Canada's Lucara Diamond Q1 revenue falls on lower-grade stockpiles

Lucara Diamond

07/05/2026 22:39

Overview

Canada diamond miner's Q1 revenue fell yr/yr due to reliance on lower-grade stockpiles

Company completed C$165 mln equity financing and $350 mln bond issue, repaid $220 mln project debt

Full-year revenue guidance unchanged as open pit mining resumes

Outlook

Lucara maintains 2026 revenue guidance at $100 mln to $130 mln

Company expects to process 2.6 mln to 2.9 mln tonnes of ore in 2026

Diamond market remains mixed, with stable prices for larger, high-quality stones

Result Drivers

STOCKPILE PROCESSING - Revenue declined as company processed lower-grade, variable-quality stockpiled ore after unseasonal rainfall halted open pit mining

DIAMOND MARKET PRESSURE - Lower average prices per carat and continued pricing pressure for mid-range and lower-quality stones weighed on revenue

HIGH-VALUE DIAMOND RECOVERIES - Recovery of several large stones, including a 36.92 carat blue diamond, partially offset lower overall revenue

Company press release: ID:nCNW21Knba

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$21.80 mln
Q1 Operating Expenses
-$21.60 mln


Analyst Coverage

The one available analyst rating on the shares is "hold"

The average consensus recommendation for the non-gold precious metals & minerals peer group is "buy."

Wall Street's median 12-month price target for Lucara Diamond Corp is C$0.30, about 30.4% above its May 6 closing price of C$0.23

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)