Corporate Overview

RBC Diamond Conference, LondonMay 2008

2

Topics

1 Company Background

2 Diamond Exploration Worldwide

3 Key projects – Botswana

4 Outlook

3

Company Background Listed on AIM 1998

Management team

– Philip Kenny – CEO

– Tim Wilkes – COO

– Jan Louw – Director of Operations

– 10 diamond geologists on staff

Focused on kimberlite exploration in Botswana

– assembled largest land position in Botswana kimberlite fields

Cash flow from toll treatment JV with De Beers in South Africa

4

Diamond Exploration Worldwide

Source: BHP Billiton

Siberia

Kasai

Kaapvaal

11%

9%

10%

40%

3%

Craton

“Hot spots”

17%

5

Diamond Mines in Southern Africa

6

3 Key Projects – Botswana

7

Why Botswana?

World’s largest diamond producer

– 30% by value

– geology is favourable for new discoveries

Lowest cost producer

– Climate, infrastructure, politics are favourable

Lowest economic threshold of major kimberlite producing regions

– Northern Canada, Russia ~ $100-120/tonne

– Angola, DRC ~ $25-50/tonne

– Botswana ~ $8-10/tonne

8

Botswana Kimberlite Fields

Orapa 8 out of 75 economic

Orapa Mine ~ $1B revenue p.a., 70% margin

Jwaneng 3 out of 11 economic

Jwaneng Mine ~ $2B revenue p.a., >90% margin

Martin’s Drift 5 out of 7 economic

Mine being developed

Gope 1 out of 9 economic

Gem doing feasibility

Kokong 79 kimberlites

19 with diamonds

Rio Tinto evaluating

Tsabong 83 kimberlites

18 with diamonds

Firestone evaluating

Economic ratio worldwide: 1%

Economic ratio Botswana: 7%

9

Firestone Interests in Botswana

Firestone Licence areas

De Beers JV areas

Tsabong

5,000 sq km

Covers entire kimberlite field

Jwaneng

3,000 sq km surrounding Jwaneng

JV with De Beers over 3,000 sq km; De Beers earning 61% to BFS

Orapa

BK11 advanced evaluation

10,000 sq km surrounding Orapa

JV with De Beers over 5,000 sq km; De Beers earning 61% to BFS

10

3 Key Projects – Botswana

Tsabong

11

One of the largest diamondiferous kimberlite fields in the world

83 known kimberlites; 18 diamondiferous

MK1 kimberlite - 180 hectares, diamondiferous

Mir 7ha

~200 cpht $200/t ~100 cpht $100/t

~100 cpht $100/t

~100 cpht $200/t

~40 cpht $14/t

~147 cpht $162/t

MK1 180ha

MK45 25ha

MK38 ~20ha

Udachnaya 20ha

Orapa 111ha

~46 cpht $28/t

Catoca 66ha

Kimberley 4ha

Premier 32ha

Jwaneng 45ha

Tsabong Kimberlite Field

12

Tsabong Background

Limited evaluation since first discoveries in the 1980’s

– Evaluation limited by overburden – 20 to 80m

– Microdiamond and geochem techniques in their infancy

– Most kimberlites sampled with 50 kg sample from a single 6” hole

Good diamond potential

– Geochemistry favourable for diamonds

– Similar setting to Jwaneng

– Drilling technology improved significantly

– Diamond prices increased substantially

Economic threshold is modest

– 20 cpht & $120/carat would support a major mine

13

Tsabong Kimberlites

0

5

10

15

20

25

0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180

Surface Area (Ha)

Nu

mb

er

of k

imb

erl

ites

95%>10Ha

14

Evaluation Programme

Focus on most prospective kimberlites

– Indicator mineral chemistry

– Diamond content

– Size

14 high interest kimberlites selected

– 17 LDD holes planned ~ 6,000 m of 24” LDD drilling ~ 3,500 tonnes of kimberlite sample

– 6,000 metres of core drilling

15

MK1 - Historical Work

Significant microdiamond intersections

0 200 400m

Tuffaceous FaciesKalahari Crater Sedimentary Facies Intrusive facies

A A’

???

16

MK1 – Firestone Work

Tuffaceous FaciesKalahari Crater Sedimentary Facies Intrusive facies

A A’

85-120m 14 diamonds

240-275m 15 diamonds

360-390m 26 diamonds

475-508m 62 diamonds

510m

MK1 – MiDa Results

117 microdiamonds recovered from 561 kgs

Size frequency analysis done by Tinus Oosterveld

– Plotted micro portion

– Extrapolated macro portion

– Requires 200-400 diamonds

– Ideally 20 stones across the middle sieve sizes

Grade of all samples 20cpht

Grade of sample 4 – 119cpht

MK1 KIMBERLITE

0.01

0.10

1.00

10.00

100.00

1000.00

10000.00

100000.00

1000000.00

10000000.00

0.00001 0.00010 0.00100 0.01000 0.10000 1.00000 10.00000

100.00000

Av size, cts/stn

Gra

de

, sp

t u

i

Model 1 Model 2 M3+M4 M5 M TOTAL

20cpht 119cpht

18

MK1 - Work Programme

Hole 53A A’

510m

DDHLDDH

Tuffaceous FaciesKalahari Crater Sedimentary Facies Intrusive facies

0 200 400m

4 x 100t LDD holes planned

524m

490m

MiDa samples pending

19

Bulk sampling – LDD Rig

Large diameter drill rig

– 18” & 24” holes

– Drill to 700m

– Allows rapid recovery of bulk sample

20

Bulk sampling – DMS plant

10 tonne per hour, 50-100 tonne per day

No reliance on labs

25-30 bulk samples in 2008

Mobile

MK1 - Volume Model

(m)

-520

-80

-0

MK1-101

21

MK1 - Preliminary Volume Estimates

Rock type From To Approx Volume Tonnage

(m) (m) Size m3 tonnes

Crater 80 100 154 29,021,218 72,553,045

Crater 100 200 129 131,176,435 327,941,088

Volcaniclastic 200 300 107 109,388,794 273,471,985

Volcaniclastic 300 400 100 89,198,953 222,997,383

Volcaniclastic 400 500 94 71,341,563 178,353,908

Volcaniclastic 500 520 88 12,228,790 30,571,975

Estimated 442,355,753 1,105,889,383

Volcaniclastic kimberlite 705,395,250

22

23

MK1 - conceptual modelling

Base case - @20cpht, $120/ct = $24/tonne revenue

$10/tonne opex

1.1 B tonnes

24Mt per annum

50 year LOM

Start 2014, full tonnage 2015

24

High Interest Kimberlites

25

High Interest Kimberlites

KimberliteSurface

Area Macros recovered Micros recovered Comments

MK 1 180 + + Very large size; 13% G10 garnets

MK 31 75 NS + Large size

MK 45 25 NS - 4% G10 garnets; best KIM chemistry

MK 4 20 NS + 10% G10 garnets

MK 42 20 NS +

MK 39 20 NS +

MK 38 20 NS + 24% G10 garnets; best KIM chemistry

MK 7 20 NS - Group 1 eclogitic garnets

MK 34 20 NS +

MK 52 15 NS +

MK 51 10 NS + 17% G10 garnets

MK 82 10 NS - 10% G10 garnets; best KIM chemistry

MK 65 10 NS + Best diamond results

MK 48 10 NS +NS = Not yet sampled

26

Olivine macrocrystsGraded bedding

MK45 Core

Mantle eclogite

27

MK38 Core

28

# of Holes Tons Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

BK11 3 600

MK1 4 560

MK31 1 140

MK38 1 140

MK45 1 140

MK50 1 140

MK65 1 140

MK39 1 140

MK42 1 140

MK4 1 140

MK84 1 140

MK51 1 140

MK7 1 140

MK34 1 140

MK48 1 140

? 1 140

? 1 140

? 1 140

? 1 140

? 1 140

25 3,680

Mini Bulk Sampling Programme - 2008

Rig 1

Rig 2

Legend

LD Drilling

Treatment

Results

29

Feasibility

Resource drilling

Mini bulk sampling

Core drill Phase 2

Core drill Phase 1

Tsabong Evaluation Timeline

2007 2008 2009 2010

H2 H1 H2 H1 H2 H1

30

Tsabong Exploration

31

Tsabong Exploration

MK1

MK6

MK4

MK51

MK37

MK1

• >80 geophysical targets to drill.

• 13 kimberlites discovered since Nov 06

• 8,000 metres of drilling planned

32

New discoveries

KimberliteEstimatedSize (Ha)

Depth ofOverburden (m) Kimberlite type

MK71 15 48 Crater/diatreme

MK72 22 91 Crater/diatreme

MK73 18 16 Diatreme/hypabyssal

MK74 8 20 Diatreme/hypabyssal

MK75 28 97 Diatreme

MK76 12 35 Crater

MK77 8 34 Crater

MK78 5 90 Crater/diatreme

MK79 12 133 Crater/diatreme

MK80 18 105 Crater/diatreme

MK81 18 63 Crater

MK82 12 91 Crater

MK83 18 111 Crater

33

Tsabong Exploration Timeline

2006 2007 2008

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Ranking and evaluation

KIM and Mida analyses

Discovery drilling

Geophysics

KIM and Mida analyses

Discovery drilling

Geophysics Phase 1

Phase 2

34

Tsabong Town

35

4 Outlook

36

Botswana projects

92 kimberlites, 23 diamondiferous

Expect more than 100 kimberlites by end 2008

Bulk sample 25-30 kimberlites by end 2008 (3 samples completed)

Botswana economic ratio 7%

Good prospects for significant economic discovery

New projects identified

37

Corporate Information

Shares in issue: 55 million, 63 million fully diluted

– ~45% institutions; ~26% retail; ~29% management

Market cap £106 million

Cash Dec 07 ~ £5 million

Major shareholders

– AXA/Framlington - 10%

– Gartmore - 9%

– JPMorgan - 6%

– Artemis - 6%

38

Summary

Experienced management teamExperienced management team

Cash and cash flowCash and cash flow

Highly prospective kimberlite portfolioHighly prospective kimberlite portfolio

Bulk sampling and exploration news flow in 2008Bulk sampling and exploration news flow in 2008

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