Update on Stornoway Diamond Corporation and the Renard Diamond Project.

1. BUILDING QUÉBEC’S FIRST DIAMOND MINE
Update November 19th 2012
Matt Manson
President , CEO & 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 “forward-looking 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) capital costs and operating costs; (v) mine
expansion potential and expected mine life; (vi) expected time frames for completion of permitting and regulatory approvals and making a
production decision; (vii) future exploration plans; (viii) future market prices for rough diamonds; and (ix) 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 ability to achieve 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) estimated completion date for the Environmental and Social Impact Assessment; (ii) required capital investment
and estimated workforce requirements; (iii) estimates of net present value and internal rates of return; (iv) receipt of regulatory approvals on
acceptable terms within commonly experienced time frames; (v) the assumption that a production decision will be made, and that decision will be
positive; (vi) anticipated timelines for the commencement of mine production; (vii) anticipated timelines related to the Route 167 extension and the
impact on the development schedule at Renard; (viii) anticipated timelines for community consultations and the conclusion of an Impact and
Benefits Agreement; (ix) market prices for rough diamonds and the potential impact on the Renard Project’s value; and (x) 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 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.

3. 3
Stornoway Diamond Corporation TSX:SWY
100% Ownership in Renard:
The World’s Most Advanced New Diamond
Mine Under Development
On Track for Construction Start-up in 2013
Renard
Strong Base Case Economics
World Class Resource Upside
All-Season Access Road Under Construction
Permitting Nearing Completion
Diamonds
Excellent Long Term Supply & Demand Fundamentals
Few New Mining Projects

4. 4
The Route 167 Extension
November 15th 2012: Stornoway Assumes Management of Road Completion
On November 15th 2012 Stornoway announced an
agreement by which the Government of Quebec will
provide $77m of financing to Stornoway to complete Renard
segments “C” and “D” of the Route 167 Extension as a
Segments C & D
mining grade road.
Stornoway
This agreement puts Stornoway in charge of the Renard 97km of Mining
project’s overall project schedule for the first time. Grade Road
(50km/hr)
All season access is now scheduled for Q4 2013.
Construction, September 2012
Segments A & B
Ministry of Transport
143km of Regional
Highway (70km/hr)

5. 5
Stornoway’s Board and Management Team
Executive Officers
Head Office: Longueuil Québec,
Exploration Office: North Vancouver, BC
Matt Manson Pat Godin Zara Boldt Community Office: Mistissini, Québec
President, CEO COO & Director CFO and VP
& Director Finance
Non-Executive Directors
Ebe Scherkus Michel Blouin John LeBoutillier Monique Mercier
Independent/ Independent/ Yves Harvey Independent/ Independent/ Peter Nixon Serge Vézina
Board Chairman IQ Designate Independent IQ Designate IQ Designate Independent Independent
Key Managers
Ghislain Yves Perron Robin Dave Skelton Brian Glover John Martin Boucher Guy Bourque Helene Patrick Houle Nick Thomas
Poirier VP Engineering Hopkins VP Project VP Asset Armstrong Manager, Chief Mining Robitaille Manager, Manager,
VP Public Affairs & Construction VP Exploration Development Protection Senior Geologist Sust. Dev Engineer Director, HR Community Dev. Investor Relations

6. 6
Stornoway’s Platform for Project Development and Financing
BALANCE SHEET*
Market Capitalization:
C$ 81 million
12 MONTH ANALYST TARGETS
(based on voting and non-voting shares)
RBC
Total Shares Outstanding: Outperform-
161 million Des Kilalea, $2.05
(Basic and Non-voting convertible shares) Speculative Risk
November 5th 2012
Total Options & Warrants Outstanding: 31 million Paradigm
David Davidson Buy $3.15
Nov 17th 2011
Cash and Short Term Deposits:
C$ 41 million
(as of July 31st 2012) BMO
Ed Sterck Market Perform $1.00
Debt: November 15th 2012
C$ 20 million
($100m Standby Facility with IQ undrawn)
Desjardins
Brian Christie Speculative Buy $1.70
Basic Fully November 15th 2012
MAJOR SHAREHOLDINGS* Diluted
Laurentian
(common shares) 25.0% Eric Lemieux Buy $2.75
IQ** 33.7%
(non-voting convertible shares) -------- November 16th 2012
Agnico-Eagle 10.6% 8.9% National Bank
Outperform-
Eldon Brown $2.00
Caisse de dépôt et placement du 9.0% 7.5% Speculative Risk
October 31st 2012
Québec (est) (est)
Float 55.4% 49.9%
Notes: Debt Facility: In December 2010, Stornoway announced a $100 million Credit Support Agreement with a subsidiary of Société générale de financement du Québec, now Investissment
Québec, with respect to future project debt financing. The Credit Support Agreement has an annual commitment fee of 175 bps undrawn, and will take the form of a direct project loan ranking
pari passu with concurrent senior lenders or, as appropriate, on a stand alone basis on terms no less favourable than prevailing commercially reasonable market terms.
*Based on market close of $0.50 on November 16th 2012
**IQ: Investissement Québec, the Québec government's industrial and financial holding company whose mission is to foster the growth of investment in Québec, thereby contributing to
economic development and job creation in every region

7. 7
12 Months of Milestones Achieved
Moving Forward with Québec’s First Diamond Mine
2011 2012
Nov 2011:
Feasibility Study
Completed
Dec 2011: ESIA Filed
Feb 2012: Road
Construction Commences
Mar 2012: IBA (Mecheshoo Agreement) Signed
Mar to May 2012: $40m Debt/Equity Raised
May 2012: $28.4m Pre-Development Program Announced
May 2012: Head Office Moved to Montreal
July 2012: Partnership Agreement with Chibougamau and Chapais
July 2012: Commencement of R65 Bulk Sample
Aug 2012: Community Hearings Completed
Sept 6th 2012: Mandate Letter Signed for $475m Debt Financing
Oct 18th 2012: Mining Lease Issued

8. 8
The Renard Diamond Project

9. 9
Renard Kimberlite Bodies
0 1 2
Kilometers
N
60 0 60 120
Kilometers
Laforge 2
Laforge 1
R10 Brisay
LG4
LG2
R7 LG3
Foxtrot Property
Hibou R1
Eleonore
Wemindji Renard
R65 Western Troy Eastmain Mine
R4 Strateco
R8
R9 R3 Troilus Mine
R2 Temiscamie
Lynx Mistissini
Matagami
Chibougamau
Kimberlite Bodies with
Probable Reserves
Legend
LEGEND:
Kimberlite Bodies with Stornoway Properties HydroQuébec
Inferred Resources HydroQuébec Facility Powerlines
Renard Kimberlites Route 167 Extension
Kimberlite Bodies with Road
Kimberlitic Dyke
Resource Potential Exploration/ Mining
Regional Kimberlites
Projects

10. 10
Key Project Parameters
Renard 65
November 2011 Feasibility Study*
29cpht Renard 3
106/118cpht
Mine Life 11 years
Mineral Reserve 18 mcarats
Initial Cap-ex $802m
Operating Cost $55/t ($70/carat)
Operating Margin 68%
Operating Cash Flow $2.7B
Diamond Valuation $180/carat
Peak Diamond Production 2.1 mcarats/yr
After Tax NPV (7%; Jan 1 2012) $376m
After Tax IRR 14.9%
Project Startup July 2015
*Key Assumptions: C$1=US$1, Oil US$90/barrel, 2.5% real terms diamond price growth
Q311-Q425, 83.5% ore recovery, 19.4% mining dilution, 0cpht dilution grade, January 1
2012 effective date for NPV and IRR calculation.
Renard 4
53/44cpht Renard 2
Renard 9
Long Term Plan 47cpht
103/118cpht
(Basis of December 2011 ESIA)
24 mcarat Indicated Mineral Resource
Includes the mining of the 17mcarat Inferred
Resources within the scope of the Feasibility Study
mine infrastructure: Extended mine life, increased
17 mcarat Inferred Mineral Resource
annual production, increased project valuation
24-49 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.

11. Renard’s Resource Upside
11
A Project with a Long Resource Tail and Very Long Mine Life Potential
Renard 65 Millions
29cpht Renard 3 of Tonnes Exploration Target High Range
106/118cpht 140 Exploration Target Low Range
Inferred Resource
120 Probable Reserve
100
The Vision: Deposit still
80 Open
60
Permitting and Long
Term Business Plan
40
Renard 4
53/44cpht Renard 2
Renard 9
103/118cpht
47cpht 20 The Feasibility: 11
years of mining
The resource upside at depth at Renard is world class.
0
Notes: Reserve and Resource categories are compliant with the "CIM Definition
Although highly accretive, the project’s Inferred Mineral Standards on Mineral Resources and Reserves". Mineral resources that are not
mineral reserves do not have demonstrated economic viability. The potential quantity
Resources are not included in the Feasibility Study and grade of any Exploration Target is conceptual in nature, and it is uncertain if
economic analysis in accordance with NI 43-101. further exploration will result in the target being delineated as a mineral resource.

12. 12
Mine Plan
A Combined Open Pit and Underground Mine
Open Pit Mining at Renard 2 & 3
Renard 65
(years 1-2)
Underground Mining Renard 2,
3 & 4 (years 3-11)
Underground method: Blast Hole
Shrinkage with waste backfill from pits.
6,000 tpd plant capacity,
(2.2mtonnes/annum).
Renard 3
Pit at Renard 65 (initially) as a borrow-
pit and waste water sump, pending
resource conversion.
Renard 4
Renard 2
Renard 3
Renard 2

13. 13
General Project Arrangement
Small Project Footprint of 3.1km2, Modest Environmental Impact
Processed Kimberlite
Containment (PKC)
R65
Waste Rock
R2-R3 Overburden
Stockpile
Plant
Ore Stockpile
Camp
Route 167 Extension

14. Renard’s Diamonds
14
Valuation Conducted by WWW International Diamond Consultants Ltd. May 8th-13th, 2011
Renard kimberlite pipes have a diamond population with a coarse size distribution
and high proportion of large white gems. Lynx and Hibou kimberlite dykes have a
finer distribution of browner stones.
99% by weight gem/near-gem quality. 1% industrial quality boart.
Coarse size distribution: potential for significant “Specials”, not accounted for in the
current resource work. (Three to six 50-100ct stones and one to two +100ct stones
every 100,000 carats.)
Renard 3 Bulk Sample Stones larger
than 2 carats. “Run of Mine”
Size of Largest
May 2011 Sensitivities
Kimberlite Valuation Diamonds
Diamond Price (Minimum to 10.15 carat gem
Body Sample Recovered (US$/carat)1 High) quality
(carats) (carats)
octahedron
Renard 2 1,580 15.46, 8.80, 8.42 $163 to $236
Renard 3 2,753 10.15, 7.78, 6.36
$182 $153 to $205
Renard 4 2,674 5.92, 5.74, 3.99 $1122 $105 to $185
1
Based on an average of five independent valuations conducted between May 9 th and 13th 2011, and
supervised by WWW International Diamond Consultants Limited.
2
The Renard NI 43-101 compliant Mineral Resource of January 2011 and the Feasibility Study of November
2011 utilize a higher diamond price based on an analysis of diamond breakage and poor plant recovery of the
Renard 4 valuation sample, which is $164/carat. All samples utilize a +0.85mm (+1 DTC) cutoff

15. 15
Feasibility Mine Plan Production Schedule and Cash Flow
Open Pit & Underground Mining Schedule (Ktonnes of Ore)
2,500
2,000
R4 UG
1,500 R3 UG
1,000 R2 UG
500 R3 Pit
R2 Pit
-
2020
2013
2014
2015
2016
2017
2018
2019
2021
2022
2023
2024
2025
2026
Carat Production (Kcarats) Gross Revenue (C$M, Real)
2,500 600.0
2,000 500.0
400.0
1,500 R4 R4
300.0
1,000 R3 R3
200.0
500
R2 R2
100.0
- -
2024
2025
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2026
2016
2013
2014
2015
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026

16. 16
Renard will Make Stornoway a Significant Diamond Producer
1 De Beers (Anglo/Botswana) $6,420m
2 Alrosa (Russia) $4,660m
2011 World Diamond 3 BHPB (ASE: BHP) $940m
Production Data with 4 Rio Tinto (ASE: RIO) $910m
Renard Included at
5 Peak Stornoway (TSX: SWY) $380m
Peak Production
(2.1mcarats/yr at US$182/carat) 6 Harry Winston (TSX: HW) $350m
7 Gem (L: GEMD) $340m
8 Petra (L: PDL) $250m
Others $2,160m
De Beers
Others
39%
13%
Gem Petra
2% 2%
Harry Winston
Peak 2%
Stornoway
2% Rio Tinto BHPB Alrosa
6% 6% 28%
Source: Kimberly process, Company Reports and SWY Estimates

17. 17
Renard is Continuing to Grow
Renard 65 Bulk Sample: Expansion in the Project Reserve
Renard 65
Stornoway commenced a 5,000 tonne bulk sample at Renard 3
Renard 65 in July 2012.
The objective is the recovery of a 1,000 carat parcel of
diamonds for valuation, to allow conversion of Inferred
Resources to Reserve.
Renard 65 currently contains:
• 3.7 mcarats of Inferred Mineral Resources
(12.9mtonnes at 29 carats per hundred tonnes)
• 6.8 to 13.7 mcarats of Exploration Target (29.5 to 41.6
Renard 4
mtonnes at 23 to 33 cpht)
Renard 9 Renard 2
Renard 65 has a good potential to return large diamonds.
A 4 carat, top quality diamond
Results are expected by year end. Valuation Q1 2013
recovered from Renard 65 drillcore
R65 Pit on September 2nd

18. 18
Moving Forward

19. 19
Permitting and Development Schedule
2011 2012 2013 2014 2015
2H 1H 2H 1H 2H 1H 2H 1H 2H
BFS (Complete)
Following Stornoway’s November
ESIA (Complete) 14th Agreement with Quebec, first
road access is expected to Renard by
Community Hearings Q4 2013 compared to July 2013 in the
November 2011 Feasibility Study
COMEX and CEAA Review
Specific Mine Permits (50)
Detailed Engineering
Project Financing
Road Construction First Vehicle Access
Mine Construction
Commissioning and Ramp-up
Commercial Production

20. 20
The Route 167 Extension
Construction Images September 2012

21. 21
Permitting
On-Track for Completion in 2012
Renard falls under the environmental protection
regime of the James Bay and Northern Québec
Agreement (JBNQA) and the Canadian
Environmental Assessment Act.
Permitting Milestones:
• December 2011: Filing of the Renard Environmental
and Social Impact Assessment (ESIA)
• June/August 2012: Successful public hearings in
Mistissini and Chibougamau
• October 2012: Mining Lease Issued by the Quebec
Ministry of Natural Resources
Renard is on track for the receipt of its Certificate
of Authorization within 2012.
The Renard ESIA describes a limited-footprint
project with modest impacts on the local
environment, all of which are well within existing
Québec and federal standards.
Stornoway has published the complete ESIA, the
Environmental Baseline Study, and the project
Closure Plan online.

22. The “Mecheshoo” Agreement (IBA)
22
Renard’s Social Licence
The Renard Diamond Project is situated close to
the Cree Nation of Mistissini (CNM).
In March 2012 Stornoway concluded an Impacts
and Benefits Agreement, the “Mecheshoo
Agreement”, with the CNM and the Grand
Council of the Crees (EI).
The Mecheshoo Agreement provides for
employment and business opportunities for the
Crees, fosters cultural, environmental and social
protection, and provides for the Crees’
participation in the project’s long term financial
success.
From left: Chief Richard Shecapio, of the Cree Nation of
Mistissini, Grand Chief Matthew Coon-Come, of the Crees of
“Stornoway has demonstrated an immense openness Eeyou Itschee, and Matt Manson, CEO of Stornoway, in
and has been willing to adapt the project in a manner Mistissini on March 27th, 2012, on the occasion of the signing of
the Mecheshoo Agreement.
that respects the Crees of Mistissini, our interests, our
values, our culture and our way of life…At this point, we
can assure without a doubt that this project has a clear
social acceptability from Mistissini”
Chief Richard Shecapio, CNM, March 2012.

23. 23
What to Expect
Significant Development and Financing
Milestones in the next 12 months
Completion of Project Permitting
• Certificate of Authorization in Q4 2012
Capital Cost Optimization
• Shaft/Ramp Tradeoff Study Q4 2012
Reserve Growth through R65
• Results Q4 2012. Valuation Q1 2013
Completion of Project Financing
• Completion of Project Debt Financing Announced on
September 6th 2012
• Balance on “Minimum Capital/Minimum Equity Terms
Stornoway is Targeting Construction
Mobilization in 2013

24. 24
Why Invest in Stornoway?
The Lassonde Curve: Value Creation through Project Financing and Development
Aber Diamond Corporation Stockprice Index Sept. 95 to Sept. 07
600%
Post Financing, Production
500% De-Risking Phase
Pre-Feas/
Discovery/
Feas Post-Feas
Resource
400%
Growth Pre-Financing
Low Point
300%
I 4x Return
B 1999-2004
200% C
H
G
D
100%A E F
SWY December 2008 to August 2012
0%
6-Mar-01
6-Mar-96
6-Mar-97
6-Mar-98
6-Mar-99
6-Mar-00
6-Mar-02
6-Mar-03
6-Mar-04
6-Mar-05
6-Mar-06
6-Mar-07
6-Sep-95
6-Sep-96
6-Sep-97
6-Sep-98
6-Sep-99
6-Sep-00
6-Sep-01
6-Sep-02
6-Sep-03
6-Sep-04
6-Sep-05
6-Sep-06
6-Sep-07
A. 1994-1995 – Discovery of A21, A154S, A154N, A418 pipes
B. July 1995 – Bulk Sample Completed Stornoway’s
B. September 1996 – Pre-Feasibility Completed
C. July 1999 – Announces equity financing of $100.0m with Tiffany and Co and Off-Take Deal
Objective is to Build
E. July 1999 – Feasibility Completed Shareholder Value by
F. November 1999 – Principal Permits Received Building Renard
G. December 2000 – Sells minority stake in Snap Lake Project to De Beers for $173.00 mm,
H. November 2001 – Bank financing of $230.0 m
I. January 2003 – First Production

25. 25
Appendix 1: The Diamond Market

26. 26
Diamond Jewelry Demand is Forecast to Grow Dramatically
Share of World Diamond Jewelry Market, 2005 to 2020
2020F: $128B
China (and
Asia-Pacific)
Rough Diamond 32%
US
27%
CAGR of 10%1
2010-2020 2010: $74B
China (and
Asia-Pacific)
15%
India (and
US Asia-Arabia)
42% 25%
2005: $62B
India (and
China (and Others Asia-Arabia)
Asia- 4% 18%
Pacific) Diamond Jewelry
10%
India (and US CAGR of 5.6%1
49%
Asia- 2010-2020
Arabia)
13%
Europe
10%
Japan Source: AllanHochtreiter after De Beers, Tacy Ltd.,
14% 1 CAGR estimates after Alrosa October 2011. Nominal Terms

27. 27
Major Diamond Mines and Development Projects Worldwide
Few Enough Mines to Fit on One Map
Canada
• Ekati (BHPB)
• Diavik (Rio Tinto/Harry Winston) Russia
• Victor, Snap Lake, Gahcho Kue (De Beers) • Arkhangelsk District (Alrosa)
• Renard (Stornoway) • Yakutia District (Alrosa)
• Star (Shore Gold/Newmont) • Grib (LUKOIL)
India
• Bundar (Rio Tinto)
Australia
Sierra Leone • Argyle (Rio Tinto)
• Koidu, (Steinmetz Group) • Ellendale (Gem Diamonds)
Democratic Republic of Congo Tanzania
• Mbuyi-Mayi • Williamson (Petra Diamonds)
Angola
• Catoca (Alrosa)
Lesotho
Botswana South Africa • Letseng (Gem Diamonds)
• Jwaneng, Orapa (De Beers) • Venetia (De Beers) • Kao (Namakwa Diamonds)
• Gope (Gem Diamonds) • Finsch, Premier (Petra Diamonds) • Liqhobong (Firestone)
• AK6 (Lucara Diamonds) • Lace (DiamondCorp) • Mothai (Lucara)

28. 28
Future Rough Diamond Production is Forecast to be Static
Almost all rough diamond production forecasts show flat or declining
production long term. Rough production may not reach 2008 levels in
carat terms again. Only 15% Supply
Growth
No large scale diamond mine has been discovered since the
2010-2020
discovery of EKATI and Diavik in the early 1990s. New production
from projects under development such as Renard is not expected to
materially impact overall supply.
AK6 (LUC) Renard (SWY) Star-Orion (SGF)
Koidu (Steinmetz) Gahcho Kue
Global Rough Diamond
Zimbabwe Production (MMct)
200 (MPV, De Beers)
180
160
140
120
Ct MM
100
80
60
40
20
0
2011E
2012E
2013E
2014E
2015E
2016E
2018E
2019E
2007A
2008A
2009A
2010A
2017E
2006A
Angola Australia Botswana Canada DRC Namibia Russia South Afr ica Zimbabwe Other
Source: RBC Capital Markets

29. 29
Diamond Prices are Growing
Rough and Polished Diamonds Against a Basket of Indicators, 2003-April 2012
Commodity Index Data
700
8% CAGR in16000
Rough Prices
14000
S&P TSX Composite Index Weekly Closing
600 2003-2012
12000
500
Index October 2003 = 100
10000
400
8000
300
Rough6000
Diamonds
200
4000
100
WWW R.I. Polished Prices Index Gold IMF CPI 2000
IMF IPI IMF CPI NonFuel IMF Coal(Aust) IMF Metal
IMF Cu S&P TSX Comp Index
0 0
01/01/07 01/01/08 31/12/08 31/12/09 01/01/11 01/01/12
Source: LME, IMF, Rough Diamond Price data after WWW International Diamond Consultants Limited Indexed to October 2003. CAGR in Nominal Terms.

30. 30
Appendix 2: Feasibility Study Sensitivities

31. 31
Feasibility Study Contributors
Capital and Operating Cost Estimates, Onsite Infrastructure Design,
Construction Strategy, Risk Assessment
Process Plant, Underground Mine Design and Underground Reserve
Open Pit Design, Open Pit Reserve and Financial Analysis
Geotechnical, Processed Kimberlite Containment, Waste Water Management
Environmental, Social and Permitting Considerations
Rock Mechanics, Hydrogeology
NI 43-101 Resource
Human Resources, Operating Plan, Marketing Plan

32. 32
Financial Analysis
Project Assumptions, Valuation and Pay-Back
Key Assumptions in the Financial Model
Reserve Carats (m) 18.0
Tonnes Processed (m) 23.0
Recovered Grade (cpht) 78
Mining Average Ore Recovery (%) 83.5%
Parameters Average Mining Dilution (%) 14%
Dilution Grade (cpht) 0
Processing Rate (Mtonnes/a) 2.2
Mine Life (years) 11
Pre-Production Cap-ex (C$m) $802 Valuation Results (C$m)
Cost LOM Cap-Ex (C$m) $994
Parameters Oil Price (US$/barrel) $90 Pre-Tax After Tax
LOM Op-ex (C$/tonne) $54.71
NPV5% $899 $534
LOM Op-ex (C$/carat) $70.27
Gross Revenue (C$m) $4,112 NPV7% (Base Case) $672 $376
Marketing Costs 2.7% NPV9% $490 $248
Revenue DIAQUEM Royalty 2.0%
Parameters Operating Cash Flow (C$m) $2,677 IRR 18.7% 14.9%
(real terms) Operating Margin 68% Pay-Back (years) 4.65 4.80
Total Taxes and Mining Duties (C$m) $571
After Tax Net Cash Flow (C$m) $1,151
Renard 2 and Renard 3 (US$/carat) $182
Diamond
Renard 4 (US$/carat) $164
Price
Diamond Price Escalation, 2012-2025 2.5%
Parameters
Exchange Rate 1C$=1US$
Effective Date for NPV Calculation January 1 2012
Schedule Construction Mobilization July 1 2013
Parameters Plant Commisioning Commences July 1 2015
Commercial Production Declared January 1 2016

33. 33
Financial Analysis
Capital Costs
Capital Costs (C$m) Direct Costs (C$531m)
Site Preparation & General $22.9 Onsite
Plant utilities
Mining $236.9 and infra.
32%
Mineral processing plant $168.4 19%
Onsite utilities and infrastructures $102.4
Owner’s Cost $86.2
Spares, fills, tools $10.2 Site Prep.
EPCM services $45.0 & General
Mining 4%
Field indirect costs, vendor representatives $22.5 45%
Construction camp & Catering $25.0
Freight and duties $8.1 Field,
Indirect Costs (C$271m)
$74.3 Vendor
Contingency EPCM reps
Total Pre-Production Capital $801.8 17% 8%
$57.3 Spares Camp
Escalation Allowance on Initial Capital
4% 9%
Pre-Production Revenue ($24.6)
Freight
Deferred & Sustaining Capital $138.8 3%
Deferred Capital (Route 167 Extension) $44.0
Salvage Value2 ($22.9) Owner’s
Cost
Total LOM Capital $994.4 32% Conting.
27%

34. 34
Financial Analysis
Operating Costs
Operating Unit Costs (Real Terms; C$)
$/tonne
Open Pit Mine $19.99
Underground Mine $24.11
Plant $14.82
G&A $14.69
Total $54.71 ($70.27/ct)
Notes: Pit costs incurred before January 1st, 2016 are capitalized
Operating Costs LOM Operating Costs (C$1,260m)
70 G&A,
$334.00 ,
60 27%
Plant,
50 $337.00 ,
27%
40 Others
Open Pit
30
Power Mine,
20 $40.70 ,
Labour 3%
10 Undergrou
nd Mine,
0 $547.90 ,
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
43%

35. 35
Financial Analysis
Valuation Sensitivities
30.0% PRE-TAX IRR 1,200,000 PRE-TAX NPV7%
25.0% 1,000,000
20.0% 800,000
15.0% 600,000
10.0% 400,000
5.0% 200,000
0.0% -
80% 90% 100% 110% 120% 80% 90% 100% 110% 120%
Operarting Cost 20.7% 19.7% 18.7% 17.7% 16.7% Operating Cost 808,813 740,372 671,932 603,487 535,040
Capital Cost 23.7% 21.0% 18.7% 16.7% 15.0% Capital Cost 829,526 750,717 671,932 593,125 514,316
Revenue 11.6% 15.4% 18.7% 21.8% 24.6% Revenue 235,672 453,813 671,932 890,040 1,108,14
30.0% AFTER-TAX IRR 700,000 AFTER-TAX NPV7%
25.0% 600,000
500,000
20.0%
400,000
15.0%
300,000
10.0%
200,000
5.0% 100,000
0.0% -
80% 90% 100% 110% 120% 80% 90% 100% 110% 120%
Operating Cost 16.5% 15.7% 14.9% 14.0% 13.2% Operating Cost 463,661 419,627 375,577 331,523 287,283
Capital Cost 19.1% 16.8% 14.9% 13.2% 11.8% Capital Cost 488,669 432,381 375,577 318,658 261,323
Revenue 9.2% 12.2% 14.9% 17.4% 19.8% Revenue 94,589 236,370 375,577 513,934 651,296

36. 36
Financial Analysis
Renard Diamond Valuation. Conducted by WWW May 9th to 13th 2011
Conducted by WWW International Diamond
Consultants Ltd. May 9th-13th 2011
Achieved Prices for the Valuation Samples WWW Price Modeling
Valuation
Kimberlite Average of Minimum of Maximum of WWW
Sample Number of WWW WWW Base WWW "High"
Body Independent Independent Independent "Minimum"
(carats) Independent Valuation Case Model Model
Valuations Valuations Valuations Model
Valuations (US$/carat) (US$/carat) (US$/carat)
(US$/carat) (US$/carat) (US$/carat) (US$/carat)
Renard 2 1,580 5 $173 $143 $195 $195 $182 $236 $163
Renard 3 2,753 5 $171 $137 $195 $190 $182 $205 $153
Renard 4 2,674 5 $100 $87 $107 $107 $1121 $185 $105
1
The Renard Feasibility Study of November 2011, consistent with the NI 43-101 compliant Mineral Resource of January 2011, utilizes a higher diamond price based on an analysis of
diamond breakage and poor plant recovery of the Renard 4 valuation sample, which is $164/carat. All samples utilize a +0.85mm (+1 DTC) cutoff.

37. 37
Financial Analysis
Renard Diamond Valuation Sensitivities
WWW determine High and Minimum sensitivities on their Base Case diamond price model. WWW state that
it is unlikely that an actual diamond price achieved for each kimberlite body upon production would fall below
the “Minimum” sensitivity, but it is possible that the actual diamond price achieved may be higher than the
“High” sensitivity, which is not a maximum price.
The Feasibility Study Base Case diamond price of US$182/carat for Renard 2 and 3 and US$164/carat for
Renard 4 derives from a value modeling approach that assumes a single diamond size distribution in the
three kimberlites.
An alternative interpretation, that each kimberlite’s diamond population is unique and is correctly represented
by its diamond sample, yields diamond price models of US$208/carat for Renard 2, US$165/carat for Renard
3 and US$112/carat for Renard 4.
WWW
WWW Base WWW "High"
"Minimum"
Kimberlite Body Case Model Model
Model
(US$/carat) (US$/carat)
(US$/carat)
Scenario 1 (Base Case): Utilizing an R2-R3 Size Frequency Model $182 $201 $163
Renard 2
Scenario 2 (Alternative): Utilizing an R2 only Size Frequency Model $208 $236 $186
Scenario 1 (Base Case): Utilizing an R2-R3 Size Frequency Model $182 $205 $168
Renard 3
Scenario 2 (Alternative): Utilizing an R3 only Size Frequency Model $165 $183 $153
Scenario 1 (Base Case): Utilizing an R2-R3 Size Frequency Model $164 $185 $152
Renard 4
Scenario 2 (Alternative): Utilizing an R4 only Size Frequency Model $112 $121 $105

38. 38
Financial Analysis
Renard Diamond Valuation Sensitivities
This “Alternative” diamond price model is highly accretive to the project’s valuation given the dominance of
Renard 2 in the mine plan. The interpretation of similarity in the diamond populations is the more
conservative approach.
Pre-Tax After-Tax
Kimberlite Body NPV7% Pay-Back NPV7% Pay-Back
IRR IRR
(C$m) (years) 1 (C$m) (years) 1
WWW Minimum Model $397 14.6% 5.34 $199 11.5% 5.46
Feasibility Study Base Case Model $672 18.7% 4.65 $376 14.9% 4.80
Alternative Model $871 21.8% 4.07 $502 17.4% 4.20
WWW High Model $1,261 26.5% 3.49 $747 21.4% 3.90
1Calculated on an after-tax basis
A real-terms diamond price growth factor of 2.5% per annum has been applied between 2012 and 2025.
This is consistent with well constrained rough diamond supply and demand forecasts and industry best-
practice. WWW have advised that Stornoway’s assumptions on diamond price and diamond price growth
are “reasonable in the context of the overall supply and demand environment” of the diamond industry.
The project shows strong sensitivity to future diamond price growth.
Pre-Tax After-Tax
Diamond Price Escalation (2012-2025)1
NPV7% Pay-Back NPV7% Pay-Back
IRR IRR
(C$m) (years) 1 (C$m) (years) 1
0% per annum $227 11.8% 5.80 $93 9.2% 5.91
2.5% per annum (Base Case) $672 18.7% 4.65 $376 14.9% 4.80
5% per annum $1,228 25.1% 3.87 $724 20.3% 4.00
1Calculated on an after-tax basis

39. 39
Appendix 3: Project Comparables

40. 40
Project Comparables
Diamond Industry Cost Curve (Anglo American November 2011 after De Beers 2010)
COST/REVENUE
2.0
Gahcho Kue (development project)
10.5
Cost/revenue (x)
Renard with Powerline
Namedeo operations
Snap lake
1.0
Damtshaa
Renard
Orapa
Venetia
Jwaneng
0.5
0.0
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000
Cumulative revenue (US$m)
Source: Anglo-American (After De Beers, November 2011), and Stornoway Estimates

41. 41
Project Comparables
Recent Canadian Diamond Mines Compared as of the Date of each BFS
Ekati (1998) Diavik (1999) Victor (2008) Renard FS
BHPB, As Built Rio-Tinto, As De Beers, As (2011)
Estimates Built Estimates Built Estimates
Resource Parameters
Resource (m carats) 161 133 No data 41
Resource (US$) $10B $6.7B No data $7.2B
Resource Grade (cpht) 110 360 No data 72
Average Resource Diamond Price $60 $50 No data $175
Resource Mine Life 25 25 No data n/a
Reserve Parameters
Reserve (carats) 72 102 6 18
Reserve (dollars) $6B $5.5B $2.4B (est) $3.2B
Reserve Grade (cpht) 109 400 20 78
Average Reserve Diamond Price $84 $55 $400 $180
Average Reserve Ore Value (US$) $92 $220 $80 $140
Reserve Mine Life 17 19 12 11
Production Parameters
Annual Production (mCarats) Up to 3.6 Up to 7 0.5 Up to 2.1
Annual Revenue (US$m) $302 $385 $215 $364
LOM Op-ex (Cdn$/tonne) $100 to $60 $100 No data $55
LOM Op-ex (Cdn$/carat) $92 to $55 $25 No data $70
Canadian-US Dollar c.$0.75 $0.67 c.$1.00 $1.00
Pre-Production Cap-ex (Cdn$) $900m $1.3B $982m $802m
Source: Company Reports and Stornoway Estimates. Excludes resource and diamond price upside from both projects. Excludes diamond price escalators.
Assumes similar diamond recovery and mining dilution parameters.

42. 42
Project Comparables
Recent Canadian Diamond Development Projects Compared as of the Date of each BFS
Gahcho Kué FS (2010) Star-Orion FS (2011) Renard FS (2011)
Mountain Province Shore Gold
Resource Parameters
Resource (m carats) 61 43 41
Resource (US$) $5.1B $11B $7.2B
Resource Grade (cpht) 168 12 72
$85 (WWW Apr 10)
Average Resource Diamond Price $256 (WWW Feb 11) $175 (WWW May 11)
$65 (DTC Apr 10)
Resource Mine Life n/a n/a n/a
Reserve Parameters
Reserve (carats) 49 34 18
Reserve (dollars) $3.7B $8.2B $3.2B
Reserve Grade (cpht) 157 12 78
Average Reserve Diamond Price $75 $242 $180
Average Reserve Ore Value (US$) $118 $30 $140
Reserve Mine Life 11 20 11
Production Parameters
Annual Production (mCarats) 4.5 1.7 Up to 2.1
Annual Revenue (US$m) $338 $411 $364
LOM Op-ex (Cdn$/tonne) $49 $14 $55
LOM Op-ex (Cdn$/carat) $31 $114 $70
Canadian-US Dollar 0.96 0.945 1.00
$550m
Pre-Production Cap-ex (Cdn$) $1.9B $802m
($800m De Beers Dec 11)
Source: Company Reports. Excludes resource and diamond price upside from both projects. Excludes diamond price escalators. Assumes similar diamond
recovery and mining dilution parameters.

43. 43
Appendix 4: Management Biographies

44. 44
Appendix: Management Biographies
Matt Manson, PhD.
Matt Manson was appointed President of Stornoway Diamond
Corporation in March 2007 following the acquisition of Ashton
Mining of Canada and Contact Diamond Corporation, and
subsequently President & CEO in January 2009.
As President & CEO, Mr. Manson is responsible for the
management of the company as a whole, playing a leadership role
in all key business units including finance and budgets, exploration,
human resources, investor relations and advanced project
development including the Renard Diamond Project.
PRESIDENT, CHIEF EXECUTIVE
OFFICER AND DIRECTOR Between 1999 and 2005 he was employed by Aber Diamond
Corporation (now Harry Winston Diamond Corporation) as VP
Marketing and subsequently VP Technical Services & Control,
during which time he participated in the US$230m project financing
for the Diavik Diamond Project and oversaw Aber's technical and
marketing operations during the feasibility, construction and early
production phases of Diavik. Between 2005 and 2007 he was
employed by Contact Diamond Corporation, formerly Sudbury
STORNOWAY DIAMOND CORPORATION Contact Mines and a 40% owned subsidiary of Agnico-Eagle Mines
Limited, as President & COO and subsequently President & CEO.
49 WELLINGTON STREET EAST, SUITE 300
TORONTO, ONT M5E 1C9 Mr. Manson is a graduate of the University of Edinburgh (BSc
Geophysics, 1987) and the University of Toronto (MSc Geology 1989
TEL. : (416) 304-1026
and PhD Geology, 1996), and has over 17 years of experience in
www.stornowaydiamonds.com TSX:SWY
diamond exploration, development and production.

45. 45
Appendix: Management Biographies
Patrick Godin, Eng., Asc.
Pat Godin joined Stornoway as Chief Operating Officer in May 2010 and
was appointed to the Board of Directors in October 2011. He is
responsible for the development of the Renard Diamond Project in north-
central Québec, on track to becoming Québec’s first diamond mine.
Prior to joining Stornoway Diamond, Mr. Godin acted as Vice President,
Project Development for GMining Services, focused on the development
of mining projects in the Americas and West Africa, and was responsible
for the developed of the Essakane Mine in Burkina Faso under contract to
IAMGOLD.
CHIEF OPERATING OFFICER He was previously Vice President of Operations for Canadian Royalties,
AND DIRECTOR
specifically heading the development of their nickel project in Northern
Québec. He was also President and General Manager of CBJ-CAIMAN
S.A.S., a French subsidiary of Cambior / IAMGOLD, holder of the Camp
Caïman gold mining project located in French Guiana. For many years, he
was involved in Cambior’s various Canadian properties in Abitibi-
Témiscamingue, through progressive management positions in project
development and mine management.
STORNOWAY DIAMOND CORPORATION
He holds a bachelor’s degree in mining engineering from Université Laval
1111 RUE ST. CHARLES O. in Québec. Mr. Godin is a member of the “Ordre des Ingénieurs du
Québec”, of the Certified Directors College and of The Canadian Institute
LONGUEUIL, QUÉBEC J4K 4G4
of Mining, Metallurgy and Petroleum (CIM). He is the Chairman of the
TEL. : (450) 616-5555 Board of Geomega Resources and a director of Orbit-Garant Drilling.
www.stornowaydiamonds.comTSX:SWY

46. 46
Appendix: Management Biographies
Zara Boldt, B.A., CGA
Zara Boldt was appointed Vice President, Finance with Stornoway
in May 2007, after serving as Stornoway’s Controller between 2004
and 2007, and Chief Financial Officer in March 2010.
As Vice President Finance and CFO, Ms. Boldt is responsible for the
management of the corporate and financial affairs of the
corporation, and for the oversight of its regulatory reporting
requirements.
Ms. Boldt has held positions of progressive responsibility with
VICE PRESIDENT, FINANCE AND several mineral exploration companies, in addition to severeal years
CFO of experience with a national investment dealer. Her most recent
resource industry roles include CFO for Sherwood Copper
Corporation from May 2006 to May 2007 and Controller for the
Northair Group of Companies between May 2004 and April 2007.
Ms. Boldt is a Certified General Accountant and a graduate of the
University of Puget Sound in Tacoma, Washington. She is a director
of Troon Ventures Ltd., where she serves as Chair of the Audit
STORNOWAY DIAMOND CORPORATION
Committee.
980 W FIRST STREET, #116
NORTH VANCOUVER, BC V7P 3N4
TEL. : (604) 983-7750
www.stornowaydiamonds.com TSX:SWY