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Cision Canada
10-07-2025
- Business
- Cision Canada
Mountain Province Diamonds Announces Second Quarter 2025 Production and Sales Results, Details of Second Quarter 2025 Earnings Release, and Conference Call
TSX and OTC: MPVD TORONTO, July 10, 2025 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces production and sales 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 Production Takeaways (all figures reported on a 100% basis unless otherwise stated) 708,072 carats recovered, 46% lower than Q2 2024: 1,318,680 carats. 0.8 Average grade of carats per tonne, a 41% decrease compared to Q2 2024: 1.37 carats per tonne. 134,597 ore tonnes mined; an 86% reduction compared to Q2 2024: 971,311 ore tonnes mined, as all ore treated came from the stockpile. 883,739 tonnes treated, a 9% decrease compared to Q2 2024: 965,984 tonnes treated. Q2 Sales Results In the Quarter, 411,114 carats were sold for $36.8 million (US$26.6 million), averaging $90 per carat (US$65 per carat). In Q2 2024, 557,361 carats were sold for $56.8 million (US$41.5 million), averaging $166 per carat (US$124per carat). Mark Wall, the Company's President and Chief Executive Officer, commented: "Q2 is always a very busy time for the operations with the ice-road resupply finalized at the very end of Q1 and the very cold temperatures in the Q1 and Q2 seasons. The annual resupply was completed as planned. The Frechette period then follows which is a challenging time to maintain the roads and manage water in the processing plant. We are now through this period, the roads are in good condition and the processing plant is running well. On the operations, mining continued to be ahead of plan with 10,444,919 total tonnes mined, which is an improvement of 32% on the same period in 2024. The team are working to continue the strong mining performance in Q3. In May we mined a small amount of ore from the 5034 North East Extension (NEX) orebody and additional tonnes in June, totalling 34,545 ore tonnes. This is the transitional material at the very top of the NEX orebody, which is blind to surface. This transitional material delivered a much improved grade compared to the stockpile material although the grade in this area was lower than anticipated. We are mining through the transitional zone and expect the grade to further improve as we progress. While the processing facility continued to perform very well, the low-grade stockpiles being treated resulted in low carat production for the quarter. During Q3 we steadily ramp-up NEX production with approximately 100,000 tonnes in July, 140,000 tonnes in August and 275,000 tonnes in September. NEX tonnes are expected to return to the 100,000 tonne range in October and then return to the 270,000 tonne range going forward. Earnings Release and Conference Call Details The Company will host its quarterly conference call on Wednesday August 13 th, 2025 at 11:00am ET. Prior to the conference call, the Company will release Q2 2025 financial results on August 12 th, 2025 after-market. Conference Call Dial-in Details: Title: Mountain Province Diamonds Inc Q2 2025 Earnings Conference Call Conference ID: 22193 Date of call: 08/13/2025 Time of call: 11:00 Eastern Time Expected Duration: 60 minutes Webcast Link: Participant Toll-Free Dial-In Number: (+1) 888-699-1199 Participant International Dial-In Number: (+1) 416-945-7677 A replay of the webcast and audio call will be available on the Company's website. About Mountain Province Diamonds Inc. 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 more than 96,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off. For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at 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 Tom McCandless, Ph.D., and Tysen Hantelmann, P. Eng., independent advisors to the Company and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. FOR FURTHER INFORMATION, PLEASE CONTACT: Mark Wall, President and CEO 151 Yonge Street, Suite 1100 Toronto, Ontario M5C 2W7 Phone: (416) 361-3562 E-mail: [email protected] Caution Regarding Forward Looking Information This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated. These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
BreakingNews.ie
06-07-2025
- Health
- BreakingNews.ie
Hospitals made nearly €19 million from parking fees last year
Seven hospitals made over €1 million last year from parking charges. Patients, visitors, and staff paid nearly €19 million in parking fees nationally in 2024. Advertisement Cork University Hospital had the highest bill at €2.3 million. The figures were released to Labour TD Mark Wall, who is calling on the Health Minister to ban such charges for patients and staff. Speaking on Newstalk, Wall said: "Well the government have to foot the bill, like I don't think anybody would be against reasonable hospital charges, you know, for the care of the car park, the upkeep of the car park. "I don't think anybody would be against that. But €2.3 million would cover an awful lot of car parks over the period of a year. "It's really about the cost of being sick, and it's unacceptable that hospitals are raking in €19 million when people are at their lowest ebb."
CNBC
06-06-2025
- Business
- CNBC
Dollar poised for weekly loss, hurt by economic weakness and trade limbo
The dollar was headed for a weekly loss on Friday, undermined by signs of fragility in the U.S. economy and little progress on trade negotiations between Washington and its partners, ahead of a critical jobs report. The U.S. nonfarm payrolls report expected later on will draw greater scrutiny after a slew of weaker-than-expected economic data this week underscored that President Donald Trump's tariffs were taking a toll on the economy. Currencies were mostly rangebound in early European hours as traders steered clear of large bets ahead of the data release. The euro was taking a breather after hitting a 1-1/2-month top on Thursday following hawkish remarks from the European Central Bank. It last bought roughly $1.1422, down just 0.2% on the day. Traders have pushed back expectations on the timing of the next rate cut, but continue to anticipate a 25 basis point reduction by year-end. Deutsche Bank's Mark Wall said he still expects 50 basis points worth of ECB rate cuts, adding "it is still too early to judge the impact of trade war, and the path of the trade war is in any case still inherently unpredictable." Reflecting a struggling economy, data showed that German exports and industrial output fell more than expected in April and data on euro zone retail sales is expected later in the day. Sterling dipped 0.2% at around $1.3546 having scaled a more than three-year peak in the previous session, and was set to rise about 0.6% for the week. The yen fell 0.18% to 143.90 per dollar. Most currencies had surged against the dollar late on Thursday, helped by news that Trump and Chinese President Xi Jinping spoke on a call for more than an hour, before paring some of their gains. Against a basket of currencies, the dollar edged up to 98.9, and was headed for a weekly loss of 0.5%. Analysts said Friday's U.S. jobs data would likely be the next catalyst for currencies. Economists polled by Reuters forecast the U.S. economy created 130,000 new jobs in May versus 177,000 in April. Job growth likely slowed considerably in May as businesses struggled with headwinds from tariff uncertainty, but probably not enough for a cautious Federal Reserve to resume cutting interest rates anytime soon, analysts said. "Within all the noise... the softness that we've seen in the data this week has probably been more responsible for rejuvenating the bearish U.S. dollar narrative than anything else that's gone on," said Ray Attrill, head of FX research at National Australia Bank. "We've always taken the view that once it becomes clear that the U.S. economy is no longer exceptional, and that the policy actions that we've seen to date, together with the relative tightness of Fed policy, will start to show through particularly in a weakening labor market. Hence the importance of tonight's numbers." Adding to headwinds for the dollar, investors remain worried about U.S. trade negotiations and the lack of progress in hashing out deals ahead of an early July deadline. The highly anticipated call between Trump and Xi also provided little clarity and the spotlight on it was quickly stolen by a public fallout between Trump and Elon Musk.
Cision Canada
13-05-2025
- Business
- Cision Canada
Mountain Province Diamonds Announces First Quarter Financial Results for 2025
TSX and OTC: MPVD TORONTO, May 13, 2025 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) & (OTC: MPVD) today announces financial results for the first quarter ended March 31, 2025 ("the Quarter" or "Q1 2025") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted. Financial Highlights for Q1 2025 426,000 carats sold, with total proceeds of $44.0 million (US$30.7 million) at an average realised value of $103 per carat (US$72). Adjusted EBITDA 1 of $6.1 million. Loss from mine operations of $22.4 million. Net loss of $34.4 million or $0.16 basic and diluted loss per share. 1 Cash 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. Operational Highlights for Q1 2025 (all figures reported on a 100% basis unless otherwise stated) 925,773 ore tonnes treated, a 15% increase relative to Q1 2024, (Q1 2024: 805,557 tonnes treated;) 762,978 carats recovered, 40% lower than Q1 2024 (Q1 2024: 1,264,887 carats) Average grade of 0.82 carats per tonne, a 48% decrease relative to Q1 2024 (Q1 2024: 1.57 carats per tonne) Cost per carat recovered, including capitalized stripping of $192/carat, and cost per tonne processed, including capitalized stripping of $158/tonne. Sales Highlights for Q1 2025 As previously released, during Q1 2025, 426,000 carats were sold for total proceeds of $44.0 million (US$30.7 million), resulting in an average value of $103 per carat (US$72 per carat). These results compare to Q1 2024 when 938,000 carats were sold for total proceeds of $89.4 million (US$66.1 million), resulting in an average price of $95 per carat (US$70 per carat). Mark Wall, the Company's President, and Chief Executive Officer, commented: "The diamond market remained depressed in Q1 2025, and this was a real challenge from a cashflow perspective. On the mine operations side we executed another successful ice-road resupply season safely and on plan. Safety at the operations remained a key focus area, with the Total Recordable Injury Frequency Rate (TRIFR) finishing at 2.14, which was a material improvement on the TRIFR of 6.37 for Q1 2024. The processing plant continued to perform very well, with total tonnes treated in Q1 2025 improving by 15% compared to Q1 2024. On the negative, the grade for Q1 2025 was 48% lower than Q1 2024. The grade reduction was expected while lower grade stockpiles were treated during the period that we are stripping down to the higher grade NEX orebody, although the grade reduction experienced in the stockpile was greater than anticipated. Confidence remains in the overall grade of the stockpile, but at around 3 million tonnes there are pockets of higher and lower grade that will be experienced. We have begun treating areas of higher grade although the minerology of the ore will reduce the tonnes able to be treated by the processing facility. On the all-important mining side, the total tonnes mined increased by 28% in Q1 2025 when compared to Q1 2024. The significant increase in mining rate is the result of a sustained focus on drill and blast efficiency, people efficiency, maintenance efficiency and short-term planning efforts. At this time, I anticipate earlier access to the high grade NEX ore than was originally anticipated in the plan, which will help us later in the year. I am optimistic that the turbulence in the global markets will stabilize as we move through 2025 and the diamond market will recover. As previously announced, during Q1 2025, we saw the closing of the Refinancing Transactions , which served to address the reclamation liabilities owed to De Beers as operator of the GK Mine, provide an immediate injection of capital to address the 2025 near cash flow deficit faced by the Company, and extend the term of the Second Lien Notes to December 2027, which were due to mature in December 2025. Furthermore, we recently announced that at our AGM to be held on May 16 th, Shareholders will be asked to pass an ordinary resolution approving a new working capital facility from Dunebridge Worldwide Ltd., a related party of the Company, in the amount of CAD33,000,000, or the USD equivalent amount. In respect of these transactions for which we have received much appreciated support from De Beers and our financing partners, I would like to recognize the stalwart support of our largest shareholder and debt holder, Mr. Dermot Desmond. " The following table summarizes key operating statistics for the Gahcho Kué Mine in Q1 2025, and Q1 2024. * at 100% interest in the Gahcho Kué Mine **See "Reconciliation of non-IFRS measures" at the end of the news release 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 Financial Performance Three months ended Three months ended (in thousands of Canadian dollars, except where otherwise noted) March 31, 2025 March 31, 2024 Sales $ 43,995 89,438 Carats sold 000's carats 426 938 Average price per carat sold $/carat 103 95 Cost of sales per carat* $/carat 156 63 (Loss) earnings from mine operations per carat $ (53) 32 (Loss) earnings from mine operations % -51 % 34 % Selling, general and administrative expenses $ 2,542 3,542 Operating (loss) income $ (25,102) 26,760 Net (loss) income for the period $ (34,374) 6,864 Basic (loss) earnings per share $ (0.16) 0.03 Diluted (loss) earnings per share $ (0.16) 0.03 Conference Call The Company will host its quarterly conference call on Wednesday May 14 th, 2025, at 11:00am ET. Title: Mountain Province Diamonds Inc Q1 2025 Earnings Conference Call Conference ID: 19522 Date of call: 05/14/2025 Time of call: 11:00 Eastern Time Expected Duration: 60 minutes Webcast Link: Participant Toll-Free Dial-In Number: (+1) 888-699-1199 Participant International Dial-In Number: (+1) 416-945-7677 A replay of the webcast and audio call will be available on the Company's website. Reconciliation of Non-IFRS measures This news release refers to the terms "Cash costs of production per tonne of ore processed" and "Cash costs of production per carat recovered", both including and net of capitalized stripping costs and "Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA)" and "Adjusted EBITDA Margin". Each of these is a non-IFRS performance measure and is referenced in order to provide investors with information about the measures used by management to monitor performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Cash costs of production per tonne of ore processed and cash costs of production per carat recovered are used by management to analyze the actual cash costs associated with processing the ore, and for each recovered carat. Differences from production costs reported within cost of sales are attributed to the amount of production cost included in ore stockpile and rough diamond inventories. Adjusted EBITDA is used by management to analyze the operational cash flows of the Company, as compared to the net income for accounting purposes. It is also a measure which is defined in the Notes documents. Adjusted EBITDA margin is used by management to analyze the operational margin % on cash flows of the Company. The following table provides a reconciliation of the Adjusted EBITDA and Adjusted EBITDA margin with the net income on the condensed consolidated interim statements of comprehensive (loss) income: The following table provides a reconciliation of the cash costs of production per tonne of ore processed and per carat recovered and the production costs reported within cost of sales on the condensed consolidated interim statements of comprehensive (loss) income: About Mountain Province Diamonds Inc. 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 more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat, at February 2019. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct, at February 2019. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat, at February 2019. All resource estimations are based on a 1mm diamond size bottom cut-off. 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 Tom McCandless, Ph.D., and Mr. Tysen Hantelmann, independent advisors to the Company and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Caution Regarding Forward Looking Information This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated. These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provides additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities, Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board. SOURCE Mountain Province Diamonds Inc.
Yahoo
13-05-2025
- Business
- Yahoo
Mountain Province Diamonds Announces First Quarter Financial Results for 2025
TSX and OTC: MPVD TORONTO, May 13, 2025 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) & (OTC: MPVD) today announces financial results for the first quarter ended March 31, 2025 ("the Quarter" or "Q1 2025") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted. Financial Highlights for Q1 2025 426,000 carats sold, with total proceeds of $44.0 million (US$30.7 million) at an average realised value of $103 per carat (US$72). Adjusted EBITDA1 of $6.1 million. Loss from mine operations of $22.4 million. Net loss of $34.4 million or $0.16 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. Operational Highlights for Q1 2025(all figures reported on a 100% basis unless otherwise stated) 925,773 ore tonnes treated, a 15% increase relative to Q1 2024, (Q1 2024: 805,557 tonnes treated;) 762,978 carats recovered, 40% lower than Q1 2024 (Q1 2024: 1,264,887 carats) Average grade of 0.82 carats per tonne, a 48% decrease relative to Q1 2024 (Q1 2024: 1.57 carats per tonne) Cost per carat recovered, including capitalized stripping of $192/carat, and cost per tonne processed, including capitalized stripping of $158/tonne. Sales Highlights for Q1 2025 As previously released, during Q1 2025, 426,000 carats were sold for total proceeds of $44.0 million (US$30.7 million), resulting in an average value of $103 per carat (US$72 per carat). These results compare to Q1 2024 when 938,000 carats were sold for total proceeds of $89.4 million (US$66.1 million), resulting in an average price of $95 per carat (US$70 per carat). Mark Wall, the Company's President, and Chief Executive Officer, commented: "The diamond market remained depressed in Q1 2025, and this was a real challenge from a cashflow perspective. On the mine operations side we executed another successful ice-road resupply season safely and on plan. Safety at the operations remained a key focus area, with the Total Recordable Injury Frequency Rate (TRIFR) finishing at 2.14, which was a material improvement on the TRIFR of 6.37 for Q1 2024. The processing plant continued to perform very well, with total tonnes treated in Q1 2025 improving by 15% compared to Q1 2024. On the negative, the grade for Q1 2025 was 48% lower than Q1 2024. The grade reduction was expected while lower grade stockpiles were treated during the period that we are stripping down to the higher grade NEX orebody, although the grade reduction experienced in the stockpile was greater than anticipated. Confidence remains in the overall grade of the stockpile, but at around 3 million tonnes there are pockets of higher and lower grade that will be experienced. We have begun treating areas of higher grade although the minerology of the ore will reduce the tonnes able to be treated by the processing facility. On the all-important mining side, the total tonnes mined increased by 28% in Q1 2025 when compared to Q1 2024. The significant increase in mining rate is the result of a sustained focus on drill and blast efficiency, people efficiency, maintenance efficiency and short-term planning efforts. At this time, I anticipate earlier access to the high grade NEX ore than was originally anticipated in the plan, which will help us later in the year. I am optimistic that the turbulence in the global markets will stabilize as we move through 2025 and the diamond market will recover. As previously announced, during Q1 2025, we saw the closing of the Refinancing Transactions , which served to address the reclamation liabilities owed to De Beers as operator of the GK Mine, provide an immediate injection of capital to address the 2025 near cash flow deficit faced by the Company, and extend the term of the Second Lien Notes to December 2027, which were due to mature in December 2025. Furthermore, we recently announced that at our AGM to be held on May 16th, Shareholders will be asked to pass an ordinary resolution approving a new working capital facility from Dunebridge Worldwide Ltd., a related party of the Company, in the amount of CAD33,000,000, or the USD equivalent amount. In respect of these transactions for which we have received much appreciated support from De Beers and our financing partners, I would like to recognize the stalwart support of our largest shareholder and debt holder, Mr. Dermot Desmond. " Gahcho Kué Mine Operations The following table summarizes key operating statistics for the Gahcho Kué Mine in Q1 2025, and Q1 months ended Three months endedMarch 31, 2025 March 31, 2024 GK operating data Mining *Ore tonnes mined kilo tonnes - 1,947*Waste tonnes mined kilo tonnes 10,092 5,938*Total tonnes mined kilo tonnes 10,092 7,885*Ore in stockpile kilo tonnes 3,142 3,458 Processing *Ore tonnes processed kilo tonnes 926 806*Average plant throughput tonnes per day 9,851 8,857*Average diamond recovery carats per tonne 0.82 1.57*Diamonds recovered 000's carats 763 1,265Approximate diamonds recovered - Mountain Province 000's carats 374 620Cash costs of production per tonne of ore, net of capitalized stripping ** $ 90 51Cash costs of production per tonne of ore, including capitalized stripping** $ 158 88Cash costs of production per carat recovered, net of capitalized stripping** $ 109 33Cash costs of production per carat recovered, including capitalized stripping** $ 192 56 Sales Approximate diamonds sold - Mountain Province*** 000's carats 426 938Average diamond sales price per carat US $ 72 $ 70 * at 100% interest in the Gahcho Kué Mine **See "Reconciliation of non-IFRS measures" at the end of the news release 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 Financial Performance Three months ended Three months ended (in thousands of Canadian dollars, except where otherwise noted)March 31, 2025 March 31, 2024 Sales $ 43,995 89,438 Carats sold 000's carats 426 938 Average price per carat sold $/carat 103 95 Cost of sales per carat* $/carat 156 63 (Loss) earnings from mine operations per carat $ (53) 32 (Loss) earnings from mine operations % -51 % 34 % Selling, general and administrative expenses $ 2,542 3,542 Operating (loss) income $ (25,102) 26,760 Net (loss) income for the period $ (34,374) 6,864 Basic (loss) earnings per share $ (0.16) 0.03 Diluted (loss) earnings per share $ (0.16) 0.03 Conference Call The Company will host its quarterly conference call on Wednesday May 14th, 2025, at 11:00am ET. Title: Mountain Province Diamonds Inc Q1 2025 Earnings Conference Call Conference ID: 19522Date of call: 05/14/2025Time of call: 11:00 Eastern TimeExpected Duration: 60 minutes Webcast Link: Participant Toll-Free Dial-In Number: (+1) 888-699-1199Participant International Dial-In Number: (+1) 416-945-7677 A replay of the webcast and audio call will be available on the Company's website. Reconciliation of Non-IFRS measures This news release refers to the terms "Cash costs of production per tonne of ore processed" and "Cash costs of production per carat recovered", both including and net of capitalized stripping costs and "Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA)" and "Adjusted EBITDA Margin". Each of these is a non-IFRS performance measure and is referenced in order to provide investors with information about the measures used by management to monitor performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Cash costs of production per tonne of ore processed and cash costs of production per carat recovered are used by management to analyze the actual cash costs associated with processing the ore, and for each recovered carat. Differences from production costs reported within cost of sales are attributed to the amount of production cost included in ore stockpile and rough diamond inventories. Adjusted EBITDA is used by management to analyze the operational cash flows of the Company, as compared to the net income for accounting purposes. It is also a measure which is defined in the Notes documents. Adjusted EBITDA margin is used by management to analyze the operational margin % on cash flows of the Company. The following table provides a reconciliation of the Adjusted EBITDA and Adjusted EBITDA margin with the net income on the condensed consolidated interim statements of comprehensive (loss) income:Three months ended Three months endedMarch 31, 2025 March 31, 2024Net (loss) income for the period $ (34,374) $ 6,864 Add/deduct: Non-cash depreciation and depletion 23,075 22,104 Net realizable value adjustment included in production costs 10,181 - Share-based payment expense 154 242 Fair value gain of warrants 1,099 (541) Gain on lease 4 (55) Finance expenses 10,078 10,337 Derivative (gains) losses (815) 2,340 Current and deferred income taxes (3,800) 2,325 Current income taxes 160 150 Unrealized foreign exchange losses 313 6,187 Adjusted earnings before interest, taxes, depreciation and depletion (Adjusted EBITDA) $ 6,075 $ 49,953 Sales 43,995 89,438 Adjusted EBITDA margin 14 % 56 % The following table provides a reconciliation of the cash costs of production per tonne of ore processed and per carat recovered and the production costs reported within cost of sales on the condensed consolidated interim statements of comprehensive (loss) income: Three months ended Three months ended (in thousands of Canadian dollars, except where otherwise noted)March 31, 2025 March 31, 2024 Cost of sales production costs $ 39,289 32,728 Timing differences due to inventory and other non-cash adjustments $ 1,541 (12,393) Cash cost of production of ore processed, net of capitalized stripping $ 40,830 20,335 Cash costs of production of ore processed, including capitalized stripping $ 71,597 34,927 Tonnes processed kilo tonnes 454 395 Carats recovered 000's carats 374 620 Cash costs of production per tonne of ore, net of capitalized stripping $ 90 51 Cash costs of production per tonne of ore, including capitalized stripping $ 158 88 Cash costs of production per carat recovered, net of capitalized stripping $ 109 33 Cash costs of production per carat recovered, including capitalized stripping $ 192 56 About Mountain Province Diamonds Inc. 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 more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat, at February 2019. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct, at February 2019. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat, at February 2019. All resource estimations are based on a 1mm diamond size bottom cut-off. 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 Tom McCandless, Ph.D., and Mr. Tysen Hantelmann, independent advisors to the Company and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Caution Regarding Forward Looking Information This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated. These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provides additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities, Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board. View original content: SOURCE Mountain Province Diamonds Inc. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
