Botswana Resource Conference

Botswana ResourceConferenceAK6 Project – On Track to produce400,000cts in 2012

Cautionary StatementForward-looking informationThis document contains statements about expected or anticipated future events and financial results of Lucara that are forward-looking in natureand are based on Lucara’s current expectations, estimates and projections. This forward-looking information is subject to certain risks anduncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions,technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays orchanges in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. The actual results,activities, performance or achievements of Lucara may differ materially from those projected by management. A discussion of factors that mayaffect Lucara's actual results, performance, achievements or financial position is contained in the filings by Lucara with the Canadian provincialsecurities regulatory authorities, including Lucara's 2010 annual MD&A filed on April 19, 2011 on the system for electronic document analysis andretrieval (“SEDAR”) at www.sedar.com.Technical informationThe technical information in this document for the AK6 diamond project in Botswana (“AK6”) is based on the NI 43-101 Technical Report revisionand update on the AK6 Kimberlite Mine, Botswana Prepared by MSA Geoservices (Pty) Ltd on behalf of Lucara Diamond Corp., dated December 31,2010The authors of this technical report are independent of the Company and are qualified persons for the purposes of National Instrument 43-101 –Standards of Disclosure for Mineral Projects (“NI 43-101”). The technical reports are available for review on SEDAR at www.sedar.com.2

Corporate StructureLucara Diamond CorpTSX-V listing – LUC(100%) (100%)Boteti DiamondHoldings Inc(60%) (40%)African DiamondsLimitedBoteti Mining (Pty) LtdBotswanaNote 1: Lucara Diamond Corp holds its interest in Boteti Diamonds Holdings Inc through Lucara Diamond Holdings IncNote 2: African Diamonds Ltd and Boteti Diamond Holdings Inc hold their respective interest in Boteti Mining (Pty) Ltd directly andindirectly through Debwat Exploration (Pty) Ltd and Wati Ventures Inc

AK6 Progress Snapshot – May 2011• 400 people on site• 325,000 hours worked• Overall Project 64%complete• Engineering – 95%• Procurement – 81%• Fabrication & Delivery – 55%• Construction – 39%AG MillStockpile Tunnel

320m430mAK6 Reserves and Resource PotentialDiluted KimberliteSouthLobeCalcretised KimberliteCentreLobeNorthLobeWeatheredKimberliteBasaltbrecciasUnaltered Kimberlite• Reserve – Current 12 YearMine Plan– 38 M tonnes– 6.1 M carats• Indicated Resource (to 400m)– 51 M tonnes– 8.2 M carats• Inferred Resource (to 700m)– 21 M tonnes– 4.0 M carats5

AK6 Production• Mining and Processingstarts Q4 2011• Ramp up to 2.5mtpa inQ1 2012• Average grade of 16cpht(at 1.5mm bsco)• Producing over 400,000carats in 2012• Mine life of 12 to 15yearsAK6 Pit OutlineLooking NNEAK6 run-of-mine diamonds6

AK6 Financials• Construction Capital $120m 1 • Mining $9.39• EBITDA average of $64m/yr 1&2 • Fees & Marketing $0.83• Revenue $39/t 2(2.75/t moved)• Life of Mine Operating Costs of • Processing $5.51$17.51/t ore 1• Support Services $1.78Note 1 – 2010 Feasibility Study at R/US$ Exchange Rate of R7.53Note 2 – March 2010 valuation of Boteti goods7

Move to Construction – 2010• January to June• July– Feasibility Study completed– Due diligence by DRA– EPCM partner, DRA, appointed– Process optimisation / plant operability trade-offscompleted– Detailed engineering commenced• August and September– Major long-lead items ordered (AG Mill, crushers)• September– Earthworks contractor mobilized to site• October– Dewatering contractor mobilized to siteOverburden StrippingDewatering Rig8

Operational Development• EIA audited and upgraded to beEquator Principle compliant in2010• Botswana staff recruitmentstarted in March 2010 – all seniorpositions filled with Batswana• All permits and licenses to operatein place• Relocation and compensationcomplete for directly impactedindividuals• Continuing good relationshipswith all stakeholders9

Operational Development• Power Supply– MoA signed with Botswana Power Corporation(BPC)– Power line complete by mid-July– Sub-station complete by September• Mining contract, for 3 years, awarded toKalcon• Process plant operations andmaintenance contract, for 2 years,awarded to Minopex• Sales and Marketing office established atthe Diamond Technology Park• Market via auction system in GaboroneMain Sub-StationTransformer at AK613.3ct AK6 Diamond10

AK6 Site – 6 June 2011Slimes DamOpen PitProcess PlantPrimary Crusher Ramp11

Raw and ProcessWater DamsThickener and WaterSystemsConcentration andRecoveryAutogeneous MillCrushed Ore StockpileSub StationOffices and Security AreaPebble CrusherConstruction Lay down AreaPrimary Crusher Ramp

Primary CrusherAG Mill StockpileFirst Steel - 17 June 20116 June 201121 June 2011AG Mill13

Stockpile14

Autogenous (AG) Mill15

Thickening and De-grit Plant

Commissioning– August & September• Water systems– October• DMS• Recovery• Primary Crusher• AG Mill– November• Integrated unit processes– December 2011• Handover to Boteti OperationsTeamDMS & Recovery

Boteti Mining (Pty) LtdOffice Address:Suite 211, The AtriumDiamond Technology ParkPlot 67782, Block 8Gaborone IndustrialBotswanaMailing Address:PO Box AE 668AEHGaboroneBotswanawww.lucaradiamond.com