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Mountain Province Diamonds Announces Second Quarter 2024 Production and Sales Results, Details of Second Quarter 2024 Earnings Release and Conference Call

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Mountain Province Diamonds (TSX: MPVD) (OTC: MPVD) announced Q2 2024 production and sales results from the Gahcho Kué Diamond Mine. Key highlights include:

- 1,318,680 carats recovered, down 2% year-over-year
- Average grade of 1.37 carats per tonne, 24% lower than Q2 2023
- 971,311 ore tonnes mined, up 63% year-over-year
- 965,984 ore tonnes treated, up 29% year-over-year

Sales results show 557,361 carats sold for $56.8 million (US$41.5 million), averaging $102 per carat. The diamond market remains soft, with lower-than-expected demand from China. The company will release Q2 2024 financial results on August 7, 2024, followed by a conference call on August 8, 2024.

Mountain Province Diamonds (TSX: MPVD) (OTC: MPVD) ha annunciato i risultati di produzione e vendita per il secondo trimestre del 2024 relativi alla miniera di diamanti Gahcho Kué. I punti salienti includono:

- 1.318.680 carati recuperati, in calo del 2% rispetto allo stesso periodo dell'anno precedente
- Grado medio di 1,37 carati per tonnellata, inferiore del 24% rispetto al secondo trimestre del 2023
- 971.311 tonnellate di minerale estratte, in aumento del 63% rispetto all'anno precedente
- 965.984 tonnellate di minerale trattate, in aumento del 29% rispetto all'anno precedente

I risultati di vendita mostrano che sono stati venduti 557.361 carati per 56,8 milioni di dollari (US$41,5 milioni), con una media di 102 dollari per carato. Il mercato dei diamanti rimane debole, con una domanda inferiore alle attese dalla Cina. L'azienda pubblicherà i risultati finanziari per il secondo trimestre del 2024 il 7 agosto 2024, seguiti da una conferenza telefonica l'8 agosto 2024.

Mountain Province Diamonds (TSX: MPVD) (OTC: MPVD) anunció los resultados de producción y ventas del segundo trimestre de 2024 de la mina de diamantes Gahcho Kué. Los puntos clave incluyen:

- 1,318,680 quilates recuperados, una disminución del 2% interanual
- Promedio de 1.37 quilates por tonelada, 24% menos que el segundo trimestre de 2023
- 971,311 toneladas de mineral extraídas, un aumento del 63% interanual
- 965,984 toneladas de mineral tratadas, un aumento del 29% interanual

Los resultados de ventas muestran 557,361 quilates vendidos por 56.8 millones de dólares (US$41.5 millones), con un promedio de 102 dólares por quilate. El mercado de diamantes se mantiene débil, con una demanda inferior a la esperada de China. La empresa publicará los resultados financieros del segundo trimestre de 2024 el 7 de agosto de 2024, seguido de una llamada de conferencia el 8 de agosto de 2024.

마운틴 프로빈스 다이아몬드 (TSX: MPVD) (OTC: MPVD)는 가호초 쿠에 다이아몬드 광산의 2024년 2분기 생산 및 판매 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:

- 1,318,680캐럿 회수, 지난해 대비 2% 감소
- 톤당 평균 품질 1.37캐럿, 2023년 2분기 대비 24% 감소
- 채굴된 광석 톤수 971,311톤, 지난해 대비 63% 증가
- 처리된 광석 톤수 965,984톤, 지난해 대비 29% 증가

판매 결과는 557,361캐럿이 5680만 달러(미화 4150만 달러)에 판매되었으며, 캐럿당 평균 102달러입니다. 다이아몬드 시장은 중국의 예상보다 낮은 수요로 여전히 부진합니다. 회사는 2024년 8월 7일에 2024년 2분기 재무 결과를 발표할 예정이며, 2024년 8월 8일에는 전화 회의를 실시합니다.

Mountain Province Diamonds (TSX: MPVD) (OTC: MPVD) a annoncé les résultats de production et de ventes pour le deuxième trimestre 2024 de la mine de diamants Gahcho Kué. Les points clés comprennent :

- 1 318 680 carats récupérés, en baisse de 2 % par rapport à l'année précédente
- Taux moyen de 1,37 carat par tonne, 24 % inférieur au deuxième trimestre 2023
- 971 311 tonnes de minerai extraites, en hausse de 63 % par rapport à l'année précédente
- 965 984 tonnes de minerai traitées, en hausse de 29 % par rapport à l'année précédente

Les résultats des ventes montrent que 557 361 carats ont été vendus pour 56,8 millions de dollars (41,5 millions de dollars), avec une moyenne de 102 dollars par carat. Le marché des diamants reste faible, avec une demande inférieure aux attentes en provenance de Chine. L'entreprise publiera ses résultats financiers pour le deuxième trimestre 2024 le 7 août 2024, suivi d'une conférence téléphonique le 8 août 2024.

Mountain Province Diamonds (TSX: MPVD) (OTC: MPVD) hat die Produktions- und Verkaufszahlen für das zweite Quartal 2024 aus der Gahcho Kué-Diamantenmine bekannt gegeben. Wichtige Highlights sind:

- 1.318.680 Karat gewonnen, ein Rückgang von 2 % im Vergleich zum Vorjahr
- Durchschnittsgrad von 1,37 Karat pro Tonne, 24 % niedriger als im zweiten Quartal 2023
- 971.311 Erztonnen abgebaut, ein Anstieg von 63 % im Jahresvergleich
- 965.984 Erztonnen behandelt, ein Anstieg von 29 % im Jahresvergleich

Die Verkaufszahlen zeigen, dass 557.361 Karat für 56,8 Millionen Dollar (US$41,5 Millionen) verkauft wurden, mit einem Durchschnitt von 102 Dollar pro Karat. Der Diamantenmarkt bleibt schwach, da die Nachfrage aus China geringer als erwartet ausfällt. Das Unternehmen wird die finanziellen Ergebnisse für das zweite Quartal 2024 am 7. August 2024 veröffentlichen, gefolgt von einer Telefonkonferenz am 8. August 2024.

Positive
  • Ore tonnes mined increased 63% year-over-year to 971,311
  • Ore tonnes treated increased 29% year-over-year to 965,984
  • Processing plant performance improved with 29% increase in tonnes treated
Negative
  • Carats recovered decreased 2% year-over-year to 1,318,680
  • Average grade decreased 24% year-over-year to 1.37 carats per tonne
  • Average price per carat decreased 38.6% to $102 compared to Q2 2023
  • Total sales proceeds decreased 5.2% to $56.8 million compared to Q2 2023
  • Diamond market remains softer than anticipated with weak demand from China

TSX and OTC: MPVD

TORONTO, July 25, 2024 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces production and sales results for the second quarter ended June 30, 2024 ("the Quarter" or "Q2 2024") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.

Q2 2024 Production Takeaways
(all figures reported on a 100% basis unless otherwise stated)

  • 1,318,680 carats recovered, 2% less than last year's comparable quarter (Q2 2023: 1,339,196 carats)
  • Average grade of 1.37 carats per tonne, a 24% difference relative to Q2 2023 (1.79 carats per tonne)
  • 971,311 ore tonnes mined, a 63% increase relative to last year's comparable quarter (Q2 2023: 595,990 ore tonnes mined)
  • 965,984 ore tonnes treated, a 29% increase relative to last year's comparable quarter (Q2 2023: 750,241 tonnes treated)








Q2 2024 Production Figures









2024 Q2

2023 Q2

YoY Variance

Total tonnes mined (ore and waste)

7,911,091

9,235,465

-14 %

Ore tonnes mined

971,311

595,990

63 %

Ore tonnes treated

965,984

750,241

29 %

Carats recovered

1,318,680

1,339,196

-2 %

Carats recovered (49% share)

646,153

656,206

-2 %

Recovered grade (carats per tonne)

1.37

1.79

-24 %

Q2 2024 Sales Results

During the Quarter 557,361 carats were sold for total proceeds of $56.8 million (US$41.5 million), resulting in an average price of $102 per carat (US$74 per carat). These results compare to Q2 2023 when 360,308 carats were sold for total proceeds of $59.9 million (US$44.6 million), resulting in an average price of $166 per carat (US$124 per carat).

Mark Wall, the Company's President and Chief Executive Officer, commented:

"Q2 2024's carats recovered is largely unchanged compared to Q2 2023.  The processing plant continued to perform well, with tonnes treated up 29% compared to Q2 2023.  The good performance of the plant was offset by a lower grade in the Quarter.  Lower grade had been expected as per the mine plan in Q2 2024, however, as noted previously, we have also seen a lower than expected grade at the deep portions of the pits, continue through the Quarter.  The team has been working on identifying and isolating the small area of grade under performance and as stated previously, this will improve as we move through the year.

The diamond market continues to be softer than anticipated.  At a macro level the return of demand in China has not materialized so far and the market is now expecting a more protracted U-shaped recovery in diamond demand.  On the synthetic market, the Quarter saw De Beers' CEO, Al Cook announce it was pivoting to manufacture lab-grown diamonds for industrial uses and focusing its jewelry marketing efforts behind natural mined diamonds.  We are also seeing a resurgence in US jewellers' interest in natural diamonds. The importance of diamond provenance continued to strengthen, which is helpful for Canadian diamond producers like Mountain Province."

Earnings Release and Conference Call Details

The Company will host its quarterly conference call on Thursday August 8th, 2024 at 11:00am ET. Prior to the conference call, the Company will release Q2 2024 financial results on August 7th, 2024 after-market.

Conference Call Dial-in Details:

Title: Mountain Province Diamonds Inc Q2 2024 Earnings Conference Call

Date of call: 08/08/2024
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes

Webcast Link:
https://app.webinar.net/94JwoV1MRDG
North American Toll-Free Number: (+1) 800-836-8184
Participant Local/International Number: (+1) 289-819-1350

A replay of the webcast and audio call will be available on the Company's website.

About Mountain Province Diamonds Inc.

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.

Qualified Person

The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved Dan Johnson, P.Eng., a director of Mountain Province Diamonds Inc. and Qualified Person 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 United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.

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.

Cision View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-second-quarter-2024-production-and-sales-results-details-of-second-quarter-2024-earnings-release-and-conference-call-302207090.html

SOURCE Mountain Province Diamonds Inc.

FAQ

What were Mountain Province Diamonds' (MPVDF) Q2 2024 production results?

Mountain Province Diamonds recovered 1,318,680 carats in Q2 2024, a 2% decrease from Q2 2023. The company mined 971,311 ore tonnes (63% increase) and treated 965,984 ore tonnes (29% increase) compared to the same period last year.

How did Mountain Province Diamonds' (MPVDF) Q2 2024 sales compare to Q2 2023?

In Q2 2024, Mountain Province Diamonds sold 557,361 carats for $56.8 million, averaging $102 per carat. This compares to Q2 2023 when 360,308 carats were sold for $59.9 million, averaging $166 per carat, indicating a significant decrease in price per carat.

When will Mountain Province Diamonds (MPVDF) release its Q2 2024 financial results?

Mountain Province Diamonds will release its Q2 2024 financial results on August 7, 2024, after the market closes. The company will host a conference call to discuss the results on August 8, 2024, at 11:00 AM Eastern Time.

What factors affected Mountain Province Diamonds' (MPVDF) performance in Q2 2024?

Mountain Province Diamonds' Q2 2024 performance was affected by lower-than-expected grade in deep portions of the pits, softer diamond market conditions, and weaker-than-anticipated demand from China. The company also noted a focus on diamond provenance and increased interest in natural diamonds from US jewelers.

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