Mr. William Lamb reports

LUCARA ANNOUNCES RECOVERY OF TENTH DIAMOND OVER 1,000 CARATS FROM THE KAROWE MINE IN BOTSWANA

Lucara Diamond Corp. has recovered an exceptional 1,305.4-carat diamond from its 100-per-cent-owned Karowe diamond mine, located in Botswana. The stone is the 10th diamond in excess of 1,000 carats recovered by the company since operations commenced, further reinforcing Karowe's stand-alone position as the world's most prolific source of exceptionally large, high-value diamonds.

The diamond was recovered by the Mega Diamond Recovery (MDR) X-ray transmission (XRT) machines, which have been instrumental in preserving and recovering some of the world's largest gem-quality diamonds. The recently recovered stone is categorized as white and is unbroken. The stone measures 79.9 millimetres by 34.1 millimetres by 51.9 millimetres in size.

The stone was recovered while processing a blend of open-pit material and previously mined, unprocessed stockpiled ore. As a result, the company cannot conclusively determine whether the diamond originated from current open-pit mining or from run-of-mine stockpiled material.

Since commencing production, Karowe has established an unmatched record for the recovery of large, high-quality diamonds, including the 1,109-carat Lesedi La Rona, the 1,094-carat Seriti, the 1,080-carat Eva Star and the 2,488-carat Motswedi, the largest diamond discovered in more than a century.

William Lamb, president and chief executive officer, commented: "The recovery of our 10th diamond exceeding 1,000 carats is another extraordinary milestone for Karowe and further demonstrates the singular nature of this world-class ore body. No diamond mine in history has consistently produced diamonds of this magnitude and Karowe continues to set itself apart on the global stage. While we cannot determine with certainty whether this diamond originated from current pit production or previously stockpiled material, its recovery is another powerful reminder of the unique diamond population hosted within the Karowe ore body. Recoveries of this nature reinforce our confidence in the exceptional value potential of the resource and the continued development of the Karowe underground project."

This news release has been reviewed and approved by Dr. Lauren Freeman, PhD, PrSciNat, vice-president, mineral resources, of the company and a qualified person for the purposes of National Instrument 43-101.

About Lucara Diamond Corp.

Lucara is a leading independent producer of large exceptional-quality Type IIa diamonds from its 100-per-cent-owned Karowe diamond mine in Botswana. Karowe is the only diamond mine in the world to have recovered 10 diamonds in excess of 1,000 carats in weight. The Karowe mine has been in production since 2012 and is the focus of the company's operations and development activities. Karowe is transitioning from open-pit to underground mining with the development of the UGP. The UGP is designed to access the highest-value portion of the Karowe ore body. Underground development ore from the UGP is scheduled to begin replacing unprocessed run-of-mine stockpiles in 2027, with full-scale underground production planned for the first half of 2028.

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. The development of the 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.

We seek Safe Harbor.