Canada's Lucara Diamond Q2 revenue falls on lower carats sales

Lucara Diamond

07/08/2026 22:11

Overview
Canada diamond miner's Q2 revenue fell 6% yr/yr, driven by lower carats sold and prices
Q2 net income rose yr/yr, while EPS declined to $0.01 from $0.03
Company maintained full-year revenue guidance and advanced Karowe Underground Project milestones

Outlook
Lucara maintains 2026 revenue guidance at $100 mln to $130 mln
Company expects 2026 diamond sales and recoveries of 340,000 to 360,000 carats
Lucara sees 2026 operating cash costs at $27.50 to $31.00 per tonne processed

Result Drivers
LOWER CARATS AND PRICES - Revenue decline was mainly due to fewer carats sold through tender and lower average prices for stones under 10.8 carats
PRICING PRESSURE - Average prices per carat declined across both tender and Clara channels, reflecting continued pricing pressure on mid-range and lower-grade stones and cautious consumer sentiment
COST REDUCTION - Operating cost per tonne processed fell 11% yr/yr, mainly due to increased tonnes processed, partially offset by higher electricity and fuel costs

Company press release: ID:nCNWdrkPSa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$41 mln
 
Q2 Net Income
 
$15.60 mln
 
Q2 EPS
 
$0.01
 
Q2 Operating Expenses
 
-$11.90 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 87.5% above its August 6 closing price of C$0.16

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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.)