Stornoway Announces 2016 Quarter Results

August 10, 2016

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Stornoway Diamond (TSX:SWY) has announced results for the quarter ended June 30, 2016.

As quoted in the press release:

Quarter ended June 30, 2016 Highlights

  • Progress at the Renard Diamond Project continues in line with the planned schedule and budget.
  • Incurred costs and commitments at the quarter-end totalled $682.0 million, or 88% of budget.
  • Construction progress stood at 97.4% compared to the re-baselined plan of 95.2% at the end of the quarter. Ore processing commenced on July 15, 2016.
  • On site manpower during the month of June averaged 356 workers, of which 19.9% were Crees of the Eeyou Istchee.
  • Mining in the Renard 2-3 and Renard 65 open pits stood at 9,454,038 tonnes, or 102% of plan, with 859,498 tonnes of ore stockpiled.  Underground mine development stood at 1,842 meters, or 85% of plan.
  • During the quarter, the process plant including the crusher, water treatment facility and process kimberlite load-out were fully commissioned.  At quarter-end, remaining project construction was focussed on completion of the processed kimberlite containment facility and development of the underground mine’s fresh air raise.
  • For the three months ended June 30, 2016, the Corporation reported a net income of $5.8 million or $0.01 per share and $Nil per share fully diluted.
  • Cash, cash equivalents and short-term investments stood at $137.4 million. Prior to their expiry on Friday, July 8, 2016, 91,912,732 common share purchase warrants, representing 97.47% of the warrants issued on July 8, 2014, were exercised at a price of $0.90 per share for total proceeds to the Corporation of $82.7 million. This warrant exercise included 11.9 million warrants ($10.8 million in proceeds) exercised prior to June 30, 2016. Excess financing capacity available to complete the project, comprising cash, receivables, expected mine tax credits, and available credit facilities, is now forecasted to be $197 million, assuming the satisfaction of all covenants and conditions precedent relating to future funding commitments and a CAD$:US$ conversion rate of $1.25.

Click here to read the full press release.

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Category: Gem