The renewal is effective 4th January, 2021, securing Lucara's mining rights to 2046 and marking a critical step in the formal sanction of the Karowe underground expansion project.

Eira Thomas, President and CEO, said: "The receipt of our mining licence renewal and extension to 2046 is an important milestone for the Karowe underground expansion project, paving the way for the completion of a supplemental debt financing and full project sanction later this year. Lucara is grateful for the confidence and support demonstrated by the Government of Botswana as we work to expand our operations at Karowe underground, for the benefit of the Government and the people of Botswana together with Lucara's shareholders. We look forward to continued cooperation and a mutually rewarding partnership with the Government of Botswana."

The underground expansion programme has an estimated capital cost of $514 million and a five-year period of development, with first ore anticipated from underground in 2026.