VANCOUVER, BC — January 9, 2026 — Leads & Copy — Lucara Diamond Corp. has announced a non-brokered private placement of common shares to raise a minimum of $70.0 million. The funds will be used to advance the Karowe Underground Project and for general corporate purposes.
The private placement will involve the issuance of a minimum of 437,500,000 common shares at a price of $0.16 per share. The offering is subject to regulatory approval, including approval from the Toronto Stock Exchange, and other customary closing conditions. The company anticipates the closing of the private placement to occur in late January.
Trusts settled by the late Adolf H. Lundin have indicated their intention to participate in the private placement to maintain or increase their interest in the company. Nemesia S.a.r.l, controlled by the Lundin Family Trusts, is currently Lucara’s largest shareholder and any participation in the private placement would be considered a related party transaction. The company intends to rely on exemptions from formal valuation and minority shareholder approval requirements.
Lucara expects to achieve full financing for the Karowe Underground Project through operating cash flows, the private placement, additional debt financing, and collaboration with existing lenders. The company is considering a potential bond issue for additional debt financing and has mandated Clarksons Securities and Pareto Securities as advisors.
William Lamb, President and CEO of Lucara, stated that the participation of the Lundin Family Trusts underscores the strategic significance of the Karowe UGP and that the financing will enhance the company’s ability to accelerate key developments planned for 2026.
Lucara is a leading independent producer of large, exceptional quality Type IIa diamonds from its 100% owned Karowe Diamond Mine in Botswana. The mine has been in production since 2012 and is the focus of the company’s operations and development activities.
William Lamb
President and Chief Executive Officer
Source: Lucara Diamond Corp.
