An anonymous director reports

STAR DIAMOND ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FINANCING OF UP TO C$2.0 MILLION

Star Diamond Corp. has arranged a non-brokered private placement to raise gross proceeds of up to $2-million.

The offering will consist of any combination of: (i) units of the company at a price of nine cents per unit; and (ii) flow-through (FT) units of the company at a price of 11 cents per FT unit, subject to maximum aggregate gross proceeds of $2-million. Each unit shall consist of one common share of the company and one common share purchase warrant. Each FT unit shall consist of one common share of the company and one warrant, each of which will qualify as a flow-through share for the purposes of the Income Tax Act (Canada). Each warrant will entitle the holder thereof to acquire one additional common share of the company at an exercise price of 14 cents for a period of 36 months from the date of issuance.

The offering will be conducted in reliance upon available prospectus exemptions contained in National Instrument 45-106 -- Prospectus Exemptions, including the accredited investor, and family, friends and business associates exemptions.

Existing shareholders or other subscribers interested in participating in the offering should contact Star Diamond by e-mail at stardiamondcorp@stardiamondcorp.com for additional information.

Star Diamond intends to use the gross proceeds from the sale of the FT units for exploration activities in Saskatchewan that will qualify as Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)). The net proceeds raised from the sale of the units and the exercise of any warrants will be used for exploration activities on the company's project in Saskatchewan as well as for general working capital purposes.

The offering is expected to close in one or more tranches, the first of which will occur on or before Dec. 29, 2023, and involve the issuance of all FT units issuable pursuant to the offering. The company may close concurrent or subsequent tranches of units pursuant to the offering, on or prior to Feb. 2, 2024. The offering is subject to the approval of the Toronto Stock Exchange. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus one day from the closing date of the offering.

The corporation anticipates that officers and directors of the corporation may participate in the offering, up to a maximum of 25 per cent of the number of units and/or FT units to be sold thereunder.

The corporation may also pay finder's fees and issue broker warrants to qualified registrants assisting in the offering, in amounts yet to be determined.

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 provides significant advantages for future mine development.

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