News Bureau

January 24, 2023

Lucapa 4Q recovers four +100 carat diamonds

Lucapa Diamond Company Limited presented its quarterly activities report for the period ended 31 December 2022 (the Quarter or Q4). Managing Director, Stephen Wetherall, commented “This was another solid quarter operationally. We achieved several new operational records, very positive exploration results, record capital returns from Angola and continued to focus on strengthening our balance sheet in the current financial environment.

Most significantly, the Lulo primary source kimberlite exploration activities delivered their best results. We have tangible evidence that the Lulo kimberlite province hosts primary sources containing Special sized diamonds and our methodical approach is now delivering the results that we have been working towards for many years.

Our teams are confident of resolving the constraints at Mothae and the soon to be run trial will determine which strategic solution is best to return value from our investment in Lesotho. We look forward to 2023 with more bulk sample results at Lulo and delivering the Merlin feasibility study as we work towards building our third diamond mine and our first in Australia.”

These diamond recoveries included four +100 carat stones weighing 159, 134, 123 and 115 carats (pictured right), bringing to 10 the number of +100 carat diamonds recovered at Lulo in 2022.

According to the Mining operations highlights, 1: Total Q4 rough diamond revenues of A$62.4 million – record full year rough revenue of A$149.0 million (attributable full year rough revenue of A$69.1 million). 2: Lulo Record volumes processed, recovering and several fancy coloured stones, A$30.1 million realised for Lulo exceptional stone tender & Shareholders approve further ~A$5.9 million loan repayment and ~A$2.3 million dividend to Lucapa.

Mothae mine, Completed Mothae plant optimisation modelling – trial scheduled shortly exploration, Processed Lulo kimberlite L164 bulk sample recovering 41 diamonds weighing a total of 66.05 carats (average stone size 1.61 carats), including two +10.8 carat diamonds weighing 15.3 and 12.3 carats, Proof that Lulo primary source kimberlites host Special sized diamonds.

At the Mine development front, advanced Merlin feasibility study and renewed the mining lease for 25 years to 2047.



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