PRG.L Share News (PRG)

AIM-listed Paragon Diamonds gave a confident outlook in its full year results on Friday, describing 2014 as a "transformational time" for the company.The miner said it made "significant strides" towards achieving its strategy and has laid the foundations for "significant growth" as it gears up to move its Lemphane kimberlite project in Lesotho, Africa, into diamond production later in 2015.It is in the process of acquiring the Mothae Kimberlite mine in Lesotho, which will then also be moved into production this year.Chairman Philip Falzon Sant Manduca said: "Once the acquisition of Mothae has completed and we successfully move into production at both Mothae and Lemphane, the board of Paragon will look to cement its vertically integrated business model [...] there also exist a number of potentially lucrative lateral opportunities for Paragon, which we are keen to explore, such as the establishment of diamond investment vehicles for investors specifically looking for exposure to hard assets and commodity currencies."Lastly, should another exciting non-exploration status asset become available, we could add further to our existing asset base.Losses for the year totalled £10.3m, up from £1.3m the previous year.The group had £0.1m cash at the period end compared to £0.2m a year earlier and net assets of £24.5m compared to £30.9m.Looking ahead, the group said: "With supply struggling to keep up with rising demand, securing a source of large investment grade stones is key, as it provides the foundation from which we can roll out our strategy."Thanks to the progress made during both the year under review and post period end, we have what we believe are two impressive development projects located in a renowned diamondiferous region of Lesotho."The two mines are expected to generate combined revenues of around $36m in the first full 12 months of both mines being in production.