Lucara Diamond (LUC) Corporate presentation summary

Q1 2025 operational and financial highlights

• Sold 72,871 carats generating $30.3 million in revenue, with an operating margin of 54%.

• Operating cost per tonne processed was $23.41, a 10% decrease from Q1 2024.

• 0.4Mt of ore mined and 0.7Mt processed, with mining impacted by high rainfall.

• 139 Specials (+10.8ct) recovered, including a 1,476 carat non-gem diamond sold for $1.1 million.

• 2025 revenue guidance revised to $150–160 million; approval to draw up to $28 million from CORA to support UGP completion.

Karowe underground project progress

• Project aims to extend mine life beyond 2040, with production anticipated to start in H1 2028.

• Forecast cost at completion is $683.4 million; $380 million spent and $77.9 million committed as of March 31, 2025.

• Up to $115 million capital cost expected in 2025; $19.2 million spent in Q1 2025.

• Ventilation shaft reached 680m of 722m; significant lateral and bulk excavation completed.

• Procurement of underground equipment and advanced mining engineering underway.

Diamond recovery and resource highlights

• Specials historically contribute 60–70% of revenue and 5–7% by weight.

• Since 2012, 41 diamonds over 300 carats recovered, including 7 over 1,000 carats.

• Over 15 diamonds sold for more than $10 million each, totaling over $300 million in revenue.

• 306 Specials sold for over $1 million each, generating $1 billion in revenue.

• 2,488 carat Motswedi diamond recovered in August 2024, the largest in over 100 years.