Mountain Province Diamonds Announces First Quarter Financial Results for 2026
Press Release
TORONTO, May 12, 2026 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) today announces financial results for the first quarter ended March 31, 2026 (“the Quarter” or “Q1 2026”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian dollars unless otherwise noted.
Financial Highlights for Q1 2026
- 858,000 carats sold, with total proceeds of $40.0 million (US$29.2 million) at an average realised value of $47 per carat (US$34).
- Adjusted EBITDA1 of ($0.6) million.
- Loss from mine operations of $36.2 million.
- Net loss of $65.1 million or $0.31 basic and diluted loss per share.
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1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See “Reconciliation of non-IFRS measures” at the end of the news release for explanation and reconciliation. |
Operational Highlights for Q1 2026
(all figures reported on a 100% basis unless otherwise stated)
- 759,248 ore tonnes treated, a 18% decrease relative to Q1 2025, (Q1 2025: 925,773 tonnes treated;)
- 2,006,135 carats recovered, 163% higher than Q1 2025 (Q1 2025: 762,978 carats)
- Average grade of 2.64 carats per tonne, a 222% increase relative to Q1 2025 (Q1 2025: 0.82 carats per tonne)
- Cost per carat recovered, including capitalized stripping of $53/carat, and cost per tonne processed, including capitalized stripping of $139/tonne.
Sales Highlights for Q1 2026
As previously released, during Q1 2026, 858,000 carats were sold for total proceeds of $40.0 million (US$29.2 million), resulting in an average value of $47 per carat (US$34 per carat). These results compare to Q1 2025 when 426,000 carats were sold for total proceeds of $44.0 million (US$30.7 million), resulting in an average price of $103 per carat (US$72 per carat).
Jonathan Comerford, the Company’s President, and Chief Executive Officer, commented:
The first quarter is historically a challenging period for operations due to adverse weather conditions, Q1 2026 was a particularly cold winter at the GK Mine. During the quarter, total tonnes mined declined significantly compared with Q1 2025, primarily due to the joint venture partners’ decision to pause Tuzo waste stripping.
Despite these constraints, Q1 2026 was a record quarter for the operation, with more than 2.0 million carats recovered for the first time, representing a 163% increase compared to Q1 2025. This performance was driven by a significantly higher recovered grade of 2.64 carats per tonne, well ahead of expectations and up 222% year-on-year.
While operational performance was exceptionally strong, the benefits of higher production were substantially offset by pricing pressure. During the quarter, 858,000 carats were sold for total proceeds of $40.0 million, at an average realised price of $47 per carat, compared to $103 per carat in Q1 2025. This reduction was primarily driven by continued weakness in the market and the diamond size mix, with a higher proportion of smaller stones recovered, which remain under the greatest pressure in the current market environment.
These pricing conditions, and the uncertainty in the market, prompted the joint venture partner’s decision to pause Tuzo waste stripping in order to conserve cash, preserve liquidity, and maintain strategic optionality.
On the cost side, cost per carat recovered was $53 and cost per tonne processed was $139, both inclusive of capitalised stripping. These metrics reflect the lower tonnes treated but the record high level of carats recovered and the largely fixed cost nature of the operation during the winter mining period.
As noted in our year-end results commentary, the diamond market continues to be adversely affected by geopolitical uncertainty, including concerns surrounding US tariffs and the ongoing conflict in the Middle East. These factors continue to weigh on demand and pricing–particularly in smaller size categories–and are currently overshadowing what has otherwise been a very strong operational performance at the mine.
Given the sustained weakness in diamond pricing and its impact on cash flow, the Company is operating in a highly constrained and challenging financial environment which, if prolonged, could have implications for the longer-term sustainability of the Company.
In response, we are actively and constructively engaging with all key stakeholders, including our joint venture partner, lenders, and relevant government authorities, to preserve liquidity and identify a path forward. We greatly appreciate the continued engagement and support of these stakeholders during what remains a particularly challenging period for the diamond market.
We expect to provide a further update on the outcome of these discussions in the coming weeks.
Gahcho Kué Mine Operations
The following table summarizes key operating statistics for the Gahcho Kué Mine in Q1 2026, and Q1 2025.
IBF4
