Mr. George Read reports

FORT A LA CORNE KIMBERLITES ORION NORTH KIMBERLITES: TECHNICAL UPDATE

Star Diamond Corp. has provided this technical update on the Orion North kimberlites. Orion North is a cluster of four contiguous kimberlites that have been erupted in close proximity to each other. These four kimberlites that form Orion North represent the largest volume of contiguous, diamond-bearing kimberlite on Earth. The four kimberlites within Orion North are referred to by their original geophysical target numbers: K147, K148, K120 and K220.

Highlights:

• The partially evaluated Orion North kimberlites (K147/K148, K120 and K220) are estimated to contain more than 500 million tonnes of diamond-bearing kimberlite (news release March 6, 2014).
• Initial diamond parcels recovered from large-diameter drill (LDD) samples from Orion North kimberlites K120, K147/K148 all contain diamonds over one carat, including two high-value stones of 7.50 and 6.88 carats, respectively. The presence of these large, high-quality diamonds points to the potential for coarse diamond size frequency distributions for the Orion North kimberlites.
• The Orion North kimberlites have significantly elevated proportions of Type IIa diamonds, particularly K147/K148, which has 52 per cent Type IIa diamonds in the size range from 0.05 to seven carats.
• Rio Tinto Exploration Canada Inc. (RTEC) conducted extensive exploration work between 2017 and 2022 to prioritize the Fort a la Corne kimberlites outside of Star and Orion South. This work, using the latest exploration techniques, enabled it to conclude that Orion North is the target for further exploration and evaluation.

Orion North: more than 500 million tonnes of diamond-bearing kimberlite

The target for further exploration (TFFE) estimated for the significant economic kimberlite units with Orion North is estimated to include between 511 million and 609 million tonnes of kimberlite containing approximately 25 million and 50 million carats of diamonds. The TFFE is conceptual in nature and is not a mineral resource and it is uncertain whether further exploration work will result in the TFFE being delineated as a mineral resource.

The TFFE has been calculated using macrodiamond results from existing LDD holes and incorporates the average LDD grade adjustment factors used in previous evaluations of the Star and Orion South kimberlites. The TFFE calculation procedures were found to reproduce the existing Star and Orion South resource models to well within the variance envelope of the underlying data sets and the errors inherent in the estimation procedures employed.

These TFFE tonnage and carat estimates confirm that the initial sampling already conducted on Orion North justifies further exploration and evaluation and Orion North is a potential target for future trench cutter (TC) bulk sampling. Significant drilling has been completed over time on the Orion North kimberlites.

Orion North: coarse diamond size frequency distribution

LDD mini-bulk samples from Orion North K120 and K147/K148 have yielded a significant number of diamonds 0.9 carat and above. The elevated proportion of these larger diamonds in LDD mini-bulk samples is anomalous and speaks to the potential for a coarse diamond size frequency distribution in these Orion North kimberlites.

Orion North: significant proportions of Type IIa diamonds

Type IIa diamonds are very rare and account for less than 2 per cent of all natural rough diamonds mined from kimberlites. Only a small number of active diamond mines regularly produce Type IIa diamonds with the most important of these mines being Letseng-la-Terae (Letseng mine) in the Kingdom of Lesotho and more recently Karowe in Botswana. While Letseng is a low-grade (1.5 to three carats per hundred tons (cpht)) kimberlite and Karowe approximately (15 cpht), they are probably the most prolific source of large high-value Type IIa diamonds, which contribute to making Letseng and Karowe highly economic deposits. The 10.8-per-cent proportion of Type IIa diamonds in K120 is significantly elevated, the 52.1-per-cent Type IIa proportion in K147/K148 is uniquely high and suggests that K147/K148 has the potential to host many large diamonds.

The largest stones from the EJF in each kimberlite, both of which are also the highest-value stones, are listed herein. Diamond descriptions and valuations were completed by Nelson Karun, diamond specialist.

Senior vice-president, corporate development, Star Diamond, George Read, states: "The Orion North kimberlites have been shown to exhibit a unique set of attributes which make them a target for future exploration: over 500 million tonnes of diamond-bearing kimberlite with coarse diamond size frequency potential and significantly elevated proportions of Type IIa diamonds, particularly in K147/K148. The coarse diamond size frequency distributions, abundance of Type IIa diamonds and the shallower overburden (some 93 metres) offset the relatively low-grade (eight to 11 cpht) and, with additional evaluation, have the potential to have positive economics."

All technical information in this press release has been prepared under the supervision of Mr. Read, senior vice-president, corporate development, a registered professional geoscientist in the provinces of Saskatchewan and British Columbia, and Mark Shimell, vice-president, exploration, a registered professional geoscientist in the provinces of Saskatchewan and Alberta, who are the corporation's qualified persons under the definition of National Instrument 43-101.

About Star Diamond Corp.

Star Diamond is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Star Diamond trade on the Toronto Stock Exchange under the trading symbol DIAM. Star Diamond's most significant asset is its interest in the Fort a la Corne property in central Saskatchewan. These kimberlites are located in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development.

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