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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) 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.
Mountain Province Diamonds (TSX: MPVD) provided 2026 operating guidance and reported Q4 and FY2025 production and sales from the Gahcho Kué mine. Key 2026 guidance: 6.6–7.2M carats recovered (100% basis), 3.4–3.8M carats sold (49% share), and $6M sustaining capital (49% share). FY2025 results: 4.33M carats recovered and $155.7M proceeds from 1.88M carats sold. Q4 2025 was the highest carat-producing quarter with 1.86M carats recovered. Management suspended the Tuzo Phase 3 project and will finalize unit costs after discussions with De Beers.
Mountain Province Diamonds (TSX/OTC: MPVD) announced senior management changes, a pause to the Tuzo Phase 3 project at Gahcho Kué, and receipt of in-kind election notices totalling CAD$49,171,619.
The company named Jonathan Comerford acting President and CEO and said 2026 carat production and sales expectations are unchanged.
Mountain Province Diamonds (TSX: MPVD) entered an amending agreement dated Nov 18, 2025 to modify its CAD33,000,000 working capital facility (WCF) with related-party lender Dunebridge. Key amendments: (i) advance period extended from Nov 13, 2025 to Mar 31, 2026; (ii) direct-payment repayment mechanics from diamond proceeds deferred to Feb 28, 2026; and (iii) principal repayment date extended to Mar 31, 2026. The Board approved the Amending Agreement after a Special Committee review; two directors with conflicts abstained. The company relied on MI 61-101 financial difficulty exemptions; Vertigol (beneficial owner >35%) and Dermot Desmond are related parties.