Mountain Province Diamonds Announces Third Quarter 2021 Production Results, Details of Earnings Release and Conference Call

14 October 2021

TSX and OTCQX: MPVD

TORONTO and NEW YORK, Oct. 14, 2021 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTCQX: MPVD) today announces production results for the third quarter ended September 30, 2021 ("the Quarter" or "Q3 2021") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.

Additionally, the Company is providing the details of its Q3 2021 earnings release and conference call. The Company will release Q3 2021 financial results after market-close on Tuesday, November 9th, 2021, with the quarterly conference call on Wednesday, November 10th, 2021 at 11:00am EST.

Q3 Production Takeaways

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

  • 832,511 ore tonnes treated, a 1% increase relative to Q3 2020, and a 3% increase relative to Q2 2021 (Q3 2020: 821,049 tonnes treated; Q2 2021, 811,171 tonnes treated)
  • 1,562,105 carats recovered, 13% lower than Q3 2020, and a 11% decrease relative to Q2 2021 (Q3 2020: 1,794,408 carats recovered, Q2 2021: 1,763,556 carats recovered)
  • 4,717,789 carats recovered year-to-date, on track to meet FY21 guidance of 6,300,000 – 6,500,000 carats recovered
  • Average grade of 1.88 carats per tonne, a 14% decrease relative to Q3 2020 (2.19 carats per tonne)

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Q3 2021 Production Figures

2021 Q3

2020 Q3

YoY Variance

Total tonnes mined (ore and waste)

10,280,749

9,880,757

4%

 

Ore tonnes mined

1,033,461

889,340

16%

Ore tonnes treated

832,511

821,049

1%

Carats recovered

1,562,105

1,794,408

-13%

Carats recovered (49% share)

765,431

879,260

-13%

Recovered grade (carats per tonne)

1.88

2.19

-14%

 

Mining performance improved relative to the prior quarter, benefitting from improved equipment availability, fewer incidences of extreme weather, as well as improved labour availability. Tonnes processed and carats recovered remain on track to meet previously provided guidance.

Jonathan Comerford, the Company's Chairman and Interim Chief Executive Officer, commented:      "I am pleased with the performance of the mine in Q3.  The grade was lower in the quarter due to planned processing of lower grade material, and because of the previously stated change to a larger bottom cut-off screen size. Despite this we remain well on target to meet our production guidance of 6,300,000 – 6,500,000 carats recovered for 2021.  The operator has done a good job in recovering some of the lost production from the temporary suspension of operations due to Covid-19 in Q1.  The sizeable stockpile built up at the plant also gives us confidence that we will reach our goals for the year."

Conference Call

The Company will release its Q3 2021 financial results on Tuesday, November 9th, 2021 after market hours. The Company will host its quarterly conference call on Wednesday, November 10th, 2021 at 11:00am ET.

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