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Diamond & Specialty Minerals Summary for May 23, 2024

2024-05-23 18:34 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a discouraging 62-105-143 as the TSX Venture Exchange fell nine points to 601. Ewan Mason and George Read's never-say-die Saskatchewan diamond explorer, Star Diamond Corp. (DIAM) rose one-half cent to 7.5 cents on 207,000 shares. The company, which hopes to mine its mammoth Fort a la Corne project in central Saskatchewan for generations, held its annual general meeting last week. Despite the company's shoestring share price, its shareholders appeared in an optimistic mood.

Gone are the days when retail shareholders grumped up their discontent into an informal proxy battle against the company's former management. In 2016, the long-time bulls nearly succeeded, as former president and chief executive officer, Ken MacNeill, and two of his associates, Harvey Bay and Arnie Hillier, clung to office with just 51-per-cent support. (Arguably the dissidents did succeed -- the company extended the voting deadline by a few days while they garnered last-minute support -- although on the other hand, the company groused that the dissident proxy votes were improperly solicited.)

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