REG - Lucara Diamond Corp - LUCARA ANNOUNCES TERMINATION OF SALES AGREEMENT

Lucara DiamondAnnouncement

28/09/2023 07:00

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RNS Number : 9323N  Lucara Diamond Corp  28 September 2023

September 27, 2023

 

NEWS RELEASE

 

LUCARA DIAMOND CORP. ANNOUNCES TERMINATION OF DIAMOND SALES AGREEMENT

 

VANCOUVER, September 27, 2023 /CNW/ (LUC - TSX, LUC - BSE, LUC - Nasdaq
Stockholm)

 

Lucara Diamond Corp. ("Lucara" or the "Company") announces the termination of
the Diamond Sales Agreement between Lucara, Lucara Botswana (Proprietary)
Limited and HB Trading BV ("HB").  Lucara exercised its right to terminate
the agreement following a material breach of financial commitments by HB.
Lucara will continue to use its established mechanisms to sell Karowe's rough
diamond production, namely through its Clara diamond sales platform,
traditional tenders and other value-added mechanisms for stones.

William Lamb, CEO stated, "The Lucara production profile is unique in the
diamond industry and the Company will continue to look at innovative sales
mechanisms to maximize the value of our rough diamonds."

 

On behalf of the Board,

William Lamb

President and Chief Executive Officer

 

 

Follow Lucara Diamond on Facebook (https://www.facebook.com/LucaraDiamond/) ,
Instagram (https://www.instagram.com/lucaradiamond/) , and LinkedIn
(https://www.linkedin.com/company/lucara-diamond-corp-)

 

For further information, please contact:

 

 Hannah Reynish       Investor Relations & Communications
                      +1 604 674 0272| info@lucaradiamond.com (mailto:info@lucaradiamond.com)

 Sweden               Robert Eriksson, Investor Relations & Public Relations
                      +46 701 112615 | reriksson@rive6.ch (mailto:reriksson@rive6.ch)

 UK Public Relations  Charles Vivian / Jos Simson, Tavistock
                      +44 778 855 4035 | lucara@tavistock.co.uk (mailto:lucara@tavistock.co.uk)

 

 

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. Clara Diamond Solutions Limited Partnership
("Clara"), a wholly-owned subsidiary of Lucara, has developed a secure,
digital sales platform that uses proprietary analytics together with cloud and
blockchain technologies to modernize the existing diamond supply chain,
driving efficiencies, unlocking value and ensuring diamond provenance from
mine to finger.  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 has adopted the IFC Performance Standards and
the World Bank Group's Environmental, Health and Safety Guidelines for Mining
(2007).  Accordingly, the development of the Karowe underground expansion
project ("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 is information that Lucara is obliged to make public pursuant
to the EU Market Abuse Regulation and the Swedish Securities Markets Act. This
information was submitted for publication, through the agency of the contact
person set out above, on September 27, 2023 at 6:00pm Pacific Time.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain of the statements made and contained herein and elsewhere constitute
forward-looking statements as defined in applicable securities laws.
Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible" and similar expressions, or
statements that events, conditions or results "will", "may", "could" or
"should" occur or be achieved.

Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made, and they are subject to a
number of 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. 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 accurate and such forward-looking information included herein should not
be unduly relied upon.

In particular, forward-looking information and forward-looking statements may
include, but are not limited to, statements regarding the development of the
Karowe Underground Project and future sales channels.

There can be no assurance that such forward looking statements will prove to
be accurate, as the Company's results and future events could differ
materially from those anticipated in this forward-looking information as a
result of those factors discussed in or referred to under the heading "Risks
and Uncertainties" in the Company's most recent Annual Information Form, both
available at http://www.sedar.com, as well as changes in general business and
economic conditions, the ability to continue as a going concern, changes in
interest and foreign currency rates, changes in inflation, the supply and
demand for, deliveries of and the level and volatility of prices of rough
diamonds, costs of power and diesel, impacts of potential disruptions to
supply chains, acts of foreign governments and the outcome of legal
proceedings, inaccurate geological and recoverability assumptions (including
with respect to the size, grade and recoverability of mineral reserves and
resources), and unanticipated operational difficulties (including failure of
plant, equipment or processes to operate in accordance with specifications or
expectations, cost escalations, unavailability of materials and equipment,
government action or delays in the receipt of government approvals, industrial
disturbances or other job actions, adverse weather conditions, and
unanticipated events relating to health safety and environmental matters).

Accordingly, readers are cautioned not to place undue reliance on these
forward-looking statements which speak only as of the date the statements were
made, and the Company does not assume any obligations to update or revise them
to reflect new events or circumstances, except as required by law.

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