Presentation for NAI being given at their offices August 9, 2012 by Matt Manson. Postponed from August 2, 2012.

1. 2012 8 2 NAI
Matt Manson

2. 2
“ ” 1995 “ ”
“ ”
(i) (ii) (iii) (iv)
(v) (vi) (vii) (viii)
(ix)
“ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ”
“ ” “ ” “ ” “ ” “ ”
Stornoway
Stornoway
(i) (ii) (iii)
(iv) (v)
(vi) (vii) 167 Renard (viii)
(ix) Renard (x)
Stornoway
www.sedar.com
Stornoway
Stornoway

4. 4
• Ekati (BHPB)
• Diavik ( /Harry Winston)
• Victor, Snap Lake, Gahcho Kue (De Beers) • Arkhangelsk District (Alrosa)
• Renard (Stornoway) • Yakutia District (Alrosa)
• Star (Shore Gold/Newmont) • Grib (LUKOIL)
• Bundar (
• Argyle ( )
• Koidu, (Steinmetz Group) • Ellendale (Gem Diamonds)
• Mbuyi-Mayi • Williamson (Petra Diamonds)
• Catoca (Alrosa)
• Letseng (Gem Diamonds)
• Jwaneng, Orapa (De Beers) • Venetia (De Beers) • Kao (Namakwa Diamonds)
• Gope (Gem Diamonds) • Finsch, Premier (Petra Diamonds) • Liqhobong (Firestone)
• AK6 (Lucara Diamonds) • Lace (DiamondCorp) • Mothai (Lucara)

5. 5
2011 1/8
160
140
120
100
2008
80 2009
2010
60 2011
40
20
0
Diamond Pt-Pd Ni Al Au Cu
USGS, LME, Kimberly Process

6. 6
Stornoway
2011 2011
27.2%
22.7%
Zimbabwe
HW 2.5% Zimbabwe
1.9% 7.1%
HW
Gem 2.1%
1.8%
Petra Gem De Beers
De Beers 0.2% 24.4%
1.4%
34.7%
Petra
4.9% 1.1%
BHPB 9.1%
5.1%
BHPB Alrosa
Alrosa 2.0% 26.9%
25.2%
SWY 2010 SWY
Kimberly Process

7. 7
De Beers Alrosa SWY 78%
(mCarats) ( $)
$2776
1,800 1,000
950
1,600 900
850
800 $731
1,400 750
700
1,200 650
600
1,000 550
500
Mcts
800 450
400 $360 $335
$US
600 350
300
250
400 `
200 $182 $155
150 $137 $121 $120
200 100
50 $34
0 0
: . De Beers100% : Stornoway , FY2011 .

8. 8
Alrosa 2010 2020 23% RBC
15-17% 2008
20 90 EKATI Diavik
AK6 (LUC) Renard (SWY) Star-Orion (SGF)
Koidu (Steinmetz) Gahcho Kue (MPV, De
G lo b a l R o u g h D ia m o n d
Zimbabwe P r o d u c tio n ( M M c t)
200 Beers)
180
160
140
120
Ct MM
100
80
60
40
20
0
2011E
2012E
2013E
2014E
2015E
2016E
2018E
2019E
2007A
2008A
2009A
2010A
2017E
2006A
A n g o la A u s t r a li a Botsw ana C anada D RC N a m ib ia R u s s ia S o u t h A f r ic a Zim b a b w e O ther
RBC Capital Markets

9. 9
Alrosa 2011 10
2010 2020 80,000 CAGR
10-20
136,959
60,000
26,112 +9.8%
101,845
$billions
Alrosa Global Insight 2011 10 40,000 76,047 16,769
11,175 +10.4%
5.6% 2020 10,260 6,756 5,756 +2.9%
20,000 4,168 5,097
1,280 2020 4,322
22,087 +4.3%
17,770
10.4% 408 2010 0
14,527
151 2010 2015F 2020F
United States Japan India China World
Global insights Alrosa 2011 10
50 CAGR
73.8 97.4 127.8
120 10-20
45
40.8 28.2%
40 100
35 26.0 +12.5%
$billions
80 24.5%
30 21.5%
$billions
25.4 15.1 20.5
25 60
12.5 +11.0%
8.0 10.0
20 40 7.2 8.8
15.1 +2.4%
15 7.9
20 44.5
35.7 +4.7%
10 28.2
5 0
2010 2015F 2020F
0
2010 2015F 2020F United States Japan India China % of India to China World
Alrosa 2011 10 Global insights Alrosa 2011 10

10. 10
2003-2012 4
WWW International Diamond Consultants Limited 2003 10 LME IMF

11. 11
De Beers , 2000-2011
$8
2000
$7 De Beers
Sales (Billion USD)
$6
$5
$4
$3
$2 De Beers 2009-
$1
$- 2010 29% 2010-
2011 29%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source: Company Reports
, 2000-2011
$16
$14
Debt (Billion USD)
$12
$10
$8
$6
$4
$2
$-
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Source: RBC Capital Markets

12. 12
Stornoway
Production and Demand in Rough Terms
(Q1 2012 values)
WWW 2011 2014 $60bn
2011 Production
$50bn Demand
2025 7.5%
$40bn
WWW $30bn
$20bn
$10bn
De Beers
Alrosa 2020 10% $0bn
2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025
source:WWW Forecasts Ltd
WWW 2011 2
WWW
Stornoway 2025
Renard
2.5% 0%
De Beers 2011 11

13. Stornoway Renard

14. 14
Stornoway?
Renard 100%
Renard
Stornoway

15. 15
Stornoway
Stornoway
Matt Manson Pat Godin Zara Boldt
Michel Blouin John LeBoutillier Monique Mercier
Tony Walsh / Yves Harvey / / Peter Nixon Ebe Scherkus Serge Vézina
IQ Designate IQ Designate IQ Designate
John
Ghislain Yves Peron Robin Dave Skelton Brian Glover Martin Boucher Guy Bourque Helene Patrick Houle
Armstrong
Poirier Hopkins Robitaille

16. 16
8
2011 11
2011 12
2012 2
2012 3
(Mecheshoo )
2012 3-5 50/50 /
$4,000
2012 5 $2,840 2012
2012 5
2012 7 Chibougamau Chapais

17. 17
Renard
0 1 2
Kilometers
N
60 0 60 120
Kilometers
Laforge 2
Laforge 1
R10 Brisay
LG4
LG2
R7 LG3
Foxtrot Property
Hibou R1
Eleonore
Wemindji Renard
R65 Western Troy Eastmain Mine
R4 Strateco
R8
R9 R3
Troilus Mine
R2 Temiscamie
Lynx Mistissini
Matagami
Chibougamau
Legend
LEGEND:
Stornoway HydroQuébec
HydroQuébec
Renard 167
/

18. 18
Renard NI 43-101
2011 1 24 2011 11 16
Renard 65
29cpht
Renard 3
/ Renard 2 106/118cpht
103/118cpht
1,800
Renard 4
53/44cpht Renard 9
47cpht
1,700
2,400-4,900
+1DTC “CIM ”
“

19. 19
3.1
(PKC)
R65
R2-R3
167

20. 20
Renard 2 & 3 ( 1-2 )
Renard 65
Renard 2 3&4 ( 3-11 )
REBOP
6,000 / 220 /
Renard 65
Renard 3
Renard 4
Renard 2
Renard 3
Renard 2

21. 21
2011 11 16
7% 6.72 18.7% 3.76 14.9%
11
210 170 180 /
27
8.02
68% 54.71 / 70.27 /
1
1,800 (2,310 78 / )
1,750 (3,110 56 / )
1 =1 90 / 2011 2025 2.5% 83.5% 19.4%
0 / 2012 1 1
1
“CIM ”

22. 22
Renard 65
Stornoway 700
Renard 3
LTBP
• Renard 2 600-700 610
• Renard 65 290 370
NI 43-101
Renard 4
Renard 2
Renard 9

23. 500
1,000
1,500
2,000
2,500
500
1,000
1,500
2,000
2,500
2013 2013
2014 2014
2015 2015
2016 2016
2017 2017
(
2018
(
2018
2019 2019
2020 2020
2021 2021
)
2022 2022
)
2023 2023
2024 2024
2025 2025
2026 2026
R2
R3
R4
R2 Pit
R3 Pit
R2 UG
R3 UG
R4 UG
1,000
1,500
2,000
2,500
500
100.0
200.0
300.0
400.0
500.0
600.0
2013 2013
2014 2014
2015 2015
2016 2016
2017
(
2017
2018 2018
(
2019 2019
2020 2020
)
2021 2021
2022 2022
2023 2023
2024 2024
)
2025 2025
2026
2026
R2
R3
R4
R2
R3
R4
23

24. 24
Renard 65
2012 7 23
Stornoway Renard 65 5,000
2012
R65 R65
7
Renard 65
1,000
Renard 65
10 / 5,000
Stornoway
Renard 65 7,000 /
260 /
A4 Renard 65

25. 25
Renard
WWW International Diamond Consultants Ltd. 2011 5 8 13
Renard Lynx Hibou
/ 99% 1%
“ ” 3 6 50-100 1 2
100 100,000
15%-38%
Renard 3 2
“ ”
2011 5
( /
( ) ( )
( ) )1
Renard 2 1,580 15.46, 8.80, 8.42 $163 to $236
Renard 3 2,753 10.15, 7.78, 6.36
$182 $153 to $205
Renard 4 2,674 5.92, 5.74, 3.99 $1122 $105 to $185
Lynx 535 21.53, 5.36, 5.34 $119 $99 to $144
Hibou 772 3.14, 3.07, 2.72 $118 $88 to $136
1
2011 5 9 13 WWW International Diamond Consultants Limited
2
Renard 2011 1 NI 43-101 2011 11 $164/
Renard 4 +0.85mm +1 DTC

26. 26
2011 2012 2013 2014 2015
( )
( )
COMEX CEAA
(50)

27. 27
“ 167 ”
70 / 2 167
Caniapiscau
$3.32 Stornoway
Stornoway 2015 10 /
$4,400 Laforge 2
Brisay
Laforge 1
2012 1
LG4
Renard 2013 LG2 LG3
Mirage
Renard Laforge-1 165
161
Eleonore Renard
(Goldcorp)
McLeod Lake
$1.74 (Western Troy)
Eastmain
$9/ Eastmain 1
(Eastmain)
167 Matoush
(268 ) (Strateco)
Stornoway
Troilus Temiscamie
(Inmet)
Mistissini
60 0 60 120
Kilometers
Chibougamau Scale : 1:3,000,000

28. 28
Stornoway Investissement Québec
• IQ 25%
34% 25%
• IQ $1
“ ”
• 5
12 167
• Stornoway 167
“ ”
Jean Charest Stornoway Matt Manson 8 1
Chibougamau 167 Charest 4
Renard 65

29. 29
Stornoway
*
1.19
(
RBC
: -
1.61 Des Kilalea, $2.05
( 2012 5 11
: 3,100 Paradigm
David Davidson $3.15
2011 11 17
4,700
( 2012 4 30 5 4 ) BMO
Ed Sterck $1.00
: 2012 6 7
2,000
IQ $1 )
Desjardins
* Brian Christie $1.70
2012 5 8
( ) 25.0% Laurentian
IQ** 33.7%
( ) -------- Eric Lemieux $2.75
2012 7 5
Agnico-Eagle 10.6% 8.9%
National Bank
Caisse de dépôt et placement du -
9.0% 7.5% Eldon Brown $2.00
Québec 2012 5 4
3.1% 2.4%
Float 52.3% 47.5%
2010 12 Stornoway Société générale de financement du Québec Investissment Québec $1
175
* 2012 7 12 $0.74
**IQ Investissement Québec

30. 30
Aber Diamond Corporation, 1995-2007
1999 7

31. 31
Renard:
•
•
•
•
•
•
6-12
• $2,840 EPCM
• 2012
• Renard 65
• 2013
• Investissement
Québec $1 25%
.
• -
•

32. !