Lucara Diamond Corp. · TSX:LUC
Lucara Diamond — Q1 2026 Earnings Presentation
16 slides from Lucara Diamond's earnings presentation, 2026
Slide 1: Lucara Diamond Q1 2026
Ns LUCARA DIAMOND Q]1 2026
Slide 2: Cautionary Note
Cautionary Note Forward-looking information: Certain of the statements made and contained herein and elsewhere, including any Forward-looking information and statements are based on the opinions and estimates of management as of the accompanying oral presentation, contain “forward-looking informatio
Slide 3: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS All amounts are in U.S. dollars unless otherwise noted. References to “C$” are to Canadian dollars. Strengthened capital UGP advancement High-value recoveries structure and liquidity • Updated feasibility study • 100 Specials* recovered in Q1, • Closed C$165.0 million equity confi
Slide 4: Bond Financing
BOND FINANCING • Issued $350.0 million bond with a fixed coupon of 12.50% per annum, payable quarterly. • Includes a tap option which allows for an additional $50.0 million to be issued on the same terms, bringing maximum issuable amount to $400.0 million • Option to establish a Revolving Credit Fac
Slide 5: Operations Update
OPERATIONS UPDATE • Open pit mining activities at Karowe were temporarily suspended during the first quarter due to high and unseasonal rainfall, resulting in elevated water levels within the pit. • Operations resumed in the open pit in March. • Un-interrupted processing operations were maintained b
Slide 6: Financial & Operational Results
FINANCIAL & OPERATIONAL RESULTS Revenue (millions) Operating expenses (millions) Operating costs ($/ tonne) $30.3 $24.72 $21.8 $21.6 $23.41 $14.0 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Ore mined (tonnes) Ore processed (tonnes) Carats sold 390,539 79,744 72,871 718,804 676,626 6,231 Q1 2026
Slide 7: High-Value Recoveries
HIGH-VALUE RECOVERIES • Recovered 100 Specials* in Q1 2026, including five diamonds greater than 100 carats and one exceeding 300 carats. • Specials equated to 4.3% (Q1 2025: 5.6%) of the weight percentage of total recovered carats from ore processed during Q1 2026. • A total of 72,061 carats (Q1 20
Slide 8: Safety Leadership
SAFETY LEADERSHIP • Continued strong safety record, with the UGP achieving 2,249 lost-time injury free days and a project-to-date TRIFR of 0.54. Rolling 12- month Total Recordable Injury Frequency Rate (TRIFR) of 0.32. • No lost time injuries at Karowe in Q1 2026. • Lucara has been recognized by the
Slide 9: Karowe UGP Update
KAROWE UGP UPDATE • Updated feasibility study confirms total cost at completion of $779.2 million, including contingency. • As at March 31, 2026, $472.4 million had been incurred, with a further $117.7 million committed but not yet incurred. • From H1 2026 to H1 2028, processing will continue using
Slide 10: UGP Progress
UGP PROGRESS • Advancement of lateral development, with a total of 1,245 metres completed from the ventilation shaft, ahead of the planned handover stage to the lateral development contractor. • Water intersections encountered were effectively managed through targeted grouting. • Shaft equipping was
Slide 11: UGP Progress
UGP PROGRESS Production shaft steel work for main conveyors Evaporation pond
Slide 12: UGP Progress
UGP PROGRESS 310-Level drift towards the ore body 310-Level ramp to 285-Level
Slide 13: UGP Progress
UGP PROGRESS 285-Level site loading conveyor structure 285-Level ventilation shaft doors
Slide 14: Looking Ahead
LOOKING AHEAD • Strengthened capital structure and liquidity with closing of equity financing and successful bond issuance in Q1 2026. • Maintaining full year outlook, with revenue guidance remaining unchanged at $100.0 million to $130.0 million, supported by the return to open pit mining, with all
Slide 15: 2026 Annual Guidance
2026 ANNUAL GUIDANCE 2026 Diamond Sales, Production, and Outlook 2026 full year Diamond revenue (millions) $100 to $130 Diamond sales (thousands of carats) 340 to 360 Diamonds recovered (thousands of carats) 340 to 360 Ore tonnes mined (millions) Up to 0.6 Waste tonnes mined (millions) Up to 0.2 Ore
Slide 16: Contact
Contact Suite 2800, Four Bentall Centre 1055 Dunsmuir Street PO Box 49225 Vancouver, BC V7X 1L2 Tel: +1 604 674 0272 Email: info@lucaradiamond.com LucaraDiamond.com | LUC.TSX | LUC.FNGM | LUC.BSE