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Updated Renard Diamond Project Mine Plan and Mineral Reserve Estimate Québec, Canada NI 43-101 Technical Report March 30

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Updated Renard Diamond Project Mine Plan and Mineral Reserve Estimate Québec, Canada NI 43-101 Technical Report March 30 Updated Renard Diamond Project Mine Plan and Mineral Reserve Estimate Québec, Canada NI 43-101 Technical Report March 30, 2016 Qualified Persons Mr. Patrick Godin, Eng., Stornoway Diamond Corporation Mr. Robin Hopkins, P.Geol. (NT/NU), Stornoway Diamond Corporation Mr. Paul Bedell, P.Eng., Golder Associates Ltd Effective Date December 31, 2015 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This document contains forward-looking information and forward-looking statements (collectively referred to herein as “forward-looking information” or “forward-looking statements”). All, statements, other than statements of historical fact regarding Stornoway or the Renard Diamond Project, are forward-looking statements. 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” or variations 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 of historical fact and may be forward-looking statements. This report contains forward-looking statements including with respect to, without limitation: (i) the amount of Mineral Reserves, Mineral Resources and exploration targets; (ii) the amount of future production over any period; (iii) assumptions relating to recovered grade, average ore recovery, internal dilution, mining dilution and other mining parameters; (iv) assumptions relating to gross revenues, operating cash flow and other revenue metrics; (v) mine expansion potential and expected mine life; (vi) the expected time frames for the completion of construction, start of mining and commercial production at the Renard Diamond Project and the financial obligations or costs incurred by Stornoway in connection with such mine development; (vii) the expected time frames for the completion of the open pit and underground mine at the Renard Diamond Project; (viii) future exploration plans; (ix) future market prices for rough diamonds; and (x) future market prices for liquefied natural gaz and diesel. All forward-looking statements in this report are made based upon certain assumptions and estimates made as of the date such statements are made and are subject to risk factors and uncertainties, many of which may not be controlled or predicted. Material assumptions regarding forward-looking statements include without limitation: (i) required capital investment and estimated workforce requirements; (ii) estimates of net present value; (iii) receipt of regulatory approvals on acceptable terms within commonly experienced time frames; (iv) anticipated timelines for completion of construction, commencement of mine production and development of an open pit and underground mine at the Renard Diamond Project, which heavily depend, among other things, on adequate availability and performance of skilled labour, engineering and construction personnel, performance of mining and construction equipment and timely delivery of components; (v) anticipated geological formations; (vi) market prices for rough diamonds and the potential impact on the Renard Diamond Project; (vii) the satisfaction or waiver of all conditions under each of the Forward Sale of Diamonds, the Senior Secured Loan, the COF and the Equipment Facility to allow Stornoway to draw on the funding available under those financing elements for the completion of the development and construction of the Renard Diamond Project; (viii) Stornoway’s interpretation of the geological drill data collected and its potential impact on stated Mineral Resources and mine life; and (ix) future exploration plans and objectives. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward- looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, including the assumption in many forward-looking statements that other forward-looking statements will be correct, but specifically include, without limitation: (i) risks relating to variations in the grade, kimberlite lithologies and country rock content within the material identified as Mineral Resources from that predicted; (ii) variations in rates of recovery and breakage; (iii) the uncertainty as to whether further exploration of exploration targets will result in the targets being delineated as Mineral Resources; (iv) developments in world diamond markets; (v) slower increases in diamond valuations than assumed; (vi) risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar; (vii) increases in the costs of proposed capital and operating expenditures; (viii) increases in financing costs or adverse changes to the terms of available financing, if any; (ix) tax rates or royalties being greater than assumed; (x) uncertainty of results of exploration in areas of potential expansion of resources; (xi) changes in development or mining plans due to changes in other factors or exploration results; (xii) risks relating to the receipt of regulatory approvals; (xiii) the effects of competition in the markets in which Stornoway operates; (xiv) operational and infrastructure risks; (xv) execution risk relating to the development of an operating mine at the Renard Diamond Project; (xvi) failure to satisfy the conditions to the effectiveness, funding or availability, as the case may require, of each of the Forward Sale of Diamonds, the Senior Secured Loan, the COF and the Equipment Facility. Many of these uncertainties and contingencies can affect Stornoway’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, on or behalf of, Stornoway. All of the forward-looking statements made in this report are qualified by these cautionary statements. Stornoway and the Qualified Persons who authored this report undertake no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. CERTIFICATE OF QUALIFIED PERSON Robin Hopkins I, Robin Hopkins, P.Geol. (NT/NU) of North Vancouver, British Columbia, Canada, do hereby certify that: 1. I am Vice President, Exploration, for Stornoway Diamond Corporation (118-980 West 1st Street, North Vancouver, British Columbia, V7P 3N4, Canada). 2. I am a co-author of the report prepared by Stornoway Diamond Corporation titled “Updated Renard Diamond Project Mine Plan and Mineral Reserve Estimate, Québec, Canada, NI 43-101 Technical Report” (the Technical Report), dated March 30, 2016, with an effective date of December 31, 2015. 3. I graduated from the University of Waterloo, Waterloo, Ontario in 1986 (B.A.Sc. Honours Earth Sciences) and have practiced my profession continuously since graduation. 4. I am a member in good standing of the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (Licence #1027). 5. I have read the definition of “qualified person” set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) and certify that, by reason of my education, past relevant work experience and affiliation with a professional association, I fulfil the requirements of a “qualified person” for the purposes of NI 43-101. 6. I most recently visited the Renard property on October 22, 2014. 7. I am responsible for Sections 7, 8, 9, 10, 11, 12, 13 and 14 of the Technical Report. 8. I am not independent of Stornoway Diamond Corporation due to my position as an Officer of the Corporation, as defined in Section 1.5 of NI 43-101. 9. I have been involved with exploration activities at the Renard Diamond Project, including drilling, bulk sampling and micro/macro diamond analyses, since January of 2007. 10. I have read NI 43-101 and Form 43-101F1, and the sections of the Technical Report for which I am responsible have been prepared in compliance with that instrument. 11. As of the effective date of this Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all the scientific and technical information that is required to be disclosed to make the Technical Report not misleading. Signed and dated this 30th day of March, 2016 at North Vancouver. (Signed and sealed) “Robin Hopkins”, P.Geol. (NT/NU) Robin Hopkins, P.Geol. (NT/NU) Vice President, Exploration Stornoway Diamond Corporation CERTIFICATE OF QUALIFIED PERSON Patrick Godin I, Patrick Godin, Eng., do hereby certify that: 1. I am employed by Stornoway Diamond Corporation as the Chief Operating Officer, which office is situated at 1111 St-Charles
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