Ms. Eira Thomas reports

LUCARA ANNOUNCES RECOVERY OF FOURTH DIAMOND IN EXCESS OF 1,000 CARATS FROM THE KAROWE MINE IN BOTSWANA, A 1,080 CARAT TYPE IIA WHITE GEM QUALITY DIAMOND FROM THE SOUTH LOBE

Lucara Diamond Corp. has recovered a 1,080.1-carat diamond from its 100-per-cent-owned Karowe diamond mine located in Botswana. The diamond, measuring 82.2 by 42.8 by 34.2 millimetres is described as a Type 2a top white gem of high quality, recovered in the coarse XRT unit at Karowe from direct milling of ore sourced from the M/PK(S) unit of the South Lobe. The 1,080.1-carat diamond represents the fourth 1,000-carat diamond recovered from the South Lobe of the AK6 kimberlite since 2015. Other notable recoveries include the 1,758-carat Sewelo (2019), a 1,174-carat diamond (2021) and the 1,109-carat Lesedi La Rona (2015).

Eira Thomas, chief executive officer, commented: "Lucara is extremely pleased to be reporting the recovery of another large, high-quality gem diamond in excess of 1,000 carats in size, representing our fourth diamond over 1,000 carats since 2015. As we progress mining deeper in the open pit and transition to underground mining, exclusively in the South Lobe, the preponderance of large, high-value stones is increasing, consistent with the resource model, and underpins the strong economic rationale for investing in the underground expansion that will extend the mine life out to at least 2040."

This press release has been reviewed and approved by Dr. John Armstrong, PhD, PGeol, vice-president, technical services, of the company, a qualified person for the purposes of National Instrument 43-101.

About Lucara Diamond Corp.

Lucara is a leading independent producer of large exceptional-quality Type 2a diamonds from its 100-per-cent-owned Karowe diamond mine in Botswana. The Karowe mine has been in production since 2012 and is the focus of the company's operations and development activities. Clara Diamond Solutions Limited Partnership, a wholly owned subsidiary of Lucara, has developed a secure, digital sales platform that uses proprietary analytics together with cloud and blockchain technologies to modernize the existing diamond supply chain, driving efficiencies, unlocking value and ensuring diamond provenance from mine to finger. Lucara has an experienced board and management team with extensive diamond development and operations expertise. Lucara and its subsidiaries operate transparently and in accordance with international best practices in the areas of sustainability, health and safety, environment, and community relations. Lucara has adopted the IFC Performance Standards and the World Bank Group's Environmental, Health and Safety Guidelines for Mining (2007). Accordingly, the development of the Karowe underground expansion project (UGP) adheres to the Equator Principles. Lucara is committed to upholding high standards while striving to deliver long-term economic benefits to Botswana and the communities in which the company operates.

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