Renard Resource UpdateJuly 23rd 2013

Slide Deck Accompanying Press Release Dated July 23rd 2013

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Forward-Looking Information

This presentation contains "forward-looking information" within the meaning of Canadian securities legislation and “forward-looking statements” within themeaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this presentation and the Company does not intend, and does not assume any obligation, to update theseforward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include,but are not limited to, statements with respect to: (i) the amount of mineral resources and exploration targets; (ii) the amount of future production over anyperiod; (iii) net present value and internal rates of return of the mining operation; (iv) assumptions relating to recovered grade, average ore recovery,internal dilution, mining dilution and other mining parameters set out in the Feasibility Study or Optimization Study; (v) assumptions relating to grossrevenues, operating cash flow and other revenue metrics set out in the Feasibility Study or Optimization Study; (vi) mine expansion potential and expectedmine life; (vii) expected time frames for completion of permitting and regulatory approvals and making a production decision; (viii) the expected timeframes for the construction of a mining grade road by Stornoway and completion generally of the Route 167 extension and the financial obligations or costsincurred by Stornoway in connection with such road extension; (ix) future exploration plans; (x) future market prices for rough diamonds; and (xi) sourcesof and anticipated financing requirements. 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” 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 statementsof historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results,performances or achievements of Stornoway to be materially different from future results, performances or achievements expressed or implied by suchstatements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environmentin which Stornoway will operate in the future, including the price of diamonds, anticipated costs and Stornoway’s ability to achieve its goals. Certainimportant factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include,but are not limited to: (i) required capital investment and estimated workforce requirements; (ii) estimates of net present value and internal rates of return;(iii) receipt of regulatory approvals on acceptable terms within commonly experienced time frames; (iv) the assumption that a production decision will bemade, and that decision will be positive; (v) anticipated timelines for the commencement of mine production; (vi) anticipated timelines related to theconstruction of a mining grade road by Stornoway and completion generally of the Route 167 extension and the impact on the development schedule atRenard; (vii) anticipated timelines for community consultations and the impact of those consultations on the regulatory approval process; (viii) marketprices for rough diamonds and the potential impact on the Renard Project’s value; and (ix) future exploration plans and objectives. Additional risks aredescribed in Stornoway's most recently filed Annual Information Form, annual and interim MD&As, and other disclosure documents available under theCompany’s profile at: www.sedar.com.

When relying on our forward-looking statements to make decisions with respect to Stornoway, investors and others should carefully consider the foregoingfactors and other uncertainties and potential events. Stornoway does not undertake to update any forward-looking statement, whether written or oral, thatmay be made from time to time by Stornoway or on our behalf, except as required by law.

3Renard NI 43-101 Mineral ResourcesPublished July 23rd 2013

Notes: Grades illustrated are for Indicated and Inferred Mineral Resources respectively at a +1DTC sieve size cut-off. Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of any Exploration Target (previously referred to as a “Potential Mineral Deposit”) is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Renard 460/50cpht

Renard 2104/119cpht

Renard 3103/112cpht

27 million carats

INDICATED RESOURCE

Drill DelineatedMicro/Macro Diamond SamplingBulk Sampling for Value

Renard 953cpht

Renard 6529/24cpht

17 million carats

INFERRED RESOURCE

Lower Resolution Drilling, or no Bulk Sample

Lower Resolution Diamond Sampling, or no Drilling.

26 - 48 million carats

EXPLORATION UPSIDE

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Notes: Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. Indicated Mineral resources are Inclusive of the Mineral Reserve. Totals may not add due to rounding. Grades are estimated at a +1DTC sieve size cut-off.

Renard NI 43-101 Mineral ResourcesPublished July 23rd 2013. Changes to January 2011 Mineral Resource in Italics

Kimberlite Grade(cpht)

Tonnes(millions)

Contained Carats(Millions)

Renard 2 – Total 100 (n/a) 18.58 (n/a 18.66 (n/a)

Renard 2 104 (+1.2%) 17.71 (-0.4%) 18.38 (+1.6%)

Renard 2 CRB-2a 32 (n/a) 0.87 (n/a) 0.28 (n/a)

Renard 3 103 (-2.2%) 1.76 (+0.5%) 1.82 (-1.7%)

Renard 4 60 (+13.1%) 7.25 -- 4.31 (+13.0%)

Renard 65 29 (n/a) 7.87 (na) 2.30 (n/a)

Total Indicated 76.4 (-14.3%) 35.45 (33.1%) 27.09 (+14.0%)

Renard 2 – Total 64 (n/a) 11.77 (n/a) 7.47 (n/a)

Renard 2 119 (+1.2%) 5.23 (+0.4%) 6.23 (+1.6%)

Renard 2 CRB 19 (n/a) 5.23 (n/a) 1.24 (n/a)

Renard 3 112 (-4.5%) 0.54 (+0.2%) 0.61 (-4.2%)

Renard 4 50 (+13.7%) 4.75 (-0.1%) 2.37 (+13.7%)

Renard 9 53 (+13.2%) 5.70 (+0.1%) 2.69 (+13.2%)

Renard 65 24 (-16.8%) 4.93 (-61.9%) 1.18 (-68.3%)

Lynx Dyke 107 -- 1.80 -- 1.92 --

Hibou Dyke 144 -- 0.18 -- 0.26 --

Total Inferred 57 (+1.2%) 29.67 (-4.6%) 16.85 (-3.5%)

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Notes: The potential quantity and grade of any exploration target (previously referred to as “potential mineral deposit”) is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The exploration upside for the Renard kimberlite pipes has been determined by projecting reasonable kimberlite volumes from the base of the inferred Resource to a depth of 700m below surface. In the case of the Lynx and Hibou dykes, the exploration upside was established on the basis of known drill intersections of kimberlite for which insufficient diamond sampling exists to adequately estimate a diamond resource grade.

Target for Further ExplorationPublished July 23rd 2013. Changes to January 2011 Estimates in Italics

Kimberlite Grade(cpht)

Tonnes(millions)

Contained Carats(Millions)

Renard 2 104 to 158 4.0 to 4.6 4.2 to 7.3Renard 3 105 to 168 0.8 to 1.7 0.8 to 2.8Renard 4 50 to 77 11.1 to 15.4 5.6 to 11.8Renard 9 52 to 68 3.9 to 6.3 2.0 to 4.3Renard 65 25 to 33 29.0 to 40.9 7.3 to 13.5Lynx Dyke 96 to 120 3.1 to 3.2 3.0 to 3.8Hibou Dyke 104 to 151 2.7 to 2.9 2.9 to 4.3Total ExplorationUpside

54.6 (-0.8%) to 74.9

(-0.8%)25.7

(+9.1%) to 47.8(-1.4%)

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What Data Supports the Resource Calculation?

88,887 m of core drilling (surface)

6,151 m of reverse circulation (RC) drilling

780 m of underground drifting (200 m in kimberlite)

2,382 m of underground drilling

+2,000 thin sections (formal petrographic work on ~800)

Dense Media Separation (“DMS”) processing of kimberlite

4,563 tonnes of underground samples 8,600 tonnes of surface trench samples 903 tonnes of RC chip samples 154 tonnes of drill core samples

9,212 carats of macrodiamonds (+1 DTC) from DMS work

18.3 tonnes of samples submitted for microdiamond analysis

Diamond valuation exercises in 2005, 2007, 2008, 2009, 2011 and 2013

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Exploration Target High Range

Inferred Resource

Exploration Target Low Range

Probable Reserve

Notes: Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of any Exploration Target is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Renard’s Resource UpsideA Project with a Long Resource Tail and Very Long Mine Life Potential

The resource upside at depth at Renard is world class.

Although highly accretive, the project’s Inferred Mineral Resources are not included in the Feasibility Study economic analysis in accordance with NI 43-101.

0m

100m

200m

400m

600m

700m

500m

300m

Renard 6529/24cpht

Renard 460/50cpht Renard 9

53cpht

Renard 2104/119cpht

Renard 3103/112cpht

The Feasibility: 11 years of mining

Permitting and Long Term Business Plan

The Vision: Deposit still Open

40

60

80

100

120

140

Millions of Tonnes

20

0

8

490 m asl

-275 m asl

0 m

790 m

Indicated Resource

Legend

Inferred Resource

Inferred Resource of R2 CRB

Low TFFE

High TFFE

Resource ExpansionTargets for Resource Expansion in 2013 and Beyond

Renard 2 Renard 3 Renard 4 Renard 65 Renard 9

1. Conversion of Renard 65 Inferred Resources to Indicated to 150m depth (July 2013: Completed)

2. Addition of Renard 2 Country Rock Breccia to both Indicated and Inferred Resources (July 2013: Completed)

3. 6.2 mcarats in 5.23 Mtonnes (at 119 cpht) in Renard 2 Inferred Resources between 610m and 700m depth: 4.2 to 7.3 McaratsTFFE between 700m and 770m depth. Open below 770m. (Target for Future Exploration)

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3

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Stornoway recently completed a successful 5,000 tonne bulk sample at Renard 65 in July 2012.

Diamond recovery of 963 carats with a March 2013 valuation of US$180/ct (with sensitivities of $203 & $169).

July 2013: Conversion of Inferred Mineral Resources to a depth of 150m to an Indicated Mineral Resource of 2.30 Mcarats (comprising 7.87 Mtonnes at 29cpht)

Upon conversion to a Mineral Reserve, this material may be incorporated into the mine plan in two ways:1. add 1 year to the LOM and increase the

production rate to 2.5Mt/a or2. add 3 years to the LOM as a reserve tail at a

production rate of 2.1Mt/a

The cost of developing a 75m deep pit at Renard 65 is already contained within the Feasibility Study.

The Renard 65 bulk sample returned the highest value diamonds to date at the Renard Project

Renard 2

Renard 3

Renard 9Renard 4

Renard 65

Three Renard 65 diamonds: 9.78 ct and 6.41 ctdiamonds recovered from the 2012 bulk sample and a 4 carat stone discovered in drillcore in 2003

Renard’s Resource UpsideA Project with a Long Resource Tail and Very Long Mine Life Potential

Notes: Reserve and Resource categories are compliant with the "CIM Definition Standards on Mineral Resources and Reserves". Mineral resources that are not mineral reserves do not have demonstrated economic viability. The potential quantity and grade of any Exploration Target is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

10Renard’s DiamondsRecent Valuation Conducted by WWW International Diamond Consultants Ltd. March 2013

KimberliteBody

Size ofValuation Sample(carats)

WWW March 2013 Sample

Price(US$/carat)1

WWW March 2013 Base Case Price

Model(US$/carat)1

Sensitivities(Minimum to High)

Renard 2 1,580 $180 $190 $171 to $214

Renard 3 2,753 $173 $151 $141 to $185

Renard 4 2,674 $100 $104 ($150)2 $98 to $168

Renard 65 997 $250 $180 $169 to $203Notes

1. All prices in US$/carat. Samples utilizing a +1 DTC sieve size cut-off.

2. Should the Renard 4 diamond population prove to have a diamond population with a size distribution equal to the average of Renard 2 and 3, WWW have estimated that a base case diamond price model of $150 per carat based on March 2013 pricing.

10.15 carat gem quality octahedron

Renard 3 Bulk Sample Stones larger than 2 carats. “Run of Mine”

Approximately 9,000 carats of diamonds have been recovered for valuation from all ore bodies.

The Renard kimberlite pipes have similar, but marginally different diamond populations exhibiting coarse size distributions and with high proportions of large white gems. No fancy colours.

99% by weight gem/near-gem quality. 1% industrial quality boart.

Value Upside in Large Gems. Diamonds larger than 10.8ct (“Specials”) estimated at three to six 50-100ct stones and one to two +100ct stones every 100,000 carats (two weeks). Not accounted for in the revenue model,

Independent valuation exercises have been undertaken in 2005,2007, 2008, 2009, 2011 and 2013