Mountain Province Diamonds: Q3 2024 Production and Sales Results

Mountain Province Diamonds Inc. (TSX: MPVD) (OTC: MPVD) has announced its production and sales results for the third quarter of 2024 (Q3 2024), highlighting a 10% decrease in carats recovered and an 18% decrease in average grade compared to Q3 2023. The company's Gahcho Kué Diamond Mine in Canada's Northwest Territories experienced a robust processing plant performance, but grade was slightly lower than planned.


The decrease in carats recovered and average grade can be attributed to several factors. Firstly, the mining and processing of lower-grade Tuzo ore contributed to the decline in grade and carats recovered. Additionally, geotechnical challenges and higher-than-expected rainfall events slowed down mining in certain areas, impacting production. The sequencing of mining activities between the 5034 pit and the NEX orebody also played a role in the overall production and grade in the quarter.


Mountain Province Diamonds' Q3 2024 production figures align with the company's 2024 production guidance of 4.2 - 4.7 million carats recovered. However, the expected impact of lower-than-guidance total tonnes mined on the company's overall 2024 production targets remains to be seen. The mining progress of the 5034 pit and the upcoming NEX orebody is expected to contribute significantly to production in the second half of 2025.

In terms of sales, the rough diamond market during Q3 2024 was unsettled by continued price decreases and reports of delayed polished buying by downstream retailers. Despite these challenges, Mountain Province Diamonds achieved largely stable prices in its usual two scheduled sales during the quarter. The company looks forward to the upcoming holiday season demonstrating demand for diamond jewelry at retail and firming up rough diamond market sentiment.

Mountain Province Diamonds will host its quarterly conference call on Thursday, November 7th, 2024, at 11:00am ET, following the release of its Q3 2024 financial results on November 6th, 2024, after-market. Investors and stakeholders can tune in to the webcast or dial-in to the conference call for further details and insights into the company's performance and future prospects.

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine, which consists of several kimberlites that are actively being mined, developed, and explored for future development. The company also controls more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine, including an Indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

As Mountain Province Diamonds continues to navigate the dynamic diamond market and optimize its mining operations, investors should keep a close eye on the company's progress and its ability to meet or exceed production guidance. The company's strong focus on exploration and development, combined with its strategic partnership with De Beers Canada, positions Mountain Province Diamonds well for long-term success in the diamond mining industry.