Stellar Diamonds (LON:STEL) should receive wider recognition for its strong growth profile as the diamond market continues to improve, according to chief executive Karl Smithson.
This morning Stellar released its final results for the year ended 30 June 2010.
This is the first set of annual results since Stellar joined AIM, following its reverse takeover of West African Diamonds back in February 2010.
“Stellar has successfully evolved from a privately owned exploration and development company to a quoted diamond producer which is delivering cash flow while advancing a portfolio of high grade kimberlites,” Smithson said.
“I look forward to keeping shareholders advised of our progress and to the continued improvement in the diamond market, which should lead to wider recognition of the quality of Stellar's projects and to the company's strong growth potential."
Stellar reversed into West African Diamonds in February, then in May it boosted its project portfolio further when it acquired the Kono kimberlite in Sierra Leone.
The company has two producing diamond mines in Guinea, Mandala and Bomboko, which produced just over 50,000 carats in the period, driving revenues to around US$2.15 million.
It ended the period with US$0.7 million in the bank and net assets of US$23.1 million.
In the post-reporting period it has raised new funds to facilitate bulk sampling at the Tongo kimberlite in Sierra Leone, as well as drilling at the Droujba kimberlite in Guinea.
On the 1 December it had US$1.4 million in cash.