During the Quarter, the first modern electromagnetic survey (EM) in 25 years was flown over Merlin to identify potential targets on the tenements including kimberlites and base metals. The new generation geophysics survey is the first modern Time-Domain airborne survey to be completed over the tenements in 25 years.
Post Quarter-end, the outstanding initial results from the Xcite EM survey, flown by NRG were announced to the ASX on 21 January 2025. On 25 November 2024, the Company announced the two-stage re-start plan for returning Merlin to production. The 18-months-long first phase of the plan will use excavator dredging to mine to a depth of 15 metres from the base of five existing open pits.
Phase 2 will follow for 27 months and use Vertical Pit mining to extract ore from the Gawain pit. Phase 1 requires A$15m in funding with A$9m as pre-production capital and Phase 2 requires A$10m in funding for a proposed 5 year mine life with possible extension. The plan has forecast a pre-tax NPV (10%) of A$40m and a projected pre-tax internal rate of return of 75 percent. It is anticipated that the Merlin re-start will be funded at a project level and discussions are underway with several parties.
It is said in the Lucapa Diamond Company’s announcement for Quarterly Activities Report for the Quarter or Q4. In the row, Lucapa said about rough diamond market. The diamond industry continued to face headwinds in Q4, with rough supply from major and independent miners curtailed to support the stabilisation of the market.
According to Independent Diamond Analyst Paul Zimnisky’s estimates, the total carats produced in 2024 has fallen below 100 million carats for the first time since 1989. Zimnisky estimates that inventory levels at the end of 2024, at major diamond producers De Beers and Alrosa were sitting higher than previous years at above 20 million carats each.
On the retail side, the November and December festive period saw mixed results in the jewellery trade. In India, luxury jewellers were reporting increases in sales of 20%+ year over year, while the global luxury jewellery brands, reported upticks in sales for the same period of 2%+. Signet, the US’s largest jeweller, recently downgraded its full-year earnings guidance to January 31 2025, by 6 percent.
In China, weak consumer sentiment and a slowing economy have continued to weigh on demand for luxury goods as Chinese consumers increasingly shopped for jewellery outside of the mainland especially Japan, to capitalise on cheaper prices. The overall consensus is that rough diamond prices will likely remain relatively stable over 2025 with small single digit percentage increases possible.
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