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Lucara Q2 2026 results show UGP progress with steady guidance

Aug 7, 2026, 5:03 PM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Positive reactions are likely from clarity on UGP funding, lower unit costs, and a clear timeline to 2028 ramp, plus a notable 1,303-carat diamond milestone which underscores resource quality; downside risks exist from diamond-market softness and HB revenue concentration.

AI summary

What happened, with direct paths to the underlying reporting

Lucara reported Q2 2026 revenue of $41.0 million, a 6% YoY drop, amid lower carats sold and pricing pressure on mid-to-lower grade stones. The Karowe Underground Project (UGP) advanced with $22.1 million in Q2 capex, bringing total capex to $779.2 million with $275.9 million remaining. Open pit mining ends in 2026, paving the way for stockpile-to-UGP feed and targeted 2028 full underground production.

Q2 2026 revenue $41.0M; YoY decline driven by fewer carats sold.
UGP capex in Q2 $22.1M; total capex $779.2M; $275.9M remaining.
Open pit mining to end in 2026; full underground production targeted H1 2028.
1,303-carat Type IIa diamond recovered in July 2026; HB 83% of revenue.

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