Reported Ekati Operational Performance for the period ending 31 December 2024. Ekati has two active mines that contributed to the results in the December quarter. An open pit operation at Sable and an underground operation at Misery, with approximately 65% of the total ore processed generated from Sable during the period and 22% generated from Misery; the balance of the processed ore was from coarse ore rejects. During the December quarter the transition from Sable to the Point Lake open pit was largely completed.
Ore mined during the December quarter was 12% lower than the prior corresponding period, due to the transition from the Sable mine to the Point Lake open pit. Waste tonnes mined in the December quarter were 13% lower than the prior corresponding period, due to the lower waste stripping at Sable as operations draw to a close. Waste tonnes mined is expected to increase as waste stripping activities continue at the Point Lake operation.
Ore tonnes processed in the December quarter were 7% lower than the prior corresponding period. 1.02 million carats were recovered at a grade of 1.05 carats per tonne for the December quarter. This is down 17% and 11% respectively compared to the prior corresponding period, due to a lower grade ore blend.
Sales Performance
During the December quarter, 1.10 million carats were sold for total proceeds of US$101 million with an average selling price of US$92 per carat from two auctions and other sales events. This quarter’s lower sales volume was a result of lower quality goods remaining unsold. These results compare to Q4-2023, where 1.79 million carats were sold (a higher-than-normal sales volume for the period due to sale of carry over inventory) for total proceeds of US$166 million, with an average selling price of US$93 per carat.
The Company’s efforts to streamline the sales pipeline continue to reduce the remaining diamond inventory valued at US$63.3 million.
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