Mr. William Lamb reports

LUCARA UNVEILS DIAMOND RECOVERIES FROM ITS KAROWE MINE

Lucara Diamond Corp. has recovered a 320-carat, 111-carat and two plus-50-carat stones from its 100-per-cent-owned Karowe diamond mine located in Botswana. These diamonds were recovered from the direct milling of EM/PK(S) kimberlite ore from the South lobe during a recent production run that saw additional recoveries of numerous, smaller plus-10.8-carat diamonds of high value.

The 320-carat is a stunning, gem-quality, top light brown diamond, while the 111-carat diamond is described as a magnificent Type 2a white stone of high quality. The two plus-50-carat stones add to these recent recoveries and are also Type 2a white diamonds. These recoveries add to the collection of significant diamonds recovered at Karowe and further solidify Lucara's reputation as a leader in the recovery of large, high-quality diamonds.

The recoveries from the EM/PK(S) unit highlight the continued success of Lucara's mining operations at the Karowe diamond mine and re-enforce the development of the underground mine, which will target more than 95 per cent EM/PK(S) ore during the first three years of underground production. The company's adoption of advanced diamond recovery technology has enabled the continued identification and retrieval of these extraordinary diamonds and strong resource performance.

William Lamb, president and chief executive officer of Lucara Diamond, commented on the recent discoveries, stating:

"These diamond recoveries from the EM/PK(S) domain of the South lobe further validate the quality and potential of the Karowe diamond mine. We are thrilled with the consistent success we continue to achieve in uncovering large, high-value diamonds, reaffirming Lucara's position as a leading producer of large, high-quality gem diamonds. Our team's dedication to innovation and operational excellence continues to drive our success, and we look forward to delivering further value to our stakeholders through these extraordinary discoveries."

Lucara Diamond remains committed to responsible and sustainable mining practices while delivering exceptional value to its shareholders and stakeholders.

This press release has been reviewed and approved by Dr. John Armstrong, PhD, PGeol, vice-president of technical services for 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 LP, a wholly owned subsidiary of Lucara, has developed a secure, digital sales platform which ensures 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 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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