Lucapa Diamond Company Limited (ASX: LOM) ('Lucapa' or 'the Company') and its partners Empresa Nacional de Diamantes E.P. ('Endiama') and Rosas & Petalas are pleased to announce the recovery of a 117 carat diamond from the Lulo alluvial mine in Angola.

The gem-quality 117 carat stone is the 14th +100 carat diamond recovered to date from Lulo by Lucapa and its partners and the first for 2020.

The 117 carat diamond was among the Specials (+10.8 carat diamonds) recovered recently from Mining Block 19.

Mining Block 19 is located between the prolific Mining Blocks 6 and 8, which have together produced 12 +100 carat diamonds, including Angola's biggest recorded gem the 404 carat 4th February Stone recovered and sold in 2016 for US$16 million.

Lucapa Managing Director Stephen Wetherall commented: 'The recovery of this gem-quality 117 carat diamond represents a positive start for Lulo in 2020 as we continue rolling out our plans to increase production and revenues this year.'

Lucapa also continues to recover large diamonds from the Mothae kimberlite mine in Lesotho (Lucapa 70%; Government of the Kingdom of Lesotho 30%), with the latest recovery of Specials including a 60 carat gem-quality stone.

ABOUT LUCAPA

Lucapa is a growing diamond company with high-value mines in Angola (Lulo) and Lesotho (Mothae). The Lulo alluvial mine and Mothae kimberlite mine both produce large and high-value diamonds, with >75% of revenues generated from the recovery of +4.8 carat stones.

Lulo has produced 14 +100 carat diamonds to date and is one of the highest average US$ per carat alluvial diamond producers in the world. Lucapa and its Lulo partners continue to advance their search for the primary kimberlite sources of these exceptional alluvial gems through a systematic exploration program.

The new 1.1 Mtpa Mothae kimberlite mine in diamond-rich Lesotho commenced commercial diamond mining operations in January 2019. It produced > 30,000 carats - including 10 +50 carat diamonds - in its first year of production. Lucapa's Board and management team have decades of diamond industry experience across the globe with companies including De Beers and Gem Diamonds.

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.

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) the risk of adverse or unanticipated market, financial 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.

Contact:

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