Far East Capital - weekly commentary - 9 Dec 2023, page-16

Yyes this is an argument. On the other hand we still have to finance the kimberlite mine and plant at Lulo as soon as we find the source(s), so after developing a kimberlite mine at Lulo Lucapa for sure will have debts again as well as future dilution. And this costs a lot of money. But I can also tell you another advantage. In case we really find the source it will be most likely a TIER1 mine, meaning the JORC ressource will be hopefully significantly bigger than Karowe. But this is just speculation.

I just wanted to point out that I disagree to this ongoing posts that Lucapa is heavily underrated and that market is just to blind and stupid to understand this. In my opinion this is not the case but market takes all known facts into consideration and Lucapa having a quarter of the market capitalization of Lucara is somehow fair. Of course there is significant upward potential, especially if finally the source will be found. But even this is not hundred percent sure, if you look on the rivers in the area the source can also be outside of our concession. We have by far the best chances (in my opinion >70%) but even this is not sure. And all this is taken into consideration by the market and how much people are willing to pay for the share.