Long term holder, very infrequent poster. This is one of my...

Long term holder, very infrequent poster.

This is one of my favourite stocks fundamentally. It is already a profitable operation with no cap raise in sight. A commercial pipe discovery would be amazing, but I think the market is discounting Mothae a little too harshly - that was a great move by management. If that produces, combined with current alluvial finds, we could be enjoying some very profitable years in the near future, even without the kimberlite we are so desperately searching for.

I had my reservations about sovereign risk initially, but time and time again Lucapa has been paid its distributions to continue operating.

Will we find more 404's? Well, i'm not sure. What I do know is that this is diamond mining season, we are moving forward with the surveys, plenty of cash in the bank and pretty low market cap. I'm averaging around the 25c mark, my plan is either wait for 60c if no pipe discovery, otherwise buy more at the 20-24c level. Not surprised we are at the 30c level atm, huge hype from 404 find attracted traders and short term investors, that hype has left us and the sell down from 50c+ is almost at an end.

It is just a matter of time before one of the following ticks over:
- Pipe discovered
- More 100ct+ alluvials
- Mothae starts producing

Lucapa has never been in a stronger position as it is now, start of the dry season. Will be watching with interest.

Good luck to all holders (and non-holders).

J