Lucara Names Epic 2,488 Carat and 1,094 Carat Diamonds

Tel: +1 604 674 0272 Suite 2800, Four Bentall Centre lucaradiamond.com

[email protected] 1055 Dunsmuir Street, PO Box 49225

Vancouver, BC, V7X 1L2

December 17, 2024

NEWS RELEASE

LUCARA NAMES EPIC 2,488 CARAT AND 1,094 CARAT DIAMONDS

VANCOUVER, B.C., December 17, 2024 /CNW/ (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm)

Lucara Diamond Corp. (“Lucara” or the “Company”) is pleased to announce the winning name for the epic 2,488 carat

diamond, recovered in August 2024, and for the 1,094 carat diamond, recovered in September 2024. The 2,488 carat

diamond has been named Motswedi, which in Setswana, the local language in Botswana, means a water spring or the

flow of underground water that emerges to the surface offering life and vitalit y.

The 1,094 carat diamond has been named Seriti, which means aura or presence i n Setswana and has deep cultural

significance related to identity and legacy.

William Lamb, Lucara’s President and CEO, commented, “ We are incredibly proud to announce the naming of two

extraordinary diamonds recovered from our Karowe Mine in Botswana. The Motswedi, an epic 2,488 carat stone, and

the Seriti, a remarkable 1,094 -carat diamond, represent pivotal moments in Lucara's commitment to discovering and

preserving extraordinary geological treasures.

These diamonds are not just geological phenomena; they are a testament to the incredible potential of the Karowe

Mine and Lucara's innovative approach to diamond recovery. Each stone tells a story millions of years in the making,

and we are humbled to be the custodians of these remarkable gems as they prepare to enter the global market.

We look forward to the next stages of their journey, confident that the Motswedi and Seriti will continue to inspire

wonder and admiration around the world.”

On November 22, 2024, Lucara Botswana opened the Legacy National Diamond Naming Competition to all citizens and

residents of Botswana, and over the following two weeks more than 39,000 entries were received. The submitted names

were judged on creativity and originality, Botswana cultural significance, and relevance to the diamond s themselves,

and were evaluated through a series of reviews by a panel of judges . Professor Thapelo Joseph Otlogetswe, who is a

distinguished Professor of Linguistics and Lexicogra phy at the University of Botswana, where he also serves as the

Deputy Dean of the Faculty , was involved in the linguistics review of the submissions. The winning names were

announced at a gala event in Gaborone hosted by Lucara Botswana and in the presence of the Honourable Minister

Bogolo Kenewendo of the Ministry of Minerals & Energy.

The winner of the 2,488 carat name , Motswedi, will receive a 100,000 Pula prize , and the winner of the 1,094 carat

name, Seriti, will receive a 50,000 Pula prize. Both winners will receive an exclusive tour of the Karowe Mine.

The Company is considering sale options for both the Motswedi and Seriti diamonds. Lucara is committed to ensuring

that both stones have a positive and enduring impact for Botswana and is proud to have once again invited the people

of Botswana to choose the names of two historic diamonds recovered at the Karowe Mine.

On behalf of the Board,

William Lamb

President and Chief Executive Officer

2

Follow Lucara Diamond on Facebook, Instagram and LinkedIn

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]

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. 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 December 17,

2024, at 1 p.m. Pacific Time.