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Trustco’s Mining Portfolio Investee Meya Recovers Exceptional 391-Carat Diamond in Sierra Leone
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
JSE share code: TTO
NSX share code: TUC
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
("Trustco" or "Company")
TRUSTCO'S MINING PORTFOLIO INVESTEE MEYA RECOVERS EXCEPTIONAL 391-
CARAT DIAMOND IN SIERRA LEONE
1. INTRODUCTION
1.1 Trustco Shareholders ("shareholders") are referred to the SENS announcement
on 10 November 2017 relating to Meya Mining ("Meya Mining"), located within the
eastern province of Sierra Leone, in which Trustco Group Holdings Ltd ("Trustco")
mining portfolio holds a 19.5% interest. In this announcement Meya Mining reported
that an exceptional 476 type IIa diamond was recovered at the Meya River domain
shortly after plant commissioning. At the time the Meya Prosperity, as it was then
named, was the 29th largest diamond ever recovered. It was sold by private treaty
for an amount of USD 16.5 million or USD 34 000 (thirty four thousand dollar per
carat). This information was disseminated to Shareholders on 21 December 2017.
1.2 Shareholders are further referred to the SENS announcement on 5 June 2024 where
Shareholders were advised that Z Star Mineral Consultants, an independent
consulting firm, established that the site resource value of Meya Mining was valued
at USD 763m. This value referred to the Meya River domain which represents < 3%
of the Meya Mining project. The report can be viewed at: (Link:
https://tinyurl.com/2twpv78v.)
1.3 In the report, it highlighted that the average selling price of diamonds recovered from the
Meya River domain on public auction, is USD380 per carat, but the sale of the 476ct
Meya Prosperity diamond has not been included in this price calculation, but has been
included in the grade calculation.
2. EXCEPTIONAL DIAMOND
2.1 Shareholders are advised that Meya Mining has successfully recovered a 391.45-carat
diamond from the Meya Mine, located in the Kono District, Eastern Sierra Leone. This
recovery occurred on Tuesday, 20 August 2024.
2.2 This exceptional diamond marks the second significant recovery from the Meya River
kimberlite domain, which is the first of 16 kimberlite domains within the Meya's licensed
area to be targeted for exploration and extraction.
2.3 The Meya Prosperity was part of a 523.44-carat diamond that fragmented into three
pieces (476.98 carats, 27.89 carats, and 18.58 carats). The recently recovered 391.45-
carat diamond was similarly part of a 514.99-carat diamond that fragmented into three
pieces, resulting in stones of 391.53 carats, 105.43 carats, and 18.11 carats.
2.4 The recovery of this large, superdeep Type IIa diamond is significant from a geological
perspective. Type IIa diamonds are known to originate from the earth's lower mantle at
depths of approximately 750 kilometers, compared to the typical 150-250 kilometers
where most natural diamonds form. According to Casey Hetman, P.Geo. from SRK
Consulting, large Type IIa diamonds that were sampled from the lower mantle and
transported to the surface at Meya have a better chance of remaining intact during
emplacement close to the surface because they are not subjected to explosive
fragmentation processes related to pipe development, because they have been
emplaced within dykes at Meya.
2.5 Since 1945, six of the largest diamonds recovered globally have originated this area.
These notable diamonds include the 770-carat Woyie Diamond (1945), the 620-carat
Sefadu Diamond (1970), the 969-carat Star of Sierra Leone (1973), the 709-carat Peace
Diamond (2017), the 476-carat Meya Prosperity (2017), and now the 391-carat diamond
recovered in 2024.
2.6 The frequency and size of these exceptional diamond recoveries continue to underscore
Sierra Leone's geoeconomic potential, particularly as a leading source of high-value
diamonds on the global stage.
2.7 Shareholders are advised that the current valuation matrix used to value the 19.5%
holding of the Company in this venture of USD 110m might change in future to include
the historical exceptional finds.
Windhoek, Namibia,
27 August 2024
Komada Holdings (Pty) Ltd
Company Secretary and Investor Relations Services to Trustco Group Holdings
Limited
JSE Sponsor
Vunani Sponsors
NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek
OTCQX Sponsor
J.P Galda & Co – New York
Date: 27-08-2024 01:05:00
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