Diamond

TSX and OTCQX: MPVD

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces strong financial results for the first quarter ended March 31, 2022 ("the Quarter" or "Q1 2022") continuing the strong operational and financial performance achieved in 2021 from the Gahcho Kué Diamond Mine ("GK Mine").

All figures are expressed in Canadian dollars unless otherwise noted.

Company Highlights for First Quarter 2022

  • Record average sales value per carat of US$132 /carat, 52% higher as compared to average values in Q4 2021. The increase in average values in Q1 reflected the demand growth across the rough diamond market along with upstream stock levels, now believed to reflect operating inventories only.
  • Updated NI 43-101 Technical Report featuring:
    • C$1.2Bn pre-tax/royalty NPV7.5% attributable to MPVD, a 109% increase relative to the 2019 Technical Report
    • 2.6M Carats in Reserve additions, before depletion
    • Life of Mine plan with an improved processing rate of 3.6Mtpa
  • US$50M Junior Credit Facility closed

Financial Highlights for First Quarter 2022

  • 507,000 carats sold, with total proceeds of $84.7 million (Q1 2021: $54.2 million ) at an average realised value of $167 per carat ( US$132 per carat, Q1 2021: US$71 /carat).
  • Adjusted EBITDA 1 of $44.6 million (Q1 2021: 19.1 million).
  • Earnings from mine operations of $42.8 million (Q1 2021: $13.7 million ).
  • Cash costs of $122 per tonne treated and $73 /carat recovered, including capitalized stripping costs 1 .
  • Net income of $24.2 million or $0.11 earnings per share as compared to net income of $7.3 million or $.03 earnings per share for Q1 2021[2].

Operational Highlights for First Quarter 2022 ( all figures reported on a 100% basis unless otherwise stated )

  • 8,168,000 tonnes mined, compared to 5,605,000 mined in Q1 2021, a 46% increase
  • 1,019,000 ore mined, a 99% increase relative to 515,000 tonnes mined in Q1 2021
  • 707,553 ore tonnes treated, a 13% increase relative to 625,582 tonnes treated in Q1 2021
  • 1,185,156 carats recovered, 15% lower than the comparable quarter (Q1 2021: 1,392,128 carats)

As previously disclosed, during the first quarter Gahcho Kué experienced an outbreak of COVID-19 Omicron that caused disruption to both operations and maintenance activities, in conjunction with a major failure of the Pitman bearing in the primary crusher.  These two events have been largely resolved, but within the quarter production was below internal expectations, as the feed rate through the Primary crusher continued to be lower than planned.  Grade was impacted by unplanned external dilution from mining that was primarily due to workforce inefficiencies around shovel operations and bottom pit mining causing space constraints, in conjunction with a different ore mix than was planned.  The Company is working with its joint venture partner DeBeers, who are the operator of the mine, to address these operating issues.

Sales Highlights for First Quarter 2022

As previously released, during the first quarter only 507,000 carats were sold for total proceeds of $84.7 million ( US$66.7 million ) resulting in an average value of $167 per carat ( US$132 per carat). This is a 52% increase relative to the average value per carat in Q4 2021 of $110 per carat ( US$86 per carat) but 16% lower in terms of volume of carats sold.

Mark Wall , the Company's President and Chief Executive Officer, commented:

" I'm extremely pleased to see the Company's strong financial performance in Q1, with a record adjusted EBITDA of $44.6M in the first 3 months of the year. In addition to its strong financial performance, the Company closed a US$50M Junior Credit Facility with its largest shareholder, and produced an updated NI 43-101 Technical Report which demonstrated an NPV attributable to Mountain Province of over $1.2Bn . These milestones are significant steps forward as we progress through what is to be a pivotal year for the Company, and all of its stakeholders. Going forward Management time will be focussed on guiding the Operator to optimise the operation and addressing the financing requirements of the Company. "

Financial Performance



Three months ended

Three months ended

(in thousands of Canadian dollars, except where otherwise noted)

March 31, 2022

March 31, 2021





Sales

$

84,653

54,224

Carats sold

000's carats

507

603

Average price per carat sold

$/carat

167

90

Cost of sales per carat*

$/carat

83

80

Earnings from mine operations per carat

$

84

10

Earnings from mine operations

%

50%

11%

Selling, general and administrative expenses

$

3,994

2,609

Operating income

$

35,018

10,532

Net income for the period

$

24,196

7,312

Basic and diluted income per share

$

0.11

0.03

Gahcho Kué Mine Operations

The following table summarizes key operating statistics for the Gahcho Kué Mine in the three months ended March 31, 2022 and 2021.



Three months ended

Three months ended



March 31, 2022

March 31, 2021





GK operating data




Mining




*Ore tonnes mined

kilo tonnes

1,019

515

*Waste tonnes mined

kilo tonnes

7,149

5,090

*Total tonnes mined

kilo tonnes

8,168

5,605

*Ore in stockpile

kilo tonnes

1,059

158





Processing




*Ore tonnes processed

kilo tonnes

708

626

*Average plant throughput

tonnes per day

7,867

6,731

*Average diamond recovery

carats per tonne

1.67

2.22

*Diamonds recovered

000's carats

1,185

1,392

Approximate diamonds recovered - Mountain Province

000's carats

581

682

Cash costs of production per tonne of ore, net of capitalized stripping **

$

93

119

Cash costs of production per tonne of ore, including capitalized stripping**

$

122

139

Cash costs of production per carat recovered, net of capitalized stripping**

$

56

53

Cash costs of production per carat recovered, including capitalized stripping**

$

73

62





Sales




Approximate diamonds sold - Mountain Province***

000's carats

507

603

Average diamond sales price per carat

US

$                                   132

$                              71


* at 100% interest in the Gahcho Kué Mine

**See Non-IFRS Measures section of the Company's March 31, 2022 MD&A for explanation and reconciliation

***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding process

Conference Call

The Company will host its quarterly conference call on Wednesday, May 4 th , 2022 at 11:00am ET .

Title: Mountain Province Diamonds Inc Q1 2022 Earnings Conference Call

Conference ID: 29875964

Date of call: 05/04/2022

Time of call: 11:00 Eastern Time

Expected Duration: 60 minutes

Webcast Link:
https://produceredition.webcasts.com/starthere.jsp?ei=1545143&tp_key=bd339f39e9

Participant Toll-Free Dial-In Number:             (+1) 888-390-0546
Participant International Dial-In Number:       (+1) 416-764-8688

A replay of the webcast and audio call will be available on the Company's website.

****

About the Company

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories . The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com .

Qualified Person

The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Matthew MacPhail , P.Eng., MBA, and Tom E. McCandless , Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province ; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations.  Except for statements of historical fact relating to Mountain Province , certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.

Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province . Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board

__________________________________

1 Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS.  See the Non-IFRS Measures section of the Company's March 31, 2022 MD&A for explanation and reconciliation.

2 Included in the determination of net income for the three months ended March 31, 2022 are unrealized foreign exchange gains of $4.2 million, on the translation of the Company's US$-denominated debt. The unrealized foreign exchange gains are a result of the strengthening of the Canadian dollar versus the US dollar.

Cision View original content: https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-strong-first-quarter-financial-results-for-2022-301539045.html

SOURCE Mountain Province Diamonds Inc.

Cision View original content: http://www.newswire.ca/en/releases/archive/May2022/03/c3670.html

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MPVD:CA,MPVDF

Mountain Province Diamonds Announces Successful Exploration Update for Kennady North

TSX and OTCQX: MPVD

 Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces interim exploration results for its 100%-held Kennady North Project. The Kennady North Project consists of over 107,000 hectares of claims and leases that completely surround the Gahcho Kué Diamond Mine. The 2022 exploration program is focussed on finding new kimberlites based on a detailed analysis of historical technical information including ground and airborne geophysics, kimberlite indicator minerals, and geological mapping. Approximately 3,000 of the ongoing 6,000 meter winter drill program have been completed.

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STAR DIAMOND CORPORATION ANNOUNCES FIRST QUARTER 2022 RESULTS

TSX: DIAM

Star Diamond Corporation ("DIAM", "Star Diamond" or the "Company") reports that the unaudited results of its operations for the quarter ended March 31, 2022 will be filed today on SEDAR and may be viewed at www.sedar.com once posted. A summary of key financial and operating results for the three months ended March 31, 2022 is as follows:

Star Diamond Corporation logo (CNW Group/Star Diamond Corporation)

Highlights
  • Reported on technical and joint venture meetings with Rio Tinto Exploration Canada Inc. ("Rio Tinto Canada") concerning the Fort à la Corne mineral properties (referred to by Rio Tinto Canada as the "FalCon" Project) regarding the data analysis and exploration activities that have been undertaken by Rio Tinto Canada over the last two years
  • Provided an update regarding the FalCon 'Orbit' exploration program being conducted by Rio Tinto Canada to review and prioritize the Fort à la Corne kimberlites outside of the Star and Orion South Kimberlites (the "Star – Orion South Diamond Project" or the "Project") which has highlighted the kimberlites of Orion North (K120, K147, K148) as having significant potential and Orion Centre (K145), Taurus (K150, K118, K122) and K119 as having a number of the attributes sought but require further evaluation
  • Announced study results identifying the abundance of Type IIa diamonds in the diamond parcels recovered from the Early Joli Fou ("EJF") Geological Units at Orion North and Taurus Kimberlites
  • Acquired an additional interest in the Buffalo Hills joint venture project
  • Completed a $5.0 million private placement

Overview
Star Diamond Corporation is a Canadian natural resource company focused on exploring and developing Saskatchewan's diamond resources. Star Diamond holds, through a joint venture arrangement with Rio Tinto Exploration Canada Inc. ("Rio Tinto Canada", a wholly-owned subsidiary of Rio Tinto plc or "Rio Tinto"), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project, or "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 Canada refers to their Fort à la Corne mineral properties as "Project FalCon".

Activities Relating to the Fort à la Corne mineral properties (including the Project)
During technical meetings concerning the FalCon Project held in March 2022 , Rio Tinto Canada indicated to the Company that a number of desktop studies have been undertaken to evaluate the mineability and economic viability of the Project (see News Release dated February 17, 2022 ). Star Diamond recently received presentations from both Rio Tinto Canada and Rio Tinto personnel concerning data analysis and exploration activities that have been undertaken by Rio Tinto Canada over the last two years (see News Release dated March 9, 2022 ). Topics of interest covered during these technical meetings included: 1) Star Kimberlite trench cutter bulk sampling program results, 2) Diamond size and quality analysis, 3) 'Orbit' program update, 4) Mineability study, 5) Geological model and resource update, 6) Community and stakeholder engagement, 7) Environmental and permitting and, 8) Green energy and carbon mineralization. As the Company analyzes the information presented at these technical meetings and materials relating to these topic areas, the Company may provide further details and/or results of these studies.

The FalCon 'Orbit' exploration program conducted by Rio Tinto Canada has resulted in a number of kimberlites being prioritized for additional diamond evaluation work (see News Release dated April 12, 2022 ). Rio Tinto Canada geologists of the Orbit exploration team have, over the past few years, used a spectrum of evaluation techniques to review and prioritize the Fort à la Corne kimberlites outside of the Star and Orion South Kimberlites, which have already been subject to extensive evaluation. This program has highlighted the kimberlites of Orion North (K120, K147, K148) as having significant potential to add to the FalCon Project. Orion Centre (K145), Taurus (K150, K118, K122) and K119 stand out in the field as having number of the attributes sought but require further work to completely evaluate. The locations of these kimberlites relative to Star and Orion South are shown on the map, which is available on the Star Diamond website. Rio Tinto Canada has indicated that it is in the process of developing additional diamond evaluation work to be conducted on these kimberlites. The evaluation techniques used thus far by the Orbit exploration team to prioritize these Orion North, Orion Centre and Taurus Kimberlites have included: componentry method of core logging; diamond inclusion studies; garnet colour studies; trace element geochemistry; thermobarometry; and microdiamond sampling. These studies have highlighted the kimberlites of Orion North (K120, K147, K148) as satisfying Rio Tinto Canada's Ore Grade Width Intercept ("OGWI") requirements and that these kimberlites will require additional evaluation work. Orion Centre (K145), Taurus (K150, K118, K122) and K119 indicate the potential to deliver OGWIs.

The Company recently announced the completion of a major study into the abundance of Type IIa diamonds in the diamond parcels recovered from the Early Joli Fou ("EJF") Geological Units at the Orion North and Taurus Kimberlites. These diamonds were recovered by Star Diamond between 2006 and 2008 from 48-inch large diameter drilling ("LDD") programs. This study confirms that unusually high proportions of Type IIa diamonds are present in both the Orion North and Taurus Kimberlites. Of particular note is the remarkably high proportion of Type IIa diamonds in the Orion North 147/148 EJF (52%) of which 66% of the 24 stones, 3 grainer (0.66 carats) and above are Type IIa. This study also confirms and augments an earlier study of Type IIa diamonds being present in the Fort a la Corne kimberlites with Star at (26.5 percent) and Orion South Kimberlite (12.5 percent) (see News Releases dated June 09, 2010 & March 04, 2019 ). 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.

Activities relating to other mineral properties
The Company recently announced that pursuant to a Quitclaim, Surrender and Assignment of Interest Agreement dated May 11, 2022 , the Company has acquired an additional joint venture interest of approximately 17% in the Buffalo Hills project for nominal consideration (see News Release dated May 12, 2022 ). As a result of the transaction, Star Diamond and Canterra Minerals Corporation each hold a 50% interest in the Buffalo Hills project. Located approximately 400 kilometres  northwest of Edmonton, Alberta, Canada , the Buffalo Hills project is a significant and accessible field of diamond bearing kimberlites, with similarities to the Fort á la Corne kimberlites in Saskatchewan, Canada .

Year to Date Results
For the quarter ended March 31, 2022 , the Company recorded a net loss of $0.9 million or $0.00 per share (basic and fully diluted) compared to a net loss of $1.1 million or $0.00 per share for the same period in 2021. The losses during these quarters were due to operating costs and exploration and evaluation expenditures incurred by the Company exceeding interest income earned on cash and cash equivalents.

During April 2022 , the Company completed a private placement whereby an aggregate of 16,666,667 Units were issued for proceeds of $5.0 million (see News Releases dated April 6, 2022 and April 22, 2022 ). Each Unit was comprised of one common share and one warrant. Each whole warrant entitles the holder thereof to purchase one common share at a price of $0.40 , for a period of two years from the closing of the private placement.

Selected financial highlights include:

Condensed Consolidated Statements of Financial Position

As at

March 31,

2022

As at

December  31,

2021

Current assets

$    3.3  M

$    1.5  M

Exploration and evaluation, capital and other assets

67.7  M

67.9  M

Current liabilities

5.0  M

3.1  M

Non-current liabilities

1.0  M

1.1  M

Shareholders' equity

65.0  M

65.2  M

Consolidated Statements of Loss

Quarter Ended
March 31,

2022

Quarter Ended
March 31,

2021

Interest and other income

$    0.0  M

$    0.0  M

Expenses

0.7  M

1.4  M

Investment in Wescan Goldfields Inc.

(0.2) M

0.3  M

Net loss for the period

0.9  M

1.1  M

Net loss per share for the period (basic and diluted)

0.00

0.00

Condensed Consolidated Statements of Cash Flows

Quarter Ended
March 31,

2022

Quarter Ended
March 31,

2021

Cash flows from operating activities

$   1.1 M

$  (1.6) M

Cash flows from investing activities

0.0  M

0.0  M

Cash flows from financing activities

0.5 M

1.9 M

Net increase in cash

1.6  M

0.3  M

Cash – beginning of period

1.3 M

4.8 M

Cash – end of period

2.9  M

5.1  M

Outlook
The provincial environmental approval of the Project received in 2018, alongside the previous positive federal decision, marked a major milestone for the Project. In addition, the positive results of the 2018 independent PEA show that the Project can be economically developed and operated while providing direct employment for hundreds of people throughout the construction phase and hundreds of people continuously over its estimated 38 year mine life.

The successful completion of the 2017 consolidation of the Fort à la Corne mineral properties (including the Project) and the amended Fort à la Corne joint venture agreement that was announced in December 2021 defines a new phase for the Company. The arrangements announced in December 2021 are intended to ensure that key project milestones, and the certainty associated with them, will have been achieved before Star Diamond has to contribute any additional capital. Star Diamond will have no obligation to fund or contribute to carried interest costs until the commencement of commercial production, which will not occur until after the completion of construction of the diamond mine with it generally operating at certain specified thresholds for 90 days. Once a decision to develop the mine has been made and publicly announced, Star Diamond will have six months before it is required to begin contributing to its share of capital costs and expenditures incurred for construction of the mine.

As of May 12, 2022 , the Company had approximately $3.4 million in cash and cash equivalents (excluding $0.6 million in restricted cash). A portion of the Company's cash and cash equivalents will be used for programs (including remaining flow-through commitments) to further assess, evaluate and advance certain aspects of the Company's mineral properties, as well as for general corporate matters.

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 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 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 ).

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 Company'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 or the PEA constitute forward-looking statements. Forward-looking statements contained or implied in this news release include, but are not limited to, statements relating to the Company's ability to continue as a going concern; statements regarding programs previously performed by Rio Tinto Canada; statements regarding future programs by Rio Tinto Canada; statements related to diamond breakage and other reporting; disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, NPV and other costs and economic information, carats of diamonds to be recovered, after-tax payback period, tonnes of kimberlite to be mined, carats per tonne to be recovered (grade), diamond prices, project life, life of mine, capital costs, and length of pre-production period; statements related to mineral resources and/or reserves; statements related to the approval of the development of the Star - Orion South Diamond Project; statements relating to future development of the Star - Orion South Diamond Project and associated timelines; statements with respect to environmental permitting and approvals; the Company's need for and intention to seek additional financing; statements with respect to metallurgical and diamond investigations, assessments and test work including diamond breakage studies; the potential proportion of Type IIa diamonds in the Star, Orion South , Orion North and Taurus kimberlites and the potential for the recovery of large, high-quality diamonds.

These forward-looking statements are based on the Company'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 valuations, 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 the Company, the nature and outcome of studies, analyses, criteria or conditions that Rio Tinto Canada may consider relevant to its assessment of whether to seek to further invest in the Project or seek to develop the Project into an operating mine, the effects of competition in the markets in which the Company operates, the impact of the COVID-19 pandemic, risks related to diamond breakage from extraction and diamond recovery, risks related to the Company's need for additional financing and the Company's ability to raise that financing, the impact of changes in the laws and regulations regulating mining exploration and development, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in the Company's most recently filed Annual Information Form, annual and interim MD&A, news releases and technical reports. The Company's anticipation of and success in managing the foregoing risks could cause actual results to differ materially from what is anticipated in such forward-looking statements.

Although the Company considers the assumptions contained in forward-looking statements to be reasonable based on information currently available to it, those assumptions may prove to be incorrect. When making decisions with respect to the Company, investors and others should not place undue reliance on these statements and should carefully consider the foregoing factors and other uncertainties and potential events. Unless required by applicable securities laws, the Company does not undertake to update any forward-looking statement that is made herein.

www.stardiamondcorp.com

SOURCE Star Diamond Corporation

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STAR DIAMOND CORPORATION OBTAINS ADDITIONAL INTEREST IN BUFFALO HILLS JOINT VENTURE

Stock Symbol: DIAM: TSX

Star Diamond Corporation (TSX: DIAM) ("Star Diamond" or the "Corporation") is pleased to announce that, pursuant to a Quitclaim, Surrender and Assignment of Interest Agreement dated May 11, 2022 the Corporation has acquired an additional joint venture interest of approximately 17% in the Buffalo Hills project in north central Alberta, Canada for nominal consideration. As a result of the transaction, Star Diamond and Canterra Minerals Corporation (TSXV: CTM) each hold a 50% interest in the Buffalo Hills project.

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Tres-Or Confirms a Preliminary Prospectus Was Filed by Kiboko for the Amended and Restated Option on It's Fontana Gold Project in Québec

Tres-Or Confirms a Preliminary Prospectus Was Filed by Kiboko for the Amended and Restated Option on It's Fontana Gold Project in Québec

Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) ("Tres-Or" or the "Company") announces that as contemplated by the Amended and Restated Option Agreement with Kiboko Gold Inc. ("Kiboko") dated November 30, 2021, a preliminary long form prospectus has been filed and can be found on Kiboko's SEDAR profile. Tres-Or also reports that Kiboko has filed an accompanying Technical Report (NI 43-101 report) titled "Harricana Gold Project Technical Report, Duverny Township, Quebec".

About the Fontana Gold Project (renamed the Harricana Gold Project)

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LUCARA REPORTS VOTING RESULTS FROM ANNUAL MEETING

TSX:LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)

LUCARA REPORTS VOTING RESULTS FROM ANNUAL MEETING (CNW Group/Lucara Diamond Corp.)

Lucara Diamond Corp. ("Lucara" or the "Company") held its Annual General and Special Meeting of shareholders in Vancouver, British Columbia today. Shareholders voted as follows on the matters before the meeting: View PDF version .

Board Members
Shareholders elected the following 7 board members with shareholders represented at the meeting voting in favour of individual directors as follows:

Director

Votes

For

% Votes
For

Votes

Withheld

% Votes
Withheld

Paul Conibear

214,103,414

97.05%

6,501,423

2.95%

David Dicaire

219,605,131

99.55%

999,706

0.45%

Marie Inkster

220,016,073

99.73%

588,764

0.27%

Adam Lundin

199,587,635

90.47%

21,017,202

9.53%

Catherine McLeod-Seltzer

215,615,450

97.74%

4,989,387

2.26%

Peter J. O'Callaghan

213,389,302

96.73%

7,215,535

3.27%

Eira Thomas

214,539,917

97.25%

6,064,920

2.75%

Appointment of Auditors
Shareholders re-appointed PricewaterhouseCoopers LLP as Lucara's auditors with 95.22% of shareholders voting in favour.

Ordinary Resolutions to Share Unit Plan Amendments
Shareholders passed an ordinary resolution to approve certain amendments to the share units plans with 70.22% in favour. The renewal of the Company's Corporation's share unit plan which has been amended to increase the maximum share reservation and to approve the unallocated awards under the Share Unit Plan was approved with 70.21%.

Advisory Resolution on Executive Compensation
Management's approach to executive compensation, also disclosed in Lucara's management proxy circular dated March 23, 2022 was approved with 97.10% of shares represented at the meeting voting in favour.

Following the meeting, the Board of Directors selected Mr. Paul Conibear to serve as Chairman of the Board. Mr. Conibear was originally elected to Lucara's Board in 2007 and had previously served as the Company's Lead Director.

On behalf of the Board,

Eira Thomas
President and Chief Executive Officer

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ABOUT LUCARA
Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% owned Karowe Mine in Botswana and owns a 100% interest in Clara Diamond Solutions, a secure, digital sales platform positioned to modernize the existing diamond supply chain and ensure diamond provenance from mine to finger. The Company has an experienced board and management team with extensive diamond development and operations expertise. The Company operates transparently and in accordance with international best practices in the areas of sustainability, health and safety, environment and community relations.

The information in this release is accurate at the time of distribution but may be superseded or qualified by subsequent news releases.

The information was submitted for publication, through the agency of the contact person set out above, on May 6, 2022 at 2:45pm Pacific Time .

SOURCE Lucara Diamond Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/06/c5661.html

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LUCARA'S Q1 2022 REVENUE OF $68.2 MILLION REFLECTIVE OF A STRONG START TO 2022

 (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)

Lucara Diamond Corp. ("Lucara" or the "Company") today reports its results for the quarter ended March 31 , 2022. View PDF version .

News Provided by Canada Newswire via QuoteMedia

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