# LUCARA ANNOUNCES UPDATED FEASIBILITY STUDY FOR KAROWE UNDERGROUND PROJECT

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff

Original source: https://money.tmx.com/en/quote/LUC/news/8176680465507768/lucara-announces-updated-feasibility-study-for-karowe-underground-project

Publisher: tmx

Original announcement: 2026-01-05T22:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- 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

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas 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 factor: Extended mine life

- Positive factor: Positive NPV

- Positive factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: High-value diamonds

- Positive factor: Significant probable reserves

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Facts used in scoring: 23

## Classification and evidence

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: 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-Supporting**

Polarity: neutral

Definition: 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 Disclosed**

Polarity: positive

Definition: 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 Reserve**

Polarity: positive

Definition: 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 Resource**

Polarity: positive

Definition: 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 Resource**

Polarity: negative

Definition: 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 Growth**

Polarity: negative

Definition: 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 Risk**

Polarity: negative

Story-specific tag

Definition: 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 Update**

Polarity: neutral

Definition: 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)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-0)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 15.70

Context: Indicated

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-1)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 17.44

Context: Indicated

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-2)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 33.13

Context: Total Indicated

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-3)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 0.30

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-4)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 4.16

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-5)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 1.20

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-6)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 0.33

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-7)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 0.30

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-8)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 0.20

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-9)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 0.17

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-10)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 0.01

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-11)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 0.04

Context: Inferred

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-12)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 6.72

Context: Total Inferred

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-13)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 0.1

Context: Open Pit

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-14)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 1.0

Context: Open Pit

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-15)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 1.1

Context: Open Pit

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-16)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 14.2

Context: Underground

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-17)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 14.3

Context: Underground

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-18)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 28.5

Context: Underground

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-19)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 4.2

Context: Stockpile

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-20)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 3.5

Context: Stockpile

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-21)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: Waiver of financial defaults

Evidence · table

> 7.6

Context: Stockpile

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--feb6fb68-7c27-4a56-ba85-1fe86f5b48ff#fact-resource-facts-22)

Karowe Underground Project · diamond

#### 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 factor: NI 43-101 compliant

- Positive factor: QP sign-off

- Positive factor: Feasibility Study level

- Negative factor: High underground dilution \(23%\)

- Negative factor: 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.