Mr. William Lamb reports

LUCARA ANNOUNCES RECOVERY OF 692 CARAT WHITE GEM QUALITY DIAMOND FROM THE KAROWE MINE IN BOTSWANA

Lucara Diamond Corp. has recovered a 692.3-carat diamond from its 100-per-cent-owned Karowe diamond mine located in Botswana. The diamond, measuring 46.5 by 40.7 by 28.4 millimetres is described as a Type IIa high white gem, recovered in the MDR XRT unit at Karowe from direct milling of ore sourced from the EM/PK(S) unit of the South Lobe. The 692.3-carat diamond represents the fourth 300-plus-carat diamond recovered year to date and shortly follows on the recovery of the 1,080-carat Type IIa white top gem earlier in August.

William Lamb, chief executive officer, commented: "The successful track record of delivering some of the world's largest diamonds continues with the recent recovery of a 692.3-carat diamond. This stone is the 20th diamond larger than 100 carats recovered, during 2023, at Karowe. The recovery of large diamonds from the EM/PK(S) lithology of the South Lobe strongly supports our expectations for the underground project where the majority of material mined will constitute this phase of kimberlite during the first years of Underground production."

This press release has been reviewed and approved by Dr. John Armstrong, PhD, PGeol, vice-president, technical services, of the company and 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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