Mountain Province Diamonds Announces First Quarter 2024 Production and Sales Results, Details of First Quarter 2024 Earnings Release and Conference Call

22 April 2024

TORONTO, April 22, 2024 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) & (OTC: MPVD) today announces production and sales results for the first quarter ended March 31, 2024 ("the Quarter" or "Q1 2024") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.

Q1 Production Takeaways
(all figures reported on a 100% basis unless otherwise stated)

  • 1,264,887 carats recovered, 4% lower than last year's comparable quarter (Q1 2023: 1,319,603 carats)
  • Average grade of 1.57 carats per tonne, a 9% decrease relative to Q1 2023 (1.72 carats per tonne)
  • 1,946,856 ore tonnes mined, a 355% increase relative to last year's comparable quarter (Q1 2023: 427,925 ore tonnes mined)
  • 805,557 ore tonnes treated, a 5% increase relative last year's comparable quarter (Q1 2023: 766,786 tonnes treated)

Q1 2024 Production Figures

      
       
 

2024 Q1

2023 Q1

YoY Variance

Total tonnes mined (ore and waste)

7,885,445

8,935,015

-12 %

Ore tonnes mined

1,946,856

427,925

355 %

Ore tonnes treated

805,557

766,786

5 %

Carats recovered

1,264,887

1,319,603

-4 %

Carats recovered (49% share)

619,795

646,605

-4 %

Recovered grade (carats per tonne)

1.57

1.72

-9 %
         
         

Q1 Sales Results

During the quarter 938,310 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). These results compare to Q1 2023 when 961,024 carats were sold for total proceeds of $128.7 million (US$95.0 million), resulting in an average price of $134 per carat (US$99 per carat).

Mark Wall, the Company's President and Chief Executive Officer, commented:

"Q 1 2024 is generally the toughest quarter at the GK Mine operations with the annual resupply via the ice-road in full swing and the challenges of operating in the far north with limited sunlight and very low temperatures.  I am pleased to report that the ice-road resupply is now fully completed, with all necessary materials and consumables safely on site.  The Quarter also saw a positive safety milestone, with the site recognizing the milestone of one year free of Lost Time Injuries.  The important metrics of 'ore treated per day' and 'overall plant utilization' were both improved in Q1 2024 versus Q1 2023, which are positive process plant performance metrics.  The GK Mine also recovered almost 2m tonnes of ore in the Quarter and has built up considerable stockpiles.

Work continues on an optimized mine plan and I hope to be able to update the market on that work towards the end of quarter 2."

View Details