Stornoway Diamond Corporation reported production and sales results for the quarter ended March 31, 2019. For the quarter, the company reported 429,506 total carats sold in two tender sales for gross proceeds of USD 47 million at an average price of USD 83 per carat (USD 110 per carat). In terms of total carats sold, pricing and gross proceeds, this represents increases of 38%, 8% and 47% over the fourth quarter of 2018, respectively. First quarter diamond sales represent diamonds recovered during the fourth quarter of 2018. Run of mine carats sold was 361,404 ct against 399,135 ct a year ago. Supplemental Carats sold was 68,102 ct against 42,663 ct a year ago.

For the first quarter, the company reported first quarter diamond production was 444,562 carats recovered from the processing of 582,613 tonnes of ore at an average grade of 76 cpht. Carats recoveries decreased by 8% compared to the fourth quarter of 2018, principally due to mechanical issues at the front end of the process plant related to very cold weather in January and February. In March, the process plant surpassed its budgeted daily rate with an average of 7,209 tonnes processed per day.