12 November 2018
Mountain Province Diamonds Inc. today announces its financial and operating results for third quarter ended September 30, 2018 (“Q3 2018”). All figures are expressed in Canadian dollars unless otherwise stated.
Highlights
• Earnings from mine operations for the three and nine months ended September 30, 2018 amounted to $25.2 million and $68.3 million respectively.
• The net income for the three and nine months ended September 30, 2018 was $17.5 million or $0.08 cents earnings per share and $11.3 million or $0.06 cents earnings per share. Included in the determination of net income for the three and nine months ended September 30, 2018 are unrealized foreign exchange gains (losses) of $6.7 million and ($11.5) million respectively, on the translation of the Company’s USD-denominated longterm debt. Generally, the weakening Canadian dollar compared to US dollar is beneficial to the Company.
• Adjusted EBITDA1 of $38.0 million and $112.7 million in the three and nine months ended September 30, 2018 respectively.
• During the quarter ended September 30, 2018, the Company repurchased $19.7 million (US$15.0 million) of secured notes.
• For the nine months ended September 30, 2018, approximately 2,443,000 tonnes of ore treated and 5,391,000 carats recovered, on a 100% basis, for an average recovered grade of 2.21 carats per tonne (“cpt”), ahead of expectations. The recovered grade for Q3 2018 was also very high at 2.40 cpt. The Company’s 49% attributable share of diamond production for the three and nine months ended September 30, 2018 was approximately 891,000 carats and 2,642,000 carats respectively.