BMO Global Metals & Mining ConferencePatrick Godin, President and CEO

Forward Looking Information

2

This document contains forward-looking information (as defined in National Instrument 51 102 – Continuous Disclosure Obligations) and forward-looking statements within the meaning of Canadian securities legislation and theUnited States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking information” or “forward-looking statements”). These forward-looking statements are made as of the date of thisdocument and, the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

These forward-looking statements relate to future events or future performance and include, among others, statements with respect to Stornoway’s objectives for the ensuing year, our medium and long-term goals, andstrategies to achieve those objectives and goals, as well as statements with respect to our management’s beliefs, plans, objectives, expectations, estimates, intentions and future outlook and anticipated events or results. Althoughmanagement considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of Mineral Reserves, Mineral Resources and explorationtargets; (ii) the estimated amount of future production over any period; (iii) net present value and internal rates of return of the mining operation; (iv) expectations and targets relating to recovered grade, size distribution andquality of diamonds, average ore recovery, carats recovered, carats sold, internal dilution, mining dilution and other mining parameters set out in the 2016 Technical Report as well as levels of diamond breakage; (v) expectations,targets and forecasts relating to gross revenues, operating cash flows and other revenue metrics set out in the 2016 Technical Report, growth in diamond sales, cost of goods sold, cash cost of production, gross margins estimates,planned and projected diamond sales, mix of diamonds sold, and capital expenditures, liquidity and working capital requirements; (vi) mine and resource expansion potential, expected mine life, and estimated incremental orerecovery, revenue and other mining parameters from potential additional mine life extension; (vii) expected time frames for completion of permitting and regulatory approvals related to ongoing construction activities at theRenard Diamond Mine; (viii) the expected time frames for the completion of the open pit and underground mine at the Renard Diamond Mine; (ix) the expected financial obligations or costs incurred by Stornoway in connectionwith the ongoing development of the Renard Diamond Mine; (x) mining, development, production, processing and exploration rates, progress and plans, as compared to schedule and budget, and planned optimization, expansionopportunities, timing thereof and anticipated benefits therefrom; (xi) future exploration plans and potential upside from targets identified for further exploratio; (xii) expectations concerning outlook and trends in the diamondindustry, rough diamond production, rough diamond market demand and supply, and future market prices for rough diamonds and the potential impact of the foregoing on various Renard financial metrics and diamondproduction; (xiii) the economic benefits of using liquefied natural gas rather than diesel for power generation; (xiv) requirements for and sources of, and access to, financing and uses of funds; (xv) the ability to meet SubjectDiamonds Interest delivery obligations under the Purchase and Sale Agreement; (xvi) the foreign exchange rate between the US dollar and the Canadian dollar; and (xvii) the anticipated benefits from recently approved plantmodification measures and the anticipated timeframe and expected capital cost thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives,assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” orvariations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements ofhistorical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by Stornoway or its consultants and other important factors that, if untrue, could cause the actual results, performances or achievements of Stornoway to bematerially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future businessprospects and strategies and the environment in which Stornoway will operate in the future, including the recovered grade, size distribution and quality of diamonds, average ore recovery, internal dilution, and levels of diamondbreakage, the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities andcommitments, access to financing, and the foreign exchange rate between the US and Canadian dollars. Although management considers its assumptions on such matters to be reasonable based on information currently availableto it, they may prove to be incorrect. Certain important assumptions by Stornoway or its consultants in making forward-looking statements include, but are not limited to: (i) the accuracy of our estimates regarding capital andestimated workforce requirements; (ii) estimates of net present value and internal rates of return; (iii) recovered grade, size distribution and quality of diamonds, average ore recovery, carats recovered, carats sold, internaldilution, mining dilution and other mining parameters set out in the 2016 Technical Report as well as levels of diamond breakage; (iv) the expected mix of diamonds sold, and successful mitigation of ongoing issues of diamondbreakage in the Renard Diamond Mine process plant and realization of the anticipated benefits from plant modification measures within the anticipated timeframe and expected capital cost; (v) the stabilization of the Indiancurrency market and full recovery of prices; (vi) receipt of regulatory approvals on acceptable terms within commonly experienced time frames and absence of adverse regulatory developments; (vii) anticipated timelines for the

Forward Looking Information (continued)

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development of an open pit and underground mine at the Renard Diamond Mine; (viii) anticipated geological formations; (ix) continued market acceptance of the Renard diamond production, conservative forecasting of futuremarket prices for rough diamonds and impact of the foregoing on various Renard financial metrics and diamond production; (x) the timeline, progress and costs of future exploration, development, production and mining activities,plans, commitments and objectives; (xi) the availability of existing credit facilities and any required future financing on favourable terms and the satisfaction of all covenants and conditions precedent relating to future fundingcommitments; (xii) the ability to meet Subject Diamonds Interest delivery obligations under the Purchase and Sale Agreement; (xiii) Stornoway’s interpretation of the geological drill data collected and its potential impact on statedMineral Resources and mine life; (xiv) the continued strength of the US dollar against the Canadian dollar and absence of significant variability in interest rates; (xv) improvement of long-term diamond industry fundamentals andabsence of material deterioration in general business and economic conditions; and absence of significant variability in interest rates; (xvi) increasing carat recoveries with progressively increasing grade in LOM plan; (xvii)estimated incremental ore recovery, revenue and other mining parameters from potential additional mine life extension with minimal capital expenditures; (xviii) availability of skilled employees and maintenance of keyrelationships with financing partners, local communities and other stakeholders; (xix) long-term positive demand trends and rough diamond demand meaningfully exceeding supply; (xx) high depletion rates from existing diamondmines; (xxi) global rough diamond production remaining stable; (xxii) modest capital requirements post-2018 with significant resource expansion available at marginal cost; (xxiii) substantial resource upside within scope of mineplan; (xxiv) opportunities for high grade ore acceleration and processing expansion and realization of anticipated benefits therefrom; (xxv) significant potential upside from targets identified for further exploration; and (xxvi) limitedcash income taxes payable over the medium term.

By their very nature, forward-looking statements involve inherent risks and uncertainties. We caution readers not to place undue reliance on these forward- looking statements as a number of important risk factors could cause theactual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. The operating results and financial conditionof the Corporation are subject to a number of inherent risks and uncertainties associated with its business activities, which include the financing, exploration, development, construction and operation of its mine and processingfacility. The operating results and financial condition are also subject to numerous external factors, which include economic, regulatory, legal, tax and market risks impacting, among other things, supply of materials and demand forrough diamonds, rough diamond prices, foreign exchange rates, inflation and the availability and cost of capital to fund the capital requirements of the business. Each of these risks could have a material adverse effect on theCorporation’s future business, financial condition, prospects, results of operations or cash flow, and could cause actual results to differ materially from those described in any forward-looking statements contained in thisdocument. There can be no assurance that the Corporation has been or will be successful in identifying all risks or that any risk-mitigating strategies adopted to reduce or eliminate risk will be successful. These risks should beconsidered when evaluating the Corporation and its guidance. With the exception of the going concern risk, which is described in the Corporation’s most recently filed MD&A, a comprehensive discussion of the risks faced by theCorporation can be found in the Corporation’s 2017 Annual MD&A and most recently filed AIF, which are available on SEDAR at www.sedar.com under the Corporation’s profile.

Qualified Persons

The Qualified Persons that prepared the technical reports and press releases that form the basis for the presentation are listed in the Company’s AIF dated March 29, 2018. Disclosure of a scientific or technical nature in thispresentation was prepared under the supervision of Mr. Patrick Godin, P.Eng. (Québec), President and Chief Executive Officer and Mr. Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration, both “qualified persons” underNational Instrument (“NI”) 43-101.

Non-IFRS Financial Measures

This document refers to certain financial measures, such as Adjusted Net Loss, Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA Margin, Average Diamond Pricing Achieved, Cash Operating Cost per Tonne Processed, CashOperating Cost per Carat Recovered and Capital Expenditures, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable tosimilar measures reported by other corporations. Each of these measures have been derived from the Corporation’s financial statements and have been defined and calculated based on management’s reasonable judgement.These measures are used by management and by investors to assist in assessing the Corporation’s performance. The measures are intended to provide additional information to the user and should not be considered in isolationor as a substitute for measures prepared in accordance with IFRS. Refer to the “Non-IFRS Financial Measures” section of the Corporation’s Management Discussion and Analysis as at and for the quarter ended September 30, 2018for further discussion of these items, including reconciliations to IFRS measures.

Fully Ramped-up, Low Cost Operations

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2017: Commercial ProductionFirst production from open pit mining in July 2016; Commercial production achieved in January 2017.

2018: Mining and Processing TransitionTransitioned to underground mining; Implemented ore waste sorting; Improved diamond recoveries and pricing; Steady state operations achieved late August 2018.

2019: Steady-state Underground Operations, Upside EvaluationProduction from existing R2 290m level; Introduction of higher-grade R3 ore into feed; Evaluation of R4-R9 open pit; Drilling of R7 kimberlite pipe.

Low Cost, Long Life Asset with Strong Sector FundamentalsLowest cost diamond producer in Canada; Life of Mine Plan to FY2030; Upside on mine life, processing capacity and market pricing.

Strong Social License and Institutional SupportPartnered with the Crees of Eeyou Istchee; Investissement Québec, CDPQ, Orion and Osisko as investors, lenders and/or streamers.

1. See Note on “Non-IFRS Financial Measures”

2018: Completed Transition to Underground MiningUG to be principal source of production ore 2018-2030.

First production blast December 2017; production ramp-up completed August 2018.

Ramp access; 6,000 tpd ore design capacity; surpassed this target in each month of Q4 2018.

First Experiences

More competent country rock and less competent kimberlite than expected.

Migration to assisted block caving as principal mining method; long term benefits in production costs and dilution.

First production panels developed at the north pipe margin of the 290m level in highly dilute, low grade kimberlite.

Grade has significantly increased as mining has progressed to the center of R2; recovered grade of 80 cpht in Q4 2018.

5

1,4451,982

4,172

3,5853,848

5,801 5,5876,218

7,128 7,046

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

Aver

age

Daily

Ton

nage

(ton

nes p

er d

ay)

UG Mine Design Capacity = 6,000 tpd

Underground Production – Ore Tonnes Hauled to Surface

519 563 562 598 606

398286 223 329

486

7751

4055

80

0

200

400

600

800

1,000

Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18

Thou

sand

To

nnes

/Car

ats

Tonnes

Carats

Grade (cpht)

5 Quarter Processing and SalesAt December 31, 2018. All quoted figures in CAD$ unless noted

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Processing

Carat Sales1,2,3

ROM Sales: Gross Proceeds and Pricing4,5

1. Q1 FY18 includes 127,616 carats that were sold in the first quarter for which revenue was realized in the second quarter.

4. See note on “Non-IFRS Financial Measures”5. Before Stream and royalty

2. “ROM” Carats represent all diamonds larger than +1 DTC sieve size. “Supplemental” carats represent additional diamonds smaller than the 7 DTC sieve size that have been recovered in excess of that expected in the Renard Mineral Resource statement.

3. Q1 to Q4 2018 supplemental sales were 42,663 carats sold for gross proceeds of $1.0M (US$18.50/ct), 41,979 carats sold for gross proceeds of $1.0M (US$18.50/ct), 21,367 carats sold for gross proceeds of $0.4M (US$13/ct), and 58,313 carats sold from gross proceeds of $1.1M (US$14/ct).

$49.1$56.6

$28.6 $24.7 $30.6

$86

$112 $109 $103$92

$108

$142 $142 $134$122

$0

$20

$40

$60

$80

$100

$120

$0

$50

$100

$150

Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18

Mill

ions

dol

lars

Pric

e pe

r Car

at

Gross Proceeds

US$/ct

$/ct

454 399

201 185254

43

4221

58

0

200

400

600

Q4 FY17 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY18

Thou

sand

To

nnes

/Car

ats

Supplemental Carats

ROM Carats

+45%+39%

+51%

Stornoway’s Achieved Pricing Exceeding Index

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SWY Real Price Index vs WWW’s Rough Price Index1, Real Terms2

1. Roughprices.com2. Sale by sale basis, normalized for variations in quality and size distribution

Rough diamonds sold by tender through the Antwerp offices of sales agent Bonas-Couzyn.

In real terms (excluding changes in mix) pricing for Renard diamonds increased 27% between the first sale in November 2016 and June 20181.

Market weakness is being shown principally in smaller and lower quality items.

Currency weakness relative to the US$ and market uncertainty on the impact of synthetic diamonds also affecting small diamond categories.

Underlying polished diamond demand remains strong, particularly in the US market.

100 101 102

95

98 100

101

98 96

93 94 95

97 97 98 100

102 100 100

101 102

100

112 110

114 115

119 119

110 111

114

120 119 120

125 127

123

118

113 114

90

95

100

105

110

115

120

125

130

Nov

-16

Dec-

16

Jan-

17

Feb-

17

Mar

-17

Apr-

17

May

-17

Jun-

17

Jul-1

7

Aug-

17

Sep-

17

Oct

-17

Nov

-17

Dec-

17

Jan-

18

Feb-

18

Mar

-18

Apr-

18

May

-18

Jun-

18

Jul-1

8

Aug-

18

Sep-

18

Oct

-18

Nov

-18

WWW SWY

290L

Renard 2: Ramped-up underground production in 2018

Renard 9

Renard 4

Renard 65

Renard 2

Renard 3

Renard 2-3: Open pit mining completed in 2018

Renard 65: Open pit production to complement R2 feed

Renard 3: First underground production planned for Q3 2019

Renard 2: Development of second underground mining horizon in 2019

Renard 4: Underground production planned starting in 2026

270L

470L

710L

290L

177216 205 219

190 197

77

123 130161 165 160

4357

6374

8781

0

50

100

150

200

250

300

350

400

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

Thou

sand

Ton

nes/

Cara

ts

Tonnes

Carats

Grade (cpht)

Steady State Operations Achieved

Ramp-up in the underground mine achieved late August 2018.

Transition to assisted block cave mining completed. All drawpoints on 290 meter level now available.

Breakthrough to the R2-R3 open pit achieved.

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6-Month Processing Performance, July to December 2018

Production halted for 3 days in July due to

forest fire

Mining

Processing

Steady state processing with ore-sorting (“OSP”) fully operational.

Diamond recoveries since OSP introduction have exhibited lower levels of breakage than previously observed with comparable feed composition.

Opportunity to improve process plant front-end throughput (rockbreaker availability, steam-heated ore bins). Production halted for

3 days in November to run Renard 4 sampling test

Long Mine Life, Significant Resource Upside

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2018-2019 drilling and sampling aimed at accelerating the mining of R3 and R4 in the Renard mine plan.

860L

710L

470L

290L290L

400L

Portal

R2-R3 Open-pitR4-R9 Open-pit(under internal evaluation)

R65 Open-pit

Renard 65 Renard 4 Renard 9

Renard 2

Renard 3

1

3

5

6

2

49

10

7

8

Exploration drilling planned at depth to expand resource base.

Indicated Resources

Inferred Resources

Target for Further Exploration

270L

410L

5,345m delineation drilling completed to 315m depth.Confirmed widths and location of Renard 3, and presence of high grade 3dg and 3h units.R3 ore above the 290m mining level included in the 2019 production schedule, several years earlier than expected.

Exploration drilling planned at depth in 2019 to expand resource base.To be tested with sustaining drilling from existing underground workings in 2019.

13,546 tonne sample excavated from surface at Renard 4 to evaluate potential future open pit at Renard 4 and Renard 9 in area of Mineral Resources currently outside the Renard Mine Plan.

5,740 carats recovered to date with additional processing to be completed.Drilling Renard 9 from existing underground workings in 2019 to expand resource base.

Renard 2

Renard 3

Renard 4 – Renard 9

Renard 7

Surface drilling starting in March 2019.

1112.4 ct 14.9 ct

Renard 2

Renard 3

Renard 9

Renard 4Renard 8

Renard 65

Renard 1

Renard 7

Renard 10

Lynx Dyke

Hibou Dyke

Processed Kimberlite

Containment

Process Plant

Camp

Renard 4 – Renard 9Renard 4 bulk sample excavation completed.Processing of sample ongoing.Three “special” stones recovered: 14.9ct, 12.4ct and 11.1ct.

Underground drilling of Renard 9 in 2019.

Renard 7Surface drilling starting in March 2019.Located on dry ground, approximately 1.6km from process plant.

Victor

Komsomolskaya

Argyle2

Voorspoed

Koffiefontein

Diavik

Sable, Pigeon, Lynx,Misery Main, Koala (Ekati)

30

25

20

15

0

35

2016 2017F 2018F 2019F 2020F 2021F

10

5

2022F 2023F 2024F 2025F

The supply outlook, driven by the depletion of existing mines and handicapped to “likely production”, shows a downward trending CAGR of -1% to -2% to 2030

Global Rough Diamond Supply, Mct, Base Scenario

2010 2014 2018F 2022F 2026F 2030F

120

90

60

30

0

180

150

Existingmines

CAGR(2016-2030)

9%

-3%

-

-1 – -2%

New mines/projects

Additionalproduction

Forecast

Favorable Global Rough Diamond Production Outlook1

Source: Bain & Company “The Global Diamond Industry 2017: The Enduring Story in a Changing World”1. Additional resources include tailings retreatment, which could be viable in older mines as run-of-mine is depleted, early-stage projects and projects currently marginal, which may become viable as rough prices increases2. Argyle production profile based on SWY management estimates

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Argyle Mine, AustraliaGlobal Rough Diamond Depletion Curve, Mct

FY2019 GuidanceProvided January 16, 2019All quoted figures in CAD$ unless noted

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Mining and Processing

Carats Recovered1 (million) 1.80 to 2.10

Grade1 (cpht) 71 to 87

Tonnes Processed (million) 2.40 to 2.55

Selling and Marketing

Carats Sold1 (million) 1.80 to 2.10

Average Diamond Pricing1 (US$/ct) US$ 80-105

Cost

Capital Expenditures2 (million) $ 70-80

Cash Operating Cost per Tonne Processed2 ($/t) $ 47-54

Cash Operating Cost per Carat Recovered2 ($/ct) $ 57-72

1. Inclusive of both run-of-mine and supplemental diamond production2. See note on “Non-IFRS Financial Measures”

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Head Office:

1111 Rue St. Charles Ouest,

Longueuil, Québec J4K 4G4

Tel: +1 (450) 616-5555

Investor Relations Contact:

Alex Burelle, Manager – IR and Business Development

aburelle@stornowaydiamonds.com

Tel: +1 (450) 616-5555 x2264

www.stornowaydiamonds.com

Info@stornowaydiamonds.com

Stornoway Diamond Corporation TSX:SWY, TSX:SWY.DB.U