FORT A LA CORNE JOINT VENTURE - SIGNIFICANT PROPORTIONS OF TYPE IIa DIAMONDS FROM STAR KIMBERLITE TRENCH CUTTER SAMPLING, LARGE STONES EXHIBIT HIGH DIAMOND PRICES

TSX: DIAM

Star Diamond Corporation ("Star Diamond or the Corporation") is pleased to announce that the Corporation has completed a study into the abundance of Type IIa diamonds in the Trench Cutter diamond parcels recovered from the Early Joli Fou ("EJF") geological units at the Star Kimberlite, as defined by the Star Diamond geological model. The Star Kimberlite is located within the Fort à la Corne diamond district of central Saskatchewan, Canada (which contains the Star - Orion South Diamond Project), on mineral dispositions held in a joint venture with Rio Tinto Exploration Canada Inc. ("Rio Tinto Canada"). During 2019, Rio Tinto Canada completed the drilling of ten bulk sample holes (trenches) on the Star Kimberlite using a Trench Cutter Sampling Rig. This study confirms that unusually high proportions of Type IIa diamonds are present in the Star Kimberlite. Of particular note is the exceptionally high proportion of Type IIa diamonds in the larger size fractions of the EJF of which 53 percent (8 of the 15) of the largest stones, 4 carats and above are Type IIa. This study also confirms and augments earlier studies conducted by Star Diamond of Type IIa diamonds at Star (26.5 percent, +11 DTC (0.32 carats) and above) (see News Releases dated June 09, 2010 March 4, 2019 and May 02, 2022 ). Type IIa diamonds are very rare and account for less than 2 percent of all natural rough diamonds mined from kimberlites. Many high-value, top colour, large specials (greater than 10.8 carats) are Type IIa diamonds, which include all ten of the largest known rough diamonds recovered worldwide.

The number and the percentage of Type IIa diamonds for the Trench Cutter EJF samples are documented in the table below.

Star EJF Kimberlite (Diamonds +9 DTC (0.18 carats) to 15 carats)
	Number of Diamonds Typed	Number of Type IIa Diamonds	Percentage Type IIa Diamonds
EJF +9 (0.18 ct) & above	1,229	353	28.7
EJF +11 (0.32 ct) & above	615	196	31.9
EJF 4 carat & above	15	8	53.3

As can be seen from the table above, a significant number of diamonds from the EJF geological units of the Star Kimberlite have been analyzed and typed from the Trench Cutter program. The diamonds analyzed represent a spectrum of diamond sizes from +9 DTC (+0.18 carats) through all the large stones, up to diamonds of over 15 carats. The largest Type IIa diamond identified is a 16.96 carat stone.

The twelve highest value stones from the EJF trench cutter samples (3 carats and above) are listed in the table below. Of note is that nine of these twelve highest value stones are Type IIa. Diamond descriptions and valuations were completed by Mr. Nelson Karun , Diamond Specialist, Saskatchewan Research Council ("SRC") Diamond Services, on behalf of Star Diamond:

Size (carats)	Type	Colour	Model	Estimated Price US$/Carat	Estimated Stone Value US$
16.96	IIa	D	Makeable	6,500	110,240
7.29	IIa	D	Makeable	10,500	76,545
8.10	IIa	D	Makeable	6,406	51,889
6.36	IIa	D	Makeable	5,214	33,161
10.13	IIa	TLB ¹	Makeable	2,514	25,467
6.52	IIa	G	Makeable	1,894	12,349
6.28	IIa	TLB	Makeable	1,851	11,624
3.44	I	H	Sawable	3,286	11,304
3.30	I	I	Makeable	2,209	7,290
3.20	IIa	VTLB(H) ²	Makeable	2,209	7,069
5.15	I	J	Makeable	1,183	6,092
4.08	IIa	D	Makeable	1,250	5,100

1 TLB: Top Light Brown

2 VTLB: Very Top Light Brown Polishes to the equivalent of H colour

The previous three highest value stones, recovered from the Star and Orion South Kimberlites and valued at the SRC, are shown in the table below.

Kimberlite	Size (carats)	Type	Colour	Model	Estimated Price US$/Carat	Estimated Stone Value US$
Star LDD* Inner EJF	11.96	IIa	D	Makeable	13,787	164,893
Orion South Underground EJF	15.88	IIa	D/E	Makeable	6,040	95,915
Orion South LDD* EJF	10.52	I	Fancy Light Yellow	Makeable	8,300	87,316

* LDD = large diameter drilling

Only a small number of active diamond mines regularly produce Type IIa diamonds with the most important of these mines being Letseng-la-Terae (Letseng Mine) in the Kingdom of Lesotho and more recently Karowe in Botswana . While Letseng is a low grade (1.5-3 cpht) kimberlite and Karowe has a grade of approximately 15 cpht, they are probably the most prolific source of large high-value Type IIa diamonds, which contribute to making Letseng and Karowe highly economic deposits. Type IIa diamonds contain no nitrogen or boron impurities and are frequently either top white colours (D, E, F or G) or any shade of brown. Many pink and brownish-pink diamonds are also Type IIa. Type IIa diamonds usually have anhedral crystal shape and exhibit a range of elongated, distorted, or irregular morphologies. Most importantly, many high-value, top colour, large specials (greater than 10.8 carats) are Type IIa diamonds, which include all ten of the largest known rough diamonds recovered worldwide, from the 890 carat Incomparable to the 3,106 carat Cullinan .

Statistics on the proportions of Type IIa diamonds produced by diamonds mines are not freely available. However, Bowen et al (2009) published Type IIa FTIR measurements for 484 plus two carat diamonds from the Letseng Diamond Mine. The Letseng Mine has a low grade of some 1.5 to 3 cpht but is highly economic as a result of its unusually high average diamond price ( US$2,131 per carat in 2018). Letseng accounts for some 30 percent of the world market share of diamonds greater than 25 carats and has produced some of the biggest gem quality diamonds recovered in the past number of years including the 910 carat Lesotho Legend, 603 carat Lesotho Promise, the 550 carat Letseng Star, the 493 carat Letseng Legacy and the 478 carat Light of Letseng. These are all Type IIa diamonds. The Karowe Mine of Lucara Diamond Corp. has also produced some record Type IIa diamonds in the past few years, notably 1,758 carat Sewelo, which is the second largest gem diamond ever recovered, the 1,109 carat Lesedi La Rona , which is the third largest gem diamond ever recovered and sold for US$53 million , and the 813 carat Constellation, which was sold for the record price of US$63.1 million .

Fourier Transform Infrared ("FTIR") Spectrometry is used to determine the concentration and aggregation state of nitrogen within the diamonds using industry standard methods. All analyses of nitrogen content and aggregation state were carried out at the SRC high security diamond facility, with 24-hour video surveillance. The SRC's Geoanalytical Laboratories is accredited to the ISO/IEC 17025 standard by the Standards Council of Canada as a testing laboratory.

Senior Technical Advisor to Star Diamond, George Read , states: "The presence of a significant proportion of Type IIa diamonds recovered in the Star Kimberlite by the Trench Cutter greatly increases the potential for the recovery of large (plus 100 carat), high-value diamonds from a future mine. Analysis of the trench cutter diamond parcels indicates a significant proportion of Type IIa diamonds, many of which are top white in colour with high value. The presence of high-value diamond groups (Type IIa) greatly strengthens the future potential diamond pricing from the Star Kimberlite."

Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Corporation trade on the TSX Exchange under the trading symbol "DIAM". Star Diamond holds, through a joint venture arrangement with Rio Tinto Canada (a wholly-owned subsidiary of Rio Tinto), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project). These properties are located in central Saskatchewan , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. Rio Tinto refers to their Fort à la Corne mineral properties as "Project FalCon". During 2018, Star Diamond announced the positive results of an independent Preliminary Economic Assessment (the "PEA") on the Project. The PEA (on a 100% basis) estimated that 66 million carats of diamonds could be recovered in a surface mine over a 38-year Project life, with a Net Present Value ("NPV") (7%) of $2.0 billion after tax, an Internal Rate of Return ("IRR") of 19% and an after-tax payback period of 3.4 years after the commencement of diamond production (see news release dated April 16, 2018 ).

All technical information in this press release has been prepared under the supervision of George Read, Senior Technical Advisor to Star Diamond, a registered Professional Geoscientist in the Provinces of Saskatchewan and British Columbia and Mark Shimell, Project Manager, a registered Professional Geoscientist in the Province of Saskatchewan , who are the Corporation's "Qualified Persons" under the definition of NI 43-101.

References (Available on Corporation's website)

Bowen, D.C. Ferraris, R.D. Palmer, C.E. and Ward, J.D. (2009) On the unusual characteristics of the diamonds from Letseng-la-Terae kimberlites, Lesotho . Lithos Vol. 112S pp.767 – 774.

Breeding, C.M. and Shigley, J.E. (2009) The "Type" classification system of diamonds and its importance in gemology . Gems & Gemology Vol. 45 No. 2 pp. 96 – 111

Caution Regarding Forward-Looking Statements

This news release contains forward-looking statements as defined by certain securities laws, including the "safe harbour" provisions of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "guidance", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. In particular, statements regarding the Corporation's future operations, future exploration and development activities or other development plans constitute forward-looking statements. By their nature, statements referring to mineral reserves, mineral resources, PEA or TFFE constitute forward-looking statements. Forward-looking statements contained or implied in this press release include, but are not limited to, the potential proportion of Type IIa diamonds in kimberlites located in the Fort à la Corne diamond district of central Saskatchewan, Canada (which includes the Star, Orion South , Orion North and Taurus Kimberlites), diamond valuations and the potential for the recovery of large high quality diamonds.

These forward-looking statements are based on the Corporation's current beliefs as well as assumptions made by and information currently available to it and involve inherent risks and uncertainties, both general and specific. Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, developments in world diamond markets, changes in diamond prices, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of Rio Tinto Canada or Star Diamond, the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in Star Diamond's most recently filed Annual Information Form, annual and interim MD&A.

Although the management of Star Diamond consider the assumptions contained in forward-looking statements to be reasonable based on information currently available to them, those assumptions may prove to be incorrect. When making decisions with respect to Star Diamond, investors and others should not place undue reliance on these statements and should carefully consider the foregoing factors and other uncertainties and potential events. Star Diamond does not undertake any obligation to release publicly revisions to any forward-looking statement to reflect events or circumstances after the date of this release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at investors' own risk.

www.stardiamondcorp.com

SOURCE Star Diamond Corporation

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Star Diamond DIAM:CA Diamond Investing

DIAM:CA

STAR DIAMOND CORPORATION COMPLETES ACQUISITION OF RIO TINTO'S 75% INTEREST IN FORT À LA CORNE JOINT VENTURE

TSX: DIAM

Star Diamond Corporation (" Star Diamond ") today announced the completion of its previously announced transaction (the " Transaction ") with Rio Tinto Exploration Canada Inc. (" RTEC ") whereby RTEC has transferred to Star Diamond all of RTEC's 75% interest in the Fort à la Corne diamond project located in central Saskatchewan (the " Project "). Star Diamond now owns 100% of the Project.

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STAR DIAMOND CORPORATION ANNOUNCES 2023 YEAR END RESULTS

TSX: DIAM

Star Diamond Corporation ("Star Diamond" or the "Company") reports that the audited financial results for the year ended December 31, 2023 will be filed today on SEDAR+ and may be viewed at www.sedarplus.ca once posted.

Overview
Star Diamond Corporation is a Canadian natural resource company focused on exploring and developing Saskatchewan's diamond resources. Star Diamond currently holds, through a joint venture arrangement with Rio Tinto Exploration Canada Inc. ("RTEC"), a wholly-owned subsidiary of Rio Tinto plc, a 25% interest in certain mineral properties (which include the Star – Orion South Diamond Project, or the "Project") within the Fort à la Corne diamond district of central Saskatchewan, Canada . These properties are in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development.

The Company also holds a 50% interest in the exploration and evaluation properties and assets of the Buffalo Hills JV located in north-central Alberta, Canada . Canterra Minerals Corporation ("Canterra") holds the remaining 50% interest. Canterra is the operator of the Buffalo Hills JV.

Fort à la Corne mineral properties
On November 28, 2023 , the Company entered into a binding agreement (the "Agreement") with RTEC, providing for the transfer by RTEC to Star Diamond all of RTEC's 75% interest in the Project.

The Agreement provides that, upon closing:

RTEC will transfer to Star Diamond all of RTEC's 75% interest in the Project, such that the Project will be 100% owned by Star Diamond ;
RTEC will transfer to Star Diamond ownership of the trench cutter drill rig used by RTEC to complete its prior bulk sampling program at the Project;
RTEC will transfer to Star Diamond the Bulk Sample Plant located at the Project, including the TOMRA XRT diamond sorting machine that is on-site;
Star Diamond will issue to RTEC and/or an affiliate that number of common shares of Star Diamond that results in RTEC and its affiliates owning 19.9% of the then outstanding common shares of Star Diamond (RTEC and its affiliates currently own approximately 2.3% of Star Diamond's outstanding common shares); and
RTEC and Star Diamond will enter into an Investor Rights Agreement whereby, among other things, RTEC will be granted certain pre-emptive rights to maintain its 19.9% ownership interest in Star Diamond in connection with future financings undertaken by Star Diamond , and RTEC will agree to certain standstill protections provided that RTEC will have the right to increase its 19.9% ownership position in the event that Star Diamond receives an acquisition proposal.

Upon completion of the transactions that are the subject of the Agreement, Star Diamond will have full control and responsibility for the Project, the existing joint venture agreement between RTEC and Star Diamond will terminate, and Star Diamond will release and indemnify RTEC for liabilities arising from or relating to the Project, all in exchange for a $4 million payment from RTEC to Star Diamond . RTEC has agreed that it will provide on Star Diamond's behalf, for up to five years following closing, letters of credit in the aggregate amount of no more than $9.9 million to secure certain environmental remediation and reclamation obligations related to the Project. Star Diamond will be obliged to repay any amounts drawn on these letters of credit and such repayment obligations will be secured against the Project and its assets.

As of the date of this News Release, the Agreement is expected to close in the near future.

Recent activities relating to the Star - Orion South Diamond Project and Fort à la Corne mineral properties
During the first quarter of 2024, Star Diamond continued to work with RTEC and Saskatchewan Ministry of Environment representatives to ensure an orderly close to the Agreement between Star Diamond and RTEC.

Year End Results
For the year ended December 31, 2023 , the Company recorded a net loss of $2.8 million or $0.01 per share (basic and fully diluted) compared to a net loss of $68.8 million or $0.15 per share in 2022. The decrease in net loss year over year was due primarily to the prior year's impairment charge of $66.3 million combined with the mark-to-market loss on the Wescan investment offset by the elimination of the $0.9 million contingent consideration.

At December 31, 2023 , the Company had $0.6 million (2022 – $2.6 million ) in cash and cash equivalents and a working capital deficit of $(0.3) million (2022 - $2.0 million ). The decrease in working capital was a result of administrative and exploration and evaluation expenditures offset by proceeds received from the December 2023 private placement. Subsequent to December 31, 2023 , the Company closed the second and final tranche of a non-brokered private placement. However, the ability of the Company to continue as a going concern and fund its expenses in an orderly manner will require additional forms of financings.

Selected financial highlights include:

Condensed Consolidated Statements of Financial Position	As at December 31, 2023	As at December 31, 2022
Current assets	$ 0.6 M	$ 2.7 M
Exploration and evaluation, investments and other assets	0.6 M	0.4 M
Current liabilities	0.9 M	0.7 M
Non-current liabilities	0.1 M	0.0 M
Shareholders' equity	0.2 M	2.4 M


Consolidated Statements of Loss	Year Ended December 31, 2023	Year Ended December 31, 2022
Expenses	$ 3.0 M	$ 3.0 M
Loss before undernoted items	(3.0)M	(3.0)M
Investment in Wescan Goldfields Inc.	(0.0)M	(0.4)M
Contingent consideration	0.0 M	0.9 M
Impairment charge	0.0 M	(66.3)M
Net loss for the year	(3.0)M	(68.8)M
Net loss per share for the year (basic and diluted)	(0.01)	(0.15)


Condensed Consolidated Statements of Cash Flows	Year Ended December 31, 2023	Year Ended December 31, 2022
Cash flows used in operating activities	$ (2.3)M	$ (4.9)M
Cash flows from investing activities	0.0 M	0.6 M
Cash flows from financing activities	0.2 M	5.7 M
Net increase (decrease) in cash	(2.1)M	1.3 M
Cash – beginning of year	2.6 M	1.3 M
Cash – end of year	0.6 M	2.6 M

Outlook
Fort à la Corne mineral properties
Subsequent to the successful close of the Agreement with RTEC, Star Diamond's technical team will focus on the technical investigation and evaluation of the Star – Orion South Diamond Project, with the goal of a future development decision. The initial work aims to prepare a revised Mineral Resource estimate for the Star – Orion South Diamond Project, which will form the foundation of an updated Prefeasibility study(" PFS"). The PFS will enable a Feasibility Study, on which a production decision can be based.

Buffalo Hills mineral properties
Management continues to review the recent results from the diamond valuation and typing analysis. A more detailed update on activities at the Buffalo Hills JV will be provided as it becomes available.

About Star Diamond Corporation
Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Star Diamond trade on the Toronto Stock Exchange under the trading symbol "DIAM". Star Diamond currently holds, through a joint venture arrangement with RTEC, a 25% interest in the Project. The Project is located in central Saskatchewan , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. The Company also holds a 50% interest in the exploration and evaluation properties and assets of the Buffalo Hills JV located in north-central Alberta, Canada . Canterra holds the remaining 50% interest and is the operator of the Buffalo Hills JV.

Technical Information
All technical information in this press release has been prepared under the supervision of George Read , Senior Vice President Corporate Development, Professional Geoscientist in the Provinces of Saskatchewan and British Columbia and Mark Shimell , Vice President Exploration, Professional Geoscientist in the Provinces of Saskatchewan and Alberta , who are the Company's "Qualified Persons" under the definition of NI 43-101.

Stay Connected with Us:
Twitter: https://twitter.com/StarDiamondCorp
LinkedIn: https://www.linkedin.com/company/star-diamond-corp
Facebook: https://www.facebook.com/people/Star-Diamond-Corp/100058096376664/
Instagram: https://www.instagram.com/stardiamondcorp/

Caution Regarding Forward-looking Statements

This press release contains "forward-looking statements" and/or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes", or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. All statements, other than statements of historical fact, are forward-looking statements.

These forward-looking statements are based on Star Diamond's current beliefs as well as assumptions made by and information currently available to Star Diamond and involve inherent risks and uncertainties, both general and specific. Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, statements regarding Rio Tinto Canada, the Company's ability to obtain financing to further the exploration, evaluation and/or development of exploration and evaluation properties in which the Company holds interest, the economic feasibility of any future development projects, developments in world diamond markets, changes in diamond prices, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in Star Diamond's most recently filed Annual Information Form, and annual and interim MDA.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.

Forward-looking statements in this news release are made as of the date hereof and Star Diamond assumes no obligation to update any forward-looking statements, except as required by applicable laws.

SOURCE Star Diamond Corporation

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Q1 2024 Production Figures

	2024 Q1	2023 Q1	YoY Variance
Total tonnes mined (ore and waste)	7,885,445	8,935,015	-12 %
Ore tonnes mined	1,946,856	427,925	355 %
Ore tonnes treated	805,557	766,786	5 %
Carats recovered	1,264,887	1,319,603	-4 %
Carats recovered (49% share)	619,795	646,605	-4 %
Recovered grade (carats per tonne)	1.57	1.72	-9 %

	Q4 2023	Q4 2022	YoY Variance
Total tonnes mined (ore and waste)	9,831,021	10,144,844	-3 %
Ore tonnes mined	1,895,492	705,924	169 %
Ore tonnes treated	855,319	828,644	3 %
Diamonds recovered	1,572,696	1,621,800	-3 %
Carats recovered (49% share)	770,621	794,682	-3 %
Recovered grade (carats per tonne)	1.84	1.96	-6 %

	FY 2023	FY 2022	YoY Variance
Total tonnes mined (ore and waste)	37,147,350	33,947,188	9 %
Ore tonnes mined	3,807,102	4,113,648	-7 %
Ore tonnes treated	3,249,963	3,102,219	5 %
Diamonds recovered	5,557,655	5,519,309	1 %
Carats recovered (49% share)	2,723,251	2,704,461	1 %
Recovered grade (carats per tonne)	1.71	1.78	-4 %

		Three months ended	Three months ended	Year ended	Year ended
		December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022

GK operating data
Mining
*Ore tonnes mined	kilo tonnes	1,895	706	3,807	4,114
*Waste tonnes mined	kilo tonnes	7,936	9,439	33,340	29,833
*Total tonnes mined	kilo tonnes	9,831	10,145	37,147	33,947
*Ore in stockpile	kilo tonnes	2,316	1,759	2,316	1,759

Processing
*Ore tonnes processed	kilo tonnes	855	828	3,250	3,102
*Average plant throughput	tonnes per day	9,293	9,303	8,904	8,593
*Average diamond recovery	carats per tonne	1.84	1.96	1.71	1.78
*Diamonds recovered	000's carats	1,573	1,621	5,558	5,519
Approximate diamonds recovered - Mountain Province	000's carats	771	794	2,723	2,704
Cash costs of production per tonne of ore, net of capitalized stripping **	$	51	101	82	89
Cash costs of production per tonne of ore, including capitalized stripping**	$	93	160	129	122
Cash costs of production per carat recovered, net of capitalized stripping**	$	28	52	48	50
Cash costs of production per carat recovered, including capitalized stripping**	$	50	82	75	69

Sales
Approximate diamonds sold - Mountain Province***	000's carats	918	758	2,718	2,657
Average diamond sales price per carat	US	$ 64	$ 94	$ 90	$ 112

* at 100% interest in the GK Mine
**See Non-IFRS Measures section
***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding process

		Three months ended	Three months ended	Year ended	Year ended
(in thousands of Canadian dollars, except where otherwise noted)		December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022

Sales	$	79,778	96,315	328,630	388,853
Carats sold	000's carats	918	758	2,718	2,657
Average price per carat sold	$/carat	87	127	121	146
Cost of sales per carat*	$/carat	59	85	83	82
Earnings from mine operations per carat	$	28	42	38	64
Earnings from mine operations	%	32 %	33 %	31 %	44 %
Selling, general and administrative expenses	$	3,837	5,476	14,317	17,171
Operating (loss) income	$	(83,356)	25,257	(23,039)	141,027
Net (loss) income for the period	$	(75,792)	9,421	(43,671)	49,195
Basic (loss) earnings per share	$	(0.36)	0.04	(0.21)	0.23
Diluted (loss) earnings per share	$	(0.36)	0.04	(0.21)	0.23

	Three months ended	Three months ended	Year ended	Year ended
	December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022

Net (loss) income for the year	$ (75,792)	$ 9,421	$ (43,671)	$ 49,195
Add/deduct:
Non-cash depreciation and depletion	19,019	17,805	70,803	57,159
Impariment loss on property, plant and equipment	104,593	-	104,593	-
Net realizable value adjustment included in production costs	-	-	9,706	-
Share-based payment expense	228	496	1,363	1,923
Fair value gain of warrants	(1,842)	(391)	(4,816)	(6,242)
Finance expenses	12,672	19,861	41,918	47,812
Derivative (gains) losses	(12,013)	(2,627)	(11,790)	2,513
Deferred income taxes	(610)	5,520	1,980	21,200
Current income taxes	150	-	1,200	-
Unrealized foreign exchange (gains) losses	(6,638)	(25,882)	(6,237)	5,049
Adjusted earnings before interest, taxes, depreciation and depletion (Adjusted EBITDA)	$ 39,767	$ 24,203	$ 165,049	$ 178,609
Sales	79,778	96,315	328,630	388,853
Adjusted EBITDA margin	50 %	25 %	50 %	46 %

FORT A LA CORNE JOINT VENTURE - SIGNIFICANT PROPORTIONS OF TYPE IIa DIAMONDS FROM STAR KIMBERLITE TRENCH CUTTER SAMPLING, LARGE STONES EXHIBIT HIGH DIAMOND PRICES

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