ELEVRA LITHIUM LIMITED — Capital/Financing Update 2007

Aug 21, 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

22 August 2007

J P MORGAN ACQUIRES 9.9% OF DIAMONEX AS LERALA MINE APPROACHES PRODUCTION

• J P Morgan Asset Management becomes largest shareholder in DiamonEx

• AIM listing expected in mid-October 2007

• First production from Lerala diamond mine, Botswana, on track for early 2008

• WWW International Diamond Consultants to market Lerala production

Major global resource investment house J P Morgan Asset Management (J P Morgan) has become the largest shareholder in DiamonEx Limited (DiamonEx).

J P Morgan has acquired 13million shares, representing 9.9% of the company’s issued capital, for an investment of A$4 million.

The shares were part of a placement approved by DiamonEx shareholders at a general meeting last Monday, 20 August. The total placement of 23,018,212 shares at A$0.31 per share, undertaken in July and August, raised approximately A$7. 1 million. The placement was arranged through London-based broker Fox-Davies Capital Limited to J P Morgan and other international institutional investors.

Welcoming J P Morgan to the register, DiamonEx Chairman Mr Greg King said:

“This significant investment by one of the world’s most highly regarded resource industry investors highlights the growing confidence that is emerging in DiamonEx as the Lerala project approaches production.

“Construction at Lerala is well advanced, with mining scheduled to start in late 2007 and first production due in early 2008. Lerala is scheduled to produce an average of 330,000 carats per year for 10 years.”

Recently completed funding arrangements comprise the placement by Fox- Davies, an underwritten fixed rate convertible bond for 50 million Botswana Pula (approx. A$10 million) arranged by Fleming Advisors (Pty) Limited and a 5 million Euro senior loan

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facility with the European Investment Bank. The funds will be utilised to complete the Lerala project and provide funding for exploration and working capital.

Admission by DiamonEx to the Alternative Investment Market (AIM) in London is being sought and listing is expected to be achieved in mid-October, subject to required shareholder and other approvals. A notice of meeting has been dispatched to shareholders to seek approval at a General Meeting on 21 September of a new Constitution of the company that complies with AIM listing rules.

“With Lerala approaching production, we look forward to the London AIM listing improving share trading access for international institutional investors that appreciate investment opportunities presented by diamond producers in African countries and Botswana in particular,” Mr King said.

DiamonEx has appointed WWW International Diamond Consultants Ltd (WWW) as marketing agents for the Lerala production. The UK-based WWW provides diamond marketing, valuation, resource evaluation, project feasibility advice, training and other advisory services to governments and companies, including the Governments of Canada, the Russian Federation and the Democratic Republic of Congo. In 2005, WWW provided the valuation of a parcel of Lerala diamonds as part of the feasibility study into the project.

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)

About DiamonEx

DiamonEx is a Brisbane, Australia-based specialist diamond company developing a 330,000 carat per year diamond mine based on an established 3.7 million carat resource at Lerala in eastern Botswana, within an area that produces 30% of the world’s diamonds by value.