Gibb River announces diamond valuations

May 15, 2023

Gibb River Diamonds Limited announces updated diamond valuations for the Ellendale Project. This includes valuations from the main prospect areas and stockpiles at Ellendale which have been the focus of most of the historic sampling and mining.

According to the Diamond Valuation Results, the Company consider the updated valuations in this report to be very attractive in terms of pricing. Highlights include valuations from bulk sample LS2 from the Ellendale 9 Lights Stockpile of US$1,443 per carat; from the E12 Alluvials a value of US$796 per carat; and from the E9 East Alluvials of US$828 per carat.

Much of this high pricing is driven by the Fancy Yellow diamond component in the valuation parcel. Previous production from the Ellendale 9 lamproite pipe reported 11.5% of diamonds as Fancy Yellow. Typically diamond mines worldwide produce less than 0.1% Fancy Yellow diamonds, so Ellendale is truly exceptional in this regard.

Furthermore, of these Fancy Yellow diamonds at Ellendale, 62% are classified as vivid or Intense, the strongest graded yellow colours and the most sought after stones6. It is the rarity and exceptional value of these remarkable yellow diamonds which is driving the GIB program to recommence production at Ellendale.

Key takeaways of the report is,

1: A new independent appraisal of diamonds from the Company’s Ellendale 9 Lights, Stockpile, reports diamonds with a value of US$1,443 per carat from sample LS2.

2: The Company’s Ellendale 12 Alluvial Prospect reports a diamond value of US$796 per carat.

3: The E9 East Alluvials report a value of US$828 per carat.

4: Further excellent pricing of diamonds from various other Lights Stockpile samples, Alluvials and E9 and E4 lamproite pipes are also included in this report.

5: The Company considers the updated valuations in this report to be very attractive in terms.

6: of pricing and that this report re-inforces the inherent value of the Fancy Yellow diamond component for which the Ellendale mine is famous!

7: Various resource studies are underway over the four main target areas in the vicinity of Ellendale 9, with the aim of delivering a profitable diamond mining operation.

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