An anonymous director reports

STAR DIAMOND CORPORATION COMPLETES ACQUISITION OF RIO TINTO'S 75% INTEREST IN FORT A LA CORNE JOINT VENTURE

Star Diamond Corp. today completed its previously announced transaction with Rio Tinto Exploration Canada Inc. (RTEC) whereby RTEC has transferred to Star Diamond all of RTEC's 75-per-cent interest in the Fort a la Corne diamond project located in central Saskatchewan. Star Diamond now owns 100 per cent of the project.

In connection with the completion of the transaction, Star Diamond today issued 108,204,112 common shares to RTEC, such that RTEC and its affiliates now own 19.9 per cent of Star Diamond's issued and outstanding common shares. RTEC and Star Diamond also today entered into an investor rights agreement whereby, among other things, RTEC has been granted certain pre-emptive rights to maintain its 19.9-per-cent ownership interest in Star Diamond in connection with future financings undertaken by Star Diamond, and RTEC has agreed to certain standstill protections provided that RTEC has the right to increase its 19.9-per-cent ownership position in the event that Star Diamond receives an acquisition proposal.

The transaction was completed pursuant to an agreement dated Nov. 28, 2023, previously jointly announced by Star Diamond and RTEC. Copies of the agreement and the investor rights agreement are available under Star Diamond's profile on SEDAR+ and on Star Diamond's website.

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 100-per-cent 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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