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Today

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Stornoway reports 1Q 2019 financial results

15 may 2019

stornoway-logo.pngStornoway Diamond Corporation announced its financial and operating results for the quarter ended March 31, 2019.
For the three months ended March 31, 2019, the Corporation reported a net loss of $48.4 million ($ (0.05) per share on a basic and fully diluted basis. Adjusted net loss for the first quarter was $51.0 million ($(0.05) per share basic and fully diluted.
For the first quarter, the Corporation reported adjusted EBITDA of $13.4 million, or 25.2% of revenues, which includes an $8.9 million write-down of cash costs to bring inventory to its net realizable value. For the first quarter of 2018, adjusted EBITDA was $24.7 million, or 44.2% of revenues.
During the quarter, two tender sales totalling 429,506 carats were completed for gross proceeds of $47.3 million at an average price of US$83 per carat ($110 per carat3). Revenue recognized during the quarter was $53.3 million. In terms of total carats sold, gross proceeds and pricing, this represents increases of 38%, 47% and 8% over the fourth quarter of 2018, respectively. First quarter diamond sales represent diamonds recovered during the fourth quarter of 2018.
First quarter diamond production was 444,562 carats produced from the processing of 582,613 tonnes of ore at an average grade of 76 carats per hundred tonnes (“cpht”). Carats recoveries decreased by 8% compared to the fourth quarter of 2018, principally due to mechanical issues at the front end of the process plant related to very cold weather in January and February. In March, the process plant surpassed its budgeted daily rate with an average of 7,209 tonnes processed per day. In the month of April, an average of 7,734 tonnes per day were processed.
Q1 2019 cash operating costs per tonne processed were $57.14 per tonne ($74.88 per carat) and capital expenditures were $17.0 million.

Alex Shishlo, Editor of the Rough&Polished European Bureau in Brussels