Stornoway Diamond Corporation announced earnings and operating results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported revenue of Revenues CAD 29,356,000 as compared to CAD 49,977,000 a year ago. Net loss was CAD 37,645,000 as compared to net income of CAD 2,289,000 for the same period last year. Diluted and basic loss per share were CAD 0.05 as compared to nil a year ago. Adjusted LBITDA was CAD 11,766,000 as compared to adjusted EBITDA of CAD 21,685,000 for the same period last year. Adjusted Net Loss as CAD 31,726,000 as compared to CAD 4,212,000 for the same period last year. Capital expenditures were CAD 22,457,000 as compared to CAD 31,222,000 for the same period last year.

For the nine months, the company reported revenue of Revenues CAD 142,216,000 as compared to CAD 141,019,000 a year ago. Net loss was CAD 84,489,000 as compared to net income of CAD 4,226,000 for the same period last year. Diluted and basic loss per share were CAD 0.10 as compared to 0.01 a year ago. Adjusted LBITDA was CAD 10,776,000 as compared to adjusted EBITDA of CAD 59,778,000 for the same period last year. Adjusted Net Loss as CAD 76,948,000 as compared to CAD 11,722,000 for the same period last year. Capital expenditures were CAD 73,432,000 as compared to CAD 79,287,000 for the same period last year.

For the quarter, underground mining comprised 571,405 tonnes, with 475,289 tonnes of ore extracted. Ramp up of the underground mine production was completed during the quarter and a steady feed was achieved from underground mining operations.

For nine months, diamond production of 1,722,341 tonnes as compared to 1,437,619 tonnes a year ago.

The company revised production and capex guidance for the year 2018. For the year, the company expects Carats Recovered of low End of Range as compared to 1.35 to 1.40 million previously guided. Tonnes Processed of 2.35 to 2.4 million as compared to 2.5 million previously guided. Open Pit Tonnes Mined (Ore and Waste) of 2.4 to 2.5 million as compared to 2.7 million previously guided. Underground Tonnes Mined (Ore and Waste) of 1.80 to 1.85 million as compared to 2.2 million previously guided. Capital Expenditures of CAD 90 to CAD 95 million as compared to CAD 100 million previously guided.