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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 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. (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) announced that 87% of disinterested shareholders approved a US$50 million debt financing transaction aimed at strengthening its financial position. The company plans to refinance its existing debts later in 2022. Additionally, Mountain Province initiated a 6,000 metre drill and geophysics program on the Kennady North Project. The loan agreement will carry an 8% interest rate until December 2022. The company is also set to receive support from the government for its drilling program.
Mountain Province Diamonds has announced significant management changes with the appointments of Steven Thomas as CFO, April Hayward as Chief Sustainability Officer, and Matt MacPhail as Chief Technical Officer. Thomas brings over 25 years of experience, including a decade as CFO of De Beers Canada. Hayward, an expert in sustainability, and MacPhail, a Professional Mining Engineer, are expected to enhance the company's operational strategy. These changes aim to optimize financial performance and advance sustainability efforts at the Gahcho Kué mine and its surrounding exploration projects.
Mountain Province Diamonds (TSX: MPVD, OTCQX: MPVD) announced a proposed financing arrangement with its largest shareholder, Dermot Desmond, set to provide US$50M of subordinate debt with an 8% interest rate until December 15, 2022. This plan is non-binding, requiring further negotiations and regulatory approvals. Additionally, the company expects to utilize a US$25M revolving facility for ongoing operations, leading to an anticipated US$50M cash flow for debt restructuring by year's end. Share warrants are included in the arrangement, subject to TSX approval.
Mountain Province Diamonds has reported a COVID-19 outbreak at its Gahcho Kué mine in the Northwest Territories, with four cases confirmed. The entire workforce is fully vaccinated, and no material impact on production is anticipated. Increased safety measures were implemented as a response to the rapid spread of the Omicron variant. All other personnel tested negative. The company emphasizes the effectiveness of its safety protocols and expresses gratitude for its partnership with De Beers and Anglo American.
Mountain Province Diamonds has staked three strategic claims in its 100%-held Kennady North Project, increasing the project area by 35%. These claims, connected to existing kimberlite indicators, enhance exploration potential. The total land package now encompasses 107,373 hectares, surrounding the Gahcho Kué Mine, in which Mountain Province holds a 49% interest with De Beers. The company plans a winter 2022 exploration program, including up to 2,000 meters of drilling in the North and South Anomalies, utilizing advanced ARRT technology for better mineral target resolution.
Mountain Province Diamonds (TSX: MPVD) has appointed Mark Wall as President and CEO effective November 15, 2021. Wall brings over 25 years of mining experience, having previously served as CEO of Streamers Gold Mining and held key roles at Nevada Copper and Barrick Gold. His background in joint ventures and sustainability is expected to enhance operational performance and exploration at the Gahcho Kué mine. The company also holds significant exploration claims surrounding the mine, with substantial diamond resources estimated at Kelvin and Faraday kimberlites.
Mountain Province Diamonds (MPVD) announces the immediate departure of President and CEO Stuart Brown, with Jonathan Comerford appointed as Interim CEO. Brown's resignation comes after three years of service, during which he navigated challenges in the diamond sector, particularly during the COVID-19 pandemic. The company is currently seeking a permanent replacement. Mountain Province holds a 49% stake in the Gahcho Kué diamond mine in Canada and controls significant mineral claims surrounding the site.
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