Southstone Boosts Sales at Oena Mine with Large Diamond Recovery and Rising Prices

Southstone Minerals ( (TSE:SML) ) has issued an update.

Southstone Minerals reported a strong first quarter of fiscal 2026 at its Oena Diamond Mine in South Africa, with gross diamond sales of about US$1.9 million, up 29% from the previous quarter, on a 12% increase in sales volume to 897.24 carats and a 15% rise in average price to roughly US$2,122 per carat. The quarter’s performance was driven by the recovery and sale of eight high-value “Specials,” including a notable 65.812-carat diamond that fetched US$579,984, while three stones achieved prices above US$5,000 per carat. Early unaudited results for Q2 2026 indicate continued momentum as mining targets the lower, diamond-rich gravel layer at Sandberg, with approximately 989 carats recovered so far, US$587,759 in January tender sales for 414.87 carats, and a further 574 carats—including 13 Specials—held in inventory for future tenders, underscoring the mine’s growing contribution to Southstone’s revenue and reinforcing the strategic importance of Specials, which have accounted for 29% of carats but 61% of gross sales value since production resumed in late 2023.

More about Southstone Minerals

Southstone Minerals Limited is a Canadian-listed diamond company focused on alluvial diamond mining in South Africa, primarily through its 43%-owned subsidiary African Star Minerals at the Oena Diamond Mine’s Sandberg Section. The company oversees operational management, diamond sales administration, mining license compliance, security, and technical support at Oena, and has generated total recorded diamond sales of 12,356 carats since acquiring the project in 2014, with an average price of US$1,660 per carat.

Technical Sentiment Signal: Sell

Current Market Cap: C$334K

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