Ekati Has More Ore Reserves Than Previously Predicted – Burgundy

The Ekati mine contains 2.4 million more tonnes of ore reserves than Burgundy Diamond previously predicted, a 6% increase, according to a new feasibility study.

The company believes the mine now has 42.9 million tonnes of diamond-bearing ore within its five main channels: Sable open pit, Point Lake open pit, Misery main underground, Fox underground and run of mine stockpiled ore. That compares to 40.5 million tons recorded in the company’s annual Mineral Resource and Ore Reserve Statement from 2024, the company said Thursday.

Meanwhile, the company reported that in the  first quarter that ended March 31 it sold 230,000 carats of rough from the Ekati mine, an 81% year-on-year decrease, and a 66% drop from the previous quarter. Production slid 53% versus the comparable period of 2025 to 380,000 carats, down 30% from the fourth quarter. The decline in output came despite a 19% quarter-on-quarter increase in tonnes of ore mined to 290,000 carats.

During the period, operations continued at the Misery underground pit, while Burgundy recommenced mining at the Sable open pit. The company is also working on the development of its Fox underground deposit.

During the quarter, the company secured an additional CAD 60 million ($44 million) loan from the Canada Enterprise Emergency Funding Corporation (CEECF) to help it keep the business afloat.

On March 31, the company had 550,000 carats of rough inventory, a 224% rise from the previous quarter but an 8% drop from last year, amounting to $42.1 million. The company’s net debt grew to $136.3 million as of March 31 from $96.2 million at the end of 2025.

Image: An aerial view of the Ekati mine. (Burgundy Diamond Mines)