LUCARA ANNOUNCES UPDATED FEASIBILITY STUDY FOR KAROWE UNDERGROUND PROJECT
Original announcement by tmx on
- Company
- Lucara Diamond Corp.
- Ticker
- LUC
- Exchange
- TSX
- Region
- Botswana
- Primary commodity
- Diamond
- Secondary commodities
- None reported
- Document categories
- Resource update, Other
- Extracted
- 2026-08-21 03:35:30 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Lucara Diamond Corp. announced an updated Feasibility Study for its Karowe Underground Project in Botswana, extending the mine life by approximately 10 years. The study, prepared in accordance with NI 43-101, confirms the project's economic viability with an after-tax unlevered NPV 8% of $432.1 million and total life of mine diamond recoveries of 4.5 million carats. It incorporates updated resource and reserve estimates, capital and operating costs, and a revised mining plan.
Reasoning: The updated Feasibility Study confirms the economic viability and extends the mine life of the Karowe Underground Project, supported by updated NI 43-101 compliant resource and reserve estimates. However, high underground dilution and recent waivers on financial defaults are noted.
Positive factors
- Extended mine life
- Positive NPV
- NI 43-101 compliant
- QP sign-off
- High-value diamonds
- Significant probable reserves
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Facts used in scoring: 23
Classification and evidence
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The Mineral Resource Estimate was prepared by Hermanus Grütter, P.Geo, Ph.D., and the Mineral Reserve Estimate by Brandon Chambers, P.Eng.
Evidence · text
“prepared by Qualified Person ("QP") Hermanus Grütter, P.Geo, Ph.D.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The Feasibility Study and associated estimates were prepared in accordance with National Instrument 43-101.
Evidence · text
“prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")”
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: The document is an updated Feasibility Study, which supports a Definitive Feasibility Study level of confidence.
Evidence · text
“updated Feasibility Study ("FS" or "Study")”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Cut-off grades for both resources (+1.25 mm) and reserves (US$35/t, US$37/t, US$19.50/t) are clearly stated.
Evidence · text
“Mineral Resources are stated above a +1.25 mm bottom cut-off diamond size”
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: All mineral reserves are classified as Probable Mineral Reserves, indicating a reasonable level of confidence for economic viability.
Evidence · text
“All Mineral Reserves in Table 9 are classified as Probable Mineral Reserves.”
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: A significant portion of the mineral resource is classified as Indicated, providing reasonable geological confidence.
Evidence · table
“Total Indicated”
Context: Total Indicated
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A portion of the mineral resource is classified as Inferred, which is a speculative category with limited drilling.
Evidence · table
“Total Inferred”
Context: Total Inferred
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: The underground reserve estimate includes a high total dilution of 23% (5.3 Mt), which can negatively impact overall grade.
Evidence · text
“A total UG dilution of 23%, or 5.3 Mt has been included in the UG reserve estimate.”
Financial Risknegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The company reached an agreement with lenders to waive events of default on project and working capital facilities, indicating past financial challenges.
Evidence · text
“On December 30, 2025, the Company reached an agreement with the lenders under its Project and Working Capital facilities to waive all events of default.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents an updated technical report and Feasibility Study, revising previous estimates.
Evidence · text
“updated technical report (the "Report") for the updated Feasibility Study ("FS" or "Study")”
Extracted facts
Stored fact records: 23. Some facts used in scoring do not have a stored record.
Resource Estimates (23)
indicatedKarowe Underground Project · diamondTonnes: 15700000Grade: 10.8Grade Unit: cphtContained Metal: 1696000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 10.8
- Grade Unit
- cpht
- Contained Metal
- 1696000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Significant indicated resource for high-value diamonds, supporting the project's economic viability.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“15.70”
Context: Indicated
indicatedKarowe Underground Project · diamondTonnes: 17440000Grade: 21Grade Unit: cphtContained Metal: 3662000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- indicated
- Tonnes
- 17440000
- Grade
- 21
- Grade Unit
- cpht
- Contained Metal
- 3662000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Significant indicated resource with high grade for high-value diamonds, supporting the project's economic viability.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“17.44”
Context: Indicated
indicatedKarowe Underground Project · diamondTonnes: 33130000Grade: 16.2Grade Unit: cphtContained Metal: 5358000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- indicated
- Tonnes
- 33130000
- Grade
- 16.2
- Grade Unit
- cpht
- Contained Metal
- 5358000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Large total indicated resource for high-value diamonds, supporting the project's economic viability.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“33.13”
Context: Total Indicated
inferredKarowe Underground Project · diamondTonnes: 300000Grade: 10.5Grade Unit: cphtContained Metal: 32000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 300000
- Grade
- 10.5
- Grade Unit
- cpht
- Contained Metal
- 32000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Small inferred resource for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“0.30”
Context: Inferred
inferredKarowe Underground Project · diamondTonnes: 4160000Grade: 20.9Grade Unit: cphtContained Metal: 874000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 4160000
- Grade
- 20.9
- Grade Unit
- cpht
- Contained Metal
- 874000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Moderate inferred resource with high grade for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“4.16”
Context: Inferred
inferredKarowe Underground Project · diamondTonnes: 1200000Grade: 10.9Grade Unit: cphtContained Metal: 131000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 1200000
- Grade
- 10.9
- Grade Unit
- cpht
- Contained Metal
- 131000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Moderate inferred resource for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“1.20”
Context: Inferred
inferredKarowe Underground Project · diamondTonnes: 330000Grade: 5Grade Unit: cphtContained Metal: 17000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 330000
- Grade
- 5
- Grade Unit
- cpht
- Contained Metal
- 17000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Small inferred resource with lower grade for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“0.33”
Context: Inferred
inferredKarowe Underground Project · diamondTonnes: 300000Grade: 15Grade Unit: cphtContained Metal: 45000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 300000
- Grade
- 15
- Grade Unit
- cpht
- Contained Metal
- 45000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Small inferred resource with moderate grade for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“0.30”
Context: Inferred
inferredKarowe Underground Project · diamondTonnes: 200000Grade: 15Grade Unit: cphtContained Metal: 30000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 200000
- Grade
- 15
- Grade Unit
- cpht
- Contained Metal
- 30000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Small inferred resource with moderate grade for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“0.20”
Context: Inferred
inferredKarowe Underground Project · diamondTonnes: 170000Grade: 10Grade Unit: cphtContained Metal: 17000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 170000
- Grade
- 10
- Grade Unit
- cpht
- Contained Metal
- 17000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Small inferred resource for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“0.17”
Context: Inferred
inferredKarowe Underground Project · diamondTonnes: 10000Grade: 15Grade Unit: cphtContained Metal: 2000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 10000
- Grade
- 15
- Grade Unit
- cpht
- Contained Metal
- 2000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Very small inferred resource for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“0.01”
Context: Inferred
inferredKarowe Underground Project · diamondTonnes: 40000Grade: 10Grade Unit: cphtContained Metal: 4000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 40000
- Grade
- 10
- Grade Unit
- cpht
- Contained Metal
- 4000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Very small inferred resource for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“0.04”
Context: Inferred
inferredKarowe Underground Project · diamondTonnes: 6720000Grade: 17.2Grade Unit: cphtContained Metal: 1152000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- inferred
- Tonnes
- 6720000
- Grade
- 17.2
- Grade Unit
- cpht
- Contained Metal
- 1152000
- Contained Unit
- carats
- Cutoff Grade
- 1.25
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Total inferred resource for diamonds.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“6.72”
Context: Total Inferred
probableKarowe Underground Project · diamondTonnes: 100000Grade: 21Grade Unit: cphtContained Metal: 25000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 100000
- Grade
- 21
- Grade Unit
- cpht
- Contained Metal
- 25000
- Contained Unit
- carats
- Cutoff Grade
- 35
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Small probable reserve from open pit with high grade.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“0.1”
Context: Open Pit
probableKarowe Underground Project · diamondTonnes: 1000000Grade: 10.8Grade Unit: cphtContained Metal: 109000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 1000000
- Grade
- 10.8
- Grade Unit
- cpht
- Contained Metal
- 109000
- Contained Unit
- carats
- Cutoff Grade
- 35
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Moderate probable reserve from open pit.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“1.0”
Context: Open Pit
probableKarowe Underground Project · diamondTonnes: 1100000Grade: 11.9Grade Unit: cphtContained Metal: 134000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 1100000
- Grade
- 11.9
- Grade Unit
- cpht
- Contained Metal
- 134000
- Contained Unit
- carats
- Cutoff Grade
- 35
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Total probable reserve from open pit.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“1.1”
Context: Open Pit
probableKarowe Underground Project · diamondTonnes: 14200000Grade: 17.1Grade Unit: cphtContained Metal: 2429000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 14200000
- Grade
- 17.1
- Grade Unit
- cpht
- Contained Metal
- 2429000
- Contained Unit
- carats
- Cutoff Grade
- 37
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Significant probable reserve from underground with high grade, supporting the project's economic viability.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“14.2”
Context: Underground
probableKarowe Underground Project · diamondTonnes: 14300000Grade: 8.6Grade Unit: cphtContained Metal: 1240000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 14300000
- Grade
- 8.6
- Grade Unit
- cpht
- Contained Metal
- 1240000
- Contained Unit
- carats
- Cutoff Grade
- 37
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Significant probable reserve from underground, supporting the project's economic viability.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“14.3”
Context: Underground
probableKarowe Underground Project · diamondTonnes: 28500000Grade: 12.9Grade Unit: cphtContained Metal: 3669000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 28500000
- Grade
- 12.9
- Grade Unit
- cpht
- Contained Metal
- 3669000
- Contained Unit
- carats
- Cutoff Grade
- 37
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Large total probable reserve from underground, supporting the project's economic viability.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“28.5”
Context: Underground
probableKarowe Underground Project · diamondTonnes: 4200000Grade: 13.1Grade Unit: cphtContained Metal: 546000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 4200000
- Grade
- 13.1
- Grade Unit
- cpht
- Contained Metal
- 546000
- Contained Unit
- carats
- Cutoff Grade
- 19.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Probable reserve from mixed stockpile.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“4.2”
Context: Stockpile
probableKarowe Underground Project · diamondTonnes: 3500000Grade: 5.7Grade Unit: cphtContained Metal: 198000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 3500000
- Grade
- 5.7
- Grade Unit
- cpht
- Contained Metal
- 198000
- Contained Unit
- carats
- Cutoff Grade
- 19.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Probable reserve from LOM stockpile with lower grade.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“3.5”
Context: Stockpile
probableKarowe Underground Project · diamondTonnes: 7600000Grade: 9.8Grade Unit: cphtContained Metal: 745000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 7600000
- Grade
- 9.8
- Grade Unit
- cpht
- Contained Metal
- 745000
- Contained Unit
- carats
- Cutoff Grade
- 19.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Total probable reserve from stockpile.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“7.6”
Context: Stockpile
probableKarowe Underground Project · diamondTonnes: 37300000Grade: 12.2Grade Unit: cphtContained Metal: 4547000Contained Unit: caratsView all detailsHide details
Identity
- Project
- Karowe Underground Project
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource Data
- Category
- probable
- Tonnes
- 37300000
- Grade
- 12.2
- Grade Unit
- cpht
- Contained Metal
- 4547000
- Contained Unit
- carats
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Overall probable reserve for the project, supporting the extended mine life.
Positive factors
- NI 43-101 compliant
- QP sign-off
- Feasibility Study level
Negative factors
- High underground dilution (23%)
- Waiver of financial defaults
Evidence · table
“37.3”
Context: Combined
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.