21
Fourth Quarter and Full Year 2018 Results March 28 th , 2019
Fourth Quarter and Full Year 2018 Results March 28th, 2019
Forward Looking Information
2
This document contains forward-looking information (as defined in National Instrument 51 102 – Continuous Disclosure Obligations) and forward-looking statements within the meaning of Canadian securities legislation and theUnited States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking information” or “forward-looking statements”). These forward-looking statements are made as of the date of thisdocument and, the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
These forward-looking statements relate to future events or future performance and include, among others, statements with respect to Stornoway’s objectives for the ensuing year, our medium and long-term goals, andstrategies to achieve those objectives and goals, as well as statements with respect to our management’s beliefs, plans, objectives, expectations, estimates, intentions and future outlook and anticipated events or results. Althoughmanagement considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of Mineral Reserves, Mineral Resources and explorationtargets; (ii) the estimated amount of future production over any period; (iii) net present value and internal rates of return of the mining operation; (iv) expectations and targets relating to recovered grade, size distribution andquality of diamonds, average ore recovery, carats recovered, carats sold, internal dilution, mining dilution and other mining parameters set out in the 2016 Technical Report as well as levels of diamond breakage; (v) expectations,targets and forecasts relating to gross revenues, operating cash flows and other revenue metrics set out in the 2016 Technical Report, growth in diamond sales, cost of goods sold, cash cost of production, gross margins estimates,planned and projected diamond sales, mix of diamonds sold, and capital expenditures, liquidity and working capital requirements; (vi) mine and resource expansion potential, expected mine life, and estimated incremental orerecovery, revenue and other mining parameters from potential additional mine life extension; (vii) expected time frames for completion of permitting and regulatory approvals related to ongoing construction activities at theRenard Diamond Mine; (viii) the expected time frames for the completion of the open pit and underground mine at the Renard Diamond Mine; (ix) the expected financial obligations or costs incurred by Stornoway in connectionwith the ongoing development of the Renard Diamond Mine; (x) mining, development, production, processing and exploration rates, progress and plans, as compared to schedule and budget, and planned optimization, expansionopportunities, timing thereof and anticipated benefits therefrom; (xi) future exploration plans and potential upside from targets identified for further exploration; (xii) expectations concerning outlook and trends in the diamondindustry, rough diamond production, rough diamond market demand and supply, and future market prices for rough diamonds and the potential impact of the foregoing on various Renard financial metrics and diamondproduction; (xiii) the economic benefits of using liquefied natural gas rather than diesel for power generation; (xiv) requirements for and sources of, and access to, financing and uses of funds; (xv) the ability to meet SubjectDiamonds Interest delivery obligations under the Purchase and Sale Agreement; (xvi) the foreign exchange rate between the US dollar and the Canadian dollar; and (xvii) the anticipated benefits from recently approved plantmodification measures and the anticipated timeframe and expected capital cost thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives,assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” orvariations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements ofhistorical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to bematerially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future businessprospects and strategies and the environment in which Stornoway will operate in the future, including the recovered grade, size distribution and quality of diamonds, average ore recovery, internal dilution, and levels of diamondbreakage, the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities andcommitments, access to financing, and the foreign exchange rate between the US and Canadian dollars. Although management considers its assumptions on such matters to be reasonable based on information currently availableto it, they may prove to be incorrect. Certain important assumptions by Stornoway or its consultants in making forward-looking statements include, but are not limited to: (i) the accuracy of our estimates regarding capital andestimated workforce requirements; (ii) estimates of net present value and internal rates of return; (iii) recovered grade, size distribution and quality of diamonds, average ore recovery, carats recovered, carats sold, internaldilution, mining dilution and other mining parameters set out in the 2016 Technical Report as well as levels of diamond breakage; (iv) the expected mix of diamonds sold, and successful mitigation of ongoing issues of diamondbreakage in the Renard Diamond Mine process plant and realization of the anticipated benefits from plant modification measures within the anticipated timeframe and expected capital cost; (v) the stabilization of the Indiancurrency market and full recovery of prices; (vi) receipt of regulatory approvals on acceptable terms within commonly experienced time frames and absence of adverse regulatory developments; (vii) anticipated timelines for the
Forward Looking Information (continued)
3
development of an open pit and underground mine at the Renard Diamond Mine; (viii) anticipated geological formations; (ix) continued market acceptance of the Renard diamond production, conservative forecasting of futuremarket prices for rough diamonds and impact of the foregoing on various Renard financial metrics and diamond production; (x) the timeline, progress and costs of future exploration, development, production and mining activities,plans, commitments and objectives; (xi) the availability of existing credit facilities and any required future financing on favourable terms and the satisfaction of all covenants and conditions precedent relating to future fundingcommitments; (xii) the ability to meet Subject Diamonds Interest delivery obligations under the Purchase and Sale Agreement; (xiii) Stornoway’s interpretation of the geological drill data collected and its potential impact on statedMineral Resources and mine life; (xiv) the continued strength of the US dollar against the Canadian dollar and absence of significant variability in interest rates; (xv) improvement of long-term diamond industry fundamentals andabsence of material deterioration in general business and economic conditions; and absence of significant variability in interest rates; (xvi) increasing carat recoveries with progressively increasing grade in LOM plan; (xvii)estimated incremental ore recovery, revenue and other mining parameters from potential additional mine life extension with minimal capital expenditures; (xviii) availability of skilled employees and maintenance of keyrelationships with financing partners, local communities and other stakeholders; (xix) long-term positive demand trends and rough diamond demand meaningfully exceeding supply; (xx) high depletion rates from existing diamondmines; (xxi) global rough diamond production remaining stable; (xxii) modest capital requirements post-2018 with significant resource expansion available at marginal cost; (xxiii) substantial resource upside within scope of mineplan; (xxiv) opportunities for high grade ore acceleration and processing expansion and realization of anticipated benefits therefrom; (xxv) significant potential upside from targets identified for further exploration; and (xxvi) limitedcash income taxes payable over the medium term.
By their very nature, forward-looking statements involve inherent risks and uncertainties. We caution readers not to place undue reliance on these forward- looking statements as a number of important risk factors could cause theactual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. The operating results and financial conditionof the Corporation are subject to a number of inherent risks and uncertainties associated with its business activities, which include the financing, exploration, development, construction and operation of its mine and processingfacility. The operating results and financial condition are also subject to numerous external factors, which include economic, regulatory, legal, tax and market risks impacting, among other things, supply of materials and demand forrough diamonds, rough diamond prices, foreign exchange rates, inflation and the availability and cost of capital to fund the capital requirements of the business. Each of these risks could have a material adverse effect on theCorporation’s future business, financial condition, prospects, results of operations or cash flow, and could cause actual results to differ materially from those described in any forward-looking statements contained in thisdocument. There can be no assurance that the Corporation has been or will be successful in identifying all risks or that any risk-mitigating strategies adopted to reduce or eliminate risk will be successful. These risks should beconsidered when evaluating the Corporation and its guidance. With the exception of the going concern risk, which is described in the Corporation’s most recently filed MD&A, a comprehensive discussion of the risks faced by theCorporation can be found in the Corporation’s 2017 Annual MD&A and most recently filed AIF, which are available on SEDAR at www.sedar.com under the Corporation’s profile.
Qualified Persons
The Qualified Persons that prepared the technical reports and press releases that form the basis for the presentation are listed in the Company’s AIF dated March 29, 2018. Disclosure of a scientific or technical nature in thispresentation was prepared under the supervision of Mr. Patrick Sévigny, P.Eng. (Québec), Vice President, Operations, and Mr. Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, both “qualified persons” under NationalInstrument (“NI”) 43-101.
Non-IFRS Financial Measures
This document refers to certain financial measures, such as Adjusted Net Loss, Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA Margin, Average Diamond Pricing Achieved, Cash Operating Cost per Tonne Processed, CashOperating Cost per Carat Recovered and Capital Expenditures, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable tosimilar measures reported by other corporations. Each of these measures have been derived from the Corporation’s financial statements and have been defined and calculated based on management’s reasonable judgement.These measures are used by management and by investors to assist in assessing the Corporation’s performance. The measures are intended to provide additional information to the user and should not be considered in isolationor as a substitute for measures prepared in accordance with IFRS. Refer to the “Non-IFRS Financial Measures” section of the Corporation’s Management Discussion and Analysis as at and for the quarter ended September 30, 2018for further discussion of these items, including reconciliations to IFRS measures.
2018 Highlights
4
Health, Safety, and EnvironmentLost Time Incidents1: 1.7 (2018) compared to 0.14 (2017).
Reportable Accident Frequency: 5.0 (2018) compared to 2.45 (2017).
Training and awareness efforts are in place to return to acceptable levels.
Zero environmental infractions.
OperationsMining of the Renard 2-3 open pit was completed in April; some planned ore tonnes were left behind due to safety concerns over ice accumulation.
After delays, the ramp-up of underground assisted block caving was completed in August. Initial grades were lower than expected, but recovered grade and carats improved 102% and 116% from the second quarter to the fourth quarter, respectively.
Underground mine overperformed its daily production design capacity in each month of the fourth quarter.
Financial Results$(7.9) million adjusted EBITDA2 and -5.4% adjusted EBITDA margin2. $83.2 million non-cash impairment and $77.4 million deferred income tax expense at December 31, 2018. $133.8 million adjusted net loss2.
Balance SheetCash and cash equivalents of $35.8 million. Debt of $328.6 million.
1. Incidents requiring medical aid, temporary re-assignment, or lost time2. See note on “Non-IFRS Financial Measures”
Sustainable Development HighlightsAs at December 31, 2018
5
Health, Safety & EnvironmentAEMQ Award for Excellence in Sustainable Development
Implementation and first evaluation of TSM (A, AA, and AAA)
Zero environmental infractions
1st Place at the Mine Rescue Competition
28,359 hours of training to develop our employees
2018 Economic Benefits & Employment
$140m in goods & services contracting in Quebec
$30m in goods and services in Jamésie, Chibougamau & Chapais
$16m in wages for the Eeyou Istchee Territory
34% of workers from Northern Quebec, 13.4% Cree communities, 21% from Chibougamau/Chapais, 66% elsewhere, 15% women
Hired 235 employees in 2018. Total employees at Dec. 31, 2018: 585
Risk Management and PreparednessJames Bay - Eeyou Istchee Forest Fire (July 2018)
6
Renard First Responders Brigade and SOPFEU worked together to contain the fire.
Evacuation as a precaution to protect employees and contractors.
No injury to workers and no damage to material or infrastructure.
Hosted and competed in the 56th annual provincial mine rescue competition.
Stornoway Mine Rescue team took home 1st place, benefiting from the rescue training center constructed at Renard in 2017.
Stornoway has re-qualified for the 57th annual competition on May 3, 2019 in LaSarre, QC.
Provincial Mine Rescue Competition (May 17-19, 2018)
2018 Production & Financial ResultsAs of December 31, 2018
7
IFRS 15 – Adoption Impacts
IFRS 15, which was adopted effective January 1, 2018, supersedes IAS 11, Construction Contracts, IAS 18, Revenue and related Interpretations (“legacystandards”). It was applied using the modified retrospective method without adjustment of the comparative information. Revenues recognized fromthe Stream were impacted by the transition, whereas it was determined that the advance consideration received for future diamond deliveriescontained a significant financing component. As a result, both revenues and financial expenses have increased.
8
Reconciliation of Income Impacts – IFRS 15 application(expressed in millions of Canadian dollars, except as otherwise noted)
Three months ended December 30, 2018
For the year ended December 31, 2018
Legacy standards(pro forma) Impacts
IFRS 15(as reported)
Legacy standards(pro forma) Impacts
IFRS 15(as reported)
Revenues 32,684 (9,413) 23,271 145,130 20,357 165,487
Depreciation 25,527 1,941 27,468 89,615 5,862 95,477
Gross profit (19,466) (11,354) (30,820) (76,152) 14,495 (61,657)
Income from operations (105,802) (11,354) (117,156) (180,666) 14,495 (166,171)
Finance expenses 9,741 12,568 22,309 26,129 56,073 82,202
Net loss before tax (121,539) (23,922) (145,461) (216,507) (41,578) (258,085)
Deferred income tax expense 112,544 (6,339) 106,205 88,425 (11,018) 77,407
Total income tax expense 105,741 (6,339) 99,402 82,285 (11,018) 71,267
Net income (227,280) (17,583) (244,863) (298,792) (30,560) (329,352)
Loss per share – Basic and Diluted (0.27) (0.02) (0.29) (0.36) (0.03) (0.39)
519 563 562 598 606
398286 223 329
486
7751
4055
80
0
200
400
600
800
1,000
Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18
Thou
sand
To
nnes
/Car
ats
Tonnes
Carats
Grade (cpht)
5 Quarter Processing and SalesAt December 31, 2018. All quoted figures in CAD$ unless noted
9
Processing
Carat Sales1,2,3
ROM Sales: Gross Proceeds and Pricing4,5
1. Q1 FY18 includes 127,616 carats that were sold in the first quarter for which revenue was realized in the second quarter.
4. See note on “Non-IFRS Financial Measures”5. Before Stream and royalty
2. “ROM” Carats represent all diamonds larger than +1 DTC sieve size. “Supplemental” carats represent additional diamonds smaller than the 7 DTC sieve size that have been recovered in excess of that expected in the Renard Mineral Resource statement.
3. Q1 to Q4 2018 supplemental sales were 42,663 carats sold for gross proceeds of $1.0M (US$18.50/ct), 41,979 carats sold for gross proceeds of $1.0M (US$18.50/ct), 21,367 carats sold for gross proceeds of $0.4M (US$13/ct), and 58,313 carats sold from gross proceeds of $1.1M (US$14/ct).
$49.1$56.6
$28.6 $24.7 $30.6
$86
$112 $109 $103$92
$108
$142 $142 $134$122
$0
$20
$40
$60
$80
$100
$120
$0
$50
$100
$150
Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18
Mill
ions
dol
lars
Pric
e pe
r Car
at
Gross Proceeds
US$/ct
$/ct
454 399
201 185254
43
4221
58
0
200
400
600
Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18
Thou
sand
To
nnes
/Car
ats
Supplemental Carats
ROM Carats
+39%+45%
+51%
Fourth Quarter Financial ResultsAt December 31, 2018. All quoted figures in CAD$ unless noted.
10
Cash Costs1,2
Capital Expenditures1,2
1. See note on “Non-IFRS Financial Measures”2. See note on “Change in Accounting Policy”
42.150.7
58.7 57.2 60.154.9
99.8
147.7
103.7
74.9
0
20
40
60
80
100
120
140
160
Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18
$
Op-Ex per TonneProcessed ($/t)
Op-Ex per CaratRecovered ($/ct)
47.6
31.1
19.9 22.514.8
0
10
20
30
40
50
Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18
$m
Capital Expenditures($m)
Mining - Open pit4%
Mining -Underground
33%
Mining -Rehandling and
Sampling1%
Process Plant28%
PKC3%
Site Services30%
Mining - Mobile Equipment , 8%
Mining - Infrastructure4%
Mining -Development
70%
PKC, 13%
Process Plant, 1%
Power Plant, 2%Site Services, 2%
Breakdown for Q4 2018
Breakdown for Q4 2018
Revenue, Adjusted EBITDA1, EBITDA Margin1 and Income
52.6 55.9 56.9
29.423.325.2
7.4
-6.4 -11.8
2.9
11.1
-14.0-31.3
-31.7-28.6
45.4%
19.0%
-13.1%
-47.2%
8.9%
-70%
-35%
0%
35%
70%
-70
-35
0
35
70
Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18
$mRevenue
Adjusted EBITDA
Adjusted Net (Loss)Income
Adjusted EBITDAMargin
Fourth Quarter Financial ResultsAt December 31, 2018. All quoted figures in CAD$ unless noted.
11
ImpairmentNon-cash impairment of $83.2 million and deferred income tax expense of $77.4 millionreflecting lower diamond price environment upon property, plant and equipment valuationof Stornoway and its amalgamated predecessor companies as at December 31, 2018.
Balance SheetCash and cash equivalents of $35.8 million. Debt of $328.6 million.
1. See note on “Non-IFRS Financial Measures”
Diamond Sales
12
Renard Diamond Price Movements, Real Terms1
1. Sale by sale basis, normalized for variations in quality and size distribution2. Before stream and royalty3. Inclusive of supplemental diamonds (-7dtc) recovered in excess of the resource grade models (renamed from incidentals to supplementals in 2019)
Stornoway completed 9 tender sales in 2018, achieving a pricing of US$105 per carat (exclusive of supplemental diamond production)
Tender attendance in 2018 was strong: average of 174 attendees per sale (up from 142 attendees average for 2017).
Average of 117 of attendees bidding and 16 bids per lot on average (up from 13 bids per lot in 2017); reflecting competitive demand for Renard’s production.
First 5 sales of 2018 saw a strong mix of R2, R3 and R65 diamonds and good market conditions, resulting in achieved price of $111 per carat (exclusive of supplementals) and a real term pricing increase of 7%.
Last 4 sales of 2018 saw a weaker product quality from a production mix of mostly from lower grade R2 underground, and weaker market conditions for smaller and lower quality goods, resulting in US$97 per carats achieved, and real term pricing decrease of 6%.
2019 sales results will be reported inclusive of supplemental diamond production.
Bidding Statistics
100 101 102
95 98
100 101 98
96 93 94
95 97 97 98
100 102
100 100 101 102 100
112 110
114 115
119 119
110 111 114
120 119 120
125 127
123
118
113 114
90
95
100
105
110
115
120
125
130
2016
-11
2016
-12
2017
-01
2017
-02
2017
-03
2017
-04
2017
-05
2017
-06
2017
-07
2017
-08
2017
-09
2017
-10
2017
-11
2017
-12
2018
-01
2018
-02
2018
-03
2018
-04
2018
-05
2018
-06
2018
-07
2018
-08
2018
-09
2018
-10
2018
-11
2018
-12
WWW SWY
November 2016, Base = 100
End 2018 = 114
2018 Full Year Results Compared to FY2018 GuidanceAt December 31, 2018. Guidance updated on November 14, 2018. All quoted figures in CAD$ unless noted.
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FY2018 Guidance
FY2018 Result
Open Pit Tonnes Mined 2.40 to 2.50m 2.27m
Underground Tonnes Mined 1.80 to 1.85m 1.82m
Tonnes Processed 2.35 to 2.40m 2.32m
Carats Recovered 1.35 to 1.40m 1.32m
Grade (cpht) 54 to 56 cpht 57 cpht
Carats Sold 1.20 to 1.25m 1.20m
Average Diamond Price Achieved (+7) (US$/ct) $125 to $165 $136
Average Diamond Price Achieved (-7) (US$/ct) $15-$19 $18
Cash Operating Cost per Tonne Processed1 ($/t) $48 to $50 $57.12
Cash Operating Cost per Carat Recovered1 ($/ct) $88 to $90 $100.44
Capital Expenditures1 $90m to $95m $88m
1. See note on “Non-IFRS Financial Measures”
2019 OutlookAs of December 31, 2018
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2019: Stable Production from Renard 2, Reintroduction of Renard 3 Ore in FeedR2 UG to be principal source of production ore looking forward.
First production blast December 2017; production ramp-up completed August 2018.
Ramp access; 6,000 tpd ore design capacity; surpassed this target in each month of Q4 2018.
First Experiences
More competent country rock and less competent kimberlite than expected.
Migration to assisted block caving as principal mining method; long term benefits in production costs and dilution.
First production panels developed at the north pipe margin of the 290m level in highly diluted, low grade kimberlite.
Grade has significantly increased as mining has progressed to the center of R2; recovered grade of 80 cpht in Q4 2018.
15
Underground Production – Ore Tonnes Hauled to Surface
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19
Aver
age
Daily
Ton
nage
(ton
nes p
er d
ay)
UG Mine Design Capacity = 6,000 tpd
16
Caving zone through2019-2020
Underground Mining in the Renard 2 Kimberlite Pipe
290L
Renard 2: Ramped-up underground production in 2018
Renard 9
Renard 4
Renard 65
Renard 2
Renard 3
Renard 2-3: Open pit mining completed in 2018
Renard 65: Open pit production to complement R2 feed
Renard 3: First underground production planned for Q3 2019
Renard 2: Development of second underground mining horizon in 2019
Renard 4: Underground production planned starting in 2026
270L
470L
710L
290L
1812.4 ct 14.9 ct
Renard 2
Renard 3
Renard 9
Renard 4Renard 8
Renard 65
Renard 1
Renard 7
Renard 10
Lynx Dyke
Hibou Dyke
Processed Kimberlite
Containment
Process Plant
Camp
Renard 4 – Renard 9Renard 4 bulk sample excavation completed.Processing of sample ongoing.Three “special” stones recovered: 14.9ct, 12.4ct and 11.1ct.
Renard 7Surface drilling starting in March 2019.Located on dry ground, approximately 1.6km from process plant.
Victor
Komsomolskaya
Argyle2
Voorspoed
Koffiefontein
Diavik
Sable, Pigeon, Lynx,Misery Main, Koala (Ekati)
30
25
20
15
0
35
2016 2017F 2018F 2019F 2020F 2021F
10
5
2022F 2023F 2024F 2025F
The supply outlook, driven by the depletion of existing mines and handicapped to “likely production”, shows a downward trending CAGR of -1% to -2% to 2030
Global Rough Diamond Supply, Mct, Base Scenario
2010 2014 2018F 2022F 2026F 2030F
120
90
60
30
0
180
150
Existingmines
CAGR(2016-2030)
9%
-3%
-
-1 – -2%
New mines/projects
Additionalproduction
Forecast
Favorable Global Rough Diamond Production Outlook1
Source: Bain & Company “The Global Diamond Industry 2017: The Enduring Story in a Changing World”1. Additional resources include tailings retreatment, which could be viable in older mines as run-of-mine is depleted, early-stage projects and projects currently marginal, which may become viable as rough prices increases2. Argyle production profile based on SWY management estimates
19
Argyle Mine, AustraliaGlobal Rough Diamond Depletion Curve, Mct
FY2019 GuidanceProvided January 16, 2019All quoted figures in CAD$ unless noted
20
Mining and Processing
Carats Recovered1 (million) 1.80 to 2.10
Grade1 (cpht) 71 to 87
Tonnes Processed (million) 2.40 to 2.55
Selling and Marketing
Carats Sold1 (million) 1.80 to 2.10
Average Diamond Pricing1 (US$/ct) US$ 80-105
Cost
Capital Expenditures2 (million) $ 70-80
Cash Operating Cost per Tonne Processed2 ($/t) $ 47-54
Cash Operating Cost per Carat Recovered2 ($/ct) $ 57-72
1. Inclusive of both run-of-mine and supplemental diamond production2. See note on “Non-IFRS Financial Measures”
21
Head Office:
1111 Rue St. Charles Ouest,
Longueuil, Québec J4K 4G4
Tel: +1 (450) 616-5555
Investor Relations Contact:
Alex Burelle, Manager – IR and Business Development
Tel: +1 (450) 616-5555 x2264
www.stornowaydiamonds.com
Stornoway Diamond Corporation TSX:SWY, TSX:SWY.DB.U
