Star Diamond Corporation Announces First Quarter 2026 Results

Press Release

Star Diamond Corporation (“Star Diamond” or the “Company”) announces its financial and operating results for the three months ended March 31, 2026. All amounts are in thousands of Canadian dollars, except common share or per share amounts or as otherwise noted.

The Company’s unaudited interim financial statements for the three months ended March 31, 2026 and related management’s discussion and analysis are available on SEDAR+ at www.sedarplus.ca.

Operations
The Star – Orion South Diamond Project

As at the date hereof, the Company’s material mineral project is the Star – Orion South Diamond Project (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”), a copy of which is available on the Company’s SEDAR+ profile at www.sedarplus.ca.

The Project site 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. On September 9, 2025, the Company announced the engagement with Misty Clifton and SGS for a 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 the availability of contractors.

Fort à la Corne Project (Orion North, Orion Centre and Taurus)

The Orion North, Orion Centre and Taurus kimberlite clusters form part of the Fort à la Corne 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 Buffalo Hills Diamond Project (the “BH Project”) is located in 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 2026

On February 4, 2026, the Company granted 41,000,000 stock options to directors, officers, and employees of the Company. The stock options have an exercise price of $0.05 per share, with 1/3 of the options vesting immediately and 1/3 vesting on each of the first and second anniversaries of the date of grant. The stock options expire on the fifth anniversary of the date of grant.

On March 25, 2026, the Company announced the appointment of Brendan F. Moore to the Company’s board of directors. Along with the appointment, the Company also granted him 5,000,000 stock options. The stock options have an exercise price of $0.05 per share, with 1/3 of the options vesting immediately and 1/3 vesting on each of the first and second anniversaries of the date of grant. The stock options expire on the fifth anniversary of the date of grant.

Quarter End Results

For the three months ended March 31, 2026, the Company recorded a net loss of $1,167 or $0.00 per share (2025 – net loss of $966 or $0.00 per share). The decrease in net loss was primarily due to the following:

⦁ Administration increased to $633 in 2026 (2025 – $301), mainly due to an increase in the fair value of share-based payments expensed. The fair value of share-based payments varies depending on the vesting of stock options, RSUs and DSUs granted.
⦁ Consulting and professional fees decreased to $51 in 2026 (2025 – $99) due to reduced legal fees incurred.

On March 31, 2026, the Company had $195 (December 31, 2025 – $724) in cash and cash equivalents and a working capital (excess of current assets over current liabilities) of $19 (December 31, 2025 – working capital of $458). The decrease in working capital was a result of net cash used in operating activities.

A budget has been prepared for the completion of the PFS of $3,000 which is subject to the completion of a financing.

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 financing. There can be no assurance that the Company will succeed in obtaining additional financing, now or in the future. Failure to raise additional financing on a timely basis could cause the Company to suspend its operations and planned activities.

Summary of Quarterly Results

2026 2025 2024
Qtr 1 Qtr 4 Qtr 3 Qtr 2 Qtr 1 Qtr 4 Qtr 3 Qtr 2
Revenue ($) – – – – – 4 9 18

Net loss (1)(2) ($) (1,167) (414) (989) (1,450) (966) (2,108) (1,393) (1,630)

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.

(1) Basic and diluted.
(2) Per share amounts are rounded to the nearest cent, therefore aggregated quarterly amounts may not reconcile to year-to-date per share amounts.

Amended Circular

Additionally, the Company has filed an amended and restated information circular (the “Amended Circular”) with respect to its annual general and special meeting of shareholders (the “Meeting”) to be held on May 14, 2026 to clarify previous disclosure as further described in the Amended Circular. The Amended Circular replaces and supersedes the information circular of the Company dated March 30, 2026 (the “Circular”), and filed on SEDAR+ on March 30, 2026, in respect of the Meeting.

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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