#Canada #Toronto #Mountain Province #Diamonds #Gahcho Kué

Mountain Province Diamonds Reports Q3 2025 Financial Results

Mountain Province Diamonds Inc. recently announced its financial results for the third quarter of 2025, closing a challenging period with notable operational insights and financial metrics. The results reveal a mixed bag of outputs from the Gahcho Kué Diamond Mine, and the company has shared key performance indicators that highlight both triumphs and difficulties faced during this quarter.

Highlights from Q3 2025

The third quarter yielded a total of 409,081 carats sold, bringing in $29.2 million CAD (approximately $21.2 million USD) in proceeds. This translates to an average price of $71 CAD per carat, showing a decrease compared to previous sales metrics. The financial figures also indicated an adjusted EBITDA of ($4.3 million CAD) and a loss from mine operations amounting to $29 million CAD. In total, the company reported a net loss of $55.9 million CAD, equal to a loss per share of $0.26.

Operational Insights

Mark Wall, the President and Chief Executive Officer of Mountain Province, underscored the company’s commitment to safety, noting their Total Recordable Injury Frequency Rate (TRIFR) was at an all-time low of 1.43 for the first nine months of the year. Impressively, this figure improved to 1.29 after the quarter ended, demonstrating a robust focus on maintaining operational safety practices.

During this quarter, significant strides were made in mining operations, particularly in stripping down to the more lucrative 5034-NEX orebody. The transition has been described as a pivotal maneuver aimed at improving future grades, which have been expected to escalate in Q4 2025. However, the processing plant did experience a planned five-day shutdown for necessary maintenance, which contributed to a decline in treated tonnage for the quarter.

Sales Performance Comparisons

When juxtaposed with Q3 2024 results, there’s a stark contrast; revenue from the current quarter showcased a significant drop from $69.4 million CAD in the previous year, impacted by fewer carats sold and a reduced average price per carat - down from $102 CAD in 2024. This trend underscores the volatile nature of the diamond market, especially against the backdrop of tariffs impacting pricing.

Financial Metrics Overview

In breaking down financial performance, the cash costs of production exhibited escalations, with costs per tonne treated rising from $125 CAD in 2024 to $143 CAD in Q3 2025. Furthermore, costs per carat recovered also saw an upsurge from $101 CAD to $121 CAD, reflecting the challenges faced in the mining process correlated to grade recovery.

Overall, Mountain Province reported lower than expected stockpile grades but noted some optimistic developments in processing transitional materials as they approached the main orebody. Their operational consistency has been praised despite these setbacks, preparing them adequately for the coming year.

Market Outlook

Looking ahead, Wall highlighted the robustness of the U.S. retail market for diamonds, which still drives the market despite the adverse effects of prevailing tariffs. While the past quarter has thrown several challenges, the management team remains optimistic about navigating the current market dynamics and improving performance as they progress into the next quarter.

Conclusion

As Mountain Province Diamonds continues to adapt to both operational and market challenges, the recent financial results illustrate a complex yet proactive approach. Stakeholders are left anticipating the forthcoming trends that Q4 2025 may yield, particularly with improvements expected in ore grades and market conditions. With their ongoing commitment to safety and strategic initiatives, the company seeks to stabilize its performance and regain momentum in an uncertain economic landscape.