Mountain Province Diamonds Announces Full Year and Fourth Quarter 2025 Results
Rhea-AI Summary
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.
Positive
- Q4 carat recoveries surged by +109% (1,861,856 carats)
- Total tonnes mined increased +16% year-over-year (38.7 million tonnes)
- Capital expenditures of $111.9M largely reflect $96.8M deferred stripping
Negative
- Sales fell 41.8% to $155.7M from $267.7M in 2024
- Adjusted EBITDA collapsed to $4.8M from $90.7M (≈95% decline)
- Net loss of $279.5M, including a $103M impairment on PPE
- Cash costs including stripping rose to $149 per tonne and $121 per carat
News Market Reaction – MPVDF
In the Apr 2 session, MPVDF declined 7.18%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 14 | Pricing correction | Negative | -5.8% | Correction lowered previously reported Q2 2024 average selling price per carat. |
| Mar 26 | FY 2024 results | Negative | -1.1% | Full-year 2024 results showed revenue decline and a substantial net loss. |
| May 08 | Q1 2024 earnings | Neutral | -1.9% | Q1 2024 showed positive EBITDA and net income but lower pricing metrics. |
| Apr 01 | FY 2023 results | Neutral | -4.0% | Full-year 2023 results release; details not summarized but shares fell modestly. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings and related corrections have typically been followed by modest negative price reactions, suggesting a pattern of cautious market response to this company’s financial disclosures.
Over the past two years, Mountain Province’s earnings-related news has often highlighted pressure on diamond prices and profitability. In Mar 2024 and Mar 2025, full-year results showed declining revenue and net losses, with shares slipping modestly after each release. A Jul 2025 correction to prior per-carat pricing also coincided with a negative move. Earlier, Q1 2024 results showed positive EBITDA and net income but still drew a small share-price decline. Today’s FY 2025 update extends this narrative of weaker pricing and larger losses.
Key Terms
adjusted ebitda financial
non-ifrs measures financial
capitalized stripping costs financial
derivative financial
foreign exchange gains financial
cash costs of production per tonne of ore processed financial
cash costs of production per carat recovered financial
adjusted ebitda margin financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
TSX and OTC: MPVD
All figures are expressed in Canadian dollars unless otherwise noted and are unaudited.
FY 2025 Highlights
4% improvement in key site safety KPI (TRIFR) in 2025 vs 2024. (Lowest since 2019)- Adjusted EBITDA1 of
$4.8 million 95% relative to 2024 (2024:$90.7 million - Total sales revenue at
$155.7 million US ) compared to$111.5 million $267.7 million US , at an average realized value of$195.2 million $83 US ) 2024:$59 $98 US ).$72 16% increase in total tonnes mined in 2025 relative to 2024.- Net loss of
$279.5 million $1.32 $80.8 million $0.38 $103 million $2.1 million $13.2 million $16.8 million $27.5 million
Operational Highlights for Q4 2025 and FY 2025
(all figures reported on a
- 1,861,856 carats recovered during the Quarter at an average grade of 2.15 carats per tonne,
117% higher than the comparable quarter in 2024 (Q4 2024: 890,202 carats at 0.99 carats per tonne), noting that grade was117% higher in Q4 2025. 4,333,792 carats recovered during FY 2025 at an average grade of 1.23 carats per tonne,7% lower than the comparable period (full year ended December 31, 2024 ("FY 2024"): 4,661,681 at 1.28 carats per tonne), noting that grade was4% lower in 2025. - 842,805 ore tonnes mined during the Quarter, a
45% decrease on the comparable period in 2024 (Q4 2023: 1,537,423). 1,784,860 ore tonnes mined during FY 2025, a67% decrease from 2024 (FY 2024: 5,379,404). - 864,298 ore tonnes treated during the Quarter, a
3% decrease on the comparable period in 2024 (Q4 2024: 895,587). 3,520,834 ore tonnes treated during FY 2025, a3% decrease from 2024 (FY 2024: 3,628,501). - 8,241,493 total tonnes mined during the Quarter, a
8% decrease on the comparable period (Q4 2024: 8,989,000). 38,701,114 total tonnes mined during FY 2025, a16% increase from 2024 (FY 2024: 33,388,905).
Q4 2025 and FY 2025 Production Statistics
Q4 2025 | Q4 2024 | YoY Variance | |
Total tonnes mined (ore and waste) | 8,241,493 | 8,989,000 | -8 % |
Ore tonnes mined | 842,805 | 1,537,423 | -45 % |
Ore tonnes treated | 864,298 | 895,587 | -3 % |
Diamonds recovered | 1,861,856 | 890,202 | +109 % |
Carats recovered ( | 912,309 | 436,199 | +109 % |
Recovered grade (carats per tonne) | 2.15 | 0.99 | +117 % |
FY 2025 | FY 2024 | YoY Variance | |
Total tonnes mined (ore and waste) | 38,701,114 | 33,388,905 | +16 % |
Ore tonnes mined | 1,784,860 | 5,379,404 | -67 % |
Ore tonnes treated | 3,520,834 | 3,628,501 | -3 % |
Diamonds recovered | 4,333,792 | 4,661,681 | -7 % |
Carats recovered ( | 2,123,558 | 2,284,224 | -- |
Recovered grade (carats per tonne) | 1.23 | 1.28 | -4 % |
Financial Highlights for Q4 2025
- 634,000 carats sold (Q4 2024: 543,000), with total proceeds of
$45.7 million US ) at an average realized value of$33 million $72 US ), compared to$52 $52 million US ), at an average realized value of$36.7 million $95 US ).$68 - Adjusted EBITDA1 of
$5.3 million - Loss from mine operations of
$50.3 million - Cash costs of
$128 $59 - Net loss of
$151.6 million $0.71 $103 million $0.5 million $6.2 million
1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. |
Financial Highlights for FY 2025
- Total sales revenue at
$155.7 million US ) at an average realized value of$111 5 million$83 US ) compared to$59 $267.7 million US ) sales revenue at an average realized value of$195.2 million $98 US ).$72 - Adjusted EBITDA2 of
$4.8 million 42% (2024:$90.7 million - Loss from mine operations of
$154.1 million $18.4 million - Cash costs of production, including capitalized stripping costs2,3 of
$149 $117 $121 $91 - Net loss of
$279.5 million $1.32 $80.8 million $0.38 $103 million $2.1 million $13.2 million $16.8 million $27.5 million - Capital expenditures were
$111.9 million $96.8 million $15.1 million
2 Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company's December 31, 2025 MD&A for explanation and reconciliation. |
3 In FY 2025 a total of 38.7 million tonnes mined, compared to a total of 33.4 million tonnes mined in 2024; a |
Market Highlights and Commentary for Q4 2025 and FY 2025
Mountain Province Diamonds President and CEO Jonathan Comeford commented:
"2025 was always expected to be a challenging year for the Company from a production perspective, with the first three quarters largely dominated by the processing of lower-grade stockpiles as we advanced waste stripping to access the high-grade NEX orebody. This progressed in line with plan, culminating in a material improvement in carat recoveries in Q4 2025, with 1,861,856 carats recovered on a
I would also like to acknowledge the strong and continued support of our major shareholder, Mr. Dermot Desmond, which was instrumental in navigating this period.
This improved production performance has carried into 2026 as mining advances into the NEX orebody. However, during 2025 and into 2026, diamond market conditions deteriorated significantly, particularly in the smaller and lower priced categories of goods where the mine produces significant quantities. This was driven by geopolitical and macroeconomic uncertainty, including the introduction of
The market was further impacted in Q4 2025 by excess supply of rough diamonds, resulting in short-term dislocation and additional pressure on pricing. In response, and as announced on February 9, 2026, the joint venture partners elected to pause the Tuzo Phase 3 project in order to preserve liquidity and maintain operational flexibility.
As noted in the Company's March 17, 2026 news release, we continue to engage constructively with De Beers and other stakeholders regarding outstanding obligations. These discussions are ongoing, and we look forward to providing an update to the market in due course.
The current geopolitical environment, including ongoing conflict in the
Gahcho Kué Mine Operations
The following table summarizes the key operating statistics for Q4 2025 and FY 2025, and the previous year, at the Gahcho Kué Mine.
Three months ended | Three months ended | Year ended | Year ended | ||
December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||
GK operating data | |||||
Mining | |||||
*Ore tonnes mined | kilo tonnes | 843 | 1,537 | 1,785 | 5,379 |
*Waste tonnes mined | kilo tonnes | 7,398 | 7,452 | 36,916 | 28,010 |
*Total tonnes mined | kilo tonnes | 8,241 | 8,989 | 38,701 | 33,389 |
*Ore in stockpile | kilo tonnes | 2,310 | 4,068 | 2,310 | 4,068 |
Processing | |||||
*Ore tonnes processed | kilo tonnes | 864 | 896 | 3,521 | 3,629 |
*Average plant throughput | tonnes per day | 9,818 | 9,846 | 9,673 | 9,942 |
*Average diamond recovery | carats per tonne | 2.16 | 0.99 | 1.23 | 1.28 |
*Diamonds recovered | 000's carats | 1,862 | 891 | 4,334 | 4,662 |
Approximate diamonds recovered - Mountain Province | 000's carats | 912 | 437 | 2,124 | 2,284 |
Cash costs of production per tonne of ore, net of capitalized stripping ** | $ | 94 | 79 | 93 | 77 |
Cash costs of production per tonne of ore, including capitalized stripping** | $ | 128 | 131 | 149 | 117 |
Cash costs of production per carat recovered, net of capitalized stripping** | $ | 44 | 80 | 76 | 60 |
Cash costs of production per carat recovered, including capitalized stripping** | $ | 59 | 132 | 121 | 91 |
Sales | |||||
Approximate diamonds sold - Mountain Province*** | 000's carats | 634 | 543 | 1,880 | 2,718 |
Average diamond sales price per carat | US | $ 52 | $ 68 | $ 59 | $ 72 |
* at |
**See Non-IFRS Measures section |
***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding process |
Financial Performance
Three months ended | Three months ended | Year ended | Year ended | ||
(in thousands of Canadian dollars, except where otherwise noted) | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |
Sales | $ | 45,742 | 51,996 | 155,725 | 267,665 |
Carats sold | 000's carats | 634 | 543 | 1,880 | 2,718 |
Average price per carat sold | $/carat | 72 | 96 | 83 | 98 |
Cost of sales per carat* | $/carat | 151 | 120 | 165 | 92 |
(Loss) earnings from mine operations per carat | $ | (79) | (24) | (82) | 6 |
(Loss) earnings from mine operations | % | (109 %) | (25 %) | -99 % | 7 % |
Selling, general and administrative expenses | $ | 3,243 | 3,655 | 10,471 | 12,760 |
Operating (loss) income | $ | (156,717) | (16,933) | (268,377) | 4,505 |
Net loss for the period | $ | (151,553) | (62,185) | (279,533) | (80,833) |
Basic loss per share | $ | (0.71) | (0.29) | (1.32) | (0.38) |
Diluted loss per share | $ | (0.71) | (0.29) | (1.32) | (0.38) |
Conference Call
The Company will host its year end conference call on Wednesday, April 1st, 2026 at 11:00am ET.
Title: Mountain Province Diamonds Inc Q4 2025 and FY 2025 Earnings Conference Call
Date of call: 04/01/2026
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes
Webcast Link: https://app.webinar.net/wqvjeyWlN8L
Participant Toll-Free Dial-In Number: (+1) 888-699-1199
Participant International Dial-In Number: (+1) 416-945-7677
A replay of the webcast and audio call will be available on the Company's website.
Reconciliation of Non-IFRS measures
This news release refers to the terms "Cash costs of production per tonne of ore processed" and "Cash costs of production per carat recovered," both including and net of capitalized stripping costs and "Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA)" and "Adjusted EBITDA Margin." Each of these is a non-IFRS performance measure and is referenced to provide investors with information about the measures used by management to monitor performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
Cash costs of production per tonne of ore processed and cash costs of production per carat recovered are used by management to analyze the actual cash costs associated with processing the ore, and for each recovered carat. Differences from production costs reported within cost of sales are attributed to the amount of production cost included in ore stockpile and rough diamond inventories.
Adjusted EBITDA is used by management to analyze the operational cash flows of the Company, as compared to the net income for accounting purposes. It is also a measure which is defined in the Notes documents. Adjusted EBITDA margin is used by management to analyze the operational margin % on cash flows of the Company.
The following table provides a reconciliation of the Adjusted EBITDA and Adjusted EBITDA margin with the net (loss) income on the consolidated statements of comprehensive (loss) income:
Year ended | Year ended | |
December 31, 2025 | December 31, 2024 | |
Net loss for the year | $ (279,533) | $ (80,833) |
Add/deduct: | ||
Non-cash depreciation and depletion | 102,747 | 74,863 |
Impariment loss on property, plant and equipment | 103,095 | - |
Loss on sale of equipment | 0 | 1,064 |
Net realizable value adjustment included in production costs | 70,483 | 8,494 |
Share-based payment expense | 195 | 794 |
Fair value loss (gain) of warrants | 1,099 | (2,294) |
Gain on lease | (4) | (46) |
Finance expenses | 56,254 | 43,312 |
Derivative (gains) losses | (2,093) | 16,818 |
Deferred income (recovery) taxes | (29,900) | 1,600 |
Current income taxes | 160 | 8 |
Unrealized foreign exchange (gains) losses | (17,665) | 26,921 |
Adjusted earnings before interest, taxes, depreciation and depletion (Adjusted EBITDA) | $ 4,838 | $ 90,701 |
Sales | 155,725 | 267,665 |
Adjusted EBITDA margin | 3 % | 34 % |
The following table provides a reconciliation of the cash costs of production per tonne of ore processed and per carat recovered and the production costs reported within cost of sales on the consolidated statements of comprehensive (loss) income:
Year ended | Year ended | ||
(in thousands of Canadian dollars, except where otherwise noted) | December 31, 2025 | December 31, 2024 | |
Cost of sales production costs | $ | 187,161 | 157,270 |
Timing differences due to inventory and other non-cash adjustments | $ | (26,731) | (19,819) |
Cash cost of production of ore processed, net of capitalized stripping | $ | 160,430 | 137,451 |
Cash costs of production of ore processed, including capitalized stripping | $ | 257,179 | 207,655 |
Tonnes processed | kilo tonnes | 1,725 | 1,778 |
Carats recovered | 000's carats | 2,124 | 2,284 |
Cash costs of production per tonne of ore, net of capitalized stripping | $ | 93 | 77 |
Cash costs of production per tonne of ore, including capitalized stripping | $ | 149 | 117 |
Cash costs of production per carat recovered, net of capitalized stripping | $ | 76 | 60 |
Cash costs of production per carat recovered, including capitalized stripping | $ | 121 | 91 |
About the Company
Mountain Province Diamonds is a
Qualified Person
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Tom McCandless, Ph.D., P.Geo and Tysen Hantelmann, P.Eng., Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Caution Regarding Forward Looking Information
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, labor 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 crucial 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 crucial 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.
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, prospects, and other factors deemed relevant by the Board.
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SOURCE Mountain Province Diamonds Inc.