Lucapa Diamond Company Limited - HIGHEST DIAMOND RECOVERIES FROM LULO KIMBERLITE BULK SAMPLE

Lucapa Diamond Company Limited (ASX: LOM) ('Lucapa' or 'the Company') together with our Project Lulo partners, Endiama and Rosas & Petalas, are pleased to announce the recovery of diamonds from the initial processing of the Lulo kimberlite L164 bulk sample through the stand-alone kimberlite bulk sample plant.

Lulo kimberlite L164 bulk sample has yielded 20 diamonds weighing 15.51 carats from the initial processing of ~630m3 of broken kimberlite material, representing a preliminary grade of ~2.5 cphm3 (carats per one hundred m3 ). Five diamonds greater than 1 carat have been recovered so far from the ~3.5ha kimberlite - the largest stone weighing 1.95 carats. The average size of the diamonds recovered so far is 0.78 carats/ stone, a number of them classified as Type IIa by the Yehuda Colorimeter. While the processing of the kimberlite bulk sample is continuing, these initial diamond recoveries already represent the highest diamond count and carat weight of diamonds recovered from any kimberlite bulk sample processed at Lulo to date. The processing of the remainder of the ~3,200m3 broken kimberlite bulk sample is continuing and a full reconciliation of processed volumes back to in-situ volumes and tonnes will be undertaken when processing is complete

Lucapa Managing Director, Stephen Wetherall said, 'This preliminary result is important in that it represents the best kimberlite diamond recoveries to date, confirms the existence of higher grade primary sources with commercial size diamonds and it bolsters our large geological database with confirmatory results for our teams to use to prioritise the other kimberlites and targets on the Lulo concession. We are beginning to see the desired outcome of the methodical exploration approach in a significant diamond province which has been accelerated by the recent commissioning of the dedicated bulk sample plant.'

Contact:

CANDICE SGROI

HEAD OF INVESTOR RELATIONS & CORPORATE COMMUNICATIONS

Lucapa Diamond Company Limited

Tel: 0400 49 22 85

Email: csgroi@lucapa.com.au

ABOUT LUCAPA

Lucapa is an ASX listed diamond miner and explorer with assets in Africa and Australia. It has interests in two producing diamond mines in Angola (Lulo, in which LOM holds 40%) and Lesotho (Mothae, in which LOM holds 70%). The large, high-value diamonds produced from these two niche African diamond mines attract some of the highest prices per carat for rough diamonds globally. The Lulo mine has been in commercial production since 2015, while the Mothae mine commenced commercial production in 2019. In 2021, through its wholly owned subsidiary, Australian Natural Diamonds Pty Ltd, Lucapa completed the strategic and transformative acquisition of the Merlin Diamond Project, an historic Australian mine in the Northern Territory of Australia. A feasibility study is expected to be completed in Q1 2023. Lucapa and its project partners are also exploring for potential primary source kimberlites or lamproites at the prolific Lulo concession in Angola, the Brooking and Merlin projects in Australia and the Orapa Area F project in Botswana. The Board, management and key stakeholders in Lucapa have deep global diamond industry experience and networks all through the value chain from exploration to retail.

Competent Person's Statement

Information included in this announcement that relates to exploration results and resource estimates is based on and fairly represents information and supporting documentation prepared and compiled by Richard Price MAusIMM who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Price is an employee of Lucapa Diamond Company Limited. Mr Price has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Mr Price consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears

Forward-Looking Statements

This announcement has been prepared by the Company. This document contains background information about the Company and its related entities current at the date of this announcement. This is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this announcement. This announcement is for information purposes only. Neither this document nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This announcement may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction. This document does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this representation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) risks associated with mining, exploration, operations, resource, environment, funding and adverse or unanticipated market, financial, currency or political developments. No responsibility for any errors or omissions from this document arising out of negligence or otherwise is accepted. This document does include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of the Company. Actual values, results, outcomes or events may be materially different to those expressed or implied in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forwardlooking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and ASX Listing Rules, the Company does not undertake any obligation to update or revise any information or any forward-looking statements in this document or any changes in events, conditions or circumstances on which any such forwardlooking statement is based.