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Mountain Province Diamonds Announces Third Quarter 2022 Production and Sales Results Featuring Highest Quarterly Revenue in Company History

Press Release



TORONTO and NEW YORK- Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTCQX: MPVD) today announces production and sales results for the third quarter ended September 30, 2022 (“the Quarter” or “Q3 2022”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian dollars unless otherwise noted.

Q3 Sales Highlights

  • Highest Quarterly Revenue in Company History. Total proceeds of $111M representing the highest quarterly revenue in the Company’s history, and a 9% increase relative to that achieved in Q2 2022.
  • Quarter-on-quarter 37% Increase in Carats Sold. The Company sold 805,227 carats in Q3 2022, a 37% increase relative to Q2 2022.
  • Q3 production of 1,451,453 carats, which is 22% better than Q1, 2022 and 15% better than Q2, 2022.

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

“After a disappointing production performance in Q1 and into Q2, an action plan was developed to drive operational and safety improvements at the mine. The safety performance was however further impacted by a workplace fatality in early September. Workplace fatalities have no place in our industry and ensuring a safe workplace is a primary focus. On production, Q3 was stronger than both Q1 and Q2 and the action plan in place is incrementally delivering the required improvements. This improving production performance, coupled with our very strong financial performance during the quarter places the Company in a strong position as we enter the final quarter of the year.

We have also recently announced our refinancing solution with a net US$190 million in private second lien notes from our existing bondholders at a coupon of 9%, with further details within the associated press release.  From discussions with several shareholders there was a concern that there would be a large equity issue with this refinancing, I am very happy to report that our three main existing bondholders have presented a refinancing package that features no equity dilution of existing shareholders.”

Q3 Production Takeaways

  • 816,201 ore tonnes treated, an 2% decrease relative to Q3 2021, and a 9% increase relative to Q2 2022 (Q3 2021: 832,511 tonnes treated; Q2 2022, 749,821 tonnes treated)
  • 1,451,455 carats recovered, 7% lower than Q3 2021, and a 15% increase relative to Q2 2022 (Q3 2021: 1,562,105 carats recovered, Q2 2022: 1,260,899 carats recovered)
  • Average grade of 1.78 carats per tonne, a 5% decrease relative to Q3 2021, and 6% higher than to Q2 2022 (Q3 2021: 1.88 carats per tonne, Q2 2022: 1.68 carats per tonne)

Q3 2022 Production Figures

2022 Q3

2021 Q3

YoY Variance

Total tonnes mined (ore and waste)



-25 %

Ore tonnes mined



30 %

Ore tonnes treated



-2 %

Carats recovered



-7 %

Carats recovered (49% share)



-7 %

Recovered grade (carats per tonne)



-5 %


Q3 Sales Performance

Though rough diamond market prices have stabilized compared to the strong gains achieved in H1 2022, the Company’s sales continue to show resiliency. During the quarter 805,227 carats were sold for total proceeds of C$110.6 million (US$83.3 million), resulting in an average value of C$137 per carat (US$103 per carat). This Q3/22 sales result represents a 13% increase in revenue relative to Q2/22, and a 10% reduction on an US$ average value per carat basis. Adjusting for mix of goods sold, on a like-for-like basis the Q3/22 sales result represented a 2% increase in average value per carat relative to Q2/22.

For further information: Mark Wall, President and CEO, (416) 361-3562, [email protected]; Matthew MacPhail, Chief Technical Officer, (416) 361-3562, [email protected]


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