Mountain Prov Stock Price, News & Analysis

Mountain Province Diamonds has announced successful interim drilling results from the Hearne Northwest Extension at the Gahcho Kué Mine, which ranks among the world's top diamond producers. The drilling program confirmed the presence of kimberlite in over 60% of 14 completed drill holes, with mineralized intersects ranging from 24.3 to 114.5 meters. As a 49% stakeholder in this joint venture with De Beers, the company is planning further drilling to expand the resource base and potentially increase the mine's lifespan, as stated by CEO Mark Wall.

Mountain Province Diamonds Inc. (MPVD) reported a 16% increase in carats sold for Q2 2022, with 586,763 carats sold, resulting in a 14% revenue increase to US$76 million, the second highest in the company's history. However, production faced challenges due to Covid-19 and operational issues, leading to a 29% decrease in carats recovered compared to Q2 2021, totaling 1,260,899 carats. The company revised its FY 2022 guidance, reducing estimated carats recovered from 6.2-6.4 million to 5.6-5.8 million.

Mountain Province Diamonds has announced interim exploration results for the Kennady North Project, covering 107,000 hectares around the Gahcho Kué Diamond Mine. The winter drill program, comprising 6,000 meters, has completed about half. Notably, kimberlite was intersected in 16 of 20 drill holes across 4 target areas. Key highlights include discovering hypabyssal and volcaniclastic kimberlite in the North and South Anomalies. The exploration aims to enhance the diamond production potential and is set to continue into the summer with follow-up programs based on previous results.

Mountain Province Diamonds Inc. has engaged Integrous Communications as its investor relations advisor to enhance corporate communications and investor outreach. CEO Mark Wall emphasized the commitment to improving investor engagement, leveraging Integrous' extensive experience in the sector. This partnership aims to effectively convey corporate developments and growth initiatives related to the Gahcho Kué diamond mine, where Mountain Province holds a 49% stake. The upcoming quarterly conference call is scheduled for May 4, 2022.

Mountain Province Diamonds Inc. announced its Q1 2022 production and sales results on April 14. The company reported a substantial increase in ore tonnes mined, up 98% year-over-year to 1,018,722 tonnes. However, the recovered carats decreased by 15% to 1,185,156, with a notable drop in average grade to 1.68 carats per tonne, a decrease of 25%. Total sales for the quarter reached $84.7 million, translating to an average value of $167 per carat, which is a 52% increase from Q4 2021. The discovery of additional diamond-bearing ore is seen as a positive development.

Mountain Province Diamonds has announced the completion of a US$50 million junior secured term loan agreement, maturing on December 15, 2027, with terms including an initial interest rate of 8%. The company also issued warrants for up to 41 million common shares at an exercise price of US$0.60975. This financing, approved by shareholders on February 28, 2022, is intended to strengthen the company’s liquidity and capital structure while being backed by its assets. Mountain Province Diamonds holds a 49% stake in the Gahcho Kué diamond mine.

Mountain Province Diamonds Inc. (TSX: MPVD, OTCQX: MPVD) announces its fourth quarter and full year 2021 earnings release scheduled for March 28, 2022, after market close. A conference call will follow on March 29, 2022, at 11:00 AM EST. Participants can access the call via the provided toll-free and international dial-in numbers. The Gahcho Kué diamond mine, in which the company holds a 49% stake, continues to show promising mineral resources, including significant estimates of carats and values for Kelvin and Faraday kimberlites.

Mountain Province Diamonds (TSX: MPVD, OTCQX: MPVD) has entered a supply agreement with Chow Tai Fook, a leading jewellery retailer, to provide diamonds on a renewable one-year term. In addition, the company reported a successful diamond sale on February 25, 2022, generating $52.7 million from 322,547 carats, achieving an average price of $163 per carat, marking a new high for Gahcho Kué goods. This sale reflects strong market demand and a 13% increase in indicative market price compared to January's sale.

Mountain Province Diamonds (TSX: MPVD, OTCQX: MPVD) has informed shareholders about a special meeting scheduled for February 28, 2022. The meeting aims to secure approval for a US$50 million junior secured term loan from a lender associated with Dermot Desmond. The terms include an interest rate of 8% for the first year, transitioning to a variable rate thereafter. Additionally, the issuance of warrants to purchase 41 million shares at US$0.60975 each is proposed. The loan is crucial for refinancing and operational strategy amidst favorable diamond market conditions.