Ms. Eira Thomas reports

LUCARA RECOVERS EXCEPTIONAL 549 CARAT WHITE GEM DIAMOND FROM THE KAROWE MINE IN BOTSWANA

Lucara Diamond Corp. has recovered an unbroken 549-carat white diamond of exceptional purity from its 100-per-cent-owned Karowe diamond mine, located in Botswana. The 549-carat diamond was recovered from direct milling of ore sourced from the EM/PK(S) unit of the South lobe. This follows the recent recovery of a gem-quality 176-carat stone from the same ore block. The EM/PK(S) continues to produce large gem-quality diamonds in line with expectations and forms an important economic driver for the potential underground mine at Karowe. The EM/PK(S) has also delivered other high-value diamonds, including the 1,758-carat Sewelo, the 1,109-carat Lesedi La Rona and the 813-carat Constellation diamond.

The 549-carat diamond was recovered in the MDR (megadiamond recovery) XRT circuit that allows for diamond recovery postprimary crushing and prior to milling. The 549-carat diamond is the second diamond recovered from the MDR, which was commissioned in 2017. Year to date in 2020, Karowe has produced six diamonds greater than 100 carats. Lucara will undertake a decision on the sale of the 176- and 549-carat diamonds in due course.

Eira Thomas, Lucara's chief executive officer, commented: "Lucara is extremely pleased to be starting off 2020 with the recovery of two, large, high-quality diamonds that builds on the positive momentum generated following the completion of a strong fourth quarter sale in December and the announcement of our groundbreaking partnership with Louis Vuitton on the Sewelo in January. The unbroken 549-carat diamond is the fourth-largest diamond recovered at Karowe and the first large gem to be recovered through the MDR. We look forward to continued success at Karowe and an exciting 2020."

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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