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Star Diamond Corporation Announces Rio Tinto Decisions Regarding Star – Orion South Diamond Project

Press Release

June 28, 2022

SASKATOON, Saskatchewan– Star Diamond Corporation (“Star Diamond”) announces that, at a meeting of the Fort à la Corne joint venture management committee held earlier today, Rio Tinto Exploration Canada Inc. (“Rio Tinto”) exercised its voting power to place the Star – Orion South Diamond Project (the “Project”) on care and maintenance through December 31, 2022. As part of this, Rio Tinto has advised that, subject to fulfilling its existing obligations, it does not intend to commit additional capital to the Project during 2022 beyond what is necessary for care and maintenance.

Rio Tinto also advised Star Diamond during today’s joint venture management committee meeting that Rio Tinto intends to conduct a near-term review of its alternatives regarding the Project, including its potential exit.

During today’s meeting, Rio Tinto stated that it remains pleased with the results of the comprehensive studies and bulk sampling program that have been completed to date at the Project.

The board of directors of Star Diamond is disappointed by these decisions. Star Diamond intends to work with Rio Tinto in assessing alternatives regarding the Project.

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.

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