Southstone sells 803.58 carats in Q4

Executive Summary

• Southstone Minerals reported Q4 2025 diamond sales of 803.58 carats at an average price of $1,839 per carat, generating $1.48 M in revenue – a 31% increase in volume and 61% increase in revenue versus the prior quarter.
• The company entered a second addendum to its binding term sheet with Afrium Energy, extending the Botswana uranium acquisition deadline to March 12 2026 to allow time for licence renewals.
• Southstone disclosed non‑compliance with TSX Venture Exchange board composition rules and outlined forthcoming appointments (CFO and additional independent director) that will restore compliance upon closing of the Afrium transaction.

Key Details

• Diamond Sales – Q4 2025 (June–August): 803.58 carats sold, up 31% QoQ.
• Average price: $1,839 per carat, up 23% QoQ.
• Revenue: $1.48 M, up 61% QoQ.
• Special diamonds (≥10.8 ct): 8 stones sold for $833,976; three stones fetched >$5,000 per carat.
• Mid‑size diamonds (5.3–9.6 ct): 14 stones sold for $334,659.
• Additional production: 124.50 carats produced in late August, including an 18.8‑carat special slated for September tender.
• Historical sales since 2014: 11,048 carats sold; average size 2.06 ct; average price $1,631 per carat; total sales $18.0 M.
• Acquisition Addendum with Afrium Energy: Effective Sept 12 2025; extends acquisition deadline to March 12 2026; all other terms unchanged. Purpose: allow time for renewal of three Botswana prospecting licences.
• Corporate Governance: Current non‑compliance with TSX Venture Exchange Policy 3.1/3.2 (board composition, officer appointments). Planned actions upon transaction close: appoint a separate CFO and at least one additional independent director to form a compliant audit committee.
• Technical Disclosure Approval: Terry L. Tucker, PGeo, Executive Chairman, qualified person under NI 43‑101.

Notable Quotes

(No direct quotes were provided in the release.)