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Diamond & Specialty Minerals Summary for May 29, 2023

2023-05-29 21:07 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a so-so 82-71-157 as the TSX Venture Exchange added two points to 606. Ewan Mason's Star Diamond Corp. (DIAM) stumbled through its last full session before its annual general meeting Tuesday morning, ending Monday unchanged at 8.5 cents on 245,000 shares.

While the stock is unlikely to move much until investors hear of a resolution in the latest tussle between the company and Rio Tinto Exploration Canada Inc. (RTEC) regarding their FalCon joint venture in central Saskatchewan, Mr. Mason, chairman and currently interim president and chief executive officer, had been promising his company will be moving ahead one way or another, with the where and when of the plan to be revealed no later than the looming meeting.

And so, with no word of a deal with RTEC in sight, Star Diamond's annual meeting could prove an interesting affair, far beyond the humdrum selection of auditors and rubber stamping of director nominees. (Well, on that latter point, Star's meetings have not always been boring -- seven years ago, the company's retail backers came within an eyelash of toppling several directors -- falling short only after the company cajoled a proxy out of Newmont Corp. (NGT: $55.46) to support the corporate slate.)

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