LUCARA RECOVERS EXCEPTIONAL 549 CARAT WHITE GEM DIAMOND FROM THE KAROWE MINE IN BOTSWANA

Lucara Diamond Corp. (“Lucara” or the “Company”) is pleased to announce the recovery of an unbroken 549 carat white diamond of exceptional purity from its 100% owned Karowe Diamond Mine located in Botswana (Image Attached). The 549 carat diamond was recovered from direct milling of ore sourced from the EM/PK(S) unit of the South Lobe. This follows the recent recovery of a gem quality 176 carat stone from the same ore block. The EM/PK(S) continues to produce large gem quality diamonds in line with expectations and forms an important economic driver for the potential underground mine at Karowe. The EM/PK(S) has also delivered other high value diamonds including the 1,758 carat Sewelô, the 1,109 carat Lesedi La Rona, and the 813 carat Constellation diamond.

549 Carat White Gem Diamond from Lucara’s Karowe Mine in Botswana (CNW Group/Lucara Diamond Corp.)

The 549 carat diamond was recovered in the MDR (Mega Diamond Recovery) XRT circuit that allows for diamond recovery post primary crushing and prior to milling. The 549 carat diamond is the second diamond recovered from the MDR which was commissioned in 2017. Year to date in 2020 Karowe has produced 6 diamonds greater than 100 carats. Lucara will undertake a decision on the sale of the 176 and 549 carat diamonds in due course.

Eira Thomas, Lucara’s CEO commented: “Lucara is extremely pleased to be starting off 2020 with the recovery of two, large, high quality diamonds that builds on the positive momentum generated following the completion of a strong 4th quarter sale in December and the announcement of our ground breaking partnership with Louis Vuitton on the Sewelô in January. The unbroken 549 carat diamond is the fourth largest diamond recovered at Karowe and the first large gem to be recovered through the MDR. We look forward to continued success at Karowe and an exciting 2020.”

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