Mr. William Lamb reports

LUCARA FILES UPDATED FEASIBILITY STUDY FOR KAROWE UNDERGROUND PROJECT

Lucara Diamond Corp. has filed an updated technical report for the updated feasibility study, prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) on its Karowe underground project at the Karowe diamond mine located in Botswana. The report is titled "Karowe Diamond Mine 2025 Feasibility Study Technical Report," with an effective date of Sept. 30, 2025, and was prepared for Lucara by JDS Energy & Mining Inc. The report can be found under the company's profile on SEDAR+ and on the company's website.

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. Lucara has an experienced board of directors 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 is certified by the Responsible Jewellery Council, complies with the Kimberley Process, and has adopted the IFC Performance Standards and the World Bank Group's Environmental, Health and Safety Guidelines for Mining (2007). 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.