Lucara Diamond Corp reports its results for the year ended December 31, 2024. According to the 2024 highlights, recoveries of two exceptional diamonds larger than 1,000 carats: the 2,488 carat(1) Motswedi and the 1,094 carat Seriti diamonds. The Company recovered an additional 1,476 carat non-gem diamond in January 2025.
A total of 399,215 carats were sold, generating revenue of $203.9 million as well as payments received for the sale of the Sethunya, a 549 carat Type IIA white gem quality diamond and the Eva Star, a 1,080 carat Type IIA diamond. The Company sold the two stones for a combined sum of $54.0 million and recognized $44.0 million in revenue net of fees, excluding royalties.
The recovery of 807 Specials (defined as rough diamonds larger than 10.8 carats) (2023: 602 Specials) equated to 7.6% (2023: 5.3%) by weight of the total recovered carats from ore processed in 2024.
Significant progress was made in shaft sinking and shaft connection lateral development. During 2024, 702 metres (m) were sunk consisting of 375 m in the production shaft and 327 m in the ventilation shaft. A total of 464 m of lateral development was completed, connecting the two shafts at the 670-level and 470-level. Each level is equivalent to a metre above sea level.
At the end of Q4 2024, the production shaft reached 731 metres below surface (mbs) out of a planned final depth of 770 mbs. The ventilation shaft reached 671 mbs out of a planned final depth of 722 mbs.
A total of 94,713 carats were recovered in Q4 2024, including 91,046 carats from direct ore feed from the pit and stockpiles, at a recovered grade of 12.7 carats per hundred tonnes (cpht) and an additional 3,667 carats were recovered from processing of historic recovery tailings.
All key operational and financial metrics from the Company’s 2024 Revised Guidance were achieved.
On October 4, 2024, the Company sold its interest in Clara Diamond Solutions Limited Partnership, Clara Diamond Solutions B.V., and Clara Diamond Solutions GP including all related intangible assets. The Company received $3.0 million in cash less working capital adjustments and the return of 10,000,000 Lucara common shares as consideration for the sale.
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