Burgundy Diamond Mines : Q3 Investor Call

Q3 2023 RESULTS CONFERENCE CALL

NOVEMBER 2, 2023

BURGUNDY DIAMOND MINES LIMITED

ASX: BDM

BURGUNDYDIAMONDS.COM

ABOUT US

A reliable producer of premium rough diamonds to the global luxury market.

Burgundy Diamond Mines is a premier global diamond company that proudly produces and delivers ethically sourced diamonds from its world-renowned Ekati Diamond Mine in Canada's Northwest Territories to market. Burgundy's unique end-to-end business model with total chain of custody provides unquestionable diamond origin and traceability along every step of the process, providing the ability to safeguard the ethical production of its diamonds from mining to marketing and discovery to design.

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IMPORTANT NOTICE AND DISCLAIMER

This Presentation is given on behalf of Burgundy Diamond Mines Limited (ASX: BDM) (ABN 33 160 017 390) (Burgundy or Company). By accepting, accessing or reviewing this Presentation, you acknowledge and agree to the terms set out in this Important Notice and Disclaimer.

Information in this Presentation and Disclaimer

This Presentation has been provided to you solely to convey information about Burgundy. This Presentation is for information purposes only is not a recommendation or advice in relation to Burgundy or any product or service offered by Burgundy or any of its subsidiaries. The information in the Presentation is of a general nature only, does not purport to be complete and is not intended to be relied upon as advice to investors or potential investors in evaluating a possible investment in Burgundy. It has been prepared by Burgundy with due care, but other than as required by law, no representation or warranty, express or implied, is provided in relation to the accuracy, fairness or completeness of the information, opinions and conclusions contained in this Presentation. To the maximum extent permitted by law, none of Burgundy and its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this Presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness or correctness, likelihood of achievement of reasonableness of any forecasts, prospects, statements or returns contained in this Presentation. Such forecasts, prospects, statements or returns are by their nature subject to significant uncertainties and contingencies. Actual future events may vary from those included in this Presentation.

Statements in this Presentation are made only as of the date of this Presentation, unless otherwise stated, and the information in this Presentation remains subject to change without notice. None of Burgundy, its representatives or advisers is responsible for updating, or undertakes to update, this Presentation. Items depicted in photographs and diagrams are not assets of Burgundy, unless stated.

This Presentation should be read in conjunction with Burgundy's other periodic and continuous disclosure information lodged with the ASX, which are available at www.asx.com.au and on Burgundy's investor relations centre accessible via https://www.burgundydiamonds.com/investors/asx-announcements

Not financial product advice or offer

This document is based on information available to the Company at the time of preparation from sources believed to be reliable, and it remains subject to the qualifications in this document. This document is not, and should not be construed as, a recommendation by the Company or any of its related bodies corporate (as that term is defined in the Corporations Act), affiliates or associated entities or any of their respective officers, directors, employees, partners, contractors, consultants, agents or advisers or any other party referred to in this document to you to invest in the Company.

This Presentation has been prepared without accounting for any person's individual objectives, financial or tax situation or any particular needs. Readers should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs, make their own enquiries and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Burgundy and the impact that different future outcomes may have on Burgundy, and seek legal and taxation advice appropriate for their jurisdiction.

No offer or advertisement

This Presentation does not constitute an invitation, recommendation, advertisement or offer to apply for shares and does not contain any application form for shares. Neither this Presentation nor anything contained in it shall form the basis of any contract or commitment and it is not intended to induce any person to engage in, or refrain from engaging in, any transaction.

This Presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. The distribution of this Presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this Presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws.

Past performance

Past performance information, including past share price information, given in this Presentation is given for illustrative purposes only and should not be relied upon as an indication of future performance.

Future performance

Forward-looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements reflect expectations as at the date of this Presentation. However, they are not guarantees or predictions of future performance or events or statements of fact. They involve known and unknown risks, uncertainties and other factors, many of which are beyond Burgundy's control, and which may cause actual results to differ materially from anticipated results, performance or achievements expressed or implied by the forward-looking statements contained in this Presentation.

Other than as required by law, although they believe there is a reasonable basis for any forward-looking statements, neither Burgundy nor any other person (including any director, officer or employee of Burgundy or any related body corporate) gives any representation, assurance or guarantee (express or implied) as to the accuracy or completeness of each forward-looking statement or that the occurrence of any event, results, performance or achievement will actually occur. Except as required by applicable laws or regulations, Burgundy does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events.

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IMPORTANT NOTICE AND DISCLAIMER

Financial information

Certain financial data included in this Presentation is 'non IFRS financial information' and "non-GAAP" financial measures under Regulation G of the U.S. Securities Exchange Act of 1934, as amended. These measures are used internally by management to assess the performance of the business and make decisions on the allocation of resources and are included in this Presentation to provide greater understanding of the underlying financial performance of the Burgundy's operations.

When reviewing business performance, this non-IFRS/non-GAAP information should be used in addition to, and not as a replacement of, measures prepared in accordance with IFRS. Readers are cautioned not to place undue reliance on any non-IFRS/non-GAAP financial information and ratios included in this Presentation. The non-IFRS/non-GAAP information has not been subject to audit or review by Burgundy's external auditor.

The non-IFRS/non-GAAP measures do not have any standard definition under IFRS and may be calculated differently by other companies.

Market share information

All market share information in this Presentation is based on management estimates and internally available information, unless otherwise indicated.

Reliance on third party information

The views expressed in this Presentation contain information that has been derived or sourced from publicly available sources or third parties (such as market and industry data). Such information has not been independently verified by Burgundy nor have those third parties or industry or general publications authorised or approved the publication of this Presentation. No representation or warranty is made as to the accuracy, completeness or reliability of such information. This Presentation should not be relied upon as a recommendation or forecast by Burgundy.

Ore Reserves and Mineral Resources Reporting

The information in this announcement with respect to Mineral Resources and Ore Reserves for the Ekati Diamond Mine were released by the Company on 7 June 2023 (Prospectus). The Company confirms it is not aware of any new information or data that materially affects the information included in the Prospectus and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

Data, photographs and diagrams

Photographs and diagrams used in this Presentation that do not have descriptions are for illustration only and should not be interpreted to mean that any person shown in them endorses this Presentation or its contents or that the assets shown in them are owned by the Company. Diagrams used in this Presentation are illustrative only and may not be drawn to scale. Unless otherwise stated, all data contained in charts, graphs and tables is based on information available at the date of this document.

Currency

All amounts in this Presentation are in Australian dollars unless otherwise stated.

Effect of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation.

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Q3 Highlights (All currency figures in US Dollars unless otherwise stated)

• Revenue of $91.2 million, up 13% on the prior corresponding period (Q3 2022: $80.9 million)
• Average realised price of $116 per carat up 29% on the prior corresponding period (Q3 2022: $90 per carat)
• Carats recovered of 1.4 million, up 36% on the prior corresponding period (Q3 2022: 1.0 million)
• Average grade of 1.26, up 24% on the prior corresponding period (Q3 2022: 1.02)
• Carats sold of 0.79 million, down 13% on the prior corresponding period (Q3 2022: 0.90 million) in line with previously announced September sales performance as the next auction sale event completed post quarter-end.
• Total tonnes mined of 5.0 million tonnes, down 22% on the prior corresponding period (Q3 2022: 6.4 million tonnes) due in part to lower waste stripping requirements.
• Tonnes processed of 1.1 million tonnes, up 10% on the prior corresponding period (Q3 2022: 1.0 million)
• Adjusted EBITDA of $21.1 million
• Cash of $45.5 million, rough diamond inventory of 156.9 million, and net debt (excluding rough diamond inventory) of 89.1 million to end the quarter.
• Successful completion of the transformational acquisition of Ekati Diamond Mine (Ekati)

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Q3 SALES UPDATE

Three months ended 30 September 2023

(All currency figures in US Dollars unless otherwise stated)

	Q3 2023	Q3 2022	Variance
Carats Sold	784,681	900,579	-13%
Revenue	$91.2	$80.9	13%
Realised price per carat	$116	$90	29%
Cash cost per carat	$66.9	$47.71	40%
Cash margin per carat	$49.4	$42.3	17%
Cash margin %	43%	47%	-9%

• Three auctions held during the quarter (including one for special stones)
• Four auctions planned for the next quarter (including one for special stones)

Note 1: Q3 2022 Cash cost per carat lower due to high waste capitalization due to catch-up of waste stripping during Q2 & Q3 2022 which flows into PP&E and unwinds as depreciation when strip ratio above average life of mine strip ratio.

DIAMOND MARKET

• Soft market at present due to :
• • Retreat from post-covid high point
  • Over supply by major producers (Russia)
  • Some lab-grown encroachment
  • Rough inventory build-up
• Market actions :
• • Rough sale suspensions by major producers
  • India voluntary import ban
  • G7 Sanctions implementation in early 2024
  • Increased focus on provenance
• The quality of the Ekati product and Canadian provenance remain highly valued in the market
• Diamond market fundamentals remain sound

Source - Paul Zimnisky - Oct 2023 State of the Diamond Market Monthly Report	7

Q3 OPERATIONS UPDATE

Three months ended 30 September 2023

	Units	Q3	Q3	Variance
		2023	2022
Total tonnes mined	Wmt	4.97	6.40	-22%
Ore tonnes mined	Wmt	1.24	0.47	164%
Tonnes processed	Dmt	1.09	0.99	10%
Carats recovered	mCts	1.37	1.01	36%
Grade	C/t	1.26	1.02	24%
Rough diamond inventories	mCts	1.89	1.17	62%

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POINT LAKE PROJECT UPDATE

Progress during Q3 2023

• Phase 2 dewatering completed
• • 92% of water volume pumped out
  • Barge/pump retrieval in progress
• Open pit mining approval received
• WRSA approval expected in early Q4

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Q3 FINANCIAL UPDATE

Three months ended 30 September 2023

(All currency figures in US Dollars unless otherwise stated)

Cash

Diamond inventories

Bank loans and Borrowings

Other Obligations (capital leases and notes)

Consolidated Net Debt(Cash)

Consolidated Net Debt(Cash) including diamond inventories

As at 30 As at 30 June September 2023 2023 Pro forma

45.568.5

156.9 129.3

73.873.8

60.863.3

89.169.0

(67.8) (60.7)

Note: The proforma figures represent Burgundy Diamond Mines Ltd. consolidated with Arctic Canadian Diamond Company Ltd and Arctic Canadian Diamond Marketing NV ("Arctic entities") assuming the acquisition of Arctic entities was completed on June 30, 2023.