SASKATOON, SK, Nov. 10, 2025 /CNW/ - Star Diamond Corporation ("Star Diamond" or the "Company") reports that unaudited financial results for the quarter ended September 30, 2025, will be filed today on SEDAR+ and may be viewed at www.sedarplus.ca once posted.
All amounts are in thousands of Canadian dollars, except common share or per share amounts or as otherwise noted.
OverviewStar 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, (FALC Project, which includes the Star, Orion South Diamond Project, or 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 (see "Corporate Developments").
Fort à la Corne mineral propertiesThe Company currently holds a 100% interest in certain Fort à la Corne ("FALC") kimberlites (see March 26, 2024, news release: Star Diamond Corporation completes acquisition of Rio Tinto's 75% interest in Fort à la Corne Joint Venture) including the Star and Orion South Kimberlites. The FALC mineral properties are located in the Fort à la Corne Provincial Forest, 60 km east of Prince Albert, Saskatchewan. Highway 55, located to the north of the Project, connects Prince Albert with several towns located directly north of FALC to the town of Nipawin, east of FALC. Highway 6 runs north south and is located to the east of FALC.
Recent activities relating to the Star - Orion South Diamond Project and Fort à la Corne mineral propertiesThe Revised Mineral Resources estimate (see July 24, 2024 news release: Star, Orion South Diamond Project Revised Mineral Resources Estimate) will now 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 a Pre-Feasibility Study ("PFS") on the Star–Orion South Diamond Project. The PFS will include a revised statement of Mineral Reserves for the Project, if warranted, and an economic assessment based thereon. The PFS will build on the revised mineral resource estimate, which was completed in 2024 and the technical work completed for and since the 2018 Preliminary Economic assessment ("PEA"). Significant parts of the work completed for the 2018 PEA, including the mining method, process plant design, site layout and infrastructure, can be updated and incorporated into the updated PFS. The consultants have estimated the PFS will be completed during Q4 2026.
Buffalo Hills mineral propertiesThe Company holds a 100% interest in the exploration and evaluation properties and assets of the Buffalo Hills (BH) Project. Located approximately 400 kilometres northwest of Edmonton, Alberta, Canada, the BH Project includes 21 mineral leases covering 4,800 hectares and is a significant and accessible field of diamond-bearing kimberlites, with similarities to the Company's Fort á la Corne kimberlites. The BH Project is located in the Buffalo Hills Kimberlite District, which contains at least 38 individual kimberlite bodies, of which 26 kimberlites are diamond-bearing and a number of which outcrop at surface. Exploration on these kimberlites started in 1996, and small parcels of diamonds have been collected from various exploration programs on many of those considered most prospective.
Corporate DevelopmentsOn August 6, 2025, the Company announced the closing of a private placement with Spirit Resources s.a.r.l ("Spirit") and issued 133,333,333 units at a price of $0.03 per unit for aggregate proceeds of $4,000 (the "Private Placement"). Each unit consisted of one common share of the Company and one common share purchase warrant with an exercise price of: (i) $0.04 per share at any time within 12 months following the date of issue, and (ii) $0.05 per share thereafter, with such warrants being exercisable for a period of 24 months, provided that if the Company fails to complete one or more equity financings for at least $3,000 in aggregate within such 24-month period, then the exercise period of the warrants will be extended by a further 12 months.
Contemporaneously with the completion of the Private Placement,
Al Gourley and Wayne Malouf were elected by the shareholders as directors of the Company.
The Company issued an aggregate of 11,732,919 units (the "Conversion Units") in connection with the automatic conversion of the outstanding principal amount plus accrued interest due under the Company's convertible promissory notes. Each Conversion Unit comprised of one common share and one warrant exercisable for one common share. Each warrant is exercisable for a period of 24 months; provided that if the Company fails to complete one or more equity financings for at least $3,000 in aggregate within such 24-month period, then the exercise period of the warrants will be extended by a further 12 months. The warrants have an exercise price of $0.05.
On August 25, 2025, the Company announced the retirement of Ewan Mason (Chair, President and CEO) effective November 20, 2025.
Quarter End ResultsFor the three months ended September 30, 2025, the Company recorded a net loss of $989 or $0.00 per share (2024, net ...
