ELEVRA LITHIUM LIMITED — Capital/Financing Update 2007

Dec 18, 2007

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DiamonEx Limited

ABN 26 091 951 978

Level 1 349 Coronation Drive Milton Qld 4064 Australia Telephone: +61 7 3720-8944 Facsimile: +61 7 3720-8988 e-mail : diamonex@diamonex.com Postal Address: PO Box 1357 Milton Qld 4064

ASX ANNOUNCEMENTS AUSTRALIAN STOCK EXCHANGE

19 December 2007

DiamonEx Limited advises that it has placed 9,070,000 shares with Namibia based Standard African Equity Fund. These shares have been placed at A$0.37 per share to raise A$3,355,900.

These funds will be used to continue exploration on the Company’s Botswana prospecting licences, commence evaluation of the recently acquired diamondiferous Sloan 1 and 2 kimberlite pipes, in the United States of America and provide additional working capital.

The company’s primary focus remains getting the Lerala Diamond Mine in Botswana into production. Mining for pit access and plant stockpiles has commenced. Construction is nearing completion. Initial diamond production is expected early 2008 with full production commencing in May 2008.

DiamonEx is implementing a strategy of acquiring and developing advanced diamond exploration projects on a global basis. Capital raised from the planned placements will assist in funding this strategy.

Diamonex also advises that it has allotted 1,000,000 options to Alchemy Securities Pty Ltd, a nominee of RFC Corporate Finance Limited, approved by shareholders at the recent Annual General Meeting.

For further information, contact:

Dan O’Neill (Managing Director)

+61 7 37208944 (Office) +61 7 37208988 (Fax) +61 407596942 (Mobile) diamonex@diamonex.com.au (Email)

Greg King (Chairman)

+61 7 37208944 (Office) +61 7 37208988 (Fax) +61 411473730 (Mobile) diamonex@diamonex.com.au (Email)

Will Souter

RFC Corporate Finance Ltd (Nomad) Tel: +612 9250 0050 Email: will.souter@rfc.com.au

Richard Hail

Fox-Davies Capital Ltd (AIM Broker) Telephone: +44(0) 20 7936 5200 Email: Richard.Hail@fdcap.com

Appendix 3B – New Issue Announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

DIAMONEX LIMITED

ABN

26 091 951 978

We (the entity) give ASX the following information:

Part 1 - All issue

• 1 Class of securities issued or to be issued 2 Number of securities issued or to be issued (if known) or maximum number which may be issued

• 3 Principal terms of the securities

• 4 Do the securities rank equally in all respects from the date of allotment with an existing class of quoted securities?

• 5 Issue price or consideration 6 Purpose of the issue 7 Dates of entering securities into uncertificated holdings or despatch of certificates.

• 8 Number and class of all securities quoted on ASX

• Ordinary Shares 2. Unlisted Options 1. 9,070,000 2. 1,000,000 1. As per existing ordinary fully paid shares 2. Options exercisable at 30 cents on or before 1 November 2010. 1.Yes 2. On exercise of the options, the issued shares will rank equally in all respects with existing quoted ordinary shares

• $0.37 2. Nil

To fund exploration in Botswana and USA and for additional working capital for the Company 17 December 2007

Number Class

140,461,075 Ordinary shares

Appendix 3B – New Issue Announcement

9 Number and class of all securities not quoted on ASX

10 Dividend policy on the increased capital (interests)

Number Class	Number Class
2,000,000 1,000,433 1,000,000	Options exercisable at 35 cents on or before 29 December 2011 Options exercisable at 31 cents on or before 22 October 2010 Options exercisable at 30 cents on or before 1 November 2010
Not Applicable

Part 2 - Bonus issue or pro rata issue

art	2 - Bonus issue or pro rata issue
11	Is security holder approval required?
12	Is the issue renounceable or non-renounceable?
13	Ratio in which the securities will be offered
14	Class of securities to which the offer relates
15	Record date to determine entitlements
16	Will holdings on different registers	(or
	subregisters) be aggregated for calculating
	entitlements?
17	Policy for deciding entitlements in relation	to
	fractions
18	Names of countries in which the entity has security
	holders who will not be sent new issue documents
19	Closing date for receipt of acceptances	or
	renunciations
20	Names of any underwriters
21	Amount of any underwriting fee or commission
22	Names of any brokers to the issue
23	Fee or commission payable to the broker to	the
	issue
24	Amount of any handling fee payable to brokers
	who lodge acceptances or renunciations on behalf
	of security holders
25	If the issue is contingent on security holders’
	approval, the date of the meeting

Appendix 3B – New Issue Announcement

• 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled

• 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders

• 28 Date rights trading will begin (if applicable)

• 29 Date rights trading will end (if applicable)

• 30 How do security holders sell their entitlements in full through a broker?

• 31 How do security holders sell part of their entitlements through a broker and accept for the balance?

• 32 How do security holders dispose of their entitlements (except by sale through a broker)?

• 33 Despatch date

Part 3 - Quotation of securities

34 Type of securities ( tick one )

• (a) X Securities described in Part 1

• (b) All other securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35 If the securities are equity securities, the names of the 20 largest holders of the additional securities, and the number and percentage of additional securities held by those holders

• 36 If the securities are equity securities, a distribution schedule of the additional securities setting out the number of holders in the categories

• 1 - 1,000

• 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

• 37 A copy of any trust deed for the additional securities

Entities that have ticked box 34(b)

• 38 Number of securities for which quotation is sought

• 39 Class of securities for which quotation is sought

Appendix 3B – New Issue Announcement

40 Do the securities rank equally in all respects from the date of allotment with an existing class of quoted securities? If not, please state:

• the date from which they do

• the extent to which they participate for the next dividend, or interest payment

• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

41 Reason for request for quotation now

42 Number and class of all securities quoted on ASX ( including the securities in clause 38)

Number Class

Quotation agreement

• 1 Quotation of our additional securities is in ASX’s absolute discretion. ASX may quote the securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those securities should not be granted quotation.

• An offer of the securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any securities to be quoted and that no-one has any right to return any securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the securities be quoted.

• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the securities to be quoted, it has been provided at the time that we request that the securities be quoted.

• If we are a trust, we warrant that no person has the right to return the securities to be quoted under section 1019B of the Corporations Act at the time that we request that the securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before quotation of the securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Notice pursuant to subsection 708A(5)(e) of the Corporations Act 2001 (Cth) (Act)

1. Diamonex Limited advises that on 17 December 2007 it allotted and issued the following securities:

2. a) 9,070,000 fully paid ordinary shares issued at 37 cents.

3. b) 1,000,000 unlisted options exercisable at 30cents on or before 1 November 2010

4. As required by subsection 708A(6) of the Act the directors of the Company advise that:

5. (i) the Company issued the shares without disclosure to investors under Part 6D.2 of the Act;

6. (ii) this Notice is being given pursuant to subsection 708A(5)(e) of the Act;

Appendix 3B – New Issue Announcement

• (iii) as at the date of this Notice, the Company has complied with:

• (a) the provisions of Chapter 2M of the Act as they apply to the Company, and

• (b) section 674 of the Act; and

• (iv) as at the date of this Notice, the Company is not in possession of any excluded information as defined in subsections 708A(7) and 708A(8) of the Act.

Sign here: Date: 19 December 2007 (Director/Company Secretary) Print name: PAUL CRAWFORD