Mountain Province Diamonds Announces Third Quarter Financial Results for 2025

Press Release

TORONTO, Nov. 11, 2025 Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) today announces financial results for the third quarter ended September 30, 2025 (“the Quarter” or “Q3 2025”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian Dollars unless otherwise noted.

Q3 2025 Key Takeaways

• 409,081 carats were sold for total proceeds of $29.2 million (US$21.2 million) at an average price of $71 per carat (US$52).
• Adjusted EBITDA¹ of ($4.3) million.
• Loss from mine operations of $29.0 million.
• Net loss of $55.9 million or $0.26 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:

“Q3 2025 was a period of hard work on safety and mine operations.  On safety we finished Q3 2025 with a Total Recordable Injury Frequency Rate (TRIFR) of 1.43 for the first nine months, which is the lowest TRIFR in the history of the mine.  In the period after the quarter the injury frequency rate has dropped even further to 1.29.  Operating safely is of utmost importance, and this focus will continue.

During Q3 2025 we progressed the important work of stripping down to the much higher grade 5034-NEX orebody, and I can report that subsequent to the end of Q3 2025 we are mining consistently in that orebody and feeding that material into the processing plant.

A planned 5-day shutdown of the processing plant was executed during September to undertake a variety of maintenance tasks that will set the processing plant up for the year ahead.  This lowered tonnes treated for the quarter.

The strong mining performance continued in Q3 2025 and with the arrival of the cold weather the mine is well set up for 2026.

Q3 2025 carat production was impacted by lower than expected stockpile grades, with some positive tailwind from processing transitional NEX material as we reached the main orebody.  Grades are expected to significantly improve in Q4 2025, and we are seeing much improved grades since the end of the quarter

Overall costs are generally consistent with budget while lower carat recovery has impacted costs on a per-carat basis, and the release of previously capitalized costs that are released when stockpile material is treated, has negatively impacted costs per tonne processed.

On the diamond market, the US retail market remains robust, while the tariffs continue to have a negative effect on price.”

Financial Highlights for Q3 2025

• Revenue from 409,081 carats sold at $29.2 million (US$21.2 million) at an average realised value of $71 per carat (US$52) compared to $69.4 million from 679,599 carats sold in Q3 2024 (US$50.8 million) at an average realized value of $102 per carat (US$75).
• Adjusted EBITDA¹ of ($4.3) million compared to $17.3 million in Q3 2024.
• Loss from mine operations of $29.0 million compared to $11.0 million in Q3 2024.
• Cash costs of production, including capitalized stripping costs¹ of $143 per tonne treated (2024: $125 per tonne) and $121 per carat recovered (2024: $101 per carat).
• Net loss of $55.9 million or $0.26 loss per share (2024: Net loss of $19.0 million or $0.09 loss per share). Included in the determination of net loss are foreign exchange losses of $10.7 million, the majority of which is an unrealized loss arising on the translation of the Company’s US Dollar denominated long term debt, because 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 September 30, 2025 MD&A for explanation and reconciliation.

Operational Highlights for Q3 2025
(all figures reported on a 100% basis unless otherwise stated)

• 847,024 ore tonnes treated, 12% lower than Q3 2024 (961,371 tonnes treated)
• 1,000,887 carats recovered, 16% lower than Q3 2024 (1,187,912 carats recovered)
• Average grade of 1.18 carats per tonne treated, 5% lower than Q3 2024 (1.24 carats per tonne)
• 807,458 ore tonnes mined, 13% lower than Q3 2024 (923,814 ore tonnes mined)

Sales Highlights for Q3 2025

As previously released, during Q3 2025, 409,081 carats were sold for total proceeds of $29.2 million (US$21.2 million), resulting in an average price of $71 per carat (US$52 per carat). These results compare to Q3 2024 where 679,599 carats were sold for total proceeds of $69.4 million (US$50.8 million) at an average price per carat of $102 per carat (US$75 per carat).

Financial Highlights for the nine months ended September 30, 2025

• Total sales revenue of $110 million (US$78.5 million) at an average realised value of $88 per carat (US$63) compared to $215.7 million in 2024 (US$158.4 million) at an average realized value of $99 per carat (US$73).
• Adjusted EBITDA² of ($0.4) million (2024: $91.3 million).
• Loss from mine operations of $103.9 million for the nine months ended September 30, 2025, compared to earnings from mine operations of $31.4 million for the nine months ended September 30, 2024
• Cash costs of production, including capitalized stripping costs², of $156 per tonne treated (2024: $112 per tonne) and $168 per carat recovered (2024: $81 per carat).
• Net loss of $128 million or $0.60 basic and diluted loss per share (for the nine months ended September 30, 2024: net loss $18.6 million or $0.09 basic and diluted loss per share). Included in the determination of the net loss for the nine months ended September 30, 2025, are foreign exchange gains of $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 $96.7 million, $82.7 million of which were deferred stripping costs, with the remaining $14 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 September 30, 2025 MD&A for explanation and reconciliation.

Operational Highlights for the nine months ended September 30, 2025
(all figures reported on a 100% basis unless otherwise stated)

• 30,460,000 total tonnes mined in the nine months ended September 30, 2025, 25% higher than 24,400,000 total tonnes mined for the nine months ended September 30, 2024.
• 2,657,000 tonnes of ore treated in the nine months ended September 30, 2025, 3% lower than 2,733,000 tonnes treated for the nine months ended September 30, 2024.
• 2,472,000 carats recovered at an average grade of 0.93 carats per tonne in the nine months ended September 30, 2025, 34% lower than 3,771,000 carats, (1.38 carats per tonne) recovered for the nine months ended September 30, 2024.

Gahcho Kué Mine Operations

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