Mountain Province Diamonds Announces Strong First Quarter Financial Results for 2022

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.

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SOURCE Mountain Province Diamonds Inc.

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Mountain Province Diamonds MPVD:CA MPVDF Diamond Investing

MPVD:CA,MPVDF

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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STAR DIAMOND APPOINTS EWAN MASON AS ITS PRESIDENT AND CEO

Star Diamond Corp (TSX: DIAM) ("Star Diamond" or the "Company") is pleased to announce that its Board of Directors has appointed Ewan Mason to the position of President and Chief Executive Officer, effective immediately. Mr. Mason has served as Interim President and Chief Executive Officer since January 1, 2023. Mr. Mason will continue to serve as Chair of the Company's Board.

"We are pleased to name Ewan Mason as the President and CEO of Star Diamond," said Lisa Riley , Lead director of the Board. "Since he was appointed interim CEO in January 2023, Ewan's leadership has been integral in the successful negotiation process and the coming acquisition of Rio Tinto Exploration Canada Inc.'s 75% interest in the Fort à la Corne ("FALC") diamond district. He also continues to build strong relationships with our employees, shareholders and stakeholders, all while maintaining a focus on shareholder value."

"I am honored to accept the CEO position at Star Diamond," said Ewan Mason, President and CEO of Star Diamond. "I am excited about the prospect of an ongoing collaboration with an exceptional team and the future development of the world class diamond project that is FALC".

About Star Diamond Corporation
Star Diamond 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's most significant asset is its interest in the Fort à la Corne property in central Saskatchewan. These kimberlites are located in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development.

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. All statements, other than statements of historical fact, are forward-looking statements. The use of any of the words "anticipate", "plan", "aim", "target", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential", "possible", "capable" and similar expressions are intended to identify "forward-looking statements. Forward-looking statements in this press release include, but are not limited to, expectations regarding the timing for transfer of the Permit to Operate and completion of the transactions that are the subject of the Agreement.

These forward-looking statements are based on Star Diamond'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, the MoE's approval processes and the impact of changes in the laws and regulations regulating mining exploration, development, closure, judicial or regulatory judgments and legal proceedings and the additional risks described in Star Diamond's most recently filed Annual Information Form, annual and interim MD&A.

Although management of Star Diamond considers the assumptions contained in forward-looking statements to be reasonable based on information currently available to Star Diamond, 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.

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 %

Mountain Province Diamonds Announces Strong First Quarter Financial Results for 2022

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