Euroz Speaks Volumes, page-44

The final summary says it all:

Investment Thesis

Lucapa has completed a transformational Quarter, emerging as one of the few global producers of large and premium-value diamonds from two operating mines – Mothae and Lulo. Mothae’s first full Quarter of production has been exceptional, recovering ~7,000 carats (54% ahead of plan) including 42 Specials and rare Type IIa and IIb diamonds. We expect updated guidance on Mothae this Quarter given the exceptional early signs from the mine. Lulo, the world’s highest US$ per carat alluvial diamond producer, achieved record wet season plant throughput of ~125kt for the Quarter and is expecting to ramp up production by 25% in CY19. Exploration for the kimberlite source is fully funded by alluvial operations and, if found, we expect a material rerating. Our Valuation is $0.61/sh and we maintain our Speculative Buy.

have a great week LOMers,