Southstone Sets Record Quarterly Diamond Sales on High-Value Oena Output

An announcement from Southstone Minerals ( (TSE:SML) ) is now available.

Southstone Minerals reported record quarterly gross diamond sales of US$3.71 million from 1,390.42 carats sold at its Oena Diamond Mine in South Africa for Q2 fiscal 2026, driven by a 95% jump in sales value, higher volumes, and a 26% increase in average prices. The quarter was marked by strong recovery and sale of larger “Specials” over 10.8 carats, including a 38.247-carat stone that fetched the company’s highest-ever single diamond price since acquiring Oena, while unsold inventory of 305.1 carats and an updated revenue-sharing structure with contractor Rietput position Southstone for continued revenue generation and underline the mine’s growing contribution to its portfolio.

African Star Minerals, 43%-owned by Southstone, realized economic interests of 6.45% and 8.60% on two large tenders under an 80:20 or 85:15 revenue split with Rietput, reflecting the contractual framework that shapes Southstone’s net take from Oena. Cumulative gross diamond sales from Oena have reached US$23.64 million since 2015, with recent Sandberg Section performance and the rising proportion of high-value Specials enhancing the asset’s profile and supporting Southstone’s broader strategic activities, including its ongoing corporate initiatives such as the Botswana uranium transaction process.

More about Southstone Minerals

Southstone Minerals Limited is a Canadian-listed mining company focused on alluvial diamond production through its Oena Diamond Mine in South Africa. Operating via its 43%-owned subsidiary African Star Minerals, the company oversees mining, sales administration, and compliance, with on-the-ground management and security teams in South Africa supporting contractor operations.

Technical Sentiment Signal: Sell

Current Market Cap: C$334K

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