Lucara Recovers 998 Carat Diamond from the Karowe MINE IN Botswana

November 10, 2020

PRESS RELEASE

LUCARA RECOVERS 998 CARAT DIAMOND FROM THE KAROWE MINE IN BOTSWANA

VANCOUVER, November 10, 2020 /CNW/ - (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm)

Lucara Diamond Corp. (“Lucara” or the “Company”) is pleased to announce the recovery of an unbroken 998 carat

high white clivage diamond from its 100% owned Karowe Diamond Mine located in Botswana (image attached). The

diamond, measuring 67x49x45mm, was recovered from direct milling of ore sourced from the EM/PK(S) unit of the

South Lobe, and follows a notable series of diamond recoveries during this recent production run, including a number

of top quality clivage and gem quality stones of 273, 105, 83, 73, and 69 carats in weight. The EM/PK(S) forms an

important economic driver for the proposed underground mine at Karowe and continues to produce large gem

quality diamonds in line with expectations, a further testament to the strong resource performance at Karowe.

The 998 carat diamond was recovered in the MDR ( “Mega Diamond Recovery”) XRT circuit that allows for diamond

recovery post primary crushing and prior to milling. This recovery represents the second +500 carat diamond

recovered from this circuit in 2020. Year to date, Karowe has produced 31 diamonds greater than 100 carats

including 10 diamonds greater than 200 carats comprising of the 549 carat Sethunya, and the 998 carat diamond. In

accordance with the partnership between Lucara and HB Antwerp regarding all diamonds greater than 10.8 carats

produced from Karowe, both companies are evaluating the nex t steps in order to maximise the value of this rare

large diamond.

Eira Thomas, CEO commented: “Lucara is extremely pleased with the continued recovery of large high quality

diamonds from the South Lobe of the Karowe mine. To recover two +500 carat diamonds in 10 months along with

the many other high quality diamonds across all the size ranges is a testament to the unique aspect of the resource

at Karowe and the mine’s abilit y to recover these large and rare diamonds. Operations at Karowe have continued

through 2020 and operational challenges, due to Covid -19 restrictions, have been met with professionalism by the

team. We look forward to a safe finish to 2020 and continued su ccess at Karowe as we remain focussed on strong

operations to ensure maximum resource performance.”

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:

North America Investor Relations & Communications

+1 604 674 0272| [email protected]

Sweden Robert Eriksson, Investor Relations & Public Relations

+46 701 112615 | [email protected]

UK Public Relations Emily Moss / Jos Simson, Tavistock

+447788554035 | [email protected]

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 platform

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, at

2:00pm Pacific Time on November 10, 2020.

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 fo rward-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 relied upon.. The value of the Company's shares, its financi al 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, hig h-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

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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 escalations,

unavailability of materials and equipment, govern ment 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 t o 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.