VANCOUVER, BC, Feb. 12,
2025 /PRNewswire/ -- (TSX: LUC) (BSE: LUC) (Nasdaq
FNGM: LUC)
Lucara Diamond Corp. ("Lucara" or the "Company") is delighted to
announce the successful sale of two extraordinary diamonds from its
world-class Karowe Mine in Botswana. Final payment for and delivery of
the legendary 549 carat Sethunya diamond and the magnificent 1,080
carat Eva Star diamond has been completed, marking one of the most
significant diamond sales in recent history. All amounts are
expressed in U.S. dollars unless otherwise indicated. PDF
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The Sethunya, recovered in 2021, and the Eva Star, discovered in
2023, showcase the remarkable quality and size of diamonds
consistently produced from the South Lobe of the Karowe kimberlite.
These exceptional stones underscore Karowe's position as one of the
world's most prolific sources of large, high-value
diamonds.
"The sale of these two extraordinary diamonds further validates
our investment in the Karowe underground project," said
William Lamb, President and CEO of
Lucara. "The unique characteristics of Karowe's kimberlite,
particularly in the South Lobe, continue to amaze us with its
ability to produce diamonds of exceptional size and quality. The
mineralogy we're seeing is truly unprecedented in the industry,
consistently delivering Type IIa diamonds of remarkable clarity and
size."
The Company sold the stones for a combined sum of $54.0 million and recognized $44.0 million in revenue net of fees, excluding
royalties. The Company received $20.0
million in previous years and following this sale, a further
$24.0 million was due, of which
$16.0 million and $8.0 million were received in Q4 2024 and Q1 2025
respectively.
This significant transaction reinforces Lucara's position as a
leading producer of large, exceptional diamonds and demonstrates
the continued strong demand for these rare stones in the luxury
market. The Company remains committed to its innovative approach to
diamond recovery and ensuring maximum value realization for these
unique assets.
As required by the Project Facility, of the $24.0 million sale proceeds, $16.0 million, net of royalties, was used to fund
the Cost Overrun Reserve Account.
On behalf of the Board,
William Lamb
President and Chief Executive Officer
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ABOUT LUCARA
Lucara is a leading independent producer of large exceptional
quality Type IIa diamonds from its 100% owned Karowe Diamond Mine
in Botswana. The Karowe Mine has
been in production since 2012 and is the focus of the Company's
operations and development activities. Lucara has an experienced
board and management team with extensive diamond development and
operations expertise. Lucara and its subsidiaries operate
transparently and in accordance with international best practices
in the areas of sustainability, health and safety, environment, and
community relations. Lucara is certified by the Responsible
Jewellery Council, complies with the Kimberley Process, and has
adopted the IFC Performance Standards and the World Bank Group's
Environmental, Health and Safety Guidelines for Mining (2007).
Accordingly, the development of the Karowe underground project
("UGP") adheres to the Equator Principles. Lucara is committed to
upholding high standards while striving to deliver long-term
economic benefits to Botswana and
the communities in which the Company operates.
The information in this release is subject to the disclosure
requirements of Lucara pursuant to the EU Market Abuse Regulation.
The Company's certified adviser on the Nasdaq First North Growth
Market is Bergs Securities AB, ca@bergssecurities.se, +46 739
49 62 50. This information was submitted for publication,
through the agency of the contact person set out above, on
February 11, 2025, at 4:00 p.m. Pacific Time.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking information
and forward-looking statements as defined in applicable securities
laws (collectively referred to as "forward-looking statements").
These statements relate to future events or our future performance.
All statements other than statements of historical fact are
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. Forward-looking
statements in this news release include statements
regarding future production activity and the size and quality
of production.
By their nature, forward-looking statements and information
involve assumptions, inherent risks and uncertainties, many of
which are difficult to predict and are usually beyond the control
of management, that could cause actual results to be materially
different from those expressed by these forward-looking statements
and information. Forward-looking information and statements are
based on the opinions and estimates of management as of the date
such statements are made, and they are subject to several known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievement expressed or implied by such forward-looking
statements. The Company believes that the expectations reflected in
this forward-looking information are reasonable, but no assurance
can be given that these expectations will prove to be correct.
Readers and investors should not place undue reliance on such
statements.
Certain risks which could impact the Company are discussed under
the heading "Risks and Uncertainties" in the Company's most recent
MD&A and Annual Information Form available at SEDAR+ at
www.sedarplus.ca. Forward-looking information and statements
contained in this news release are made as of the date of this news
release and accordingly are subject to change after such date.
Except as required by law, the Company disclaims any obligation to
revise any forward-looking information and statements to reflect
events or circumstances after the date of such information and
statements. All forward-looking information and statements
contained or incorporated by reference in this news release are
qualified by the foregoing cautionary statements.
For further information, please contact: Vancouver,
Hannah Reynish, Investor Relations
& Communications, +1 604 674 0272, info@lucaradiamond.com;
Sweden, Robert Eriksson, Investor Relations & Public
Relations, +46 701 112615, reriksson@rive6.ch; UK Public Relations,
Charles Vivian / Emily Moss, Tavistock, +44 77 885 54035,
lucara@tavistock.co.uk
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