Presentation by Matt Manson, President and CEO at the PDAC Investors Exchange, March 2016

1. BUILDING QUÉBEC’S FIRST DIAMOND MINE
PDAC, March 8th, 2016
Matt Manson
President & CEO

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 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 2011 Feasibility Study or the Optimization Study; (iv)
assumptions relating to gross revenues, operating cash flow and other revenue metrics set out in the 2011 Feasibility Study or the Optimization Study; (v) mine expansion
potential and expected mine life; and (vi) future exploration plans. 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) anticipated geological formations; (ii) Stornoway’s interpretation of the geological drill data collected and its potential impact on stated
Mineral Resources and mine life; (iii) future exploration plans and objectives. Additional risks are described in Stornoway's most recently filed Annual Information Form,
annual and interim MD&A, and other disclosure documents available under the Corporation’s profile at: www.sedar.com.
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) the uncertainty as to whether further exploration of exploration targets will
result in the targets being delineated as Mineral Resources; (iv) uncertainty of results of exploration in areas of potential expansion of resources; (v) changes in
development or mining plans due to changes in other factors or exploration results; and (vi) 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 February 28th, 2013 entitled “The Renard Diamond Project, Québec, Canada, Feasibility Study Update, NI 43-101
Technical Report, February 28, 2013” in respect of the January 2013 Optimization Study, and the 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 July 27, 2015.
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,
December 23, 2015

4. 4
Stornoway Diamond Corporation TSX:SWY
Construction Proceeding Ahead of Base Schedule and Below Budget
Construction 63.3% complete compared to 59.6% planned by end December 2015.
Forecast cost to complete now C$775m, below original budget of C$811m. First ore delivery
to plant scheduled by end September, 2016 and commercial production by Dec. 31, 2016,
5 months ahead of original schedule.
100% Ownership in Renard, Québec’s First Diamond Mine
Road Accessible; Strong Social License; Fully Financed; Fully Permitted; Under Construction
The Renard Diamond Project,
December 23, 2015

5. 5
The Renard Diamond Project
Québec’s First Diamond Mine
Chibougamau
Montréal
Toronto
800km
360km
Renard
1996: Start of initial regional exploration by Ashton & SOQUEM
2001: First kimberlite discovery
2001-08: Drilling, “mini-bulk” sampling, bulk sampling
2008-10: First NI 43-101 Resource and PEA
November 2011: Feasibility Study issued. First mineral reserve
December 2012: ESIA filed
February 2012: Road construction commences under Plan Nord
March 2012: “Mecheshoo Agreement” executed
Nov.-Dec.2012: Mining Lease and Québec Authorizations
issued
January 2013: Optimization Study issued
July 2013: Federal Canadian Authorizations Issued
September 2013: Road opens
April-July 2014: $C946m financing completed. Construction
commences
Dec 31 2016: Scheduled Commercial Production
2001: First Kimberlite Discovery
+7-9 Years: First NI 43-101 Resource and PEA
+12 Years: Final Authorizations Issued
+16 Years: Commercial Production

6. 800m
900m
1100m
1200m
1000m
Renard Mine Plan and Key Operating Assumptions
A Combined Open Pit and Underground Operation
Notes
1. Key Assumptions:C$1=US$1, Oil US$95/barrel, 2.5% real terms diamond
price growth, 82.9% ore recovery, 23.8% mining and internal dilution, 0cpht
dilution grade.
2. Expressed in May 2011 terms. Average price US$190/carat in March 2014
terms.
3. Expressed in October 2012 terms, as adjusted in October 2013 LNG FS.
Includes C$754m of costs and contingencies and C$57m of escalation
allowance.
4. Expressed in October 2012 terms. Operating costs C$54/tonne in October
2013 LNG FS terms. Excludes capitalized preproduction costs.
5. Before stream
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 is conceptual in nature, and it is uncertain if further
exploration will result in the target being delineated as a mineral resource.
Reserve Based Mine Plan1
(Jan 2013 FS Optimization and October 2013 LNG
Option FS)
Mine Life 11 years
Mineral Reserve 17.9 mcarats
Ave. Diamond Price2
$180/carat
Production Rate 2.2 mtonnes/yr
Ave. Diamond Production 1.6 mcarats/yr
Gross Revenue (C$M)2
$4,268
Initial Capital Costs3
$811m
Operating Cost4
$58/t ($76/carat)
Operating Margin5
67%
Payback 4.8 years
6
0m
100m
200m
400m
600m
700m
500m
300m
Renard 4
Renard 9
Renard 65
Renard 2
Renard 3
Mineral Resource Estimate Effective September
24, 2015 (NI 43-101)
13 mcarats Inferred Mineral Resources
33 to 71 mcarats TFFE
30 mcarats Indicated Mineral Resources
An Updated Renard Mine Plan, scheduled for Q2
2016, is expected to include additional mine
production from new Indicated Mineral Resources
in Renard 2 and Renard 65, deepening of the
Renard 2-3 open pit, extension of the underground
mine infrastructure to 700m, and an optimized
schedule for plant commissioning and ramp-up.

7. 7
Renard Diamond Project NI 43-101 Mineral Resource Estimate
Effective September 24 2015. Changes to Previous Estimate Shown in Italics
Notes
1 Resource categories were completed in accordance with the "CIM Definition
Standards on Mineral Resources and Reserves". Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
2 Totals may not add due to rounding.
3 Carats per hundred tonnes. Estimated at a +1 DTC sieve size cut-off.
4 Diamond valuation data utilized for the test of prospects of reasonable economic
extraction are derived from a diamond valuation exercise undertaken in March
2014 (see Stornoway Annual Information Form dated July 2015).
Indicated Mineral Resources(1,2,4)
Contained Carats
(millions)
Tonnes (millions) Grade (cpht)(3)
Renard 2, All Units 21.58 +15.6% 25.70 +38.3% 84 -16.4%
Renard 2, w/o
CRB-2A, CRB
20.39 +11.0% 20.52 +15.9% 99 -4.3%
CRB-2A 0.29 +2.6% 0.90 +2.6% 32 --
CRB 0.90 n/a 4.28 n/a 21 n/a
Renard 3 1.86 +2.3% 1.82 +3.4% 102 -1.0%
Renard 4 4.44 +3.0% 7.25 -- 61 +3.0%
Renard 65 2.30 -- 7.87 -- 29 --
Total Indicated
Mineral Resources
30.17 +11.4% 42.63 +20.2% 71 -7.4%
Inferred Mineral Resources(1,2)
Contained Carats
(millions)
Tonnes (millions) Grade (cpht)(3)
Renard 2, All Units 3.88 -48.0% 6.59 -44.0% 59 -7.2%
Renard 2, w/o CRB 3.36 -46.1% 4.08 -22.0% 82 -30.9%
CRB 0.53 -57.6% 2.51 -61.6% 21 +10.5%
Renard 3 0.61 -- 0.54 -- 112 --
Renard 4 2.46 +3.5% 4.75 -- 52 +3.5%
Renard 65 1.18 -- 4.93 -- 24 --
Renard 9 3.04 -- 5.70 -- 53 --
Lynx 1.92 -- 1.80 -- 107 --
Hibou 0.26 -- 0.18 -- 144 --
Total Inferred
Mineral Resources
13.35 -20.8% 24.49 -17.5% 54 -4.0%
Inferred Mineral Resources
Indicated Mineral Resources
High Range TFFE
Renard 65
775m depth
Renard 4
775m depth
Renard 9
775m depth
Renard 2
1,250m depth Renard 3
1,250m depth
North East View

8. 8
Renard Diamond Project Exploration Potential
Effective September 24 2015. Changes to Previous Potential Shown in Italics
Notes
1 Target for Further Exploration: represents
potential upside that can be reasonably
assumed given the nature and grade of material
within the current 2015 Mineral Resource. The
Renard 2 shape has been projected 250m
below the deepest kimberlite intersection at
1,000m depth. Tonnage and grade ranges are
not directly applicable to potential total
carats.The potential quantity and grade of any
Exploration Target is conceptual in nature, there
has been insufficient information to define a
mineral resource, and it is uncertain if further
exploration will result in the target being
delineated as a mineral resource.
2 Carats per hundred tonnes. Potential at a +1
DTC sieve size cut-off.
Notes
Resource categories were completed in accordance with the "CIM Definition
Standards on Mineral Resources and Reserves". Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
Area indicated in yellow represents a gap in drill coverage that may represent
additional exploration potential outside of the current Mineral Resource Estimate
and not included in the current Targets for Further Exploration.
Renard 65
775m depth
Renard 4
775m depth
Renard 9
775m depth
Renard 2
1,250m depth Renard 3
1,250m depth
Inferred Mineral Resources
Indicated Mineral Resources
High Range TFFE
North East View
Targets for Further Exploration(1)
Contained Carats
(millions)
Tonnes (millions) Grade (cpht)(2)
Renard 1 1.7 to 3.9 8.6 to 13.0 20 to 30
Renard 2, All Units 3.7 to 15.5 6.1 to 15.5 60 to 100
Renard 3 3.6 to 6.3 3.4 to 3.8 105 to 168
Renard 4 5.6 to 11.8 11.1 to 15.4 50 to 77
Renard 65 7.3 to 13.5 29.0 to 40.9 25 to 33
Renard 7 1.9 to 3.8 6.3 to 9.4 30 to 40
Renard 9 2.0 to 4.3 3.9 to 6.3 52 to 68
Renard 10 0.7 to 2.1 1.2 to 1.7 60 to 120
Lynx 3.0 to 3.8 3.1 to 3.2 96 to 120
Hibou 3.6 to 6.1 3.5 to 4.0 104 to 151
Total TFFE
33.0
+28%
to
71.1
+40%
76.2
+49%
to
113.2
+51%
R10 R7
R1 R65
R4 R9
R2
R3

9. 9
Renard 2 Mineral Resource Update
Effective September 24 2015. Changes to Previous Estimate Shown in Italics
Pipe shape
at surface
(1.89ha)
High TFFE at
1,250m (1.38ha)
Notes
1 Reserve and Resource categories were completed in accordance with the "CIM Definition Standards
on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
2 Totals may not add due to rounding.
3 Carats per hundred tonnes. Estimated at a +1 DTC sieve size cut-off.
4 Diamond valuation data utilized for the test of prospects of reasonable economic extraction are
derived from a diamond valuation exercise undertaken in March 2014 (see Stornoway Annual
Information Form dated July 2015).
0m
700m
850m
1250m
INDICATED
INFERRED
TFFE
600m: Base of
Previous Indicated
Mineral Resources
Depth
Below
Surface
Kimberlite
outline
at surface
(0.75ha)
Low TFFE at
1,250m (0.62ha)
Base of New
Indicated
Resources
(1.55ha)
Indicated Mineral Resources(1,2,4)
Contained Carats
(millions)
Tonnes (millions) Grade (cpht)(3)
Renard 2, All Units 21.58 +15.6% 25.70 +38.3% 84 -16.4%
Renard 2, w/o CRB-
2A, CRB
20.39 +11.0% 20.52 +15.9% 99 -4.3%
CRB-2A 0.29 +2.6% 0.90 +2.6% 32 --
CRB 0.90 n/a 4.28 n/a 21 n/a
Inferred Mineral Resources(1,2)
Contained Carats
(millions)
Tonnes (millions) Grade (cpht)(3)
Renard 2, All Units 3.88 -48.0% 6.59 -44.0% 59 -7.2%
Renard 2, w/o CRB 3.36 -46.1% 4.08 -22.0% 82 -30.9%
CRB 0.53 -57.6% 2.51 -61.6% 21 +10.5%
Target for Further Exploration(1)
Contained Carats
(millions)
Tonnes (millions) Grade (cpht)(2)
Renard 2, All Units 3.7 to 15.5 6.1 to 15.5 60 to 100
North View Renard 2 NI 43-101 Mineral Resource Estimate
Renard 2 Targets for Further Exploration
Notes
1 Represents potential upside that can be reasonably assumed given the nature and grade of material
within the current 2015 Mineral Resource. The potential quantity and grade of any Exploration Target is
conceptual in nature, there has been insufficient information to define a mineral resource, and it is
uncertain if further exploration will result in the target being delineated as a mineral resource.
2 Carats per hundred tonnes. Potential at a +1 DTC sieve size cut-off.
Pinch in
model in area
lacking drill
coverage

10. 10
Renard 2 Geological Model and Unit Grades
Effective September 24 2015. Changes to Previous Estimate Shown in Italics
Within the Indicated Mineral Resources
Average Grade
(cpht)(1)
Average Dilution
(%)(2)
Kimb 2a (“Blue”) 76 +3.0% 52 -0.9%
Kimb 2b (“Brown”) 145 +1.0% 30 -0.9%
Kimb 2c (HK)3 229 +0.5% 12 -3.1%
CRB-2a 32 -- 93 --
CRB 21 n/a 96 n/a
Within the Inferred Mineral Resources
Average Grade
(cpht)(1)
Average Dilution
(%)(2)
Kimb 2a (“Blue”) 67 -2.4% 65 +9.2%
Kimb 2b (“Brown”) 145 +0.3% 30 +1.5%
Kimb 2c (HK)3 229 +0.5% 12 -3.1%
CRB 21 +10.5% 96 --
Notes
1 Carats per hundred tonnes. Estimated at a +1 DTC sieve size cut-off.
2 Represents the average amount of non-diamond bearing country rock
estimated within each geological unit.
3 The Kimb 2c (Hypabyssal Kimberlite, or “HK”) unit is a constituent component
of each of the Kimb2a, Kimb2b, CRB and CRB-2a units.
Renard 2 Average Mineral
Resource Grades, by Geological Unit
Kimb2b
(“Brown”)
Kimb2a
(“Blue”) CRB CRB-2a Kimb2c (HK)
West View
Contact
Pinch in model in area
lacking drill coverage
0m
700m
850m
1250m
INDICATED
INFERRED
TFFE
600m: Base of
Previous Indicated
Mineral Resources
Depth
Below
Surface
North View
Photographs of
geological units from
the 2007 Renard
underground bulk
sample program

11. 11
Renard 2 Geological Model and Renard 2-Renard 3 Convergence
Effective September 24 2015
Pipe shape
at surface (1.89ha)
Kimberlite outline
at surface (0.75ha)
Kimb2b (“Brown”)
Kimb2a (“Blue”)
CRB
CRB-2a
Surface View, Looking Down
Surface View, Looking Down
0m
700m
850m
1250m
R2 INDICATED
R2 INFERRED
R2 TFFE
Depth
Below
Surface
R3 INDICATED
R3 INFERRED
R3 TFFE
North East View
Resource categories were completed in accordance 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 is conceptual in nature, there has been insufficient information to
define a mineral resource and it is uncertain if further exploration will result in the target
being delineated as a mineral resource.
Renard 2 Renard 3
Renard 2
Renard 3
126.6m R3 intersection in DDH R2-
81J (in red) starting 942.2m
downhole: 47m true width.
R3 TFFE:
>500m potential
between drill
intersections

12. 12
R2-R3
R65
Site Progress
Site Overview Dec 23, 2015
Admin
Process Plant
Accommodation
Maintenance Shop
R2-R3 PitR65 Pit
UG Mine Portal
Crusher
Power Plant

13. 13
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

14. 14
Site Progress
Major Facilities Well Advanced by end February 2016
Maintenance Facility completed September 2015Process Plant, Primary Crusher, and PK load-out,
February 2016
Process plant rotary scrubber installation February 9th, 2016LNG Storage Vessels on Route 167, November 2015
LNG Power Plant, February 2016
Process Plant interior, February 2016 Renard 2-Renard 3 open pit, January 2016

15. 15
6,000tpd (2.2Mt/a) nameplate capacity,
expandable to 7,000tpd (2.6Mt/a)
Detailed engineering by DRA Americas
Inc.
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

16. 16
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
2014 for the Mineral Reserves at US$190/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.
Diamond Processing Plant
Represents Single Largest Cap-ex Item and Critical Path for Overall Construction
Three Renard 65 diamonds: 9.78ct and 6.41ct diamonds recovered
from bulk sampling and a 4 carat stone discovered in drillcore in 2003
Process Plant, Primary Crusher, and PK load-out,
February 2016
Process plant rotary scrubber installation February 9th, 2016

17. 17
Open Pit Mining
Renard 2 – Renard 3 Pit Pre-stripping Commenced March 2015
R2-R3
R65
Portal
Mining Progress as of October 31 2015
4,819,672 tonnes extracted from R2/R3 and R65 pits vs
plan of 5,210,884 (92%)
R2-R3 Pit October 30, 2015

18. 18
Jumbo in Decline, May 25, 2015 Decline Ventilation, Sept 25, 2015
R2-R3
R65
Portal
Decline Progress as of October 31,
2015
837m against plan of 916m (91%)
Underground Mining

19. 19
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.
Mar 2016
First Vehicle Access
Completion Status
Construction (to Dec 31):
63.3% (planned 59.6%)
Engineering (to Dec 31):
99.0% (planned 99.9%)

20. 20
Shareholding
Share Price (TSX-SWY):
Mar 7, 2016
C$ $1.03
52 week High-Low C$ $0.54–$1.05
Average Daily Volume:
Last 12 Months
349,567
Market Capitalization: C$ 755 million
Total Shares Outstanding: 733 million
Total Options & Warrants Outstanding:
(28.8m Options $0.51-$2.50; 123.3m
warrants $0.90-$1.21)
152 million
Consolidated Cash1:
(as of October 31, 2015)
C$ 290 million
Consolidated Debt1:
(as of October 31, 2015)
C$ 219 million
Undrawn Financing Commitments2:
(Subject to Financing Agreement CPs)
C$ 214 million
Balance Sheet
Balance Sheet and Capital Structure
Notes
1. Unaudited
2. Assuming a C$:US$ conversion rate of C$1.10. Does not include $48 million in Cost Overrun Facilities
Investissement Québec 28.7% 22.5%
Orion Mine Finance 19.5% 17.5%
CDPQ 6.1% 6.2%
Float 45.7% 53.8%
DilutedBasic

21. 21
Publicly Listed Diamond Producers, Developers and Explorers
Consensus Analyst Views on Value
Ticker
Price
(3/7/16)
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 ₽72.95 7,365.0 ₽537,274 (n/a) (n/a) ₽74.26 4% ₽1.47/sh
Dominion Diamonds DDC:T $16.46 85.1 $1,401.3 $27.28 0.6x $21.95 37% US$0.40/sh
Gem GEMD:LN £1.11 138.3 £149.3 £2.00 0.5x £1.66 57% US$0.05/sh
Lucara LUC:T $2.49 380.1 $946.5 $2.90 0.9x $2.96 21% $0.06/sh
Petra PDL:LN £1.18 512.1 £604.3 £1.57 0.8x £1.33 14% £0.02/sh
Diamond Developers
Firestone FDI:LN £0.20 309.0 £61.4 £0.50 0.4x £0.41 105% (n/a)
Mountain Province MPV:T $5.16 159.7 $823.9 $6.16 0.8x $5.83 13% (n/a)
Stornoway SWY:T $1.03 732.6 $754.5 $1.49 0.7x $1.21 18% (n/a)
Diamond Explorers
Kennady Diamonds KDI:V $2.99 46.3 $138.8 (n/a) (n/a) (n/a) (n/a) (n/a)
North Arrow Minerals NAR:V $0.24 54.0 $11.3 (n/a) (n/a) (n/a) (n/a) (n/a)
Peregrine Diamonds PGD:T $0.135 339.1 $45.8 (n/a) (n/a) (n/a) (n/a) (n/a)
Shore Gold SGF:T $0.195 248.7 $49.7 (n/a) (n/a) (n/a) (n/a) (n/a)
Notes:
1. Bloomberg and Thomson One Analyst Consensus
All Currencies in C$ unless specified

22. 22
Sources and Uses of Funds to October 31, 2015
On Current C$:US$ Exchange Rates, Unless Noted. Unaudited
(all amounts in millions of C$) Assumed
Actual use
of Proceeds
to Oct 31,
2015
Renard Diamond Project
Capital Expenditures 811 421
Route 167 Extension (1) 70 70
Financing Costs, Interest during
Construction, Loan Repayments
58 27
Mine Closure Guarantee 16 3
Pre-production Net Revenue (26) -
Total Project Costs 929 521
General Corporate Purposes
Equity fees and transaction costs 18 27
General working capital,
administrative and salary expenses
14 6
Total Uses 961 554
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 $811 million capital expenditures line in the table above.
2. Assuming a C$:US$ conversion rate of C$1.25
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 $811 million (which includes assumed levels of escalation and contingencies), the satisfaction of all covenants and
conditions precedent for future funding, and a CAD$:US$ exchange rate of $1.25 for unfunded US dollar denominated financing commitments. As construction of
the Renard Diamond Project progresses, this forecast is expected to change quarter to quarter based on the timing of expenditures and receipts, volatility in the
CAD$: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) 113
Senior Loan Facility, Tranche A 100
Cost Overrun Facility(3) 48
Equipment Financing Facility(2) 17
Undrawn Sources of Funds
As of October 31, 2015, Stornoway forecasts
excess financing capacity available to complete the
project of approximately $100 million comprised
of $52 million of cash, receivables and expected
mine tax credits and $48 million of undrawn cost
overrun facilities(4).

23. 23
Stornoway Diamond Corporation TSX:SWY
Head Office:
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Tel: +1 (450) 616-5555
IR Contact:
Orin Baranowsky, CFA, Director IR
obaranowsky@stornowaydiamonds.com
Tel: +1 (416) 304-1026 x2103
www.stornowaydiamonds.com
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