Mountain Province Diamonds Announces Third Quarter Financial Results for 2025

Mountain Province Diamonds announced its Q3 2025 financial results, which showed a severe decline across all key metrics compared to the same period in 2024. - Revenue: CAD $29.2 million, a 58% decrease from CAD $69.4 million in Q3 2024. - Adjusted EBITDA: A loss of CAD $4.3 million, compared to a gain of CAD $17.3 million in Q3 2024. - Net Loss: A significant net loss of CAD $55.9 million, or ($0.26) per share. - Sales: 409,081 carats sold at an average price of CAD $71 per carat, down from 679,599 carats sold at CAD $102 per carat in Q3 2024. - Production: 1,000,887 carats were recovered at an average grade of 1.18 carats per tonne. - Costs: Cash cost per carat was CAD $121.

The CEO, Mark Wall, stated that during Q3 the company progressed the waste stripping to access the higher-grade 5034-NEX orebody and confirmed that "subsequent to the end of Q3 2025 we are mining consistently in that orebody."

The Q3 financial results are materially negative, confirming the dire operational update and downward guidance revision from November 6, 2025. The results represent a catastrophic deterioration in financial performance year-over-year and underscore the company's precarious financial position.

Throughout 2025, the company's narrative has been centered on enduring a painful period of high stripping costs and processing low-grade stockpiles to reach the high-grade, company-saving 5034-NEX orebody. This quarter's results show the extreme financial cost of that strategy. - Chronology of Failure: The year began with the company signaling a challenging H1 2025. By February, it was clear they were in "serious financial difficulty," requiring a major refinancing led by their largest shareholder, Dermot Desmond. This was followed by poor Q1 results, the need for an additional working capital facility in May, abysmal Q2 results, and another increase to their credit facility in July. - Guidance Cut Confirmed: The November 6th news, which lowered full-year guidance for carats recovered (from 4.3-4.7M to 4.0-4.2M) and significantly increased cost guidance (from $92-107/carat to $125-130/carat), was the clear signal of operational failure. Today's financial release quantifies that failure with a massive net loss and negative adjusted EBITDA, indicating the company is burning cash just to operate. - The NEX Orebody Promise: The CEO's comment about now "consistently mining" the NEX orebody is the only positive spin. However, this promise has been the carrot dangled all year. When transitional ore from the NEX was mined in Q2, the company admitted the grade was "lower than anticipated." The credibility of projections related to this orebody is now questionable. The company's survival hinges entirely on this orebody delivering exceptional grades and values immediately, a high-risk proposition given the execution track record this year.

In summary, the news is a confirmation of the company's severe operational and financial distress. The staggering loss and cash burn place immense pressure on its balance sheet, increasing its dependency on its insider lender and heightening the risk for minority shareholders.

Mountain Province Diamonds Inc. is a Canadian diamond mining company. Its sole operating asset is a 49% interest in the Gahcho Kué Diamond Mine, located in the Northwest Territories, Canada. The mine is a joint venture with De Beers Canada Inc., which holds the remaining 51% and acts as the operator. The flagship project's current development phase is focused on completing a significant waste stripping campaign to access the high-grade 5034-Northeast Extension (NEX) orebody, which is crucial for the mine's future profitability.