Mountain Province Diamonds Inc. reports operating and financial developments tied to its 49% participation with De Beers in the Gahcho Kué diamond mine in Canada’s Northwest Territories. Company news commonly covers mine production, diamond recoveries, sales volumes, realized rough-diamond pricing, and market conditions affecting smaller and lower-priced goods.
Updates also address the Gahcho Kué joint venture, the Tuzo Phase 3 project, mineral claims and leases surrounding the mine, credit facility amendments, receivable sales, cash call matters, earnings releases, and governance changes. The recurring themes reflect a diamond producer managing mine operations, rough-diamond sales, liquidity, and joint venture obligations during a difficult diamond market.
Mountain Province Diamonds (TSX & OTC: MPVD) announced that CFO Steven Thomas will step down effective September 1, 2026, and will continue to support the company in an advisory role during the transition.
Mountain Province holds a 49% interest with De Beers Canada in the Gahcho Kué diamond mine in Canada's Northwest Territories and controls over 96,000 hectares of nearby mineral claims and leases, including the Kelvin and Faraday kimberlite deposits. Kelvin has an indicated resource of 13.62 Mct in 8.50 Mt at 1.60 carats/tonne and US$63/carat, while Faraday 2 and Faraday 1-3 host inferred resources of 5.45 Mct and 1.90 Mct respectively, at stated grades and values.
Mountain Province Diamonds (TSX/OTC: MPVD) reported results of its June 30, 2026 annual and special meeting. Shareholders holding 111,152,890 shares, or 52.28% of outstanding shares, were represented.
Resolutions approved included electing two directors, re-approving the long-term incentive plan, a USD$1 million facility fee to Dunebridge, a voluntary TSX delisting, and continuance into British Columbia. TSX delisting is expected after trading on or about July 17, 2026.
Mountain Province Diamonds (TSX: MPVD) completed several financing measures to improve near-term liquidity and enable broader restructuring or refinancing efforts.
The company sold up to US$5 million of diamond receivables for up to US$4.17 million, extended key loan and reclamation payments to September 30, 2026, and secured a deferral of Second Lien Notes interest to December 15, 2026. These related-party transactions rely on MI 61-101 financial difficulty exemptions. Management cites weak rough diamond pricing and is pursuing potential support from CEEFC to help stabilize its financial position and continue operations.
Mountain Province Diamonds (TSX/OTC: MPVD) has mailed materials for its June 30, 2026 virtual annual and special meeting. Shareholders will vote on re-approving the equity incentive plan, a US$1 million facility fee tied to a US$10 million bridge loan increase, a voluntary TSX delisting, and corporate continuance to British Columbia.
The delisting and continuance are intended to facilitate a potential restructuring, including a possible share consolidation or going-private transaction that could eliminate many holdings with little or no compensation. The company reports minimal cash (about CAD$219,000) and indebtedness of roughly USD$290.6 million.
Mountain Province Diamonds (TSX: MPVD) reported Q1 2026 results from the Gahcho Kué mine.
- Sales of $40.0 million from 858,000 carats at $47/carat.
- Adjusted EBITDA of ($0.6) million; net loss of $65.1 million or $0.31 per share.
- Diamonds recovered rose to 2.0 million carats, up 163% year-over-year, with average grade up to 2.64 carats/tonne.
- Average realized price fell from $103 to $47 per carat amid weaker diamond market conditions and smaller stone mix.
- Cash cost per carat including capitalized stripping declined to $53 from $192.
- Management highlights a constrained financial environment and is in discussions with lenders, the joint venture partner, and government stakeholders.
Mountain Province Diamonds (TSX: MPVD) extended repayment dates on its credit facilities to June 30, 2026 and sold US$999,999 of diamond-sale receivables for US$833,000 to a related party to provide near-term operating capital. The transactions were approved by the Board after a special committee review and rely on a MI 61-101 exemption for financial difficulty.
Mountain Province Diamonds (TSX: MPVD) reported Q1 2026 operations from Gahcho Kué: 2,006,135 carats recovered (100% basis), a 163% increase YoY, and a recovered grade of 2.64 carats/tonne (222% increase). Sales in Q1 were 858,173 carats for $40 million (US$29.2M) with average realizations of $47/ct. Proceeds continue to be paid in-kind to De Beers under the amended JV arrangement. The company will release Q1 financials on May 12, 2026 and host a conference call May 13, 2026.
Mountain Province Diamonds (TSX: MPVD) reported FY 2025 results with sales of $155.7 million, a steep decline from $267.7 million in 2024, and an Adjusted EBITDA of $4.8 million. The company recorded a net loss of $279.5 million including a $103 million impairment.
Operationally, FY 2025 recovered 4,333,792 carats (100% basis) with strong Q4 recoveries of 1,861,856 carats. Capital expenditures were $111.9 million (including $96.8 million deferred stripping). Management cited weak diamond market conditions, tariff-driven disruption and a pause to Tuzo Phase 3 to preserve liquidity.
Mountain Province Diamonds (TSX: MPVD, OTC: MPVD) revised its Q4 and full-year 2025 results timetable after the financial audit was not completed on schedule. Financial results will be released March 31, 2026 after market and a conference call is set for April 1, 2026 at 11:00am ET. A webcast and replay will be available.
The company reiterates its 49% interest in the Gahcho Kué mine and controls over 96,000 hectares of surrounding claims.
Mountain Province Diamonds (TSX: MPVD) extended maturities on its credit facilities and updated creditors on unpaid joint venture cash calls.
The US$40M term loan maturity moved from March 18, 2026 to April 30, 2026, and the US$33M working capital facility repayment was extended to April 30, 2026. Unpaid cash calls total CAD$49,171,619, with CAD$38,847,140 due March 17, 2026; new IKE notices push some payments to May 16, 2026 and allow successive 60‑day windows.
The amendment is a related‑party transaction with Dunebridge and was approved by the Board after a Special Committee review, relying on MI 61‑101 financial difficulty exemptions.