REG - Lucara Diamond Corp - Q1 2023 RESULTS; UNDERGROUND EXPANSION CONTINUES

Lucara DiamondAnnouncement

12/05/2023 07:00

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RNS Number : 1953Z  Lucara Diamond Corp  12 May 2023

May 11, 2023

 

NEWS RELEASE

 

LUCARA ANNOUNCES Q1 2023 RESULTS; UNDERGROUND EXPANSION CONTINUES

 

VANCOUVER, May 11, 2023 /CNW/ (LUC - TSX, LUC - BSE, LUC - Nasdaq Stockholm)

 

Lucara Diamond Corp. ("Lucara" or the "Company") today reports its results for
the quarter ended March 31, 2023.

Q1 2023 HIGHLIGHTS:

·      Guidance maintained.

·      All key operational metrics were on plan, with 0.5 million tonnes
of ore and 0.8 million tonnes of waste mined, 0.7 million tonnes of ore
processed, and 89,640 carats recovered.

·      The Q1 2023 operating cash cost of $26.65 per tonne of ore
processed((1)) was well below the expected annual operating cash cost range of
$32.50 to $35.50 per tonne of ore processed.

·      Revenue for the quarter ended March 31, 2023 totalled $42.8
million, including $5.3 million through Clara.

·      Cash flow generated from operating activities was $20.4 million.

·      $30.5 million invested in the Karowe underground expansion
project ("UGP") in Q1 2023 focused on:

o Main shaft sinking activities in both the ventilation shaft, currently at
213 metres below collar, and the production shaft, currently at 187 metres
below collar.

o The successful completion of the first grout programs in each shaft during
the first quarter of 2023.

o Completion and energization of the 11kV transmission line from the new
Karowe substation to the UGP.

o Stage two of the bulk power supply upgrade to connect all mine power
requirements to the new Karowe Substation and 132kV power line. Both the
existing operations and the UGP are now fully powered through the upgraded
grid-supplied electricity.

 

Eira Thomas, President & CEO commented: "As anticipated, Q1 delivered
lower revenues than in the comparative period, owing to the change in ore mix
processed and diamond pricing weakness resulting from continued geopolitical
and economic uncertainty.   Lucara's outlook for the year remains unchanged
as the largest influence on our revenue in Q1, ore mix, returns to higher
contributions of south lobe ore in subsequent quarters.  Sinking continued in
both the production and ventilation shafts with material improvement to
planned sinking rates achieved for the production shaft and mitigations
underway in the ventilation shaft to achieve the same.  Water management
remains a key focus area.  An update to the schedule and budget for the
underground project has been initiated in response to slower than planned ramp
up to expected sinking rates, and, to account for time incurred and
anticipated for future grouting programs.  We remain on-track to complete the
results of this analysis before the end of Q2, 2023."

 

REVIEW FOR THE QUARTER ENDED MARCH 31, 2023

·      Operational highlights from the Karowe Mine for Q1 2023 included:

o Ore and waste mined of 0.5 million tonnes (Q1 2022: 0.8) and 0.8 million
tonnes (Q1 2022: 0.5), respectively.

o 0.7 million tonnes (Q1 2022: 0.7) of ore processed.

o A total of 89,640 carats recovered (Q1 2022: 83,917) at a recovered grade of
12.8 carats per hundred tonnes of direct milled ore (Q1 2022: 12.6).

§ A total of 98 Specials were recovered, with two diamonds greater than 100
carats including one diamond greater than 300 carats in weight.

§ Recovered Specials equated to 4% of the weight percentage of total
recovered carats from ore processed during Q1 2023 (Q1 2022 - 6.9%).

o The twelve-month Total Recordable Injury Frequency Rate of 0.36 (Q1 2022:
0.23) trended downwards following a three-month period with no recordable
injuries.

o The Karowe Mine has operated for over two years without a lost time injury.

·      Financial highlights for the three months ended March 31, 2023
included:

o Revenues of $42.8 million (Q1 2022: $68.2 million) reflected a planned
change in product mix beginning in early 2023 combined with the continuation
of weaker diamond prices when compared to the strong diamond pricing observed
in Q1 2022. During Q1 2023, 64% of the carats processed were recovered from
the Centre and North Lobes and 36% were recovered from South Lobe material (Q1
2022: 100% South Lobe ore).

o Karowe's +10.8 production, sold through HB, accounted for 57% (Q1 2022: 66%)
of total revenues recognized in Q1 2023.

o Sales of non-Karowe diamonds through Clara were $1.5 million in Q1 2023 (Q1
2022: $1.0 million).

o Adjusted EBITDA((1)) was $15.3 million (Q1 2022: $36.0 million), with the
change directly attributed to a decrease in revenues.

o Cash flow of $20.4 million (Q1 2022: $30.8 million) from operating
activities.

 

·      Cash position and liquidity at March 31, 2023:

o Cash and cash equivalents of $31.2 million.

o Funded $18.0 million into a Cost Overrun Facility in the first quarter of
2023.

o Drew $25.0 million from the $170.0 million project finance facility for the
Karowe UGP resulting in $90.0 million drawn at quarter-end.

o The outstanding balance on the working capital facility increased from
$15.0 million to $23.0 million through Q1 2023, resulting in available
liquidity of $27.0 million.

DIAMOND MARKET

Despite a positive, longer-term outlook for natural diamonds, anchored on
improving fundamentals around supply and demand, softer diamond prices
observed in the latter half of 2022 have continued into 2023 as global
economic concerns combined with geopolitical uncertainty, including the
ongoing conflict in Ukraine continue to play out in the market, particularly
in North America.  Prices are beginning to show signs of stabilization as
China begins to open-up post-Covid, a trend which is anticipated to continue
towards the end of the year. Though sales of lab-grown diamonds increased
during the period, intense competition combined with improvements in
technology continue to drive prices of lab grown diamonds down. This further
differentiates this market segment from the natural diamond market and
highlights the unique nature and inherent rarity of natural diamonds. The
longer-term market fundamentals remain unchanged and positive, pointing to
strong price growth over the next few years as demand is expected to outstrip
future supply.

2023 OUTLOOK

This section of the press release provides management's production and cost
estimates for 2023.  These are "forward-looking statements" and subject to
the cautionary note regarding the risks associated with forward-looking
statements. Diamond revenue guidance does not include revenue related to the
sale of exceptional stones (an individual rough diamond which sells for more
than $10 million), or the Sethunya.

No changes were made to the Company's 2023 Guidance (released in December
2022).

 

 Karowe Diamond Mine                                                                    Full Year - 2023
 In millions of U.S. dollars unless otherwise noted
 Diamond revenue (millions)                                                             $200 to $230
 Diamond sales (thousands of carats)                                                    385 to 415
 Diamonds recovered (thousands of carats)                                               395 to 425
 Ore tonnes mined (millions)                                                            1.9 to 2.3
 Waste tonnes mined (millions)                                                          2.2 to 2.8
 Ore tonnes processed (millions)                                                        2.6 to 2.9
 Total operating cash costs((1)) including waste mined((2)) (per tonne processed)       $32.50 to $35.50
 Botswana general & administrative expenses including marketing costs (per tonne        $3.50 to $4.50
      processed)
 Tax rate((3))                                                                          0%
 Average exchange rate - USD/Pula                                                       12.0

(1) Operating cash costs are a non-IFRS measure.  See "Non-IFRS Financial
Performance Measures".

(2) Includes ore and waste mined cash costs of $7.00 to $8.00 (per tonne
mined) and processing cash costs of $12.00 to $13.00 (per tonne processed).

(3) The Company is subject to a variable tax rate in Botswana based on a
profit and revenue ratio which increases as profit as a percentage of revenue
increases. The lowest variable tax rate is 22% while the highest variable tax
rate is 55% (only if taxable income were equal to revenue).  Capital
expenditures are deductible when incurred. With planned capital expenditures
of up to $105 million for the UGP, a tax rate of 0% is forecast for 2023.
Should capital expenditures vary from plan, the Company could be subject to
current tax.

DIAMOND SALES

Karowe diamonds are sold through three separate and distinct sales channels:
through the HB sales agreement, on the Clara digital sales platform and
through quarterly tenders.

HB SALES AGREEMENT FOR +10.8 CARAT DIAMOND PRODUCTION FROM KAROWE

For the three months ended March 31, 2023, the Company recorded revenue of
$24.5 million from the HB agreement (inclusive of top-up payments of $6.6
million), as compared to revenue of $45.2 million (inclusive of top-up
payments of $11.7 million). The revenue achieved in Q1 2023 is comparable to
the $24.1 million earned from the HB agreement (inclusive of top-up payments
of $3.6 million) in Q4 2022.

The decrease in revenue in Q1 2023 versus the comparative quarter can be
attributed primarily to the number of high value diamonds delivered to HB in
2022 and the value of diamonds delivered earlier in 2021 for which top-up
revenue was received in the period. Top-up values will typically increase as
the more valuable stones move through production and become available for
sale. Adjusting for the sale of Sewelô, a lower number of carats from
production were delivered to HB in Q1 2023 compared to Q1 2022. The lower
initial value of the shipments was reflective of the value in the stones
delivered consistent with the change in product mix. This result is consistent
with the resource model and expected.

At March 31, 2023, a number of higher value and more technically complex
stones that take longer to manufacture had not fully completed the
manufacturing and sales process. As these stones finish the manufacturing
process, the Company may record additional revenue in the form of "top-up"
payments when these diamonds are sold.

Despite the overall decrease in revenue recognized in Q1 2023, diamond market
fundamentals continued to support healthy prices as the number of polished
stones sold by HB has improved from Q4 2022. Natural variability in the
quality profile of the +10.8ct production in any production period or fiscal
quarter results in fluctuations in recorded revenue and associated top-ups.
During Q1 2023, 4% weight percentage of Specials of total carats recovered was
consistent with the Karowe resource model.

CLARA SALES PLATFORM

As Clara grows, to complement goods from the Karowe mine, additional supply is
being made available through diamonds purchased by the Company and re-sold
through Clara and secondary market suppliers. Total volume transacted on the
platform was $5.3 million in Q1 2023, with Karowe goods representing 63% of
the total sales volume transacted. Sales of third-party diamonds increased to
$1.5 million in Q1 2023 (Q1 2022: $1.0 million).  The Company is focused on
growing Clara through building additional supply in 2023, both from
third-party producers and the secondary market. The number of buyers on the
platform continues to grow with 99 buyers on the platform at March 31, 2023.

During Q1 2023, the sales volume transacted was $5.3 million (Q1 2022: $7.0
million), as lower volumes were placed for sale (due to a shift in product mix
from the Karowe Mine).  A softening in market prices was observed between Q1
2023 and Q1 2022.

QUARTERLY TENDER

The Q1 2023 tender of $12.9 million (Q1 2022: $16.1 million) reflected a good
performance in rough diamond pricing with strength in the small stones. Rough
diamond prices had reached a multi-year high point at the time of the Q1 2022
tender. Pricing achieved through the tender remained at or above price levels
in 2019. A total of 77,750 carats were sold in the March 2023 tender,
generating revenues of $12.9 million (Q1 2023 tender: $16.1 million from the
sale of 74,638 carats).

KAROWE UNDERGROUND EXPANSION UPDATE

The Karowe UGP is expected to extend the mine life to at least 2040, with
initial underground carat production predominantly from the highest value
EM/PK(S) unit and is forecast to contribute approximately $4 billion in
additional revenues, using conservative diamond prices.

During 2022, the Company updated the estimated capital cost for the Karowe UGP
to $547 million (including contingency).  As a result of sinking delays and
grouting events beginning in mid-2022 and which are ongoing, the Company is
evaluating the impact of the incurred delays against the overall project
schedule and budget. Several operational adjustments were implemented
beginning in Q4 2022 to address the challenges encountered.  An update to the
project schedule and budget to take into account these developments is
expected to be completed before the end of Q2, 2023.

During the three months ended March 31, 2023, a total of $30.5 million was
spent on the Karowe UGP development, primarily in relation to ongoing
construction activities, including:

·      Main sinking in the production and ventilation shafts:

o In response to water inflows from the sandstones, one cover grouting event
in the ventilation shaft and two events in the production shaft were
successfully completed during February and March 2023. Experiences gained from
these first grouting events will inform future anticipated cover grouting
events as the shafts progress to depth.

o Planned sinking rates achieved in the production shaft in Q1 following
active interventions and mitigations implemented in Q4 2022. Further
investments made in Q4 2022 are expected to similarly improve sinking cycle
times to planned rates in the ventilation shaft and progress is being closely
monitored. Cycle time is the period it takes to complete a series of
activities within the sinking process to achieve the next planned vertical
advance.

o The ventilation shaft is currently at 213 metres below collar, with a
planned final depth of 731 metres. The production shaft is currently at 187
metres below collar, with a planned final depth of 765 metres.

·      The 11kV transmission line to the project site was commissioned
in mid-January 2023. This represents a significant milestone for the Karowe
UGP as it is now fully powered through grid-supplied electricity.

·      Transition of the temporary power supply to a back-up power
configuration. Back-up power will continue to be provided by diesel
generators.

·      Stage two of the bulk power supply upgrade to connect all mine
power requirements to the new Karowe Substation and 132kV power line. This
upgrade is expected to deliver stable and dedicated power to the Karowe Mine
operations.

·      The roll out of a behavioural-based safety training program in Q4
2022 has continued in the first quarter of 2023. The UGP achieved a
three-month period with no reportable incidents delivering a three-month
rolling Total Recordable Injury Frequency Rate of zero.

Activities for the Karowe UGP in Q2 2023 are expected to include the
following:

·      Sinking and grouting within both the ventilation and production
shafts.

·      Procurement of underground equipment, including dewatering pumps,
underground crush and convey systems and the permanent stage winder.

·      Initiation of construction on the bulk air cooler system.

·      Development of a request for proposal for the underground lateral
development work; and,

·      Continuation of detailed design and engineering of the
underground mine infrastructure and layout.

The capital cost estimate for the underground expansion in 2023 is $105
million - see "2023 Outlook". The program will focus predominantly on shaft
sinking and grouting activities in both shafts, along with construction of the
bulk air cooler, tendering of the underground development contract and
underground equipment purchases. Ramp-up to planned sinking rates for the
ventilation shaft continues and additional cover grouting events are expected
for both shafts in 2023 and 2024.

FINANCIAL HIGHLIGHTS - Q1 2023

                                                                    Three months ended March 31,
 In millions of U.S. dollars, except carats or otherwise noted      2023             2022

 Revenues                                                       $   42.8             68.2
 Operating expenses                                                 (18.3)           (18.0)
 Net income for the period                                          1.0              19.0
 Earnings per share (basic and diluted)                             0.00             0.04
 Operating cash flow per share((1))                                 0.03             0.08
 Cash on hand                                                       31.2             39.1
 Amounts drawn on working capital facility((2))                     23.0             12.0
 Amounts drawn on project finance facility                          90.0             45.0
 Karowe Revenue                                                     41.2             67.2
 Carats sold                                                        83,374           80,295

 

QUARTERLY RESULTS OF OPERATIONS - KAROWE MINE, BOTSWANA

                                                 UNIT        Q1-23    Q4-22    Q3-22    Q2-22      Q1-22
 Sales
 Revenues from the sale of Karowe diamonds       US$M        41.3     40.1     46.5     50.0       67.2
 Karowe carats sold                              Carats      83,374   81,264   99,301   66,167     80,295
 Production
 Tonnes mined (ore)                              Tonnes      541,400  484,705  920,410  1,091,192  811,947
 Tonnes mined (waste)                            Tonnes      761,295  199,385  453,860  357,764    482,104
 Tonnes processed                                Tonnes      700,678  690,946  693,398  719,207    666,488
 Average grade processed((1))                    cpht ((*))  12.8     12.5     11.4     12.0       12.6
 Carats recovered                                Carats      89,640   86,655   78,879   86,317     83,917
 Costs
 Operating cost per tonne of ore processed((2))  US$         26.65    26.20    29.33    28.78      27.80

 Capital Expenditures
 Sustaining capital expenditures                 US$M        0.8      9.9      4.0      4.1        0.8
 Underground expansion project((3))              US$M        30.5     22.3     23.9     29.1       31.1

CONFERENCE CALL

The Company will host a conference call and webcast to discuss the results on
Friday, May 12, 2023 at 5:00am Pacific, 8:00am Eastern, 1:00pm UK, 2:00pm CET.

 

To join the conference call please use the following link
https://emportal.ink/3MK80nT (https://emportal.ink/3MK80nT) or the phone
numbers listed below.

 

Conference ID:

33643944 / Lucara Diamond

 

Dial-In Numbers:

   Toll-Free Participant Dial-In North
America                 (+1) 888 390 0605

   UK Toll
free
0800 652 2435

   Local Vancouver
                          (+1) 416 764 8609

 

Webcast:

To view the live webcast presentation, please log on using this direct link:
https://app.webinar.net/8rMY2nz2Z7p (https://app.webinar.net/8rMY2nz2Z7p)

The presentation slideshow will also be available in PDF format for download
from the Lucara website (Link to presentation
(https://lucaradiamond.com/newsroom/presentations/) ).

 

Conference Replay:

A replay will be available until May 19, 2023. The pass code for the replay
is: 643944#.

 

   Replay number (Toll Free North
America)                    (+1) 888 390 0541

   Replay number (Local)
                   (+1) 416 764 8677

On behalf of the Board,

Eira Thomas

President and Chief Executive Officer

 

Follow Lucara Diamond on Facebook (https://www.facebook.com/LucaraDiamond/) ,
Twitter (https://twitter.com/LucaraDiamond) , Instagram
(https://www.instagram.com/lucaradiamond/) , and LinkedIn
(https://www.linkedin.com/company/lucara-diamond-corp-)

 

For further information, please contact:

 

 Hannah Reynish       Investor Relations & Communications
                      +1 604 674 0272| info@lucaradiamond.com (mailto:info@lucaradiamond.com)

 Sweden               Robert Eriksson, Investor Relations & Public Relations
                      +46 701 112615 | reriksson@rive6.ch (mailto:reriksson@rive6.ch)

 UK Public Relations  Charles Vivian / Jos Simson, Tavistock
                      +44 778 855 4035 | lucara@tavistock.co.uk (mailto:lucara@tavistock.co.uk)

 

ABOUT LUCARA

Lucara is a leading independent producer of large exceptional quality Type IIa
diamonds from its 100% owned Karowe Diamond Mine in Botswana. The Karowe Mine
has been in production since 2012 and is the focus of the Company's operations
and development activities. Clara Diamond Solutions Limited Partnership
("Clara"), a wholly-owned subsidiary of Lucara, has developed a secure,
digital sales platform that uses proprietary analytics together with cloud and
blockchain technologies to modernize the existing diamond supply chain,
driving efficiencies, unlocking value and ensuring diamond provenance from
mine to finger.  Lucara has an experienced board and management team with
extensive diamond development and operations expertise.  Lucara and its
subsidiaries operate transparently and in accordance with international best
practices in the areas of sustainability, health and safety, environment, and
community relations.  Lucara has adopted the IFC Performance Standards and
the World Bank Group's Environmental, Health and Safety Guidelines for Mining
(2007).  Accordingly, the development of the Karowe underground expansion
project ("UGP") adheres to the Equator Principles. Lucara is committed to
upholding high standards while striving to deliver long-term economic benefits
to Botswana and the communities in which the Company operates.

 

The information is information that Lucara is obliged to make public pursuant
to the EU Market Abuse Regulation and the Swedish Securities Markets Act. This
information was submitted for publication, through the agency of the contact
person set out above, on May 11, 2023 at 5:00pm Pacific Time.

NON-IFRS FINANCIAL PERFORMANCE MEASURES

This news release refers to certain financial measures, such as adjusted
EBITDA, adjusted operating earnings, operating cash flow per share, operating
margin per carat sold and operating cost per tonne of ore processed, which are
not measures recognized under IFRS and do not have a standardized meaning
prescribed by IFRS. These measures may differ from those made by other
corporations and accordingly may not be comparable to such measures as
reported by other corporations. These measures have been derived from the
Company's financial statements, and applied on a consistent basis, because the
Company believes they are of assistance in the understanding of the results of
operations and financial position. Please refer to the Company's MD&A for
the quarter ended March 31, 2023 for an explanation of non-IFRS measures used.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain of the statements made and contained herein and elsewhere constitute
forward-looking statements as defined in applicable securities laws.
Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible" and similar expressions, or
statements that events, conditions or results "will", "may", "could" or
"should" occur or be achieved.

Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made, and they are subject to a
number of known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievement
expressed or implied by such forward-looking statements. The Company believes
that expectations reflected in this forward-looking information are
reasonable, but no assurance can be given that these expectations will prove
to be accurate and such forward-looking information included herein should not
be unduly relied upon.

In particular, forward-looking information and forward-looking statements in
this news release may include, but are not limited to, information or
statements of projected capital costs associated with the Karowe UGP,, the
Company's ability to comply with the terms of the facilities which are
required to construct the Karowe UGP, that expected cash flow from operations,
combined with external financing will be sufficient to complete construction
of the Karowe UGP, the potential impacts of COVID-19, economic and
geopolitical risks, including potential impacts from the Russian military
invasion of Ukraine, expectations regarding longer-term market fundamentals
and price growth, the disclosure under "2023 Outlook", expectations regarding
top-up payments, processing expectations, expectations that the Karowe UGP
will extend mine life, forecasts of additional revenues, estimated capital
costs, production and cost estimates, tax rates, expectations regarding the
scheduling of activities for the Karowe UGP in 2023 and in future, that the
estimated timelines to achieve mine ramp up and full production from the
Karowe UGP can be achieved, the economic potential of a mineralized area, the
size and tonnage of a mineralized area, anticipated sample grades or bulk
sample diamond content, future production activity, the future price and
demand for, and supply of, diamonds, future forecasts of revenue and variable
consideration in determining revenue, estimation of mineral resources,
exploration and development plans, cost and timing of the development of
deposits and estimated future production, currency exchange rates, success of
exploration, requirements for and availability of additional capital, capital
expenditures, operating costs, the completion of transactions the
profitability of Clara and the Clara Platform, and the scaling of the digital
platform for the sale of rough diamonds owned by Clara, the Company's intent
to continue to seek additional supply, both from third-party producers and the
secondary market, the benefits to the Company of diamond supply agreements
with HB and the ability to generate better prices from the sale of the
Company's +10.8 carat production as a polished stone.

There can be no assurance that such forward looking statements will prove to
be accurate, as the Company's results and future events could differ
materially from those anticipated in this forward-looking information as a
result of those factors discussed in or referred to under the heading
"COVID-19 Global Pandemic, Economic and Geopolitical Risks" in the Company's
most recent MD&A and under the heading "Risks and Uncertainties" in the
Company's most recent Annual Information Form, both available at
http://www.sedar.com, as well as changes in general business and economic
conditions, the ability to continue as a going concern, changes in interest
and foreign currency rates, changes in inflation, the supply and demand for,
deliveries of and the level and volatility of prices of rough diamonds, costs
of power and diesel, impacts of potential disruptions to supply chains, acts
of foreign governments and the outcome of legal proceedings, inaccurate
geological and recoverability assumptions (including with respect to the size,
grade and recoverability of mineral reserves and resources), and unanticipated
operational difficulties (including failure of plant, equipment or processes
to operate in accordance with specifications or expectations, cost
escalations, unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial disturbances or
other job actions, adverse weather conditions, and unanticipated events
relating to health safety and environmental matters).

Accordingly, readers are cautioned not to place undue reliance on these
forward-looking statements which speak only as of the date the statements were
made, and the Company does not assume any obligations to update or revise them
to reflect new events or circumstances, except as required by law.

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