Overview of Lucapa Diamond Company's Q1 2024 performance

Lucapa Diamond Company Limited (ASX: $LOM) has released its production and sales report for the quarter ending 31 March 2024. The company reported a total of 14,162 carats recovered from its Lulo and Mothae mines, with 16,408 rough carats sold. Additionally, three Type lla +100 carat diamonds were recovered from Lulo, and the total tonnes treated increased by 14% compared to Q1/23, reaching 673,053t. The high value diamond sale post quarter end realized US$10.5M, contributing to the company's strong performance.

Executive commentary on Q1 2024 performance and outlook

Managing Director Nick Selby expressed satisfaction with the company's performance, highlighting the refreshed board and the positive impact of the high-quality Lulo diamonds tender, which achieved US$10.5 million post quarter end. Selby also noted the steady recovery of the diamond market and the high demand for diamonds larger than two carats. Despite challenges such as flooding affecting mining operations, the company managed to maintain its material throughput. However, the lack of high-quality stones at Mothae impacted their revenue line.

Summary of Q1 2024 production and sales figures and corporate developments

Lucapa Diamond Company's Q1 2024 performance showcased strong recovery, with significant diamond recoveries and sales. The company's strategic initiatives, including the high-value diamond tender post quarter end, contributed to a positive revenue outcome. The commentary from Managing Director Nick Selby also highlighted the company's optimistic outlook for the diamond market's steady improvement throughout 2024. Additionally, the appointment of new Independent non-executive Directors to the Board reflects the company's commitment to enhancing its strategic direction and governance.