Ann: Tongo Ore Reserve Estimate and FEED Study Outcomes, page-3

The market likes the long awaited FEED study results! Highlights include

- Initial Probable Reserve of 1.1 Mcts from shallow zones of Kundu and Lando kimberlites

- Reserve model forecasts:
Initial 8-year life with peak annual diamond production of 260,000 carats
Average realised price of US$222/ct and forecast unit opex of US$115/ct (both real basis)
FEED Study conducted to +/- 10% confidence limits on capex and opex
First diamonds within 12 months of Final Investment Decision (FID)
Forecast positive free cashflow from 4Q Year 2

- High life extension and expansion potential targeted to be realised from infill drill program to upgrade Inferred Resources at Kundu, Lando and Tongo D-1 (5.3 Mcts total, +1.0mm cut-off)

- Targeted exploration across 7 other kimberlites not currently at resource status