Africa-Press – Botswana. The company has also announced notable diamond recoveries from Karowe Mine in August: a 1,019.85 carat non-gem diamond and a 37.42 carat near-gem pink Type IIa diamond.
Lucara Diamond Corp has drawn down $10 million from a $63 million limited shareholder standby undertaking provided by its largest shareholder, Nemesia S.à.r.l., to cover a funding shortfall in the Karowe underground project (UGP).
According to the company in a recent statement, Nemesia provided the standby facility in connection with Lucara’s amended senior secured project financing debt package.
The arrangement has two components: $28 million to support liquidity shortfalls until completion of the UGP and $35 million as a funding shortfall guarantee for the project’s completion.
“Nemesia Consideration”
Lucara added that for every $500,000 drawn under the facility, it will issue 7,500 common shares per month to Nemesia until the borrowed amounts are repaid.
These shares, referred to as the “Nemesia Consideration,” will be settled on a quarterly basis.
Alongside the funding update, Lucara also announced significant recoveries from its 100 percent-owned Karowe Mine in Botswana. In August 2025, the company recovered a 1,019.85 carat non-gem diamond through its Mega Diamond Recovery unit.
9th stone over 1,000ct
The discovery marks the ninth diamond over 1,000 carats from Karowe and the third such recovery this year.
During the same month, Lucara also recovered a 37.42 carat near-gem pink Type IIa diamond.
Both stones were recovered from processing EM/PK(S)1 material, which is the focus of the underground expansion and has produced some of the largest natural diamonds ever recorded.
William Lamb, Lucara’s president and CEO, said the decision to access the facility was intended to maintain the company’s financial flexibility as it continues to spend on the underground expansion.
World’s most significant diamonds
“The decision to draw $10.0 million from the Standby Undertaking provided by our largest shareholder represents a prudent approach to maintaining our financial flexibility during the current period of ongoing UGP capital expenditures,” Lamb said.
“This funding mechanism demonstrates the continued confidence and unwavering support of our major shareholders in Lucara’s long-term strategy and the exceptional value potential, including the ongoing recovery of the world’s most significant diamonds from our Karowe Mine.”
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