Operator

Welcome to the Lucara Diamond Corp. Q1 2026 Results Webinar. [Operator Instructions] The meeting is being recorded. [Operator Instructions]

I would now like to turn the meeting over to William Lamb, President and CEO of Lucara Diamond Corp. Please go ahead.

William Lamb
President, CEO & Director

Thank you very much, and thank you, everybody, for dialing in to Lucara's Q1 2026 results call.

On the call with me, I have Glenn Kondo, our CFO; and Hannah Reynish, who looks after and is the Manager of our Investor Relations. As we go through this presentation, there will be customary forward-looking statements. So if you haven't read this, please take a look at it on our website.

So jumping into it. In terms of Q1 2026, it was for us a transitional quarter, specifically from a financial perspective, really strengthening our capital structure and our liquidity. We'll go through that a little bit later in detail, then we'll take that through. On the Underground Project, which is the future, we have advanced significantly there. We've now spent more than $472 million of the expected $779 million, and that $779 million comes from an updated feasibility study, 43-101 document, which we put out during the quarter.

As we go through the UGP, one of the key aspects which we continue to focus on is safety. And with more than 2,249 days without a lost time injury, that is in excess of 6 years, we can see the dividend starting to be paid in terms of the safe operations at the UGP. One of the things that makes Lucara special is obviously the ongoing recovery of the