Mountain Province Diamonds Announces Full Year and Fourth Quarter 2023 Results

1 April 2024

TORONTO, April 1, 2024 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province Diamonds", or the "Company") (TSX: MPVD) (OTC: MPVD) today announces its financial and operating results for the fourth quarter ("the Quarter" or "Q4 2023") and the full year ended December 31, 2023 ("FY 2023").

All figures are expressed in Canadian dollars unless otherwise noted and are unaudited.

FY 2023 Highlights

  • 43% improvement in key site safety KPI (TRIFR) in 2023 vs 2022.
  • Adjusted EBITDA1 of $165.0 million, down 8% relative to 2022 (2022: $178.6 million).
  • Total sales revenue at $328.6 million (US$243.8 million) compared to $388.9 million in 2022 (US$297.3 million: at an average realized value of $121 per carat (US$90) 2022: $146 per carat (US$112).
  • Repaid US$18 million in Senior Secured Second Lien Notes.
  • 9% increase in total tonnes mined in 2023 relative to 2022, coupled with a 5% increase in tonnes treated.
  • Net loss of $43.7 million or $0.21 loss per share (2022: net income $49.2 million or $0.23 earnings per share. Included in the determination of net loss is an impairment loss on property, plant and equipment of $104.6 million and foreign exchange gains of $6.6 million (2022: foreign exchange loss of $28.2 million) on the translation of the Company's USD-denominated long-term debt. The unrealized foreign exchange gains are a result of the relative strengthening of the Canadian dollar versus the US dollar.

Operational Highlights for Q4 2023 and FY 2023
(all figures reported on a 100% basis unless otherwise stated)

  • 1,572,696 carats recovered during the Quarter at an average grade of 1.84 carats per tonne, 3% lower than the comparable quarter in 2022 (Q4 2022: 1,621,800 carats at 1.96 carats per tonne). 5,557,655 carats recovered during FY 2023 at an average grade of 1.71 carats per tonne, 1% higher than the comparable period (full year ended December 31, 2022 ("FY 2022"): 5,519,309 at 1.78 carats per tonne).
  • 1,895,492 ore tonnes mined during the quarter, a 169% increase on the comparable period in 2022 (Q4 2022: 705,924). 3,807,102 ore tonnes mined during FY 2023, a 7% decrease from 2022 (FY 2022: 4,113,648).
  • 855,319 ore tonnes treated during the quarter, a 3% increase on the comparable period in 2022 (Q4 2022: 828,644). 3,249,963 ore tonnes treated during FY 2023, a 5% increase from 2022 (FY 2022: 3,102,219).
  • 9,831,021 total tonnes mined during the quarter, a 3% decrease on the comparable period (Q4 2022: 10,144,844). 37,147,350 total tonnes mined during FY 2023, a 9% increase from 2022 (FY 2022: 33,947,188).

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