Financial and Operational Updates
(All amounts are expressed in U.S. dollars unless otherwise indicated)
- Revenue was $26.1 million or $405 per carat (Q1 2016: $50.6 million and $649 per carat)
- EBITDA was $4.9 million for the period (Q1 2016: $30.7 million)
- Q1 cash position of $43.5 million (FY 2016: $53.3 million)
- Operating costs were $19.9 per tonne processed (Q1 2016: $25.3 per tonne)
- Earnings per share for the quarter was nil (Q1 2016: $0.05 earnings per share)
- Revenue, EBITDA and earnings per share performance were as expected and reflect the overall timing of the Company's sales tenders, with a single tender held during the first quarter. The Company maintains its 2017 revenue forecast of $200-$220 million, with 80% of its revenue forecast from the Company's exceptional stone tenders and the sale of specials (>10.8 carats) in its regular tenders. The Company has consistently recovered these specials (>10.8 carats) and there remains strong demand for these diamonds.
- The Company announced its 11th Exceptional Stone Tender ('EST') to close on May 11th. The tender includes 15 diamonds weighing 1,765 carats for an average of 117 carats per stone with six of the offered diamonds weighing in excess of 100 carats.