Ann: Lucapa to Divest Stake in Mothae Diamond Mine, page-29

In terms of selling Mothae, an optimistic buyer would consider:

1. Significant sum invested to acquire and develop the mine
2. Mine established and operating
3. Mine life at its infancy
4. JORC resource with significant growth potential
5. Source of high value natural diamonds
6. Diminishing supply of natural diamonds
7. Arguably buying the asset at the bottom of the market
8. Majority / controlling stake

An opportunistic buyer would consider:

1. Mine delivering marginal returns or losses
2. Location and sovereign risk
3. Implications of potential tax reform
4. Owner under some distress, potentially needing to sell

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It's depressing to see our share price being played like a Stradivarius, for all the talk over the years from Lucapa about supportive major shareholders, I see no evidence of that whatsoever. If anything, it seems to be the little guys propping up our share price from complete oblivion.

This sale is clearly a smart move. The decision coming from what looks to be a smarter, more capable and trustworthy board. If we can recover even half the money that Lucapa has sunken into Mothae through the sale process, it will make a complete mockery of our market cap.

Some news on the new MIC for Lulo could also put a cat amongst the pigeons. They need something good to offset the inevitable EOFY tax loss selling that is likely to compound an already grim and ugly situation. You owe it to shareholders Lucapa - so hurry up and make it happen.