Lucara Diamond Corp reports its results for the quarter ended March 31, 2025- 1Q 2025. In Q1 2025, the Company’s revenue decreased to $30.3 million compared to $39.5 million in Q1 2024, primarily due to fewer carats sold (Q1 2025: 72,871 carats, Q1 2024: 93,560 carats), which resulted from having to process lower-grade stockpile material because of unusually high January rainfall affecting mining in the open pit.
From mining a higher proportion of lower-grade M/PK(S)1 ore than planned higher-grade EM/PK(S)2 ore. Lower grade M/PK(S) was mined due to a shift in the contact between the two kimberlites. These factors resulted in the Company’s 2025 revenue guidance being revised to $150 – $160 million.
This lower revenue outlook has led management to assess the Company’s ability to continue as a going concern, with concerns raised about sufficient working capital, cash flow from operations, and liquidity to meet obligations and ongoing UGP development.
During Q1 2025, the Company recovered six stones over 100 carats including the recovery of a 1,476 carat non-gem diamond. The 1,476 carat non-gem diamond was sold on tender for $1.11 million. The recovery of 139 Specials (defined as rough diamonds larger than 10.8 carats) (Q1 2024: 160 Specials) equated to 5.6% (Q1 2024: 5.1%) by weight of the total carats recovered from direct ore feed in Q1 2025.
A total of 93,716 carats were recovered in Q1 2025; 90,500 carats were from direct ore feed from the pit and stockpiles, at a recovered grade of 13.4 carats per hundred tonnes and an additional 3,216 carats were recovered from processing of historical recovery tailings.
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