Business
Lucara Diamond Announces Q1 2026 Results
VANCOUVER, BC, May 7, 2026 /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq FNGM: LUC) Lucara Diamond Corp. ("Lucara" or the "Company") today reports its results for the
About this update from Lucara Diamond Corp.
[{"type":"text","content":" VANCOUVER, BC, May 7, 2026 /CNW/ - (TSX: LUC) (BSE: LUC) (Nasdaq FNGM: LUC) Lucara Diamond Corp. (\"Lucara\" or the \"Company\") today reports its results for the quarter ended March 31, 2026. All amounts are in U.S. dollars unless otherwise noted. References to \"C$\" are to Canadian dollars. Q1 2026 HIGHLIGHTS Q1 2026 marked a transformational quarter for Lucara, with the successful completion of its equity and bond financings for the Karowe Underground Project (the \"UGP\"), strengthening the Company's balance sheet and positioning it for long-term value creation. Strengthened capital structure and liquidity Closed a C$165.0 million equity financing on January 29, 2026, reflecting strong investor support. Successfully issued $350.0 million of senior secured bonds on March 27, 2026, with a tap option which allows for an additional $50.0 million of issuance and an option to establish a revolving credit facility of up to $50.0 million. Fully repaid $220.0 million of project debt. Ended the quarter with a strong cash position of $244.3 million (December 31, 2025: $31.9 million). UGP advancement Updated feasibility study confirms total capital cost of $779.2 million, with $472.4 million already invested, demonstrating significant project advancement. Operational resilience and high-value recoveries Recovered 100 Specials1, including five diamonds greater than 100 carats and one exceeding 300 carats. Notable recovery of a 36.92 carat blue Type IIB diamond recovered from the run-of-mine stockpile, comprised of ore previously mined but not yet processed, reinforcing Karowe's reputation for rare, high-value stones. Continued strong processing performance, with throughput aligned with operational expectations. Continued strong safety record The Karowe Diamond Mine (\"Karowe\") registered no lost time injuries during Q1 2026. The rolling twelve-month Total Recordable Injury Frequency Rate (TRIFR) for the Karowe Mine was 0.32 (Q1 2025: 0.36). Financial performance Q1 2026 revenue was $21.8 million (Q1 2025: $30.3 million), reflecting a higher proportion of stockpile processing during the period due to unseasonal weather impacting open pit mining. Stockpile material is inherently variable in grade and quality, which affected realized recoveries in the quarter. Open pit mining resumed...