Mountain Prov Stock Price, News & Analysis

Mountain Province Diamonds Inc. (OTC: MPVDF) is a diamond mining company in the All Other Nonmetallic Mineral Mining industry within the broader Mining, Quarrying, and Oil and Gas Extraction sector. According to company disclosures, Mountain Province is a 49% participant with De Beers (De Beers Canada or De Beers) in the Gahcho Kué diamond mine ("GK Mine") located in Canada’s Northwest Territories. The GK Mine joint venture property consists of several kimberlite bodies that are actively being mined, developed, and explored for potential future development.

The company’s primary asset exposure is to the GK Mine joint venture. Public news releases describe Mountain Province as holding a 49% interest in the diamonds recovered from the mine, with production and operating statistics often reported on a 100% basis and then on the company’s approximate 49% share. The mine produces rough diamonds, with reported metrics such as carats recovered, ore tonnes mined, ore tonnes treated, and recovered grade (carats per tonne) forming the core of the company’s operating profile.

Gahcho Kué Joint Venture and Kimberlite Resources

Mountain Province states that the Gahcho Kué joint venture property includes several kimberlites that are at different stages of the mining cycle, including areas that are being mined and others that are being developed and explored. The company also reports control over more than 96,000 to 113,000 hectares of mineral claims and leases surrounding the GK Mine, described as highly prospective for additional kimberlite discoveries.

Within this broader land package, Mountain Province discloses mineral resources associated with specific kimberlite bodies:

• Kelvin kimberlite – reported as an Indicated mineral resource. Company news releases state that Kelvin is estimated to contain 13.62 million carats in 8.50 million tonnes at a grade of 1.60 carats per tonne and a value of US$63 per carat, based on a 1 mm diamond size bottom cut-off.
• Faraday 2 kimberlite – reported as an Inferred mineral resource, with an estimate of 5.45 million carats in 2.07 million tonnes at a grade of 2.63 carats per tonne and a value of US$140 per carat, using the same 1 mm bottom cut-off.
• Faraday 1–3 kimberlite – also reported as an Inferred mineral resource, estimated at 1.90 million carats in 1.87 million tonnes at a grade of 1.04 carats per tonne and a value of US$75 per carat, again based on a 1 mm diamond size bottom cut-off.

These mineral resource estimates are repeatedly referenced in the company’s news releases and are stated to be supported by Qualified Persons under National Instrument 43-101 Standards of Disclosure for Mineral Projects. They provide investors with a technical basis for understanding the potential scale and grade of diamond-bearing kimberlites associated with Mountain Province beyond the currently producing pits at the GK Mine.

Operational Focus and Production Metrics

Mountain Province’s public communications emphasize detailed operating statistics from the GK Mine. These include:

• Total tonnes mined (ore and waste) on a 100% basis.
• Ore tonnes mined and ore tonnes treated.
• Carats recovered and the company’s 49% share of carats recovered.
• Recovered grade measured in carats per tonne.

For example, the company has reported multi-quarter and full-year production figures, highlighting trends in ore tonnes mined, ore tonnes treated, and carats recovered. These disclosures also discuss periods where ore was sourced from stockpiles, phases of waste stripping to access higher grade zones such as the 5034 North East Extension (NEX) orebody, and the impact of ore grade variations on recovered carats.

Mountain Province has also described projects aimed at stabilizing and improving the GK Mine processing plant. Company news releases note improvements in total ore tonnes processed over several years and reference that processing performance has reached record levels at the facility, even when recovered grade has varied. The combination of throughput levels, grade, and operating costs forms a key part of the company’s narrative around mine performance.

Financial and Capital Structure Considerations

Public news releases from Mountain Province discuss several financial aspects relevant to investors. These include:

• Disclosure of sales volumes and average realized diamond prices per carat in Canadian and U.S. dollar terms.
• Discussion of Adjusted EBITDA, cash costs of production per tonne treated and per carat recovered (including and net of capitalized stripping costs), and earnings or loss from mine operations.
• Reported net losses in certain periods, with explanations that reference derivative gains or losses, foreign exchange impacts on U.S. dollar–denominated long-term debt, and impairment charges in earlier years.
• Capital expenditures, including deferred stripping costs and sustaining capital expenditures related to mine operations.

In addition, Mountain Province has announced refinancing transactions and a working capital facility with Dunebridge Worldwide Ltd. The company describes these arrangements as part of its funding solution, addressing reclamation liabilities owed to De Beers as operator of the GK Mine, providing capital to address near-term cash flow needs, and extending the maturity of certain senior secured notes. These transactions involve related-party considerations under Multilateral Instrument 61-101 and have been subject to shareholder approvals and Toronto Stock Exchange (TSX) review.

Listing and Regulatory Context

Mountain Province Diamonds is listed on the Toronto Stock Exchange (TSX: MPVD) and trades over-the-counter as MPVDF. Company news releases note that the TSX has placed the listing of the company’s common shares under delisting review in connection with certain exemptions sought under the TSX Company Manual for refinancing and related-party transactions. The company has stated that continued qualification for listing on the TSX is not guaranteed, and that it intends to make submissions to the TSX’s Continued Listing Committee.

Despite this review, the news provided does not include any formal TSX delisting notice or confirmation of delisting. Investors interested in the trading status of MPVD/MPVDF should refer to the latest exchange announcements and company disclosures.

Corporate Governance and Shareholder Matters

Mountain Province has reported on shareholder meetings and voting outcomes. At its 2025 annual and special meeting of shareholders, the company disclosed voting results related to:

• Approval of a CAD$33 million working capital facility with Dunebridge Worldwide Ltd., including votes for and against under both TSX and MI 61-101 requirements.
• Election of directors to hold office until the next annual meeting.
• Re-appointment of KPMG as auditor, with remuneration to be fixed by the directors.

The company’s disclosures also explain that certain large shareholders and related parties, including entities ultimately beneficially owned by Mr. Dermot Desmond, were treated as related parties under MI 61-101 and that their shares were excluded from specific minority approval votes.

Leadership and Joint Venture Governance

Mountain Province’s news releases describe its relationship with De Beers as operator of the GK Mine. The company notes that its principal assets are administered under a joint venture in which Mountain Province is not the operator, and that it is exposed to actions or omissions by the operator and determinations made under the joint venture terms. These factors are highlighted as potential influences on future performance.

The company has also disclosed leadership changes, including the resignation of its President & CEO, with a transition period to support continuity. The board of directors and its nomination committee are reported to be responsible for commencing processes to fill key leadership roles.

Risk Factors and Forward-Looking Information

Mountain Province’s public communications contain extensive cautionary language regarding forward-looking statements. The company identifies numerous factors that could cause actual results to differ from expectations, including:

• Operational hazards and potential disruptions, including those related to pandemics.
• Variations in ore grade or recovery rates.
• Changes in market conditions, diamond prices, and currency exchange rates.
• Risks related to permitting, governmental approvals, and regulatory requirements.
• Project cost overruns, unanticipated costs, and labour disputes.
• Risks associated with plant, equipment, or process performance at the GK Mine.

The company directs readers to its most recent Annual Information Form and Management’s Discussion and Analysis filed on SEDAR or SEDAR+ for a more detailed discussion of risks and assumptions. These documents, together with the technical reports referenced by Qualified Persons, form the basis for the company’s technical and financial disclosure framework.

How Investors Use Mountain Province Diamonds Information

Investors researching MPVDF stock or Mountain Province Diamonds stock typically focus on the company’s share of GK Mine production, diamond sales volumes and prices, operating costs, and the evolution of its capital structure. The disclosed mineral resources at Kelvin and Faraday kimberlites, along with the extensive land package around the GK Mine, provide context for potential future development beyond current mining areas. At the same time, the company’s own risk disclosures highlight that future outcomes depend on operational performance, market conditions, and the terms of its financing and joint venture arrangements.