Lucara Diamond Corp. Unveils Ambitious 2025 Guidance Amid Record-Breaking Achievements

Lucara Diamond Corp. (TSX: LUC, BSE: LUC, Nasdaq Stockholm: LUC) has announced its operating guidance for 2025, highlighting a robust outlook for the Karowe Diamond Mine in Botswana, supported by strong production metrics and advancements in its underground mining project.

2024 Achievements Pave the Way

Reflecting on the progress in 2024, President and CEO William Lamb noted significant milestones at the Karowe Mine, including the recovery of two diamonds exceeding 1,000 carats—an extraordinary 2,488-carat diamond and a 1,094-carat gem. Lamb praised the company’s adoption of innovative extraction technologies, which continue to underscore the mine’s potential. Alongside operational successes, Lucara achieved cost reductions and sustainability enhancements, bolstering its position as a leader in responsible mining.

2025 Outlook

Lucara projects diamond revenues between $195 million and $225 million, driven by the recovery of 360,000–400,000 carats. Sales are forecast at 400,000–420,000 carats, with nearly 80% of recovered carats originating from the high-value South Lobe, known for its exceptional large diamonds.

Mining activities will involve processing up to 2.9 million tonnes of ore, while underground development is anticipated to extend Karowe’s mine life beyond 2040. Capital expenditures for the underground project are expected to reach $115 million in 2025, emphasizing shaft sinking, equipment installation, and lateral development. Sustaining capital, up to $13 million, will focus on refurbishments, tailings expansion, and pit steepening to access high-grade South Lobe material.

A Sustainable Future

Lucara reaffirmed its commitment to sustainability, operating under international best practices. Certified by the Responsible Jewellery Council and compliant with the Kimberley Process, the company ensures ethical practices in diamond mining. The underground expansion, slated for full-scale production by 2028, is being developed in line with the Equator Principles, promising economic and environmental benefits for Botswana.

About Lucara Diamond Corp.

Lucara, a leader in exceptional diamond production, has operated the Karowe Mine since 2012. With a seasoned team and a focus on innovation, Lucara continues to set benchmarks in diamond mining while delivering value to its stakeholders and the communities it serves.

For more information, visit Lucara Diamond’s official website and follow the company on Facebook, Instagram, and LinkedIn.

This report complies with the EU Market Abuse Regulation and was published on December 3, 2024.