Lucara Diamond Corp Reports Strong Q3 2026 Results
News related to:Lucara Diamond Corp · 2 min read
VANCOUVER, BC, Nov. 13, 2026 /CourierPR/ -- Lucara Diamond Corp. reported strong financial results for the quarter ended September 30, 2026, highlighting significant growth in revenue and operational efficiency. The company's revenue for the quarter was $61.1 million, a 19% increase from $51.2 million in the same period of 2025. This growth was driven by the sale of 113,227 carats, including the notable sale of the 1,303 carat Type IIa diamond.
Adjusted operating earnings for the quarter stood at $32.8 million, up from $29.2 million in Q3 2025. Net income for the period was $6.6 million, down slightly from $7.4 million in the previous year. Despite this, the company has increased its 2026 revenue guidance to a range of $140 to $160 million, up from the previous range of $100 to $130 million. This increase reflects the contribution from the sale of the Motswedi and the 1,303 carat Type IIa diamonds, underscoring the quality and value of the Karowe orebody.
Operational highlights for the quarter included the processing of 829,822 tonnes of ore at an average grade of 11.3 carats per hundred tonnes. This processing covered 97 days, transitioning to calendar-month reporting from 92 days in Q2 2026. The throughput was the highest in the last five quarters, with 94,067 carats recovered from direct ore feed, plus an additional 2,700 carats from processing of historical recovery tailings, totaling 96,767 carats. The company recovered 163 Specials, including the 1,303 carat Type IIa diamond, a 316 carat diamond, and seven diamonds between 100 and 200 carats.
Operating costs per tonne processed for the year have been revised to a range of $24.00 to $26.00, down from $27.50 to $31.00. The company reported a cost of $22.41 per tonne processed in Q3 2026, below the revised guidance, due to higher throughput and lower in-pit mining activity, which offset increased power costs.
The Karowe Underground Project (UGP) transitioned from shaft construction to underground lateral development during the quarter. The production shaft was handed over to the owner's team in August, and development waste hoisting commenced following the Botswana Department of Mines licensing of the rock winder. Group R Mining commenced underground lateral development, advancing 466 metres during the quarter. UGP capital expenditures were $40.7 million in Q3 2026, with remaining costs to complete, including contingency, at $245.2 million as of September 30, 2026.
Cash and cash equivalents were $232.6 million at the end of the quarter, including $66.2 million held in the Debt Service Retention Account and a $10.0 million customer security deposit. The company's $350.0 million senior secured bonds were admitted to trading on Euronext ABM (Oslo Børs) in September 2026.
Lucara's strong operational performance and increased revenue guidance for 2026 reinforce the company's position as a leading diamond producer, capable of delivering rare, high-value diamonds. The company's focus on operational excellence, safety, and cost discipline is expected to maintain financial resilience and mitigate the impact of sustained weakness in certain sectors of the diamond market.