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Diamond & Specialty Minerals Summary for May 8, 2023

2023-05-08 20:27 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a ho-hum 96-92-122 as the TSX Venture Exchange rose four points to 619. Ewan Mason's Star Diamond Corp. (DIAM) lost one-half cent to 8.5 cents on 30,000 shares.

Star Diamond's stock remains mired in the single digits, but not for a lack of trying. Late last week, Mr. Mason, chairman, and since the start of the year its interim chief executive officer, updated investors by newsletter about the "go-forward options" at both the Fort a la Corne and Buffalo Hills joint ventures. Fort a la Corne -- FalCon in the parlance of Rio Tinto, Star's majority but now inactive co-venturer -- is in central Saskatchewan, while the Buffalo Hills project is a 50:50 joint venture with Randy Turner's Canterra Minerals Corp. (CTM: $0.07) in north-central Alberta.

"We look forward to keeping you informed," Mr. Mason dutifully informed investors. He has now set a deadline for providing a major update regarding FalCon, and the negotiations with Rio Tinto regarding how the project might be returned to Star. Amicable discussions continue, Mr. Mason says, but the two sides appear far apart on what an amicable agreement might look like. Nevertheless, the situation will "come to a conclusion one way or another," Mr. Mason growls, adding that said conclusion will arrive no later than Star's annual general meeting at the end of the month.

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