Mountain Province Diamonds Announces Second Quarter Financial Results for 2026

Mountain Province Diamonds Inc. (MPVD) reported record production but severe financial losses for the Gahcho Kué diamond mine in the second quarter of 2026. Sales totaled 869,520 carats for C$43.5 million, averaging C$50 per carat (US$36), compared to C$36.8 million from 411,114 carats at C$90 per carat in the second quarter of 2025.

On a 100% operational basis, the mine recovered 2,014,563 carats in the second quarter, an 185% year-over-year increase. The grade rose 182% to 2.26 carats per tonne. Ore tonnes treated reached 891,293, up 1%, while ore tonnes mined jumped 620% to 969,180. For the first half of 2026, the mine recovered 4,021,000 carats, up 173% year-over-year at a grade of 2.44 carats per tonne. Sales for the first half totaled 1,728,000 carats at C$48 per carat, generating C$83.5 million.

Adjusted EBITDA was C$8.4 million in the second quarter and C$7.8 million for the first half. However, the loss from mine operations was C$89.8 million in the second quarter and C$126.0 million for the first half. The net loss was C$120.6 million, or C$0.57 per share, in the second quarter. The first-half net loss was C$185.7 million, or C$0.87 per share, which included C$11.3 million of second-quarter foreign-exchange losses on US-dollar debt.

Cash costs of production, including capitalized stripping, fell to C$48 per carat recovered in the second quarter and C$50 per carat in the first half, down from C$209 and C$200 in the prior-year periods, respectively.

CEO Jonathan Comerford highlighted the record first-half output and a tentative pricing improvement in the most recent sale. He stated that the company is still working with its joint-venture partner, lenders, and government to stabilize its financial position and continue as a going concern.

Mountain Province Diamonds Inc. (MPVD) issued an earnings release following the delisting of its shares from the TSX on July 17, 2026, with the stock last trading at C$0.01. The release contains no new financing, no restructuring agreement, and no resolution of the going-concern risk.

While the company reported positive adjusted EBITDA and record production, these operational metrics do not address the company’s insolvency risk. The large net loss is driven mainly by non-cash items: depreciation and depletion of C$46.2 million, net realizable value adjustments of C$34.4 million, restoration liability changes of C$15.6 million, and foreign-exchange losses of C$11.4 million.

Mountain Province Diamonds Inc. holds a 49% interest in the Gahcho Kué diamond mine in Canada’s Northwest Territories, operating as a non-operator participant alongside De Beers Canada, which serves as the 51% partner and operator. The company manages more than 113,000 hectares of mineral claims and leases surrounding Gahcho Kué, including the Kelvin and Faraday kimberlite resources. Mountain Province describes Gahcho Kué as the last operating diamond mine in Canada following the closure of Ekati.

Shares of Mountain Province were voluntarily delisted from the Toronto Stock Exchange effective on or about July 17, 2026, and the company is continuing its operations from Ontario to British Columbia. Jonathan Comerford serves as President and CEO, having been appointed acting President and CEO in February 2026 following the departure of Mark Wall.