Star Diamond Provides Update on Star - Orion South Diamond Project

RIO TINTO CANADA SAYS TEN CUTTER HOLE BULK SAMPLE PROGRAM NOW SUCCESSFULLY COMPLETED
RIO TINTO CANADA SAYS PROGRAM MET ITS OBJECTIVE OF IMPROVING CONFIDENCE IN THE DIAMOND GRADE OF THE PROJECT
STAR DIAMOND HAS NOTIFIED RIO TINTO CANADA THAT COMPLETION OF A COMPREHENSIVE DIAMOND BREAKAGE STUDY AND CERTAIN OTHER WORK REMAIN OUTSTANDING
STAR DIAMOND HAS REMINDED RIO TINTO CANADA OF TERMS OF COURT UNDERTAKING GIVEN BY RIO TINTO CANADA

Stock Symbol: DIAM: TSX

Star Diamond Corporation ("Star Diamond" or the "Corporation") today announced that Rio Tinto Exploration Canada Inc. ("Rio Tinto Canada") has provided written notice that it has now successfully completed the ten cutter hole bulk sample program excavated by Rio Tinto Canada in 2019 at the Star - Orion South Diamond Project (the "Project"). Rio Tinto Canada has confirmed to Star Diamond that this bulk sample program met Rio Tinto Canada's objective of improving confidence in the diamond grade of the Project. In a letter written to Star Diamond's Chair of the Board, Rio Tinto Canada stated:

"I am pleased to report to Star Diamond Corporation (SDC) that Rio Tinto Exploration Canada Inc. (RTEC) has as of today completed the quality assurance and quality control (QA/QC) procedures allowing RTEC to accept the final processing and recovery results of the Star ten bulk sample programme reported by the Saskatchewan Research Council (SRC) to the participants. I am even more pleased that those results have met the objective of the Star bulk sampling programme, which was to improve confidence in the grade of the Star Kimberlite. I enclose the report which documents the main QA/QC procedures performed and explains why we are able accept the certified results reported by SRC.

RTEC has now completed the processing, diamond recovery and reporting of all diamond results on the samples previously taken from the 10 cutter holes completed in 2019 on the Star Kimberlite. We are proud to have completed this work in accordance with industry standards and to have done so in the middle of the global COVID-19 pandemic."

Star Diamond has written to Rio Tinto Canada to advise that completion of a comprehensive diamond breakage study and certain other work remain outstanding. Star Diamond has reminded Rio Tinto Canada that, until the comprehensive diamond breakage study and that other work is completed, the processing, diamond recovery and reporting of all diamond results from the ten cutter hole bulk sample program will not be complete. Rio Tinto Canada has previously assured Star Diamond that a comprehensive diamond breakage study would be completed by Rio Tinto Canada as part of the bulk sample program.

" Star Diamond remains pleased with the results to date from Rio Tinto Canada's bulk sampling program, which have confirmed Star Diamond's belief that the Project has excellent geology with large and contiguous diamond-bearing kimberlites with a high proportion of valuable Type IIa stones," said Ken MacNeill , President and CEO of Star Diamond . "However, contrary to its prior assurances to Star Diamond , Rio Tinto Canada has not yet completed a comprehensive diamond breakage study. This study is required to properly assess the full nature, extent and potential causes of the undue diamond breakage that appears to have resulted from Rio Tinto Canada's use of unproven and inadequately tested extraction and/or diamond recovery methodologies, and the extent to which larger diamonds would have been recovered in the absence of such breakage."

As previously disclosed by Star Diamond , Rio Tinto Canada provided an undertaking ("Undertaking") to the Court of Queen's Bench for Saskatchewan (Judicial Centre of Saskatoon ) (the "Court"), which is referred to in its August 10, 2020 decision, in ongoing litigation between Star Diamond and Rio Tinto Canada (the "Legal Proceedings"). The Undertaking is binding on Rio Tinto Canada.

As the Undertaking is described by the Court in its August 10, 2020 decision, Rio Tinto Canada agreed that it would not call and/or conduct any meeting of the management committee under the joint venture agreement (the "Joint Venture Agreement") between Star Diamond and Rio Tinto Canada for a period of 120 days following Rio Tinto Canada completing the processing, diamond recovery and reporting of all diamond results on the samples previously taken from the ten bulk sample trenches excavated by Rio Tinto Canada in 2019.

Consistent with the Undertaking, Star Diamond has advised Rio Tinto Canada that, until all processing, diamond recovery and reporting of all diamond results from the ten cutter hole bulk sample program is completed, including the comprehensive diamond breakage study, the 120-day period under the Undertaking cannot begin to run. Notwithstanding that the comprehensive diamond breakage study has not been completed, Rio Tinto Canada advised Star Diamond on February 8, 2021 that the 120-day period commenced on that date, and that Rio Tinto Canada intends to call a management committee meeting under the Joint Venture Agreement once the 120-day period has elapsed. Rio Tinto Canada claims the completion of the comprehensive diamond breakage study that it previously said would be undertaken is not required by the Undertaking it has given.

Star Diamond will vigorously resist any attempt by Rio Tinto Canada to call a management committee meeting other than in compliance with the Undertaking. This includes completion of the comprehensive diamond breakage study before the 120-day period under the Undertaking commences to run. If necessary, Star Diamond will apply to the Court to enforce the Undertaking.

Star Diamond also announced today that the Court has directed that the next step in the previously disclosed Legal Proceedings that Star Diamond commenced against Rio Tinto Canada in 2020, namely the delivery by each of Rio Tinto Canada and Star Diamond to the other of their respective affidavits of documents, must be completed by March 15 , 2021. Once this step occurs, Star Diamond expects that the parties will agree to a timetable for the completion of the other principal pre-trial steps, including oral questioning and the exchange of expert reports, which Star Diamond hopes will be completed during 2021. Once the pre-trial steps are completed, Star Diamond expects that the Court will schedule a pre-trial conference and set a date for trial. Given recent guidance from the Court, including the Court's view that the pace of the Legal Proceedings so far has been appropriate in all of the circumstances, Star Diamond does not expect that the trial will occur in 2021.

Star Diamond continues to vigorously pursue the Legal Proceedings and is committed to taking all actions necessary to protect Star Diamond and its shareholders from the practices and conduct of Rio Tinto Canada. Star Diamond will provide further updates on the Legal Proceedings as developments warrant.

About Star Diamond Corporation

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 Toronto Stock Exchange under the trading symbol "DIAM". The Corporation's Fort à la Corne kimberlites (including the Star - Orion South Diamond Project) 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. During 2018, the Corporation announced the positive results of an independent Preliminary Economic Analysis (the "PEA") on the Project. The PEA 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, 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.

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 or the Corporation's PEA constitute forward-looking statements. Forward-looking statements contained or implied in this press release include, but are not limited to, statements regarding the processing and analysis of, and reporting of results from, the bulk samples previously collected by Rio Tinto Canada and all timelines; statements related to diamond breakage and other actions to complete the processing, diamond recovery and reporting of all diamond results on the samples previously taken from the ten bulk sample trenches excavated by Rio Tinto Canada in 2019; statements related to Star Diamond's intention to enforce the Undertaking; statements related to the Legal Proceedings; 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; statements with respect to metallurgical investigations, assessments and test work including Diamond breakage studies; and the potential proportion of Type IIa diamonds in the Star and Orion South kimberlites 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 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 Corporation, the effects of competition in the markets in which the Corporation operates, risks related to the Legal Proceedings and any future legal proceedings to enforce the Undertaking, the impact of the COVID-19 pandemic, risks related to the operation of the on-site Bulk Sample Plant and the processing methods being used by Rio Tinto Canada and the effectiveness thereof, risks related to diamond breakage and cost overruns and other consequences arising from Rio Tinto Canada's extraction and diamond recovery methodologies, risks related to the Corporation's need for additional financing and the Corporation'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 Corporation's most recently filed Annual Information Form, annual and interim MD&A, news releases and technical reports. The Corporation'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 Corporation 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 Corporation, 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 law, the Corporation does not undertake to update any forward-looking statement that is made herein.

SOURCE Star Diamond Corporation

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Star Diamond DIAM:CA Diamond Investing

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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	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 %

Sample #	Source ¹	Type ²	Lizardite %	Lizardite CO ₂ Mineralization Potential (kg CO ₂ /tonne)
1	FMA	PK	77.7	370
2	FMA	PK	65.8	314
3	FMA	PK	63.6	303
4	FMA	PK	62.5	298
5	FMA	PK	74.8	356
6	DMS Floats	PK	70.3	335
7	DMS Floats	PK	76.8	366
8	DMS Floats	PK	75.3	359
9	DMS Floats	PK	57.5	274
10	SPF-024	Shale	-	0
11	SPF-024	Shale	-	0
12	SPF-033	EJF-KB	83.5	398
13	SPF-033	EJF-KB	78.9	376
14	SPF-033	EJF-PK	73.1	348
15	SPF-034	EJF-PK	76.4	364

Star Diamond Provides Update on Star - Orion South Diamond Project

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