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Stornoway Diamond Corp (TSX:SWY)

Summary

Stornoway Diamond Corp. is a Toronto Stock Exchange listed diamond exploration and development company based in Montreal, Canada. The company is focused on operating a world-class diamond mining company supplying an expanding world market.

Market Overview

$0.74 (1.350%)
Vol 244,944.00
10 Days Avg Vol 249,958.56
3 Mo Avg Vol 264,296.74
52 Wk Lo/Hi $0.69 - $1.33
YTD Price Gain % 0%
12 Wks Moving Avg 0.801333
200 Days Moving Avg 0.867975
Market Cap 613,389,579

Company Background

Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, Québec’s first diamond mine. Stornoway is a growth oriented company with a world-class asset, in one of the world’s best mining jurisdictions, in one of the world’s great mining businesses.

Highlights

  • Recently announced 1 Million carats of diamonds produced at the Renard Diamond Mine.
  • Strong balance sheet – total liquidity at completion of construction of $165 million.
  • Renard Project is expected to comprise approximately 2% of the global rough diamond supply by value, making Stornoway the sixth largest diamond producer in the world.

Share Structure

As of May, 2017
Shares Issued 828,664,837
Warrants 14,000,000
Options 43,225,834
Fully Diluted 885,890,671

Other Information

Projects:

Renard Projec

  • The Renard Diamond mine is 100% owned by Stornoway and is Quebec’s first diamond mine.
  • The project hosts a cluster of nine kimberlite pipes and the Lynx/Hibou kimberlite dyke system.
  • Renard project was first discovered in 2001 and following 16 years of resource definition, economic study, environmental assessment, permitting, infrastructure development, financing and construction, it is now in production.
  • Construction was completed ahead of schedule and below budget – C$774m final cost to complete against plan of C$811m.
  • Over the initial 14 years of mining, Renard is expected to produce an average of 1.6 million carats per year.

2017 Production Guidance

Open Pit Tonnes Mined (ore and waste) 4,400,000
Underground Tonnes Mined (ore and waste) 500,000
Underground Development (m) 2,300
Underground Stope Preparation (m) 2,600
Tonnes Processed 2,000,000
Carats Recovered 1,700,000
Grade (cpht) 86
Carats Sold 1,800,000
Average Diamond Price US$/ct US$100-$132
Sales Revenue US$180mm-$230mm

Management Profiles

Matt Manson

CEO, President & Director

Matt Manson has 20 years’ experience in diamond exploration, development and production. Matt was appointed President of Stornoway in March 2007 following the acquisition of Ashton Mining of Canada and Contact Diamond Corporation, and subsequently President and CEO in January 2009. Between 1999 and 2005, Matt was employed by Aber Diamond Corporation (now Dominion Diamond Corporation) as Vice-President, Marketing, and thereafter Vice-President, Technical Services and Control, during which time he participated in the US$230m project financing for the Diavik Diamond Project, as well as overseeing Aber’s technical and marketing operations. Matt is a graduate of the University of Edinburgh (B.Sc. Geophysics, 1987) and the University of Toronto (Ph.D. Geology, 1996).

Patrick Godin

COO & Director

Patrick Godin has overall responsibility for the development of the Renard Diamond Project. Prior to joining Stornoway, Pat acted as Vice-President, Project Development for GMining Services, and was responsible for the development of the Essakane Mine in Burkina Faso under contract to IAMGOLD. He was previously Vice-President of Operations for Canadian Royalties, specifically heading the development of their nickel project in northern Québec. He was also President and General Manager of CBJ-CAIMAN S.A.S., a French subsidiary of Cambior/IAMGOLD, holder of the Camp Caïman gold mining project located in French Guiana. He is the Chairman of the board of Geomega Resources and a director of Orbit-Garant Drilling.

Orin Baranowsky

Interim CFO, VP, Investor Relations and Corporate Development

Orin Baranowsky joined Stornoway as Director, Investor Relations in June 2013, was appointed Vice President, Investor Relations and Corporate Development in March 2016 and interim CFO in April 2017. He has more than 15 years of finance experience, and has been involved in more than $1 billion of capital raisings for mining companies. Prior to joining Stornoway, Mr. Baranowsky was Vice President, Investor Relations for CB Gold Inc., a Canadian-based precious metals exploration company with assets in Colombia. Previously, he worked for more than 10 years for BMO Capital Markets in progressively senior roles in equity research.