Star Diamond Corporation Announces 2025 Year End Results
Press Release
March 30, 2026
Star Diamond Corporation (“Star Diamond” or the “Company”) announces its financial and operating results for the year ended December 31, 2025. All amounts are in thousands of Canadian dollars, except common share or per share amounts or as otherwise noted.
The Company’s annual financial statements for the years ended December 31, 2025 and 2024 and related management’s discussion and analysis are available on SEDAR+ at www.sedarplus.ca.
Overview
Star Diamond is a Canadian natural resource company focused on exploring and evaluating Saskatchewan’s diamond resources. Star Diamond holds a 100% interest in the Fort à la Corne Project, (the “FalC Project”), which includes the Star – Orion South Diamond Project (the “ Project”). These properties are in central Saskatchewan, near established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future possible mine development.
The Company also holds a 100% interest in the exploration and evaluation properties and assets of the Buffalo Hills Diamond Project (the “BH Project”) located approximately 400 kilometres northwest of Edmonton, Alberta, Canada.
Operations
The Project
As at the date hereof, the Company’s material mineral project is the Project. Additional information related to the Project, including the revised mineral resource estimate in respect of the Project, can be found in the technical report, relating to the Project, bearing an effective date of July 24, 2024 entitled “Technical Report and Revised Resource Estimate for the Star-Orion South Diamond Project, Fort A La Corne Area, Saskatchewan, Canada”, prepared by Daniel C. Leroux, M.Sc. P.Geo., Leon McGarry, B.Sc. P.Geo. and Peter J. Ravenscroft, FAusIMM (the “Star Diamond Technical Report”) is available on the Company’s SEDAR+ profile at www.sedarplus.ca.
The Project is currently under care and maintenance. Star Diamond’s technical team will focus on the technical investigation and evaluation of the Project, with the goal of a future development decision.
The Company expects that the revised mineral resources estimate contained in the Star Diamond Technical Report will be incorporated into a re-optimized open pit mine plan for the Project, which will include a re-evaluation of mineral reserves and an economic assessment based thereon. On September 9, 2025, the Company announced the engagement with Misty Clifton and SGS for pre-feasibility study on the Project (the “PFS”). The PFS will include a revised statement of mineral reserves for the Project, if warranted, and an economic assessment based thereon. The PFS will enable a feasibility study, on which a production decision can be based.
As announced in the Company’s press release dated March 25, 2026, work to advance the PFS for the Project is ongoing. The timing of the PFS is dependent, among other things, on the Company completing one or more financings and availability of contractors.
Highlights
⦁ The revised mineral resource estimate contained in the Star Diamond Technical Report for the Star and Orion South kimberlites has integrated Star 2019 Trench Cutter diamond data, adding improvement to the diamond size frequency curves for both kimberlites.
⦁ The mitigation of risk in the Orion South diamond price estimate: the 2018 preliminary economic assessment demonstrated that it is economically efficient to mine the Orion South kimberlite first. However, Orion South has a significantly smaller evaluation diamond parcel than Star, adding some risk to the diamond price estimate for Orion South. We believe there is an opportunity to mitigate the risk in the Orion South diamond price estimate, without the necessity of additional bulk sampling to obtain a larger diamond evaluation parcel.
⦁ A budget has been prepared for the completion of the PFS of $3,000.
FalC Project (Orion North, Orion Centre and Taurus)
The Orion North, Orion Centre and Taurus kimberlite clusters form part of the FalC Project, located in Saskatchewan, Canada. There were no material developments with respect such clusters during the most recently completed financial year and the Company is currently reviewing the project to determine future technical, economic, permitting, social and environmental work.
BH Project
The BH Project is located north central, Alberta. There were no material developments with respect to the BH Project during the most recently completed financial year and the Company is currently reviewing the BH Project to determine future technical, economic, permitting, social and environmental work.
Corporate Developments during 2025
On November 20, 2025, the Company appointed new members of the Company’s leadership team.
⦁ Ewan Mason retired as the Company’s Chair, President and CEO.
⦁ Lisa Riley and Larry Philips also resigned as directors of the Company.
⦁ Wayne Malouf was appointed the Chairman.
⦁ Krisztian Toth was appointed a director of the Company.
⦁ Leslie Markow was appointed a director of the Company.
⦁ Lester Kemp was appointed as interim CEO.
⦁ Mark Shimell, formerly the Company’s Vice President Exploration, was appointed Chief Operating Officer.
Year End Results
For the year ended December 31, 2025, the Company recorded a net loss of $3,819 or $0.01 per share (2024 – net loss of $6,017 or $0.01 per share). The decrease in net loss was primarily due to the following:
⦁ Administration decreased to $1,096 in 2025 (2024 – $1,533) due to reduction in certain salaries and benefits and management fees.
⦁ Corporate development decreased to $180 in 2025 (2024 – $367), reflecting a reduction in marketing activities and publications issued in 2025.
⦁ Exploration and evaluation expenditures decreased to $2,065 in 2025 (2024 – $2,548). Exploration and evaluation expenditures incurred during 2025 were primarily due to security and maintenance, continued diamond analyses, and test work for the FALC Project.
⦁ Loss on investment in Wescan Goldfields Inc. decreased to $nil in 2025 (2024 – loss of $145).
⦁ Impairment charge decreased to $nil in 2025 (2024 – $950) as the Company impaired its Buffalo Hills Diamond Project in 2024.
On December 31, 2025, the Company had $724 (December 31, 2024 – $164) in cash and cash equivalents and a working capital (excess of current assets over current liabilities) of $458 (2024 – working capital deficit of $1,017). The increase in working capital was a result of proceeds received from convertible debentures, the Company’s private placement with Spirit Resources s.a.r.l. of units for gross proceeds of $4,000 and sale of shares in Wescan Goldfields Inc., offset by net cash used in operating activities.
Selected Financial Highlights:
Selected financial information about the Company for each of the last three years is summarized as follows:
2025 2024 2023
$ $ $
Net loss (1)(2) (3,819) (6,017) (2,823)
Net loss per share (3) (0.01) (0.01) (0.01)
Current assets 1,100 220 606
Total assets 13,354 14,387 1,161
Current liabilities 642 1,237 859
Total non-current liabilities 7,317 7,944 121
Working capital (deficit) (4) 458 (1,017) (253)
(1) Loss from continuing operations attributable to owners of the parent, in total.
(2) Loss attributable to owners of the parent, in total.
(1) Basic and diluted.
(2) Current assets, less current liabilities.
(3) Increase in total assets due to the Company acquisition of a 75% interest in the FalC Project in March 2024.
Summary of Quarterly Results
2025 2024
Qtr 4 Qtr 3 Qtr 2 Qtr 1 Qtr 4 Qtr 3 Qtr 2 Qtr 1
Revenue ($) – – – – 4 9 18 6
Net loss (1)(2) ($) (414) (989) (1,450) (966) (2,108) (1,393) (1,630) (886)
Net loss per share (3)(4) ($) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
(1) Loss from continuing operations attributable to owners of the parent, in total.
(2) Loss attributable to owners of the parent, in total.
(3) Basic and diluted.
(1) Per share amounts are rounded to the nearest cent, therefore aggregated quarterly amounts may not reconcile to year-to-date per share amounts.
Technical Information
All technical information in this news release has been prepared under the supervision of Mark Shimell, Chief Operating Officer, Professional Geoscientist in the Province of Saskatchewan, who is the Company’s “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For further information, please contact:
Phone: (306) 664-2202
Email: stardiamondcorp@stardiamondcorp.com
Website www.stardiamondcorp.com
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