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Mountain Province Diamonds Reports on Financial Performance for FY 2025 and Q4

On March 31, 2026, Mountain Province Diamonds Inc. released its financial reports for the fourth quarter and the entire year of 2025. The figures, expressed in Canadian dollars, revealed a complex year filled with both operational challenges and market fluctuations.

Financial Overview

In FY 2025, Mountain Province Diamonds witnessed a substantial decline in its financial performance compared to the previous year. The adjusted EBITDA plunged to $4.8 million, a stark drop of 95% from $90.7 million in 2024. Revenue fell to $155.7 million from $267.7 million in FY 2024, translating to an average realized value of $83 per carat, down from $98. Such a decline reflects the impacts of operational hurdles and an evolving market landscape.

The company also reported a net loss of $279.5 million, equivalent to a loss of $1.32 per share, compared to a loss of $80.8 million or $0.38 per share in 2024. This high loss was attributed in part to a $103 million impairment on property and equipment and marked variations in foreign exchange rates, as the Canadian dollar saw volatility against the US dollar.

Operational Highlights for Q4 2025

In Q4 alone, the company reported a recovery of 1,861,856 carats at an average grade of 2.15 carats per tonne, a notable 117% improvement from Q4 2024's results. This increase in carat recovery can be attributed to strategic changes in processing low-grade stockpiles while accessing higher-grade ore deposits in the NEX orebody. Overall production statistics indicated an improvement in recovery efficiency, though the overall mining outputs reflected a decrease in ore tonnes mined, with a total of 842,805 ore tonnes mined during the quarter, marking a 45% decline compared to 2024.

Additionally, the financial outcomes for Q4 also depicted a net loss of $151.6 million, alongside the sales of 634,000 carats, which generated total proceeds of $45.7 million. This signifies a decrease from 2024's figures, showcasing a challenging sales environment influenced by an oversaturated market and shifting consumer preferences towards lab-grown diamonds.

Market Commentary

Mountain Province's President and CEO, Jonathan Comeford, articulated the challenges faced in 2025, emphasizing issues such as geopolitical tensions and the effect of new US tariffs on the diamond trade, which had a pronounced impact on market demand. The challenges encountered, especially in the smaller and lower-priced diamond categories, have raised concerns about the prospect of recovery in the diamond sector as confidence wanes amidst surplus offerings of rough diamonds.

Furthermore, the company decided to temporarily halt the Tuzo Phase 3 project to manage financial liquidity better and operational flexibility amid these challenging market conditions.

As we move into 2026, Comeford remains optimistic, citing an uptick in production metrics as operations at the NEX orebody flourish. Future discussions with stakeholders, including De Beers regarding ongoing obligations, are anticipated to yield further insights into operational adjustments necessary to navigate the current landscape effectively.

In summary, while Mountain Province Diamonds faced significant challenges in 2025, the company's response strategies and operational agility may provide a pathway towards improved performance in the upcoming periods, allowing it to address market demands and capitalize on strategic opportunities in the diamond mining sector.