BUILDING QUÉBEC’S FIRST DIAMOND MINETD Securities Mining Conference, Wednesday Jan 27th, 2016

Matt MansonPresident & CEO

2

Forward-Looking Information

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 of the 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. These forward-looking statements include, among others, statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. Although management considers these assumptions to be reasonable based on information currently 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 amount of Mineral Resources and exploration targets; (ii) the amount of future production over any period; (iii) assumptions relating to recovered grade, average ore recovery, internal dilution, mining dilution and other mining parameters set out in the 2011 Feasibility Study or the Optimization Study; (iv) assumptions relating to gross revenues, operating cash flow and other revenue metrics set out in the 2011 Feasibility Study or the Optimization Study; (v) mine expansion potential and expected mine life; and (vi) future exploration plans. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 of Stornoway 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 present and future business prospects and strategies and the environment in which Stornoway will operate in the future, including the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters 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, but are not limited to: (i) anticipated geological formations; (ii) Stornoway’s interpretation of the geological drill data collected and its potential impact on stated Mineral Resources and mine life; (iii) future exploration plans and objectives. Additional risks are described in Stornoway's most recently filed Annual Information Form, annual and interim MD&A, and other disclosure documents available under the Corporation’s profile at: www.sedar.com. 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 be achieved 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 outcomes to 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 the risk 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, kimberlite lithologies and country rock content within the material identified as Mineral Resources from that predicted; (ii) variations in rates of recovery and breakage; (iii) the uncertainty as to whether further exploration of exploration targets will result in the targets being delineated as Mineral Resources; (iv) uncertainty of results of exploration in areas of potential expansion of resources; (v) changes in development or mining plans due to changes in other factors or exploration results; and (vi) the additional risks described in Stornoway's most recently filed Annual Information Form, annual and interim MD&A and Stornoway's anticipation of and success in managing the foregoing risks. Stornoway cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time.

3

Forward-Looking Information (continued)

Readers are referred to the technical report dated as of February 28th, 2013 entitled “The Renard Diamond Project, Québec, Canada, Feasibility Study Update, NI 43-101 Technical Report, February 28, 2013” in respect of the January 2013 Optimization Study, and the press release dated September 24, 2015 in respect of the September 2015 Mineral Resource estimate for further details and assumptions relating to the project.

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 July 27, 2015. Disclosure of a scientific or technical nature in this presentation was prepared under the supervision of Patrick Godin, P.Eng. (Québec), Chief Operating Officer and Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, both “qualified persons” under NI 43-101. Darrell Farrow, PrSciNat, P.Geo.(BC), Ordre des geologues du Quebec (Special Authorisation # 332) of GeoStrat Consulting Services Inc. is the independent Qualified Person responsible for preparation of the mineral resource estimate for the Renard Diamond Project. GeoStrat Consulting Services Inc, a mineral resources consultancy, focuses on client interaction and involvement in developing resource models, and has experience in exploration, geological modeling, resource evaluation, production, resource reconciliation and accounting of diamond deposits around the globe. GeoStrat has verified the results disclosed herein with respect to the mineral resources, and has conducted appropriate verification on the underlying data, including visitations to the Renard site and the primary process laboratories.

The Renard Diamond Project, December 23, 2015

4

Stornoway Diamond Corporation TSX:SWY

Notes: 1. Assuming a C$:US$ conversion rate of C$1.10

Fully Financed, Strong Balance SheetC$946M1 project financing completed July 2014

On Budget, On ScheduleConstruction 52.7% complete compared to 49.0% planned by end October 2015. Forecast cost to complete within C$811m budget. Plant Commissioning 2H 2016. Commercial Production 2Q 2017.

100% Ownership in Renard, Québec’s First Diamond MineRoad Accessible; Strong Social License; Fully Permitted; Under Construction

The Renard Diamond Project, December 23, 2015

5Publicly Listed Diamond Producers, Developers and ExplorersConsensus Analyst Views on Value

Ticker Price(8/21/16)

Shares O/S

(mm)

Market Cap

($mm)NAV/sh(1) Current

P/NAV(1) Target (1) % Return to Target

AnnualDividend

Diamond ProducersALROSA ALRS:M ₽56.70 7,365.0 ₽417,593 (n/a) (n/a) ₽72.15 30% ₽1.47/sh

Dominion Diamonds DDC:T $14.25 85.1 $1,213.2 $30.82 0.5x $23.29 67% US$0.40/sh

Gem GEMD:LN £1.08 138.3 £149.3 £2.10 0.5x £1.74 65% US$0.05/sh

Lucara LUC:T $2.16 379.6 $819.8 $2.88 0.7x $3.00 42% $0.06/sh

Petra PDL:LN £0.695 512.1 £355.9 £1.64 0.4x £1.41 106% £0.02/sh

Diamond DevelopersFirestone FDI:LN £0.175 309.0 £54.1 £0.49 0.4x £0.45 157% (n/a)

Mountain Province MPV:T $3.86 159.7 $616.3 $6.23 0.7x $5.57 61% (n/a)

Stornoway SWY:T $0.70 732.3 $512.6 $1.38 0.5x $1.15 65% (n/a)

Diamond ExplorersKennady Diamonds KDI:LN $2.72 46.3 $125.8 (n/a) (n/a) (n/a) (n/a) (n/a)

North Arrow Minerals NAR:V $0.155 54.0 $8.4 (n/a) (n/a) (n/a) (n/a) (n/a)

Peregrine Diamonds PGD:T $0.105 282.7 $29.7 (n/a) (n/a) (n/a) (n/a) (n/a)

Shore Gold SGF:T $0.195 248.7 $48.5 (n/a) (n/a) (n/a) (n/a) (n/a)

Notes:

1. Bloomberg and Thomson One Analyst Consensus

All Currencies in C$ unless specified

66

Renard: Québec’s First Diamond Mine

7

Lynx

R10

N

R7

R1Hibou

R4

R9R2 R3

R65

R8

Kimberlite Bodies with Measured and Indicated

Resources

Hibou

Lynx

R4

R9R2

R3

R65

Kimberlite Bodies with Resource Potential

R1Hibou

Lynx

Legend

Stornoway PropertiesHydro-Québec FacilityRenard KimberlitesKimberlitic DykeRegional Kimberlites

Hydro-Québec PowerlinesRoute 167 Extension/ Renard Mine RoadRoadExploration/ Mining Projects

LEGEND:

0 1 2

Kilometers

60 0 60 120

Kilometers

Renard

LG3LG2LG4

Laforge 1

Laforge 2

Brisay

Foxtrot Property

StratecoEastmain MineWestern Troy

Troilus Mine

Eleonore

Temiscamie

Mistissini

ChibougamauMatagami

Wemindji

Renard Kimberlite Bodies

Kimberlite Bodies with Inferred Resources

8

800m

900m

1100m

1200m

1000m

Renard Mine Plan and Key Operating AssumptionsA Combined Open Pit and Underground Operation

Notes1. Key Assumptions:C$1=US$1, Oil US$95/barrel, 2.5% real terms diamond price

growth, 82.9% ore recovery, 23.8% mining and internal dilution, 0cpht dilution grade.

2. Expressed in May 2011 terms. Average price US$190/carat in March 2014 terms.

3. Expressed in October 2012 terms, as adjusted in October 2013 LNG FS. Includes C$754m of costs and contingencies and C$57m of escalation allowance.

4. Expressed in October 2012 terms. Operating costs C$54/tonne in October 2013 LNG FS terms. Excludes capitalized preproduction costs.

5. Before stream

Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of any Exploration Target is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource .

Reserve Based Mine Plan1

(Jan 2013 FS Optimization and October 2013 LNG Option FS)

Mine Life 11 yearsMineral Reserve 17.9 mcaratsAve. Diamond Price2 $180/caratProduction Rate 2.2 mtonnes/yrAve. Diamond Production 1.6 mcarats/yrGross Revenue (C$M)2 $4,268Initial Capital Costs3 $811mOperating Cost4 $58/t ($76/carat)Operating Margin5 67%Payback 4.8 years

0m

100m

200m

400m

600m

700m

500m

300m

Renard 4

Renard 9

Renard 65Renard 2 Renard 3

Mineral Resource Estimate Effective September 24, 2015 (NI 43-101)

13 mcarats Inferred Mineral Resources33 to 71 mcarats TFFE

30 mcarats Indicated Mineral Resources

An Updated Renard Mine Plan, scheduled for Q2 2016, is expected to include additional mine production from new Indicated Mineral Resources in Renard 2 and Renard 65, deepening of the Renard 2-3 open pit, extension of the underground mine infrastructure to 700m, and an optimized schedule for plant commissioning and ramp-up.

9

0

20

40

60

80

100

120

140

160

180

The Feasibility: 11 years of mining on 18mcarat Mineral Reserve (24mtonnes)

Permitting and Long Term Plan

The Vision: Deposit still Open

Millions of Tonnes TFFE High Range

Inferred Mineral Resource

TFFE Low Range

Indicated Mineral Resource

The Renard Diamond ProjectA Large, High Value Diamond Resource with a Very Long Mine Life Potential

0m

100m

200m

400m

900m

700m

500m

300m

Grades illustrated are for Indicated and Inferred Mineral Resources respectively at a +1DTC sieve size cut-off. Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of any Exploration Target (previously referred to as a “Potential Mineral Deposit”) is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Renard 6529/24cpht

Renard 3102/112cpht

Renard 461/52cpht Renard 9

53cpht

Renard 284/59cpht

800m

600m

1100m

1200m

1000m

30 mcarat Indicated Mineral Resource

13 mcarat Inferred Mineral Resource

33-71 mcarat TFFE

Mineral Resource Estimate Effective September 24, 2015 (NI 43-101)

10

Rough Diamond Pricing 2009-2016

WWW Rough Diamond Price Index

1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15 1-Jan-1650

100

150

200

250

300

350

WWW Rough Index, Renard Model Price Growth, No Inflation

Inde

x to

200

9=10

0

USD

CAD

FS 2.5% Price Model (Nominal, adjusted

for CPI) with +/- 10% Sensitivity

May 2011 FS Diamond Valuation

March 2014 Diamond Valuation

11Why Stornoway? Renard’s Cash Flow PotentialBased on Base Case Economics

Renard is Expected to Generate Substantial Cash Flow over its first 11 years of Mining

After Tax, After Stream Operating Cash Flow of between $150 and $250 million, or $0.20 to $0.30 per share

Assumptions

Mineral reserve case only, averaging 1.6mcarats per annum at US$190/carat

Capital and operating cost parameters as established in the January 2013 Optimization Study and October 2013 LNG FS

Base case diamond pricing from March 2014; No “special” diamonds.

2.5% annual real diamond price escalation

C$:US$ conversion rate of C$1.10

Based on terms of Financing Transaction closed on July 8th 2014

Assumes full conversion to equity of US$81million of Convertible Debentures giving 825 million shares outstanding.

Significant Upside Potential from Resource, Large Diamonds and Processing Capacity

1212

Renard Construction Progress

13

Jean-Charles Dumont

VP Finance

SWY since 2011Formerly Corporate Controller of La Mancha.

Ebe ScherkusChairman of the

Board

Stornoway’s Management CredentialsExperience in Building and Operating Major Projects

Matt Manson President, CEO

& Director

Pat GodinCOO & Director

SWY since 2011Formerly President and COO of Agnico Eagle Mines Ltd. Executive Chairman of Premier Gold

SWY since 2007Formerly VP Marketing/VP Technical Services, Aber Diamond Corp (Dominion Diamond; Diavik Project)

SWY since 2010Formerly VP Project Development Gmining (Essakane Mine). Successive mine management and project development positions, Cambior

Ian HollVP Processing

SWY since 201420 years experience De Beers in plant construction, commissioning and operation (Victor, Snap Lake, Jwaneng Mines) Yves Peron

VP Engineering & Construction

SWY since 2012Formerly VP Bus. Dev. at Delsaer and Seneca. Successive management roles at ArcelorMittal and Xstrata.

Martin BoucherVP Sustainable Development

SWY since 2010Formerly Canadian Royalties (Nunavik Project) and Xstrata (Raglan, Gaspesia, Koniambo Mines)

Brian GloverVP Asset Protection

SWY since 2012Formerly Director Security Operations at Harry Winston (Dominion Diamond). More than 20 years experience RCMP.

Robin HopkinsVP Exploration

SWY since 2006Formerly Aber Resources and discovery of the Diavik Mine.

14

R2-R3

R65

Site ProgressSite Overview Dec 23, 2015

Admin

Process Plant

Accommodation

Maintenance Shop

R2-R3 PitR65 Pit

UG Mine Portal

Crusher

Power Plant

15Access Infrastructure In PlaceThe 240km long Route 167 Extension and the Clarence and Abel Swallow Airport

Eastmain River Bridge March 2015

September 2015July 2014

November 2015

Airport Naming Ceremony, March 2015

16Site ProgressMajor Facilities

Maintenance Facility Inauguration, September 24, 2015

Maintenance Facility

LNG Power Plant

Jan 6, 2016

LNG Power Plant

17

6,000tpd (2.2Mt/a) nameplate capacity, expandable to 7,000tpd (2.6Mt/a)

Large Diamond Recovery (“LDR”) to optimize large stone potential of Renard size frequency distribution.

Flow sheet:• Primary jaw crushing to < 230mm• Twin DMS circuits at +1mm -19mm• LDR circuit at +19mm -45mm,

scalable to -60mm• Oversize +45mm to secondary cone

crusher• LDR and DMS tails +6mm -19mm to

tertiary High Pressure Grinding Rolls

Thickening and centrifugal treatment of fines and tails to create a truckable product for dry-stack disposal.

Diamond Processing PlantRepresents Single Largest Cap-ex Item and Critical Path for Overall Construction

18Project ScheduleBased on Construction Mobilization July 10th 2014

Feasibility Study (Complete)

ESIA (Complete)

Public Hearings (Complete)

Reg. Authorizations (Complete)

Specific Operating Permits (50)

Road Construction (Complete)

Project Financing (Complete)

Detailed Engineering

Site Construction

Commissioning and Ramp-up

Commercial Production

2012

2H 2H 2H 2H2H 1H 1H 1H1H

2013 2014 2015 2016

2H1H

2017

Based on the Renard Diamond Project Construction Schedule, Plant Commissioning is Planned for H2 2016 and Commercial Production in Q2 2017.

Jan 2016

First Vehicle Access

Completion Status

Construction (to Oct 31): 52.7% (planned 49.0%)

Engineering (to Oct 31): 94.3% (planned 97.7%)

19

Renard Site Progress

Follow the construction of the Renard major mine facilities and

process plant interior at www.stornowaydiamonds.com

@swydiamonds @MattLManson

20Open Pit MiningRenard 2 – Renard 3 Pit Pre-stripping Commenced March 2015

R2-R3

R65

Portal

Mining Progress as of October 31 2015 4,819,672 tonnes extracted from R2/R3 and R65 pits vs

plan of 5,210,884 (92%)

R2-R3 Pit October 30, 2015

21

Jumbo in Decline, May 25, 2015 Decline Ventilation, Sept 25, 2015

R2-R3

R65

Portal

Decline Progress as of October 31, 2015

837m against plan of 916m (91%)

Underground Mining

2222

Corporate Data

23

ShareholdingShare Price (TSX-SWY):Jan 21, 2016 C$ $0.70

52 week High-Low C$ $0.51–$0.85

Average Daily Volume:Last 12 Months 337,760

Market Capitalization: C$ 513 million

Total Shares Outstanding: 732 million

Total Options & Warrants Outstanding:(28.9m Options $0.51-$2.50; 123.3m warrants $0.90-$1.21)

152 million

Consolidated Cash1: (as of October 31, 2015) C$ 290 million

Consolidated Debt1: (as of October 31, 2015) C$ 219 million

Undrawn Financing Commitments2: (Subject to Financing Agreement CPs) C$ 214 million

Balance Sheet

Balance Sheet and Capital Structure

Notes1. Unaudited2. Assuming a C$:US$ conversion rate of C$1.10. Does not include $48 million in Cost Overrun Facilities

Investissement Québec 28.6% 22.7%

Orion Mine Finance 19.5% 17.5%

CDPQ 6.1% 6.2%

Float 45.8% 53.6%

DilutedBasic

24Sources and Uses of Funds to October 31, 2015On Current C$:US$ Exchange Rates, Unless Noted. Unaudited

(all amounts in millions of C$) AssumedActual use

of Proceeds to Oct 31,

2015

Renard Diamond Project

Capital Expenditures 811 421

Route 167 Extension (1) 70 70

Financing Costs, Interest during Construction, Loan Repayments 58 27

Mine Closure Guarantee 16 3

Pre-production Net Revenue (26) -

Total Project Costs 929 521

General Corporate Purposes

Equity fees and transaction costs 18 27

General working capital, administrative and salary expenses 14 6

Total Uses 961 554

Costs

Notes1. The total amount borrowed pursuant to the Renard Mine Road loan was $77 million, of which $70 million was used for construction of the Renard Mine Road and

$7 million was used for civil works related to the airstrip. Costs related to the airstrip were included in the $811 million capital expenditures line in the table above.2. Assuming a C$:US$ conversion rate of C$1.253. Cost Overrun Facility includes the $20 million Senior Loan Facility, Tranche B and the $28 million Cost Overrun Facility with the CDPQ4. This forecast assumes a project cost of $811 million (which includes assumed levels of escalation and contingencies), the satisfaction of all covenants and

conditions precedent for future funding, and a CAD$:US$ exchange rate of $1.25 for unfunded US dollar denominated financing commitments. As construction of the Renard Diamond Project progresses, this forecast is expected to change quarter to quarter based on the timing of expenditures and receipts, volatility in the CAD$:US$ exchange rate, and any change to the forecast cost of the project..

(all amounts in millions of C$)

Sources of Funds

Stream Deposits not yet received (2) 113

Senior Loan Facility, Tranche A 100

Cost Overrun Facility(3) 48

Equipment Financing Facility(2) 17

Undrawn Sources of Funds

As of October 31, 2015, Stornoway forecasts excess financing capacity available to complete the project of approximately $100 million comprised of $52 million of cash, receivables and expected mine tax credits and $48 million of undrawn cost overrun facilities(4).

25

Stornoway Diamond Corporation TSX:SWY

Head Office:1111 Rue St. Charles Ouest,

Longueuil, Québec J4K 4G4

Tel: +1 (450) 616-5555

IR Contact:

Orin Baranowsky, CFA, Director IR

obaranowsky@stornowaydiamonds.com

Tel: +1 (416) 304-1026 x2103

www.stornowaydiamonds.com

Info@stornowaydiamonds.com

2626

Appendix 1: Stornoway’s C$946M Project Financing for Renard

27

Renard Project Financing Transaction Structure

Type Amount (% of Total) Description

Common Equity C$374M (40%)• C$132M marketed public equity offering of subscription receipts• C$242M private placement to Orion (US$110M), RQ (C$100M) and Caisse (C$22M)

Diamond Stream US$250M (29%) • 20% diamond stream (Orion 16%, Caisse 4%) with ~US$56/ct(1) ongoing payment

Convertible Debentures US$81M (9%) • Provided by Orion; 7 year, 6.25% coupon, 35% conversion premium to equity issue price

Senior Debt C$120M (11%) • Provided by IQ; 7 year amortizing payment, Fixed (QC Bond)+5.75% or Prime +4.75%

Equipment Financing US$35M (4%) • Provided by Caterpillar

Cost Overrun Facility C$48M (5%) • C$20M provided by IQ (same terms as senior debt)• C$28M provided by Caisse (unsecured, 7 year term, 10% coupon)

Total C$946M (100%)

Assumes US$1.00 = C$1.101. Includes reimbursement of marketing expenses

Counter-Party Amount (% of Total)

Orion Mine Finance C$367M (39%)

Investissement Québec/ Ressources Québec C$240M (25%)

Caisse de dépôt et placement du Québec C$105M (11%)

Caterpillar Financial C$39M (4%)

Public C$195M (21%)

Total C$946M (100%)

C$77M

C$811MC$946M

C$70M

C$67M

Financing Funding Requirements

New Financing

Existing Financing

C$48M COF & C$27M Working Capital

Financing Costs & Interest During Construction

Renard Mine Road

Initial Capex & Escalation Allowance

28The Renard Diamond StreamThe World’s First Diamond Streaming Arrangement

The buyers of the Renard stream purchased 20% of the LOM production from R2, R3, R4, R9 and R65 for US$56/carat1, escalating at 1% per annum on 3rd anniversary of commercial production.

Stornoway is to receive US$250million as a deposit on the streaming agreement, funded in three tranches, representing 34% of the initial capital for the project and 29% of the overall financing plan.

The high operating margins of the Renard project and front-ended capital requirements make it ideally suited for a streaming arrangement.

Notes1. includes reimbursement of marketing expenses. 2. Average over 11 Year Mineral Reserve Case, Nominal Terms. 3. Shows the impact of a US$1.00 = C$1.25 exchange rate compared to the US$1.00 = C$1.00 rate utilized in the January 2013 Optimization Study

$58.92$5.04

$20.43

$76.63 $7.76 $58.92

OS Jan 2013 LNG OS Oct 2013 Stream Exchange Rate Cash cost/ct

Effective Project Cash Cost, Before and After Stream (US$/ct)1

2929

Appendix 2: Renard Technical Data

30The Renard Diamond ProjectQuébec’s First Diamond Mine

Chibougamau

Montréal

Toronto

800km

360km

Renard

1996: Start of initial regional exploration by Ashton & SOQUEM

2001: First kimberlite discovery

2001-08: Drilling, “mini-bulk” sampling, bulk sampling

2008-10: First NI 43-101 Resource and PEA

November 2011: Feasibility Study issued. First mineral reserve

December 2012: ESIA filed

February 2012: Road construction commences under Plan Nord

March 2012: “Mecheshoo Agreement” executed

Nov.-Dec.2012: Mining Lease and Québec Authorizations issued

January 2013: Optimization Study issued

July 2013: Federal Canadian Authorizations Issued

September 2013: Road opens

April-July 2014: $C946m financing completed. Construction commences

2Q 2017: Scheduled Commercial Production

2001: First Kimberlite Discovery

+7-9 Years: First NI 43-101 Resource and PEA

+16 Years: Commercial Production

+12 Years: Final Authorizations Issued

31Renard Diamond Project NI 43-101 Mineral Resource EstimateEffective September 24 2015. Changes to Previous Estimate Shown in Italics

Notes1 Resource categories were completed in accordance with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. 2 Totals may not add due to rounding.3 Carats per hundred tonnes. Estimated at a +1 DTC sieve size cut-off.4 Diamond valuation data utilized for the test of prospects of reasonable economic extraction are derived from a diamond valuation exercise undertaken in March 2014 (see Stornoway Annual Information Form dated July 2015).

Indicated Mineral Resources(1,2,4)

  Contained Carats (millions) Tonnes (millions) Grade (cpht)(3)

Renard 2, All Units 21.58 +15.6% 25.70 +38.3% 84 -16.4%Renard 2, w/o CRB-2A, CRB 20.39 +11.0% 20.52 +15.9% 99 -4.3%

CRB-2A 0.29 +2.6% 0.90 +2.6% 32 --CRB 0.90 n/a 4.28 n/a 21 n/a

Renard 3 1.86 +2.3% 1.82 +3.4% 102 -1.0%Renard 4 4.44 +3.0% 7.25 -- 61 +3.0%Renard 65 2.30 -- 7.87 -- 29 --

Total Indicated Mineral Resources 30.17 +11.4% 42.63 +20.2% 71 -7.4%

Inferred Mineral Resources(1,2)

  Contained Carats (millions) Tonnes (millions) Grade (cpht)(3)

Renard 2, All Units 3.88 -48.0% 6.59 -44.0% 59 -7.2%Renard 2, w/o CRB 3.36 -46.1% 4.08 -22.0% 82 -30.9%CRB 0.53 -57.6% 2.51 -61.6% 21 +10.5%

Renard 3 0.61 -- 0.54 -- 112 --Renard 4 2.46 +3.5% 4.75 -- 52 +3.5%Renard 65 1.18 -- 4.93 -- 24 --Renard 9 3.04 -- 5.70 -- 53 --Lynx 1.92 -- 1.80 -- 107 --Hibou 0.26 -- 0.18 -- 144 --

Total Inferred Mineral Resources 13.35 -20.8% 24.49 -17.5% 54 -4.0%

Inferred Mineral Resources

Indicated Mineral Resources

High Range TFFE

Renard 65775m depth

Renard 4775m depth Renard 9

775m depth

Renard 21,250m depth Renard 3

1,250m depth

North East View

32Renard Diamond Project Exploration PotentialEffective September 24 2015. Changes to Previous Potential Shown in Italics

Notes1 Target for Further Exploration: represents potential upside that can be reasonably assumed given the nature and grade of material within the current 2015 Mineral Resource. The Renard 2 shape has been projected 250m below the deepest kimberlite intersection at 1,000m depth. Tonnage and grade ranges are not directly applicable to potential total carats.The potential quantity and grade of any Exploration Target is conceptual in nature, there has been insufficient information to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. 2 Carats per hundred tonnes. Potential at a +1 DTC sieve size cut-off.

NotesResource categories were completed in accordance with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Area indicated in yellow represents a gap in drill coverage that may represent additional exploration potential outside of the current Mineral Resource Estimate and not included in the current Targets for Further Exploration.

Renard 65775m depth

Renard 4775m depth Renard 9

775m depth

Renard 21,250m depth Renard 3

1,250m depth

Inferred Mineral Resources

Indicated Mineral Resources

High Range TFFE

North East View

Targets for Further Exploration(1)

  Contained Carats (millions)

Tonnes (millions) Grade (cpht)(2)

Renard 1 1.7 to 3.9 8.6 to 13.0 20 to 30

Renard 2, All Units 3.7 to 15.5 6.1 to 15.5 60 to 100

Renard 3 3.6 to 6.3 3.4 to 3.8 105 to 168

Renard 4 5.6 to 11.8 11.1 to 15.4 50 to 77

Renard 65 7.3 to 13.5 29.0 to 40.9 25 to 33

Renard 7 1.9 to 3.8 6.3 to 9.4 30 to 40

Renard 9 2.0 to 4.3 3.9 to 6.3 52 to 68

Renard 10 0.7 to 2.1 1.2 to 1.7 60 to 120

Lynx 3.0 to 3.8 3.1 to 3.2 96 to 120

Hibou 3.6 to 6.1 3.5 to 4.0 104 to 151

Total TFFE 33.0+28% to 71.1

+40%76.2

+49% to 113.2+51%      

R10 R7 R1 R65

R4 R9

R2R3

NW 4 km SE

33Renard 2 Mineral Resource UpdateEffective September 24 2015. Changes to Previous Estimate Shown in Italics

Pipe shape at surface (1.89ha)

High TFFE at 1,250m (1.38ha)

Notes1 Reserve and Resource categories were completed in accordance with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. 2 Totals may not add due to rounding.3 Carats per hundred tonnes. Estimated at a +1 DTC sieve size cut-off.4 Diamond valuation data utilized for the test of prospects of reasonable economic extraction are derived from a diamond valuation exercise undertaken in March 2014 (see Stornoway Annual Information Form dated July 2015).

0m

700m

850m

1250m

INDICATED

INFERRED

TFFE

600m: Base of Previous Indicated Mineral Resources

Depth Below

SurfaceKimberlite

outlineat surface (0.75ha)

Low TFFE at 1,250m (0.62ha)

Base of New Indicated

Resources (1.55ha)

Indicated Mineral Resources(1,2,4)

  Contained Carats (millions) Tonnes (millions) Grade (cpht)(3)

Renard 2, All Units 21.58 +15.6% 25.70 +38.3% 84 -16.4%Renard 2, w/o CRB-2A, CRB 20.39 +11.0% 20.52 +15.9% 99 -4.3%

CRB-2A 0.29 +2.6% 0.90 +2.6% 32 --CRB 0.90 n/a 4.28 n/a 21 n/a

Inferred Mineral Resources(1,2)

  Contained Carats (millions) Tonnes (millions) Grade (cpht)(3)

Renard 2, All Units 3.88 -48.0% 6.59 -44.0% 59 -7.2%Renard 2, w/o CRB 3.36 -46.1% 4.08 -22.0% 82 -30.9%CRB 0.53 -57.6% 2.51 -61.6% 21 +10.5%

Target for Further Exploration(1)

  Contained Carats (millions)

Tonnes (millions) Grade (cpht)(2)

Renard 2, All Units 3.7 to 15.5 6.1 to 15.5 60 to 100

North View Renard 2 NI 43-101 Mineral Resource Estimate

Renard 2 Targets for Further Exploration

Notes1 Represents potential upside that can be reasonably assumed given the nature and grade of material within the current 2015 Mineral Resource. The potential quantity and grade of any Exploration Target is conceptual in nature, there has been insufficient information to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. 2 Carats per hundred tonnes. Potential at a +1 DTC sieve size cut-off.

Pinch in model in area lacking drill

coverage

34Renard 2 Geological Model and Unit GradesEffective September 24 2015. Changes to Previous Estimate Shown in Italics

Within the Indicated Mineral Resources  Average Grade

(cpht)(1)Average Dilution

(%)(2)

Kimb 2a (“Blue”) 76 +3.0% 52 -0.9%Kimb 2b (“Brown”) 145 +1.0% 30 -0.9%Kimb 2c (HK)3 229 +0.5% 12 -3.1%CRB-2a 32 -- 93 --CRB 21 n/a 96 n/a

Within the Inferred Mineral Resources  Average Grade

(cpht)(1)Average Dilution

(%)(2)

Kimb 2a (“Blue”) 67 -2.4% 65 +9.2%Kimb 2b (“Brown”) 145 +0.3% 30 +1.5%Kimb 2c (HK)3 229 +0.5% 12 -3.1%CRB 21 +10.5% 96 --

Notes1 Carats per hundred tonnes. Estimated at a +1 DTC sieve size cut-off.2 Represents the average amount of non-diamond bearing country rock estimated within each geological unit. 3 The Kimb 2c (Hypabyssal Kimberlite, or “HK”) unit is a constituent component of each of the Kimb2a, Kimb2b, CRB and CRB-2a units.

Renard 2 Average Mineral Resource Grades, by Geological Unit

Kimb2b (“Brown”)

Kimb2a (“Blue”) CRB CRB-2a Kimb2c (HK)

West View

Contact

Pinch in model in area lacking drill coverage

0m

700m

850m

1250m

INDICATED

INFERRED

TFFE

600m: Base of Previous Indicated Mineral Resources

Depth Below

Surface

North View

Photographs of geological units from

the 2007 Renard underground bulk sample program

35Renard 2 Geological Model and Renard 2-Renard 3 ConvergenceEffective September 24 2015

Pipe shape at surface (1.89ha)

Kimberlite outlineat surface (0.75ha)

Kimb2b (“Brown”)

Kimb2a (“Blue”)

CRBCRB-2a

Surface View, Looking Down

Surface View, Looking Down

0m

700m

850m

1250m

R2 INDICATED

R2 INFERRED

R2 TFFE

Depth Below

Surface

R3 INDICATED

R3 INFERRED

R3 TFFE

North East View

Resource categories were completed in accordance with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of any Exploration Target is conceptual in nature, there has been insufficient information to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Renard 2 Renard 3

Renard 2

Renard 3

126.6m R3 intersection in DDH R2-81J (in red) starting 942.2m downhole: 47m true width.

R3 TFFE: >500m potential between drill intersections

36

Chronology of Renard StudiesFeasibility Study

Released on November 16th 2011. NI 43-101 Technical Report filed December 29 2011.

11 Year Mine Plan based on 18 Mcarat Mineral Reserve derived from January 2011 NI 43-101 Resource.

Long Term Business PlanCompanion study to the Feasibility Study with an extended mine plan incorporating the project`s 17.5 million carats of Inferred Mineral Resources.

Basis of overall mine design and project permitting. Not part of the project`s public disclosure, consistent with Canadian reporting standards

Optimization Study

Released on January 28th, 2013. NI 43-101 Technical Report filed March 2013.

Refined of Feasibility mine design, including shaft deferral and a modified underground mining sequence.

11 Year Mine Plan based on 17.9 million carat Mineral Reserve.

Resource Update Released July 2013. NI 43-101 Resource update with 14% increase in Indicated Resource contained carats

LNG Feasibility Study Released October 2013. Modified project Cap-ex and Op-ex for LNG powered gen-sets

Resource UpdateReleased September 2015. NI 43-101 Resource update with 11% increase in Indicated Resource contained carats

37January 2013 Optimization Study Project Assumptions, Valuation and Pay-Back in the January 2013 FS Optimization Study

Key Assumptions in the Financial Model1

Mining Parameters

Reserve Carats (M) 17.9Tonnes Processed (M) 23.8Recovered Grade (cpht) 75Average Ore Recovery (%) 82.9%Average Mining Dilution (%) 17.9%Dilution Grade (cpht) 0Processing Rate (Mtonnes/annum) 2.2Mine Life (years) 11

Cost Parameters

Initial Cap-ex (C$M)2 $752LOM Cap-ex (C$M)4 $1,013Oil Price (US$/barrel)2 $95LOM Op-ex (C$/tonne)2 $57.63LOM Op-ex (C$/carat)2 $76.63

Revenue Parameters

Gross Revenue (C$M)2 $4,268Marketing Costs 2.7%DIAQUEM Royalty 2.0%Cash Operating Margin (C$M)2 $2,693% Operating Margin 67%Income Tax, Mining Duties and IBA Payments (C$M)1 $625After Tax Net Cash Flow (C$M) $1,084

Diamond Price

Parameters3

Renard 2 and Renard 3 (US$/carat) $182Renard 4 (US$/carat) $164Diamond Price Escalation 2.5%Exchange rate 1C$=1US$

Schedule Parameters6

Effective Date for NPV Calculation Jan. 1 2013Construction Mobilization/Early Works Aug. 1 2013Plant Commissioning Commences Dec. 1 2015Commercial Production Declared Jun. 1 2016

Valuation Results5 (C$m)

Pre-Tax After Tax NPV5% $894 $537

NPV7% (Base Case) $683 $391 NPV9% $514 $274

IRR 20.4% 16.3% Pay-Back (years) 4.69 4.82

Notes

1. Optimization Study, released January 28th 2013.

2. Expressed in October 2012 terms.

3. Expressed in May 2011 terms.

4. Expressed in nominal terms.

5. Expressed in de-escalated nominal terms.

6. Schedule parameters are based on the schedule in the Optimizaton Study, released on January 28th 2013. For revised schedule, please see our AIF dated July 27th, 2015.

38

Probable Mineral Reserve Mining Recovery Factors Utilized in the Reserve Calculation

Kimberlite Grade(cpht)

Tonnes(millions)

Contained Carats(Millions)

Internal Dilution

Mining Recovery

MiningDilution

Renard 2 OP 95 1.31 1.24 0.0% 96.0% 7.1%Renard 2 UG 80 17.03 13.62 7.0% 82.4% 20.2%Renard 3 OP 93 0.72 0.67 0.0% 96.0% 10.5%Renard 3 UG 84 1.00 0.84 21.1% 85.0% 14.0%Renard 4 UG 42 3.72 1.58 1.4% 78.2% 14.0%

Total 75 23.79 17.95 5.9% 82.9% 17.9%

Notes: Reserve categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Totals may not add due to rounding. Grades are estimated at a +1DTC sieve size cut-off.

R2 ; 83%

R3, 8%R4, 9%

Revenue

R2 ; 77%

R3; 7%

R4; 16%Tonnage

R2 ; 83%

R3; 8%R4; 9%

Carats

NI 43-101 Probable Mineral ReservesJanuary 28th 2013

39Renard’s DiamondsLarge Diamond Potential Not Included in Base Case Diamond Valuation Models

March 2014 Diamond Valuations (WWW International Diamond Consultants Ltd.)

Kimberlite Body

Size ofValuation Sample(carats)

WWW March 2014 Sample

Price(US$/carat)1

WWW March 2014 Base Case

Price Model(US$/carat)1

Sensitivities(Minimum to High)

Renard 2  1,580 $187 $197 $178 to $222

Renard 3 2,753 $179 $157 $146 to $192

Renard 4 2,674 $101 $106 ($155)2 $100 to $174

Renard 65 997 $262 $187 $175 to $211

Notes

1. All prices in US$/carat. Samples utilizing a +1 DTC sieve size cut-off.

2. Should the Renard 4 diamond population prove to have a diamond population with a size distribution equal to the average of Renard 2 and 3, WWW have estimated that a base case diamond price model of $155 per carat based on March 2014 pricing. Source: WWW March 2014 Valuation Update

Three Renard 65 diamonds: 9.78 ct and 6.41 ct diamonds recovered from bulk sampling and a 4 carat stone discovered in drillcore in 2003

Base Case Diamond Valuation Estimates Using Best Practice Methodology

Average diamond price estimate in March 2014 for the Mineral Reserves at US$190/ct (un-escalated) compared to US$180/ct in the January 2013 Optimization Study.

High Quality Production with Large Stone Potential

The Renard kimberlites have similar, but marginally different diamond populations exhibiting a high incidence of large white gems.

Coarse Size Distribution in Renard 2 predicts three to six 50-100ct stones and one to two +100ct stones every 100,000 carats (two to three weeks).

Substantial revenue potential from large diamonds not accounted for in the base case cash-flow model.

40Stornoway will be a Significant Diamond ProducerCurrent and Future Diamond Producers

Source: Kimberly Process, WWW and Company Reports

Latest 12 Month Sales/ Forecast Future Average Sales 1 De Beers (Anglo/Botswana) $6,312m

2 Alrosa (Russia) $4,901m

3 Dominion Diamond (TSX: DDC) $872m

4 Rio Tinto (ASE: RIO) $801m

5 Petra (L: PDL) $425m

6 Stornoway (note 2; TSX: SWY) $310m7 Mountain Province (note 2; TSX: MPV) $259m

8 Gem Diamonds (TSX: GEMD) $241m

9 Lucara (TSX: LUC) $229m

10 Firestone (note 3; L: FDI) $125m

11 Others $2,525m

Total $17,000m

DeBeers37%

Alrosa29% Domin-

ion5%RioT-into5%

Petra3%

SWY2%

MPV1%

GEM1%LUC

1%Fire-

stone1%

Others15%

Notes:

1. Renard estimated at FS average annual diamond production of 1.63 million carats, and WWW March 2014 weighted diamond price of US$190/ct, un-escalated

2. Gahcho Kué estimated at 49% of Revised FS average annual production of 4.45 million carats, and average modeled diamond price of US$118/ct, un-escalated

3. Firestone estimated at revised 2015 mine plan average annual production of 0.95 million carats at an average price of US$132/ct un-escalated

6 Stornoway (note 1; TSX: SWY) $310m

41

Liquefied Natural Gas Power Plant

The November 2011 Feasibility Study and January 2013 Optimization Study both contemplated on-site power generation using traditional diesel fueled gen-sets.

With a view to project optimization, in 2013 Stornoway undertook an investigation into a more cost efficient alternatives for on-site power supply.

On October 21st 2013 Stornoway announced it will proceed with an LNG fuelled gen-set option, made possible by the ability to receive regular cryogenic LNG shipments on the Renard Mine Road.

The Renard LNG plant will comprise seven 2.1MW rated gas gen-sets, providing sufficient power generation capacity for the project’s normal operating specification of 9.5MW.

LNG has significant cost and environmental advantages over traditional diesel powered gen-sets and a Hydro-Québec power-line option.

Diesel will continue to be used for the mobile mining fleet and construction activities.

42Liquefied Natural Gas Power PlantFeasibility Study Released October 2013

An LNG fuelled powerplant for Renard offers many advantages over diesel:• Greatly reduced annual operating costs of $8m to $10m per year, for a small incremental

capital cost of $2.6m.• Up to 43% less greenhouse gas emissions.• stable supply market utilizing existing commercial distribution network within Québec.• Elimination of on-site propane, as LNG will be used for building and underground mine

heating

Cost Improvements with LNG 2013 Optimization Study with Diesel

2013 Optimization Study with LNG

Unit Power Cost (C$/kWh) 1 $0.299 $0.188 (-37%)Unit Operating Cost (C$/tonne) 1,2 $57.63 $53.84 (-7%)Initial Capital Cost (C$m) 1 $752.1 $754.0 (+0.3%)Life of Mine Capital Cost (C$m) 1,3 $1,013 $1,010 (-0.3%)Annual Diesel Consumption (million litres) 27.5 5.9 (-79%)Annual LNG Consumption (thousand m3/annum) n/a 41.7Annual Propane Consumption (thousand m3/annum) 3.5 n/a

Notes

1. 2013 Optimization Study costs expressed in October 2012 terms.

2. Excludes capitalized preproduction costs.

3. Includes all initial, sustaining and deferred capital, contingencies and escalation

Key Assumptions

Based on the 11 year reserve-based mine life (17.9 mcarats) contained within the 2013 Optimization Study, with a normal operating load of 9.49MW, C$1=US$1, Oil US$95/barrel

4343

Appendix 3: Management Biographies

44

Marie-Anne TawilIndependent/ IQ Designate

Hume KyleIndependent

Pat GodinCOO & Director

Matt Manson President, CEO

& Director

John LeBoutillierIndependent/ IQ Designate

Peter NixonIndependent

Ebe ScherkusIndependent/

Board Chairman

Executive Officers

Non-Executive Directors

Key Managers

Head Office: Longueuil, Québec

Exploration Office: North Vancouver, BC

Community Offices: Mistissini & Chibougamau Québec

Stornoway’s Board and Management Team

Serge VézinaIndependent

Yves PerronVP Engineering & Construction

Ghislain Poirier

VP Public Affairs

Brian Glover VP Asset Protection

Martin BoucherVP Sustainable Development

Robin Hopkins

VP Exploration

Orin Baranowsky

Director, IR

Douglas SilverOrion Designate

Ian HollVP Processing

Annie Torkia- Lagacé

VP Legal Affairs

Gaston MorinIndependent/ IQ Designate

Jean-Charles Dumont

VP Finance

Helene RobitailleDirector, HR

45

Pat GodinCOO & Director

Biographies

Ebe ScherkusChairman of the

Board

Matt Manson was appointed President of Stornoway Diamond Corporation in March 2007 and subsequently President & CEO in January 2009. Between 1999 and 2005 he was employed by Aber Diamond Corporation (now Dominion Diamond Corporation) as VP Marketing and subsequently VP Technical Services & Control, during which time he participated in the US$230m project financing for the Diavik Diamond Project and oversaw Aber's technical and marketing operations. In March 2015 he was awarded the Viola MacMillan award from the Prospectors and Developers Association of Canada for the financing and development of Stornoway’s Renard Diamond Project. Mr. Manson is a graduate of the University of Edinburgh (BSc Geophysics, 1987) and the University of Toronto (MSc Geology 1989 and PhD Geology, 1996), and has over 20 years of experience in diamond exploration, development and production.

Pat Godin joined Stornoway as COO in May 2010. He was previously VP, Project Development for GMining Services, responsible for the development of the Essakane Mine in Burkina Faso under contract to IAMGOLD, VP Operations for Canadian Royalties, and President and General Manager of CBJ-CAIMAN S.A.S., a French subsidiary of Cambior / IAMGOLD. For many years, he was involved in Cambior’s various Canadian properties in Abitibi-Témiscamingue, through progressive management positions in project development and mine management. He holds a bachelor’s degree in mining engineering from Université Laval in Québec and is a member of the “Ordre des Ingénieurs du Québec”. He is the Chairman of the Board of Geomega Resources.

Ebe Scherkus served as the President and Chief Operating Officer and a director of Agnico-Eagle from 2005 to February 2012. Prior to his appointment as President and Chief Operating Officer in December 2005, Mr. Scherkus served as Executive Vice-President and Chief Operating Officer from 1998 to 2005, as Vice-President, Operations from 1996 to 1998, as a manager of Agnico Eagle LaRonde Division from 1986 to 1996 and as a project manager from 1985 to 1986. Mr. Scherkus is a graduate of McGill University (B.Sc.), a member of the Association of Professional Engineers of Ontario and past president of the Québec Mining Association.

Matt Manson President, CEO

& Director

46

Stornoway Diamond Corporation TSX:SWY

Head Office:1111 Rue St. Charles Ouest,

Longueuil, Québec J4K 4G4

Tel: +1 (450) 616-5555

IR Contact:

Orin Baranowsky, CFA, Director IR

obaranowsky@stornowaydiamonds.com

Tel: +1 (416) 304-1026 x2103

www.stornowaydiamonds.com

Info@stornowaydiamonds.com