HONG KONG SAR - 4 February 2025 - The Government of the Republic of Botswana ("GRB") and De Beers Group ("De Beers") are pleased to announce the successful conclusion of negotiations focused on establishing a new sales agreement for Debswana's rough diamond production, as well as extending Debswana's mining licences beyond 2029. This development is in alignment with the Heads of Terms agreed on September 30, 2023.

Debswana, a 50:50 joint venture between the GRB and De Beers, operates several leading diamond mines in Botswana: Jwaneng, Orapa, Letlhakane, and Damtshaa.

Following the issuance of new mining licences by the appropriate regulatory authorities in Botswana and final governance approvals, both parties look forward to signing and executing the relevant agreements. Until the execution of these new agreements, the terms of the existing agreements will continue to remain in effect.

The GRB and De Beers reaffirm their commitment to their enduring partnership, which has lasted over 50 years. This collaboration is aimed at the responsible recovery, marketing, and sale of diamonds, ensuring the sustainability of the global diamond industry while enhancing the significant fiscal and societal contributions that diamonds provide to Botswana.

The GRB and De Beers remain steadfast in their dedication to fostering a robust and sustainable diamond sector that positively impacts the nation's economy and supports the welfare of its citizens.

About Botswana

Botswana, a thriving democracy, is located in Southern Africa. It is the topmost producer of diamonds by value. Botswana is renowned for the rule of law, including respect for property rights. Heralded for its ease of doing business in the mining sector, it is by no coincidence that it is a premier investment destination for mining.

The Botswana government has placed a strong emphasis on the effective management of its diamond resources, recognizing their pivotal role in the nation's economic development. By exercising careful oversight and strategic partnerships, Botswana maximizes revenue from diamond sales, strengthen its

position as a key player in the global diamond market and ensuring that these valuable resources drive sustainable socio-economic growth. With a focus on sustainable practices, the government is dedicated to ensuring that the wealth generated from diamond mining contributes significantly to the welfare of its

citizens. Revenue from these sales is strategically reinvested to foster growth, infrastructure development, and social programs, ultimately positioning Botswana as a stable and prosperous socio-economic hub in the region. This commitment underscores the government's vision of enhancing the livelihoods of its people while promoting overall national prosperity, thereby solidifying Botswana's reputation as a forward-thinking and resilient nation in the face of global economic challenges.

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