Lucara Closes Upsized $165.0 Million Private Placement
Tel: +1 604 674 0272 Suite 2800, Four Bentall Centre lucaradiamond.com
[email protected] 1055 Dunsmuir Street, PO Box 49225
Vancouver, BC, V7X 1L2
January 29, 2026
NEWS RELEASE
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
LUCARA CLOSES UPSIZED $165.0 MILLION PRIVATE PLACEMENT
VANCOUVER, B.C., January 29, 2026 /CNW/ (LUC – TSX, LUC – BSE, LUC – Nasdaq FNGM)
Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to announce that it has closed its previously announced
non-brokered private placement , which was originally announced on January 9, 2026 (see January 9, 2026 News
Release), and was subsequently upsized to total gross proceeds of $165.0 million on January 14, 2026 (see January 14,
2026 News Release) due to strong investor demand . All dollar amounts reflected in Canadian dollars unless otherwise
stated.
William Lamb, President and CEO of Lucara, commented, “We are very pleased with the outcome of the recent
oversubscribed private placement, which included participation of a number of institutional investors from around the
world as well as the Lundin Family Trusts. This financing will enhance our ability to accelerate key developments on the
Karowe Underground Project planned for 2026.”
Equity Private Placement
The Company issued an aggregate of 1,031,250,000 common shares in the capital of the Company (the “Common
Shares”) at a price of $0.16 per Common Share for aggregate gross proceeds of $165.0 million (the “Private Placement”).
In connection with the Private Placement, the Company paid a $2.5 million finder’s fee in connection with a portion of
the Private Placement to select finders including BMO Nesbitt Burns Inc., Haywood Securities Inc., Leede Financial Inc.,
Canaccord Genuity Corp., and Pareto Securities AB, excluding the participation of the Lundin Family Trusts (see January
19, 2026 News Release ). All Common Shares issued pursuant to the Private Placement are subject to a four -month
statutory hold period under applicable Canadian securities laws.
The Company expects that the net proceeds of the Private Placement will be used to address the Company’s liquidity
shortfall to enable it to continue advancing the Karowe Underground Project (the “UGP” or the “Project”) while pursuing
longer-term Project financing , including for shaft equipping, conveyance commissioning and lateral development,
extraction and drill horizon development, as well as for general working capital and corporate purposes.
The Company expects that full financing for the UGP will be achieved through a combination of operating cash flows,
the Private Placement, additional debt financing, and ongoing collaboration with the Company ’s existing lenders to
address any remaining funding requirements. The Company is considering different alternatives for such additional debt
financing, including a potential bond issue whereby the Company has mandated Clarksons Securities AS and Pareto
Securities AB as advisors.
TSX Exemption from Shareholder Approval Requirement
The Company relied on the financial hardship exemption under Section 604(e) of the Toronto Stock Exchange (the “TSX”)
Company Manual (the “Exemption”) in connection with the Private Placement ( see January 19, 2026 News Release ),
which has been accepted by the TSX.
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This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of
the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States
without registration under th e U.S. Securities Act and all applicable U.S. securities laws, or in compliance with an
applicable exemption therefrom.
On behalf of the Board,
William Lamb
President and Chief Executive Officer
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 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 activities. Lucara has an experienced board and management team with extensive
diamond development and operations expertise. Lucara and its subsidiaries oper ate 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 in 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 January 29, 2026, 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.
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Forward-looking information and forward -looking statements may include, but are no t limited to, information or
statements with respect to the anticipated use of proceeds of the Private Placement, the ability of the Company to
obtain full financing and the means by which it may do so , that the full financing for the UGP will be achieved, that
additional debt financing will be available, that the Company will proceed with the issuance of a bond, that the
Company’s existing lenders will continue to engage with the Company, and the ability of the Company to accelerate key
developments planned for 2026.
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
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: risks relating
to the construction and development of the UGP, including potential delays, cost overruns and project execution risks,
the Company 's ability to comply with the terms of the Facilities (as defined in the Company’s most recent MD&A)
required to construct the UGP, the risk of future non-compliance or lender enforcement actions, including demands for
repayment and the impact of any such event on the Company’s business and financial condition, expected cash flow
from operations, combined with external financing will be sufficient to complete construction of the UGP, that the
estimated timelines to achieve 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 revenues, 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 , and t hat the Company will be able to secure all required financing for the UGP,
including any remaining funding requirements, on acceptable terms or within the anticipated timeframe .
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.