6 December 2021
TSX and OTCQX: MPVD
TORONTO and NEW YORK, Dec. 6, 2021 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", or the "Company") (TSX and OTCQX: MPVD) is pleased to announce the results of its most recent December 2021 diamonds sale, as well as the aggregate sales results for the fourth quarter of 2021.
During the most recent December 2021 sale, 388,573 carats were sold for total proceeds of $42.7 million (US$33.3 million), resulting in an average value of $110 per carat (US$86 per carat).
This continues the steady improvement through the fourth quarter of 2021 where inclusive of the most recent December sale, 808,739 carats were sold for total proceeds of $85.2 million (US$67.5 million) resulting in an average value of $105 per carat (US$83 per carat). This brings FY21 sales to 3,158,418 carats, for total proceeds of $298.4 million (US$236.9 million) resulting in a FY21 average value of $94 per carat (US$75 per carat).
The Company has now surpassed more than US$1billion in revenue since it began selling in Q1 2017. Recent sales have seen unprecedented levels of demand for the Company's brown diamonds, lower qualities and smaller sizes as supplies from other productions such as Argyle, are now largely absent from the market.
Mark Wall, the Company's President and Chief Executive Officer, commented:
"The price acceleration that we've seen leading into the final quarter of the year has continued, most notably in the smaller size fractions of our diamonds. This price appreciation has resulted in the Company achieving the 3rd highest quarterly average value per carat figure in its history, and the highest since the first quarter of 2018. Additionally, the US$86 per carat achieved in our December sale further reinforces our confidence in a robust diamond market heading into 2022, a pivotal year for the Company as we progress the streamlining of the capital structure."
About the Company
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 107,000 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.