Mountain Province Diamonds Announces First Quarter Financial Results for 2026

13 May 2026

TORONTO, May 12, 2026 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces financial results for the first quarter ended March 31, 2026 ("the Quarter" or "Q1 2026") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.

Financial Highlights for Q1 2026

  • 858,000 carats sold, with total proceeds of $40.0 million (US$29.2 million) at an average realised value of $47 per carat (US$34).
  • Adjusted EBITDA of ($0.6) million.
  • Loss from mine operations of $36.2 million.
  • Net loss of $65.1 million or $0.31 basic and diluted loss per share. 
Operational Highlights for Q1 2026

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

  • 759,248 ore tonnes treated, a 18% decrease relative to Q1 2025, (Q1 2025: 925,773 tonnes treated;)
  • 2,006,135 carats recovered, 163% higher than Q1 2025 (Q1 2025: 762,978 carats)
  • Average grade of 2.64 carats per tonne, a 222% increase relative to Q1 2025 (Q1 2025: 0.82 carats per tonne)
  • Cost per carat recovered, including capitalized stripping of $53/carat, and cost per tonne processed, including capitalized stripping of $139/tonne.

Sales Highlights for Q1 2026

As previously released, during Q1 2026, 858,000 carats were sold for total proceeds of $40.0 million (US$29.2 million), resulting in an average value of $47 per carat (US$34 per carat). These results compare to Q1 2025 when 426,000 carats were sold for total proceeds of $44.0 million (US$30.7 million), resulting in an average price of $103 per carat (US$72 per carat).

Jonathan Comerford, the Company's President, and Chief Executive Officer, commented: 

The first quarter is historically a challenging period for operations due to adverse weather conditions, Q1 2026 was a particularly cold winter at the GK Mine. During the quarter, total tonnes mined declined significantly compared with Q1 2025, primarily due to the joint venture partners' decision to pause Tuzo waste stripping.

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