6 November 2024
TORONTO, Nov. 6, 2024 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) today announces financial results for the third quarter ended September 30, 2024 ("the Quarter" or "Q3 2024") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian Dollars unless otherwise noted.
Q3 2024 Key Takeaways
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1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See "Reconciliation of non-IFRS measures" at the end of the news release for explanation and reconciliation. |
Mark Wall, the Company's President, and Chief Executive Officer, commented:
"The first nine months of 2024 has produced positive operational results in a period of challenging diamond prices, resulting in an adjusted EBITDA for the period of some $91 million.
Year to date in 2024 we have processed approximately 14% more tonnes than during the same period in 2023, while at the same time the ore grade went down by around 17%, which was driven by planned lower grade in Q3 and unplanned lower grade in March and early Q2 of 2024 as previously reported. The processed grade is currently performing in line with, or better than plan which when coupled with improved throughput has led to carat production trending to the upper end of our 2024 production guidance.
On costs we are well advanced in more expensive pit-bottom mining in both the Hearne and 5034 open pits. The focus on operational efficiency and costs remains front of mind, with the cost per tonne treated, including capitalized stripping, down 21% for the first nine months of 2024 when compared to the same period in 2023.
While the diamond market has been disappointing during the period I am optimistic that the price environment will recover during 2025, which is a period of planned production similar to 2024, followed by a very strong 2026 production year, as reported in our recent NI 43-101 Technical Report update. 2025 will be a period of continued cost and operational efficiency focus as well as an assessment of the company's financing requirements in different diamond price environments."
Reid Mackie, VP Sales & Marketing, commented:
"The Company continues to successfully navigate a challenging market. In Q3 2024 our sales achieved 100% sell-through with no unsold stock held at the end of September and a higher average selling price than the three preceding quarters. This positions the Company well to benefit from any improvements to rough diamond demand following the solid results anticipated from the all-important US holiday season retail sales."