Lucapa Diamond Company Limited announces its Quarterly Activities Report for the period ended 31 December 2024 (the Quarter or Q4). In Q4, 8,012 carats were recovered at Lulo as mining concentrated on the higher grade leziria (floodplain) areas following the completion of the second river diversion for the year. This saw the number of special sized diamonds (over 10.8 carats) surge 43% to 77 compared with the same period last year. Most of these diamonds were held as inventory at year end, to be sold during Q1/2025.
During the Quarter, 8,016 carats were sold through two tenders and two run of mine sales for revenue of US$10 million at an average price per carat of US$1,251, down 80 percent from the previous corresponding period when two +200 carat and two +100 carat diamonds were sold.
Lucapa Managing Director, Alex Kidman, said:” Production at Lulo continued to improve in Q4, following the completion of the second river diversion, leading to better grades and carat recoveries, however most of the larger high value stones recovered during the Quarter will only be sold in Q1 2025. With the next river diversion already being excavated, we look forward to further production improvements in 2025.
“The busy Quarter also saw us announce our low-capital, re-start plan for Merlin and commence a Capital Raise to fund exploration at Merlin. Subsequent to the end of the Quarter, Lucapa completed an airborne geophysics survey over the entire Merlin tenement area. The outstanding preliminary results, highlighted two large base metals targets, leading us into an exciting period in early 2025. We look forward to announcing the final, more detailed results of the survey later this Quarter”.
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