Mountain Province Diamonds Announces First Quarter 2024 Production and Sales Results, Details of First Quarter 2024 Earnings Release and Conference Call
- 1,264,887 carats recovered in Q1 2024, a 4% decrease from Q1 2023
- Total of 938,310 carats sold in Q1 2024 with total proceeds of $89.4 million
- Average price per carat in Q1 2024 was $95, compared to $134 in Q1 2023
- 1,946,856 ore tonnes mined in Q1 2024, a 355% increase from Q1 2023
- Positive safety milestone of one year free of Lost Time Injuries in Q1 2024
- CEO reports improved 'ore treated per day' and 'overall plant utilization' metrics in Q1 2024
- None.
TSX and OTC: MPVD
Q1 Production Takeaways
(all figures reported on a
- 1,264,887 carats recovered,
4% lower than last year's comparable quarter (Q1 2023: 1,319,603 carats) - Average grade of 1.57 carats per tonne, a
9% decrease relative to Q1 2023 (1.72 carats per tonne) - 1,946,856 ore tonnes mined, a
355% increase relative to last year's comparable quarter (Q1 2023: 427,925 ore tonnes mined) - 805,557 ore tonnes treated, a
5% increase relative last year's comparable quarter (Q1 2023: 766,786 tonnes treated)
Q1 2024 Production Figures | ||||
2024 Q1 | 2023 Q1 | YoY Variance | ||
Total tonnes mined (ore and waste) | 7,885,445 | 8,935,015 | -12 % | |
Ore tonnes mined | 1,946,856 | 427,925 | 355 % | |
Ore tonnes treated | 805,557 | 766,786 | 5 % | |
Carats recovered | 1,264,887 | 1,319,603 | -4 % | |
Carats recovered ( | 619,795 | 646,605 | -4 % | |
Recovered grade (carats per tonne) | 1.57 | 1.72 | -9 % | |
Q1 Sales Results
During the quarter 938,310 carats were sold for total proceeds of
Mark Wall, the Company's President and Chief Executive Officer, commented:
"Q 1 2024 is generally the toughest quarter at the GK Mine operations with the annual resupply via the ice-road in full swing and the challenges of operating in the far north with limited sunlight and very low temperatures. I am pleased to report that the ice-road resupply is now fully completed, with all necessary materials and consumables safely on site. The Quarter also saw a positive safety milestone, with the site recognizing the milestone of one year free of Lost Time Injuries. The important metrics of 'ore treated per day' and 'overall plant utilization' were both improved in Q1 2024 versus Q1 2023, which are positive process plant performance metrics. The GK Mine also recovered almost 2m tonnes of ore in the Quarter and has built up considerable stockpiles.
Work continues on an optimized mine plan and I hope to be able to update the market on that work towards the end of quarter 2."
Earnings Release and Conference Call Details
The Company will host its quarterly conference call on Thursday May 9th, 2024 at 11:00am ET. Prior to the conference call, the Company will release Q1 2024 financial results on May 8th, 2024 after-market.
Conference Call Dial-in Details:
Title: Mountain Province Diamonds Inc Q1 2024 Earnings Conference Call
Conference ID: 63370213
Date of call: 05/09/2024
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes
Webcast Link:
https://emportal.ink/3xw1s6L
Participant Toll-Free Dial-In Number: (+1) 888-390-0546
Participant International Dial-In Number: (+1) 416-764-8688
A replay of the webcast and audio call will be available on the Company's website.
Mountain Province Diamonds is a
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved Matthew MacPhail, P.Eng, MBA, an employee of Mountain Province Diamonds Inc. and Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
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