Ms. Eira Thomas reports

LUCARA RECOVERS 1,174 CARAT DIAMOND FROM THE KAROWE MINE IN BOTSWANA

Lucara Diamond Corp. has recovered a 1,174.76-carat diamond from its 100-per-cent-owned Karowe diamond mine located in Botswana. The diamond, measuring 77 by 55 by 33 millimetres, is described as a clivage gem of variable quality with significant domains of high-quality white gem material, and was recovered from direct milling of ore sourced from the EM/PK(S) unit of the South lobe. The 1,174-carat diamond represents the third 1,000-plus-carat diamond recovered from the South lobe of the AK6 kimberlite since 2015, including the 1,758-carat Sewelo and the 1,109-carat Lesedi La Rona.

The 1,174.76-carat diamond was recovered in the MDR (megadiamond recovery) XRT circuit. On the same production day, several other diamonds of similar appearance (471 carats, 218 carats and 159 carats) were recovered at the main XRT circuit, indicating the 1,174 diamond was part of a larger diamond with an estimated weight of greater than 2,000 carats. The MDR is positioned after the primary crusher, ahead of the autogenous mill, and is the first opportunity for diamond recovery within the circuit.

During an 11-day production run in June of EM/PK(S), which sourced the 1,174-carat stone, several other high-quality white gems were also recovered (148 carats, 90 carats, 88 carats, 86 carats and 67 carats). Diamonds recovered greater than 10.8 carats in weight accounted for 17.5 per cent weight per cent of total production during this period. Excluding the 1,174-carat diamond, the weight per cent of 10.8-carat diamonds was in line with resource expectations. Continued strong resource performance and recovery of large diamonds reinforce the significance of the EM/PK(S) as an important economic driver for the proposed underground mine at Karowe.

Eira Thomas, chief executive officer, commented: "Lucara is delighted to be reporting another historic diamond recovery and its third diamond over 1,000 carats, a world record for Karowe. Although complex, these diamond recoveries do contain large domains of top-colour white gem that will be transformed through our partnership with HB Antwerp into valuable collections of top-colour polished diamonds, very much in high demand in the market today. Besides the 1,174-carat stone, several other high-quality white gems were recovered up to 148 carats in size, and year to date, Karowe has produced 17 diamonds greater than 100 carats, including five diamonds greater than 300 carats."

This press release has been reviewed and approved by Dr. John Armstrong, PhD, PGeol, vice-president, technical services, of the company, 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 mine in Botswana and owns a 100-per-cent interest in Clara Diamond Solutions, a secure, digital sales platform positioned to modernize the existing diamond supply chain and ensure diamond provenance from mine to finger. The company has an experienced board and management team with extensive diamond development and operations expertise. The company operates transparently and in accordance with international best practices in the areas of sustainability, health and safety, environment, and community relations.

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