|Bid||0.0700 x 0|
|Ask||0.0750 x 0|
|Day's Range||0.0650 - 0.0850|
|52 Week Range||0.0650 - 0.5800|
|Beta (3Y Monthly)||0.61|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 7, 2018 - May 11, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.18|
LONGUEUIL, Québec, April 17, 2019 -- Stornoway Diamond Corporation (TSX-SWY) (the “Corporation” or “Stornoway”) announces the appointment of Mr. Dino Rambidis as Chief.
The Corporation did not announce the closure of its Renard Mine, but only the temporary suspension of open pit mining operations at its Renard 65 ore body, one of the 3 ore bodies currently in operation at the Renard Mine, and the only ore body currently mined by open pit. The Renard underground mine, which extracts kimberlite from the Renard 2 and Renard 3 kimberlite pipes, provides approximately 93% of the mine's total production.
In terms of total carats sold, pricing and gross proceeds, this represents increases of 38%, 8% and 47% over the fourth quarter of 2018, respectively. First quarter diamond sales represent diamonds recovered during the fourth quarter of 2018. First quarter diamond production was 444,562 carats recovered from the processing of 582,613 tonnes of ore at an average grade of 76 cpht.
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For the year ended December 31, 2018, Stornoway reported Net loss $329.4 million ($ (0.39) per share on a basic and fully diluted basis), compared to Net loss of $114.2 million in 2017 ($ (0.14) per share basic and fully diluted). Included in 2018 results is (i) a non‐cash impairment charge of $83.2 million, (ii) a deferred income tax expense of $77.4 million and (iii) costs of goods sold of $227.1 million, $58.1 million of which is a write-down on inventory to bring it to its net realizable value, all reflecting lower diamond price environment than was originally forecasted by the Corporation. Adjusted Net Loss1 for the fourth quarter was $ 28.6 million and $ 133.8 million for the year.
LONGUEUIL, Quebec, March 19, 2019 -- Stornoway Diamond Corporation (TSX-SWY; the “Corporation” or “Stornoway”) expects to release its Fourth Quarter and year end 2018 results.
Investors are always looking for growth in small-cap stocks like Stornoway Diamond Corporation (TSE:SWY), with a market cap of CA$175m. However, an important fact which most ignore is: how financiallyRead More...
With more than 25 years of experience in the mining sector, Mr. Sévigny holds a Bachelor’s degree in mining engineering. In this role, Mr. Sévigny has been a key contributor and leader in the start-up of both open-pit and underground operations.
Mr. Lacroix has over thirty years of experience in business and law and has a great expertise in corporate governance. Mr. Lacroix served as President and Chief Executive Officer of CBC/Radio-Canada from January 2008 to June 2018, as Special Counsel at Stikeman Elliott from 2005 to 2008, and as Executive Chairman at Telemedia and other companies of its group from 2000 to 2005.
Fourth quarter diamond sales represent diamonds mainly recovered during the third quarter. FY2018 diamond production of 1.32 mcarats recovered from the processing of 2.33 mtonnes of ore at an attributable grade of 57 cpht. FY2018 run-of-mine diamond sales of 1.04 mcarats sold in nine tenders for gross proceeds1 of $141 million, at an average price of US$105 per carat ($136 per carat3).
A $10 million private placement (the “Private Placement”) with Ressources Québec inc. (“RQ”), acting as agent for the Government of Québec, was completed on December 7, 2018. RQ subscribed for 28,571,428 units at a price of $0.35 per unit, each unit comprising one common share of the Corporation (a “Common Share”) and one-half of a common share purchase warrant (each whole common share purchase warrant, a “Warrant”).
Mr. Godin is currently the Corporation’s Chief Operating Officer, and has served in this role since 2010. Ebe Sherkus, the chairman of the Stornoway Board of Directors, commented: “We would like to thank Matt for his service to Stornoway.
For the three months ended September 30, 2018, Stornoway reported a net loss of $37.6 million ($0.05 per share on a basic and fully diluted basis). Third quarter diamond production was 329,306 carats produced from the processing of 597,761 tonnes of ore at an average grade of 55 carats per hundred tonnes (“cpht”). Underground mining during the quarter comprised 571,405 tonnes, with 475,289 tonnes of ore extracted.
Since earlier this year, Stornoway has been conducting a program of drilling and sampling at Renard with the goal of converting certain Mineral Resources to Mineral Reserves, and of accelerating the mining of both the Renard 3 and Renard 4 ore bodies in the Renard mine plan.
Average annual diamond production is forecast at 1.8 million carats per annum over the first 10 years of mining. Readers are referred to the technical report dated January 11, 2016, in respect of the September 2015 Mineral Resource estimate, and the technical report dated March 30, 2016, in respect of the March 2016 Updated Mine Plan and Mineral Reserve Estimate for further details and assumptions relating to the project. Stornoway is a leading Canadian diamond exploration and production company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal.
The big shareholder groups in Stornoway Diamond Corporation (TSE:SWY) have power over the company. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smallerRead More...