Mountain Province Diamonds Announces Guidance for 2026, Fourth Quarter and Full-Year 2025 Production and Sales Results, and Details of its Earnings Release and Conference Call for Fourth Quarter and Full-Year 2025
Mountain Province Issues 2026 Guidance Amidst Severe Liquidity Strain and JV Default Risks
The most recent news (March 09, 2026) provides 2026 production guidance and summarizes FY 2025 results. For 2026, the company expects to recover 6.6 - 7.2 million carats, a significant increase from the 4.33 million carats recovered in FY 2025. This jump is attributed to the transition into the high-grade 5034-NEX ore body. However, FY 2025 results showed a decrease in ore mined and treated compared to FY 2024, with Q4 2025 sales averaging only $72 per carat.
The news is rated Routine - Positive because while the 2026 guidance shows a massive projected increase in carat recovery (nearly 60% higher than 2025), this was the long-telegraphed "step change" management promised throughout 2025.
The materiality is tempered by the dire corporate update from February 2026, which revealed: - A CAD $49.17 million "Cash Call" from JV partner De Beers, with the first $38.8 million due March 17, 2026. - A formal risk of default under the Joint Venture Agreement (JVA), which would trigger cross-defaults on all secured debt. - The pausing of the Tuzo Phase 3 project to preserve cash. - The departure of the CEO, with the Chairman taking over to save costs.
While the 2026 guidance is operationally strong, the company is in a race against time to fund the De Beers cash call and avoid insolvency.
Mountain Province Diamonds owns 49% of the Gahcho Kué diamond mine in the Northwest Territories, Canada, in partnership with De Beers (51%). The project is a high-grade, remote fly-in/fly-out operation. The company also owns 100% of the Kennady North exploration project. The mine has recently transitioned from low-grade stockpiles to the high-grade 5034-NEX (Northeast Extension) ore body.