Star Diamond Corporation reports that the audited financial results for the year ended December 31, 2024. Star Diamond is a Canadian natural resource company focused on exploring and evaluating Saskatchewan’s diamond resources. Star Diamond holds a 100% interest in the Fort à la Corne Project. These properties are in central Saskatchewan, near established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future possible mine development.
Fort à la Corne mineral properties:
On March 26, 2024, the Company acquired a 75% interest in the Fort à la Corne Project from Rio Tinto Exploration Canada Inc. and assumed responsibility for all future environmental rehabilitation activities related to the FALC Project. The Company also acquired certain property, plant and equipment and cash. As consideration for the Transaction the Company issued RTEC 108,204,112 common shares with a fair value of $9,187.
Buffalo Hills mineral properties
On August 1, 2024 Star Diamond and Canterra Minerals corporation completed the acquisition of Canterra’s 50% interest in the Buffalo Hills (BH) Project in exchange for 17,500,000 Star Diamond common shares. As a condition of the sale, 8,750,000 shares were restricted from trade for a period of 12 months after the acquisition date (“Locked Up Shares”), with the other 8,750,000 shares being unrestricted (“Unrestricted Shares”). In addition to the common shares, Canterra was granted a 1% royalty interest in the property. Subsequent to the acquisition, the Company owns 100% of the BH Project.
Year End Results
For the year ended December 31, 2024, the Company recorded a net loss of $6.0 million or $0.01 per share (basic and fully diluted) compared to a net loss of $2.8 million or $0.1 per share in 2023. The increase in net loss year over year was primarily due to the current year’s increase in exploration and evaluation expenditures upon the acquisition of RTEC’s 75% interest in the FALC property of $1.8, increased corporate development expenditures of $0.2, offset by a slight decrease in administration and consulting and professional fees of $0.1 combined with the mark-to-market loss of $0.2 on the Wescan investment and the impairment of the Buffalo Hills property of $1.0.
However, the ability of the Company to continue as a going concern and fund its expenses in an orderly manner will require additional forms of financing. There can be no assurance that the Company will succeed in obtaining additional financing, now or in the future. Failure to raise additional financing on a timely basis could cause the Company to suspend its operations and planned activities.
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