ELEVRA LITHIUM LIMITED — Investor Presentation 2007

Oct 15, 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

16 October 2007

Attached are slides accompanying a presentation given by Mr Dan O’Neill at the World Diamond Conference in Perth today.

For further information, contact:

Dan O’Neill (Managing Director)

Greg King (Chairman)

+61 7 37208944 (Office) +61 7 37208944 (Office) +61 7 37208988 (Fax) +61 7 37208988 (Fax) +61 407596942 (Mobile) +61 411473730 (Mobile) diamonex@diamonex.com.au (Email) diamonex@diamonex.com.au (Email)

BOTSWANA Lerala

Statements, particularly those regarding the possible or assumed future performance, production levels, prices, resources, reserves, growth or other trend projects are or may be forward looking statements. Actual results, actions and developments may differ materially from those expressed or implied by these forward looking statements depending upon a variety of factors including known and unknown risks and uncertainties. Some of the statements are the opinions of the Directors.

• Pre production diamond company with five kimberlite pipes

• construction underway, diamond production to commence Q1’08

• ASX listed (DON) March 2004 – currently A$ 50m market cap.

• BSE (Botswana) listing (DIAMONEX) July 2004

• committed to an AIM Admission by end Q3 - Broker and Nomad appointed

• 100% ownership of Lerala kimberlite diamond project in Botswana – 3.7Mct @ 27cpht JORC diamond indicated resource; 10 yr mine life

• 330,000ct pa, low capital cost, low operating costs

• High operating cashflow, rapid payback

• US$100m operating cashflow on US$230m revenue over 10 years

• Experienced Board and local operational management

• Significant resource and exploration upside provides growth opportunities

Share Data Market Information	Share Data Market Information	A$		DON AU Equity	DON AU Equity	DON AU Equity
		0.45
Shares in issue	131M	0.40
Share price (A$)	0.37	0.35
Market cap. (A$)	48M	0.30
		0.25
Mgt. options on issue	2M	0.20
		0.15
		Jun-06		Oct-06	Feb-07		Jun-07
Major Shareholders		Capital Raisings
JP Morgan	9.9%	A$ 4.0m @			A$0.20	Mar ’04
Babcock & Brown	7.9%	A$ 2.0m @			A$0.30	Feb ’05
Investec	6.6%	A$ 2.5m @			A$0.24	Dec ’06
Fleming Asset Mgt	4.1%	A$ 5.0m*@			A$0.31	Apr / May ’07
Management	15%	A$ 8.0m @			A$0.31	July ‘07

* Botswana investors account for 23% of shares on issue.

14 13

Increasing Demand + Shortfall in Supply = Increasing Prices

17

16

Supply 15 Base Demand 14 Downside Demand 13 12

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11
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10

- Lerala Strategically Located in

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Z I M B A B W E
Bulawayo
Francistown
Murowa
~30% of world Orapa
Ngulube
River
diamond supply by Letlhakane
Ranch
Gope
value Tuli Project
Venetia
B O T S W A N A LERALA The Oaks
DIAMOND
Jwaneng
MINE
Project GABORONE
Jwaneng
DIAMOND MINE PRETORIA
Tshabong
DIAMOND DEPOSIT Johannesburg
DIAMONEX PROSPECTING LICENCES S O U T H A F R I C A 6
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- Lerala 5 Kimberlite Pipes (6.33 ha)

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THE PIPES
K006
PLANT
SITE
K005
K004
K003
K002
1km 7
Approx. 5km
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Lerala Project – Resource Under

• JORC compliant indicated resource under development

• Project supported by: Feasibility Study, Diamond valuation, Plant Study, CPR, EIA

	Hectares (ha)	Indicated (Mt)	cpht	Carats (cts)
K002	2.18	3.4	24.00	0.8Mcts
K003	2.34	6.7	29.86	2.0Mcts
K004	0.73	1.5	28.40	0.4Mcts
K005	0.92	1.9	24.14	0.5Mcts
K006	0.16	-	-	-
Total	6.33ha	13.5Mt	27.41cpht @1mm cutoff	3.7Mcts

- Lerala Project Development

• Lerala discovered by De Beers in 1980s

• Awarded to DiamonEx in 2002

• 3.7Mct @27cpht JORC resource

Lerala drill hole samples

• Construction commenced end 2006

• • Mining ore Q4 2007

• Diamond Production expected January 2008

• 330,000 carats/yr output

• High operating cashflow

• Significant resource and exploration upside

Lerala project site

Lerala – Production and Costs

PLANT CAPACITY	TONNES PER ANNUM	TONNES PER ANNUM	CARATS PER ANNUM	OPERATING COSTS US$/t
200 tph	1.32 million		330,000	$9.71
		US$ PER TONNE 2.33 4.75 2.63
BUSINESS AREA		US$ PER TONNE
Mining		2.33
Processing		4.75
Other**		2.63

** Management, Operations and Security

- Lerala Low Cost, High Cashflow

• Mine under development and on schedule for February 2008 diamond production

• Simple open cut mining operation, central processing plant

• will utilize contract mining – STRATA MINING

• US$100m operating cashflow on US$230m revenue over 10 years

• Adopting HPGR (High Pressure Grinding Roller Crusher)

– improves liberation leading to increased diamond recovery

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Resource drilling
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Processing drill samples
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Lerala trial plant
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Infrastructure

Lerala Village

LERALA MINING PROJECT

South

10 km

– Lerala Funding

Crushing Facility

• Fleming Group (Botswana): Fleming Advisors arranged underwritten listed convertible bond – 4 year term

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K003
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• EIB: 8 year facility

• • Equity

Primary Crusher Housing

Diamond Marketing

• WWW International

Diamond Consultants

PATH TO PRODUCTION

• Mining to commence – November 2007

• Plant commissioning – Jan/Feb 2008

• Diamond production – February 2008

• HPGR crusher operational – April 2008

• Full production – May 2008

Lerala Project - Upside Potential

• Open pit design optimisation ongoing

• Extra diamond liberation / HPGR

• Resource currently determined to 110m

• can potentially be deepened

• K003 that contains 58% of the resource, can be mined possibly to 160m

• K006 not in published resource has potential for a further 200,000 tonnes at 40.6cpht

• Underground potential

- DiamonEx Strategy

• DiamonEx is focused on advanced diamond exploration and development opportunities in order to create shareholder value by the optimal and timely development of such projects in order to generate cashflow

• This strategy minimizes risks to investors by allowing DiamonEx to use cashflow from developed projects like Lerala to fund a wider exploration programme such as the prospective acreage at Tuli and Jwaneng

• DiamonEx intends to pursue opportunities elsewhere that will allow it to replicate this strategy

Exploration – Attractive ground in

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Z I M B A B W E
Bulawayo
TULI LICENCES Francistown
~30% of world Orapa
Ngulube
River
diamond supply Letlhakane
Ranch
by value Gope MARTIN’S
DRIFT
Venetia
LICENCE
B O T S W A N A The Oaks
LERALA
JWANENG
GABORONE
LICENCES
Jwaneng
PRETORIA
Tshabong
DIAMOND MINE
Johannesburg
DIAMOND DEPOSIT
18
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Exploration - Historical Sampling

Exploration - Airborne Spectral Imaging

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K006 K006
K005
K005
K004 K004
K003 K003
KIM
SPOIL
KIM
TAILINGS
SPECTRAL IMAGING IS SENSITIVE
ENOUGH TO DETECT HAUL ROAD
CONSTRUCTED
FROM KIMBERLITE TAILINGS
HAUL ROAD CONSTRUCTED
FROM KIMBERLITE SPOIL
0 2Km
0 2Km
K002 K002
MINING LICENCE 2006/29L
MINING LICENCE 2006/29L
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- Exploration Tuli License (12,400km[2] )

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1 No OF DIAMONDS RECOVERED
GARNET GRAINS RECOVERED
1 A3-01 A3-02 SPINEL GRAINS ((phenocrystic)RECOVERED
A3-03
2 Both alluvial ILMENITE GRAINS RECOVERED
All four diamonds 4 diamonds unabraided
unabraided
1
Areas flown with
airborne spectral A2-19 Alluvial diamonds
imaging A2-18 2
2
A2-17
A2-07 to14
A2-15 1
A2-03
A A2-04 A2-16
A2-02
A2-05 [A2-06]
A2-01 Other companies
DIAMONEX EXPLORATION TENEMENTS
SPECTRAL TARGET
MARTIN’S DRIFT
DIAMOND DEPOSIT
0 20
K
m
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1 No OF DIAMONDS RECOVERED GARNET GRAINS RECOVERED SPINEL GRAINS ((phenocrystic)RECOVERED CHROME DIOPSIDE GRAINS RECOVERED ILMENITE GRAINS RECOVERED

• Location of alluvial diamonds and targets generated from

- DiamonEx A New Diamond Producer

• A pre production kimberlite diamond company

• development underway

• Low capital cost, low operating costs

• diamond production commencing Q1’08 at 330,000 cts/yr

• Significant resource upside at Lerala and Tuli exploration provides growth opportunities

• Advanced exploration to production focused strategy

– cash flow to fund future exploration and development projects

• • Greg King Chairman Over 25 years as a geologist in numerous commodities, founder and director of publicly listed Australian mining and exploration companies

• ’ –

• • Dan O Neill Managing Director ~30 years geological and general management experience in a variety of commodities and countries

• • Paul Crawford Director, Company Secretary Extensive experience (>20

• years) in the finance of mining and exploration projects

• • Don Duncan non Over 25 Executive Director, Principal Geologist

• years diamond experience. Former Exploration Manager, De Beers Prospecting Botswana and Tanzania

• • David Magang non Executive Director Former Minister of Mines (Botswana), successful lawyer and businessman, based in Botswana

• • Mark Coetzee Project Manager Engineer, over 20 years experience in the

• Southern African mining industry, based in South Africa

• • Miracle Muusha Chief Geologist Geologist, specialist in kimberlite mining and exploration, based in Botswana

• • Michael Whillier Group Financial Controller Over 10 years experience in the mining industry including southern Africa and 20 years in other financial roles

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AN EMERGING DIAMOND PRODUCER

BOTSWANA Lerala Diamond Project