LA PREMIÈRE MINE DE DIAMANT DU QUÉBEC

Assemblée Générale Annuelle Montréal, 15 mai 2018

Forward Looking Information

2

This presentation contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as ofthe date of this presentation and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law. Capitalized terms in these FLS nototherwise defined in this presentation have the meaning attributed thereto in the most recently filed AIF of the Corporation.

These forward-looking statements include, among others, statements with respect to Stornoway’s objectives for the ensuing year, our medium and long-term goals, and strategies to achieve those objectives and goals,as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. Although management considers these assumptions to be reasonable based on informationcurrently available to it, they may prove to be incorrect.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amountof Mineral Reserves, Mineral Resources and exploration targets; (ii) the amount of future production over any period; (iii) net present value and internal rates of return of the mining operation; (iv) assumptions relating torecovered grade, size distribution and quality of diamonds, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the 2016 Technical Report as well as levels of diamond breakage;(v) assumptions relating to gross revenues, cost of sales, cash cost of production, gross margins estimates, planned and projected capital expenditure, liquidity and working capital requirements; (vi) mine expansionpotential and expected mine life; (vii) the expected time frames for the ramp-up and achievement of plant nameplate capacity of the Renard Diamond Mine (viii) the expected financial obligations or costs incurred byStornoway in connection with the ongoing development of the Renard Diamond Mine; (ix) future market prices for rough diamonds; (x) sources of and anticipated financing requirements; (xi) the effectiveness, funding oravailability, as the case may require, of the Senior Secured Loan and the remaining Equipment Facility and the use of proceeds therefrom; (xii) the Corporation’s ability to meet its Subject Diamonds Interest deliveryobligations under the Purchase and Sale Agreement; and (xiii) the foreign exchange rate between the US dollar and the Canadian dollar. Any statements that express or involve discussions with respect to predictions,expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements ofStornoway to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding presentand future business prospects and strategies and the environment in which Stornoway will operate in the future, including the recovered grade, size distribution and quality of diamonds, average ore recovery, internaldilution, and levels of diamond breakage, the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals, anticipated financial performance. Although management considers its assumptions on suchmatters to be reasonable based on information currently available to it, they may prove to be incorrect. Certain important assumptions by Stornoway or its consultants in making forward-looking statements include, butare not limited to: (i) required capital investment (ii) estimates of net present value and internal rates of return; (iii) recovered grade, size distribution and quality of diamonds, average ore recovery, internal dilution,mining dilution and other mining parameters set out in the 2016 Technical Report as well as levels of diamond breakage, (iv) anticipated timelines for ramp-up and achievement of nameplate capacity at the RenardDiamond Mine, (v) anticipated timelines for the development of an open pit and underground mine at the Renard Diamond Mine; (vi) anticipated geological formations; (vii) market prices for rough diamonds and theirpotential impact on the Renard Diamond Mine; and (viii) the satisfaction or waiver of all conditions under the Senior Secured Loan and the remaining Equipment Facility to allow the Corporation to draw on the fundingavailable under those financing elements.

Forward Looking Information (continued)

3

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not beachieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward- looking statements as a number of important risk factors could cause the actual outcomesto differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as therisk that the assumptions and estimates expressed above do not occur, including the assumption in many forward-looking statements that other forward-looking statements will be correct, but specifically include,without limitation: (i) risks relating to variations in the grade, size distribution and quality of diamonds, kimberlite lithologies and country rock content within the material identified as Mineral Resources from thatpredicted; (ii) variations in rates of recovery and diamond breakage; (iii) slower increases in diamond valuations than assumed; (iv) risks relating to fluctuations in the Canadian dollar and other currencies relative to theUS dollar; (v) increases in the costs of proposed capital, operating and sustainable capital expenditures; (vi) operational and infrastructure risks; (vii) execution risk relating to the development of an operating mine at theRenard Diamond Mine; (viii) failure to satisfy the conditions to the funding or availability, as the case may require, of the Senior Secured Loan and the Equipment Facility; ( ix) developments in world diamond markets; and(x) all other risks described in Stornoway’s most recently filed AIF and its other disclosure documents available under the Corporation’s profile at www.sedar.com. Stornoway cautions that the foregoing list of factors thatmay affect future results is not exhaustive and new, unforeseeable factors and risks may arise from time to time.

Qualified Persons

The Qualified Persons that prepared the technical reports and press releases that form the basis for the presentation are listed in the Company’s AIF dated February 23, 2017. Disclosure of a scientific or technical naturein this presentation was prepared under the supervision of M. Patrick Godin, P.Eng. (Québec), Chief Operating Officer. Stornoway’s exploration programs are supervised by Robin Hopkins, P.Geol. (NT/NU), Vice President,Exploration. Each of M. Godin and Mr. Hopkins are “qualified persons” under NI 43-101.

Non-IFRS Financial Measures

This presentation refers to certain financial measures, such Adjusted EBITDA, Adjusted EBITDA margin, Average diamond price achieved, Cash Operating Cost per Tonne of Ore Processed, Cash Operating Cost per CaratRecovered, Capital Expenditures and Available Liquidity, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS.

“Adjusted EBITDA” and “Adjusted EBITDA Margin” are used by management and investors to assess and measure the underlying pre-tax operating performance of the Corporation and are generally regarded by management as better measures to evaluate performance trends. “Adjusted EBITDA” is defined as net income (loss) before depreciation, interest and other financial (income) expenses, and income tax, adjusted for impairment charges, unrealized gains and losses related to the changes in fair value of U.S. Denominated debt and other non-recurring or unusual items that are not reflective of the Corporation’s underlying operating performance and/or unlikely to occur on a regular basis. “Adjusted EBITDA Margin” is the calculation of Adjusted EBITDA divided by total revenues. “Average diamond price achieved” is a measure used by the Corporation to measure the value of diamonds sold into the market in the period, prior to adjustments to reflect the impact of the stream. This measure is used by management and investors as it reflects the average diamond price achieved during the period and is more comparable to the average diamond price achieved by to other diamond producers. Average diamond price achieved is calculated based on reported revenues adjusted for the amortization of deferred stream revenue, and remittances made to/from stream participants and gains or losses from revenue hedging activities divided by the number of carats sold in the period. “Cash Operating Cost per Tonne Processed” and “Cash Operating Cost per Carat Recovered” are used by management and investors to measure the mine’s cash operating cost based on per tonne of ore processed or per carat recovered. Cash Operating Cost Per Tonne Processed is calculated based on reported operating expenses adjusted for the impact of inventory variation, excluding depreciation, divided by tonnes of ore processed for the period. Cash Operating Cost per Carat Recovered is the total cash operating cost divided by carats recovered. “Capital Expenditure” is the term used by the Corporation and investors to describe capital expenditures incurred during the period. This measure is used by management and investors to measure the amount of capital spent by the corporation on sustaining, margin improvement, and/or growth capital projects in the period. “Available Liquidity” comprises cash and cash equivalents, short-term investments and available credit facilities (less related upfront fees) and is used by the management and investors to measure the amount of cash resources available to the Corporation, over and above the cash generated from operations, to support the operating and capital requirements of the business.

L’année 2017 en revueMatt Manson, Président, Chef de la direction & Administrateur

4

5

Mine à ciel ouvert Mine SouterraineTransition

R2 OPR3 OP

R65 OP

R2 UG

Les étapes importantes

6

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q3 Q4

2016 2017 2018

1er janvier 2017Atteinte de la production commerciale

Mai 20171 million de carats produits

Juillet 2016Premier minerai a l’usine

Juin 2017Mise a niveau complétée

Août 2017Trieuse minerai/stérile Approuvée

Décembre 2017Premier sautage de production sous terre

Février 2018Certificat d’achèvement

Mars 2018Fosse de R2 complétée

Performance de l’actionPerformance des 12 derniers mois des pairs du marché du diamant

7

-100.00%

-50.00%

0.00%

50.00%

May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18

SWY LUC MPVD FDI GEMD PDL DDC

SWY

GEMD

LUC

FDI

DDC

PDL

Mise à niveauComplétée

Washington Corp/DDC

Firestone Émission de droits

Projet Renard Certification d’achèvement

Trieuse Minerai/StérileApprouvé

DDC délistéGem Diamonds récupère

910 ct Lesotho Legend

Les résultats de l’année 2017 comparés aux orientations de 2017Au 31 décembre 2017. Tous les chiffres sont en $ CA à moins d'indication contraire

8

FY2017 Orientation

FY2017 Résultats

Tonnes minées - Fosse 4.4m 4.48m

Tonnes minées - Sous terre 0.5m 0.45m

Tonnes usinées 2.0m 1.96m

Carats récupérés 1.7m 1.64m

Teneur (cpct) 85 84

Carats vendus 1.8m 1.70m

Prix (US$/ct) $100 to $132 $85

Produit brut1,2 (US$) $180 to $230 $145m

Coûts d'exploitation par tonne usinée1,3 ($/t) $60 $45.02

Coûts d'exploitation par carat usiné1,3 ($/ct) $70 $53.60

Dépenses en capital1,3,4 $78.7m $126.9m

1. See note on “Non-IFRS Financial Measures”2. Before stream and royalty

3. See note on “Change in Accounting Policy” in Stornoway’s MD&A dated March 26, 2018. Under the changed accounting policy, cash operating costs are lower and capital expenditures are higher than was contemplated in the 2017 guidance.

4. FY2017 guidance excludes $22m of extraordinary capital approved by the Board of Directors in August 2017 for ore waste sorting.

Usinage et vente pour 2017 et Q12018 Au 31 mars 2018, les chiffres sont en $ CA à moins d'indication contraire

9

419512 506 519 563

385 417 442398

286

9282 87

77

51

0

200

400

600

800

1,000

Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18

Mill

iers

Ton

ne

s/ca

rats

Tonnes

Carats

Grade (cpht)

Usinage

459

350406

487399

0

200

400

600

Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18Mill

iers

Car

ats

Carats

$44.5 $40.9$48.1 $52.6 $56.4

$73

$87$94

$86

$112$97

$117 $118$108

$141

$0

$20

$40

$60

$80

$100

$120

$0

$50

$100

$150

Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY17 Q1 FY18

Mill

ion

s d

olla

rs

Pri

x p

ar C

arat

GrossProceeds

US$/ct

$/ct

Carat vendus1,2

Produit brut3,4 et Prix

Q1

1. Q1 FY17 carat sales include 52,681 carats of smaller and lower quality goods carried over from Stornoway’s first sale in November 2016. Q4 carat sales include 32,989 carats that were sold in the third quarter for which revenue was realized in the fourth quarter.

3. See note on “Non-IFRS Financial Measures”4. Before Stream and royalty

2. Q1 FY18 sales exclude an additional 42,663 carats of “incidental” diamonds smaller than the -7 DTC sold in an out of tender contract sale for gross proceeds of $1.0 million at an average price of US$18.50/ct

5. For Q1 FY2018, revenue from the third tender sale of the year, which comprised 127,616 carats of run of mine production sold at an average price of US$123 per carat ($156 per carat), will be recognised in the second quarter since deliveries to clients were made subsequent to the quarter-end.

Dépenses de 2017 et de Q1 2018 Au 31 mars 2018. Tous les chiffres sont en $ CA à moins d'indication contraire

10

Coûts au comptant1,2

$52.67

$44.69$41.99 $42.10

$50.70

$57.33$54.83

$48.09

$54.85

$99.77

$30

$40

$50

$60

$70

$80

$90

$100

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

$

Op-Ex perTonneProcessed($/t)

Op-Ex perCaratRecovered($/ct)

$19.3$28.8 $31.2

$47.6

$31.1

$0

$20

$40

$60

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

$M Capital Ex.

($m)

Dépenses en Capital1,2

1. See note on “Non-IFRS Financial Measures”2. See note on “Change in Accounting Policy”

1,2

1,2

1,2

Q1

Résultats financiers de 2017 et du premier trimestre de 2018Au 31 mars 2018. Tous les chiffres sont en $ CA à moins d'indication contraire

Revenu, BAIIA1 Ajusté, Marge du BAIIA1 et Produits

11

$48.5$42.6

$50.0$55.5

$38.6

$21.3$16.8

$21.7$25.2

$7.4-$1.2

$3.1

$2.0

$11.1

-$11.0

44%40%

43% 45%

19%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

-$30-$20-$10

$0$10$20$30$40$50$60$70$80$90

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

$M

Revenue

Adj. EBITDA

Net Income (beforeImpairment)

EBITDA Margin

Résultats de 2017BAIIA1 de $85.0m ou 43.3% des revenus.

1. Voir la note « Mesures non conformes aux IFRS »2. Voir la note « Modifications de méthodes

comptables »

1,2

1,2

1,2

Bénéfices de 2017Perte nette de $114.6m. Charge hors trésorerie pour moins-value de $171m reflétant l'environnement des prix du diamant sur l'évaluation des immobilisations corporelles au 31 décembre 2017. Résultat net avant charges pour moins-value de $15.0m

BilanAu 31 mars 2018, trésorerie, équivalents de trésorerie et placements à court terme de $51.6m. Dette $306.9m. Liquidité totale1, incluant espèces, équivalents d’espèces et facilité de crédit disponible de $71.9m.

Q1

3,4

3. Les revenus provenant de la 3e vente par appel d’offres de T1-2018, comprenant 127,616 carats vendus pour produit brut de 19.9M$, seront reconnus au 2e trimestre. 4. Les revenus du 1er trimestre de 2018 excluent les impacts de l’application d’IFRS 15, adopté durant le trimestre, augmentant les revenus reconnus de $17.3M$. Ainsi, les

revenus présentés aux états financiers du 1er trimestre de 2018 totalisent 55.9M$.

51%47% 46% 43%

33% 33%

23%

Lucara WashCorp Alrosa Stornoway Petra MountainProvince

Gem

La mine de diamant canadien la moins chère

12

1. See note on “Non-IFRS Financial Measures”2. FY2017 full year result. See note on “Change in Accounting Policy”3. Information derived from public filings of companies. Cash operating costs per tonne is not defined under IFRS and

therefore may not be comparable to similar measures presented by other issuers. Companies calculate non-IFRS measures differently and as such a comparison of this measure among different companies may not be reliable

4. Based on cash operating costs per tonne processed, net of capitalized stripping, during the first three quarters of 2017

7. YE December 20178. Q2 YTD June 20179. YE June 2017

Marges BAIIA du secteur diamantaire en 20171

% des revenus bruts

$45

$77$88

$160

Renard Gahcho Kue Ekati Diavik

De Beers / Mountain Province

Wash. Corp.Rio Tinto /

Wash. Corp.

Coûts d'exploitation des mines de diamant canadien en 20171

$ par tonne usinée

3,42 3,5 3,6

3,73,7 3,9 2 3,9 3,7

5. In respect of Ekati, based on last reported cash cost per tonne processed prior to acquisition by Washington Corp.; converted from US$ to C$ using the average Bank of Canada closing rate for the corresponding six months ended July 31, 2017 of 0.7539

6. In respect of Diavik, based on last reported cash cost per tonne processed prior to acquisition by Washington Corp.; converted from US$ to C$ using the average Bank of Canada closing rate for the corresponding six months ended June 30, 2017 of 0.7494

3,8

Les Opérations à RenardPatrick Godin, Chef des Opérations & Administrateur

13

R2

R3

R65

160l

270l

290l

R9R4

R65

Premiers panneaux de la mine souterraine

R2

R3

Réconciliation des ressources à Renard

16

Réel Planifié % Variance

Tonnes de minerai usinées 2.35m 2.22m +6%

Carats récupérés 2.09m 1.91m +9%

Teneur (cpct) 89 86 +3%

Carats récupérés mensuellement

--

50

100

150

200

250

Tho

usa

nd

Car

ats

R65 Ore

R3 Carats

R2 Carats

Commercial Production Declared

Minerai usiné mensuellement

--

50

100

150

200

250

Tho

usa

nd

To

nn

es

R65 Ore

R3 Ore

R2 Ore

NameplateThroughput(tpd)

Commercial Production Declared

Mine à ciel ouvert et usinage, Juillet 2016 au 31 décembre 2017

Mine souterraine

17

Premier sautage de production - décembre 2017

Premiers panneaux de production développés dans la kimberlite à faible teneur et fortement diluée située à la limite nord de la cheminée au niveau 290m.

La teneur devrait augmenter à mesure que l'exploitation minière progresse vers le centre de la kimberlite.

Premières expériences :

Roche encaissante plus compétente et kimberlite moins compétente que prévu.

Les chantiers sautés s’affaissent naturellement

Méthode de minage se développera de « BlastholeShrinkage » vers « Assisted Block Cave » (ABC).

Toutes les infrastructures pour ABC sont en place

Opportunité pour des coûts de développement moindre à long terme et élimination du remplissage planifié a partir de la surface.

Sur la bonne voie pour augmenter à 6,000 tpjd’ici la fin de Q2

L’expérience d’un première année d’usinage : Niveaux élevés de bris de diamant

18

CRB

Causé par…la forte proportion de stérile dans le minerai

Minerai de Renard 2 Kimb2b, 30-40% dilution, niveau 290m

Contact Renard 2 Kimb2b-CRB, >90% dilution, niveau 290m

Tests de bris, IMS Labs, Mai 2017. Diamant et Kimb2a fortement dilué : Dommage au diamant. Pas de dommage à la roche

Diamant et Kimb2c HK : Dommage à la roche. Pas de dommage au diamant

Reproduit avec…Tests en laboratoire

Observé dans…Échantillons de diamant et distribution des fractions

HK/HKt Kimb2B Kimb2A

Premier tri

Usine de tri du minerai

Conçu pour réduire la quantité de stériles dans l'alimentation du minerai. Utilise l'analyse spectrale sur l'alimentation primaire + 30mm -200mm.

Plusieurs étapesLa première étape du tri est de rejeter le stérile.

La deuxième étape (récupération) consiste à extraire la kimberlite du flot de rejets et à la retourner à l'usine.

RetombéesAméliore l’efficacité du concassage et la préservation du diamant.

Augmente la capacité nominale de l’usine.

Réduit l'usure à l’usine et prolonge la vie des composantes.

Améliore la qualité de la kimberlite traitée pour en disposer.

La mise en service a débuté le 25 mars; traitement consistent depuis fin avril.

Le volume et la qualité de la ségrégation minerai/stérile ont été positifs et les résultats initiaux de récupération des diamants encourageants.

19

Schéma du tri du minerai

20

Kimberlite Felsic / GR GR/GN Gneiss

Kimberlite GR/GN Gneiss

Kimberlite

Felsic / GR

GR/GN Gneiss

Kimberlite

Felsic/GR, GR/GN, Gneiss

Alimentation

Récupérateur

Rejets de stériles

Minerai accepté Accepté du Récupérateur

Rejets du récupérateur

Vers le MPKC

Vers l’usine

Tous les rejets

Modification de l’Aire de Confinement de la Kimberlite Usinée (MPKC)Travaux réalisés dans les délais en 2017 et pleinement opérationnels

21

Design original pour l’entreposage du PKC Design modifié pour l’entreposage du PKC

Le design original de conception du PKC incluait la déshydratation par centrifugeuse du PK et le confinement par l'empilage à sec.

Le nouveau MPKC utilise des bermes de confinement pour gérer le dépôt de PK sec et grossier et du PK fin et humide. Module de degrit installé dans l’usine

22

Chez Stornoway, les affaires c’est d’abord les gens

Environnement, Santé et Sécurité

23

2.93

0.57

1.55

0.14

7.5

2.9

4.64

2.45

0.0

0.5

1.0

1.5

2.0

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

2014 2015 2016 2017

Mill

ion

he

ure

s

Tau

xd

e b

less

ure

s

Hours Worked LTI RIF

En 2017, le taux d'Incident avec Perte de Temps (LTI) de zéro pour les employés de Stornoway et de 0,4 pour les entrepreneurs.

En 2017, un incident de non-conformité environnementale administrative en raison de la déclaration d'un déversement accidentel de glycol en dehors du délai prescrit de 24 heures.

24

Emploi à la mine RenardPriorité à l’emploi local : Les employés de Stornoway à la mine Renard

26

23

40

55

65

71

15

23

80

59

0 10 20 30 40 50 60 70 80 90 100 110

Other communities (CA)

Other communities (QC)

Québec

Montréal-Laval

Saguenay Lac St-Jean

Abitibi-Témiscamingue

Other Communities (NQ)

Chapais

Chibougamau

Mistissini & Eeyou Istchee

56%AutresQuébec

39%Nord du Québec

5%AutresCanada

457 employés de la mine Renard au 30 avril 2018

Retombées économiques

25

Montréal-Laval$56 M

Mistissini & Eeyou Istchee

$45 M

Abitibi-Témiscamingue

$31 M

Québec$17 M

Chibougamau & Chapais

$12 M

Others$33 M

194 million $CA en dépenses au Québec en 2017

Prix Créateur d’Emploi, 2017 : Nord du Québec

Engagement envers les communautés

26

Rapport de développement durable 2018

Ventes et commercialisation Matt Manson, Président, Chef de la direction & Administrateur

27

14.2 13.5 12.1

13.6 14.5 12.8 11.7 11.5 12.7 13.3

18.5

15.3 16.1

153

124 119 133

127

151 142

150 151 163

190

173

196

90 83 81

96 103 107

97 105 110 109

132 119

137

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

-

20

40

60

80

100

120

140

160

180

200

Bids per Parcel Attendees Bidders

Les ventes de diamant

281. Sale by sale basis, normalized for variations in quality and size distribution2. Before stream and royalty

Stornoway vend 100% de la production de diamant de Renard par enchères à Anvers avec Bonas-Couzyn comme commissionnaire des ventes.

9 ventes sont planifiées en 2018.

Forte réponse du marché diamantaire pour les ventes de diamant du Québec.

Statistiques des enchères

$89$85

$82$77

$95

$81

$102

$90

$83

$90

$104$108

$123$120$121$121$120

$146

$125

$135

$125$122

$130

$139$143

$161

$14 $15 $15 $15 $17 $17 $17 $16 $17 $19 $21 $20 $20

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

16

-01

17

-01

17

-02

17-0

3

17

-04

17

-05

17

-06

17

-07

17-0

8

17

-09

18

-01

18

-02

18-0

3

16

-01

17

-01

17-0

2

17

-03

17

-04

17

-05

17-0

6

17

-07

17

-08

17

-09

18-0

1

18

-02

18

-03

16

-01

17-0

1

17

-02

17

-03

17

-04

17-0

5

17

-06

17

-07

17

-08

17-0

9

18-0

1

18

-02

18

-03

US

$/c

arat

$89$85

$82$77

$95

$81

$102

$90

$83

$90

$104$108

$123$120$121$121$120

$146

$125

$135

$125$122

$130

$139$143

$161

$14 $15 $15 $15 $17 $17 $17 $16 $17 $19 $21 $20 $20

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

16

-01

17

-01

17

-02

17

-03

17

-04

17

-05

17

-06

17

-07

17

-08

17

-09

18

-01

18

-02

18

-03

16

-01

17

-01

17

-02

17

-03

17

-04

17

-05

17

-06

17

-07

17

-08

17

-09

18

-01

18

-02

18

-03

16

-01

17

-01

17

-02

17

-03

17

-04

17

-05

17

-06

17

-07

17

-08

17

-09

18

-01

18

-02

18

-03

US

$/c

ara

t

$89$85

$82$77

$95

$81

$102

$90

$83

$90

$104$108

$123$120$121$121$120

$146

$125

$135

$125$122

$130

$139$143

$161

$14 $15 $15 $15 $17 $17 $17 $16 $17 $19 $21 $20 $20

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

16

-01

17

-01

17

-02

17-0

3

17

-04

17

-05

17

-06

17

-07

17-0

8

17

-09

18

-01

18

-02

18-0

3

16

-01

17

-01

17-0

2

17

-03

17

-04

17

-05

17-0

6

17

-07

17

-08

17

-09

18-0

1

18

-02

18

-03

16

-01

17-0

1

17

-02

17

-03

17

-04

17-0

5

17

-06

17

-07

17

-08

17-0

9

18-0

1

18

-02

18

-03

US

$/c

arat

29

Tendance des prix

Orientation 2017 : US$100-US$132

par caratOrientation 2018 : US$125-US$165 par carat

Orientation 2018 : US$15-US$19par carat

1. ROM pricing for sales 18-01 to 18-04 does not include withheld -7 incidentals2. Before stream and royalty3. Sale by sale basis, normalized for variations in quality and size distribution

ROM

+7

Par segment de fraction

-7

Prix obtenus à la vente1,2

Les prix atteints jusqu'à présent en 2018 se situent dans les limites excèdent les prévisions pour 2018

Les prix ont augmenté de 20% en termes réels3 depuis novembre 2016

Diamants notables récupérés récemment

30

PerspectivesMatt Manson, Président, Chef de la direction & Administrateur

31

Orientations pour 2018 Révisées au 15 mai 2018Tous les chiffres sont en dollars canadiens à moins d'indication contraire

32

MINE ET TRAITEMENT DE MINERAI

Tonnes minées - Fosse 2.7 million

Tonnes minées – Sous terre 2.2 million

Tonnes usinées 2.5 million

Carats récupérés 1.35 to 1.40 million

Teneur (cpht) 54 to 56

Coûts d'exploitation par tonne usinée1,2 ($/t) $48-50

Coûts d'exploitation par carat récupéré1,2 ($/ct) $88-90

VENTE ET COMMERCIALISATION

Carats vendus 1.20 to 1.25 million

Prix moyen du diamant, +7 DTC (US$/ct) US$ 125-165

Prix moyen du diamant, -7 DTC (US$/ct) US$ 15-19

CAPITAL

Dépenses en capital1,2 $100 million

1. See note on “Non-IFRS Financial Measures”2. See note on “Change in Accounting Policy”

33

Perspectives de productionPlan minier de mars 2016, Scénario de base (Réserves seulement)

Tonnage de minerai et teneur globale1,2 Carats récupérés1,2

1. Before stream and royalty2. Source: March 2016 Technical Report

1.6 1.6 1.7 1.9

2.0 2.0 2.1

--

0.5

1.0

1.5

2.0

2.5

Mill

ion

Car

ats

Renard 65

Renard 3

Renard 2

2.0

2.5 2.6 2.6 2.6 2.6 2.6

0.8

0.6 0.7 0.7

0.8 0.8 0.8

--

0.2

0.4

0.6

0.8

1.0

1.2

--

0.5

1.0

1.5

2.0

2.5

3.0

2017 2018 2019 2020 2021 2022 2023

Ten

eur

mo

yen

ne

(cp

t)

Mill

ion

To

nn

es Renard 65

Renard 3

Renard 2

Feed Grade

2017 2018 2019 2020 2021 2022 2023

1.35-1.40

54-56

34

Projet en développement

Mine en opération

Près de la fin de vie/vers phase maintenance

Canada

■ Renard (Stornoway)

■ Ekati (Washington 100% & 88.9% / Blusson 11.1%)

■ Diavik (Rio Tinto 60% / Washington 40%)

■ Gahcho Kué (De Beers 51% / Mountain Province 49%)

■ Victor (De Beers)

■ Snap Lake (De Beers)

■ Star / Orion South (Shore Gold)

Botswana

■Damtshaa, Letlhakane, Jwaneng, Orapa (De Beers 50% / Botswana Gov’t 50%)

■ Karowe (Lucara)

■ Ghaghoo (Gem)

■ BK11 (Firestone)

Angola

■Catoca (Alrosa 33%, Endiama 33%,China – Sonangol 18%, Odebrecht 16%)

■ Luaxe (Alrosa, Endiama)

Sierra Leone

■ Koidu (BSG)

RD Congo

■ Mbuji-Maye (Gov’t 80% / Mwana 20%)

Tanzanie

■ Williamson (Petra)

Russie

■ Udachny, Aikhal, Jubilee (Alrosa)

■ Nyurba (Alrosa)

■ Grib (Lukoil)

■ Karpinsky 1, Botuobinsky (Alrosa)

Australie

■ Argyle (Rio Tinto)

Lesotho

■ Letseng / Kholo (Gem)

■ Kao (Namakwa Diamonds)

■ Liqhobong (Firestone)

■ Mothae (Paragon)

■ Kolo (Lucara 55% / Angel 45%)

Afrique du Sud

■ Venetia, Voorspoed (De Beers)

■ Finsch, Premier, Cullinan (Petra)

■ Koffiefontein, Kimberley (Petra)

Zimbabwe

■ Murowa (Zimbabwe Gov’t)

Principaux producteurs de diamant

Brésil

■ Brauna (Lipari)

Les perspectives d’approvisionnement, soutenues par l'épuisement des mines existantes et handicapées par les «productions probables», montrent une tendance du TCAC à la baisse de -1% à -2% d’ici 2030.

Approvisionnement en diamant brut, Mcts, scénario de base

2010 2014 2018F 2022F 2026F 2030F

120

90

60

30

0

180

150

Mines existantes

CAGR(2016-2030)

9%

-3%

-

-1 – -2%

Nouvelles mines/projets

Production additionnelles

Prévisions

Scénarios d’approvisionnement en diamant1

Source: Bain & Company “The Global Diamond Industry 2017: The Enduring Story in a Changing World”1. Additional resources include tailings retreatment, which could be viable in older mines as run-of-mine is depleted, early-stage projects and projects currently marginal, which may become viable as rough prices increases

35

- Approvisionnement minier normal à négatif attendu à long terme

Le future : Épuisement des mines de diamant, 2018-2025

La plus grande mine de diamant individuelle (Argyle) et les deux plus grosses mines canadiennes de diamant devraient être épuisées à partir de 2020.

36

Prévision de la production de diamant brut avec l’épuisement des mines, Mcts, scénario optimiste.

Mine Argyle, Australia

Source: Bain & Company “The Global Diamond Industry 2017: The Enduring Story in a Changing World”; Company Reports

Victor De Beers

Komsomolskaya ALROSA

Argyle Rio Tinto

Voorspoed De Beers

Koffiefontein Petra

Diavik Rio Tinto / Washington Corp

Sable, Pigeon, Lynx,Misery Main, Koala (Ekati)

Washington Corp

30

25

20

15

0

35

2016 2017F 2018F 2019F 2020F 2021F

10

5

2022F 2023F 2024F 2025F

Mine Diavik, Canada

Exploration 2018

37

Elliot Lake

Nouvelle propriété de

SWY

Plan

3D

4,6 M $ à dépenser en 2018 sur des projets d’exploration de reconnaissance & avancées et sur la croissance des ressources.

Février 2018: Nouvelle découverte de kimberlite au projet « RIL » à 80km au nord d’Elliot Lake, Ontario

4 forages ont intersecté un diatrème volcaniclastiqueinterprété de 190mx100m.

La plus proche kimberlite est à 130km. Les résultats en diamant sont attendus. Propriété de 8600 hectares acquise.

Forage RC à Renard : 9 nouvelles occurrences de “CRB” découvertes

Forage en attente au projet de reconnaissance « MET », Témiscaminque, QC et pour la définition de ressources à Renard 3

Nouvelle découverte de kimberlite. Projet RIL Ontario

Objectifs 2018

S1 2018: Achèvement de la transition vers l'exploitation minière souterraine et trieuse minerai/stérile

S2 2018: Exploitation minière stable

2018-2023 Croissance de la production

… et

Modifications du bilan en 2018 pour soutenir les opérations et la croissance future de l'entreprise.

Retour de la valeur aux actionnaires

Croissance : à Renard et nouveaux projets

38

GhislainPoirier

Merci, Thank You, Meegwetch

LA PREMIÈRE MINE DE DIAMANT DU QUÉBEC

Merci, Thank You, MeegwetchQuestions