Star Diamond Corporation reports that the unaudited financial results for the quarter ended September 30, 2023 (3Q). Star Diamond- currently holds, through a joint venture arrangement with Rio Tinto Exploration Canada Inc.
Recent activities relating to the Star – Orion South Diamond Project and Fort à la Corne mineral properties
During the quarter ended September 30, 2023, the Company continued negotiations with Rio Tinto Canada to assess alternatives regarding the Project.
Quarterly results for the three months ended September 30, 2023, the Company recorded a net loss of $0.6 million, compared to a net loss of $0.5 million, or $0.00 per share, for the comparative period in 2022.
Year to Date results for the nine months ended September 30, 2023, the Company recorded a net loss of $1.8 million, compared to a net loss of $2.1 million, for the same period in 2022. This 14% decrease, period over period, was due to lower administrative expenditures incurred, offset by higher consulting and professional fees, corporate development costs and exploration and evaluation expenditures.
At September 30, 2023, the Company had $0.5 million (December 31, 2022 – $2.6 million) in cash and cash equivalents and working capital of $0.1 million (December 31, 2022 – $2.0 million). The decrease in working capital was the result of general and administrative, and exploration and evaluation expenditures incurred during the quarter.
The Company believes it has sufficient liquidity to fund general and administrative costs and certain exploration expenditures through to the end of 2023.
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