Viagra Malaysia treat erectile dysfunction with the original ED treatment that has helped men feel confident in bed for decades. We’ll connect you with a licensed healthcare provider to evaluate if viagra malaysia our prescription ED treatments could be right for you, including super-affordable generic Viagra viagramalaysiaofficial Viagra is an oral ED medication that works by suppressing an enzyme in the body called PDE5.

Follow Us! Like Our Page!

Mountain Province Diamonds Announces Second Quarter and Half Year 2022 Results

Press Release

TORONTO and NEW YORK, Aug. 9, 2022  – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVDF) today its financial and operating results for the second quarter (“Q2 2022”) and first half 2021 (“H1 2022”) ended June 30, 2022. All figures are expressed in Canadian dollars unless otherwise noted.

Second Quarter 2022 Key Takeaways

  • Record Quarterly Adjusted EBITDA of C$55.1M
  • Revenue of $97.8M representing the second highest quarterly revenue in the Company’s history and a 16% increase relative to that achieved in Q1 2022
  • Strong average value per carat of US$130 follows closely to the unprecedented price growth during the Q1/22. The rough diamond market continues to experience strong demand supported by solid US retail results. Further support to the market is anticipated from jewellery retail in China as Covid restrictions ease in that country.
  • Repurchase for cancellation of approximately US$26.4 million aggregate principal amount of the 8.000% Senior Secured Second Lien Notes following the close of the fiscal quarter
  • A successful winter exploration program included further drilling of the Hearne Northwest Extension at the Gahcho Kué mine. Results included Kimberlite intersected in 60% of drill holes with mineralization ranging between 24.3 to 114.5 meters (see press release, July 18, 2022).

Mark Wall, the Company’s President and Chief Executive Officer, commented:

“The Company continues its’ strong financial performance through the first half and into Q3 of 2022.  We are pleased with these financial results.  At the same time there remains work to do on the operations side.  There are plans in place to correct the dilution issues seen early in the year, and these are working.  Significant work has recently been completed on the primary crusher and I expect these upgrades to have a positive impact.  There remain other areas of the operational performance that do not meet our expectations and we continue to actively engage with De Beers as the operator around the plan to deliver these improvements.

Together with our increased revenues, our recent repurchasing of Senior Secured Second Lien Notes has strengthened our balance sheet as we move closer to achieving our strategic and financial goals planned for the second half of this year.”

Operational Highlights for Second Quarter 2022 (“Q2 2022”)

  • 749,000 ore tonnes treated, a 6% increase relative to Q1 2022, and an 8% decrease relative to Q2 2021 (Q1 2022, 707,553 ore tonnes treated; Q2 2021: 811,171 ore tonnes treated).
  • 1,043,000 ore tonnes mined, a 2% increase relative to 1,019,000 tonnes mined in Q1 2022 and a 5% increase relative to the 993,000 tonnes mined in Q2 2021
  • 1,261,000 carats recovered at an average grade of 1.68 carats per tonne, a 6% increase relative to Q1 2022 and a 29% decrease compared to the 1,764,000 carats recovered at 2.18 carats per tonne in Q2 2021 (Q2 2021: 1,763,556 carats recovered, Q1 2022: 1,185,156 carats recovered).
  • 7,881,000 total tonnes mined, a 6% increase relative to Q1 2022 and a 10% decrease from 8,749,000 total tonnes mined in Q2 2021.

Financial Highlights for Second Quarter 2022 (“Q2 2022”)

  • Revenue from 587,000 carats sold at $97.8 million (US$76.0 million) at an average realised value of $167 per carat (US$130) compared to $64.7 million from 719,000 carats sold in Q2 2021 (US$52.6 million) at an average realized value of $90 per carat (US$73).
  • Adjusted EBITDA1 of a record $55.1 million compared to $37.9 million in Q2 2021.
  • Earnings from mine operations $51.4 million compared to $32.8 million in Q2 2021.
  • Cash costs of production, including capitalized stripping costs1 of $126 per tonne treated (2021: $97 per tonne) and $75 per carat recovered (2021: $45 per carat).
  • Net income at June 30, 2022 was $22.6 million or $0.11 earnings per share (2021: $22.5 million or $0.11 earnings per share). Included in the determination of the net income at June 30, 2022 are unrealized foreign exchange losses of $11.7 million, on the translation of the Company’s USD-denominated long-term debt. The unrealized foreign exchange losses are a result of the weakening of the Canadian dollar versus US dollar.

1Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS.  See the Non-IFRS Measures section of the Company’s June 30, 2022 MD&A for explanation and reconciliation.

Operational Highlights for H1 2022

  • 16.0 million total tonnes mined in H1 2022, a 12% increase from the 14.3 million total tonnes mined in H1 2021.
  • 1,457,000 tonnes of ore treated in H1 2022; a 1% increase compared to the 1,437,000 tonnes treated in H1 2021.
  • 2,446,000 carats recovered at an average grade of 1.68 carats per tonne, 22% lower than the 3,156,000 carats, 2.20 carats per tonne, recovered in H1 2021.

Financial Highlights for H1 2022

  • Total sales revenue of $182.4 million (US$142.7 million) at an average realised value of $167 per carat (US$130) compared to $119 million in 2021 (US$95.3 million) at an average realized value of $90 per carat (US$72).
  • Half year Adjusted EBITDA2 of $99.7 million compared to $57.1 million in H1 2021.
  • Earnings from mine operations of $94.2 million (2021: $46.5 million).
  • Cash costs of production, including capitalized stripping costs2, of $136 per tonne treated (2021: $115 per tonne) and $81 per carat recovered (2021: $53 per carat).
  • Net income for half year 2022 at June 30, 2022 was $47 million or $0.22 earnings per share (2021: net income $29.8 million or $0.14 earnings per share). Included in the determination of the net income for the half year at June 30, 2022 are unrealized foreign exchange losses of $7.4 million, on the translation of the Company’s USD-denominated long-term debt. The unrealized foreign exchange losses are a result of the weakening of the Canadian dollar versus US dollar.
  • Capital expenditures in H1 2022 were $24.2 million, $18.5 million of which were deferred stripping costs, with the remaining $5.7 million accounting for sustaining capital expenditures related to mine operations.

2Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS.  See the Non-IFRS Measures section of the Company’s June 30, 2022 MD&A for explanation and reconciliation.

Market Highlights for Q2 & H1 2022

In Q2 2022, 587,000 carats were sold at an average value of $167 per carat (US$130 per carat) for total proceeds of $97.8 million (US$76.0 million) in comparison to 719,00 carats sold at an average value of $90 per carat (US$73 per carat) for total proceeds of $64.7 million (US$52.6 million) in Q2 2021.

During H1 2022, 1,094,000 carats were sold at an average value of $167 per carat (US$130 per carat) for total proceeds of $182.4 million (US$142.7 million) in comparison to 1,322,000 carats sold at an average value of $90 per carat (US$72 per carat) for total proceeds of $119.0 million (US$74.2 million) in H1 2021.

Gahcho Kué Mine Operations

The following table summarizes key operating statistics for the Gahcho Kué Mine in the three and six months ended June 30, 2022 and 2021.

GK operating data

Mining

*Ore tonnes mined 

 kilo tonnes 

1,043

993

2,062

1,508

*Waste tonnes mined 

 kilo tonnes 

6,838

7,756

13,987

12,846

*Total tonnes mined

 kilo tonnes 

7,881

8,749

16,049

14,354

*Ore in stockpile

 kilo tonnes 

1,353

340

1,353

340

Processing

*Ore tonnes processed

 kilo tonnes 

749

811

1,457

1,437

*Average plant throughput

 tonnes per day 

8,231

9,011

8,050

7,852

*Average diamond recovery

 carats per tonne 

1.68

2.18

1.68

2.20

*Diamonds recovered 

 000’s carats 

1,261

1,764

2,446

3,156

Approximate diamonds recovered – Mountain Province

000’s carats

618

864

1,199

1,546

Cash costs of production per tonne of ore, net of capitalized stripping **

$

103

85

110

100

Cash costs of production per tonne of ore, including capitalized stripping**

$

126

97

136

115

Cash costs of production per carat recovered, net of capitalized stripping**

$

61

39

65

45

Cash costs of production per carat recovered, including capitalized stripping**

$

75

45

81

53

Sales

Approximate diamonds sold – Mountain Province***

000’s carats

587

719

1,094

1,322

Average diamond sales price per carat

US

$                     130

$                      73

$                     130

$                     72

* at 100% interest in the Gahcho Kué Mine

**See Non-IFRS Measures section of the Company’s June 30, 2022 MD&A for explanation and reconciliation

***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding process

Three months ended

Three months ended

Six months ended

Six months ended

(in thousands of Canadian dollars, except where otherwise noted)

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Sales

$

97,761

75,147

182,414

129,371

Carats sold

 000’s carats 

587

719

1,094

1,322

Average price per carat sold

 $/carat 

167

105

167

98

Cost of sales per carat*

 $/carat 

79

59

81

63

Earnings from mine operations per carat

$

88

46

86

35

Earnings from mine operations

%

53 %

44 %

51 %

36 %

Selling, general and administrative expenses

$

3,803

2,676

7,797

5,285

Operating income

$

43,047

28,756

78,065

39,288

Net income for the period

$

22,634

22,472

46,961

29,784

Basic an diluted earnings per share

$

0.11

0.11

0.22

0.14

* This cost of sales per carat includes the cost of acquiring 51% of the fancies and specials which have been sold, after having been won in a tendering process with De Beers Canada.

Conference Call

The Company will host its quarterly conference call on Wednesday, August 10th, 2022 at 11:00am ET.

Title: Mountain Province Diamonds Inc Q2 2022 Earnings Conference Call

Conference ID: 56265156
Date of call: August 10, 2022
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes

Webcast Link:
https://app.webinar.net/EjQrB08Bd0K

Participant Toll-Free Dial-In Number:             (+1) 888-390-0546
Participant International Dial-In Number:       (+1) 416-764-8688

A replay of the webcast and audio call will be available on the Company’s website.

About the Company

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 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

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 Matthew MacPhail, P.Eng., MBA, and Tom E. McCandless, Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

For further information: Investor Contact: Rich Matthews, Partner, Integrous Communications, Phone: (604) 757-7179, E-mail: [email protected], www.integcom.us; Mark Wall, President and CEO, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416) 361-3562, E-mail: [email protected]; Matthew MacPhail, Chief Technical Officer, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416) 361-3562, E-mail: [email protected]

IBF4

 98 total views,  2 views today

NationTalk Partners & Sponsors Learn More