4 November 2020
Mountain Province Diamonds Inc. today announces its financial and operating results for the third quarter ("Q3 2020") and nine months ended September 30, 2020. All figures are expressed in Canadian dollars unless otherwise noted.
Operational Highlights for Third Quarter 2020 ("Q3 2020")
•821,000 tonnes treated, an 8% decrease from the 891,000 tonnes treated in Q3 2019.
•1,795,000 carats recovered at an average grade of 2.19 carats per tonne, a 17% increase compared to the 1,528,000 carats recovered at 1.71 carats per tonne of Q3 2019.
•9,881,000 total tonnes mined, a 16% decrease from 11,742,00 total tonnes mined in Q3 2019.
Financial Highlights for Third Quarter 2020 ("Q3 2020")
•Revenue from 956,000 carats sold at $47.3 million (US$35.3 million) at an average realised value of $50 per carat (US$37) compared to $54.8 million from 791,000 carats sold in Q3 2019 (US$41.6 million) at an average realized value of $69 per carat (US$53).
•Adjusted EBITDA1 of $15.3 million compared to $10.6 million in Q3 2019.
•Loss from mine operations $2.2 million compared to loss from mine operations of $6.1 million in Q3 2019.
•Cash costs of production, including capitalized stripping costs1 of $95 per tonne treated (2019: $90 per tonne) and $44 per carat recovered (2019: $53 per carat).
•Net loss at September 30, 2020 was $6.5 million or $0.03 loss per share (2019: net loss $25.8 million or $0.12 loss per share). Included in the determination of the net loss at September 30, 2020 are foreign exchange gains of $11.1 million, $8.1 million of which relates to unrealized gains on the translation of the Company's USD-denominated debt. as a result of the strengthening of the Canadian dollar versus US dollar. The remaining $3 million gain was realized on the settlement of outstanding foreign exchange contracts to sell US dollars.
1Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company's September 30, 2020 MD&A for explanation and reconciliation.