LUCARA ANNOUNCES UPDATED FEASIBILITY STUDY FOR KAROWE UNDERGROUND PROJECT
Original announcement by tmx on
- Company
- Lucara Diamond Corp.
- Ticker
- LUC
- Exchange
- TSX
- Region
- Botswana
- Primary commodity
- Diamond
- Secondary commodities
- None reported
- Document categories
- Resource update
- Extracted
- 2026-09-12 11:17:34 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Lucara Diamond Corp. has released an updated Feasibility Study for its Karowe Underground Project in Botswana, which extends the mine life by approximately 10 years and is expected to generate over $3.3 billion in diamond revenue. The study includes updated mineral resource and reserve estimates, prepared in accordance with NI 43-101, and outlines pre-production capital costs of $779 million. The project is designed to support a 2.85 million tonnes per annum underground mine, focusing on high-value diamond recovery.
Reasoning: Lucara Diamond Corp. announced an updated Feasibility Study for its Karowe Underground Project, extending the mine life and providing updated mineral resource and reserve estimates. The study is NI 43-101 compliant and signed off by Qualified Persons, reinforcing the project's viability. However, the resource estimate uses a size cut-off, and the reserve estimate assumes 100% process recovery, which are points to note.
Positive factors
- Updated Feasibility Study reinforces project economics
- Extends mine life and generates significant revenue
- NI 43-101 compliant with QP sign-off
Negative factors
- Resource estimate uses a size cut-off rather than a grade cut-off
- Reserve estimate assumes 100% process recovery
Facts used in scoring: 23
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The report is prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Evidence · text
“prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")”
QP/CP Signedpositive
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., both Qualified Persons.
Evidence · text
“prepared by Qualified Person ("QP") Hermanus Grütter, P.Geo, Ph.D.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces an updated Feasibility Study and Mineral Resource Estimate for the Karowe Underground Project.
Evidence · text
“LUCARA ANNOUNCES UPDATED FEASIBILITY STUDY FOR KAROWE UNDERGROUND PROJECT”
DFS-Supportingneutral
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 is a definitive level of study.
Evidence · text
“updated Feasibility Study ("FS" or "Study")”
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: All Mineral Reserves in Table 9 are classified as Probable Mineral Reserves.
Evidence · table
“Probable”
Context: South_EM/PK(S)
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: The Mineral Resource Estimate includes Indicated Mineral Resources.
Evidence · table
“Indicated”
Context: South_M/PK(S)
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Mineral Resource Estimate includes Inferred Mineral Resources, which is a speculative category.
Evidence · table
“Inferred”
Context: South_M/PK(S)
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Mineral Resources are stated above a +1.25 mm bottom cut-off diamond size, and Mineral Reserves are estimated with specific value cut-offs.
Evidence · text
“Mineral Resources are stated above a +1.25 mm bottom cut-off”
Extracted facts
Stored fact records: 23. Some facts used in scoring do not have a stored record.
Resource Estimates (23)
indicatedKarowe · diamondTonnes: 15700000Grade: 10.8Grade Unit: cphtContained Metal: 1696Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:4fd139d6326a39f91ff2
- Deposit or zone
- South_M/PK(S)
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 15700000
- Grade
- 10.8
- Grade Unit
- cpht
- Contained Metal
- 1696
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Indicated resource for South_M/PK(S) domain, part of an updated NI 43-101 compliant Feasibility Study, providing high confidence in the estimate, though the resource uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- Resource estimate uses size cut-off
Evidence · table
“10.8”
Context: 15.70
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedKarowe · diamondTonnes: 17440000Grade: 21Grade Unit: cphtContained Metal: 3662Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:43a4547c9723d3644778
- Deposit or zone
- South_EM/PK(S)
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 17440000
- Grade
- 21
- Grade Unit
- cpht
- Contained Metal
- 3662
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Indicated resource for South_EM/PK(S) domain, part of an updated NI 43-101 compliant Feasibility Study, providing high confidence in the estimate, though the resource uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- Resource estimate uses size cut-off
Evidence · table
“21.0”
Context: 17.44
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedKarowe · diamondTonnes: 33130000Grade: 16.2Grade Unit: cphtContained Metal: 5358Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:452fcb118a9814d73962
- Deposit or zone
- Total Indicated
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 33130000
- Grade
- 16.2
- Grade Unit
- cpht
- Contained Metal
- 5358
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Total Indicated resource, part of an updated NI 43-101 compliant Feasibility Study, providing high confidence in the estimate, though the resource uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- Resource estimate uses size cut-off
Evidence · table
“16.2”
Context: 33.13
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 300000Grade: 10.5Grade Unit: cphtContained Metal: 32Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:b105f8e9d2898be6429b
- Deposit or zone
- South_M/PK(S)
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 300000
- Grade
- 10.5
- Grade Unit
- cpht
- Contained Metal
- 32
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Inferred resource for South_M/PK(S) domain, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“10.5”
Context: 0.30
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 4160000Grade: 20.9Grade Unit: cphtContained Metal: 874Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:9d027592317b345710eb
- Deposit or zone
- South_EM/PK(S)
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4160000
- Grade
- 20.9
- Grade Unit
- cpht
- Contained Metal
- 874
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Inferred resource for South_EM/PK(S) domain, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“20.9”
Context: 4.16
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 1200000Grade: 10.9Grade Unit: cphtContained Metal: 131Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:fabd9a01ce81129d52de
- Deposit or zone
- South_KIMB3
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 1200000
- Grade
- 10.9
- Grade Unit
- cpht
- Contained Metal
- 131
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Inferred resource for South_KIMB3 domain, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“10.9”
Context: 1.20
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 330000Grade: 5Grade Unit: cphtContained Metal: 17Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:7cf087a461cf9c333a71
- Deposit or zone
- South_WM/PK(S)
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 330000
- Grade
- 5
- Grade Unit
- cpht
- Contained Metal
- 17
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Inferred resource for South_WM/PK(S) domain, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“5.0”
Context: 0.33
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 300000Grade: 15Grade Unit: cphtContained Metal: 45Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:018bd066166b5d03b2a1
- Deposit or zone
- South_KIMB4a
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 300000
- Grade
- 15
- Grade Unit
- cpht
- Contained Metal
- 45
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Inferred resource for South_KIMB4a domain, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“15.0”
Context: 0.30
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 200000Grade: 15Grade Unit: cphtContained Metal: 30Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:8ac5116878b7a54a9634
- Deposit or zone
- South_KIMB1
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 200000
- Grade
- 15
- Grade Unit
- cpht
- Contained Metal
- 30
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Inferred resource for South_KIMB1 domain, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“15.0”
Context: 0.20
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 170000Grade: 10Grade Unit: cphtContained Metal: 17Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:42c2f2f57eae4b4e36e5
- Deposit or zone
- South_KIMB5
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 170000
- Grade
- 10
- Grade Unit
- cpht
- Contained Metal
- 17
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Inferred resource for South_KIMB5 domain, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“10.0”
Context: 0.17
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 10000Grade: 15Grade Unit: cphtContained Metal: 2Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:2dcd98a93caf791d933a
- Deposit or zone
- South_KIMB6
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 10000
- Grade
- 15
- Grade Unit
- cpht
- Contained Metal
- 2
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Inferred resource for South_KIMB6 domain, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“15.0”
Context: 0.01
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 40000Grade: 10Grade Unit: cphtContained Metal: 4Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:b81993b2494def9b363c
- Deposit or zone
- South_RFW-ALT
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 40000
- Grade
- 10
- Grade Unit
- cpht
- Contained Metal
- 4
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Inferred resource for South_RFW-ALT domain, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“10.0”
Context: 0.04
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredKarowe · diamondTonnes: 6720000Grade: 17.2Grade Unit: cphtContained Metal: 1152Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- resource
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Hermanus Grütter, P.Geo, Ph.D.
- Resource group id
- resource:303eda934e8be8702751
- Deposit or zone
- Total Inferred
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 6720000
- Grade
- 17.2
- Grade Unit
- cpht
- Contained Metal
- 1152
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Total Inferred resource, part of an updated NI 43-101 compliant Feasibility Study. While part of a positive update, Inferred resources carry lower confidence and the estimate uses a size cut-off.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- lower confidence category
- Resource estimate uses size cut-off
Evidence · table
“17.2”
Context: 6.72
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 100000Grade: 21Grade Unit: cphtContained Metal: 25Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:2e30d0a1209bf903c41f
- Deposit or zone
- South_EM/PK(S)
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 100000
- Grade
- 21
- Grade Unit
- cpht
- Contained Metal
- 25
- Contained Unit
- kct
- Cutoff Grade
- 35
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Probable reserve for Open Pit South_EM/PK(S) domain, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“21.0”
Context: 0.1
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 1000000Grade: 10.8Grade Unit: cphtContained Metal: 109Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:8b9b8da3de753fae41b2
- Deposit or zone
- South_M/PK(S)
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 1000000
- Grade
- 10.8
- Grade Unit
- cpht
- Contained Metal
- 109
- Contained Unit
- kct
- Cutoff Grade
- 35
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Probable reserve for Open Pit South_M/PK(S) domain, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“10.8”
Context: 1.0
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 1100000Grade: 11.9Grade Unit: cphtContained Metal: 134Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:d19173bb0f9773b0fb3f
- Deposit or zone
- Open Pit Total
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 1100000
- Grade
- 11.9
- Grade Unit
- cpht
- Contained Metal
- 134
- Contained Unit
- kct
- Cutoff Grade
- 35
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Total Probable reserve for Open Pit, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“11.9”
Context: 1.1
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 14200000Grade: 17.1Grade Unit: cphtContained Metal: 2429Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:494ba094534147bc5793
- Deposit or zone
- South_EM/PK(S)
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 14200000
- Grade
- 17.1
- Grade Unit
- cpht
- Contained Metal
- 2429
- Contained Unit
- kct
- Cutoff Grade
- 37
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Probable reserve for Underground South_EM/PK(S) domain, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“17.1”
Context: 14.2
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 14300000Grade: 8.6Grade Unit: cphtContained Metal: 1240Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:6f77bf04243148e9c0e7
- Deposit or zone
- South_M/PK(S)
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 14300000
- Grade
- 8.6
- Grade Unit
- cpht
- Contained Metal
- 1240
- Contained Unit
- kct
- Cutoff Grade
- 37
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Probable reserve for Underground South_M/PK(S) domain, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“8.6”
Context: 14.3
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 28500000Grade: 12.9Grade Unit: cphtContained Metal: 3669Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:d0b437bdea905ed5398f
- Deposit or zone
- Underground Total
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 28500000
- Grade
- 12.9
- Grade Unit
- cpht
- Contained Metal
- 3669
- Contained Unit
- kct
- Cutoff Grade
- 37
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Total Probable reserve for Underground, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“12.9”
Context: 28.5
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 4200000Grade: 13.1Grade Unit: cphtContained Metal: 546Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:07dd7746f196bfaf0188
- Deposit or zone
- Mixed Stockpile
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 4200000
- Grade
- 13.1
- Grade Unit
- cpht
- Contained Metal
- 546
- Contained Unit
- kct
- Cutoff Grade
- 19.5
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Probable reserve for Mixed Stockpile, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“13.1”
Context: 4.2
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 3500000Grade: 5.7Grade Unit: cphtContained Metal: 198Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:492f2200a6a02c51bbcf
- Deposit or zone
- Life of Mine
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 3500000
- Grade
- 5.7
- Grade Unit
- cpht
- Contained Metal
- 198
- Contained Unit
- kct
- Cutoff Grade
- 19.5
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Probable reserve for Life of Mine stockpile, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“5.7”
Context: 3.5
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 7600000Grade: 9.8Grade Unit: cphtContained Metal: 745Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:7a1a5f6648e27862bee6
- Deposit or zone
- Stockpile Total
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 7600000
- Grade
- 9.8
- Grade Unit
- cpht
- Contained Metal
- 745
- Contained Unit
- kct
- Cutoff Grade
- 19.5
- Cutoff Unit
- $/t
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Total Probable reserve for Stockpile, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“9.8”
Context: 7.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
probableKarowe · diamondTonnes: 37300000Grade: 12.2Grade Unit: cphtContained Metal: 4547Contained Unit: kctView all detailsHide details
Identity
- Project
- Karowe
- Commodity
- diamond
- Region
- botswana
- Reported Region
- Botswana
- Ticker
- LUC
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Brandon Chambers, P.Eng.
- Resource group id
- resource:f090e04db31fdde89542
- Deposit or zone
- Combined All Total
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- probable
- Tonnes
- 37300000
- Grade
- 12.2
- Grade Unit
- cpht
- Contained Metal
- 4547
- Contained Unit
- kct
Prior Estimate
- Resource Date
- 2025-09-30
Location
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-01-05T00:00:00.000Z
Reasoning: Overall total Probable reserve, part of an updated NI 43-101 compliant Feasibility Study. The estimate assumes 100% process recovery.
Positive factors
- NI 43-101 compliant
- QP signed
- Feasibility Study update
Negative factors
- 100% process recovery assumed
Evidence · table
“12.2”
Context: 37.3
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
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.