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Mountain Province Diamonds Inc. (TSX: MPVD, OTC: MPVD) is a Canadian-based diamond exploration, mining, and marketing company headquartered in Toronto, Canada. Founded on December 2, 1986, by Paul Shatzko, the company focuses primarily on the operation of the Gahcho Kué Diamond Mine and the Kennady North assets, which are situated in Canada's Northwest Territories.
The company is a 49% partner with De Beers Canada in the Gahcho Kué Diamond Mine. The Gahcho Kué Joint Venture property includes several kimberlites that are actively mined, developed, and explored for future expansion. The Gahcho Kué Mine is known for its resilience and operational excellence, despite challenging market conditions and operational hazards, including the ongoing impact of COVID-19.
Mountain Province Diamonds also manages over 113,000 hectares of highly prospective mineral claims and leases around the Gahcho Kué Mine. Notably, the company has an indicated mineral resource for the Kelvin kimberlite and inferred resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats in 8.50 million tonnes at a grade of 1.60 carats/tonne, whereas Faraday 2 is estimated to contain 5.45 million carats in 2.07 million tonnes at a grade of 2.63 carats/tonne.
Recent operational highlights include a significant 5-day plant shutdown in mid-June 2023 for maintenance and repairs, which enhanced the plant's stability and throughput. This maintenance allowed the company to improve its performance metrics and address unplanned downtimes. In Q2 2023, Mountain Province sold 360,308 carats for CAD 59.9 million, with an average price of CAD 166 per carat. Despite a softening in the broader rough diamond market, the company has shown resilience, especially in the market for smaller goods.
Financially, Mountain Province Diamonds has demonstrated a cautious but strategic approach by withholding some lower-value goods from the market to defend prices and maximize cash generation. The company has also strategically paid down USD 18 million in senior secured second lien notes to maintain financial flexibility.
Looking forward to 2024, the company expects lower production due to mine sequencing and grade profile changes, but remains on track to achieve its 2024 production guidance. The diamond market continues to face challenges, including recent G7 sanctions on Russian-origin diamonds, which may impact demand dynamics. Mountain Province is closely monitoring market conditions to optimize its sales pipeline and remains committed to operational excellence and financial prudence.
For more information, visit the company’s website at www.mountainprovince.com.
Mountain Province Diamonds Inc. (TSX: MPVD, OTC: MPVD) has announced its Q1 2023 earnings release and subsequent conference call scheduled for May 10, 2023, at 11:00 am EST. The earnings report will be released after market close on May 9, 2023. The conference will provide insights into the company’s financial health and operational updates.
Mountain Province is a 49% participant in the Gahcho Kué diamond mine alongside De Beers Canada, with extensive mineral claims covering over 113,000 hectares. Notable resources include the Kelvin kimberlite, estimated at 13.62 million carats with a value of US$63/carat, and the Faraday kimberlites, totaling 7.35 million carats with values ranging from US$75 to US$140/carat.
Mountain Province Diamonds Inc. reported its Q1 2023 production and sales results, revealing a total of 1,319,603 carats recovered, up 11% from Q1 2022. However, ore tonnes mined dropped significantly by 58% to 427,925 tonnes. Despite these challenges, the company achieved record revenue of $128.7 million from sales of 961,024 carats, representing a substantial increase from last year's $84.7 million. The average recovered grade improved to 1.72 carats per tonne. Operational issues, including planned maintenance and lower plant availability, impacted production output. The CEO emphasized the need for operational improvements but expressed optimism about future revenue opportunities amid strong market demand.
Mountain Province Diamonds Inc. (MPVD) announced its Q4 2022 and FY 2022 financial results, reporting a 31% increase in adjusted EBITDA to $177.2 million. Total sales revenue reached $388.9 million, up from $298.3 million in 2021, driven by an average realized value of $146 per carat. Despite these gains, carats recovered dropped 12% year-over-year to 5.5 million carats, impacting overall production. The company successfully repaid $110 million in debt and refinanced its notes with a 9% coupon. Looking forward, the production outlook for 2024 is estimated at 4.0 million to 4.4 million carats.
Mountain Province Diamonds Inc. (TSX: MPVD, OTC: MPVD) has announced its intention to voluntarily file a Form 15F with the SEC to terminate the registration of its common shares and reporting obligations under the Exchange Act. Management believes the costs associated with continued registration exceed its benefits. The termination will be effective 90 days post-filing, and the company's shares will continue trading on the TSX. Mountain Province holds a 49% interest in the Gahcho Kué diamond mine in Canada's Northwest Territories, controlling over 113,000 hectares of mineral claims with significant estimated resources.
Mountain Province Diamonds announced that at a special meeting on December 12, 2022, 99.3% of disinterested shareholders approved a refinancing transaction. This involves issuing approximately US$195 million in new senior secured second lien loan notes to refinance US$189.15 million of existing notes. The new debt will carry a 9% coupon, and the company anticipates completing this transaction by December 14, 2022. With approximately US$292 million in sales and US$154 million in adjusted EBITDA reported in the first nine months of 2022, this refinancing aims to alleviate previous financial pressures and position the company for growth.
Mountain Province Diamonds Inc. (TSX: MPVD, OTCQX: MPVD) reported record financial results for Q3 2022, achieving C$111M in revenue, a 9% increase from the previous quarter. The company sold 805,227 carats, reflecting a 37% increase, with total production reaching 1,451,453 carats. Despite a workplace fatality affecting safety, performance improved significantly compared to earlier quarters. The company also secured a US$190M refinancing deal that avoids equity dilution for shareholders, enhancing its financial position going into Q4 2022.
Mountain Province Diamonds (TSX: MPVD, OTC: MPVD) has announced a special shareholder meeting on December 1, 2022, with a record date of October 28, 2022. The meeting aims to discuss potential debt issuance for refinancing senior secured notes, particularly with involvement from major bondholders, including the company's largest shareholder, Dermot Desmond. Any agreement reached will require approval from disinterested shareholders and regulatory bodies.
Mountain Province Diamonds (TSX: MPVD; OTC: MPVD) successfully completed its first analyst site tour since 2019 on July 20, 2022. The site tour showcased the Gahcho Kué Mine and the Kelvin Exploration Camp. The company also announced the repurchase of approximately US$26.4 million in Senior Secured Second Lien Notes for around US$25.4 million. Following these transactions, US$273.5 million of the Notes will remain outstanding. Additionally, Mountain Province will release its Q2 2022 earnings on August 9, 2022, followed by a conference call on August 10, 2022.
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