The Firestone Diamonds Journey

Liqhobong timeline

1950’s

• Ore bodies discovered in the Maluti Mountains of northern Lesotho

1990’s

• First large scale evaluation programme undertaken on the Main Pipe
• Comprised satellite and main pipes – 8.6 hectare of kimberlite pipe, contains probable Diamond Reserve of 9.5 million carats

2005

• Production commenced at Satellite Pipe

2007

• Definitive Feasibility Study for development of Main Pipe commenced

2008

• Production suspended at Satellite Pipe

2010

• Liqhobong was acquired by Firestone Diamonds from Kopane Diamonds for US$71 million

2011

• Production restarted by Firestone Diamonds. Pilot plant, produced in excess of 325,000 carats
• High incidence of fancy yellow stones and potential for large stones

2012

• Completed DFS which set out the basis for an open pit mine with a 15 year life, producing 3.6 million tonnes per annum, yielding in excess of 1 million carats

2013

• Restructuring in place, new CEO, Stuart Brown joined Firestone Diamonds
• Production suspended immediately
• Update the DFS, revalidated initial capital expenditure for the Project and confirmed economics for Liqhobong

2014

• Firestone raised US$222.4 million to bring Liqhobong into production, targeting 1 million carats per annum
• Construction activities commenced

2015

• Revised Mine Plan completed. Base case, post financing, NPV of US$389 million (8% discount rate), IRR of 42%, payback of 4.1 years

2016

• Construction completed
• First diamond recoveries commenced, recovery of special stones and fancy yellow diamonds

2017

• First sale in February
• 110 carat gem-quality light yellow diamond recovered

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