LUCARA REDEFINES UNDERGROUND OPERATIONS WITH INNOVATIVE PROJECT APPROACH

Lucara Announces Strategic Shift in Underground Project Management

Toronto, Ontario--(Newsfile Corp. - March 25, 2023) - Lucara Diamond Corp. ("Lucara" or the "Company") (TSX: LUC) (BSE: LUC) today announced a strategic shift in the management of its underground project, with a focus on optimizing the project's development and increasing its overall value.

As part of this shift, Lucara has appointed a new project manager, with extensive experience in underground mining and project development. This appointment is expected to bring a fresh perspective and expertise to the project, and will help to ensure that the project is developed in a way that maximizes its potential.

The Company has also established a new project management office, which will be responsible for overseeing the development of the underground project. This office will be staffed by a team of experienced professionals, who will work closely with the project manager to ensure that the project is developed in a way that meets the Company's goals and objectives.

"We are excited to announce this strategic shift in the management of our underground project," said Eira Thomas, President and CEO of Lucara. "We believe that this new approach will help us to optimize the project's development and increase its overall value. We are committed to developing this project in a way that maximizes its potential and creates value for our shareholders."

The underground project is an important part of Lucara's overall strategy, and the Company is committed to developing it in a way that meets its goals and objectives. The project is expected to be a significant source of revenue for the Company, and will help to drive its growth and profitability in the years to come.