TORONTO, March 9, 2026 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX:MPVD) & (OTC:MPVD) wishes to provide guidance for 2026, as well as production and sales results details for the fourth quarter ended December 31, 2025 ("the Quarter" or "Q4 2025"), and full-year 2025 ("FY 2025") from the Gahcho Kué Diamond Mine ("GK Mine") and details of the earnings release and conference call. All figures are expressed in Canadian dollars unless otherwise noted.
2026 Guidance (all figures quoted on a 100% basis unless otherwise specified)
The Company wishes to provide operating and cost guidance for 2026, as follows:
23–26 million total tonnes mined (ore and waste ; assuming Tuzo deferral)
3.9, 4.3 million ore tonnes mined
3.3, 3.6 million ore tonnes treated
6.6, 7.2 million carats recovered
Sustaining Capital Expenditure of $6 million (49% share: assuming Tuzo deferral)
Note. Discussions with De Beers regarding revised operating costs with deferral of Tuzo are on-going. Management will issue production cost per tonne treated and production cost per carat when those costs are finalised.
In addition to these guidance figures, the Company wishes to provide guidance for 2026 carats sold as follows:
3.4, 3.8 million carats sold (49% share)
Q4 2025 and FY 2025 Production and Sales Highlights
In 2025, approximately 1.9 million carats were sold at an average value of $83 per carat (US$59 per carat) for total proceeds of $155.7 million (US$111.5 million). This compares to 2.7 million carats sold at an average value of $98 per carat (US$72 per carat) for total proceeds of $267.7 million (US$195.2 million) in the full-year 2024 ("FY 2024").
Ore mined on a FY 2025 basis was 1.8 million tonnes, just under the lower end of our guidance of 1.9, 2.2 million tonnes. Ore processed on a FY 2025 basis was 3.52 million tonnes against guidance of 3.3, 3.5 million tonnes.
FY 2025 production of 4.33 million carats against guidance of 4.3, 4.7 million carats.
Jonathan Comerford, the Company's President and Chief Executive Officer, commented:
Q4 2025 marked the highest carat-producing quarter of the year. This performance was anticipated, as mining activities during the first nine months of 2025 were primarily focused on stripping operations to access the NEX ore deposit. The Company has carried this strong operational momentum into 2026.
On the sales front, a finer assortment of goods held back from previous quarters was sold during Q4 2025. The inclusion of these goods, combined with challenging market conditions, resulted in a lower average value per carat sold compared to prior quarters.
Diamond market conditions remain very difficult, with continued pressure on rough diamond pricing due to uncertainty surrounding U.S. tariffs, geopolitical factors, and the ongoing threat from lab-grown diamonds. In response, the difficult decision was made to suspend the Tuzo Phase 3 project to preserve cash and maintain financial flexibility.
Q4 2025 and FY 2025 Production Highlights (All figures reported on a 100% basis unless otherwise stated)
1,861,856 carats recovered during the Quarter at an average grade of 2.15 carats per tonne, 109% higher than the comparable fourth quarter in 2024 ("Q4 2024": 890,202 carats at 0.99 carats per tonne), noting that grade was 117% higher in Q4 2025. 4,333,792 carats recovered during FY 2025 at an average grade of 1.23 carats per tonne, is 7% lower than the FY 2024: (FY 2024: 4,661,681 at 1.28 carats per tonne), noting that grade was 4% lower in FY 2025, compared to FY 2024.
842,805 ore tonnes mined during the Quarter, is a 45% decrease compared to Q4 2024 (Q4 2024: 1,537,423). 1,784,860 ore tonnes mined during FY 2025, is a 67% decrease compared to FY 24 (FY 2024: 5,379,404).
864,298 ore tonnes treated during the Quarter, is a 3% decrease compared to Q4 2024 (Q4 2024: 895,587). 3,520,834 ore tonnes treated during FY 2025, is a 3% decrease from FY 2024 (FY 2024: 3,628,501).
8,241,493 total tonnes mined during the Quarter, is an 8% decrease compared to Q4 2024 (Q4 2024: 8,989,000). 38,701,114 total tonnes mined during FY 2025, is a 16% increase from FY 2024 (FY 2024: 33,388,905).
Q4 and FY 2025 Production Statistics
Q4 2025
Q4 2024
YoY Variance
Total tonnes mined (ore and waste)
8,241,493
