Mountain Province Diamonds Announces Second Quarter Financial Results for 2025

Press Release

TORONTO, Aug. 12, 2025 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) today announces financial results for the second quarter ended June 30, 2025 (“the Quarter” or “Q2 2025”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian Dollars unless otherwise noted.

Q2 2025 Key Takeaways

• 411,114 carats were sold for total proceeds of $36.8 million (US$26.6 million) at an average price of $90 per carat (US$65).
• Adjusted EBITDA¹ of ($2.2) million.
• Loss from mine operations of $52.6 million.
• Net loss of $37.7 million or $0.18 basic and diluted loss per share.

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.

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

“The first half of 2025 was a period of solid operational discipline at the GK Mine, but one that also underscored the challenges we continue to face. While the global diamond market showed tentative signs of recovery earlier in the year, recent U.S. tariffs have introduced a new layer of uncertainty at a critical juncture.

Safety remains our top priority, and on that front the team delivered a Total Recordable Injury Frequency Rate (TRIFR) of 2.13 — an improvement of 51% over the same period last year, and 85% better than 2022. This improvement is the result of consistent focus and commitment across the workforce.

Operationally, the GK Mine achieved 82.5% availability and utilization in the first half, an improvement over 2024 and well above historical levels. Ore throughput was also strong, with 1.81 million tonnes processed — a new record for the GK Mine. However, lower-than-expected grades meant that carats recovered were disappointing, despite the solid plant performance.

The average grade of 0.81 carats per tonne represented a decline of 44% from H1 2024 and 54% from H1 2023. While this drop was anticipated to some extent, it nonetheless weighed on production outcomes. We continue to expect grades to improve significantly as mining progresses into the high grade NEX ore body.

The diamond market remains fragile. June’s early signs of strengthening in U.S. retail demand and an initial recovery in China have been tempered by the impact of U.S. tariffs, which have disrupted the pace of improvement. The uncertainty created by these trade measures makes near-term market conditions more difficult to predict.

We remain extremely appreciative of the continued support from our largest shareholder, Mr. Dermot Desmond, whose provision of short-term liquidity has been instrumental in helping us navigate this challenging environment.

In summary, the GK Mine continues to perform reliably from an operational standpoint, but weaker grades and market uncertainty have tempered results. Our focus remains on safe, disciplined operations, controlling costs, and positioning the business to benefit when market conditions eventually stabilize.”

Financial Highlights for Q2 2025

• Revenue from 411,114 carats sold at $36.8 million (US$26.6 million) at an average realised value of $90 per carat (US$65) compared to $56.8 million from 557,361 carats sold in Q2 2024 (US$41.5 million) at an average realized value of $102 per carat (US$74).
• Adjusted EBITDA¹ of ($2.2) million compared to $24.0 million in Q2 2024.
• Loss from mine operations of $52.6 million compared to earnings from mine operations $12.0 million in Q2 2024.
• Cash costs of production, including capitalized stripping costs¹ of $167 per tonne treated (2024: $119 per tonne) and $209 per carat recovered (2024: $87 per carat).
• Net loss of $37.7 million or $0.18 loss per share (2024: net loss of $6.5 million or $0.03 loss per share). Included in the determination of net loss are foreign gains of $20.4 million, the majority of which is an unrealized gain arising on the translation of the Company’s US Dollar denominated long term debt, because of the strengthening 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, 2025 MD&A for explanation and reconciliation.

Operational Highlights for Q2 2025
(all figures reported on a 100% basis unless otherwise stated)

• 883,738 ore tonnes treated, 9% lower than Q2 2024 (965,984 tonnes treated)
• 708,072 carats recovered, 46% lower than Q2 2024 (1,318,680 carats recovered)
• Average grade of 0.80 carats per tonne treated, 41% lower than Q2 2024 (1.37 carats per tonne)
• 134,597 ore tonnes mined, 86% lower than Q2 2024 (971,311 ore tonnes mined)

Sales Highlights for Q2 2025

As previously released, during the second quarter, 411,114 carats were sold for total proceeds of $36.8 million (US$26.6 million), resulting in an average price of $90 per carat (US$65 per carat). These results compare to Q2 2024 where 557,361 carats were sold for total proceeds of $56.8 million (US$41.5 million) at an average price per carat of $102 per carat (US$74 per carat).

Financial Highlights for H1 2025

• Total sales revenue of $80.8 million (US$57.3 million) at an average realised value of $97 per carat (US$68) compared to $146.3 million in 2024 (US$107.7 million) at an average realized value of $98 per carat (US$72).
• Adjusted EBITDA² of $3.9 million (H1 2024: $74.0 million).
• Loss from mine operations of $74.9 million (H1 2024: earnings from mine operations $42.4 million).
• Cash costs of production, including capitalized stripping costs², of $162 per tonne treated (H1 2024: $105 per tonne) and $200 per carat recovered (H1 2024: $72 per carat).
• Net loss of $72.1 million or $0.34 basic and diluted loss per share (H1 2024: $0.3 million or $0.00 basic and diluted earnings per share). Included in the determination of the net loss for H1 2025, are foreign exchange gains of $17.7 million, the majority of which is an unrealized gain on the translation of the Company’s US Dollar denominated long term debt arising because of the strengthening of the Canadian Dollar versus US Dollar.
• Capital expenditures of $70.4 million, $61.6 million of which were deferred stripping costs, with the remaining $8.8 million 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, 2025 MD&A for explanation and reconciliation.

Operational Highlights for H1 2025
(all figures reported on a 100% basis unless otherwise stated)

• 20,537,000 total tonnes mined, 30% higher than 15,800,000 total tonnes mined in H1 2024.
• 1,810,000 tonnes of ore treated 2% higher than 1,772,000 tonnes treated in H1 2024.
• 1,471,000 carats recovered at an average grade of 0.81 carats per tonne, 43% lower than 2,584,000 carats, (1.46 carats per tonne) recovered in H1 2024.

Gahcho Kué Mine Operations

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