Mr. William Lamb reports

LUCARA ANNOUNCES FURTHER EXTENSION OF WORKING CAPITAL FACILITY TO DECEMBER 31, 2023

Lucara Diamond Corp. has further extended the maturity of its $50-million senior secured working capital facility (the WCF) and has deferred the requirement to place $52.9-million in a cost overrun reserve account (the CORA) to the earlier of the conclusion of discussions with its lenders or Dec. 31, 2023 (the longstop date). An earlier extension granted by the lenders was due to expire on Dec. 15, 2023. Discussions to date with the lenders have been constructive and several amendments to the company's debt package have been agreed in principle. Lender credit approval processes are continuing.

The company's debt package consists of two facilities, a project finance facility of $170-million to finance the development of an underground expansion at the Karowe mine, and the WCF which is used to support continuing operations. Presently, $90-million is drawn from the project loan and $35-million is drawn from the WCF. The terms of the WCF extension do not permit further draws from either the project loan or the WCF. The CORA balance is currently $18.5-million. All currency figures are in United States dollars, unless otherwise stated.

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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