Star Diamond Corporation announced a significant increase in the estimated Mineral Resources for the Star - Orion South Diamond Project (the ?Project?). Highlights: Indicated Mineral Resources on Star have increased 22% to 34.8 million carats and the grade has increased 20% to 19.4 cpht. Indicated Mineral Resources on Orion South have increased 37% to 36.9 million carats and the grade has increased 32% to 17.9 cpht.

Star Diamond has determined that no additional bulk sampling is required on the Orion South Kimberlite for the rigorous estimation of these Mineral Resources, and this results in the savings of million of dollars in exploration expenditures and shaves significant time off the completion of the Pre-Feasibility Study (PFS). This Revised Mineral Resources estimate uses diamond industry standard methods which are rigorously applied to the Star and Orion South evaluation data, acknowledging the significant control that fundamental kimberlite geology has on the distribution of diamonds within these deposits. The goal of the Revised Mineral Resources estimate was to incorporate additional detailed diamond stone size frequency information obtained by RTEC into the dataset previously used in the 2015 Mineral Resource Estimate, with particular interest in the smaller (+1, +3 & +5 DTC), but valuable stones, which were inefficiently recovered in past exploration programs. Advances in processing flow sheets and updated processing technology have enabled the efficient recovery of these small diamonds by modern processing plants.

The grade alignment process used by Mr. Ravenscroft in 2015 has been updated with the Star TC diamond data and subsequently applied to the Orion South Kimberlite. Mineral Resources Estimation Methodology: Revised grade estimates at Star and Orion South have been based on a diamond industry standard approach using alignment of sample diamond size frequency distributions. Economic Assumptions: CIM standards and Securities Commission disclosure regulations require that a Mineral Resource can only be declared on a mineral deposit which has reasonable prospects for eventual economic extraction.

The reported Mineral Resource for Star and Orion South are constrained using a Whittle pit optimization. The Mineral Resources reported, comprise the kimberlite that is constrained within the optimized Whittle pit shell. Diamond values for this resource statement are based on the June 2024 High modeled prices determined by in-house Diamond Specialist, Nelson Karun.

This Revised Mineral Resources estimate includes only stones recovered larger than +1 DTC diamond sieve and considers all kimberlite above 90 metres above mean sea level or to a depth of 360 metres below surface in Star and 375 metres below surface in Orion South, with the surface being defined by the Digital Terrain Model. Decision on Orion South Bulk Sampling: Star Diamond, working in close consultation with Peter Ravenscroft, has determined that only limited improvements in precision could be achieved by additional, prohibitively costly bulk sample programs, and that the extensive work already completed will allow for robust diamond price estimates on both Star and Orion South, with associated confidence limits allowing for quantified risk analysis as part of the PFS. This conclusion has been reached based on the following: Comprehensive sorting and valuation of all stones recovered from LDD and Underground sampling campaigns over the last 20 years, allowing for the combination of sample diamonds into significantly larger parcels.

Detailed comparison of quality distributions between Orion South and Star, identifying some clear differences as well as some strong similarities, as would be expected from closely located kimberlites in the same cluster. Analysis of the relative precision of price estimates from samples of a different size, specifically where prices are influenced by large and high value stones as at Star and Orion South. Next Steps: Star Diamond will file a Technical Report in respect of the Revised Mineral Resources estimate as soon as it is available, and in any event within the regulated 45-day period after this news release.

The Revised Mineral Resources estimate will now be incorporated into a re-optimized open pit mine plan for the Project, which will include a re-evaluation of Mineral Reserves and an economic assessment based thereon. It is anticipated this work will be completed during 2024-2025 and will result in a revised PFS including a revised statement of Mineral Reserves for the Project, if warranted, and an economic assessment based thereon. Accordingly, the mineral resources and economic assessment previously disclosed by Star Diamond for the Project should no longer be relied upon.