Mountain Province Diamonds Announces First Quarter 2025 Production and Sales Results, Details of First Quarter 2025 Earnings Release, and Conference Call
Press Release
TORONTO, April 24, 2025 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) today announces production and sales results for the first quarter ended March 31, 2025 (“the Quarter” or “Q1 2025”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian dollars unless otherwise noted.
Q1 Production Takeaways
(all figures reported on a 100% basis unless otherwise stated)
- 762,978 carats recovered, 40% lower than last year’s comparable quarter (Q1 2024: 1,264,887 carats)
- 0.82 Average grade of carats per tonne, a 48% decrease relative to Q1 2024 (1.57 carats per tonne)
- 0 (nil) ore tonnes mined; a 100% reduction relative to last year’s comparable quarter (Q1 2024: 1,946,856 ore tonnes mined), as all ore treated came from the stockpile.
- 925,773 ore tonnes treated, a 15% increase relative to last year’s comparable quarter (Q1 2024: 805,557 tonnes treated)
|
Q1 2025 Production Figures |
||||
|
2025 Q1 |
2024 Q1 |
YoY Variance |
||
|
Total tonnes mined (ore and waste) |
10,092,47 |
7,885,445 |
28 % |
|
|
Ore tonnes mined |
0 |
1,946,856 |
-100 % |
|
|
Ore tonnes treated |
925,773 |
805,557 |
15 % |
|
|
Carats recovered |
762,978 |
1,264,887 |
-40 % |
|
|
Carats recovered (49% share) |
373,859 |
619,795 |
-40 % |
|
|
Recovered grade (carats per tonne) |
0.82 |
1.57 |
-48 % |
|
Q1 Sales Results
In the Quarter, 426,268 carats were sold for $44 million (US$30.7 million), averaging $103 per carat (<US$72 per carat). In Q1 2024, 938,310 carats were sold for $89.4 million (US$66.1 million), averaging $95 per carat (US$70 per carat).
Mark Wall, the Company’s President and Chief Executive Officer, commented:
“Q1 is historically a challenging quarter for the operations. For Q1 of 2025 we saw the all- important total tonnes mined increase by 28% when compared to Q1 of 2024. As previously reported the first half of 2025 is focussed exclusively on stripping waste to reach the important high grade NEX orebody, and the improvements in mining performance have been a key focus area. Processing continued to go well, with a 15% improvement in Q1 2025 compared to Q1 of 2024. As we were treating low grade stockpiles while we strip waste to the NEX orebody we expected lower grades, although the stockpile grades performed below modelled grade with a processed grade of 0.82 carats per tonne. While the processing facility continued to perform very well, the low-grade stockpiles being treated resulted in low carat production for the quarter. During Q2 we will continue to work to find the best grade in the large stockpile we are treating, while we close in on accessing the high grade NEX orebody at the end of Q2”
Earnings Release and Conference Call Details
The Company will host its quarterly conference call on Wednesday May 14th, 2025 at 11:00am ET. Prior to the conference call, the Company will release Q1 2025 financial results on May 13th, 2025 after-market.
Conference Call Dial-in Details:
Title: Mountain Province Diamonds Inc Q1 2025 Earnings Conference Call
Conference ID: 19522
Date of call: 05/14/2024
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes
Webcast Link: https://app.webinar.net/pKjva5r9zNm
Participant Toll-Free Dial-In Number: (+1) 888-699-1199
Participant International Dial-In Number: (+1) 416-945-7677
A replay of the webcast and audio call will be available on the Company’s website.
About Mountain Province Diamonds Inc.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 96,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.
Qualified Person
The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Tom McCandless, Ph.D., P.Geo, and Tysen Hantelmann, P. Eng., independent advisors to the Company and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
For further information: FOR FURTHER INFORMATION, PLEASE CONTACT: Mark Wall, President and CEO, 151 Yonge Street, Suite 1100, Toronto, Ontario, M5C 2W7, Phone: (416) 361-3562, E-mail: info@mountainprovince.com
IBF4
