Stornoway AGM Presentation October 23, 2013

1. BUILDING QUÉBEC’S FIRST DIAMOND MINE
Annual General Meeting of Shareholders, Montreal, October 23rd 2013
Matt Manson
Patrick Godin
President, CEO & Director
COO & Director

2. 2
Forward-Looking Information
This presentation contains "forward-looking information" within the meaning of Canadian securities legislation and “forward-looking statements” within the
meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as “forwardlooking statements”, are made as of the date of this presentation and the Company does not intend, and does not assume any obligation, to update these
forward-looking statements, except as required by law.
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) net present value and internal rates of return of the mining operation; (iv) assumptions relating to recovered grade, average ore recovery,
internal dilution, mining dilution and other mining parameters set out in the Feasibility Study or Optimization Study; (v) assumptions relating to gross
revenues, operating cash flow and other revenue metrics set out in the Feasibility Study or Optimization Study; (vi) mine expansion potential and expected
mine life; (vii) expected time frames for completion of permitting and regulatory approvals and making a production decision; (viii) future exploration plans;
(ix) future market prices for rough diamonds; and (x) sources of and anticipated financing requirements. 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” 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 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 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. Certain
important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include,
but are not limited to: (i) required capital investment and estimated workforce requirements; (ii) estimates of net present value and internal rates of return;
(iii) receipt of regulatory approvals on acceptable terms within commonly experienced time frames; (iv) the assumption that a production decision will be
made, and that decision will be positive; (v) anticipated timelines for the commencement of mine production; (vi) market prices for rough diamonds and the
potential impact on the Renard Project’s value; and (vii) future exploration plans and objectives. Additional risks are described in Stornoway's most recently
filed Annual Information Form, annual and interim MD&As, and other disclosure documents available under the Company’s profile at: www.sedar.com.
When relying on our forward-looking statements to make decisions with respect to Stornoway, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. Stornoway does not undertake to update any forward-looking statement, whether written or oral, that
may be made from time to time by Stornoway or on our behalf, except as required by law.
Robin Hopkins, a Qualified Person and the Company’s VP Exploration, has reviewed the technical information contained herein. Readers are referred to
the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, the technical report
dated February 28th, 2013 in respect of the January 2013 Optimization Study, and the press release dated July 23rd 2013 in respect of the July 2013
Mineral Resource estimate for further details and assumptions relating to the project. These techncial reports and this press release list the names of the
Qualified Persons in respect of these studies.

3. 3
Your Board and Management Team
Executive Officers
Head Office: Longueuil, Québec
Exploration Office: North Vancouver, BC
Matt Manson
President, CEO
& Director
Pat Godin
COO & Director
Community Offices: Mistissini & Chibougamau Québec
Zara Boldt
CFO and VP
Finance
Non-Executive Directors
Ebe Scherkus
Independent/
Board Chairman
Michel Blouin
Independent/
IQ Designate
Yves Harvey
Independent
Hume Kyle
Independent
John LeBoutillier
Independent/
IQ Designate
Monique Mercier
Independent/
IQ Designate
Peter Nixon
Independent
Serge Vézina
Independent
Key Managers
Ghislain
Poirier
VP Public Affairs
Yves Perron
VP Engineering
& Construction
Robin
Hopkins
VP Exploration
Martin Boucher
Brian Glover
Guy Bourque
VP Sustainable
Development
VP Asset
Protection
Chief Mining
Engineer
Helene
Robitaille
Mario
Courchesne
Orin
Baranowsky
Jean-Charles
Dumont
Freddie
Mianscum
Director, HR
Construct. Manager
Director, IR
Corporate Controller
IBA Implem. Officer

4. 4
From the 2012 AGM…

5. 5
Comments on Stornoway’s Project Financing
The Renard Project is Ready to Build
Final Project Financing is the Last Remaining
Challenge Before Construction can Begin
Despite very difficult market conditions, in the past 18
months Stornoway has successfully arranged up to
$144m of financing ($124m debt, $20m equity) for road
and airport construction, permitting, design optimization
work, engineering and financing costs.
The timely completion of final mine project financing,
and its impact on project schedule, is the principal risk
Stornoway currently faces.
Project financing discussions with lenders and
prospective investors are ongoing and progressing well.
Stornoway is Fully Focused on the Timely
Completion of Final Project Financing

6. 6
Why does the Renard Project Stand Out from the Pack?
What Other Mining Project Offers all of these
Advantages to Investors?
Renard will have a high margin with high
cash flow: it is a major new project.
Renard has strong social acceptability.
Renard is in one of the world’s safest
jurisdictions for mining investment (still).
Renard will be the first Canadian
diamond mine with an all-season road.
Renard has enough resource upside for
potentially decades of mining.
Renard is owned 100% by Stornoway:
our partners are our shareholders and in
our communities.
Diamonds are an essential part of our
culture, and very difficult to find.

7. 7
Renard: Québec’s First Diamond Mine

8. 8
Renard Kimberlite Bodies
0
1
2
Kilometers
N
60
0
60
120
Kilometers
Laforge 2
Laforge 1
R10
LG2
R7
Hibou
LG3
Foxtrot Property
R1
Wemindji
Eleonore
R65
R4
Renard
Western Troy
Eastmain Mine
Strateco
R8
R9
R2
Brisay
LG4
Troilus Mine
R3
Temiscamie
Mistissini
Lynx
Matagami
Kimberlite Bodies with
Probable Reserves
Kimberlite Bodies with
Inferred Resources
Kimberlite Bodies with
Resource Potential
Chibougamau
Legend
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

9. 9
Key Project Parameters
Reserve Based Mine Plan
(Feasibility Study Nov. 2011, Optimization Jan. 2013)
Mine Life
Mineral Reserve
Initial Cap-ex
Operating Cost
Operating Margin
Operating Cash Flow
Average Diamond Price
Average Diamond Production
After Tax NPV (7%; Jan 1 2013)
After Tax IRR
Production Startup
Renard 65
29/24cpht
0m
11 years
17.9 mcarats
100m
$752m
200m
$58/t ($76/carat)
67%
300m
$2.7B
Renard 3
103/112cpht
400m
$180/carat
1.6 mcarats/yr
$391m
16.3%
December 2015
*Key Assumptions: C$1=US$1, Oil US$95/barrel, 2.5% real terms diamond price growth
Q311-Q425, 82.9% ore recovery, 23.8% mining and internal dilution, 0cpht dilution grade,
January 1 2013 effective date for NPV and IRR calculation.
Long Term Plan
(Basis of Mine Permitting)
Includes the mining of the 17mcarat Inferred
Resources within the scope of the Feasibility Study
mine infrastructure: Extended mine life, increased
annual production, increased project valuation
500m
600m
700m
Renard 4
60/50cpht
Renard 9
53cpht
Renard 2
104/119cpht
27 mcarat Indicated Mineral Resource
17 mcarat Inferred Mineral Resource
26-48 mcarat Exploration Upside
Notes: 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. Mineral
reserves are not a sub-set of mineral resources.

10. Renard’s Resource Upside
10
A Project with a Long Resource Tail and Very Long Mine Life Potential
0m
Renard 65
29/24cpht
Renard 3
103/112cpht
Millions
of Tonnes
140
Exploration Target High Range
Exploration Target Low Range
100m
Inferred Resource
120
200m
Probable Reserve
300m
100
400m
80
500m
The Vision: Deposit still
Open
600m
60
700m
40
Renard 4
60/50cpht
Renard 9
53cpht
Renard 2
104/119cpht
The resource upside at depth at Renard is world class.
Although highly accretive, the project’s Inferred Mineral
Resources are not included in the Feasibility Study
economic analysis in accordance with NI 43-101.
20
Permitting and Long
Term Business Plan
The Feasibility: 11
years of mining
0
Notes: 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.
Mineral reserves are not a sub-set of mineral resources.

11. 11
General Project Arrangement
Small Project Footprint of 3.1km2, Modest Environmental Impact
Processed Kimberlite
Containment (PKC)
R65
Waste Rock
R2-R3
Plant
Ore Stockpile
Camp
Road from Chibougamau
Overburden
Stockpile

12. 12
Mine Plan
A Combined Open Pit and Underground Mine
Renard 65
Open Pit Mining
(years 1-2).
Underground Mining
(years 3-11).
Underground method: Blast Hole
Shrinkage, Panel Retreat with waste
backfill from pits.
Renard 3
Ramp access 610 meter level.
6,000 tpd plant capacity (2.2Mtonnes/year)
expandable to 7,000 tpd (2.5Mtonnes/year).
Renard 4
Pit at Renard 65 (initially) as a borrow-pit
and waste water sump, pending resource
conversion.
Renard 2
View looking Northeast
Renard 2
Renard 3

13. 13
Mine Plan Production Schedule and Cash Flow
(Mineral Reserves Only)
Open Pit & Underground Mining
Ore Tonnage (t)
2,500,000
2,000,000
1,500,000
1,000,000
500,000
R2 Pit
R3 Pit
R2 UG
Diamond Production
2027
R4 UG
Gross Revenue (Real Terms)
500,000
Revenue (k C$)
600,000
2,000,000
2026
2025
R3 UG
2,500,000
1,500,000
1,000,000
500,000
400,000
300,000
200,000
100,000
-
R2
R3
R4
R2
R3
R4
2027
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2027
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Diamonds (carats)
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
-

14. 14
Stornoway will be a Significant Diamond Producer
Current and Future Diamond Producers
2012 World Diamond Production Data/
Forecast Future Production
1
De Beers (Anglo/Botswana)
$6,100m
2
Alrosa (Russia)
$4,610m
3
BHPB/Dominion Diamond (TSX: DDC)
$894m
4
Rio Tinto (ASE: RIO)
$741m
5
Petra
$403m
6
Stornoway
7
Mountain Province (note 3; TSX: MPV)
$273m
8
Gem (L: GEMD)
$202m
9
Lucara (note 4; TSX: LUC)
$118m
10
Others
$2,200m
Total
$15,817m
(note 1; L: PDL)
(note 2; TSX: SWY)
Alrosa
29%
BHPB/
Dominion
6%
RioTinto
5%
$306m
DeBeers
38%
Petra
2%
Others
14%
LUC
1%
GEM
1%
SWY
2%
MPV
2%
Notes:
1.
Petra 12 month results for period ending June 30, 2013
2.
Renard estimated at FS average annual diamond production of 1.7 million carats, and WWW April 2011 weighted diamond price of $180/ct, un-escalated
3.
Gahcho Kue estimated at 50% of FS average annual production of 4.5 million carats, and WWW April 2011 weighted diamond price of $121/ct, un-escalated
4.
Karowe estimated as per Lucara FY2013 Operating Guidance.
Source: Kimberly process and Company Reports

15. 15
12 Months of Progress

16. 12 Months of Progress
What has been Achieved since September 2012?
1.
2.
3.
4.
The Road is Open
Permitting Authorizations are in Place
The Resource has Continued to Grow
The Project has been Optimized
16

17. 17
The Route 167 Extension and the Renard Mine Road
The First Canadian Diamond Mine with Road Access
Construction of an all-season access road
connecting Renard to the Québec highway network
began in February 2012.
Under the terms of a November 2012 agreement
between Stornoway and Québec, segments A & B
(143 km) are being constructed by the Ministry of
Transport as the 2-lane “Route 167 Extension” and
segments C & D (97 km) are being constructed by
Stornoway as the single lane “Renard Mine Road”.
Renard
Km240
Segments C & D
Stornoway
97km of Mine
Road (50km/hr)
Stornoway forecasts the cost to complete the Renard
Mine Road at $70 million, approximately 10% below
base budget.
Lac Hecla
Km195
Eastmain
WesternTroy
Abitex
Km143
Strateco
Under the terms of a December 2012 financing
agreement, Québec has provided Stornoway
financing facilities of up to $85m to complete its work,
repayable upon commercial production at Renard.
On September 3rd 2013 Stornoway announced that
all 4 segments have been connected and the road
had opened to construction traffic, 2 months ahead of
schedule.
Lac
Naococane
Km82
Segments A & B
Min. of Transport
143km of Regional
Highway (70km/hr)
Legend
Lac
Km 0
Mistassini
Lac
Albanel
Renard Project
Explor./Mining Projects
Stornoway Properties
Albanel-TémiscamieOtish Par
Mistissini
50 km
Segment A: 0-82km
Segment B: 82-143km
Segment C: 143-195km
Segment D: 195-240km

18. 18
Road Construction Steps
Tree clearing and earthworks
Culvert installation
Infrastructure preparation
Bridge installation
Gravel works
Last step is a topcoat
gravel finish

19. 19
Views of the Road
KM 210
KM 155
KM 237

20. 20
Views of the Road
KM 236
KM 215
KM 228

21. 21
Bridges
Stornoway is constructing 16 bridges on the Renard
Mine Road.
Temporary bridges were first installed on all river
crossings by April 2013. As of October 2013, 12 of 16
permanent bridges have been installed.
All bridges are fabricated from locally harvested,
engineered wood and supplied by Nordic Structures
Bois, a wholly-owned subsidiary of Chantiers
Chibougamau Ltée.

22. All Road Segments Connected on September 1st, 2013
Two Months Ahead of Schedule and 10% Below Budget
Stornoway acknowledges
the professionalism and
performance of its
contractors on the Renard
Mine Road:
The Eskan Company
Eenatuk Forestry Corp.
Swallow-Fournier inc.
Kiskinchiish Corp.
Nordic Structures Bois
Petronor
Jos Ste-Croix & Fils Ltée
22

23. 23
Construction to Commence on Renard Aerodrome
The Renard Aerodrome will be located 8 km south
of the project site.
The airstrip will be certified by Transport Canada
to receive Dash 8-300 turboprop and Hercules
aircraft.
Design criteria (3C-NP):
Gravel surface
30m wide by 1,494m long
Taxiway and 100mx100m apron
Equipped with assisted landing capability
Traffic will be 3 to 5 flights per week for 48
workers per flight.
The Renard Mine Aerodrome will be available for
public use, enhancing air transport in the Monts
Otish region of Québec.
Renard Project Site
On October 10th Stornoway announced an
agreement with Québec to commence
construction of the Renard Mine Aerodrome
immediately, utilizing the residual amount of
financing available within the Renard Mine
Road credit facility.
Shoulder
Runway
Taxi way
Apron

24. 24
Aerodrome Progress
October 2013
Tree Cutting
Area
Runway
Centerline

25. 25
Site Progress
October 2013
Renard Mine Road
Bulk Sample
DMS Plant
Tree Clearing
R9
R2
R4
Construction Camp
R65
R65 Borrow Pit

26. Permitting and Social Acceptability
Strong Regulatory and Public Support for Québec’s First Diamond Mine
Social Licence
March 2012: Impact and Benefits Agreement (“IBA” or the
“Mecheshoo Agreement”) with the Cree Nation of Mistissini
and the Grand Council of the Crees (EI).
July 2012: Partnership Agreements Signed with
Chibougamau and Chapais.
Permitting
Oct. 2012: Québec Mining Lease issued.
Dec. 2012: Québec Certificate of Authorization issued.
Dec. 2012: Closure Plan accepted by regulators.
May. 2013: Renard Mine Road Permit issued.
July 2013: Positive Federal Environmental Assessment
decision issued.
All Community Agreements and Regulatory
Authorizations Required to Proceed to
Construction are in Place.
26

27. 27
Regulatory and Fiscal Regime in Québec Settled
The last 12 months has seen proposed changes to the Québec’s system of mining
taxes and royalties, and mine closure bonds.
Stornoway participated in the Government of Québec’s consultation process and,
although impacted by these changes, welcomes the balanced approach that has
been taken.
Québec remains a leading destination for mining investment, and we look forward to
developing Renard at a time of regulatory and fiscal certainty.
For mine planning, Stornoway assumes the new hybrid fiscal regime, being the
greater of the “Minimum Mining Tax” or “Progressive Mining Tax”
Stornoway does not anticipate a major impact on the Renard Project from the new
Mining Act still under assessment in the Québec National Assembly.
Québec remains one of the world’s leading mining
jurisdictions offering :
• Regulatory Stability
• Institutional Support
• Expertise
• Infrastructure

28. 28
The Renard Optimization Study
Released January 2013
Since the release of the Renard Feasiblity
Study in November 2011, Stornoway has
sought improvements in the project’s cost and
operating parameters.
The Renard Optimization Study was released
in January 2013, and included:
• A reduced initial capital cost, principally
through deferral of the shaft.
• Increased project NPV and IRR.
• Maintained high operating margin.
• A refined underground mining sequence
and draw point design.
Accommodation Complex
Additional design optimization and engineering
work is ongoing in partnership with a joint
venture made up of SNC-Lavalin Inc. and
AMEC Americas Ltd. under an interim
agreement pending completion of the project’s
EPCM contract at time of project financing.
Process and Power Plants

29. Liquefied Natural Gas Power Plant
Feasibility Study Released October 2013
With a view to project optimization,
Stornoway has been investigating more
cost efficient alternatives for on-site power
supply than traditional diesel fuelled gensets.
A Hydro-Quebec powerline has been ruled
out in the short term due to high cap-ex
cost.
On October 21st Stornoway announced it
will proceed with an LNG fuelled gen-set
option, made possible by the ability to
receive regular cryogenic LNG shipments
on the Renard Mine Road.
The Renard LNG plant will comprise seven
2.1MW rated gas gen-sets, providing
sufficient power generation capacity for the
project’s normal operating specification of
9.5MW.
29

30. 30
Liquefied Natural Gas Power Plant
Feasibility Study Released October 2013
An LNG fuelled powerplant for Renard offers many advantages over diesel:
• Greatly reduced annual operating costs of $8m to $10m per year, for a small incremental capital cost
of $2.6m.
• Up to 43% less greenhouse gas emissions.
• Long term, stable supply market utilizing existing commercial distribution network within Quebec.
• Elimination of on-site propane, as LNG will be used for building and underground mine heating.
Diesel will continue to be used for the mobile mining fleet and construction activities
Cost Improvements with LNG
Unit Power Cost (C$/kWh) 1
Jan 2013
Optimization Study
with Diesel
Jan 2013
Optimization Study
with LNG
Unit Operating Cost (C$/tonne) 1,2
$0.299
$57.63
$0.188
$53.84
(-37%)
(-7%)
Initial Capital Cost (C$m) 1
$752.1
$754.0
(+0.3%)
Life of Mine Capital Cost (C$m) 1,3
$1,013
$1,010
(-0.3%)
27.5
5.9
(-79%)
n/a
3.5
41.7
n/a
Annual Diesel Consumption (million litres)
Annual LNG Consumption (thousand m3/annum)
Annual Propane Consumption (thousand m3/annum)
Notes
Key Assumptions
1.
January 2013 Optimization Study costs expressed in October 2012 terms.
2.
Excludes capitalized preproduction costs.
Based on the 11 year reserve-based mine life (17.9 mcarats) contained within the
January 2013 Optimization Study, with a normal operating load of 9.49MW,
C$1=US$1, Oil US$95/barrel
3.
Includes all initial, sustaining and deferred capital, contingencies and escalation

31. Renard’s Resource is Continuing to Grow
31
Revised Mineral Resource Statement Release July 2013
Renard 65
Renard 3
In July 2013 Stornoway release the results of a revised
Mineral Resource Statement with a 14% increase in
contained carats within the Indicated Resource category.
This followed the successful completion of a 5,000 tonne
bulk sample at Renard 65 in 2012 and the recovery of 997
carats of diamonds for valuation.
The Renard 65 bulk sample returned the highest value
diamonds to date at the Renard Project, with a March
2013 valuation of US$250/ct, giving a base model of
US$180/ct (sensitivities of $203 & $169).
Upon conversion to a Mineral Reserve, this material may
be incorporated into the mine plan in two ways:
1. add 1 year to the LOM and increase the production
rate to 2.5Mt/a or
2. add 3 years to the LOM as a reserve tail at a
production rate of 2.1Mt/a
The cost of developing a 75m deep pit at Renard 65 is
already contained within the Feasibility Study.
Notes: 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.
Mineral reserves are not a sub-set of mineral resources.
Renard 4
Renard 9
Renard 2
Three Renard 65 diamonds: 9.78 ct and 6.41 ct
diamonds recovered from the 2012 bulk
sample and a 4 carat stone discovered in
drillcore in 2003

32. Renard’s Resource is Continuing to Grow
32
Resource Expansion in 2013, and Beyond
Renard 4
Renard 3
Renard 2
490 m
asl
Renard 65
Renard 9
0 m
1
2
3
790 m
-275 m
asl
1.
27 mcarat Indicated Mineral Resource
Conversion of Renard 65 Inferred Resources to Indicated
to 150m depth (July 2013: Completed)
2.
Addition of Renard 2 Country Rock Breccia to both
Indicated and Inferred Resources (July 2013: Completed)
3.
6.2 mcarats in 5.23 Mtonnes (at 119 cpht) in Renard 2
Inferred Resources between 610m and 700m depth: 4.2 to
7.3 Mcarats TFFE between 700m and 770m depth. Open
below 770m. (Target for Future Exploration)
17 mcarat Inferred Mineral Resource
26-48 mcarat Exploration Upside

33. 33
Renard Resource Upside
Inferred Resources and TFFE Not in Reserve Case Mine Plan
Renard’s Inferred Resources and
TFFE represent a potential increase
over the current Indicated Resource
of 160% to 240%.
0m
100m
2.7 mcarats
1.2
mcarats
200m
Each kimberlite remains open at
770m depth
300m
2.4
mcarats
0.6 mcarats
1.2
mcarats
400m
500m
0.8 to 2.8
mcarats
6.2
mcarats
600m
700m
27 mcarat Indicated Mineral Resource
7.3 to 13.5
mcarats
5.6 to 11.8
mcarats
17 mcarat Inferred Mineral Resource
2.0 to 4.3
mcarats
4.2 to 7.3
mcarats
26-48 mcarat Exploration Upside
Notes: 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. Mineral reserves are not a sub-set of mineral resources.

34. Renard’s Diamonds
34
Recent Valuation Conducted by WWW International Diamond Consultants Ltd. March 2013
The Renard kimberlite pipes have similar, but marginally different diamond populations
exhibiting coarse size distributions and with high proportions of large white gems.
99% by weight gem/near-gem quality. 1% industrial quality boart.
Significant value upside in large gems. Diamonds larger than 10.8ct, “Specials”) estimated at three to
six 50-100ct stones and one to two +100ct stones every 100,000 carats (two weeks). Not accounted for
in the revenue model.
Stornoway most recently valued the Renard diamond samples with WWW International Diamond
Consultants Ltd. in March 2013.
Size of
Valuation
Sample
WWW March
2013 Sample
Price
(carats)
(US$/carat)1
Renard 2
1,580
$180
Renard 3
2,753
$173
Renard 4
2,674
Renard 65
997
Kimberlite
Body
WWW March
2013 Base
Case Price
Model
Renard 3 Bulk Sample Stones larger
than 2 carats. “Run of Mine”
Sensitivities
(Minimum to High)
(US$/carat)1
$171 to $214
$100
$190
$151
$104 ($150)2
$250
$180
$169 to $203
$141 to $185
$98 to $168
Notes
1.
All prices in US$/carat. Samples utilizing a +1 DTC sieve size cut-off.
2.
Should the Renard 4 diamond population prove to have a diamond population with a size distribution
equal to the average of Renard 2 and 3, WWW have estimated that a base case diamond price model of
$150 per carat based on March 2013 pricing.

35. Rough Diamond Price Movements
The Diamond Market, January 2010 to September 2013
May 2011 Valuation
utilized in the FS based
on the average of 5
diamantaires c.10%
below the WWW rough
index price
A tracking of the diamond market since the publication of the November 2011 FS indicates rough diamond
prices have generally remained within the bounds of sensitivities contained within the FS financial model
(May 2011 spot prices and a 2.5% real terms annual price escalator).
35

36. 36
Renard’s Legacy

37. 37
Renard’s Legacy
Value Creation for our Shareholders
An Example of Constructive Partnership with Local People
• Stornoway’s relationship with the Crees of Eeyou Istchee
• Stornoway’s relationship with Chibougamau and Chapais
Québec Institutional Equity Ownership
• Stornoway’s Largest Shareholder is Investissement Québec, at 35% (fully diluted).
An Economic Engine in the James Bay Region of Québec
• Long Term Direct and Indirect Employment
• Long Term Local Contracting and Purchasing
A Catalyst for Public Infrastructure Development
• The Route 167 Extension/Renard Mine Road
• A New Aerodrome in the Otish Mountains
An Important Government Revenue Base
• Federal and Québec Income Tax
• Québec Mining Duty
• Personal Income Taxes and Sales Taxes
10.15 carat gem
quality
octahedron

38. Renard’s Legacy
38
Mines are Wealth Generators
Over the First 11 Years Alone:
$907m of tax payments, royalty payments, and
Public infrastructure support payments.
Payments associated with the project’s Long
Term Business Plan are substantially higher still.
DIAQUEM
Royalty $94
Québec Mining
Duties $372
Québec Income
Tax $163
Notes: As estimated by Stornoway based on the Renard Feasibility Study Optimization dated January 2013,
and existing tax regimes. In nominal terms. Québec Mining Duties subject to certain refundable credits
Contribution to
the Renard
Mine Road and
Aerodrome $77
Maintenance
Contribution to
the Renard
Federal Income Mine Road $13
Tax $188

39. Renard’s Legacy
39
Mines Employ People
Construction Employment Breakdown
Around 7,000 person years of
employment created during
construction (2013-2016).
Induced
Employment
43%
Indirect
Employment
with Suppliers
36%
Annual average of 482 direct jobs
(Stornoway and contractors)
created during operations (20162027).
405 Stornoway employees with
an average salary of $115 000/y
(including benefits).
700
Stornoway
Direct
Employment
21%
Direct Renard Employment
An estimated of 740 jobs
maintained or supported at
suppliers and local merchants.
Annual operating expenditures on
Québec goods and services of
$90m (73% of total).
Construction
500
Manpower
600
Contractors
400
Process Plant
300
Underground
200
100
0
Notes: As estimated by Stornoway based on the Renard Feasibility Study Optimization dated January 2013
Open Pit
G&A

40. 40
What to Expect

41. 41
Project Schedule
2011
2H
2013
2012
1H
2H
1H
2H
2014
1H
2H
2016
2015
1H
2H
1H
2H
BFS (Complete)
ESIA (Complete)
Community Hearings (Complete)
Reg. Authorizations (Complete)
Specific Operating Permits (50)
Detailed Engineering
Project Financing
Road Construction
First Vehicle Access
Site Construction
Commissioning and Ramp-up
Commercial Production
With first vehicle access achieved on the Renard Mine Road, the timely completion
of mine project financing is the now principal driver on project schedule

42. 42
Québec’s First Diamond Mine is Ready to Build
Project Green-lighted: Authorizations Issued
Community Agreements in Place
Stornoway Operating Team in Place
Access Road Opened
Resource Growing
Project Design Fully Optimized
Favourable Cost Environment
Stornoway is Fully Focused on the
Timely Completion of Final Project
Financing