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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. reported strong sales in Q3 2021, selling 1,028,327 carats for $93.9 million, averaging $91 per carat. Year-to-date, total sales reached 2,349,644 carats, generating $212.5 million, with a consistent average value of $90 per carat. The company's president, Stuart Brown, expressed optimism over the sustained price increases and the positive outlook for the upcoming holiday season. Notably, the sales success enabled early repayment of short-term debt, bolstering financial stability.
Mountain Province Diamonds (TSX/OTCQX: MPVD) has announced a six-month extension of its US$25M revolving credit facility with Dunebridge Worldwide Ltd., now maturing on March 31, 2022. This extension supports the company's working capital needs, with unchanged interest rates and terms. Additionally, Mountain Province has repaid its US$35M term loan, reducing its balance to zero ahead of the December 31, 2021 maturity date. The transaction was deemed reasonable by independent directors and is classified as a related party transaction due to insider ownership.
Mountain Province Diamonds (TSX: MPVD, OTCQX: MPVD) has appointed Mr. Dan Johnson to its Board of Directors as of September 22, 2021. Johnson brings over 40 years of experience in the mining industry, particularly in diamonds and Northern mines. His previous roles include GM of BHP's Ekati Diamond Mine and CEO of Diamond Fields International. Jonathan Comerford, Chairman, emphasized Johnson's extensive background will be crucial for maximizing the Company's asset value. Mountain Province Diamonds holds a 49% stake in the Gahcho Kué diamond mine and controls extensive mineral claims.
Mountain Province Diamonds (TSX and OTCQX: MPVD) held its 2021 Annual General Meeting on September 14, 2021, where all nominees listed in the management proxy were elected as directors. Key voting results include Jonathan Comerford with 99.35% support and Stuart Brown at 65.90%. Notably, Tom Peregoodoff resigned immediately after being re-elected. KPMG LLP was re-appointed as the Company's auditor. The Company has a significant stake in the Gahcho Kué diamond mine and extensive mineral claims in Northwestern Canada, boasting substantial estimated resources, including 13.62 million carats at Kelvin.
Mountain Province Diamonds (TSX: MPVD, OTCQX: MPVD) provided an update on its Kennady North Project, now encompassing 106,202 hectares following the acquisition of eastern claims. The project is adjacent to the Gahcho Kué Mine, where Mountain Province holds a 49% stake with De Beers. Notable advancements include a detailed glacial geology study, nearly complete till sampling with 327 samples collected, and the innovative Aurora Rapid Reactance Tomography system to identify potential kimberlite targets. The company anticipates prioritizing drill-testing for high-potential anomalies in 2022.
Mountain Province Diamonds has reported significant financial and operational improvements for Q2 2021. Key highlights include a 14% increase in carats recovered, reaching 1,764,000 carats, with an average grade of 2.18 carats per tonne. Revenue soared to $75.1 million, a notable rise from $34 million in Q2 2020, driven by higher sales volumes and prices. Adjusted EBITDA was $37.9 million, compared to a loss in the previous year. The company achieved a net income of $22.5 million, marking a turnaround from a net loss of $26.8 million in Q2 2020.
Mountain Province Diamonds (TSX: MPVD) reported strong Q2 2021 results from the Gahcho Kué Diamond Mine. The company treated 811,171 tonnes of ore, a 30% increase from Q1 2021, and recovered 1,763,556 carats, exceeding Q2 2020 by 14%. The average grade rose to 2.17 carats per tonne, marking a 10% improvement year-over-year. Sales totaled $64.7 million, reflecting 718,549 carats sold at an average of $90 per carat. The company anticipates meeting its annual production guidance of 6.3 to 6.5 million carats.
Mountain Province Diamonds (MPVD) has reported strong Q2 2021 diamond sales, achieving total proceeds of $64.5 million from selling 718,549 carats, resulting in an average price of $90 per carat. This represents a 3% increase in revenue compared to Q1 2021, with market prices approximately 18% higher than the previous quarter. The company received an additional C$10.4 million from Dunebridge's diamond sales, leading to a reduction in the planned draw on a credit facility from US$10 million to US$8 million.
Mountain Province Diamonds reported financial results for Q1 2021, with 603,000 carats sold generating $54.2 million in total proceeds. The average realized value reached $90 per carat. Net income was $7.3 million or $0.03 per share. The quarter faced challenges, including a 22-day operational stand-down due to COVID-19 measures, leading to a 31% decrease in ore treated compared to Q1 2020. Despite this, the company anticipates recovering 6.3 to 6.5 million carats for 2021, aided by revised production strategies.
Mountain Province Diamonds (TSX: MPVD) has reported its Q1 2021 production results, highlighting significant impacts due to a 22-day operational stand-down amid COVID-19 protocols. Production declined, with ore tonnes treated down 31% year-over-year, totaling 625,582 tonnes. The company recovered 1,392,128 carats, 16% lower than Q1 2020. However, the average grade increased by 22% to 2.23 carats per tonne, reflecting operational flexibility. Sales amounted to $54.2 million, with an average price of $90 per carat. Earnings will be released on May 12, 2021.
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