Lucapa Q1 Results Down, Q2 Starts Promising

Lucapa, operating the Lulo mine in Angola and Mothae in Lesotho, reports Q1 results were down with revenues clocking at US$13.1m, down 28% y-o-y, and rough prices down 41%, from avg 1,350US$/ct to 798US$/ct. Lulo production focused on lower grade areas due to flooding, resulting in low grades in carats recovered, while Mothae production improved in terms of carats recovered but with a significantly lower frequency of exceptional, high value diamonds. Not included in Q1 results is the recent recovery of three Type IIa+100ct diamonds at the Lulo operation and the sales of high value Lulo diamonds post quarter, realizing US$10.5m, boosting Lucapa's balance sheet at the beginning of Q2.

Highlights of the Q1 Results:

• Total carats recovered: 14,162ct
• Total carats sold: 16,408ct
• Avg US$/ct: 798$/ct

_{Photo credit: Lucapa Diamond Company Limited}