Lucara Recovers 1,174 Carat Diamond from the Karowe MINE IN Botswana

June 22, 2021

PRESS RELEASE

LUCARA RECOVERS 1,174 CARAT DIAMOND FROM THE KAROWE MINE IN BOTSWANA

VANCOUVER, June 22, 2021 /CNW/ - (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm)

Lucara Diamond Corp. (“Lucara” or the “Company”) is pleased to announce the recovery of a 1,174.76 carat diamond

from its 100% owned Karowe Diamond Mine located in Botswana (image attached ). The diamond, measuring

77x55x33mm, is described as a clivage gem of variable quality with significant domains of high-quality white gem

material, and was recovered from direct milling of ore sourced from the EM/PK(S) unit of the South Lobe. The 1,174

carat diamond represents the third +1,000 carat diamond recovered from the South Lobe of the AK6 kimberlite since

2015 including the 1,758 carat Sewelô and 1,109 carat Lesedi La Rona.

The 1,174.76 carat diamond was recovered in the MDR (Mega Diamond Recover y) XRT circuit . On the same

production day, several other diamonds of similar appearance (471 carat, 218 carat, 159 carat) were recovered at

the main XRT circuit, indicating the 1,174 diamond was part of a larger diamond with an estimated weight of > 2000

carats. The MDR is positioned after the primary crusher, ahead of the autogenous mill, and is the first opportunity

for diamond recovery within the circuit.

During an 11 day production run in June of EM/PK(S), which sourced the 1,174 carat stone, several other high quality

white gems were also recovered (148 carat, 90 carat, 88 carat, 86 carat, 67 carat, image attached). Diamonds

recovered greater than 10.8 carat in weight accounted for 17.5 % weight percent of total production during this

period. Excluding the 1,174 carat diamond, the weight percent of +10.8 carat diamonds was in line with resource

expectations. Continued strong resource performance and recovery of large diamonds reinforces the significance of

the EM/PK(S) as an important economic driver for the proposed underground mine at Karowe.

Eira Thomas, CEO commented: “ Lucara is delighted to be reporting another historic diamond recovery and its 3 rd

diamond over 1 ,000 carats, a world record for Karowe. Although complex, these diamond recoveries do contain

large domains of top colour white gem that will be transformed through our partnership with HB Antwerp into

valuable collections of top colour polished diamonds, very much in high demand in the market today. Besides the

1,174 carat stone, several other high quality white gems were recovered up to 148 carats in size , and year to date

Karowe has produced 17 diamonds greater than 100 carats, including 5 diamonds greater than 300 carats.”

This press release has been reviewed and approved by Dr. John Armstrong, Ph.D. P.Geol., Vice-President, Technical

Services of the Company and a "Qualified Person" for the purposes of National Instrument 43-101.

Eira Thomas

President and Chief Executive Officer

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For further information, please contact:

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]

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ABOUT LUCARA

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

Karowe Mine in Botswana and owns a 100% interest in Clara Diamond Solutions, a secure, digital sales pl atform

positioned to modernize the existing diamond supply chain and ensure diamond provenance from mine to finger.

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.

This information is information that the Company is obliged to make public pursuant to the EU Market Abuse

Regulation. The information was submitted for publication, through the agency of the contact persons set out above,

at 2:15pm Pacific Time on June 22, 2021.

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 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.

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 can be

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

not be unduly reli ed upon. The value of the Company's shares, its financial results and its mining activities are

significantly affected by the price and marketability of the diamonds recovered. The sales price of a diamond is

determined by its characteristics. While the Karowe Diamond Mine has produced a number of large, high -value

diamonds in excess of 100 carats, there is no assurance that the diamonds recovered which are 100 carats or larger

will have the characteristics required to achieve a high sales price.

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 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 most recent

Annual Information Form available at http://www.sedar.com, 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 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 escalati ons,

unavailability of materials 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.