Lucara Diamond Corp. announced the execution of a mandate for a senior secured project financing package of up to USD 220 million (the "Mandate") to fund the underground expansion at Lucara's 100% owned Karowe Mine ("Karowe") in Botswana. A syndicate of five international financial institutions, including ING Bank N.V. ("ING"), Natixis ("Natixis"), Société Générale, London Branch ("Société Générale"), Africa Finance Corporation ("AFC") and Afreximbank ("Afrexim") will act as the Mandated Lead Arrangers ("MLAs"). The formal Mandate includes a non-binding indicative term sheet for debt facilities of up to USD 220 million (the "Facilities"). Closing of the Facilities is targeted to be mid-2021, with financing in place for the second half of 2021.