• Operations

Cautionary Note Regarding Forward Looking Statements

Certain of the statements made and contained herein and elsewhere constitute forward-looking statements as defined in applicable securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projects, objectives, assumptions or future events or performance and often (but not always) using forward-looking terminology such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved are not statements of historical fact and may be forward-looking statements.

In particular, forward-looking statements may include, but are not limited to, statements with respect to: the Company's ability to arrange for debt facilities required to construct the underground expansion at the Karowe Mine and the timing and commercial terms of such financing; that expected cash flow from operations, combined with external financing, will be sufficient to complete construction of the underground expansion at the Karowe Mine; the future price and demand for diamonds; estimation of mineral reserve and resources, exploration and development plans, cost and timing of the development of deposits and estimated future production at the Karowe Mine; estimates and future forecasts of the Company's production, revenue, operating costs and sales volumes for the Karowe Mine; processing capabilities and recovery rates, including the continued recovery of large, high value diamonds and exceptional stones; the continuance of regular tenders of diamonds being held quarterly, sales of diamonds in excess of 10.8 carats being sold through the HB Antwerp Supply Agreement and regular sales being conducted through the Clara platform; the potential effect of the development and integration of the proposed underground mine at Karowe on production, sales volumes and the expected LOM; currency exchange rates; success of exploration; government regulation of operations; environmental risks and ability to comply with all environmental regulations; possible impacts of disputes or litigation and other forward-looking information.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to several known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The Company believes that expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct as a result of those factors discussed in or referred to under the heading “Risks and Uncertainties” in the Company’s most recent Annual Information Form available at http://www.sedar.com. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors.

Readers are cautioned not to place undue reliance on forward-looking statements and the Company disclaims any obligation to update or revise forward-looking statements if circumstances or management's beliefs, expectations or opinions should change, except as required by law. 

Qualified Persons: Dr. John Armstrong, Ph.D.P.Geol, is the Qualified Person as defined by NI 43-101. Dr. Armstrong is Vice President Technical Services for the Company reviews and approves the scientific and technical information. Mr. Cliff Revering, P.Eng. of SRK Consulting is the independent Qualified Person as definied by NI 43-101 responsible for the Karowe Diamond Mine Mineral Resource estimation, and Mr. Gord Doerksen of JDS Energy and Mining Inc. is the Independent Qualified person as defined by NI 43-101 responsible for the Karowe Diamond Mine Mineral Reserve estimation. The most recent Mineral Resource estimations are located in the 2020 Annual Information Form for the year ended December 31, 2020 dated March 30, 2021, which can be found on the Company's website and under its profile on SEDAR at www.sedar.com.

Technical Reports: For further details regarding the Karowe Underground Project and Qualified Persons as defined by NI 43-101, please refer to the technial report dated December 16, 2019 with an effective date of September 26, 2019, titled "Karowe Mine Underground Feasibility Study Technical Report, Botswana", posted to the Company's website and under its profile on SEDAR at www.sedar.com.