Mountain Province Diamonds Announces Full Year and Fourth Quarter 2024 Results

Press Release

TORONTO, March 26, 2025 – Mountain Province Diamonds Inc. (“Mountain Province Diamonds”, or the “Company”) (TSX: MPVD) (OTC: MPVD) today announces its financial and operating results for the fourth quarter (“the Quarter” or “Q4 2024”) and the full year ended December 31, 2024 (“FY 2024”).

All figures are expressed in Canadian dollars unless otherwise noted and are unaudited.

FY 2024 Highlights

• 60% improvement in key site safety KPI (TRIFR) in 2024 vs 2023.
• Adjusted EBITDA¹ of $90.7 million, down 42% relative to 2023 (2023: $155.3 million).
• Total sales revenue at $267.7 million (US$195.2 million) compared to $328.6 million in 2023 (US$243.8 million, at an average realized value of $98 per carat (US$72) 2023: $121 per carat (US$90).
• 41% increase in total ore tonnes mined in 2024 relative to 2023, coupled with a 12% increase in tonnes treated.
• Net loss of $80.8 million or $0.38 loss per share (2023: net loss $43.7 million or $0.21 loss per share. Included in the determination of net loss is a derivative loss of $16.8 million and foreign exchange losses of $27.5 million (2023: impairment loss on property, plant and equipment of $104.6 million, derivative gain of $11.8 million and foreign exchange gain of $6.6 million, arising on the translation of the Company’s USD-denominated long-term debt). The unrealized foreign exchange losses are a result of the relative weakening of the Canadian dollar versus the US dollar.

Operational Highlights for Q4 2024 and FY 2024
(all figures reported on a 100% basis unless otherwise stated)

• 890,202 carats recovered during the Quarter at an average grade of 0.99 carats per tonne, 43% lower than the comparable quarter in 2023 (Q4 2023: 1,572,696 carats at 1.84 carats per tonne), noting that grade was 46% lower in Q4 2024. 4,661,681 carats recovered during FY 2024 at an average grade of 1.28 carats per tonne, 16% lower than the comparable period (full year ended December 31, 2023 (“FY 2023”): 5,557,655 at 1.71 carats per tonne), noting that grade was 25% lower in 2024.
• 1,537,423 ore tonnes mined during the Quarter, a 19% decrease on the comparable period in 2023 (Q4 2023: 1,895,492). 5,379,404 ore tonnes mined during FY 2024, a 41% increase from 2023 (FY 2023: 3,807,102).
• 895,587 ore tonnes treated during the Quarter, a 5% increase on the comparable period in 2023 (Q4 2023: 855,319). 3,628,501 ore tonnes treated during FY 2024, a 12% increase from 2023 (FY 2023: 3,249,963).
• 8,989,000 total tonnes mined during the Quarter, a 9% decrease on the comparable period (Q4 2023: 9,831,021). 33,388,905 total tonnes mined during FY 2024, a 10% decrease from 2023 (FY 2023: 37,147,350).

Q4 2024 and FY 2024 Production Statistics

 

Financial Highlights for Q4 2024

• 543,000 carats sold (Q4 2023: 918,000), with total proceeds of $52.0 million (US$36.7 million) at an average realized value of $96 per carat (US$68), compared to $79.8 million in Q4 2023 (US$58.9 million), at an average realized value of $87 per carat (US$64).
• Adjusted EBITDA¹ of $10.2 million.
• Loss from mine operations of $13.0 million.
• Cash costs of $131 per tonne treated and $132 per carat recovered, include capitalized stripping costs¹.
• Net loss of $62.2 million or $0.29 loss per share.  Included in the determination of net loss for Q4 2024, is a derivative loss of $12.9 million and foreign exchange losses of $21.3 million, on the translation of the Company’s USD-denominated long-term debts. The unrealized foreign exchange losses are a result of the relative weakening of the Canadian dollar versus the US dollar.

Financial Highlights for FY 2024

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