Mr. Paul Conibear reports

LUCARA DIAMOND CORP. ANNOUNCES LEADERSHIP CHANGE

Lucara Diamond Corp. intends to appoint William Lamb as the company's president and chief executive officer and a director, replacing Eira Thomas.

Ms. Thomas co-founded Lucara in 2007, with partners Lukas Lundin and Catherine McLeod-Seltzer. Ms. Thomas took on the role of president and chief executive officer of the company in 2018. Ms. Thomas has been integral to the development and success of the company's 100-per-cent-owned Karowe diamond mine, which is the world's leading source of large exceptional-quality Type 2a diamonds.

The board would like to acknowledge the special contributions that Ms. Thomas has made over her many years of involvement with Lucara in her capacity as a director, and specifically over the last five years as CEO. As CEO, Ms. Thomas introduced an innovative diamond sales strategy for Lucara's production of rough stones greater than 10.8-plus carats though Lucara's agreement with HB Antwerp, generating regular revenues on superior pricing terms. Ms. Thomas also led the commercialization of Clara, a secure, digital diamond sales platform. More recently under Ms. Thomas's leadership, the Karowe mine achieved peak operational performance, and she and her team arranged for a senior secured project financing debt package of $220-million enabling the underground expansion to advance.

Mr. Lamb has over 25 years experience in mining project development and operations. Mr. Lamb served as chief executive officer of Lucara Diamond Corp. from May, 2011, to February, 2018. He also has prior diamond and other mining company expertise gained through projects, process engineering and operations with De Beers, as well as serving on several public mining company boards. During his original tenure at Lucara, he was responsible for the highly successful construction of the original Karowe mine and its facilities. His prior experience is ideally suited to advancing the company's key underground project to a successful completion.

Paul Conibear, chair of Lucara's board of directors, stated: "On behalf of Lucara's board of directors, I would like to thank Eira for her leadership and the integral role she has played in the success of the Karowe diamond mine. Eira's commitment, excellent team leadership skills, focus on operational excellence, and her ability to see how innovation and technology can be harnessed to strengthen our company have been invaluable. Lucara has also benefited from the deep ties Eira has made with the communities in which we operate and our stakeholders through her hard work and foresight."

Adam Lundin stated: "We are very grateful for Eira's tremendous contribution to Lucara since its founding. She has laid the groundwork for further value add at the Karowe diamond mine for the benefit of all Lucara's stakeholders. We look forward to working with Eira on exploring options to maximize the value of Clara for all stakeholders. We are very pleased to have William rejoin us and successfully lead the company once again."

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 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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