Stornoway Diamond Corporation reported earnings and production results for the first quarter ended March 31, 2018. For the quarter, Open pit tonnes mined were 424,923 tonnes.

For the quarter, revenues were CAD 55.9 million. Net loss was CAD 11.0 million. Net loss per share - basic and diluted was CAD 0.01. Adjusted net loss was CAD 14.0 million. Adjusted EBITDA was CAD 7.4 million. Capital expenditures were CAD 31.1 million. On pro forma basis, revenues were CAD 38.6 million.

Full year 2018 production guidance has been revised downwards to between 1.35 million carats and 1.40 million carats from 1.6 million carats at a recovered grade of between 54 and 56 cpht from 65 cpht. Full year guidance for carats sold has been revised downwards to between 1.20 million carats and 1.25 million carats from 1.60 million carats. No change to guided tonnes mined and tonnes processed is being made at this time. No change to guided capital or operating cost expenditures are being made at this time.