Mountain Province Diamonds Announces Full Year and Fourth Quarter 2025 Results
Executive Summary
- Mountain Province Diamonds reported a substantial net loss of C$279.5 M for FY 2025 (C$1.32 per share) versus a C$80.8 M loss in 2024, driven by a C$103 M impairment on property, plant and equipment.
- Adjusted EBITDA collapsed to C$4.8 M for the year (down 95% YoY) and C$5.3 M for Q4 2025, reflecting sharply lower production volumes and weaker realized diamond prices ($83/Ct vs $98/Ct in 2024).
- Production metrics showed a mixed picture: total tonnes mined increased 16% YoY, but ore tonnes mined fell 67%; carat recovery rose 109% in Q4 2025 but was down 7% for the full year.
Key Details
- Financial Highlights – FY 2025
- Total sales revenue: C$155.7 M (US$111.5 M) vs C$267.7 M in 2024.
- Average realized value: $83 per carat (US$59) vs $98/Ct (US$72) in 2024.
- Adjusted EBITDA: C$4.8 M (down 95% from C$90.7 M).
- Net loss: C$279.5 M; basic and diluted loss per share: C$1.32.
- Impairment loss on PPE: C$103 M; derivative gain: C$2.1 M; foreign‑exchange gain: C$13.2 M.
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Cash costs of production (including capitalized stripping): C$149 per tonne treated, C$121 per carat recovered.
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Financial Highlights – Q4 2025
- Sales revenue: C$45.7 M; average realized value: $72/Ct (US$52).
- Carats sold: 634,000 vs 543,000 in Q4 2024.
- Adjusted EBITDA: C$5.3 M.
- Net loss: C$151.6 M; loss per share: C$0.71.
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Impairment loss on PPE (quarter): C$103 M; derivative loss: C$0.5 M; FX gain: C$6.2 M.
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Production Statistics – FY 2025 vs FY 2024
- Total tonnes mined (ore + waste): 38.7 M vs 33.4 M (+16%).
- Ore tonnes mined: 1.78 M vs 5.38 M (‑67%).
- Ore tonnes treated: 3.52 M vs 3.63 M (‑3%).
- Diamonds recovered: 4.33 M carats vs 4.66 M (‑7%).
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Average grade: 1.23 Ct/t vs 1.28 Ct/t (‑4%).
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Production Statistics – Q4 2025 vs Q4 2024
- Total tonnes mined: 8.24 M vs 8.99 M (‑8%).
- Ore tonnes mined: 842,805 vs 1,537,423 (‑45%).
- Diamonds recovered: 1.86 M carats vs 890,202 (+109%).
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Recovered grade: 2.15 Ct/t vs 0.99 Ct/t (+117%).
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Operating Costs
- Cash cost per tonne treated (incl. stripping): C$128 (Q4) and C$149 (FY).
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Cash cost per carat recovered (incl. stripping): C$59 (Q4) and C$121 (FY).
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Capital Expenditures – FY 2025: C$111.9 M (C$96.8 M deferred stripping, C$15.1 M sustaining capital).
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Management Commentary
- CEO Jonathan Comeford highlighted the “material improvement in carat recoveries” in Q4 2025 and noted challenging market conditions due to U.S. tariffs on Indian diamond processing, excess supply, and competition from lab‑grown diamonds.
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The joint‑venture partners paused the Tuzo Phase 3 project (announced Feb 9 2026) to preserve liquidity.
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Conference Call – Scheduled for 2026‑04‑01 at 11:00 ET; webcast link provided.
Notable Quotes
“2025 was always expected to be a challenging year… culminating in a material improvement in carat recoveries in Q4 2025… The market was further impacted by excess supply of rough diamonds, resulting in short‑term dislocation and additional pressure on pricing.” – Jonathan Comeford, President & CEO
Materiality Assessment: Material – Negative (significant earnings decline, large impairment charge, and adverse market commentary).