- Star Diamond has named Ewan Mason as president and chief executive officer, after serving on an interim basis since January 2023
- Mason was instrumental in negotiating the company’s acquisition of Rio Tinto’s 75 per cent interest in its flagship Fort à la Corne diamond properties
- Star Diamond acquires, explores and develops mineral properties
- Star Diamond stock is down by 15 per cent year-over-year, and by 61.36 per cent since 2019
Star Diamond (TSX:DIAM) has named Ewan Mason as president and chief executive officer, after serving on an interim basis since January 2023.
Mason, who will continue as chairman of Star Diamond’s board, played an integral role in negotiating the company’s acquisition of Rio Tinto‘s 75 per cent interest in its flagship Fort à la Corne diamond properties.
Chairman and CEO, Ewan Mason. (Source: Star Diamond)
Mason brings vast experience in corporate financing, restructuring and advisory, and as a contract geologist for numerous mining companies. He previously served as a managing director with RBC, where he initiated coverage of mining conglomerates around the world. He then served at TD Securities to start up and lead the re-launch of a mining investment banking team, which built relationships with Xstrata, BHP Billiton, Vale, Votorantim, Buena Ventura, IAMGOLD, Gammon Gold, Jaguar Mining, HudBay Minerals, Northgate Minerals, Equinox Minerals, Eurozinc and International Minerals.
According to a statement in Friday’s news release from Lisa Riley, lead director of Star Diamond’s board, Mason “continues to build strong relationships with our employees, shareholders and stakeholders, all while maintaining a focus on shareholder value.”
“I am honored to accept the CEO position at Star Diamond,” Mason said in the same release. “I am excited about the prospect of an ongoing collaboration with an exceptional team and the future development of the world-class diamond project that is Fort à la Corne.”
A prime candidate for undervaluation
We highlighted Star Diamond as a potential value play in the latest edition of Weekly Market Movers, noting the discrepancy between the attractive Star-Orion South diamond project in Fort à la Corne, and DIAM shares having fallen by 61.36 per cent since 2019.
A 2018 preliminary economic assessment affords Star-Orion South a net present value of $3.3 billion, with a revised mineral resource estimate on the way set to enable pre-feasibility work, enhanced awareness of the project’s economic potential, and what the company hopes to be a market more conducive to a stock re-rating.
If Star Diamond’s institutional investors – including Rio Tinto at 19.9 per cent and Newmont at 12.18 per cent, are any indication of the company’s prospectivity – they are at minimum a green flag for further due diligence.
Star Diamond acquires, explores and develops mineral properties. The company holds a portfolio of diamond properties in Edmonton and Saskatchewan.
Star Diamond stock (TSX:DIAM) is unchanged trading at C$0.085 per share as of 12:35 pm ET. The stock is down by 15 per cent year-over-year, and by 61.36 per cent since 2019.
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