05:24 PM EST, 12/01/2025 (MT Newswires) -- Lucara Diamond ( LUCRF ) after trade Monday said it signed a contract with Group R Mining to handle all lateral development for the Karowe underground project.

The Botswana miner said the work includes building production and ventilation shafts to the orebody, the extraction level, crushing chamber, ore bins, pump stations, drilling areas, workshop facilities, and other needed infrastructure to reach the kimberlite, the company said.

Group R will begin mobilizing in the second quarter of 2026, with development work starting in July 2026. Hiring and work permits will begin earlier in 2026, with a priority on local workers, Lucara said, adding it is also completing detailed engineering and updating its life-of-mine plan.

"The award of the last major contract for the UGP reflects our commitment to maintaining momentum on the Project and delivering the Project safely, responsibly, and in accordance with our schedule," Lucara Chief Executive William Lamb said.

Lucara shares closed up $0.005 to $0.185 on the Toronto Stock Exchange.