Renard - ADIMB

RENARD DIAMOND PROJECT –DISCOVERY AND CHARACTERISTICSSimexmin, May 23, 2012Ghislain PoirierVice-President Public Affairs

Forward-Looking Information2This presentation contains "forward-looking information" within the meaning of Canadian securities legislation and “forward-looking statements”within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to hereinas “forward-looking statements”, are made as of the date of this presentation and the Company does not intend, and does not assume anyobligation, to update these forward-looking statements, except as required by law.Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events andinclude, but are not limited to, statements with respect to: (i) the amount of mineral resources and exploration targets; (ii) the amount of futureproduction over any period; (iii) net present value and internal rates of return of the mining operation; (iv) capital costs and operating costs; (v) mineexpansion potential and expected mine life; (vi) expected time frames for completion of permitting and regulatory approvals and making aproduction decision; (vii) future exploration plans; (viii) future market prices for rough diamonds; and (ix) sources of and anticipated financingrequirements. 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” 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 statementsof historical fact and may be forward-looking statements.Forward-looking statements are made based upon certain assumptions 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 bysuch statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and theenvironment in which Stornoway will operate in the future, including the price of diamonds, anticipated costs and ability to achieve goals. Certainimportant factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statementsinclude, but are not limited to: (i) estimated completion date for the Environmental and Social Impact Assessment; (ii) required capital investmentand estimated workforce requirements; (iii) estimates of net present value and internal rates of return; (iv) receipt of regulatory approvals onacceptable terms within commonly experienced time frames; (v) the assumption that a production decision will be made, and that decision will bepositive; (vi) anticipated timelines for the commencement of mine production; (vii) anticipated timelines related to the Route 167 extension and theimpact on the development schedule at Renard; (viii) anticipated timelines for community consultations and the conclusion of an Impact andBenefits Agreement; (ix) market prices for rough diamonds and the potential impact on the Renard Project’s value; and (x) future exploration plansand objectives. Additional risks are described in Stornoway's most recently filed Annual Information Form, annual and interim MD&A, and otherdisclosure documents available under the Company’s profile at: www.sedar.com.When relying on our forward-looking statements to make decisions with respect to Stornoway, investors and others should carefully consider theforegoing factors and other uncertainties and potential events. Stornoway does not undertake to update any forward-looking statement, whetherwritten or oral, that may be made from time to time by Stornoway or on our behalf, except as required by law.

Stornoway Diamond Corporation3Stornoway is a leadingCanadian diamond explorationand development companyStornoway possess a strongpipeline of advanced andgrassroots exploration projectsin Canada.Our flagship asset is the 100%owned Renard DiamondProject, on track to becomingQuébec’s first diamond mineQilalugaq (100%)Advanced ProjectHammer (75%)Discovery ProjectPikoo (100%)Grassroots ExplorationAviat (90%)Advanced Project24-40 mcarats “PMD”LG4-Consorem (25%)Grassroots ExplorationMineral resources that are not mineral reserves do not have demonstratedeconomic viability. The potential quantity and grade of any non-resourcepotential mineral deposit” (“PMD”) is conceptual in nature, and it is uncertainif further exploration will result in the targetbeing delineated as a mineral resource.AEON (100%)GrassrootsExplorationRenard (100%)NI 43-101 Resource24 mcarats Indicated17 mcarats Inferred24-49 mcarats “PMD”

Renard Diamond Deposit4An Exploration Success StoryFrom a simple conceptto a World class deposit that will supplythe diamond market for several decades20 years timelineFrom 1995 – Desktop studyto 2016 – Commercial productionRenard will produce 3% of the worldsupply by value

Location of the Renard Project7LegendSuperior ProvinceGrenville ProvinceNain ProvinceAppalachian OrogenCANADARenardHudson Bay LowlandsSouthern ProvinceChurchill ProvinceSlave ProvinceArctic Platform1000 kmUSAMontrealBear ProvinceInterior PlatformCordilleran Orogen

Torngat8450000km2Hudson BaySnow LakeWemindjiJamesBayVictorRenardLac BeaverKirkland LakeDesmaraisvilleQuébecWawaTemiscamingueIle BizardMontréalLakeEllenTorontoKimberlite andrelated diamondbearingrocksSuperior craton300 km

Heavy Mineral Sampling9

Indicator Mineral Concentrate10

Airborne Mag survey and ground follow-up11Renard 1Échantillonde 206 kg59 diamantsRenard 1MTKimberliteGneissRenard 2100 mRenard 2108 m 108 mÉchantillonde 163 kg145 diamantsPositiveNegativeBoulderMag anomalies5 km250 m105 m100 m

Renard 1 Discovery – September 200112

Claim Rush - Winter 2002(35 000 km 2 )13RadissonLG-4MatagamiChibougamauPropriétéFoxtrotM ineEa st ma inRenardPa rcdesM ont sOtishRouyn-NorandaQuébecMontréalSOQUEM / AshtonAutres détenteursPropriétésTichégami50 kmChibougamau 20 0 km

Camp Lagopède – Renard Project14

Renard Kimberlite Cluster15Renard 10NRenard 7KimberliteKimberlite affectedCountry RockRenard 1Renard 65Renard 4Renard 8Renard 9Renard 3Renard 2250 m

Renard Kimberlite Schematic Geology1616

2006-2007 Bulk Sample17R4 Surface Bulk SampleR2-R3 underground Bulk SampleR3 Underground developmentModular DMS plant

Renard Diamonds1818Single diamond population in Renard 2, 3 & 4Renard kimberlite pipes have a diamondpopulation with a coarse size distribution andhigh proportion of large white gems. Potentialfor significant “Specials” stones.Renard 3 BulkSampleDiamonds99% by weight gem/near-gem quality.1% industrial quality boart (industrial).Colours and qualities improve with size.Renard 3 Mini-Bulk4.3ctLynx Mini-Bulk5.7ct4.89ctRenard 3 BulkSample Diamonds6.36ct10.15ct4.26ct4.94ct

Geology of Renard 2 and Renard 3192008 ConclusionsRenard 2 and 3 are differentRenard 2 simpler internal geologyDeep diatreme to root zoneDeep drilling required0m100m200m300m2008 modelRenard 2 Renard 3400m500m600m710mView looking North

Geology of Renard 2 and Renard 3202008 ConclusionsRenard 2 and 3 are differentRenard 2 simpler internal geologyDeep diatreme to root zoneDeep drilling required0m100m200m300m2008 current model model2010 ConclusionsR2 kimberlite quadrupledR3 kimberlite almost doubledExtensive affected country rockincluded in the model (giving ausual carrot shape)400m500m600m710mView looking North

Renard Mineral Resource EstimateCanadian Institute of Mining National Instrument 43-101 Compliant, announced 24 Jan, 201121Indicated ResourceDrill Delineated for volumeBulk Sampled for Value26.6 million tonnes24 million caratsRenard 65Renard 2Renard 3Inferred ResourceLower Resolution DelineationNo Bulk Sample31.1 million tonnes17 million caratsRenard 4Renard 9Exploration UpsideLow DelineationNo Diamond Sampling55.1 – 75.5 million tonnes24 - 49 million caratsView looking Northeast

Renard Kimberlite Bodies22N0 1 2Kilometers60 0 60 120KilometersLaforge 2R10R7LG2LG3Laforge 1LG4BrisayHibouR4R1R65R8WemindjiEleonoreWestern TroyFoxtrot PropertyRenardEastmain MineStratecoR9R2R3Troilus MineTemiscamieLynxMatagamiMistissiniChibougamauKimberlite Bodies withProbable ReservesLEGEND: LegendKimberlite Bodies withInferred ResourcesKimberlite Bodies withResource PotentialStornoway PropertiesHydroQuébec FacilityRenard KimberlitesKimberlitic DykeRegional KimberlitesHydroQuébecPowerlinesRoute 167 ExtensionRoadExploration/ MiningProjects

Summary of Feasibility ResultsReleased November 16 th , 2011ValuationNPV 7% and IRR of C$672m and 18.7% (Pre-Tax) and C$376m and 14.9% (After-Tax)Mining and Production Parameters11 year reserve-based mine lifePeak diamond production reaching 2.1Mcarats per year, averaging 1.7Mcaratsover LOM, and at a weighted average US$180/caratOperating cash flow of C$2.7BWorkforce : 460 employeesCostsInitial Capital Cost Estimate of C$852m including contingencies and escalationLOM Operating Cost Estimate of C$54.71/tonne (C$70.27/carat)Reserves and Resources 1Probable Mineral Reserve of 18.0 Mcarats (23.1Mtonnes at an average 78 cpht)Inferred Mineral Resources of 17.5 Mcarats (31.1Mtonnes at an average 56 cpht)Key AssumptionsC$1=US$1, Oil US$90/barrel, 2.5% real terms diamond price growth Q311-Q425, 83.5% ore recovery, 19.4% mining dilution, 0cphtdilution grade, January 1 2012 effective date for NPV and IRR calculation.231Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves donot have demonstrated economic viability.

Mine PlanMineral Reserve announced November 16 th , 201124Renard 2Renard 3Mineral Reserve23 million tonnes11 years of productionRenard 418 million caratsMining MethodsOpen pit mining (100m)Underground mining using an accessramp and a shaft (Blast hole shrinkage)6000t/day with waste backfill from pitsShaft depth:740 mView looking Northeast

General Project ArrangementSmall Footprint of 3.1km 225Processed KimberliteContainment (PKC)R65Waste rockstockpilePlantShaftPortailR2-R3OverburdenStockpileCampOre StockpileRoute 167 Extension

Infrastructure26CampAirportMine InfrastructureGeneral overview

Renard Project Schedule2720112012 2013 2014 20152H 1H 2H 1H 2H 1H 2H 1H 2HBFSESIADetailed EngineeringProject FinancingRoad ConstructionInitial Overland AccessProject ConstructionCommissioning and Ramp-upCommercial Production

Infrastructure: Power and Road AccessA Canadian Diamond Project with an All Season Highway and Potential Grid Power28Road:• Road 167 Extension connectingRenard to the provincial network –268 km• Initial construction cost of $332Mwill be fund by Quebec governmentand Stornoway will contribute for$44M.• Road construction was initiated inFebruary 2012 and vehicle access isexpected to be available to Renardsite to commence mineconstruction by mid-2013.Power:• Separate feasibility study on a 165km – 161kV powerline connectingRenard to Hydro-Quebechydroelectric network.Route 167 ExtensionExisting Winter RoadStornoway ClaimsMining/Exploration ProjectsLG2LG3Eleonore(Goldcorp)Eastmain 1Hydro FacilityExisting Hydro LinePotential Hydro LineRoute 167Extension(268km)Troilus(Inmet)MistissiniLaforge 1LG4MirageCampMcLeod Lake(Western Troy)ChibougamauLaforge 2TemiscamieCaniapiscauBrisayPotentialPowerline6 0 0 60 120K ilo m eter sS c al e : 1:3,000,000RenardEastmain(Eastmain)Matoush(Strateco)

Québec’s “Plan Nord”: Launched May 9th 2011One of the World’s Best Mining Jurisdictions29The Renard Diamond Project is at thecenter of the Plan Nord, the visionaryinitiative to sustainably develop Québecnorth of the 49th parallel throughinfrastructure investment, communitydevelopment and biodiversityconservation.Investments include:$1.2b for infrastructure projects, includingthe Route 167 Extension$434m for social measures$500m for direct investments throughInvestissement QuébecThe “Route 167 Extension” andInvestissement Québec’s investment inStornoway are key planks of the PlanJean Charest, Premier of Québec, and Matt Manson, CEO of Stornoway, inChibougamau on August 1 st for the announcement of Route 167 ExtensionFinancing Agreement. Mr. Charest is holding core from Renard 65 containing afour-carat diamond.

Community Relations30Chibougamau Open Doors, March 2010 Consultation meeting in Chibougamau, March 2012Opening of Mistissini liaison officeRenard Environmental Exchange GroupMistissini consultation, March 2010

Mecheshoo Cooperation Agreement31March 27, 2012 - MistissiniStornoway DiamondCree Nation of MistissiniGrand Council of the Crees(Eeyou Istchee)Chief Richard Shecapio :« At this point, we can assure without a doubtthat this project has a clear social acceptabilityfrom Mistissini »Cérémonie de signature de l’Entente Mecheshoo à Mistissini, 27 mars 2012Le Chef de la Nation Crie de Mistissini : Richard ShecapioLe Grand Chef de la Nation Crie (Eeyou Istchee) : Matthew Coon ComeLe Président et Chef de la direction de Stornoway Matt Manson

Why Diamonds?Who Is Buying Diamonds32Share of World Diamond Jewelry Market, 2005 to 2020China (andAsia-Pacific)10%Others4%2005: $62B2010-2020: 64% increase indiamond jewelry demandIndia (andAsia-Arabia)13%Europe10%US49%China (andAsia-Pacific)15%2010: $74BJapan14%US42%India (andAsia-Arabia)18%2020F: $128BBy 2020 Asia will have grown to 57% ofthe World Diamond Jewelry Market, andthe US will have declined to 27%China (andAsia-Pacific)32%US27%Source: AllanHochtreiter June 2011 after De Beers, Tacy Ltd., Alrosa 1H resultsPresentation, October 2011India (andAsia-Arabia)25%

Why Stornoway?100% Ownership in Renard:33One of the World’s BestDevelopment Stage DiamondProjectsIn Québec, one of the World’sBest Mining JurisdictionsRenardStrong Feasibility Base Case EconomicsExtensive Resource UpsideDiamondsExcellent Long Term FundamentalsFew New Mining ProjectsStornowayExperienced TeamStrong Québec Backing

BUILDING QUÉBEC’S FIRST DIAMOND MINETSX: SWY