Lucara Announces Underground Project Lateral Development Contract Execution
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December 1, 2025
NEWS RELEASE
LUCARA ANNOUNCES UNDERGROUND PROJECT LATERAL DEVELOPMENT CONTRACT EXECUTION
VANCOUVER, B.C., December 1, 2025 /CNW/ (LUC – TSX, LUC – BSE, LUC – Nasdaq FNGM)
Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to announce the execution of the lateral development
contract (the “Contract”) for the Karowe underground project (the "UGP" or the “Project” ) with Group R Mining and
Exploration Botswana (Pty) Ltd. (“Group R”) . The Company has entered into the Contract for the execution of all
underground lateral development from the production and ventilation shafts to the orebody, including construction of
the extraction level, underground crushing chamber, fine ore bins, pump stations with associated vertical dams, drilling
horizons, workshop facilities, and all connecting infrastructure required to advance development toward the kimberlite
in accordance with the Project schedul e. The decision aligns with Lucara’s commitment to the successful development
of the UGP, which will extend the life of mine at Karowe and maintain its position as a leading producer of large, world-
class, high-quality diamonds.
Group R are expected to mobilize in Q2 2026 , with lateral development work commencing in July 2026. Recruitment
and work permits will start in early 2026, with a focus on local employment. Lucara has initiated detailed engineering
of the lateral development portion of the UGP and is finalizing an updated life -of-mine plan based on the results of the
simulation work (see Q3 2025 Results news release for more details).
William Lamb, President and CEO of Lucara, commented, “ We are pleased to announce the award of this critical
Contract to Group R, marking an important milestone in the continued development of our underground project. The
award of the last major contract for the UGP reflects our commitment to maintaining momentum on the Project and
delivering the Project safely, responsibly, and in accordance with our schedule. We are confident that Group R’s
expertise and proven track record will support our vision for a world-class underground mine.”
Hannes van Staden, CEO of Group R, remarked, “We are honoured to partner with Lucara on this crucial phase of the
Karowe underground project. Our team is dedicated to upholding the highest standards of safety, quality, and
operational excellence as we collaborate to open the next chapter of this world-class asset. We look forward to utilising
our expertise and contributing to the long-term success of the mine and the communities it benefits.”
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]
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Sweden Robert Eriksson, Investor Relations & Public Relations
+46 701 112615 | [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. 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).
The development of the 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 i n this release is subject to the disclosure requirements of Lucara pursuant to the EU Market Abuse
Regulation. The Company's certified adviser on the Nasdaq First North Growth Market is Bergs Securities AB,
[email protected], +46 739 49 62 50. This information was submitted for publication, through the agency of the
contact person set out above, on December 1, 2025, at 2:00 p.m. Pacific Time.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain statements made in this news release contain "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", "believes", "plans",
"projects", "estimates", "budgets", "scheduled", "forecasts", "assumes", "intends", "strategy", "goals", "objectives",
"potential", "possible" 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 forward -looking statements may include, but are not limited to, information or
statements with respect to the Company 's ability to continue as a going concern, the Company 's ability to continue
operations, realize assets, and settle its liabilities as they become due, the project schedule and capital costs for the
UGP, diamond sales, projection and outlook disclosure, the Company 's ability to meet its obligations under the Rebase
Amendments with its lenders, the future issuan ces of shares in the capital of the Company, the impact of supply and
demand of rough or polished diamonds, estimated capital costs, future forecasts of revenue and variable consideration
in determining revenue, cost and timing of the development of deposits and estimated future production, interest rates,
including expectations regarding the impact of market interest rates on future cash flows and the fair value of derivative
financial instruments, currency exchange rates, rates of inflation, credit risk, price risk, requirements for and availability
of additional capital, capital expenditures, operating costs, production and cost estimates, tax rates, timing of drill
programs, government regulation of operations, and the potential impacts of economic and geopolitical risks, including
potential impacts from the ongoing world conflicts, and the resulting indirect economic impacts that strict economic
sanctions may have.
While these factors and assumptions are considered reasonable by the Company as at the date of this news release in
light of management's experience and perception of current conditions and expected developments, these statements
are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and
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unknown factors could cause actual results to differ materially from those projected in the forward-looking information
and undue reliance should not be placed on such information. Such factors include, but are not limited to: the timing,
scope and cost of additional grouting events at the UGP, the Company's ability to comply with the terms of the Facilities
(as defined in the Company’s most recent MD&A) which are required to construct the UGP, the impact of the Non -
Financial Covenant Breaches (as defined in the Company's most recent MD&A) , and any associated consequences, on
the Company 's business, whether the lenders will demand payment of the Facilities because of the Non -Financial
Covenant Breaches, that expected cash flow from operations, combined with external financing will be sufficient to
complete construction of the UGP, that the estimated timelines to a chieve mine ramp up and full production from the
UGP can be achieved, that sufficient stockpiled ore of sufficient grade and value will be available to generate revenue
prior to the achievement of commercial production of the UGP, the economic potential of a mineralized area, the size
and tonnage of a mineralized area, anticipated sample grades or bulk sample diamond content, expectations that the
UGP and the pit steepening project will extend mine life, forecasts of additional re venues, future production activity,
that depletion and amortization expense on assets will be affected by both the volume of carats recovered in any given
period and the reserves that are expected to be recovered, the future price and demand for, and supply of, diamonds,
expectations regarding the scheduling of activities for the UGP.
Forward-looking information and statements are based on the opinions and estimates of management as of the date
such statements are made, and they are subject to several known and unknown risks, uncertainties and other factors
which may cause the actual re sults, 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 due to a variety
of risks, uncertainties, and other factors, including, without limitation, those referred to in this news release . The
foregoing is not exhaustive of the factors that may affect any of our forward-looking statements. 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. Certain risks which could impact the Company are discussed under the heading
"Risks and Uncertainties" in the Company's most recent MD&A and in the Company 's most recent Annual Information
Form available on SEDAR+ at www.sedarplus.ca.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to
differ materially from those described in forward -looking statements, there may be other factors that cause actions,
events or results no t to be as anticipated, estimated or intended. Accordingly, readers and investors should not place
undue reliance on forward -looking 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.