MOUNTAIN PROVINCE DIAMNDS - MPVDF STOCK NEWS

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: MPVDF) announced on March 13, 2023, the successful termination of its SEC reporting obligations, aligning with earlier intentions stated post-NASDAQ delisting on January 30, 2020. The company clarified that it is not involved in the OTC trading of its common shares in the U.S., emphasizing continued trading on the Toronto Stock Exchange while adhering to Canadian securities laws. Mountain Province is a 49% participant in the Gahcho Kué diamond mine and controls extensive mineral claims with significant resources, including 13.62 million carats in the Kelvin kimberlite.

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 details for its Q4 and full-year 2022 earnings release and conference call scheduled for March 23, 2023, at 11:00 AM EST. Prior to the call, the financial results will be disclosed on March 22, 2023, after market close. The company holds a 49% stake in the Gahcho Kué diamond mine and controls over 113,000 hectares in mineral claims. Notably, Kelvin kimberlite contains an estimated 13.62 million carats with a value of US$63/carat, while Faraday 2 holds 5.45 million carats valued at US$140/carat. Details on participation and a webcast link are provided in the release.

Mountain Province Diamonds reported its Q4 and FY 2022 results with significant production and sales metrics. In Q4, the company recovered 1,621,800 carats at an average grade of 1.96 carats per tonne. Total production for 2022 was 5.52 million carats, slightly below guidance. Sales reached $388.8 million from 2.7 million carats sold at an average value of $146 per carat. The company managed to reduce its total debt by approximately $60 million year-over-year. Guidance for 2023 includes 5.6 to 6.1 million carats to be recovered. Despite some production decreases, the outlook for rough diamonds remains positive due to resilient market conditions.

Mountain Province Diamonds Inc. (TSX: MPVD, OTC: MPVD) has successfully completed a refinancing transaction, raising US$195 million through new 9% Senior Secured Second Lien Notes due 2025. This funding replaces the existing US$189.15 million notes due 2022, which have been fully repaid. The new debt structure does not dilute existing shareholders and supports the company's growth strategy. Notably, the updated technical report for the Gahcho Kué mine has added nearly US$400 million in net present value post-tax.