# LUCARA ANNOUNCES UPDATED FEASIBILITY STUDY FOR KAROWE UNDERGROUND PROJECT Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51 Original source: https://money.tmx.com/en/quote/LUC/news/8176680465507768/lucara-announces-updated-feasibility-study-for-karowe-underground-project Publisher: tmx Original announcement: 2026-01-05T22:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Updated Feasibility Study reinforces project economics - Positive factor: Extends mine life and generates significant revenue - Positive factor: NI 43-101 compliant with QP sign-off - Negative factor: Resource estimate uses a size cut-off rather than a grade cut-off - Negative factor: Reserve estimate assumes 100% process recovery Facts used in scoring: 23 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Reserve** Polarity: positive Definition: 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 Resource** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Disclosed** Polarity: positive Definition: 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) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-0) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: Resource estimate uses size cut-off Evidence · table > 10.8 Context: 15.70 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-1) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: Resource estimate uses size cut-off Evidence · table > 21.0 Context: 17.44 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-2) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: Resource estimate uses size cut-off Evidence · table > 16.2 Context: 33.13 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-3) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 10.5 Context: 0.30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-4) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 20.9 Context: 4.16 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-5) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 10.9 Context: 1.20 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-6) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 5.0 Context: 0.33 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-7) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 15.0 Context: 0.30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-8) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 15.0 Context: 0.20 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-9) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 10.0 Context: 0.17 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-10) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 15.0 Context: 0.01 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-11) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 10.0 Context: 0.04 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-12) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: lower confidence category - Negative factor: Resource estimate uses size cut-off Evidence · table > 17.2 Context: 6.72 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-13) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 21.0 Context: 0.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-14) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 10.8 Context: 1.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-15) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 11.9 Context: 1.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-16) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 17.1 Context: 14.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-17) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 8.6 Context: 14.3 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-18) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 12.9 Context: 28.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-19) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 13.1 Context: 4.2 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-20) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 5.7 Context: 3.5 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-21) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 9.8 Context: 7.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/lucara-announces-updated-feasibility-study-for-karowe-underground-project--2b285f6e-c14e-4e12-9d8a-cddc0bba7d51#fact-resource-facts-22) Karowe · diamond #### 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 factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Feasibility Study update - Negative factor: 100% process recovery assumed Evidence · table > 12.2 Context: 37.3 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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.