ELEVRA LITHIUM LIMITED - Capital/Financing Update 2008

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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 : [email protected] Postal Address: PO Box 1357 Milton Qld 4064

ASX ANNOUNCEMENTS AUSTRALIAN STOCK EXCHANGE

11 June 2008

SHARE PURCHASE PLAN (“SPP”)

The Company advises that the attached material relating to the SPP announced 3 June 2008 has been posted to eligible shareholders.

The Closing Date for the Offer is 30 June 2008.

For further information contact:

Dan O’Neill Tel: + 61 7 37208944 Managing Director Fax: + 61 7 37208988 Email: [email protected] Mob: + 61 4 07596942

Mark Gray Tel: + 61 7 37208944 Corporate Development Fax: + 61 7 37208988 Email: [email protected] Mob: + 61 4 12899979

DIAMONEX LIMITED (ACN 091 951 978) SHARE PURCHASE PLAN (SPP)

IMPORTANT NOTICE

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the contents of this document, or the action you should take, you should consult your financial or other professional adviser without delay in advising on the acquisition of shares and other securities before taking any action.

The market price of ordinary shares in DiamonEx Limited ( DiamonEx ) may rise or fall between the date of this document and the date that the new ordinary shares of DiamonEx issued in connection with this document ( New Shares ) are issued to you. This means that up to or after the date on which the New Shares are issued to you, you may be able to buy ordinary shares in DiamonEx on the market at a lower price than the price offered to you under this SPP. DiamonEx and its board of directors do not offer any recommendation or advice regarding participation in the SPP.

Application will be made for the New Shares to be quoted on the Australian Stock Exchange and admitted to trading on the Botswana Stock Exchange and the AIM Market of the London Stock Exchange plc.

This document does not constitute an offer to sell, or solicitation of an offer to buy, shares in any jurisdiction in which such an offer or solicitation is unlawful. The distribution of this document in other jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any jurisdiction.

No Recommendation

The information in this document is not a recommendation to accept the offer for New Shares and does not constitute financial advice. Any person who intends to subscribe for New Shares must conduct their own investigations, assessment and analysis of DiamonEx and its operations and prospects and must base their investment decision solely on those investigations and that assessment and analysis.

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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 : [email protected] Postal Address: PO Box 1357 Milton Qld 4064

Dear Fellow Shareholders

Invitation to Participate in the DiamonEx Shareholder Share Purchase Plan

In March 2004, DiamonEx Limited ( DiamonEx or Company ) listed on the Australian Securities Exchange, followed by the Botswana Stock Exchange ( BSE ) in July 2004. Since that time we have joined the Alternative Investment Market of the London Stock Exchange plc ( AIM ), and our share register has grown from some 400 shareholders to 3,000, spread between Australia, Botswana, and the United Kingdom.

Since then we have focused almost exclusively on developing our Lerala diamond mine in Botswana. Next month marks the conclusion of that work with the Company fulfilling its promise to shareholders to deliver a diamond mine. It also marks a new beginning, as the Company transitions from a pure diamond explorer, to a combined diamond explorer and diamond producer.

To be a hard rock diamond producer and to bring a mine into production within five years is a great achievement. There are currently around 20 producing diamond mines in the world, and that number is forecast to fall over the next four years. Even with the most optimistic supply forecast, demand for diamonds is likely to outstrip supply for the next decade. The Directors believe the Company is now well positioned to take advantage of that opportunity.

We could not have achieved this without the grassroots support we got from you, our shareholders. The Directors believe that with the commencement of production and the Company becoming cash flow positive later this year your support will be rewarded.

To this end I invite you as shareholders of the Company to participate in this Share Purchase Plan ( SPP ) on the terms and conditions set out in this letter. The SPP will enable all existing shareholders, irrespective of the size of their shareholding, to purchase up to AUD$5,000 or BWP30,849 or GB£2,340 worth of fully paid ordinary shares in the Company ( Shares ) at a price of AUD$0.235 or BWP1.45 or GB£0.11 per Share[1] , free of all brokerage, commissions and stamp duty.

1 The exchange rates used for the purposes of this document are AUD$1 = BWP6.17 and AUD$1= GB£0.478.

This letter sets out the terms of the offer ( Offer ) to shareholders on this occasion and how to apply for Shares should you wish to participate. The Board has decided to set a cap on the funds raised under the Offer in this instance, at AUD$4,000,000 (or BWP24,680,000 or GB£1,912,000 or €2,400,000) ( Cap ).[2] Accordingly, in the event that the total value of the acceptances to the Offer exceeds AUD$4,000,000 (or equivalent amount to €2,500,000 at the prevailing exchange rate at the date of the close of the Offer), then DiamonEx will scale back each shareholder’s allotment on a pro rata basis so that the total funds raised under the Offer do not exceed the Cap.

Further information on the process for participating in the SPP is contained in Annexure A to this letter, together with an update on the Company’s operations in Annexure B, and the terms and conditions of the SPP are contained in Annexure C.

On behalf of the Board of Directors, again thank you for your support and we look forward to achieving the objectives of the Company that 2008 and 2009 have in store.

Yours sincerely

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Greg King Chairman

2 The cap has been applied by the Company so that the Company is not required to prepare a UK compliant prospectus in accordance with the Prospectus Rules published by the UK Financial Services Authority. Under UK law the total consideration for the offer the subject of the SPP must be less than €2,500,000. The Company has set the figure at AUD$4,000,000 in order that the amount raised does not exceed €2,499,999 based on an exchange rate of AUD$1= EU€0.6.

ANNEXURE A

PARTICIPATION BY SHAREHOLDERS

The right to participate in this Offer under the DiamonEx SPP is available exclusively to persons who are registered as holders of Shares or depositary interests in respect of Shares ( Depositary Interests ) on the record date which:

in the case of shareholders whose details appear on the share register maintained on behalf of the Company in Australia ( Australian Registered Shareholders ), shall be 7pm (AEST) on 4 June 2008;
in the case of shareholders whose details appear on the share register maintained on behalf of the Company in Botswana ( Botswana Registered Shareholders ), shall be 7pm (CAT) on 4 June 2008; and
in the case of holders of Depositary Interests, shall be 7pm (BST) on 4 June 2008.

Participation is available to all Australian Registered Shareholders, Botswana Registered Shareholders and holders of Depositary Interests. Holders of Depositary Interests will have their entitlement to Shares under the SPP passed on to them by Computershare Company Nominees Limited in its capacity as depositary.

Shareholders are entitled to apply for any number of Shares under the SPP up to a maximum of AUD$5,000 or BWP30,849 or GB£2,340 worth of Shares. There is no minimum number of Shares that Shareholders may apply for under the SPP. Participation is entirely at your option and the Offer is non-renounceable and cannot be transferred to anyone else.

The Offer to acquire shares under the SPP will close on the closing date which:

in the case of Australian Registered Shareholders, shall be 5 pm (AEST) on 30 June 2008;
in the case of Botswana Registered Shareholders, shall be 5pm (CAT) on 30 June 2008; or
in the case of holders of Depositary Interests, shall be 5pm (BST) on 30 June 2008.

PRICING OF SHARES TO BE ISSUED UNDER THE SPP

The issue price for each Share under the SPP will be AUD$0.235 (or BWP1.45 or GB£0.11), this price being approximately a ten per cent discount to the average price of the Shares traded on the Australian Stock Exchange ( ASX ) for the 5 business days prior to 2 June 2008.

Under the SPP, there is no minimum number of Shares each shareholder may apply for. You may apply for any number of Shares up to a maximum amount of AUD$5,000 or BWP30,849 or GB£2,340 which is equivalent to 21,275 Shares.

We expect that the Shares allotted to you under the SPP will be quoted on the ASX, the BSE and admitted to trading on AIM on or about 4 July 2008 or shortly after this date:

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if you are an Australian Registered Shareholder, you should receive your holding statement or confirmation advice;
if you are a Botswana Registered Shareholder, you should receive your share certificate or confirmation advice; or
if you are a holder of Depositary Interests, your CREST account should be credited with the Depositary Interests.

You should confirm your holding before trading in any Shares you believe have been allotted to you under the SPP.

USE OF PROCEEDS

It is intended that that funds raised under the SPP will be used to provide funding for the continued operations of the Company in its diamond production and exploration activities.

RISK FACTORS

Whilst my fellow directors and I have confidence in the future of DiamonEx, I draw your attention to the fact that owning shares in a mineral exploration company, like DiamonEx, is considered a speculative form of investment and that the future price of the Shares can rise or fall depending upon, among other things, exploration success, mine development and fluctuations on the stock market generally.

Also, shareholders should be aware that there is a risk that the market price of the Shares may change between the date of this Offer and the date when the new Shares are issued to you under the SPP. The value of the Shares you receive may rise or fall accordingly.

Finally, shareholders should note that the Offer is not made under a prospectus or other disclosure document and does not require this type of full disclosure to potential investors under the Corporations Act 2001 in Australia, the applicable laws in Botswana or the Financial Services and Markets Act 2000 in the UK.

Shareholders must rely on their own knowledge of the Company and previous disclosures made by the Company on the ASX, BSE or AIM. If necessary, consult your professional adviser when deciding whether or not to accept the Offer and participate in the SPP.

Method of Acceptance – Australia

Your application form and cheque, bank draft, money order or BPay payment must be received on or before the closing date (5:00PM AEST on 30 June 2008) by Computershare Investor Services Pty Ltd Brisbane ( CIS ).

Post To:	Or	Hand Deliver To:
Computershare Investor Services Pty		Computershare Investor Services Pty
Limited		Limited
		Level 19
GPO Box 5240		307 Queen Street
Brisbane QLD 4001		Brisbane QLD 4000

You should allow sufficient time for this to occur. Applications or BPay payments received after this date will not be accepted. Applications and payments under the SPP may not be withdrawn once they have been received by the Company.

Your application form must be delivered to CIS at the address shown above. Your cheque, bank draft or money order should be in Australian dollars and drawn on an Australian bank. Make your cheque, bank draft or money order payable to “Diamonex Limited Share Purchase Plan Account” for the relevant amount and cross it “Not – Negotiable”.

Should the exact amount payable not be tendered, the Company reserves the right to return the application form and money and not allot the applicant any shares and/or scale back the application, as it sees fit.

In addition, by submitting an application form in response to this letter, you certify that the aggregate of the application price paid by you for:

the Shares; and
any other shares and interests in the class applied for by you under the SPP or any similar arrangement in the 12 months prior to the date of submission of the Application Form,

does not exceed AUD$5,000.

If you have any questions on the proposed SPP, please call Computershare Investor Services on 1300 552 270.

ANNEXURE B

COMPANY UPDATE

The Company has established an excellent spread of projects and is extremely well positioned to grow, capitalising on the cash flow to be generated from the Lerala Mine ( Lerala Mine ) (Lerala, Botswana), which is about to proceed to production. The Company also has one project in evaluation (Sloan, Colorado), and three projects in exploration (Tuli, Martin’s Drift & Jwaneng all in Botswana), the Company’s project portfolio is considered to be well balanced.

LERALA MINE

Mine Operations and Production

The commissioning phase for the Lerala Mine commenced in April 2008. The Lerala Mine is situated in the Martin’s Drift Diamond Project area in eastern Botswana. The expected 330,000 carat per year Lerala Mine is on track to commence full scale production of diamonds in June 2008. The Company anticipates that the diamonds will be processed and ready for sale in July 2008 through WWW International Diamond Consultants - one of the world’s leading diamond marketing and valuation companies.

Commissioning of the Lerala Mine marks the final phase of an 18-month construction project. The Lerala Mine has a new, purpose built, Dense Media Separation Plant, with 200 tonne per hour through-put capacity that utilises state of the art HPGR crushing technology. The installation of 12 synchronised 400 kVa generators (4.8 MW) ensures the Lerala Mine will be unaffected by electricity supply problems experienced in Southern Africa.

EVALUATION

Sloan Mineral Rights, Northern Colorado, USA (DiamonEx 100%)

A detailed review of exploration and evaluation activities undertaken over the last 30 years in the 9.3 hectare Sloan kimberlite pipe has now been completed. As a result, the Company has decided to undertake a bulk sampling program to recover approximately 5,000 carats of diamonds and obtain an indicative value for the diamonds in the Sloan kimberlite pipe.

EXPLORATION ACTIVITIES

Exploration activity continues on the Company’s projects with a view to identifying new kimberlite pipes.

ANNEXURE C

DIAMONEX LIMITED SHARE PURCHASE PLAN TERMS AND CONDITIONS

This document sets out the terms and conditions of the DiamonEx Limited Share Purchase Plan ( SPP ) (as contemplated by ASIC Regulatory Guide 125). These terms and conditions are binding on any shareholder completing an Application Form in respect of shares under the SPP.

1 DEFINITIONS

In this SPP, unless the context otherwise indicates:

Acceptance Period means the period commencing on the date on which Offers under the SPP are sent to Eligible Shareholders and ceasing on the Closing Date;

AIM means the AIM Market of the London Stock Exchange plc;

AIM Rules means the AIM Rules for Companies published by the London Stock Exchange plc from time to time;

Allotment Period means the period of 10 Business Days after the Closing Date;

Allowable Cash Contribution has the meaning given in clause 3.3;

Applicable Laws has the meaning given to it in clause 6.1;

Application Form means the application form attached to an Offer made to a Shareholder in accordance with the Terms;

ASX means the ASX Limited;

ASX Listing Rules means the ASX Listing Rules applicable to all listed companies of the ASX;

Australian Register means the register of Australian Registered Shareholders maintained on behalf of the Company in Australia;

Australian Registered Shareholders means Shareholders whose details appear on the Australian Register;

Board means the board of directors of the Company;

Botswana Register means the register of Botswana Registered Shareholders maintained on behalf of the Company in Botswana;

Botswana Registered Shareholders means Shareholders whose details appear on the Botswana Register;

BSE means the Botswana Stock Exchange;

BSE Rules means the Botswana Stock Exchange Rules applicable to all listed companies of the BSE;

Business Day means Monday to Friday inclusive, except New Year’s Day, Good Friday, Easter Monday, Christmas Day, Boxing Day, and any other day that the ASX declares is not a business day;

Closing Date means the date specified as such in an Offer, or such later date as may be determined by the Board;

Company means DiamonEx Limited A.C.N 019 951 978;

Corporations Act means the Corporations Act 2001(Cth);

Depositary Interest Deed means the deed poll dated 17 September 2007 in relation to the Depositary Interests;

Depositary Interests means depositary interests in respect of Shares issued in accordance with the Depositary Interest Deed;

Eligible Shareholders means Shareholders of the Company eligible to participate in an Offer as determined under clause 2;

FSMA means the UK Financial Services and Markets Act 2000;

Offer means a non-renounceable offer of Shares to Eligible Shareholders under the SPP contained in the letter to which these SPP terms and conditions are attached;

Market Price means the weighted average sale price of Shares in the ordinary course of trading on ASX over the last five (5) Business Days immediately prior to the date of the Company announcing its intention to make an Offer. If no Shares have been sold on ASX during those five (5) Business Days, the Purchase Price will be determined by the Board having regard to the last sale price per Share of such Shares in the Company sold in the ordinary course of trading on ASX prior to the date of such announcement;

Purchase Price means the subscription price for each Share determined in accordance with clause 5 and specified in each Offer;

Record Date means the time and date for determining eligibility to participate in an Offer as set out in the letter to which these SPP terms and conditions are attached;

SPP means the DiamonEx Limited Share Purchase Plan approved by the Board from time to time (and to avoid any doubt includes any annexures to these Terms as required to ensure compliance with any Applicable Laws of a jurisdiction where the Offer is made);

Shares means fully paid ordinary shares in the Company (and if the context so requires includes Depositary Interests);

Shareholder means a person or entity who is registered on the Australian Register or the Botswana Register or the UK Depositary Interest Register as a holder of Shares or Depositary Interests;

Terms means the terms of the SPP (including, for the avoidance of doubt, the terms and conditions contained in this Annexure C, the letter to which this Annexure C is attached and any other annexures which may be attached to the letter to which this Annexure C is attached), as amended and modified from time to time;

UK Depositary Interest Register means the register of holders of Depositary Interests maintained on behalf of the Company in the United Kingdom by Computershare Investor Services PLC; and

UK Registered Shareholders means holders of Depositary Interests whose details appear on the UK Depositary Interest Register.

2 ELIGIBILITY TO PARTICIPATE

2.1 Eligible Shareholders who will be eligible to apply for Shares under an Offer are those:
(a) who are recorded in the Australian Register or the Botswana Register or the UK Depositary Interest Register on the Record Date;
(b) who have an address (as recorded in the Australian Register, the Botswana Register or the UK Depositary Interest Register) in a jurisdiction in which it is lawful and practical for the Company to offer and issue Shares under the SPP (in the reasonable opinion of the Board); and
(c) from whom the Company has received a completed Application Form, together with the correct application monies, during the Acceptance Period.
2.2 The Board may from time to time decide that the right to participate in the SPP will not be available to Shareholders who have registered addresses in a country or place where participation in the SPP would or may be unlawful or, where a registration statement is required, no such registration statement is given or where another formality under the laws, rules or regulations of that country or place is not complied with.

3 APPLICATION FORMS

3.1 The Company may not accept an Application Form unless:
(a) it is received during the Acceptance Period; and
(b) the Shareholder provides the appropriate application monies to accompany the Application Form.
3.2 In response to an Offer, Shareholders who wish to accept an Offer:
(a) must apply for at least the minimum amount of Shares (based on the Purchase Price for that Offer) permitted by the Offer;
(b) may apply for any number of Shares in excess of the minimum amount of Shares (based on the Purchase Price for that Offer); and
(c) may only apply for such number of Shares that will result in the total Purchase Price for that Offer when aggregated with the total Purchase Price paid in response to all other similar offers of Shares by the Company in the 12 month period prior to the date of that Offer not exceeding AUD$5,000 worth of Shares (based on the Purchase Price of each relevant offer of Shares by the Company).
3.3 In respect of application monies received from a Shareholder which is an Eligible Shareholder, the Company will (subject to the right to reject applications (in whole or in part) and to scale back applications, in its absolute discretion), within the Allotment Period:
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(a) credit that Eligible Shareholder with so much of the application monies as does not exceed AUD$5,000 (or equivalent currency) when added to all other application monies (if any) received from the Eligible Shareholder in the preceding 12 months, pursuant to the SPP ( Allowable Cash Contribution );
(b) determine the maximum number of additional Shares rounded up to the nearest whole number, priced in accordance with clause 5.1 which may be acquired by the Eligible Shareholder using the amount of Allowable Cash Contribution credited to the Eligible Shareholder;
(c) allot to the Eligible Shareholder such number of Shares referrable to the Allowable Cash Contribution; and
(d) return to the Eligible Shareholder so much of the application monies, if any, received from them as exceeds the Allowable Cash Contribution.
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OPERATION OF SPP

4.1 All Offers made under the SPP are non-renounceable.
4.2 Participation in the SPP by Eligible Shareholders is entirely optional and is subject to the Terms.
4.3 Each Eligible Shareholder is solely responsible for obtaining any government or regulatory approvals and consents necessary for that Eligible Shareholder to be eligible to participate in the SPP.

5 CALCULATION OF THE PURCHASE PRICE AND ACCEPTANCE OF RISK FACTORS

5.1 The Purchase Price of Shares under an Offer will be determined by the Board at the time an Offer is made, but must be offered at a discount to the Market Price provided that the Purchase Price is not less than 80% of the Market Price.
5.2 By accepting an Offer and applying for Shares under the SPP, each Eligible Shareholder:
(a) will be acknowledging that although the Purchase Price is at a discount to the Market Price, Shares are a speculative investment and the price of the Shares may change between the date of the Company announcing its intention to make an Offer and the date of issue of Shares under that Offer and that the price and or value of the Shares received under the SPP may rise or fall accordingly; and
(b) warrants, represents and confirms to the Company in the terms as set out in any one or more of the annexures to the Offer and / or the SPP (if any such annexures are so attached).

6 TERMS OF ISSUE OF SHARES

6.1 The Board reserves the right to refuse an application (in whole or in part) or scale back an application (and if an application is refused in whole or in part or scaled back, the application monies will be returned to the applicant in full without interest at the applicant’s sole risk) if it considers that:
(a) it is prudent and reasonable to do so;
(b) the applicant is not an Eligible Shareholder;
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(c) the issue of those Shares may contravene any law, rule or regulation in any jurisdiction (including, without limitation, the Corporations Act, the ASX Listing Rules, the BSE Rules, the AIM Rules or the FSMA) or the requirements of any regulatory or governmental body (together, Applicable Laws ) or may require further action to be taken by the Company including, without limitation, registration of Shares or the preparation of a prospectus in any jurisdiction; or
(d) the applicant has not otherwise complied with the Terms.
6.2 Shares will not be allotted under the SPP unless and until all necessary shareholder approvals, relevant ASX waivers (and if the context so requires BSE waivers) and consents are obtained to ensure that the issue of the Shares does not contravene any Applicable Laws.
6.3 In accordance with ASX Listing Rule 7.2 Exception 15, the number of shares to be issued under the SPP will not be greater than 30% of the number of fully paid ordinary securities on issue and the issue price of the Shares to be issued under the SPP will be at least 80% of the average market price on the ASX for securities in that class over the 5 days before the Offer is announced.
6.4 The Company reserves the right to allot fewer Shares than an Eligible Shareholder applies for pursuant to an Offer or no Shares, if the necessary shareholder approvals, waivers or consents that may be required for the issue of Shares are not obtained, or if the Company believes that the allotment of those Shares may otherwise contravene any Applicable Laws. In the event the Company is not permitted to issue all the Shares offered as a result of any Applicable Laws, the Company will use its reasonable endeavours to allocate Shares to Eligible Shareholders applying for Shares on a pro-rata basis or on some other equitable basis as may be determined by the Board.
6.5 From their date of issue, Shares allotted under the SPP will rank equally in all respects with the then existing fully paid ordinary shares in the Company and therefore will carry the same voting rights, dividend rights and other entitlements.
6.6 The Company will apply for Shares issued under the SPP to be quoted on the ASX or BSE or admitted to trading on AIM, within the period prescribed by the relevant exchange’s rules.
6.7 No brokerage, commissions, stamp duty or other transaction costs will be payable by Eligible Shareholders in respect of an application for, and an issue of, Shares under the SPP.
6.8 Subject to clauses 6.1, 6.2, 6.3 and 6.4, Shares will be issued no later than 15 Business Days after the Closing Date.
7 AMENDMENT OF THESE TERMS AND CONDITIONS
7.1 Subject to clause 7.2 and 7.3, the Company may, at any time by written instrument or by resolution of the Board, amend all or any of the provisions of (including this clause 7) the Terms.
7.2 No amendment of the provisions of the Terms is to reduce the rights of any Eligible Shareholder in respect of Shares issued under the SPP prior to the date of the amendment, other than an amendment introduced primarily:
(a) for the purpose of complying with or conforming to present or future laws, rules or regulations governing or regulating the maintenance or operation of the SPP or like plans or the offering by a company of its securities;
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(b) to correct any manifest error or mistake; or
(c) to enable the Company to comply with all Applicable Laws.
7.3 Any amendment of these Terms must be made in accordance with and in the manner stipulated (if any) by the ASX Listing Rules, the BSE Rules, the AIM Rules or any other Applicable Laws.
7.4 Subject to the provisions of this clause 7, any amendment made under clause 7.1 may be given retrospective effect, as specified in the written instrument or resolution by which the amendment is made.

8 GENERAL

8.1 The SPP will be administered by the Board or a committee of the Board who will have an absolute discretion to:
(a) determine appropriate procedures for administration of the SPP consistent with the Terms;
(b) resolve conclusively all questions of fact or interpretation arising in connection with the SPP or the Terms; and
(c) delegate to any one or more persons, for such period and on such conditions as they may determine,

the exercise of their powers or discretions under the SPP or the Terms.

8.2 The SPP and the Terms may be suspended, terminated or amended at any time by the Board.
8.3 The SPP will operate until terminated by the Board.
8.4 The Board may resolve any dispute concerning the SPP in such manner as they see fit or adopt any administrative procedures in relation to the SPP as they deem appropriate. The decision of the Board will be final and binding on the parties to the dispute or the Eligible Shareholders or both, as the case may be.
8.5 Any notice regarding Shares issued will be sent to the address of the Shareholder as recorded in the Australian Register, the Botswana Register or the UK Depositary Interest Register.
8.6 The Terms are governed by and construed in accordance with the laws for the time being in force in the State of Queensland.
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�� �� Shares toa value of ��

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DiamonEx Limited

ABN 26 091 951 978

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Please return completed form to: Computershare Investor Services Pty Limited GPO Box 5240 Brisbane Queensland 4001 Australia Enquiries (within Australia) 1300 552 270 (outside Australia) 61 3 9415 4000 Facsimile 61 7 3237 2152 [email protected] www.computershare.com

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��S��You can apply for Shares and mark your payment utilising one of the payment options detailed overleaf. DiamonEx Limited may make determinations in any manner it thinks fit, in relation to any difficulties, anomalies or disputes which may arise in connection with or by reason of the DiamonEx �� operation of the SPP whether generally or in relation to any participant or application. Any determinations by DiamonEx Limited will be conclusive and binding on all eligible ��DiamonEx �� securityholders and other persons to whom the determination relates. DiamonEx Limited reserves the right to waive strict compliance with any provision of the terms and conditions of ��DiamonEx �� the SPP, to amend or vary those terms and conditions and to suspend or terminate the SPP at any time. Any such amendment, variation, suspension or termination will be binding on all ��eligible securityholders even where DiamonEx Limited does not notify you of that event. You shall not be entitled to a fraction of a Share if the amount entered (and tendered to ��DiamonEx ��DiamonEx Limited does not equate to a whole number (i.e. it is not exactly divisible by A$0.235). Any amount received by DiamonEx Limited which is in respect of a fraction of a share shall not be returned to the applicant but retained for the benefit of the Company.

This offer is Non-Renounceable - No Signature is required Applications can only be accepted in the name printed on this form

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ABN 26 091 951 978

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ELEVRA LITHIUM LIMITED — Capital/Financing Update 2008

64838_rns_2008-06-10_afadadce-ab40-4060-b626-b5d44042fdd8.pdf

DiamonEx Limited

SHARE PURCHASE PLAN (“SPP”)

DIAMONEX LIMITED (ACN 091 951 978) SHARE PURCHASE PLAN (SPP)

IMPORTANT NOTICE

No Recommendation

DiamonEx Limited

Invitation to Participate in the DiamonEx Shareholder Share Purchase Plan

PARTICIPATION BY SHAREHOLDERS

The Offer to acquire shares under the SPP will close on the closing date which:

PRICING OF SHARES TO BE ISSUED UNDER THE SPP

USE OF PROCEEDS

RISK FACTORS

Method of Acceptance – Australia

ANNEXURE B

COMPANY UPDATE

LERALA MINE

Mine Operations and Production

EVALUATION

Sloan Mineral Rights, Northern Colorado, USA (DiamonEx 100%)

EXPLORATION ACTIVITIES

DIAMONEX LIMITED SHARE PURCHASE PLAN TERMS AND CONDITIONS

1 DEFINITIONS

2 ELIGIBILITY TO PARTICIPATE

3 APPLICATION FORMS

OPERATION OF SPP

5 CALCULATION OF THE PURCHASE PRICE AND ACCEPTANCE OF RISK FACTORS

6 TERMS OF ISSUE OF SHARES

8 GENERAL

DiamonEx Limited

SHARE PURCHASE PLAN APPLICATION FORM

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This offer is Non-Renounceable - No Signature is required Applications can only be accepted in the name printed on this form

D O N

DiamonEx Limited

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ELEVRA LITHIUM LIMITED Capital/Financing Update 2008

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