ELEVRA LITHIUM LIMITED — Interim / Quarterly Report 2009

Oct 30, 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 : diamonex@diamonex.com Postal Address: PO Box 1357 Milton Qld 4064

ASX ANNOUNCEMENT AUSTRALIAN SECURITIES EXCHANGE

31 OCTOBER 2008

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDING 30 SEPTEMBER 2008

• Plant nearing latter stages of commissioning

• Ramping to full production expected during the next quarter

• First diamond sale to be completed today

• Second diamond sale scheduled for mid November

• Update on diamond sales will be provided at end of November

THE LERALA DIAMOND MINE (Diamonex 100%)

The 100% owned Lerala diamond mine in eastern Botswana has an established 3.7 million carat diamond resource and is scheduled to produce an average of 330,000 carats per year for 10 years.

During the quarter commissioning of the Lerala diamond plant continued with the rectification of a number of issues which have hampered running the plant to full capacity. The remaining restriction on full production is now mainly confined to the Final Recovery Room where re-engineering has led to a by pass of the grease belts which were not performing.

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Aerial View of Plant Site

All recovery is now being carried out through the two existing X-Ray Flowsorts and two additional X ray machines which have been brought to site to retreat the concentrate that passed over the grease belt. A further Flowsort with a greater throughput capacity will be delivered to site shortly to accelerate the recovery process. This recovery process is now performing well with all concentrate from the DMS now passing through the Diamond X-Ray recovery section prior to passing over grease tables which will recover the non fluorescent diamonds. Once the re-engineering and tuning of the Final Recovery Section of the plant is completed, it is expected that the Plant will be operating at its designed 200tph capacity.

Minor difficulties have also been experienced due to the generation of larger than anticipated amounts of fines from the ore which is being mined from the K3 pipe. This has caused some minor problems in the degrit and thickening circuits. However these problems are currently being addressed and at present are not affecting production.

A parcel of diamonds totalling 10,613 carats was transported to Diamonex’s secure facility in Gaborone towards the end of October to start the sales process. This process is undertaken for Diamonex by highly regarded diamond valuation agents, WWW International Diamond Consultants, who represent and act for the world’s leading diamond companies and Governments. Under its mining lease conditions, Diamonex must offer its diamond goods to Botswana registered cutters and polishers. Botswana cutters were given two days to view the goods prior to them being Kimberly Certificated and transported to Antwerp where the Company will be offering its goods for sale internationally, with the best price in a closed tender process securing the diamonds.

This sale will be completed today, achieving an average price of US$20 per carat for the whole run of mine parcel. This is much less than the preliminary valuation of the parcel and reflects the current difficult market conditions. WWW reported that the value achieved for the first tender of Lerala production was deeply disappointing but not surprising in the context of the overall market where trading in rough diamonds has effectively ground to a halt as the general economic uncertainties and in particular the liquidity shortages have taken effect. However, once the extraordinary and unforeseen economic turmoil has worked its way through the system, WWW’s confidence in the long term prognosis for the diamond industry remains favourable

A further diamond sale is scheduled to commence in mid November.

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Aerial View of Mining at K3

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EVALUATION

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

The permitting process allowing work to proceed at Sloan required Diamonex to hold a public meeting such that landowners who thought they could be affected by Diamonex activities could voice their concerns.

This meeting was held on the 20[th] September with the minutes submitted to the county as part of the overall permitting process.

EXPLORATION

Exploration activities continued on the company’s Jwaneng and Tuli properties in Botswana.

CORPORATE

During the quarter the company raised A$3.6 million through the placement of 18 million shares at A$0.20 to institutional investors in Botswana.

OUTLOOK FOR THE NEXT QUARTER

The company’s primary focus for the last quarter of this calendar year is to attain full production at the Lerala Mine and to be cash flow positive by the end of 2008.

For and on behalf of the Board

Paul Crawford

Company Secretary

For further information contact:

Dan O’Neill Mark Gray Managing Director Corporate Development Tel: + 61 7 37208944 Tel: + 61 7 37208944 Fax: + 61 7 37208988 Fax: + 61 7 37208988 Mob: + 61 407596942 Mob: + 61 412899979 Email: diamonex@diamonex.com.au Email: diamonex@diamonex.com.au Will Souter or Rob Adamson Richard Hail RFC Corporate Finance Ltd (Nomad) Fox-Davies Capital Ltd (AIM Broker) Tel: + 612 9250 0050 Tel: + 44 20 7936 5200 + 612 9250 0041 Email: will.souter@rfc.com.au Email: Richard.Hail@fdcap.com rob.adamson@rfc.com.au

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Dan O’Neill who is a member of the Australian Institute of Geoscientists and a full time employee of DiamonEx Limited. Mr O’Neill has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Mr O’Neill consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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