Stornoway Diamond Corporation announced consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues of CAD 55.5 million, net loss of CAD 118.6 million or CAD 0.14 basic and diluted per share, adjusted EBITDA of CAD 25.2 million and capital expenditures of CAD 47.6 million, and this is principally related to the development of the underground mine as well as costs associated with the construction of the company's ore-waste sorting facility. Net income before impairment was CAD 11.1 million. Net debt was CAD 227 million.

For the year, the company reported revenues of CAD 196.5 million, adjusted EBITDA of CAD 85.0 million and capital expenditures of CAD 126.9 million. Net loss was CAD 114.6 million or CAD 0.14 basic and diluted per share against net income of CAD 19.6 million or CDA 0.03 basic and diluted per share a year ago. Net income before impairment was CAD 15.0 million. Capital expenditures was CAD 126.9 million are significantly higher than guidance.

For the quarter, the company reported ore mined of 490,237 tonnes, waste mined of 444,058 tonnes, ore processed of 518,816 tonnes and carats recovered of 398,267.

For the year, the company reported ore mined of 2,218,385 tonnes, waste mined of 2,704,560 tonnes, ore processed of 1,956,435 tonnes and carats recovered of 1,642,934.

For the quarter, the company reported impairment charge of CAD 171.0 million, reflecting the carrying value of the company's property plants and equipment, and that's due to the lower price environment within which we're reporting these results.

The company provided production and capital expenditure guidance for the full year of 2018. For the year, the company expects open pit tonnes mined of 2.7 million, underground tonnes mined of 2.2 million, tonnes processed of 2.5 million, carats recovered of 1.6 million, cash operating cost processed in the range of CAD 48 to CAD 50 per tonne, cash operating cost recovered in the range of CAD 75 per carat to CAD 77 per carat.

For the year, the company expects capital expenditures of CAD 100 million.

The company expects CapEx of CAD 40 million range in 2019. The company would add the CAD 25 million to that and then that profile will come down to a steady-state range of between CAD 40 million to CAD 50 million as the company progress through the life of the mine.