Mountain Province Diamonds Inc. announced its financial and operating results for the first quarter ended March 31, 2025 from the Gahcho Kué Diamond Mine.
The company recovered 762,978 carats, 40% lower than Q1 2024 (Q1 2024: 1,264,887 carats).
During Q1 2025, 426,000 carats were sold for total proceeds of $44.0 million (US$30.7 million), resulting in an average value of $103 per carat (US$72 per carat). These results compare to Q1 2024 when 938,000 carats were sold for total proceeds of $89.4 million (US$66.1 million), resulting in an average price of $95 per carat (US$70 per carat).
Mountain Province reported an adjusted EBITDA of $6.1 million, compared to $50 million a year earlier. Net loss for the period amounted to $34.4 million compared to net income of $6.9 million in the first quarter of 2024.
Nevertheless, the company remains optimistic about the prospects of the diamond market.
"I am optimistic that the turbulence in the global markets will stabilize as we move through 2025 and the diamond market will recover, " commented Mark Wall, the company's president and CEO.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
