Stornoway Presented at the European Gold Forum on April 19, 2016

1. BUILDING QUÉBEC’S FIRST DIAMOND MINE
European Gold Forum April 19-20, 2016
Matt Manson President & CEO
Orin Baranowsky VP IR & Corporate Development

2. 2
Forward-Looking Information
This presentation contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking
statements”, are made as of the date of this presentation and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as
required by law. These forward-looking statements include, among others, statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with
respect to: (i) the amount of Mineral Reserves, Mineral Resources and exploration targets; (ii) the amount of future production over any period; (iii) assumptions relating to recovered grade,
average ore recovery, internal dilution, mining dilution and other mining parameters set out in the March 2016 Updated Renard Mine Plan and Mineral Reserve Estimate ; (iv) assumptions
relating to gross revenues, operating cash flow and other revenue metrics set out in the 2016 Updated Renard Mine Plan and Mineral Reserve Estimate; (v) mine expansion potential and
expected mine life; (vi) the expected time frames for the completion of construction, start of mining and commercial production at the Renard Diamond Project and the financial obligations or
costs incurred by Stornoway in connection with such mine development; (vii) the expected time frames for the completion of the open pit and underground mine at the Renard Diamond
Project; (viii) future market prices for rough diamonds; and (ix) future market prices for liquefied natural gas and diesel. All statements, other than statements of historical fact regarding
Stornoway or the Renard Diamond Project, are forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”,
“intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances
or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are
based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Stornoway will operate in the future, including the price of
diamonds, anticipated costs and Stornoway’s ability to achieve its goals, regulatory developments, development plans, exploration, development and mining activities and commitments.
Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Certain important
assumptions by Stornoway or its consultants in making forward-looking statements include, but are not limited to: (i) required capital investment; (ii) the amount of future production over any
period; (iii) assumptions relating to recovered grade, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the March 2016 Updated Renard Mine Plan
and Mineral Reserve Estimate ; (iv) assumptions relating to gross revenues, operating cash flow and other revenue metrics set out in the 2016 Updated Renard Mine Plan and Mineral
Reserve Estimate ; (v) estimates of net present value; (vi) anticipated timelines for completion of construction, commencement of mine production and development of an open pit and
underground mine at the Renard Diamond Project, (vii) anticipated geological formations; (viii) Stornoway’s interpretation of the geological drill data collected and its potential impact on stated
Mineral Resources, Mineral Reserves, and mine life; and (ix) Stornoway’s ability to draw on the financing elements of the Renard Diamond Project Financing Transactions closed on July 8th,
2014.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-
looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward- looking statements as a number
of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in
such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, including the assumption in many
forward-looking statements that other forward-looking statements will be correct, but specifically include, without limitation: (i) risks relating to variations in the grade, kimberlite lithologies and
country rock content within the material identified as Mineral Resources from that predicted; (ii) variations in rates of recovery and breakage; (iii) changes in development or mining plans due
to changes in other factors or exploration results; (iv) slower increases in diamond valuations than assumed; (v) risks relating to fluctuations in the Canadian dollar and other currencies relative
to the US dollar; (vi) increases in the costs of proposed capital and operating expenditures; (vii) increases in financing costs or adverse changes to the terms of available financing, if any; (viii)
tax rates or royalties being greater than assumed; (ix) risks relating to the receipt of regulatory approvals; and (x) the additional risks described in Stornoway's most recently filed Annual
Information Form, annual and interim MD&A and Stornoway's anticipation of and success in managing the foregoing risks. Stornoway cautions that the foregoing list of factors that may affect
future results is not exhaustive, and new, unforeseeable risks may arise from time to time.

3. 3
Forward-Looking Information (continued)
Readers are referred to the technical report dated as of March 30, 2016 entitled “Updated Renard Diamond Project Mine Plan and Mineral Reserve Estimate, Québec, Canada” in respect of
the March 2016 Updated Mine Plan and Mineral Reserve Estimate, and the technical report dated January 11, 2016 and press release dated September 24, 2015 in respect of the
September 2015 Mineral Resource estimate for further details and assumptions relating to the project.
The Qualified Persons that prepared the technical reports and press releases that form the basis for the presentation are listed in the Company’s AIF dated March 30, 2016. Disclosure of a
scientific or technical nature in this presentation was prepared under the supervision of Patrick Godin, P.Eng. (Québec), Chief Operating Officer and Robin Hopkins, P.Geol. (NT/NU), Vice
President, Exploration, both “qualified persons” under NI 43-101. Darrell Farrow, PrSciNat, P.Geo.(BC), Ordre des geologues du Quebec (Special Authorisation # 332) of GeoStrat
Consulting Services Inc. is the independent Qualified Person responsible for preparation of the mineral resource estimate for the Renard Diamond Project. GeoStrat Consulting Services Inc,
a mineral resources consultancy, focuses on client interaction and involvement in developing resource models, and has experience in exploration, geological modeling, resource evaluation,
production, resource reconciliation and accounting of diamond deposits around the globe. GeoStrat has verified the results disclosed herein with respect to the mineral resources, and has
conducted appropriate verification on the underlying data, including visitations to the Renard site and the primary process laboratories.
The Renard Diamond Project,
April 15, 2016

4. 4
Stornoway Diamond Corporation TSX:SWY
Construction Progress
Tracking 5 months Ahead of Schedule; Reduced Forecast Cost to Complete
Construction 74.1% complete by end February 2016.
100% Ownership in Renard, Québec’s First Diamond Mine
Road Accessible; Strong Social License; Fully Financed; Fully Permitted; Under Construction
The Renard Diamond Project,
Appril 15, 2016
Strong Balance Sheet
Forecasting excess financing capacity to complete the project of approximately C$117 million
as of Dec, 31 2015. COF undrawn.

5. 55
Mine Plan

6. 6
Lynx
R10
N
R7
R1Hibou
R4
R9
R2
R3
R65
R8
Kimberlite Bodies with
Measured and Indicated
Resources
Hibou
Lynx
R4
R9
R2
R3
R65
Kimberlite Bodies with
Resource Potential
R1Hibou
Lynx
Legend
Stornoway Properties
Hydro-Québec Facility
Renard Kimberlites
Kimberlitic Dyke
Regional Kimberlites
Hydro-Québec
Powerlines
Route 167 Extension/
Renard Mine Road
Road
Exploration/ Mining
Projects
LEGEND:
0 1 2
Kilometers
60 0 60 120
Kilometers
Renard
LG3LG2
LG4
Laforge 1
Laforge 2
Brisay
Foxtrot Property
Strateco
Eastmain MineWestern Troy
Troilus Mine
Eleonore
Temiscamie
Mistissini
Chibougamau
Matagami
Wemindji
Renard Kimberlite Bodies
Kimberlite Bodies with
Inferred Resources

7. 7
The Renard Diamond Project
Key Metrics
Reserve Based Mine Plan, March 30, 2016
Reserve Carats (M) 22.3
Processing Rate (Mtonnes/annum) 2.2 to 2.5
Mine Life (years) 14
Average Diamond Production Years 1-10 (Mcarats) 1.8
Average Diamond Price (US$/carat)1 $155
Initial Cap-ex (C$M)2 $775
LOM Cap-ex (C$M)2 $1,045
LOM Op-ex (C$/tonne)3 $56.20
LOM Op-ex (C$/carat)3 $84.37
Gross Revenue (C$M)4 $5,565
Net Revenue (C$M)5 $4,555
Cash Operating Margin (C$M)5,6 $2,677 or 59%
NPV7% (C$M, unlevered, effective Jan.1, 2016)5,6 $974
Plant Commissioning Commences Oct. 1 2016
Commercial Production Declared Dec. 31 2016
30 mcarat Indicated Mineral Resource
13 mcarat Inferred Mineral Resource
33-71 mcarat TFFE
Mineral Resource Estimate Effective September 24, 2015 (NI 43-101)
Reserve and Resource categories are compliant with the "CIM
Definition Standards on Mineral Resources and Reserves". Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. The potential quantity and grade of any Exploration
Target (previously referred to as a “Potential Mineral Deposit”) is
conceptual in nature, and it is uncertain if further exploration will result
in the target being delineated as a mineral resource.
Notes
1. Estimated average price per carat of the Mineral Reserve in Renards 2, 3, 4 & 65 expressed in March 2016 terms.
2. Expressed in nominal terms, and excluding Renard Mine Road capital of $69.4 million. Initial Capital Cost in the
January 2013 Optimization Study was estimated at $793 million based on $752 million of cost and contingency
plus $41 million escalation allowance. In April 2014, prior to the commencement of construction, Initial Capital was
estimated at $811 million based on $754 million of cost and contingency plus $57 million of escalation. The
estimate of $775 million of Initial Capital in the March 2016 Updated Mine Plan includes all costs, contingencies
and escalation allowances and represents a reduction of $36 million on the April 2014 estimate.
3. Expressed in real terms.
4. Expressed in real terms. Assumes a 2.5% escalation in diamond prices between 2016 and 2017 and a US$
exchange rate of C$1.35
5. Net of all royalties, costs incurred under the Mecheshoo Agreement (IBA) and the effective revenue impairment
associated with the Renard diamond streaming agreement. For further information see the Stornoway AIF dated
March 30, 2016.
6. After tax.
Renard 65
Renard 2 Renard 3
Renard 4
Renard 9

8. 8
The Renard Diamond Project
Highlights of the March 30, 2016 Updated Mine Plan
Increased Reserves; Longer Mine Life
• 24% increase in Probable Mineral Reserves to 22.3 Mcarats (33.4 Mt at 67 cpht);
• Increase in Mineral Reserve based mine life to 14 years
Construction Ahead of Schedule and Below budget
• Forecast cost to complete C$775m compared to C$811m. First ore delivery to plant by September 30,
2016; commercial production by December 31, 2016, 5 months ahead of original schedule.
Increased Average Diamond Production; Increased Early Diamond Production
• Average diamond production in Years 1 to 10 1.8 Mcarats/a compared to 1.6 Mcarats/a previously
• Guidance of 1.9 Mcarats produced and 1.4 Mcarats sold by end 2017, increases of 24% and 57% resp.
Processing Expansion
• Scheduled increase in processing rate from 2.2 Mt/a (6,000 tpd) to 2.5 Mt/a (7,000 tpd) starting in 2018.
Updated Op-ex Estimate based on First Year’s Operating Data
• LOM average operating costs of $56.20/tonne, or $84.37/carat.
Updated Project Valuation, After-Stream, Spot Diamond Price, Spot F/X
• Real terms cash operating margin of 59% ($120 per carat), after royalties, taxes and stream.
• Unlevered, stream affected, after tax NPV (7%) of $974 million (real terms, as of January 1st 2016)

9. 9
0
20
40
60
80
100
120
140
160
180
Mine Plan: 14 years of
mining on 22mcarat Mineral
Reserve (33mtonnes)
Permitting and 2013 Long
Term Plan
The Vision:
Deposit still Open
Millions
of Tonnes TFFE High Range
Inferred Mineral Resource
TFFE Low Range
Indicated Mineral Resource
The Renard Diamond Project
A Large, High Value Diamond Resource with a Very Long Mine Life Potential
0m
100m
200m
400m
900m
700m
500m
300m
Grades illustrated are for Indicated and Inferred Mineral Resources respectively at a +1DTC sieve
size cut-off. Reserve and Resource categories are compliant with the "CIM Definition Standards on
Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have
demonstrated economic viability. The potential quantity and grade of any Exploration Target
(previously referred to as a “Potential Mineral Deposit”) is conceptual in nature, and it is uncertain if
further exploration will result in the target being delineated as a mineral resource.
Renard 65
29/24cpht
Renard 3
102/112cpht
Renard 4
61/52cpht Renard 9
53cpht
Renard 2
84/59cpht
800m
600m
1100m
1200m
1000m
30 mcarat Indicated Mineral Resource
13 mcarat Inferred Mineral Resource
33-71 mcarat TFFE
Mineral Resource Estimate Effective
September 24, 2015 (NI 43-101)

10. 10
March 2016 Updated Mine Plan
Based on Mineral Reserves
Combined open pit and
underground mining
Open pit mining R2-R3 2015 to
2018, processing from 2016
Open pit mining R65 2014 to 2029,
processing from 2018
Four production levels in R2
underground mine, one in R4 and
one in R3.
Underground mining R2 2018 to
2027 (steps 1-4) using blasthole
shrink stoppage with panel retreat.
Underground mining R3 and R4
2026-2029 (steps 5 and 6) using
longhole stoping and blasthole
stoppage respectively.

11. 11
Mine Production Profile
Mineral Reserve Case. Not Including Inferred Mineral Resources or Non-Resource Upside
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Tonnes
UG R3
UG R4
UG R2
OP R65
OP R2/R3
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Carats
R65
R4
R3
CRB
CRB2A
R2

12. 12
Mine Production Profile
Mineral Reserve Case. Not Including Inferred Mineral Resources or Non-Resource Upside
$0
$100
$200
$300
$400
$500
$600
$700
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Gross Revenue (C$ millions)
Renard 65
Renard 4
Renard 3
Renard 2
0
500
1,000
1,500
2,000
2,500
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Carat Sales (000s)
Renard 65
Renard 4
Renard 3
Renard 2
Notes: Gross Revenue expressed in real terms.

13. 13
LOM Revenue Waterfall
From January 2013 Optimization Study to March 2016 Updated Mine Plan
$4,555
$800
$773
$4,069
$260
$574
$1,225
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
OS Jan 2013 Stream Impact Spot Diamond
Pricing
Addition of R65 Addition of R2
to 710m Depth
Exchange Rate Updated Mine
Plan Mar 2016
Net Revenue (C$ millions)
Notes: Revenue is net of royalties, marketing costs, and (for the March 2016 Updated Mine Plan) the July 2014 Renard Streaming Agreement

14. 14
Diamond Price Assumptions
Average life-of-mine pricing is US$185/ct or C$250/ct, or US$159/ct or C$214/ct after stream.
• The Financial Analysis assumes a 2.5% real terms diamond price escalation between 2016 and 2028
• The Renard Streaming Agreement includes a payment of US$56 per carat on 20% of ROM production from Renards 2,3,4,9
and 65, Life-of-mine, escalating at 1% per annum after the 3rd anniversary of production, inclusive of marketing costs.
The weighted average price of the March 2016 Probable Mineral Reserve is US$155/ct, or C$209/ct, in March
2016 terms
Body
March 2014 Diamond
Price Model1 (US$/carat)
Estimated Market Price
Adjustment March 2014
to March 2016
Adjusted Price
Estimates March 2016:
“Spot” Price Models2
(US$/carat)
Renard 2
$197
(High $222, Min $178)
-19%
$160
(High $181, Min $145)
Renard 3
$157
(High $192, Min $146)
$128
(High $156, Min $119)
Renard 4
$106 ($155)3
(High $174, Min $100)
$86 ($126)3
(High $141, Min $81)
Renard 65
$187
(High $190, Min $160)
$152
(High $155, Min $130)
Notes
1. As determined WWW International Diamond Consultants Ltd. at a +1 DTC sieve size cut off.
2. As determined by applying the world average rough price index of roughrices.com to the March 2014 price models, at a +1 DTC sieve size cut-off.
3. Should the Renard 4 diamond population prove to have a size distribution equal to the average of Renard 2 and 3, WWW have estimated that a
base case diamond price model of US$155 per carat would apply based on March 2014 pricing, equivalent to US$126 per carat on a market price
adjusted basis to March 2016.

15. 15
Financial Analysis
Notes: Expressed in real terms. Payables and cash as of December 31, 2015 are included in 2016 Net FCF
($200)
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
($50)
$0
$50
$100
$150
$200
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Net Free Cash Flow (C$ millions)
Net FCF Cumulative Net FCF
Net Free Cash Flow, After-Tax, After-Stream (C$ millions)
After-Tax, After-Stream NAV7% C$974 million (Jan 1, 2016, unlevered)

16. 1616
Renard Construction Progress

17. 17
R2-R3
R65
Site Progress
Site Overview April 15, 2016
Admin
Process Plant
Accommodation
Maintenance Shop
R2-R3 Pit
R65 Pit
UG Mine Portal
Crusher
Power Plant

18. 18
Access Infrastructure In Place
The 240km long Route 167 Extension and the Clarence and Abel Swallow Airport
Eastmain River Bridge March 2015
September 2015July 2014
November 2015
Airport Naming Ceremony, March 2015

19. 19
Site Progress
Major Facilities
Maintenance Facility Inauguration, September 24, 2015
Maintenance Facility
LNG Power Plant
Jan 6, 2016
LNG Power Plant

20. 20
Nameplate capacity of 6,000 tpd (2.16
Mt/a) based on 78% plant utilization.
Expansion to 7000 tpd (2.52 MT/a) is
scheduled for 2018 based on 83.5%
utilization and +2% throughput.
Flow sheet:
• Primary jaw crushing to < 230mm
• Twin DMS circuits at +1mm -
19mm
• LDR circuit at +19mm -45mm,
scalable to -60mm
• Oversize +45mm to secondary
cone crusher
• LDR and DMS tails +6mm -19mm
to tertiary High Pressure Grinding
Rolls
Thickening and centrifugal treatment
of fines and tails to create a truckable
product for dry-stack disposal.
Diamond Processing Plant
Represents Single Largest Cap-ex Item and Critical Path for Overall Construction

21. 21
The Renard Diamond Process
Plant will be the first plant in the
world to have LDR capacity in the
primary flow sheet.
Large Diamond Recovery (“LDR”) through
TOMRA XRT.
Base Case Diamond Valuation
Estimates Using on Best Practice
Methodology
Average diamond price estimate in March
2016 for the Mineral Reserves at US$155/ct
(un-escalated).
High Quality Production with Large
Stone Potential
Distribution in Renard 2 predicts three to
six 50-100ct stones and one to two
+100ct stones every 100,000 carats.
Substantial revenue potential from large
diamonds not accounted for in the base
case cash-flow model.
Potential Large Diamond Recovery at Renard
Three Renard 65 diamonds: 9.78ct and 6.41ct diamonds recovered
from bulk sampling and a 4 carat stone discovered in drillcore in 2003
TOMRA XRT installed, April 14, 2016
Process plant rotary scrubber installation February 9th, 2016
Process plant interior April 6, 2016

22. 22
Open Pit Mining
Renard 2 – Renard 3 Pit Pre-stripping Commenced March 2015
R2-R3
R65
Portal
Mining Progress as of December 31 2015
5,975,813 tonnes extracted from R2/R3 and R65 pits vs
plan of 5,725,429 (104%)
151,591 tonnes of ore (151% of plan)
R2-R3 Pit October 30, 2015

23. 23
Jumbo in Decline, May 25, 2015
R2-R3
R65
Portal
Decline Progress as of Dec 31, 2015
887m against plan of 1,234m (72%)
Underground Mining

24. 24
Project Schedule
Construction Mobilization July 10th 2014; Commercial Production Forecast Dec 31st 2016.
Feasibility Study (Complete)
ESIA (Complete)
Public Hearings (Complete)
Reg. Authorizations (Complete)
Specific Operating Permits (50)
Road Construction (Complete)
Project Financing (Complete)
Detailed Engineering
Site Construction
Commissioning and Ramp-up
Commercial Production
2012
2H 2H 2H 2H2H 1H 1H 1H1H
2013 2014 2015 2016
2H1H
2017
Revised Renard Construction Schedule has Plant Commissioning Planned for
September 30, 2016 and Commercial Production by December 31, 2016.
Apr 2016
First Vehicle Access
Completion Status
Construction (to Feb 29):
74.1% (planned 72.4%)
Engineering (to Feb 29):
100% (planned 100%)

25. 2525
Corporate Data

26. 26
Publicly Listed Diamond Producers, Developers and Explorers
Consensus Analyst Views on Value
Ticker
Price
(15/4/16)
Shares
O/S
(mm)
Market
Cap
($mm)
NAV/sh(1) Current
P/NAV(1) Target (1) % Return
to Target
Annual
Dividend
Diamond Producers
ALROSA ALRS:M ₽71.45 7,365.0 ₽526,227 (n/a) (n/a) ₽84.08 20% ₽1.47/sh
Dominion Diamonds DDC:T $13.91 85.1 $1,184.2 $27.35 0.5x $23.30 71% US$0.40/sh
Gem GEMD:LN £1.38 138.3 £190.5 £1.97 0.7x £1.64 22% US$0.05/sh
Lucara LUC:T $3.12 380.8 $1,188.2 $2.89 1.1x $3.09 1% $0.06/sh
Petra PDL:LN £1.20 512.1 £614.5 £1.71 0.7x £1.40 18% £0.02/sh
Diamond Developers
Firestone FDI:LN £0.30 309.0 £91.9 £0.48 0.6x £0.415 39% (n/a)
Mountain Province MPV:T $5.35 159.7 $854.3 $6.71 0.8x $6.37 19% (n/a)
Stornoway SWY:T $1.02 734.6 $749.3 $1.42 0.7x $1.36 34% (n/a)
Diamond Explorers
Kennady Diamonds KDI:V $3.60 46.3 $166.5 (n/a) (n/a) (n/a) (n/a) (n/a)
North Arrow Minerals NAR:V $0.225 54.0 $12.1 (n/a) (n/a) (n/a) (n/a) (n/a)
Peregrine Diamonds PGD:T $0.17 339.1 $57.6 (n/a) (n/a) (n/a) (n/a) (n/a)
Shore Gold SGF:T $0.25 248.7 $62.2 (n/a) (n/a) (n/a) (n/a) (n/a)
Notes:
1. Bloomberg and Thomson One Analyst Consensus
All Currencies in C$ unless specified

27. 27
Shareholding
Share Price (TSX-SWY):
April 15, 2016
C$ $1.02
52 week High-Low C$ $0.63–$1.08
Average Daily Volume:
Last 12 Months
395,245
Market Capitalization: C$ 749 million
Total Shares Outstanding: 735 million
Total Options & Warrants Outstanding:
(29.0m Options $0.51-$2.50; 121.2m
warrants $0.90-$1.21)
150 million
Consolidated Cash1:
(as of December 31, 2015)
C$ 209 million
Consolidated Debt1:
(as of December 31, 2015)
C$ 228 million
Undrawn Financing Commitments2:
(Subject to Financing Agreement CPs)
C$ 213 million
Balance Sheet
Balance Sheet and Capital Structure
Notes
1. Audited
2. Assuming a C$:US$ conversion rate of C$1.10. Does not include $48 million in Cost Overrun Facilities
Investissement Québec 28.6% 22.5%
Orion Mine Finance 19.5% 17.5%
CDPQ 6.1% 6.2%
Float 45.8% 53.8%
DilutedBasic

28. 28
Sources and Uses of Funds to December 31, 2015
On Current C$:US$ Exchange Rates, Unless Noted. Unaudited
(all amounts in millions of C$) Revised
Actual use
of Proceeds
to Dec 31,
2015
Renard Diamond Project
Capital Expenditures 775 486
Route 167 Extension (1) 70 70
Financing Costs, Interest during
Construction, Loan Repayments
63 34
Mine Closure Guarantee 4 3
Mine Tax Duty Refunds (11) -
Total Project Costs 901 593
General Corporate Purposes
Equity fees and transaction costs 27 27
General working capital,
administrative and salary expenses
14 7
Total Uses 942 627
Costs
Notes
1. The total amount borrowed pursuant to the Renard Mine Road loan was $77 million, of which $70 million was used for construction of the Renard Mine Road and $7
million was used for civil works related to the airstrip. Costs related to the airstrip were included in the $775 million capital expenditures line in the table above.
2. Assuming a C$:US$ conversion rate of C$1.35
3. Cost Overrun Facility includes the $20 million Senior Loan Facility, Tranche B and the $28 million Cost Overrun Facility with the CDPQ
4. This forecast assumes a project cost of $775 million (which includes assumed levels of escalation and contingencies), the satisfaction of all covenants and
conditions precedent for future funding, and a CAD$:US$ exchange rate of $1.35 for unfunded US dollar denominated financing commitments. As construction of
the Renard Diamond Project progresses, this forecast is expected to change quarter to quarter based on the timing of expenditures and receipts, volatility in the
CAD$:US$ exchange rate, and any change to the forecast cost of the project..
(all amounts in millions of C$)
Sources of Funds
Stream Deposits not yet received (2) 122
Senior Loan Facility, Tranche A 100
Cost Overrun Facility(3) 48
Equipment Financing Facility(2) 19
Undrawn Sources of Funds
As of December 31, 2015, Stornoway forecasts
excess financing capacity available to complete the
project of approximately $117 million comprised
of $69 million of cash, receivables and expected
mine tax credits and $48 million of undrawn cost
overrun facilities(4).

29. 29
Stornoway Diamond Corporation TSX:SWY
Head Office:
1111 Rue St. Charles Ouest,
Longueuil, Québec J4K 4G4
Tel: +1 (450) 616-5555
IR Contact:
Orin Baranowsky, CFA, VP IR and Corp Dev
obaranowsky@stornowaydiamonds.com
Tel: +1 (416) 304-1026 x2103
www.stornowaydiamonds.com
Info@stornowaydiamonds.com