PIPE TO PROSPERITY

March 2012

Disclaimer
The document attached hereto and the presentation of which it forms part (together the Materials) have been prepared by DiamondCorp plc (DiamondCorp or the Company) and are confidential and personal to you and the Materials are furnished to you as background information to provide a basis for potential investors to consider whether to pursue an acquisition of shares in the Company and do not constitute an offer or invitation for the sale or purchase of any securities, nor do they, nor do they purport to, set out or refer to all or any of the information an investor might require or expect in making a decision as to whether or not to deal in shares in the Company. The Materials do not constitute and are not a prospectus or listing particulars (under either the Prospectus Regulations 2005 (as amended), the Financial Services and Markets Act 2000 (FSMA) or the Prospectus Rules of the Financial Services Authority) nor do they comprise an AIM admission document for the Rules of AIM, a market operated by the London Stock Exchange plc and should not be construed as such. No representation or warranty or other assurance, express or implied, is made by or on behalf of the Company or any of their respective directors, officers, employees, advisers or any other persons as to the fairness, accuracy or completeness of the information or estimates or opinions or other statements about the future prospects of the Company or any of their respective businesses contained in the Material s or referred to in the presentation given in connection therewith and no responsibility, liability or duty of care whatsoever is accepted by any such person in relation to any such information, projection, forecast, opinion, estimate or statement. The Companys Nomad Fairfax IS plc (Fairfax) has not approved the Materials as a financial promotion for the purposes of section 21 of FSMA or otherwise. Members of the public are not eligible to take part in the presentation or be provided with the Materials. In the United Kingdom, the Materials are only being directed at persons (i) reasonably believed by the Company to be investment professionals within the meaning of paragraph (5) of Article 19 or to high net worth companies or unincorporated associations within the meaning of paragraph (2) of Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529), as amended and (ii) who are qualified investors within the meaning of section 86(7) o f FSMA or otherwise in circumstances that will not have resulted and will not result in an offer of transferable securities to the public in the United Kingdom within the meaning of section 102B of FSMA. The investment or investment acti vity to which the Materials relate are available only to such persons and will be engaged with only with such persons. If you are not such a person (i) you should not take part in the presentation and nor should you have received the Materials, (ii) please return this document to the Companys registered office or representative at the presentation as soon as possible and take no other action, (iii) please leave the presentation immediately after returning th e Materials and (iv) you may not rely on or act upon the matters communicated by the Materials. Neither this presentation nor any copy of it or any of the Materials may be (i) taken or transmitted into the United States of America, (ii) distributed, directly or indirectly, in the United States of America or to any US person (within the meaning of regulations made under the Securities Act 1933, as amended), (iii) taken or transmitted into or distributed in Canada, Australia, the Republic of Ireland or the Republic of South Africa or to any resident thereof, or (iv) taken or transmitted into or distributed in Japan or to any resident thereof. Any failure to comply with these restrictions may constitute a violation of the securities laws or the laws of any such jurisdiction. The distribution of this document in other jurisdictions may be restricted by law and the persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. The Materials are being made available on the basis that the recipients keep confidential any information contained therein, whether orally or in writing, in connection with the Company. The Materials are confidential and must not be copied, reproduced, published, distributed, disclosed or passed to any other person at any time without the prior written consent of Fairfax, as agent for the Company. By attending the presentation and/or accepting a copy of the Materials you agree to be bound by the foregoing provisions. Forward-looking Statements The Materials contain forward-looking statements. These statements relate to the future prospects, developments and business strategies of the Company and its subsidiaries (the Group). Forward-looking statements are identified by the use of such terms as believe, could, envisage, estimate, potential, intend, may, plan, will or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in the Materials are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Groups actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements. These forward-looking statements speak only as at the date of the Materials. Competent Person The Competent Person responsible for the technical information contained in this presentation is Mr Paul Zweistra (Pr. Sci. Nat., Registration number 400016/93) a full-time employee of VP3 Geoservices (Pty) Limited. VP3 and Mr Zweistra have given their permission for their work to be quoted in this presentation.

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Diamond outlook

Source: WWW Forecasts Ltd, September2011

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Lace diamond mine

Owned 74% by DiamondCorp, 13% Shanduka Resources, 13% Sphere Investments.

R275M (US$36M) investment by DiamondCorp to December 2011. Fully granted mining right for the life of the mine. Drill defined +33Mt of kimberlite to the 855m level containing +13M carats of diamonds at an average grade of 40cpht valued at $160/ct. 1.2 Mtpa Dense Media Separation plant constructed and fully commissioned. All underground mining fleet required for the life of the mine on site. Estimated CapEx required R384M ($50M) Estimated revenue during development R406M ($56M) Estimated maximum cash drawdown during development R285M ($37M) First production after 19 months. Ramp up to full production after 43 months. Cashflow positive after 25 months. SRK Independent Engineering Report completed March 2012.

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The Lace kimberlite

Depth (m) Type & Category Main Pipe

Tonnage (Mt)

Grade (cpht)

Carats (Mct)

Satellite Pipe 1.375 0.025 1.066 2.466

Total 7.254 11.163 16.079 0.025 1.066 35.587

Main Pipe 24.4 24.4 56.8 40.12

Satellite Pipe 7.1 Unknown Unknown

Main Pipe 1.435 2.723 9.133 -

Satellite Pipe 0.098 Unknown Unknown

Total 1.533 2.723 9.133 13.389

High quality gems. Potential for pinks and intense lilac diamonds.

73-345 VK Indicated 345-855 VK Inferred 345-855 CK Inferred 345-600 VK Inferred 345-600 CK Inferred Total

5.879 11.163 16.079 33.121

Resource statement prepared March 2012 by VP3 Geoservices (Pty) Limited in accordance with the SAMREC Reporting Code.

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1.2m tpa recovery plant

$36M (R270M sunk cost) in mine development to date, inc. full underground mining fleet 200tph DMS recovery unit fully commissioned 2009.

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Bulk sampling results

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Bulk sampling results

Kimberlite type Tonnes sampled Carats recovered Recovered grade in carats per hundred tonnes (cpht) Estimated area of the pipe at the 25 level from sampling 15% Estimated area of the pipe at the 34 level from drilling Not encountered in drilling Not encountered in drilling

Contact VK

Contact VK

6,425

583.81

9.09

Grey VK

6,319

882.85

13.60

45%

Grey VK

Brown VK

2,670

690.75

25.87

40%

Predominates across the pipe

TOTAL

15,414

2,157.41

100%

Bulk sampling of kimberlite types was undertaken in June-September 2011 between the 25 and 26 levels.

Brown VK

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Mine development
47 level Block Cave
Main vent shaft

Independent Engineering Report completed by SRK Consulting, March 2012. CapEx R384 million ($50 million) Revenue during Development - R406 million ($53 million)

Men and materials decline to surface

Maximum drawdown - R285 million ($37 million) Cashflow from kimberlite Full production Maximimum drawdown (cashflow positive) Life of Mine Mining rate 18 months 43 months Month 25 +25 years. 1.2 Mtpa 4,000 tpd by conveyor

Updated 3D model to come

Conveyor decline to surface

Underground workshop

Block cave infrastructure

550,000 carats p.a. at peak prod. Revenues up to US$80M p.a. Operating margin - >50% Project NPV10% after tax cashflow 119m (DCP share 88m, 36p/share)
Underground crusher

IRR 64.7%

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Mine development

Conceptualised section through a typical block cave. Top right: After initial cave set up there is no further drilling and blasting. LHDs load broken ore from drawpoints and haul it to ore passes. Below: The kimberlite will be crushed underground and conveyed to surface for processing.

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Mine development
Advantages of Continuous Trough Block Cave
Undercutting done concurrently with troughs from production level.
Troughs easier to drill & blast than draw bells & undercut conventional ring drilling. Substantially less slot raising required. Slot raises can be top down if preferred as opposed to bottom up inverse raises. Final blasted slots can be physically observed from slot drive which forms top section of slot. Significant saving on overall schedule. Significant early tonnage from doming level.

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Lace production & cashflow

Carats 600,000 500,000 400,000 300,000 200,000 100,000 (20,000,000) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 (40,000,000) US$ 100,000,000 Revenue 80,000,000 60,000,000 After-tax cashflow 40,000,000 20,000,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

2,168 carats from underground bulk test (run of mine) valued February 2012 at $172 per carat. 80% of the diamonds by weight are gem quality. 40% greater than 1/3 carat.

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R1 232/ct (US$160/ct)
Grade/ cpht
Mining & Processing cost
(SRK reviewed)

Revenue/ Tonne R
124 320 370 431 493 555 616 678 739

10 26 30 35

Grade of VK
(VP3 Resource Statement)

Lace average grade

(VP3 Resource Statement)

40 45 50 55 60

CK grade kimberlite
(VP3 Resource Statement)

Sources: Definitive Cost Estimate prepared by DiamondCorp plc March 2012 using US$:ZAR exchange rate of 7.7000. Reviewed by SRK Consulting and used as the basis of an Independent Engineering Report dated March 2012 Resource Statement for Lace Diamonds (Pty) Limited by VP3 Geoservices (Pty) Limited, March 2012.

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South African structure

UK incorporated Listings on AIM Market and JSE Alt-X
100%

DiamondCorp Holdings Limited

BVI incorporated 74% 100%

Soapstone Investments (Pty) Limited

13% RSA incorporated
R270Mn shareholder loan (Oct 2011) SA prime+2%

13%

Lace Diamond Mines (Pty) Limited

RSA incorporated

100%

Lace Mine Mining Right

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Management team
Paul Loudon Kobus Kriel

Managing Director
Mining analyst with more than 25 years experience in mining corporate finance, stockbroking and mine development. Previously President, Battlefield Minerals Corp and Head of Equities at Loeb Aron & Co. Ltd. Company founder. Steve West

Underground Project Contract Manager, Lace Mine

Mining contracts manager with more than 25 years experience in underground mines in South Africa. Previously Production Manager for President Steyn Gold Mine. John (Chuck) Forrest

Chief Operating Officer

Mechanical engineer with more than 30 years experience in diamond mining and processing. Previously Group Project Manager for Trans Hex and Mine Manager, Cempaka, for Gem Diamonds. Bob Harverson

Chief Financial Officer

Mr Forrest is a CPA with more than 30 years experience in public company administration and financial management. He commenced his career with Pricewaterhouse Coopers and currently acts as finance director of several listed and unlisted public companies.

Group Mining Consultant

Independent mining consultant with more than 40 years experience in underground diamond mines in South Africa. Previously Mine Manager, Kimberley and Project Manager, Finsch for De Beers, then independent adviser to De Beers on block caving and underground mining across all operations. Mr Harverson is contracted to Lace to oversee the 37 Block Cave Development.

Euan Worthington

Executive Director
Mining analyst with more than 25 years experience in exploration, mining project development, analysis and corporate finance in the City of London.

Consultants
Marcin Wertz Paul Zweistra

Principal Mining Engineer, SRK Consulting, South Africa

Mining engineer with more than 20 years experience in the planning and design of underground mines. Prior to joining SRK Consulting in 1996, he was mine manager for Star Diamonds and held planning and production positions with De Beers at Finsch and Koffiefontein mines. Gerhard Keyter

Consulting Geologist
Independent consulting exploration and research geologist more than 24 years experience, particularly in diamond exploration and research for De Beers/Anglo American before being a founding partner of VP3 Geoservices (Pty) Ltd. Paul advises widely on kimberlite petrography and mineral chemistry as predictors of diamond carrying capacity. Johannes Ferierra

Appointed Rock Engineer

Geotechnical engineer with 17 years experience in civil engineering and mining. He has been involved in the design of open pit mines and other surface excavations over the past 17 years and has spent the last 6 years working on the design and construction of the underground works of Eskoms Ingula Pumped Storage Scheme. Rock engineer Koffiefontein Mine. Dr Patrick Bartlett

Consulting Geostatistician
Independent consulting geostatistician who commenced independent consulting in 2008 after more than 27 years with De Beers as Group Statistician. Johans speciality is the application of microdiamond analysis for sampling and estimation of diamond content in kimberlites.

Consulting Geologist
Independent consulting geologist with more than 40 years experience in underground diamond mines in South Africa. Previously Chief Geologist, Premier Mine and Block Cave School Project Leader for De Beers. Currently independent consultant, including adviser to Petra Diamonds on Koffiefontein mine.

Advisers
AIM Brokers Fairfax I.S. Plc Ocean Equities Limited Fairfax I.S. plc PSG Capital (Pty) Limited Cobbetts LLP Werksmans Inc. Malan Scholes Inc. Nomad JSE Sponsor Legal Advisers

Auditors
Technical Advisers

Deloittes LLP
SRK Consulting VP3 Geoservices (Pty) Limited GeoStable SA (Pty) Limited

Bankers

Barclays Bank plc Standard Bank of South Africa www.diamondcorp.plc.uk

Website

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Appendix A: Directors
Euan A. Worthington Paul R. Loudon

Executive Chairman
Mr Worthington has been involved in exploration, mining project development, analysis and corporate finance in the City of London for more than 25 years. He commenced his corporate finance career as mining analyst with Hoare Govett stockbroking in 1983, and has held positions as senior mining analyst with Shearson Lehman, divisional director and head of mining Research for S.G. Warburg Securities, head of mining Corporate Finance for BZW and head of the Metals & Mining team at ABN Amro. He has worked as an independent mining finance consultant since 2001, and is the non-executive chairman of African Eagle Resources, also listed on AIM. Mr Worthington holds a B.Sc. Geology (Hons) from Kings College, London, a DIC (Mineral Resources Engineering) and M.Sc. (Mineral Production Management) from Royal School of Mines, Imperial College, London. He is registered with the Engineering Council as a chartered engineer, a member of the Society for Mining, Metallurgy and Exploration, a Fellow of the Institute of Materials, Minerals and Mining, an associate of the Securities Institute and a past chairman of the Association of Mining Analysts.

Managing Director
Mr Loudon has more than 25 years experience in stockbroking, corporate finance and management of junior mining and exploration companies. He commenced his career as a mining journalist for the Australian Financial Review before entering stockbroking as the mining analyst for Intersuisse Limited in Sydney. He was partner in mining corporate advisory firm JSL Pacific Ltd before joining Indomin Resources Limited of Toronto as vice-president corporate development. He has been President of Battlefield Minerals Corporation of Toronto and non-executive chairman of BDI Mining Corp. before joining Loeb Aron & Company Ltd, a London corporate finance house specialising in the mining sector, as head of equities where he was responsible for raising significant sums of equity capital for resource companies listed in the UK, Canada and Australia. Mr Loudon is non-executive chairman of URU Metals Ltd, a non-executive director of Tantalus Rare Earths AG, Loeb Aron & Company Limited and an associate of the Securities Institute.

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Directors
Dr Jonathan Willis-Richards George Morton

Non-executive Director
Dr Willis-Richards holds a Bachelor's degree in Geology from Oxford University and a Master's Degree in Mining Geology from Camborne School of Mines. His PhD work and subsequent research made him internationally known for numerical modelling in the areas of mineralised and fractured geothermal systems. In 1996 he was a founding director of London-based mining corporate finance house Loeb Aron & Company Ltd where he is an executive director. Nick Allen

Non-executive Director
Mr Morton has more than 40 years experience in the banking and finance sector, including senior positions with Toronto-Dominion Bank, The Bank of Nova Scotia, Gulf International Bank, National Bank of Bahrain and Arab Banking Corporation. He is currently a non-executive director of European Islamic Investment Bank plc.

Non-executive Director
Mr Allen has worked in the mining industry for over 40 years, primarily in diamond mining and marketing, including lengthy periods with Consolidated African Selection Trust Limited, D. Drukker & Zn NV, George Evens of Antwerp and Benguela Concessions Limited. He is a non-executive director of Mercator Gold plc.

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Appendix B: Shareholders
Existing Shares Warrants (majority expire 2012 90p exercise price) Options (majority expire 2020 12p exercise price) 242,268,048 5,816,666 6,345,000

Significant shareholders European Islamic Investment Bank plc Majedie Asset Management Ltd Legal & General Investment Management Management, directors1 and founders
1

55,791,412 22,240,344 18,878,344 8,617,169

23.0% 9.2% 7.8% 3.6%

excluding EIIB shareholding which is represented at board level

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