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Final results for the year to 30 June 2012
Key financial indicators:

* Revenue from emerald and beryl sales more than doubled to US$83.7 million
(2011: US$40.2 million);

* Profit before tax and exceptional items increased by 140% to US$47.8
million (2011: US$19.9 million);

* Profit after tax, including the impairment reversal of the Kagem mine, of
US$161.5 million (2011: US$21.4 million);

* Year-end cash at bank improved by 169% to US$36.7 million (2011: US$13.6
million);

* Estimated cost of emerald and beryl inventory on hand of US$26.6 million
(2010: US$18.7 million);

* Post-tax NPV (at a 10% discount rate) of US$372 million from SRK Consulting
(UK) Limited's ("SRK") underground feasibility study for Kagem's principal
pit, based on Joint Ore Reserves Committee of the Australasian Institute of
Mining and Metallurgy, Australian Institute of Geoscientists and Minerals
Council of Australia ("JORC") compliant resource update.

Key operational developments during the financial year:

* Average monthly operating costs of US$1.34 million (2011: US$1.07 million);

* Ongoing significant waste moving programme at the Kagem mine to open new
areas of ore;

* Total of 8.7 million tonnes (2011: 3.9 million) of rock handled;

* Annual production of 21 million carats, a 36% decrease in year-on-year
production, reflecting the focus on waste removal during the first half of
the year (2011: 33 million carats);

* Grade for the year reduced to 205 carats per tonne, a direct result of the
lower grade areas being mined during the waste moving programme (2011: 478
carats per tonne);

* Acquisition of a 75% stake in the noteworthy Montepuez ruby deposit in
Mozambique completed;

* Certificate of commendation awarded to Kagem by the Zambian Mines Safety
Department in recognition of achieving two million injury-free shifts;

* Dynamic marketing initiatives implemented, increasing consumer awareness
and supporting firm demand.





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