BUILDING QUÉBEC’S FIRST DIAMOND MINECorporate Update, January 22nd, 2015

Matt Manson Orin BaranowskyPresident & CEO Director, Investor Relations

2

Forward-Looking Information

This 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 herein as “forward-looking statements”,

are made as of the date of this presentation and the Company does not intend, and does not assume any obligation, 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 and include, but are not

limited to, statements with respect to: (i) the amount of mineral resources and exploration targets; (ii) the amount of future production over any period; (iii) net

present value and internal rates of return of the mining operation; (iv) assumptions relating to recovered grade, average ore recovery, internal dilution, mining

dilution and other mining parameters set out in the Feasibility Study or Optimization Study; (v) assumptions relating to gross revenues, operating cash flow and

other revenue metrics set out in the Feasibility Study or Optimization Study; (vi) mine expansion potential and expected mine life; (vii) expected time frames for

completion of permitting and regulatory approvals and making a production decision; (viii) future exploration plans; (ix) future market prices for rough diamonds;

and (x) sources of and anticipated financing requirements. 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 statements of 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 by such statements. Such

statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Stornoway will

operate in the future, including the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals. Certain important factors that could cause

actual results, performances or achievements to differ materially from those in the forward-looking statements include, but are not limited to: (i) required capital

investment and estimated workforce requirements; (ii) estimates of net present value and internal rates of return; (iii) receipt of regulatory approvals on acceptable

terms within commonly experienced time frames; (iv) anticipated timelines for the commencement of mine production; (v) market prices for rough diamonds and

the potential impact on the Renard Project’s value; and (vi) future exploration plans and objectives. Additional risks are described in Stornoway's most recently

filed Annual Information Form, annual and interim MD&As, and other disclosure 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 the foregoing factors

and other uncertainties and potential events. Stornoway does not undertake to update any forward-looking statement, whether written or oral, that may be made

from time to time by Stornoway or on our behalf, except as required by law.

Readers are referred to the technical report dated as of February 28th, 2013 entitled “The Renard Diamond Project, Québec, Canada, Feasibility Study Update, NI

43-101 Technical Report, February 28, 2013” in respect of the January 2013 Optimization Study, and the press release dated July 23, 2013 in respect of the July

2013 Mineral Resource estimate for further details and assumptions relating to the project. The Qualified Persons that prepared the technical reports and press

releases that form the basis for the presentation are listed in the Company’s AIF dated July 29, 2014. Disclosure of a scientific or technical nature in this

presentation has been reviewed and approved by Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, a “qualified person” under NI 43-101.

3

Stornoway Diamond Corporation TSX:SWY

100% Ownership in Renard,

Québec’s First Diamond Mine

Fully Financed; Fully Permitted

In Construction; First Production 2H 2016

July 8th 2014 Stornoway Closed the Single Largest

Project Financing Transaction for a Publicly Listed

Diamond Company: C$946M1

One-shot financing of all project costs, contingencies,

working capital requirements and financing costs.

Expected to fully fund project to completion.

Project in Construction. First Production 2H 2016

Notes:

1. Assuming a C$:US$ conversion rate of C$1.10 Project Site, October 21st, 2014

4

Why Stornoway? Renard’s Cash Flow PotentialBased on Base Case Economics

Renard is Expected to Generate Substantial Cash Flow

over its first 11 years of Mining

After Tax, After Stream Operating Cash Flow of between

$150 and $250 million, or $0.20 to $0.30 per share

Assumptions

Mineral reserve case only

Capital and operating cost parameters as established in the January 2013 Optimization Study

and October 2013 LNG FS

Base case diamond pricing from March 2014; No “special” diamonds.

2.5% annual real diamond price escalation

C$:US$ conversion rate of C$1.10

Based on terms of Financing Transaction closed on July 8th 2014

Assumes full conversion to equity of US$81million of Convertible

Debentures giving 825 million shares outstanding.

Significant Upside Potential from Resource,

Large Diamonds and Processing Capacity

5

Shareholding

Share Price (TSX-SWY):January 21, 2015

C$ $0.52

52 week High-Low C$ $0.46–$1.22

Average Daily Volume:Last 12 Months

589,689

Average Daily Volume:Since July 8th 2014

732,719

Market Capitalization: C$ 380 million

Total Shares Outstanding: 731 million

Total Options & Warrants Outstanding:(25.3m Options $0.40-$5.36; 123.8m

warrants $0.90-$1.21)

149 million

Consolidated Cash1: (as of October 31, 2014)

C$ 388 million

Consolidated Debt1:

(as of October 31, 2014)C$ 179 million

Undrawn Financing Commitments2: (Subject to Financing Agreement CPs)

C$ 462 million

Balance Sheet

Post-Financing Balance Sheet and Capital Structure

Notes

1. Unaudited

2. Assuming a C$:US$ conversion rate of C$1.10

Investissement Québec 28.7% 22.5%

Orion Mine Finance 24.8% 22.0%

CDPQ 6.1% 6.3%

Float 40.4% 49.2%

DilutedBasic

6

Publicly Listed Diamond Producers, Developers and ExplorersConsensus Analyst Views on Value

TickerPrice

(21/1/15)

Shares

O/S

(mm)

Market

Cap

($mm)

NAV/sh(1) Current

P/NAV(1) Target (1) % Return

to Target

Annual

Dividend

Diamond Producers

Dominion Diamonds DDC:T $20.00 85.1 $1,702.7 $27.78 0.7x $25.14 27% (n/a)

Gem GEMD:LN £1.75 138.3 £242.3 £2.58 0.7x £2.14 22% (n/a)

Lucara LUC:T $1.99 379.4 $754.9 $2.67 0.7x $2.92 49% $0.04/sh

Petra PDL:LN £1.77 512.1 £903.9 £2.39 0.7x £2.16 23% (n/a)

Diamond Developers

Firestone FDI:LN £0.35 309.0 £107.8 £0.70 0.5x £0.61 74% (n/a)

Mountain Province MPV:T $5.10 135.2 $689.5 $7.48 0.7x $6.62 30% (n/a)

Stornoway SWY:T $0.64 730.9 $1.35 0.5x $1.15 (n/a)

Diamond Explorers

Kennady Diamonds KDI:LN $4.76 23.6 $112.5 (n/a) (n/a) (n/a) (n/a) (n/a)

North Arrow Minerals NAR:V $0.55 49.8 $27.4 (n/a) (n/a) (n/a) (n/a) (n/a)

Peregrine Diamonds PGD:T $0.14 226.2 $31.7 (n/a) (n/a) (n/a) (n/a) (n/a)

Shore Gold SGF:T $0.24 246.7 $59.2 (n/a) (n/a) (n/a) (n/a) (n/a)

Notes:

1. Bloomberg Analyst Consensus

Stornoway SWY:T $0.52 730.9 $380.1 $1.35 0.4x $1.09 110% (n/a)

77

Renard: Québec’s First Diamond Mine

8

Lynx

R10

N

R7

R1Hibou

R4

R9R2

R3

R65

R8

Kimberlite Bodies with

Measured and Indicated

Resources

Hibou

Lynx

R4

R9R2

R3

R65

Kimberlite Bodies with

Resource Potential

R1Hibou

Lynx

Legend

Stornoway Properties

Hydro-Québec Facility

Renard Kimberlites

Kimberlitic Dyke

Regional Kimberlites

Hydro-Québec

Powerlines

Route 167 Extension/

Renard Mine Road

Road

Exploration/ Mining

Projects

LEGEND:

0 1 2

Kilometers

60 0 60 120

Kilometers

Renard

LG3LG2LG4

Laforge 1

Laforge 2

Brisay

Foxtrot Property

Strateco

Eastmain MineWestern Troy

Troilus Mine

Eleonore

Temiscamie

Mistissini

ChibougamauMatagami

Wemindji

Renard Kimberlite Bodies

Kimberlite Bodies with

Inferred Resources

9

The Feasibility: 11 years

of mining on 18mcarat

Mineral Reserve

(24mtonnes)

Permitting and Long

Term Plan

The Vision: Deposit still

Open

40

60

80

100

120

140

Millions

of Tonnes

20

0

TFFE High Range

Inferred Mineral Resource

TFFE Low Range

Indicated Mineral Resource

The Renard Diamond ProjectA Large, High Value Diamond Resource with a Very Long Mine Life Potential

0m

100m

200m

400m

600m

700m

500m

300m

Renard 65

29/24cpht Renard 3

103/112cpht

Renard 2

104/119cphtRenard 9

53cpht

Renard 4

60/50cpht

27 mcarat Indicated Mineral Resource

17 mcarat Inferred Mineral Resource

26-48 mcarat TFFE

Source: Stornoway, 2014

Grades illustrated are for Indicated and Inferred Mineral Resources respectively at a +1DTC sieve

size cut-off. Reserve and Resource categories are compliant with the "CIM Definition Standards on

Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have

demonstrated economic viability. The potential quantity and grade of any Exploration Target

(previously referred to as a “Potential Mineral Deposit”) is conceptual in nature, and it is uncertain if

further exploration will result in the target being delineated as a mineral resource.

Renard Mine Plan and Key Operating AssumptionsA Combined Open Pit and Underground Operation

0m

100m

200m

400m

600m

700m

500m

300m

Notes

1. Key Assumptions:C$1=US$1, Oil US$95/barrel, 2.5% real terms diamond price growth,

82.9% ore recovery, 23.8% mining and internal dilution, 0cpht dilution grade.

2. Expressed in May 2011 terms. Average price US$190/carat in March 2014 terms.

3. Expressed in October 2012 terms, as adjusted in October 2013 LNG FS. Includes

C$754m of costs and contingencies and C$57m of escalation allowance.

4. Expressed in October 2012 terms. Operating costs C$54/tonne in October 2013 LNG

FS terms. Excludes capitalized preproduction costs.

5. Before stream

Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral

Resources and Reserves". Mineral resources that are not mineral reserves do not have

demonstrated economic viability. The potential quantity and grade of any Exploration Target is

conceptual in nature, and it is uncertain if further exploration will result in the target being

delineated as a mineral resource.

Reserve Based Mine Plan1

(Jan 2013 FS Optimization and October 2013 LNG

Option FS)

Mine Life 11 years

Mineral Reserve 17.9 mcarats

Ave. Diamond Price2 $180/carat

Production Rate 2.2 mtonnes/yr

Ave. Diamond Production 1.6 mcarats/yr

Gross Revenue (C$M)2 $4,268

Initial Capital Costs3 $811m

Operating Cost4 $58/t ($76/carat)

Operating Margin5 67%

Payback 4.8 years

Resource Based Mine Plan(Basis of December 2012 ESIA and Mine Permitting. Not

public disclosure consistent with NI 43-101)

Includes the mining of 2.3mcarats of Indicated

Resources within a Renard 65 open pit,

additional Inferred Resources in Renard 2, 3, 4

and 9, and an increased annual processing

capacity up to 2.6mtonnes/yr.

Increased project valuation and mine life.

Renard 65Renard 2 Renard 3

Renard 4

Renard 9

10

11

Comparison of New Diamond MinesRenard has Best Cost Profile

Project/

Company

Reserves

(Mt)

Reserve

Grade

(cpht)

Reserve

Carats

(Mct)

Diamond

Value

(US$/ct)

Operating

Cost

(US$/t)1

Operating

Margin

(US$/t)1

Cost/

Rev

Production

(Mct/Year)

Renard2

Stornoway23.8 75 18.0 $190 $50 $94 0.35 1.63

Gahcho Kué3

DeBeers/MPV35.4 157 55.5 $118 $67 $109 0.38 4.45

Liqhobong4

Firestone37.2 31 11.6 $107 $14 $28 0.41 1.15

Bunder5

Rio Tinto53.7 64 34.2 $50 $20 $18 0.53 2.50

Ghaghoo6

Gem7.5 28 2.1 $267 $41 $33 0.55 0.60

Notes:

1. Based on US$ Conversion at C$0.92.

2. Source: January 2013 Optimization Study and October 2013 LNG Feasibility Study. Utilizing March 2014 Base Case Modeled Diamond Prices, Un-escalated.

3. Source: May 2014 Feasibility Study. Utilizing April 2014 Base Case Modeled Diamond Prices, Un-escalated.

4. Source: Nov 2013 Updated DFS. November 2013 Base Case Modeled Diamond Prices, Un-escalated.

5. Source: SWY Estimates

6. Source: March 2011 technical report. Utilizing Jan 2014 reserve carat values, Un-escalated.

Renard2

Stornoway23.8 75 18.0 $190 $50 $94 0.35 1.63

12

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

Dia

mo

nd

s (

cara

ts)

Diamond Production

R2 R3 R4

Reserve Based Mine Plan Production ScheduleJanuary 2013 FS Optimization

-

500,000

1,000,000

1,500,000

2,000,000

2,500,00020

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

Ore

To

nn

ag

e (

t)

Open Pit & Underground Mining

R2 Pit R3 Pit R2 UG R3 UG R4 UG

-

100,000

200,000

300,000

400,000

500,000

600,000

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

Rev

en

ue (

k C

$)

Gross Revenue (Real Terms)

R2 R3 R4

Year

1Year

2

Year

3

Year

4

Year

5

Year

6

Year

7

Year

8

Year

9

Year

10

Year

11Year

-3

Year

-2

Year

-1Year

12

Year -3 -2 -1 1 2 3 4 5 6 7 8 9 1110 12Year -3 -2 -1 1 2 3 4 5 6 7 8 9 1110 12

13

Stornoway will be a Significant Diamond ProducerCurrent and Future Diamond Producers

Source: Kimberly Process, WWW and Company Reports

Latest 12 Month Sales/ Forecast Future

Average Sales

1 De Beers (Anglo/Botswana) $6,902m

2 Alrosa (Russia) $4,976m

3 Dominion Diamond (TSX: DDC) $908m

4 Rio Tinto (ASE: RIO) $880m

5 Petra (L: PDL) $472m

6 Stornoway (note 2; TSX: SWY) $310m

7 Gem (L: GEMD) $265m

8 Mountain Province (note 2; TSX: MPV) $259m

9 Lucara (TSX: LUC) $254m

10 Firestone (note 3; L: FDI) $123m

11 Others $3,251m

Total $18,600m

DeBeers37%

Alrosa27% Dominion

6%

RioTinto5%

Petra3%

SWY2%

GEM1%

MPV1%LUC

1%Firestone1%

Others17%

Notes:

1. Renard estimated at FS average annual diamond production of 1.63 million carats, and WWW March 2014 weighted diamond price of US$190/ct, un-escalated

2. Gahcho Kué estimated at 49% of Revised FS average annual production of 4.45 million carats, and average modeled diamond price of US$118/ct, un-escalated

3. Firestone estimated at FS average annual production of 1.15 million carats at an average price of US$107/ct un-escalated

6 Stornoway (note 1; TSX: SWY) $310m

14

Renard’s DiamondsLarge Diamond Potential Not Included in Base Case Diamond Valuation Models

March 2014 Diamond Valuations (WWW International Diamond Consultants Ltd.)

Kimberlite

Body

Size of

Valuation

Sample(carats)

WWW March

2014 Sample

Price(US$/carat)1

WWW March

2014 Base Case

Price Model(US$/carat)1

Sensitivities(Minimum to High)

Renard 2 1,580 $187 $197 $178 to $222

Renard 3 2,753 $179 $157 $146 to $192

Renard 4 2,674 $101 $106 ($155)2 $100 to $174

Renard 65 997 $262 $187 $175 to $211

Notes

1. All prices in US$/carat. Samples utilizing a +1 DTC sieve size cut-off.

2. Should the Renard 4 diamond population prove to have a diamond population with a size distribution

equal to the average of Renard 2 and 3, WWW have estimated that a base case diamond price model

of $155 per carat based on March 2014 pricing. Source: WWW March 2014 Valuation Update

Three Renard 65

diamonds: 9.78 ct and

6.41 ct diamonds

recovered from bulk

sampling and a 4 carat

stone discovered in

drillcore in 2003

Base Case Diamond Valuation

Estimates Using on Best

Practice Methodology

Average diamond price estimate in

March 2014 for the Mineral Reserves

at US$190/ct (un-escalated)

compared to US$180/ct in the January

2013 Optimization Study.

High Quality Production with

Large Stone Potential

The Renard kimberlites have similar,

but marginally different diamond

populations exhibiting a high

incidence of large white gems.

Coarse Size Distribution in Renard 2

predicts three to six 50-100ct stones

and one to two +100ct stones every

100,000 carats (two weeks).

Substantial revenue potential from

large diamonds not accounted for in

the base case cash-flow model.

1515

Renard Construction Progress

16

Ebe Scherkus

Chairman of the

Board

Stornoway’s Management CredentialsExperience in Building and Operating Major Projects

Matt Manson

President, CEO

& Director

Pat Godin

COO & Director

SWY since 2011

Formerly President

and COO of Agnico

Eagle Mines Ltd.

Executive Chairman

of Premier Gold

SWY since 2007

Formerly VP

Marketing/VP

Technical Services,

Aber Diamond Corp

(Dominion Diamond;

Diavik Project)

SWY since 2010

Formerly VP Project

Development Gmining

(Essakane Mine).

Successive mine

management and

project development

positions, Cambior

Ian Holl

VP Processing

SWY since 2014

20 years experience De

Beers in plant

construction,

commissioning and

operation (Victor, Snap

Lake, Jwaneng Mines) Yves Peron

VP Engineering

& Construction

SWY since 2012

Formerly VP Bus. Dev.

at Delsaer and Seneca.

Successive

management roles at

ArcelorMittal and

Xstrata.

Martin Boucher

VP Sustainable

Development

SWY since 2010

Formerly Canadian

Royalties (Nunavik

Project) and Xstrata

(Raglan, Gaspesia,

Koniambo Mines)Brian Glover

VP Asset

Protection

SWY since 2012

Formerly Director

Security Operations

at Harry Winston

(Dominion Diamond).

More than 20 years

experience RCMP. Robin Hopkins

VP Exploration

SWY since 2006

Formerly Aber

Resources and

discovery of the

Diavik Mine.

Zara Boldt

CFO and VP

Finance

SWY since 2010

Formerly CFO

Sherwood Copper

(Minto Mine)

17

Project Well Prepared for ExecutionConstruction Commenced July 10th 2014

Project Site July 2014

Permitting and Social Licence in Place

Mecheshoo Agreement signed with Crees in March

2012, partnership agreements with Chibougamau and

Chapais in July 2012, Quebec and Federal

Authorisations in Dec. 2012 and July 2013 respectively.

Access Infrastructure in Place

Renard Mine Road opened to traffic on Aug. 30th 2013.

Renard Aerodrome opened to landings Nov. 5th 2013.

Owner’s Team and EPCM in Place

Owner’s construction team located in Longueuil. EPCM

contract negotiated with SNC-Lavalin, DRA & AMEC.

LNG Power

LNG power option selected to utilize all-season road

and commercial LNG distribution network in Québec.

Favourable Construction Environment

Competitive cost environment and good contractor/

labour availability in Québec.

R65 Borrow Pit

Exploration Camp

Lac Lagopede

Ground Breaking Ceremony July 8th 2014

18

The Path to Stornoway’s Social LicenceStrong Regulatory and Public Support for Québec’s First Diamond Mine

2. Prioritize Social Licence

3. Pursue Permitting Diligently and Openly

March 2012: Impact and Benefits Agreement (“IBA” or the

“Mecheshoo Agreement”) with the Cree Nation of Mistissini

and the Grand Council of the Crees (EI).

July 2012: Partnership Agreements signed with

Chibougamau and Chapais.

Oct. 2012: Québec Mining license issued.

Dec. 2012: Québec Certificate of Authorization issued.

July 2013: Positive Federal Environmental Assessment decision issued.

1. Build Partnerships

April 2011: Acquired project interest of SOQUEM making

Investissement Québec (through DIAQUEM) a shareholder

August 2011: Partnership agreement with Québec under Plan

Nord to develop the Route 167 Extension to Renard Project

May 2012: Established head office in Montreal

19

Waste Rock

Processed

Kimberlite

Containment

(PKC)

Overburden

StockpileR2-R3

Ore Stockpile

R65

Accommodation Complex

Plant

Road from Chibougamau

Garage

Administration

Portal

General Project Arrangement

Fuel Storage

2

3 4

5

1

Early Construction Focus

20

Site ProgressSite Overview by Week 10

Project Site September 23rd, 2014

Construction

Camp

3: Major Facilities Pads

(Plant, Garage, Admin)

2: Permanent Camp Construction

Pad and Box-

Cut for Decline

Portal

Future R2-R3 Pit

Location

5: Water

Management

Ditches

4: Overburden

Storage

1: R65 Borrow Pit

21

Site ProgressCivil Works at Plant, Garage and Mine Dry Sites

Site Overview, September 23rd 2014

Permanent Camp Construction Plant Site Preparation

Site Overview, October 11th 2014

Permanent Camp

DormitoriesMine Dry and

Garage Pads

Process Plant and

Crusher Pads

22

Site ProgressPermanent Camp Construction

Permanent Camp Pad, August 2014 Module Foundations, September 23rd 2014

Three Wings In, October 11th 2014 Kitchen Foundations, October 21st 2014

23

Site ProgressPermanent Camp Construction

Camp Construction, November 30th 2014

Dormitory Wings Kitchen & LeisureReception BuildingTemporary Garage

Permanent Kitchen, December 2014 Mess Hall, January 2015

24

Site ProgressPreparing Plant Site

Looking Northwest, October 21st 2014 Looking Southwest, October 21st 2014

Exploration

Camp

Plant, Mine Dry

and Garage Pads

Looking North

Accommodation

Complex Plant Footprint

25

Process Plant at 6,000tpd (2.2Mtonnes per

annum) nameplate capacity, expandable to

7,000tpd (2.6Mtonnes per annum)

Optimization by DRA Americas Inc. has

allowed addition of Large Diamond

Recovery (“LDR”) capacity to the flow sheet

for no additional capital.

Flow sheet:

• Primary jaw crushing to < 230mm

• Twin DMS circuits at +1mm -19mm

• LDR circuit at +19mm -45mm, scalable

to -60mm

• Oversize +45mm to secondary cone

crusher

• LDR and DMS tails +6mm -19mm to

tertiary High Pressure Grinding Rolls

Cap-ex (Direct Costs, without Capitalized Op-ex)

• Jan 2013 Cap-ex without LDR: $162.7m

• Optimized Cap-ex with LDR: $147.1m

Thickening and centrifugal treatment of

fines and tails to create a truckable product

for dry-stack disposal.

Diamond Processing PlantIn Detailed Design Stage

Crushed ore stockpile

Scrubbing and

Screening

DMSCentrifugeCone crushing

HPGR

Water

26

Site ProgressJanuary 2015 Site Activities

Site Overview, January 14th 2015

Potable Water Intake,

January 11th 2015Site Water Discharge,

January 15th 2015

Mine Office FoundationsMine Office Modules

27

Site ProgressPortal for Underground Decline, Water Treatment Facilities

Box Cut Under Construction, November 30th 2014

Box Cut Under Construction, December 17th 2014 Water Treatment Facilities, January 13, 2015

Installation of Water Treatment Facilities, September 23, 2014

28

Views of the Route 167 Extension/Renard Mine RoadOpened for Construction Traffic since August 2013

KM 237

KM 155

Eastmain River Bridge KM 184

29

Airstrip, July 2014

Nov 2013

Airstrip, August 2014

Site ProgressRenard Airstrip (“FCX5”)

Airstrip Facilities, October 2014

30

Project ScheduleBased on Construction Mobilization July 10th 2014

Feasibility Study (Complete)

ESIA (Complete)

Public Hearings (Complete)

Reg. Authorizations (Complete)

Specific Operating Permits (50)

Road Construction (Complete)

Project Financing (Complete)

Detailed Engineering

Site Construction

Commissioning and Ramp-up

Commercial Production

2012

2H 2H 2H 2H2H 1H 1H 1H1H

2013 2014 2015 2016

2H1H

2017

Based on the Renard Diamond Project Construction Schedule, Plant

Commissioning is Planned for H2 2016 and Commercial Production in Q2 2017.

January 2015

First Vehicle Access

Completion Status

as of Oct 31 2014 (FY15 Q2)

Overall Construction: 10% (planned 9%)

2014 Activities: 68% (planned 62%)

EPCM Progress: 11% (planned 14%)

31

Notable Exploration Properties and Joint Ventures

Reserve and Resource categories are compliant with the "CIM Definition

Standards on Mineral Resources and Reserves". Mineral resources that are

not mineral reserves do not have demonstrated economic viability. The

potential quantity and grade of any Exploration Target is conceptual in

nature, and it is uncertain if further exploration will result in the target being

delineated as a mineral resource.

Renard (100%)

Aviat (90%)

Qilalugaq (100%)

Pikoo (20%)

Pikoo – 80% North Arrow (NAR-V), 20% SWY

2 New Kimberlites discovered in 2013 on 33k Ha property in east

central Saskatchewan.

209kg sample of PK150 kimberlite returned 745 diamonds larger

than 0.106mm

Till sampling underway during summer 2014 under an 80/20 JV

with North Arrow, pursuant to 2012 Option Agreement.

Qilalugaq – 100% SWY (Subject to NAR Option)

8 Kimberlites on 7k Ha property in eastern Nunavut.

Q1-4 pipe has an Inferred Resource of 48.8mtonnes with total

diamond content of 26.1mcarats to 205m.

C$3.7m sampling program underway to recover 500 carat parcel

for diamond valuation, pursuant to 2012 Option agreement with

NAR to earn an 80% interest, subject to a one time back in right

of SWY’s to increase its interest to 40%.

Aviat – 90% SWY, 10% Hunter Exploration Group

Kimberlite sheet and blow system on 197k Ha property located on

Melville Peninsula in eastern Nunavut.

TFFE estimated at 12.4 to 16.0mtonnes of kimberlite containing

24.1mcarats to 40.3mcarats.

32

Stornoway Diamond Corporation TSX:SWY

100% Ownership in the Renard Diamond

Project, One of the World’s Few New

Diamond Projects Under Development

Fully Permitted and Fully Financed

Québec: World Leading Mining Jurisdiction

Top Tier Profitability Profile

Now, In Construction to Build Canada’s

Next Diamond Mine

First Production 2H 2016

3333

Appendix

34

Renard Project Financing Transaction Structure

TypeAmount

(% of Total)Description

Common Equity C$374M (40%)• C$132M marketed public equity offering of subscription receipts

• C$242M private placement to Orion (US$110M), RQ (C$100M) and Caisse (C$22M)

Diamond Stream US$250M (29%) • 20% diamond stream (Orion 16%, Caisse 4%) with ~US$56/ct(1) ongoing payment

Convertible Debentures US$81M (9%)• Provided by Orion; 7 year, 6.25% coupon, 35% conversion premium to equity issue

price

Senior Debt C$120M (11%) • Provided by IQ; 7 year amortizing payment, Fixed (QC Bond)+5.75% or Prime +4.75%

Equipment Financing US$35M (4%) • Provided by Caterpillar

Cost Overrun Facility C$48M (5%)• C$20M provided by IQ (same terms as senior debt)

• C$28M provided by Caisse (unsecured, 7 year term, 10% coupon)

Total C$946M (100%)

Assumes US$1.00 = C$1.10

1. Includes reimbursement of marketing expenses

Counter-PartyAmount

(% of Total)

Orion Mine Finance C$367M (39%)

Investissement Québec/

Ressources QuébecC$240M (25%)

Caisse de dépôt et

placement du QuébecC$105M (11%)

Caterpillar Financial C$39M (4%)

Public C$195M (21%)

Total C$946M (100%)

C$77M

C$811M

C$946M

C$70M

C$67M

Financing Funding Requirements

New

Financing

Existing

Financing

C$48M COF &

C$27M Working

Capital

Financing

Costs &

Interest During

Construction

Renard Mine

Road

Initial Capex &

Escalation

Allowance

35

Probable Mineral ReserveMining Recovery Factors Utilized in the Reserve

Calculation

KimberliteGrade(cpht)

Tonnes(millions)

Contained

Carats(Millions)

Internal

Dilution

Mining

Recovery

Mining

Dilution

Renard 2 OP 95 1.31 1.24 0.0% 96.0% 7.1%

Renard 2 UG 80 17.03 13.62 7.0% 82.4% 20.2%

Renard 3 OP 93 0.72 0.67 0.0% 96.0% 10.5%

Renard 3 UG 84 1.00 0.84 21.1% 85.0% 14.0%

Renard 4 UG 42 3.72 1.58 1.4% 78.2% 14.0%

Total 75 23.79 17.95 5.9% 82.9% 17.9%

Notes: Reserve categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Totals may not add due to rounding. Grades are estimated at a

+1DTC sieve size cut-off.

R2 , 83%

R3, 8%

R4, 9%Revenue

R2 , 77%

R3, 7%

R4, 16%Tonnage

R2 , 83%

R3, 8%

R4, 9%Carats

NI 43-101 Probable Mineral ReservesJanuary 28th 2013

36

Notes: Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have

demonstrated economic viability. Indicated Mineral resources are Inclusive of the Mineral Reserve. Totals may not add due to rounding. Grades are estimated at a +1DTC sieve size

cut-off.

Renard NI 43-101 Mineral ResourcesJuly 23rd 2013

KimberliteGrade(cpht)

Tonnes(millions)

Contained

Carats(Millions)

Renard 2 – Total 100 18.58 18.66

Renard 2 104 17.71 18.38

Renard 2 CRB-2a 32 0.87 0.28

Renard 3 103 1.76 1.82

Renard 4 60 7.25 4.31

Renard 65 29 7.87 2.30

Total Indicated 76.4 35.45 27.09

Renard 2 – Total 64 11.77 7.47

Renard 2 119 5.23 6.23

Renard 2 CRB 19 6.54 1.24

Renard 3 112 0.54 0.61

Renard 4 50 4.75 2.37

Renard 9 53 5.70 3.04

Renard 65 24 4.93 1.18

Lynx Dyke 107 1.80 1.92

Hibou Dyke 144 0.18 0.26

Total Inferred 56.8 29.67 16.85

37

Notes: The potential quantity and grade of any exploration target (previously referred to as “potential mineral deposit”) is conceptual in nature, and it is uncertain if further exploration

will result in the target being delineated as a mineral resource. The exploration upside for the Renard kimberlite pipes has been determined by projecting reasonable kimberlite

volumes from the base of the inferred Resource to a depth of 700m below surface. In the case of the Lynx and Hibou dykes, the exploration upside was established on the basis of

known drill intersections of kimberlite for which insufficient diamond sampling exists to adequately estimate a diamond resource grade.

Target for Further ExplorationJuly 23rd 2013. Changes to Previous January 2011 Estimates in Italics

KimberliteGrade(cpht)

Tonnes(millions)

Contained Carats(Millions)

Renard 2 104 to 158 4.0 to 4.6 4.2 to 7.3

Renard 3 105 to 168 0.8 to 1.7 0.8 to 2.8

Renard 4 50 to 77 11.1 to 15.4 5.6 to 11.8

Renard 9 52 to 68 3.9 to 6.3 2.0 to 4.3

Renard 65 25 to 33 29.0 to 40.9 7.3 to 13.5

Lynx Dyke 96 to 120 3.1 to 3.2 3.0 to 3.8

Hibou Dyke 104 to 151 2.7 to 2.9 2.9 to 4.3

Total Exploration

Upside

54.6

(-0.8%)to

74.9

(-0.8%)

25.7

(+9.1%)to

47.8

(-1.4%)

38

Chronology of Renard Studies

Feasibility Study

Released on November 16th 2011. NI 43-101 Technical Report filed December 29 2011.

11 Year Mine Plan based on 18 Mcarat Mineral Reserve derived from January 2011 NI 43-101 Resource.

Long Term Business Plan

Companion study to the Feasibility Study with an extended mine plan incorporating the project`s 17.5 million carats of

Inferred Mineral Resources.

Basis of overall mine design and project permitting. Not part of the project`s public disclosure, consistent with Canadian

reporting standards

Optimization Study

Released on January 28th, 2013. NI 43-101 Technical Report filed March 2013.

Refined of Feasibility mine design, including shaft deferral and a modified underground mining sequence.

11 Year Mine Plan based on 17.9 million carat Mineral Reserve.

Resource Update

Released July 2013. NI 43-101 Resource update with 14% increase in Indicated Resource contained carats

LNG Feasibility Study

Released October 2013. Modified project Cap-ex and Op-ex for LNG powered gen-sets

39

January 2013 Optimization Study Project Assumptions, Valuation and Pay-Back in the January 2013 FS Optimization Study

Key Assumptions in the Financial Model1

Mining

Parameters

Reserve Carats (M) 17.9

Tonnes Processed (M) 23.8

Recovered Grade (cpht) 75

Average Ore Recovery (%) 82.9%

Average Mining Dilution (%) 17.9%

Dilution Grade (cpht) 0

Processing Rate (Mtonnes/annum) 2.2

Mine Life (years) 11

Cost

Parameters

Initial Cap-ex (C$M)2 $752

LOM Cap-ex (C$M)4 $1,013

Oil Price (US$/barrel)2 $95

LOM Op-ex (C$/tonne)2 $57.63

LOM Op-ex (C$/carat)2 $76.63

Revenue

Parameters

Gross Revenue (C$M)2 $4,268

Marketing Costs 2.7%

DIAQUEM Royalty 2.0%

Cash Operating Margin (C$M)2 $2,693

% Operating Margin 67%

Income Tax, Mining Duties and IBA

Payments (C$M)1 $625

After Tax Net Cash Flow (C$M) $1,084

Diamond

Price

Parameters3

Renard 2 and Renard 3 (US$/carat) $182

Renard 4 (US$/carat) $164

Diamond Price Escalation 2.5%

Exchange rate 1C$=1US$

Schedule

Parameters

Effective Date for NPV Calculation Jan. 1 2013

Construction Mobilization/Early Works Aug. 1 2013

Plant Commissioning Commences Dec. 1 2015

Commercial Production Declared Jun. 1 2016

Valuation Results5 (C$m)

Pre-Tax After Tax

NPV5% $894 $537

NPV7% (Base Case) $683 $391

NPV9% $514 $274

IRR 20.4% 16.3%

Pay-Back (years) 4.69 4.82

Notes

1. Optimization Study, released January 28th 2013.

2. Expressed in October 2012 terms.

3. Expressed in May 2011 terms.

4. Expressed in nominal terms.

5. Expressed in de-escalated nominal terms.

40

Liquefied Natural Gas Power Plant

The Renard Diamond Project will be

powered using Liquid Natural Gas (“LNG”)

fuelled gen-sets, with daily supplies of

cryogenic LNG from GazMetro in Montreal

utilizing the Renard Mine Road.

The Renard LNG plant will comprise seven

2.1MW rated gas gen-sets, providing

sufficient power generation capacity for the

project’s normal operating specification of

9.5MW.

LNG has significant cost and environmental

advantages over traditional diesel powered

gen-sets and a Hydro-Quebec power-line

option.

Diesel will continue to be used for the mobile

mining fleet and construction activities.

41

Liquefied Natural Gas Power PlantFeasibility Study Released October 2013

An LNG fuelled powerplant for Renard offers many advantages over diesel:

• Greatly reduced annual operating costs of $8m to $10m per year, for a small incremental

capital cost of $2.6m.

• Up to 43% less greenhouse gas emissions.

• stable supply market utilizing existing commercial distribution network within Québec.

• Elimination of on-site propane, as LNG will be used for building and underground mine

heating

Cost Improvements with LNG2013 Optimization

Study with Diesel

2013 Optimization

Study with LNG

Unit Power Cost (C$/kWh) 1 $0.299 $0.188 (-37%)

Unit Operating Cost (C$/tonne) 1,2 $57.63 $53.84 (-7%)

Initial Capital Cost (C$m) 1 $752.1 $754.0 (+0.3%)

Life of Mine Capital Cost (C$m) 1,3 $1,013 $1,010 (-0.3%)

Annual Diesel Consumption (million litres) 27.5 5.9 (-79%)

Annual LNG Consumption (thousand m3/annum) n/a 41.7

Annual Propane Consumption (thousand m3/annum) 3.5 n/a

Notes

1. 2013 Optimization Study costs expressed in October 2012 terms.

2. Excludes capitalized preproduction costs.

3. Includes all initial, sustaining and deferred capital, contingencies and escalation

Key Assumptions

Based on the 11 year reserve-based mine life (17.9 mcarats) contained within

the 2013 Optimization Study, with a normal operating load of 9.49MW,

C$1=US$1, Oil US$95/barrel

42

The Challenge of Finding and Developing New Diamond Mines

“Tier 1” defined as mines with Ultimate reserves greater than US$20B: Jwaneng, Orapa, Mir,

Udachnya, Venetia, Catoca, Premier

Kimberlite Discoveries Since 1870

6,800

1,000

65

7

875

420

20

1

10

100

1,000

10,000

KimberlitesDiscovered

Diamondiferous Economic Tier 1*

Recent Diamond Mines

Source: De Beers/SWY

Economic kimberlites represent just 1% of all

discoveries made since 1870 (1.7% in Canada)

Time from Discovery to First Production

Ekati (1998, BHPB, now Dominion) 7 years

Diavik (2002, Rio Tinto/Dominion) 9 years

Victor (2008, De Beers) 20 years

Snap Lake (2008, De Beers) 11 years

Karowe (2012, Lucara) 10 years

Grib (2013, Lukoil) 18 years

Ghaghoo (2014, Gem) 23 years

Renard (2017, Stornoway) 16 years

Gahcho Kué (2017, DeBeers/MPV) 21 years

Bunder (2019, Rio Tinto) 15 Years

Projects are taking longer to develop

43

Major Diamond Mines and Development Projects WorldwideFew Enough Mines to Fit on One Map

South Africa

• Venetia (De Beers)

• Finsch, Cullinan, Kimberley (Petra Diamonds)

• Lace (DiamondCorp)

Tanzania

• Williamson (Petra Diamonds)

Russia

• Arkhangelsk District (Alrosa)

• Yakutia District (Alrosa)

• Grib (LUKOIL)

India

• Bunder (Rio Tinto)

Australia

• Argyle (Rio Tinto)

• Ellendale (Kimberly Diamonds)

Canada

• Ekati (Dominion)

• Diavik (Rio Tinto/Dominion)

• Victor, Snap Lake, Gahcho Kué (De Beers)

• Renard (Stornoway)

• Fort a la Corne (Shore Gold/Newmont)

Botswana

• Jwaneng, Orapa (De Beers)

• Ghaghoo (Gem Diamonds)

• Karowe (Lucara Diamonds)

Angola

• Catoca (Alrosa)

Democratic Republic of Congo

• Mbuyi-Mayi

Sierra Leone

• Koidu, (Steinmetz Group)

Lesotho

• Letseng (Gem Diamonds)

• Kao (Namakwa Diamonds)

• Liqhobong (Firestone)

• Mothae (Lucara)

44

A Snapshot of Rough Diamond Supply

Industry Supply Themes

146mcarats produced in 2013

(US$18b)

No return to peak diamond production

of 176mcarats achieved in 2005

Maximum 20mcarats new production

on deck assuming all new projects

meet proponents published production

and schedule estimates

Consensus forecast of 2% supply

CAGR (in carat terms) to 2018,

declining thereafter

Potential or Actual New Projects

Rough Diamond Supply

Sources

The Global Diamond Report, December 2014: Bain & Co/Antwerp World Diamond Centre

The Diamond Insight Report, September 2014: McKinsey/De Beers

45

A Snapshot of Rough Diamond Demand

Rough Diamond Demand

Supply and Demand

Industry Demand Themes

Diamond jewelry/polished diamond demand

growth tied to GDP growth in principal

markets

Diamond jewelry sales strongly correlated to

market demographics (age, gender, wealth)

US still dominant polished diamond market

(40% in 2013, 2% CAGR 2008-13) with

China the growth market (15% in 2013, 20%

CAGR 2008-13)

Consensus forecast of c.5% rough demand

CAGR (in dollar terms) over next 10 years

Consensus forecasts of 2-4% real rough

diamond price CAGR over next 10 years

given supply/demand imbalance

Sources

The Global Diamond Report, December 2014: Bain & Co/Antwerp World Diamond Centre

The Diamond Insight Report, September 2014: McKinsey/De Beers

46

Rough Diamond Pricing 2009-2014

A tracking of the diamond market since the publication of the November 2011 FS and January 2013 Opt.

FS indicates rough diamond prices have generally remained within the bounds of sensitivities contained

within the FS financial model (May 2011 spot prices and a 2.5% real terms annual price escalator).

WWW Rough

Diamond Price

Index

COMEX Gold

May 2011 FS

Diamond Valuation

50

100

150

200

250

300

350

1-Jan-09 1-Jan-10 1-Jan-11 1-Jan-12 1-Jan-13 1-Jan-14 1-Jan-15

Ind

ex t

o 2

009=

100

WWW Rough Index, CPI Adjusted Renard Model Price Growth

FS 2.5% Price Model

(Nominal, adjusted

for CPI) with +/- 10%

Sensitivity

47

Hume Kyle

Independent

Zara Boldt

CFO and VP

Finance

Pat Godin

COO & Director

Matt Manson

President, CEO

& Director

John LeBoutillier

Independent/

IQ Designate

Monique Mercier

Independent/

IQ DesignatePeter Nixon

Independent

Ebe Scherkus

Independent/

Board Chairman

Executive Officers

Non-Executive Directors

Key Managers

Head Office: Longueuil, Québec

Exploration Office: North Vancouver, BC

Community Offices: Mistissini & Chibougamau Québec

Stornoway’s Board and Management Team

Serge Vézina

Independent

Yves PerronVP Engineering

& Construction

Ghislain

PoirierVP Public Affairs

Brian Glover VP Asset

Protection

Martin BoucherVP Sustainable

Development

Robin

Hopkins VP Exploration

Orin

BaranowskyDirector, IR

Douglas Silver

Orion Designate

Ian HollVP Processing

Annie Torkia-

LagacéVP Legal Affairs

Gaston Morin

Independent/

IQ Designate

48

Pat Godin

COO & Director

Biographies

Ebe Scherkus

Chairman of the

Board

Matt Manson was appointed President of Stornoway Diamond Corporation in March 2007 and subsequently

President & CEO in January 2009. Between 1999 and 2005 he was employed by Aber Diamond Corporation

(now Dominion Diamond Corporation) as VP Marketing and subsequently VP Technical Services & Control,

during which time he participated in the US$230m project financing for the Diavik Diamond Project and

oversaw Aber's technical and marketing operations. Mr. Manson is a graduate of the University of Edinburgh

(BSc Geophysics, 1987) and the University of Toronto (MSc Geology 1989 and PhD Geology, 1996), and has

over 18 years of experience in diamond exploration, development and production.

Pat Godin joined Stornoway as COO in May 2010. He was previously VP, Project Development for GMining

Services, responsible for the development of the Essakane Mine in Burkina Faso under contract to IAMGOLD,

VP Operations for Canadian Royalties, and President and General Manager of CBJ-CAIMAN S.A.S., a French

subsidiary of Cambior / IAMGOLD. For many years, he was involved in Cambior’s various Canadian properties

in Abitibi-Témiscamingue, through progressive management positions in project development and mine

management. He holds a bachelor’s degree in mining engineering from Université Laval in Québec and is a

member of the “Ordre des Ingénieurs du Québec”. He is the Chairman of the Board of Geomega Resources

and a director of Orbit-Garant Drilling.

Mr. Scherkus served as the President and Chief Operating Officer and a director of Agnico-Eagle from 2005 to

February 2012. Prior to his appointment as President and Chief Operating Officer in December 2005, Mr.

Scherkus served as Executive Vice-President and Chief Operating Officer from 1998 to 2005, as Vice-

President, Operations from 1996 to 1998, as a manager of Agnico Eagle LaRonde Division from 1986 to 1996

and as a project manager from 1985 to 1986. Mr. Scherkus is a graduate of McGill University (B.Sc.), a

member of the Association of Professional Engineers of Ontario and past president of the Québec Mining

Association. He is Chairman of the Board of Premier Gold Mines Ltd.

Matt Manson

President, CEO

& Director

49

Stornoway Diamond Corporation TSX:SWY

Head Office:

1111 Rue St. Charles Ouest,

Longueuil, Québec J4K 4G4

Tel: +1 (450) 616-5555

IR Contact:

Orin Baranowsky, CFA, Director IR

obaranowsky@stornowaydiamonds.com

Tel: +1 (416) 304-1026 x103

www.stornowaydiamonds.com

Info@stornowaydiamonds.com