Lucapa Diamond Company Limited and its partners Project Lulo Joint Venture (Project Lulo JV), Endiama and Rosas & Petalas, announced the stand-alone kimberlite bulk sample plant ("KBSP") has been fully commissioned and the processing of priority kimberlite bulk samples has commenced. The stand-alone KBSP is commissioned and has commenced processing the 15 kimberlites on the current priority bulk sampling list at Lulo. As previously reported, a number of kimberlite bulk samples have already been extracted during the KBSP construction phase and are on the feed pads awaiting treatment through the KBSP.

The kimberlite bulk samples will be processed at a rate of approximately two samples every six weeks. To note, it is not expected that every kimberlite sample processed will return a positive diamond result. On a concession with such a high anomaly to kimberlite conversion rate, confirmed kimberlites will be added to the priority sampling list as concurrent discovery drilling and mineral chemistry analysis continues.

Commercial diamond mining: The Lulo partners early alluvial exploration programs recovered a number of large and exceptional diamonds pointing to the potential of the alluvial gravels containing a large high-quality diamond population. Further alluvial exploration programs confirmed this large high-quality diamond potential and following the approval of a preliminary feasibility study by the Angolan Government, Sociedade Mineira Do Lulo ("SML") was constituted, and commercial mining operations commenced. In almost eight years of commercial mining to date, the Lulo concession has frequently produced diamonds of exceptional size and quality, where, it is globally renowned as the highest USD/carat alluvial (secondary source) deposit.

Since exploration and mining activities commenced at Lulo, in the Cacuilo River Valley, SML has recovered: >150,000 carats at over ~USD 2,000/carat; 29 +100 carat diamonds; and 1,800 +10.8 carat diamonds at an average value of USD 140,000/Special stone; Concurrently with the commercial alluvial mining, and via a separate venture, the Project Lulo JV, the Lulo partners are exploring for the primary source kimberlite(s). If geologically, the large and irregular shaped diamonds are considered to be proximal to their primary source(s), then the anomalies that lie beneath or near to the alluvial mining blocks where these and other high-value value diamonds are being recovered, need to be explored and evaluated. The exploration and drilling programs completed to date by the partners have identified: 560 geophysical anomalies on the entire concession; 360 geophysical anomalies in the Cacuilo River Valley (south-west section), underneath and upstream of where the large exceptional diamonds are being recovered in SML's alluvial mining campaign; 124 kimberlites discovered from 150 anomalies drilled (>80% conversion rate); 130 samples sent for mineral chemistry analysis; 20 prioritised kimberlites based on exploration results and other considerations, including expert peer review; and Eight kimberlites as diamondiferous from sampling results, proving the Cacuilo River Valley kimberlite province to be diamondiferous.

Bulk sampling phase: Given the very high number of kimberlites that, in an anticipated lower grade high-value environment, would need to have large volumes of kimberlite material bulk sampled to assess commercial diamondiferous nature, a stand-alone KBSP was ordered and has now been constructed and commissioned at Lulo. 20 kimberlites have been included on the initial priority kimberlite bulk sampling list for this bulk sampling phase, with five already processed through the alluvial treatment plant. The remaining 15 kimberlites will be processed at a rate of approximately two kimberlite samples every six weeks.

To note, it is not expected that every kimberlite sample processed will return a positive diamond result. On a concession with such a high anomaly to kimberlite conversion rate, it is expected that new kimberlite discoveries in priority areas will be added to the priority sampling list as concurrent discovery drilling and mineral chemistry analysis continues.