LUCARA SUCCESSFULLY PLACES US$350.0 MILLION BOND

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VANCOUVER, BC, March 12, 2026 /CNW/ (TSX: LUC) (BSE: LUC) (Nasdaq FNGM: LUC)

Lucara Diamond Corp. («Lucara» or the «Company») announces that it has successfully completed a private placement of US$350.0 million of senior secured bonds. The bonds will have a tenor of five years and will have a fixed coupon rate of 12.5 percent per annum, with interest payable in quarterly instalments. All amounts are in U.S. dollars unless otherwise noted. References to «C$» are to Canadian dollars. PDF Version

Settlement of the bonds is expected to occur on or around March 27, 2026, subject to the satisfaction of customary conditions precedent. Net proceeds from the bond issue will be used to repay Lucara’s existing US$220.0 million senior secured project finance debt package, funding of two years of interest on the bonds on a dedicated debt service retention account, and the residual costs related to the underground project at the Karowe mine (the «UGP» or the «Underground Project»). The Company intends to make an application to list the bonds on the Oslo Alternative Bond Market.

Completing the US$350.0 million bond financing, along with the C$165.0 million raised in its equity offering in January 2026 (see January 29, 2026 news release), provides Lucara with sufficient access to capital to incur the US$779.2 million capital cost of the UGP, of which US$469.4 million has been incurred as at December 31, 2025 as contemplated in the Company’s updated Feasibility Study prepared in accordance with National Instrument 43-101 and filed on January 30, 2026. Following closing of the bond financing, the Company expects to have sufficient funding to complete the UGP without further financing, provided the project moves forward on schedule and the Company is able to meet its production and revenue forecast.

William Lamb, President and CEO of Lucara comments: «Following our upsized and highly successful equity private placement in January, we are very pleased to announce the completion of this bond issuance marking the completion of the final step in securing the full financing package for the Karowe Underground Project. The bond issue attracted strong interest from a broad range of international investors reflecting continued confidence in the exceptional quality of the Karowe mine and its long-term value potential. With the project now fully financed, we can focus all our efforts on executing the remaining development work and advancing Karowe toward a new phase of sustainable, high-value diamond production.»

Nemesia S.a.r.l., a private entity controlled by the trusts settled by the late Adolph Lundin (the Lundin Family Trust), was allocated US$30.0 million in the bond financing.

Clarksons Securities AS and Pareto Securities AS acted as Joint Bookrunners in connection with the bond placement.

On behalf of the Board,

William LambPresident and Chief Executive Officer

ABOUT LUCARA

Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% owned Karowe Diamond Mine in Botswana. 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 orebody. Underground development ore from the UGP is scheduled to begin offsetting 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.

The information in this release is subject to the disclosure requirements of Lucara pursuant to the EU Market Abuse Regulation. The Company’s certified adviser on the Nasdaq First North Growth Market is Bergs Securities AB, [email protected], +46 739 49 62 50. This information was submitted for publication, through the agency of the contact person set out above, on March 12, 2026, at 2:00pm Pacific Time.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain statements made in this news release contain «forward-looking information» and «forward-looking statements» as defined in applicable securities laws. Generally, any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance and often (but not always) using forward-looking terminology such as «expects», «is expected», «anticipates», «believes», «plans», «projects», «estimates», «budgets», «scheduled», «forecasts», «assumes», «intends», «strategy», «goals», «objectives», «potential», «possible» or variations thereof or stating that certain actions, events, conditions or results «may», «could», «would», «should», «might» or «will» be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking information and forward-looking statements may include, but are not limited to, information or statements with respect to the settlement of the bond private placement, the Company’s ability to continue as a going concern, the Company’s ability to continue operations, realize assets, and settle its liabilities as they become due, the project schedule and capital costs for the UGP, diamond sales projections and outlook disclosure under «2026 Outlook», the Company’s ability to meet its obligations under the Rebase Amendments with its Lenders, the impact of supply and demand of rough or polished diamonds, estimated capital costs, future forecasts of revenue and variable consideration in determining revenue, the impact of the HB and Clara sales arrangements on the Company’s projected revenue and HB’s ability to meet its payment obligations to the Company, the outcome of tax assessments and the likelihood of recoverability of tax payments made, estimation of mineral resources including the determination of the boundary between South Lobe M/PK(S) and EM/PK(S) domains due to the significant grade difference between these two domains, cost and timing of the development of deposits and estimated future production, interest rates, including expectations regarding the impact of market interest rates on future cash flows and the fair value of derivative financial instruments, currency exchange rates, rates of inflation, credit risk, price risk, requirements for and availability of additional capital, capital expenditures, operating costs, production and cost estimates, tax rates, timing of drill programs, government regulation of operations, environmental risks and the Company’s ability to comply with all environmental regulations, reclamation expenses, title matters including disputes or claims, limitations on insurance coverage, and the potential impacts of economic and geopolitical risks, including potential impacts from the ongoing world conflicts, and the resulting indirect economic impacts that strict economic sanctions may have. While these factors and assumptions are considered reasonable by the Company as at the date of this news release in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: the timing, scope and cost of additional grouting events at the UGP, the Company’s ability to comply with the terms of the Facilities which are required to construct the UGP, the impact of the Covenant breaches, and any associated consequences, on the Company’s business, whether the Lenders will demand payment of the Facilities because of the Covenant breaches, that expected cash flow from operations, combined with external financing will be sufficient to complete construction of the UGP, that the estimated timelines to achieve mine ramp up and full production from the UGP can be achieved, that sufficient stockpiled ore of sufficient grade and value will be available to generate revenue prior to the achievement of commercial production from the UGP, the economic potential of a mineralized area, the size and tonnage of a mineralized area, anticipated sample grades or bulk sample diamond content, expectations that the UGP and the pit steepening project will extend mine life, forecasts of additional revenues, future production activity, that depletion and amortization expense on assets will be affected by both the volume of carats recovered in any given period and the reserves that are expected to be recovered, the future price and demand for, and supply of, diamonds, expectations regarding the scheduling of activities for the UGP.

Forward-looking information and statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to several 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 due to a variety of risks, uncertainties, and other factors, including, without limitation, those referred to in this news release. The foregoing is not exhaustive of the factors that may affect any of our forward-looking statements. The Company believes that expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Certain risks which could impact the Company are discussed under the heading «Risks and Uncertainties» in the Company’s MD&A and in the Company’s most recent AIF available at SEDAR+ at www.sedarplus.ca.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers and investors should not place undue reliance on forward-looking statements. Forward-looking information and statements contained in this news release are made as of the date of this news release and accordingly are subject to change after such date. Except as required by law, the Company disclaims any obligation to revise any forward-looking information and statements to reflect events or circumstances after the date of such information and statements. All forward-looking information and statements contained or incorporated by reference in this news release are qualified by the foregoing cautionary statements.

For further information, please contact: Vancouver: Hannah Reynish, Investor Relations & Communications, +1 604 674 0272, [email protected]; Sweden: Robert Eriksson, Investor Relations & Public Relations, +46 701 112615, [email protected]

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