.6 to 2.9
|
Total operating cash
costs(1) including waste mined (per tonne
processed)
|
$28.50 to
$33.50
|
Underground
Project
|
Up to $100
million
|
Sustaining
capital
|
Up to $10
million
|
Average exchange rate –
Botswana Pula per United States Dollar
|
12.5
|
(1) Operating cash
costs are a non-IFRS measure. See "Use of Non-IFRS
Performance Measures".
|
The Company had expected higher diamond recoveries and diamond
quality during Q4 2023 and Q1 2024 and has seen diamond recoveries
and quality improve in the second quarter of 2024.
In 2024, the Company expects to mine between 3.6 and 4.6 million
tonnes, of which ore tonnes mined represent approximately three
quarters of total tonnes mined. The assumptions for carats
recovered and sold as well as the number of ore tonnes processed
are consistent with achieved plant performance in recent years. A
portion of the tonnes mined in 2024 will be stockpiled, prior to
the end of open pit mining in mid-2025. Stockpiled material is
planned to be processed between 2025 to 2027 before the mine
transitions to the underground operations. Ore from the underground
development is expected to supplement lower grade stockpile
material, primarily from the upper benches of the South lobe,
during the transition period to the underground mining operations,
beginning in 2027.
In 2024, capital costs for the Karowe UGP are expected to be up
to $100 million and will focus
predominantly on shaft sinking activities and station development.
Surface works will focus on completing the construction of the bulk
air cooler and installation of the people and materials winder
building. Tendering the underground lateral development contract
along with underground equipment purchases are also included in the
2024 project plan.
Sustaining capital and project expenditures are expected to be
up to $10 million with a focus on
replacement and refurbishment of key asset components in addition
to dewatering activities, and an expansion of the tailings storage
facility in accordance with Global Industry Standard on Tailings
Management ("GISTM").
On behalf of the Board,
William Lamb
President and Chief Executive Officer
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ABOUT LUCARA
Lucara is a leading independent producer of large exceptional
quality Type IIa diamonds from its 100% owned Karowe Diamond Mine
in Botswana. The Karowe Mine has
been in production since 2012 and is the focus of the Company's
operations and development activities. Clara Diamond Solutions
Limited Partnership ("Clara"), a wholly-owned subsidiary of Lucara,
has developed a secure, digital sales platform which ensures
diamond provenance from mine to finger. Lucara has an experienced
board and management team with extensive diamond development and
operations expertise. Lucara and its subsidiaries operate
transparently and in accordance with international best practices
in the areas of sustainability, health and safety, environment, and
community relations. Lucara is certified by the Responsible
Jewellery Council, complies with the Kimberley Process, and has
adopted the IFC Performance Standards and the World Bank Group's
Environmental, Health and Safety Guidelines for Mining
(2007). Accordingly, the development of the Karowe
underground expansion project ("UGP") adheres to the Equator
Principles. Lucara is committed to upholding high standards while
striving to deliver long-term economic benefits to Botswana and the communities in which the
Company operates.
The information is information that Lucara is obliged to make
public pursuant to the EU Market Abuse Regulation. This information
was submitted for publication, through the agency of the contact
person set out above, on August 9,
2024, at 4:00 p.m. Pacific
Time.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made in this news release contain
certain "forward-looking information" and "forward-looking
statements" as defined in applicable securities laws. Generally,
any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance and often (but not
always) using forward-looking terminology such as "expects", "is
expected", "anticipates", "believes", "plans", "projects",
"estimates", "budgets", "scheduled", "forecasts", "assumes",
"intends", "goals", "objectives", "potential", "possible" or
variations thereof or stating that certain actions, events,
conditions or results "may", "could", "would", "should", "might" or
"will" be taken, occur or be achieved, (or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
By their nature, forward-looking statements and information
involve assumptions, inherent risks and uncertainties, many of
which are difficult to predict and are usually beyond the control
of management, that could cause actual results to be materially
different from those expressed by these forward-looking statements
and information. Forward-looking information and statements are
based on the opinions and estimates of management as of the date
such statements are made, and they are subject to several known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievement expressed or implied by such forward-looking
statements. The Company believes that the expectations reflected in
this forward-looking information are reasonable, but no assurance
can be given that these expectations will prove to be correct.
Readers and investors should not place undue reliance on such
statements.
This press release contains forward-looking information in
several places, such as in statements relating to the Company's
ability to continue as a going concern, the project schedule and
capital costs for the Karowe UGP, the diamond sales, production and
cost estimates under "2024 Outlook", the Company's ability to meet
its obligations under the Rebase Amendments with its Lenders, the
Company's ability to fill the CORA, the impact of supply and demand
of rough or polished diamonds, expectations regarding top-up
values, estimated capital costs, the timing, scope and cost of
grouting events at the Karowe UGP, that expected cash flow from
operations, combined with external financing will be sufficient to
complete construction of the Karowe UGP, that the estimated
timelines to achieve mine ramp up and full production from the
Karowe UGP can be achieved, the economic potential of a mineralized
area, expectations that the Karowe UGP will extend mine life,
forecasts of additional revenues, future production activity, that
depletion and amortization expense on assets will be affected by
both the volume of carats recovered in any given period and the
reserves that are expected to be recovered, the future price and
demand for, and supply of, diamonds, expectations regarding the
scheduling of activities for the Karowe UGP in 2024, future
forecasts of revenue and variable consideration in determining
revenue, the impact of the renewed HB sales arrangements on the
Company's projected revenue and sales channels, the outcome of tax
assessments and the likelihood of recoverability of tax payments
made, estimation of mineral resources, cost and timing of the
development of deposits and estimated future production, interest
rates, including expectations regarding the impact of market
interest rates on future cash flows and the fair value of
derivative financial instructions, the profitability of Clara, and
the potential impacts of economic and geopolitical risks.
Certain risks which could impact the Company are discussed under
the heading "Risks and Uncertainties" in the Company's most recent
MD&A and Annual Information Form available at SEDAR+ at
www.sedarplus.ca. Forward-looking information and statements
contained in this news release are made as of the date of this news
release and accordingly are subject to change after such date.
Except as required by law, the Company disclaims any obligation to
revise any forward-looking information and statements to reflect
events or circumstances after the date of such information and
statements. All forward-looking information and statements
contained or incorporated by reference in this news release are
qualified by the foregoing cautionary statements.
SOURCE Lucara Diamond Corp.