Lucara Diamond Corp. Announces Termination of Diamond Sales Agreement

September 27, 2023

NEWS RELEASE

LUCARA DIAMOND CORP. ANNOUNCES TERMINATION OF DIAMOND SALES AGREEMENT

VANCOUVER, September 27, 2023 /CNW/ (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm)

Lucara Diamond Corp. (“Lucara” or the “Company”) announces the termination of the Diamond Sales Agreement

between Lucara, Lucara Botswana (Proprietary) Limited and HB Trading BV (“HB”) . Lucara exercised its right to

terminate the agreement following a material breach of financial commitments by HB. Lucara will continue to use

its established mechanisms to sell Karowe’s rough diamond production, namely through its Clara diamond sales

platform, traditional tenders and other value-added mechanisms for stones.

William Lamb, CEO stated, “The Lucara production profile is unique in the diamond industry and the Company will

continue to look at innovative sales mechanisms to maximize the value of our rough diamonds.”

On behalf of the Board,

William Lamb

President and Chief Executive Officer

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For further information, please contact:

Hannah Reynish Investor Relations & Communications

+1 604 674 0272| [email protected]

Sweden Robert Eriksson, Investor Relations & Public Relations

+46 701 112615 | [email protected]

UK Public Relations Charles Vivian / Jos Simson, Tavistock

+44 778 855 4035 | [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. Clara Diamond Solutions Limited Partnership (“Clara”), a wholly-

owned subsidiary of Lucara, has developed a secure, digital sales platform that uses proprietary analytics together

with cloud and blockchain technologies to modernize the existing diamond supply chain, driving efficiencies,

unlocking value and ensuring 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 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

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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

and the Swedish Securities Markets Act. This information was submitted for publication, through the agency of the

contact person set out above, on September 27, 2023 at 6:00pm Pacific Time.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain of the statements made and contained herein 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 a s "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.

Forward-looking statements are based on the opinions 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. The Company

believes that expectations reflected in this forward -looking information are reasonable, but no assurance c an be

given that these expectations will prove to be accurate and such forward-looking information included herein should

not be unduly relied upon.

In particular, forward -looking information and forward -looking statements may include, but are not limited to,

statements regarding the development of the Karowe Underground Project and future sales channels.

There can be no assurance that such forward looking statements will prove to be accurate, as the Company's results

and future events could differ materia lly 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 most recent

Annual Information Form, both available at http://www.sedar.com , as well as changes in general business and

economic conditions, the ability to continue as a going concern, changes in interest and foreign currency rates,

changes in inflation, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds,

costs of power and diesel, impacts of potential disruptions to supply chains, 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 m aterials and equipment, government action or delays in the receipt of government

approvals, industrial disturbances or other job actions, adverse weather conditions, 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.