ELEVRA LITHIUM LIMITED — Capital/Financing Update 2012

Dec 20, 2012

Level 1 349 Coronation Drive Milton QLD 4064

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DiamonEx Limited

ABN 26 091 951 978

Telephone: +61 7 3720 8944 Facsimile: +61 7 3720 8988 Postal Address: PO Box 1357 Milton QLD 4064

ASX ANNOUCEMENTS AUSTRALIAN SECURITIES EXCHANGE

21 December 2012

RESTRUCTURE UPDATE

DiamonEx Limited has been working through a number of restructuring options for some time, with a view to its securities being reinstated on the Australian Securities Exchange (ASX). The Company provides the following update on its restructuring process.

DiamonEx is assembling a portfolio of exploration assets. It intends recommencing its previous exploration and development activities, focusing on mineral and diamond exploration in Botswana and Australia.

The Company has entered into a joint venture with Azimuh Investments (Pty) Ltd to acquire a majority interest in Prospecting Licences PL 204/2012 and PL 205/2012 located in north central Botswana. Under the terms of the joint venture, DiamonEx may earn a 51% interest in the Prospecting Licences by spending Pula 4 Million (A$500,000) on exploration over a 2 year period and can earn up to 75% over the next 2 years by investing a further Pula 12 Million (A$1.5 million).

The prospecting licences are prospective for copper and nickel mineralization similar in style to the copper- nickel ore bodies, to the north at Selibe Phikwe which were discovered in the 1960’s and which are still being mined today.

In addition, DiamonEx has lodged prospecting licence applications over prospective diamond ground with the Geological Survey of Botswana and is in discussion with other parties over additional exploration assets.

The Company has entered into a funding agreement to underwrite a A$2 million capital raising, to be undertaken through a placement of shares to a number of existing shareholders and other professional and sophisticated investors.

A meeting of shareholders is expected to be held in February 2013 to consider restructure plans and approve the placement of shares. Meeting documentation is being prepared and lodged with regulators.

Discussions have been held with ASX to brief them on the restructure plan and determine the process for the Company to seek reinstatement of its securities on ASX. No formal application for readmission has been made at this stage.

The restructure process is intended to restore value to shareholders and the Company plans to pursue a number of opportunities that will contribute to this goal.

For more information, please contact:

Dan O’Neilldoneill@diamonex.com.au0407 596 942	Paul Crawfordpcrawford@diamonex.com.au
	0416 104 633