Luxembourg, 10 February 2026
The Jean Boulle Group (“the Group”) is pleased to welcome the announcement made today by JBDM (“the Company”) that it has completed its highly successful two-year exploration programme and confirmed the potential of its Cacuílo diamond concession (“Cacuílo”) in Angola. The Company is finalizing the submission of a Mining Licence application for Cacuílo and presenting its development plans as part of the official Angolan delegation (“the Delegation”) at the 2026 Investing in African Mining Indaba, held in Cape Town, South Africa.
JBDM’s participation in the Delegation underlines Cacuílo’s importance in the context of Angola’s growing diamond sector and endorses the effectiveness of the country’s modern permitting and licensing processes which supports good operating practices and the responsible corporate stewardship of assets.
Commenting on the JBDM announcement, Jean-Raymond Boulle, said:
“Once again the Group has proven its ability to identify and develop compelling opportunities in the mining sector. We have enabled the management of our investee company to create value for investors as well as to support broader development goals in the country that hosts our assets.
“We look forward to continuing the relationships we have built with the people of Angola and are pleased to be alongside their government’s own investment promotion at the Mining Indaba in Cape Town.
“I congratulate our team, our partners in the project and the supportive community on their achievements. Thank you for your persistence in discovery.”
The announcement below was issued today by JBDM:
PRESS RELEASE
JBDM Ltd Completes Successful Exploration Program and
Advances Cacuílo Mining Licence Application in Angola
For immediate release
Cape Town / Luanda – 10 February 2026 – JBDM Ltd (“JBDM” or “the Company”), the global diamond exploration and mining company focused on discovering the rarest high-value diamonds, announces the completion of its highly successful two-year exploration programme which has confirmed the potential on its Cacuílo diamond concession (“Cacuílo”) in Angola. The Company is today finalizing the submission of a Mining Licence application for Cacuílo following the recovery of diamonds, currently at +5,600 carats, during its sampling program. Subject to mining licence approval and final investment decisions, the Company’s development plan aims to commence mining by July 2026 with early-stage production commencing during Q3 2026.
Given the success of JBDM’s investments in Angola, the Company is pleased to be presenting its in-country projects and development plans as part of the official Angolan delegation (“the Delegation”) at the 2026 Investing in African Mining Indaba, held in Cape Town, South Africa. JBDM’s participation in the Delegation underlines Cacuílo’s importance in the context of Angola’s growing diamond sector and endorses the effectiveness of the country’s modern permit and licensing processes which support good operating practices and the responsible corporate stewardship of assets.
The critical Mining Licence application workstreams (the mine plan, Environmental Impact Assessment and full Feasibility Study) are complete for submission to Angola’s National Mineral Resources Agency, with the support of government partner ENDIAMA and the Company’s Angolan stakeholders.
The results of the exploration programme show the presence of large, high-value diamonds whose profile confirms Angola’s position in the global high-value alluvial diamond market.
Chairman of the JBDM Board, Mr. Bertrand Boulle, said:
“Cacuílo is a cornerstone growth project for JBDM and a clear demonstration of Angola’s attractiveness for long-term diamond industry investment. As we move towards development, we remain committed to responsible practice in safety, environmental management and community engagement. Our progress contributes meaningfully to Angola’s diversified growth objectives.”
JBDM is part of the Jean Boulle Group and is focused on diamond exploration and mining with interests in Angola, Namibia and Finland. The Company combines international technical expertise with strong local partnerships, to advance projects from early-stage exploration through to sustainable mine development.
The Cacuílo Project
The Cacuílo concession is located on a strategic stretch of the Cacuílo River in Angola’s Lunda Norte Province, immediately downstream of the well-known Lulo mine, known for producing exceptional and large (100+ carat) diamonds. The concession has progressed from preliminary field testing and mobilization activities in 2023 into a structured bulk-sampling operation, providing a robust geological and operational baseline for mine development over an initial ± 25 km2 target area within the broader 2,400 km2 concession.
Exploration Results and Diamond Recovery
Between 27 September 2023 and 31 December 2025, JBDM completed 40 trenches and 941 auger drill holes across the target area, processing 109,839 tones in run-of-mine gravel. Diamond recoveries totalled 5,290 carats in 5,514 stones, with an average stone size of 0.96 carats.
A 1,796-carat parcel valued at US$748 per carat in November 2024 confirmed the project’s consistent large-stone, high-value diamond profile. Seven special stones larger than 10.8 carats were recovered during the sampling program, including a 21.3-carat diamond from the Lezíria do Laemba area. These results validate the presence of the same style of large, high-value stones that have made the adjacent Lulo deposit one of the most attractive alluvial diamond projects globally.
Resource Base and Development Potential
Based on extensive bulk sampling, an inferred resource estimate has been prepared for the southwestern portion of the concession and is currently under internal and independent review. This Maiden Resource[1](under review) is currently estimated at 3,518,704 m³ of gravel (bulked and diluted), containing 265,810 carats of diamonds, at an average grade of 0.076 m3. In addition, exploration-target mineralisation is speculated at 3,556,967 m³ (bulked and diluted), containing 376,216 carats at an average grade of 0.106 m3.
Key technical workstreams required to support the Mining Licence application have been completed, including the mine plan, Environmental Impact Assessment (EIA) and full Feasibility Study. These have been compiled for submission to Angola’s National Mineral Resources Agency (ANRM).
Subject to mining licence approval and final investment decisions, the development plan targets commencement of mining by July 2026 and early-stage production during Q3 2026. The operation is expected to process approximately 800,000 tons run of mine per year, supporting an initial production profile of approximately 63,000 carats per annum over an initial mine life of 10 years.
At full production, the project is expected to employ approximately 400 people directly, with priority recruitment and supplier development in Xamiquelengue/Lunda Norte. Continued exploration will focus on developing a second mining sector in the confluence area of the Cacuílo and Lulo rivers, to the north of the current target area.
Environmental Stewardship and Biodiversity
JBDM and its Angolan operating subsidiary, Rio Branco Exploração E Comércio de Diamantes Lda (“RBD”), are committed to high standards of environmental, social and governance. Since 2022, the Cacuílo project has implemented a science-based biodiversity monitoring program combining environmental DNA (eDNA) sampling and satellite remote sensing. Effective mine design and implementation of controls are possible due to related information gathered:
- Baseline biodiversity and habitat-condition data for the Cacuílo River corridor and adjacent
terrestrial areas.
- Early-warning monitoring to detect unplanned environmental change and trigger adaptive
management actions.
- Inputs to water management, sediment control and riparian buffer design to protect downstream users and aquatic habitat.
- Progressive rehabilitation planning supported by measurable targets for post-mining habitat recovery.
Monitoring will continue throughout construction and operations, with results reported annually to ANRM and relevant environmental authorities, aligned with the Taskforce on Nature-related Financial Disclosures (TNFD) framework.
Leadership and Project Governance
To strengthen in-country leadership as Cacuílo transitions from exploration into development, JBDM has appointed Eng. Tobias Junge as the company’s representative in Angola. Eng. Junge is an international mining executive with extensive experience in Angolan diamond operations and is overseeing project development and the Cacuílo Mining Licence application process.
Eng Tobias Junge, JBDM’s representative in Angola, said:
“Over the past three years, Cacuílo has progressed from a conceptual opportunity into a technically de-risked development project with demonstrated large-stone, high-value potential downstream of one of Angola’s flagship diamond mines.
“With our mine plan, EIA and feasibility study complete, we are now focused on securing the Mining Licence and advancing towards responsible production in close alignment with ANRM, ENDIAMA as our government partners and our other Angolan stakeholders.”
Ends
Contacts
For JBDM:
Sybrand van der Spuy
Tel: +27 78 455 8700
Angola: +244 923 697 397
For Jean Boulle Group:
Michael Oke/Andy Mills
+44 207 321 0000
About JBDM
JBDM Limited is a privately held diamond exploration and development company focused on
discovering the world’s rarest natural diamonds and establishing responsible operating practices to achieve sustained benefits for its stakeholders. The Company’s current diamond portfolio includes assets in Angola, Namibia and Finland, with its primary focus being the alluvial and kimberlitic diamond projects in Angola.
JBDM operates in jurisdictions with established regulatory systems, effective governance frameworks and appropriate safety and environmental standards. The Company invests where it also has access to personnel with the requisite skills and business principles to create demonstrable economic and social value.
Its highly experienced teams are expert at converting geological potential into sustainable shareholder returns by combining their knowledge of exploration, mining, investment, legal and marketing capabilities.
About RBD
RBD holds 51% interest in the Cacuílo Prospecting Licence, with ENDIAMA E.P. holding 34% interest and the remaining 15% interest is held by three private Angolan entities. RBD is held by a Mauritius-based holding, Husky International Investment Ltd. (“Husky”), in which JBDM owns a 51% interest.
About Jean Boulle Group
The Group is principally active in natural resources, medical technology, therapeutics, energy, luxury and philanthropy. Since its foundation by Jean-Raymond Boulle the Group has completed transactions worth more than US$5 billion. Its investments span early-stage private funding for innovative technologies through to acquisitions, special situations and strategic investments in publicly traded companies on leading stock exchanges. The Group often co-invests alongside state investment and pension funds and uses its specific industry knowledge to discover, evaluate and develop new enterprises.
Mr. Boulle was the Chairman, founder and CEO of Diamond Fields Resources Inc., a company listed on the Toronto Stock Exchange that discovered the Voisey’s Bay Mine (acquired by Inco Ltd. in 1996 for $4.3 billion) which shares the same geology as the Greenland Anorthosite Mining resource. Mr. Boulle was subsequently involved in several successful mining companies, including Adastra Minerals Inc. (acquired by First Quantum Minerals Ltd. in 2006 for approximately US$275 million) and World Titane Holdings Ltd. (acquired by Base Resources Ltd. in 2017 for US$90 million). Mr. Boulle started his career at the De Beers Diamond Trading Company London where he worked for ten years in Zaire, Sierra Leone and Belgium.
As an investor and entrepreneur, Mr. Boulle has founded a number of mining companies that have made discoveries of nickel, cobalt, copper, zinc, titanium and diamonds. Mr. Boulle has successfully listed companies on the following stock exchanges: AIM (England), TSX (Canada), ASX (Australia) and SEM (Mauritius). Beyond mining, he has established businesses in sectors including medical technology, therapeutics, agriculture, luxury and energy. The Jean Boulle Group supports a range of environmental and conservation projects with a focus on Mauritius, where he was born.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws, including statements relating to alluvial diamond exploration results, grade and value assumptions, geological continuity, downstream potential, planned work programmes, and future development activities. Such statements are based on the management’s current expectations and interpretations of data derived from limited sampling and exploration and are subject to significant risks and uncertainties, including the inherently variable nature of alluvial diamond deposits, sampling representativity, recovery and valuation factors, geological and geomorphological complexity, regulatory and permitting considerations in Angola, and economic and operational conditions. Forward-looking statements are not guarantees of future performance, and actual results may differ materially. Readers are cautioned not to place undue reliance on these statements. JBDM undertakes no obligation to update or revise forward-looking statements except as required by applicable law.
[1] These figures are preliminary and form part of a maiden resource report that is currently under internal and independent review. Projections in this report do not yet constitute reserves and remain subject to change as further technical, economic and regulatory assessments are completed.