Lucara Announces Declaration of Quarterly Dividend

NEWS RELEASE

LUCARA ANNOUNCES DECLARATION OF QUARTERLY DIVIDEND

Date: May 2, 2017 (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm) Lucara Diamond Corp.

(“Lucara” or the “Company”) is pleased to announce that the Board of Directors has declared its second 2017

quarter dividend of CDN 2.5 cents per share to be payable on June 15, 2017.

The dividend of CDN 2.5 cents is payable on June 15, 2017 to the shareholders of record at the close of

business on June 2, 2017. The declaration, timing amount and payment of future dividends remains in the

discretion of the Board at Directors and is subject to the requirements of the Company’s dividend policy.

William Lamb

President and CEO

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For further information, please contact:

Tanuja Skerlec, Manager IR & PR +1 (604) 689-7842, [email protected]

Sweden: Robert Eriksson, Investor Relations +46 701-112615, [email protected]

UK: Louise Mason, Citigate Dewe Rogerson +44 (0)20 7282 2932 [email protected]

About Lucara

Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% owned

Karowe Mine in Botswana. 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.

The information in this release is accurate at the time of distribution but may be superseded or qualified by

subsequent news releases.

The information in this release is subject to the disclosure requirements of the Company under the EU Market

Abuse Regulation and the Swedish Securities Markets Act. This information was publicly communicated on May

2, 2017 at 6:00p.m. Pacific Time.

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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain of the statements made and contained herein in the press release and elsewhere constitute forward-

looking statements as defined in applicable securities laws. Generally, these forward-looking statements can

be identified by the use of forward-looking terminology such as “expects”, “anticipates”, “believes”,

“intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions

or results “will”, “may”, “could” or “should” occur or be achieved.

In particular, this press release may contain forward looking information pertaining to the following: the

estimates of the Company’s mineral reserves and resources; estimates of the Company’s production and

sales volumes for the Karowe Mine; estimated costs for capital expenditures related to the Karowe Mine;

start-up, exploration and development plans and objectives; production costs; exploration and development

expenditures and reclamation costs; expectation of diamond price and changes to foreign currency

exchange rates; expectations regarding the need to raise capital; possible impacts of disputes or litigation;

and other risks and uncertainties described under the heading “Risks and Uncertainties” in the Company’s

most recent Annual Information Form available at http://www.sedar.com (the “AIF”).

Forward-looking statements are based on the opinions, assumptions and estimates of management as of

the date such statements are made, and they are subject to a number of known and unknown risks,

uncertainties and other factors which may cause the actual results, performance or achievements of the

Company to be materially different from any future results, performance or achievement expressed or

implied by such forward-looking statements. Such assumptions include: the Company’s ability to obtain

necessary financing; the Company’s expectations regarding the economy generally, results of operations

and the extent of future growth and performance; and assumptions that the Company’s activities will not be

adversely disrupted or impeded by development, operating or regulatory risk. The Company believes that

expectations reflected in this forward-looking information are reasonable but no assurance can be given that

these expectations will prove to be correct and such forward-looking information included in this press

release should not be unduly relied upon.

There can be no assurance that such statements will prove to be accurate, as the Company’s results and

future events could differ materially from those anticipated in this forward-looking information as a result of

those factors discussed in or referred to under the heading “Risks and Uncertainties” in the Company’s AIF,

as well as changes in general business and economic conditions, changes in interest and foreign currency

rates, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds,

costs and availability of power and diesel, acts of foreign governments and the outcome of legal

proceedings, inaccurate geological and recoverability assumptions (including with respect to the size, grade

and recoverability of mineral reserves and resources) and 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, government action or delays in the receipt of

government approvals, industrial disturbances or other job actions, adverse weather conditions, regulatory

or environmental changes resulting from global climate change and unanticipated events relating to health

safety and environmental matters).

Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements which

speak only as of the date the statements were made, and the Company does not assume any obligations to

update or revise them to reflect new events or circumstances, except as required by law.