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Lipari’s roots start in the northeast of Brazil with the development of its Braúna diamond mine, wholly-owned by our Brazilian subsidiary Lipari Mineração Ltda. The Braúna mine is Brazil’s largest diamond producer, representing 87% of Brazil’s natural diamond production in 2023.
Lipari’s current management group first acquired the Braúna kimberlites in 2005, when the group operated under the corporate banner of Vaaldiam Resources Ltd., a Canadian-listed diamond producer (TSX) which had producing alluvial diamond mines in the States of Minas Gerais, and Mato Grosso, Brazil. Through Vaaldiam, the group invested over US$28 million in the exploration and development of the Braúna kimberlites. In 2012 Vaaldiam was subject to a take-over by Osisko Gold Royalties, and the ownership of the Braúna mine was transferred to the current management group in exchange for a 1% royalty on future diamond production. Following this transaction, US$61 million was invested in the development and construction of the Braúna mine. The mine commenced commercial production in July 2016, and as of December 31, 2024, has produced 1,188,767 carats of natural rough diamonds. Open pit production from the Braúna 3 deposit reached its conclusion in May 2023 with diamond production through the remainder of 2023 coming from stockpiled ore. During 2024 Lipari commenced a project to transition the mine from the open pit to an underground mining operation, which is projected to extend the life of the diamond production for at least another 4 years.
In February 2023, Lipari completed its acquisition of a 75% equity interest in the Tchitengo Property which is situated along the border between the Lunda Norte and Lunda Sul provinces of northeastern Angola. The property encompasses 30 kimberlites, including 2 kimberlites which have reached an advanced stage of development. The 10.6-hectare Tchiuzo kimberlite was advanced to a pre-feasibility phase of development by Sociedade Mineira de Catoca during the period 2006 through 2013. The 10-hectare Tchegi-38 kimberlite was discovered by BHP Billiton in 2008 and reached the bulk sampling stage of development.
As part of the transaction to acquire the Tchitengo Property, Lipari also acquired the Jaibaras diamond project in the State of Pará, Brazil. The property encompasses 4 kimberlite pipes and associated kimberlite dikes
In March 2023, Lipari entered into a share exchange agreement with Golden Share Resource Corporation to amalgamate the two companies by a reverse takeover transaction and list the company on the CBOE Canada stock exchange. The reverse takeover transaction and listing on CBOE were completed in February 2025. As a result of the transaction, Lipari acquired the early-staged Ogoki diamond project, as well as the Band-Ore gold project, both located in the Province of Ontario.
