Stock Information

Symbol LUC.TO
Last $2.01
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Volume 165,220
Day Open $2.00
Day High $2.02
Day Low $1.98
Year High $2.91
Year Low $1.97

LUC

TSX / Nasdaq Stockholm / Botswana Stock Exchange

2018 Highlights

q3
Financial Updates

(All amounts are expressed in U.S. dollars unless otherwise indicated)

HIGHLIGHTS:

  • Karowe’s overall performance with respect to ore and waste mined, ore processed and carats recovered was within forecast for the third quarter ended September 30, 2018:
    • Ore and waste mined was 1.2 million tonnes and 3.9 million tonnes respectively
    • Ore processed totaled 0.73 million tonnes with a record 0.26 million tonnes processed in the month of September 2018
    • 197 specials (single diamonds larger than 10.8 carats) were recovered during the third quarter, representing 4.7% weight percentage of total recovered carats, in line with expectations; 10 diamonds were recovered greater than 100 carats in weight
  • Commercialization efforts at Clara are tracking according to budget and plan with inaugural sales expected to commence in November
  • Quarterly sales revenue of $45.7 million (Q3 2017: $77.9 million) or $450 per carat (Q3 2017: $1,161 per carat) recognized during the quarter. This revenue includes proceeds of $3.9 million received in July 2018 related to the Company’s June tender. Third quarter sales from 2017 included the sale of the Lesedi La Rona (“LLR”) for $53 million ($47,777 per carat), adjusting for the sale of the LLR, the Q3 2017 average sales price was $389 per carat.
  • The operating cash cost for the nine months ended September 30, 2018 was $41.20 per tonne processed (2017: $32.40 per tonne processed) compared to the full year forecast cash cost of $38-$42 per tonne processed.Year to date operating cash cost per tonne processed was impacted by higher than expected tonnes mined and processed, and an increase in the cost per tonne mined due to the mining contractor transition which commenced mid-year. Forecast costs for the 2018 fiscal year are still expected to be within guidance.
  • Q3 2018 EBITDA of $18.2 million (Q3 2017: $49.8 million) reflects lower revenues attributable to a smaller volume and lower average price of exceptional stones sold, as compared to Q3 2017 which included the sale of the 1,109 carat LLR.
  • Net income for the three months ended September 30, 2018 was $5.1 million ($0.01 per share) as compared to net income of $32.9 million ($0.09 per share) in the comparative quarter of 2017.
  • As at September 30, 2018, the Company had cash and cash equivalents of $31.1 million. The $50 million credit facility remains undrawn on September 30, 2018.
  • 2018 guidance has been increased for tonnes of ore mined and carats recovered; the remainder of the Company’s guidance remains unchanged for 2018.
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Financial Reports

Mission Statement

To build a leading African-focused diamond production and development company.

Values

  • A healthy and safe work environment
  • Entrepreneurial spirit
  • Creation of shareholder value
  • Create positive economic and social impact on local communities where we operate
  • Focus on larger-scale advanced diamond projects
  • Seek value opportunities
  • Contribute to the Lundin Group's history of success and excellence in wealth creation for all stakeholders

Financial Calendar

  • Quarter
    Period End
    Reporting Date
  • 2017 YE Results
    Dec 31, 2017
    Feb 20, 2018
  • Q1
    Mar 31, 2018
    May 08, 2018
  • Q2
    Jun 30, 2018
    Aug 08, 2018
  • Q3
    Sep 30, 2018
    Nov 08, 2018

Share Capital

  • Issued and Outstanding
    396,509,387 shares
  • Options Granted
    4,498,336
  • Share Units Outstanding
    1,260,542
  • Fully Diluted
    402,268,265 shares
  • Shareholdings by insiders can be found on the following websites:
    Canada: www.sedi.ca
    Sweden: www.fi.se