#Canada #Toronto #Q1 2025 #Mountain Province #Gahcho Kué

Mountain Province Diamonds: Q1 2025 Production and Sales Results

On April 24, 2025, Mountain Province Diamonds Inc. reported its production and sales results for the first quarter of 2025 from the Gahcho Kué Diamond Mine. The results reveal a significant decline compared to the previous year, primarily due to reduced ore extraction and challenges in processing. Here, we break down the key performance indicators and what they mean for the company’s future.

Production Overview

In the first quarter, the company recovered a total of 762,978 carats, which is 40% lower than the 1,264,887 carats recovered in Q1 2024. The average grade of diamonds recovered per tonne also saw a steep decline, falling to 0.82 carats per tonne, a 48% decrease from the previous year’s 1.57 carats per tonne.

One significant factor contributing to these figures was the 100% reduction in ore tonnes mined—the company reported zero ore extracted, compared to nearly 1.95 million tonnes mined during the same period last year. Instead, the total ore tonnes treated increased by 15%, reaching 925,773 tonnes for Q1 2025, highlighting a reliance on stockpiled ore for processing.

Breakdown of Q1 2025 Production Metrics

• - Total tonnes mined (ore and waste): 10,092,478 tonnes (up 28% from Q1 2024)
• - Ore tonnes mined: 0 tonnes (100% drop from Q1 2024)
• - Ore tonnes treated: 925,773 tonnes (up 15% from Q1 2024)
• - Carats recovered: 762,978 carats (down 40% from Q1 2024)
• - Recovered grade (carats per tonne): 0.82 (down 48% from Q1 2024)

Sales Performance

During the quarter, Mountain Province Diamonds sold 426,268 carats for a total of $44 million CAD (approximately $30.7 million USD), resulting in an average sale price of $103 per carat. This is an increase from an average price of $95 per carat in the previous year’s first quarter. However, total sales volume reflected a significant decrease from the 938,310 carats sold in Q1 2024 for $89.4 million CAD.

Insights from Management

Mark Wall, the President and CEO of Mountain Province, acknowledged that the first quarter typically presents operational challenges, but noted a 28% increase in total tonnes mined compared to last year. The strategic focus for the first half of 2025 remains on stripping waste to reach the high-grade NEX orebody. Despite the lower grades due to the treatment of stockpiles, the processing facility continued to perform well, maintaining efficiency gains compared to previous figures.

Wall commented, _"While we expected lower grades from the stockpiled material, the grades were below modeled expectations. As we continue to evaluate our stockpiles during Q2, we're also closing in on accessing the high-grade NEX orebody by the end of the second quarter."_

Upcoming Earnings Release and Conference Call

Mountain Province Diamonds is scheduled to hold its quarterly earnings call on May 14, 2025, at 11:00 AM ET. The company will present its full financial results for Q1 2025 on May 13, 2025, after market closure. Investors are encouraged to participate to gain further insights into the company’s performance and strategic direction.

Conference Call Details

• - Title: Mountain Province Diamonds Inc Q1 2025 Earnings Conference Call
• - Date: May 14, 2025
• - Time: 11:00 AM Eastern Time
• - Duration: Approximately 60 minutes
• - Dial-in Number: Toll-free: (+1) 888-699-1199; International: (+1) 416-945-7677

Interested parties can find more details and access to the webcast via Mountain Province’s official website after the call.

About Mountain Province Diamonds Inc.

Mountain Province Diamonds holds a 49% interest in the Gahcho Kué diamond mine in the Northwest Territories of Canada. The mine is currently involved in several active operations, and the company also oversees extensive mineral claims in the region, including potential resources yet to be explored. With prospective limits surrounding the mine extending over 96,000 hectares, the company anticipates further discovery opportunities in the future.

Conclusion

As Mountain Province Diamonds navigates challenges in the diamond mining sector, the focus on operational improvements and strategic resource management is essential. Observers will look forward to the forthcoming earnings call for deeper insights into production dynamics and the adaptation strategies employed by the company amid fluctuating market conditions.