Mountain Province Diamonds First Quarter 2025 Results and Conference Call

24 April 2025

TORONTO, April 24, 2025 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces production and sales results for the first quarter ended March 31, 2025 ("the Quarter" or "Q1 2025") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.

Q1 Production Takeaways
(all figures reported on a 100% basis unless otherwise stated)

  • 762,978 carats recovered, 40% lower than last year's comparable quarter (Q1 2024: 1,264,887 carats)
  • 0.82 Average grade of carats per tonne, a 48% decrease relative to Q1 2024 (1.57 carats per tonne)
  • 0 (nil) ore tonnes mined; a 100% reduction relative to last year's comparable quarter (Q1 2024: 1,946,856 ore tonnes mined), as all ore treated came from the stockpile.
  • 925,773 ore tonnes treated, a 15% increase relative to last year's comparable quarter (Q1 2024: 805,557 tonnes treated)

  • Q1 2025 Production Figures

    		      
           
     

    2025 Q1

    2024 Q1

    YoY Variance

    Total tonnes mined (ore and waste)

    10,092,47

    7,885,445

    28 %

    Ore tonnes mined

    0

    1,946,856

    -100 %

    Ore tonnes treated

    925,773

    805,557

    15 %

    Carats recovered

    762,978

    1,264,887

    -40 %

    Carats recovered (49% share)

    373,859

    619,795

    -40 %

    Recovered grade (carats per tonne)

    0.82

    1.57

    -48 %

    Q1 Sales Results

    In the Quarter, 426,268 carats were sold for $44 million (US$30.7 million), averaging $103 per carat (US$72 per carat). In Q1 2024, 938,310 carats were sold for $89.4 million (US$66.1 million), averaging $95 per carat (US$70 per carat).

    Mark Wall, the Company's President and Chief Executive Officer, commented:

    "Q1 is historically a challenging quarter for the operations. For Q1 of 2025 we saw the all- important total tonnes mined increase by 28% when compared to Q1 of 2024. As previously reported the first half of 2025 is focussed exclusively on stripping waste to reach the important high grade NEX orebody, and the improvements in mining performance have been a key focus area. Processing continued to go well, with a 15% improvement in Q1 2025 compared to Q1 of 2024. As we were treating low grade stockpiles while we strip waste to the NEX orebody we expected lower grades, although the stockpile grades performed below modelled grade with a processed grade of 0.82 carats per tonne. While the processing facility continued to perform very well, the low-grade stockpiles being treated resulted in low carat production for the quarter. During Q2 we will continue to work to find the best grade in the large stockpile we are treating, while we close in on accessing the high grade NEX orebody at the end of Q2"

    Earnings Release and Conference Call Details

    The Company will host its quarterly conference call on Wednesday May 14th, 2025 at 11:00am ET. Prior to the conference call, the Company will release Q1 2025 financial results on May 13th, 2025 after-market.

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