Historic Recovery Followed BY Ongoing Exceptional Recoveries at Lucara
Tel: +1 604 674 0272 Suite 2800, Four Bentall Centre lucaradiamond.com
[email protected] 1055 Dunsmuir Street, PO Box 49225
Vancouver, BC, V7X 1L2
September 15, 2024
NEWS RELEASE
HISTORIC RECOVERY FOLLOWED BY ONGOING EXCEPTIONAL RECOVERIES AT LUCARA
VANCOUVER, B.C., September 15, 2024 /CNW/ (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm)
Lucara Diamond Corp. (“Lucara” or the “Company”) is very pleased to announce the recovery of an extraordinary 1,094
carat rough diamond from its 100% owned Karowe Mine in Botswana. This remarkable stone bears striking similarities
to the 692 carat diamond announced in August 2023, which was polished by HB Antwerp and yielded polished diamonds
that sold for in excess of USD13 million. Lucara confirms that this newly recovered 1,094 carat stone will also be polished
by HB Antwerp, as part of the ongoing partnership between the two companies.
The newly recovered 1,094 carat diamond, the sixth stone in excess of 1,000 carats recovered by Lucara, continues the
Company’s track record of unearthing large, high-value stones from the EMPKS ore type in the South Lobe of the Karowe
Mine. Its exceptional size and quality underscore the unique characteristics of the Karowe ore body and reinforce the
Company's position as the leading producer of large, high-quality diamonds.
William Lamb, President and CEO of Lucara, commented on the significance of this latest recovery:
"The recovery of this exceptional 1,09 4 carat diamond is a testament to Karowe's remarkable potential and further
validates our investment in the underground expansion project. These continued discoveries of large, high -value
diamonds demonstrate the consistent quality of our resource and its ability to deliv er substantial returns. As we
progress with our underground development, we're increasingly confident in Karowe's capacity to produce these
legendary diamonds well into the future, cementing our position in the high-end diamond market."
The recovery of a second historic +1,000 carat diamond this year aligns with Lucara's underground expansion project
which aims to extend the life of the Karowe Mine to beyond 2040 and has been designed to access the parts of the
South Lobe at depth where the EMPKS ore type is prevalent.
This news release has been reviewed and approved by Dr. Lauren Freeman, PhD. Pr. Sci. Nat., Vice -President, Mineral
Resources of the Company and a "Qualified Person" for the purposes of National Instrument 43 -101.
On behalf of the Board,
William Lamb
President and Chief Executive Officer
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For further information, please contact:
Vancouver Hannah Reynish, Investor Relations & Communications
+1 604 674 0272| [email protected]
Sweden Robert Eriksson, Investor Relations & Public Relations
+46 701 112 615 | [email protected]
UK Public Relations Charles Vivian / Jos Simson, Tavistock
+44 79 772 97903 | [email protected]
ABOUT LUCARA
Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% 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 acti vities. Clara Diamond Solutions Limited Partnership (“Clara”), a wholly -owned
subsidiary of Lucara, has developed a secure, digital sales platform that 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 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). Accordingly, the development of the
Karowe underground expansion project (“UGP”) 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.
The information is information that Lucara is obliged to make public pursuant to the EU Market Abuse Regulation. This
information was submitted for publication, through the agency of the contact person set out above, on September 15,
2024, at 8:00 p.m. Pacific Time.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made in this news release contain certain “forward -looking information” and “forward -
looking statements” as defined in applicable securities laws. Generally, any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future
events or performance and often (but not always) using forward -looking terminology such as “expects”, “is expected”,
“anticipates”, “estimates”, “intends”, “potential”, or variations thereof or stating that certain actions, events, conditions
or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, (or the negative of any
of these terms and similar expressions) are not statements of historical fact and may be forward -looking statements.
Forward-looking information and statements are based on the opinions and estimates of management as of the date
such statements are made, and by their nature involve assumptions, and are subject to several known and unknown or
inherent risks and uncertainties, many of which are difficult to predict and are usually beyond the control of
management. These risks and uncertainties and other factors may cause the actual results , performance or
achievements of the Company to be materially different from any futur e results, performance or achievement
expressed or implied by such forward-looking statements and information.
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In particular, forward-looking information in this release and risks related thereto may pertain to general business and
economic conditions, the project schedule and capital costs for the Karowe UGP, inaccurate geological assumptions of
a mineralized area and its economic potential (including with respect to the size, grade and recoverability of mineral
reserves and resources), the impact of the supply and demand for, and the price volatility of , rough and polished
diamonds, the impact of the renewed HB Antwerp diamond sales agreement on the Company’s projected revenue and
sales channels, cost and timing of the development of deposits and estimated future production, the Company’s ability
to meet its obligations under the Rebase Amendments with its Lenders, changes in interest and foreign currency rates,
expectations that the Karowe UGP will extend mine life, forecasts of additional revenues, future production activity and
forecasts of revenue, costs of power and diesel, unanticipated operational difficulties (including failure of plant,
equipment or processes to operate in accordance with specifications or expectations), cost escalations, unavailability
of materials and equipment, acts of foreign governments or delays in the receipt of government approvals, industrial
disturbances or other job actions, adverse weather conditions, a nd unanticipated events relating to health safety and
environmental matters , the potential impacts of economic and geopolitical risks , and other risks and uncertainties
describe under the heading “Risks and Uncertainties” in the Company’s most recent MD&A and Annual Information
Form available at SEDAR+ at www.sedarplus.ca.
The Company believes that the expectations reflected in this forward -looking information are reasonable, but no
assurance can be given that these expectations will prove to be correct. Readers and investors are thus cautioned not
to place undue reliance on such statements. Forward-looking information and statements contained in this news release
are made as of the date of this news release and accordingly are subject to change after such date. Except as required
by law, the Company disclaims any obligation to revise any forward-looking information and statements to reflect events
or circumstances after the date of such information and statements. All forward-looking information and statements
contained or incorporated by reference in this news release are qualified by the foregoing cautionary statements.