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Diamond & Specialty Minerals Summary for Nov. 15, 2023

2023-11-15 20:41 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was an 83-83-144 draw as the TSX Venture Exchange rose one point to 517. Ewan Mason's Star Diamond Corp. (DIAM) lost another one-half cent, closing at seven cents on 423,000 shares and setting a new all-time low of 6.5 cents.

There is still no word about a separation agreement between Star Diamond and Rio Tinto Exploration Canada Inc. (RTEC), its now inactive co-venturer on the Fort a la Corne diamond project in central Saskatchewan. The project, called FalCon when RTEC was busy spending about $200-million in the late 2010s to earn a 75-per-cent interest, is now known as Kiwetin -- so named by Star Diamond as it looks to reclaim a 100-per-cent interest after RTEC put FalCon on care and maintenance in mid-2022 and plotted its departure.

The deal is done, save for the final paperwork, or so Mr. Mason has been saying for the past few months, with his latest target for the big reveal essentially being today. Unfortunately, if the final agreement is delayed much longer, Star Diamond may have to replenish its treasury at a bargain basement share price, or so the company's just released third-quarter report would suggest.

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