Lucara Diamond (LUC) investor relations material

Executive summary

• Q2 2026 revenue was $41.0 million, a 6% decrease year-over-year, primarily due to lower carats sold through tender and lower average price per carat for stones under 10.8 carats.

• Operating cost per tonne processed decreased 11% to $23.76, below guidance, driven by higher tonnes processed.

• 90,082 carats were recovered, including 176 Specials (stones >10.8 carats); a 27% decrease in Specials compared to Q2 2025.

• Open pit mining remains on track to conclude in Q4 2026, with transition to processing stockpiled ore.

• A 1,303-carat diamond was recovered in July 2026, marking the tenth >1,000-carat diamond since operations began.

Financial highlights

• Net income for Q2 2026 was $15.6 million, up from $12.5 million in Q2 2025.

• Earnings per share were $0.01, compared to $0.03 in Q2 2025.

• Cash balance as of June 30, 2026 was $243.6 million.

• Operating expenses for Q2 2026 were $11.9 million, down from $15.4 million in Q2 2025.

• Revenue from HB Trading BV accounted for 83% of total Q2 2026 revenue.

Outlook and guidance

• Full year 2026 revenue guidance remains $100–$130 million.

• Diamond sales and recovery guidance: 340,000–360,000 carats.

• Operating cost guidance: $27.50–$31.00 per tonne processed.

• UGP capital expenditure for 2026 expected up to $110 million; sustaining capital up to $11.5 million.

• Transition to processing stockpiled ore expected after open pit depletion in Q4 2026; full-scale underground production planned for H1 2028.