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

Lucara Diamond Corp. (LUC) announced the recovery of a 1,305.4-carat white, unbroken diamond from the Karowe mine in Botswana. The stone was processed via Mega Diamond Recovery XRT machines from a blend of open-pit material and stockpiled ore. This discovery marks the tenth diamond exceeding 1,000 carats since operations began. Management highlighted Karowe’s singular nature and the project’s confidence as the underground expansion (UGP) advances.

Lucara Diamond Corp. (LUC) reported a large diamond recovery, a notable operational event that aligns with the known characteristics of the Karowe mine. While such finds can generate significant revenue, the value of this specific stone remains uncertain until it is sold. The recovery does not alter the company’s broader financial or production outlook.

Lucara continues to face near-term challenges, including dependence on stockpiles, heavy debt, and execution risks associated with the UGP project. The news is considered routine but supportive of the asset’s quality.

Lucara Diamond Corp. owns 100% of the Karowe Diamond Mine in Botswana, a world-class asset known for producing exceptionally large, high-value diamonds (Specials >10.8ct). The mine is transitioning from open-pit to underground via the UGP, with first production expected in H1 2028 and a projected mine life beyond 2040. The company also operates digital sales platforms, including Clara, and off-take arrangements, such as HB, to market its stones.