Mountain Province Losses Hit $200m

(IDEX Online) - Mountain Province Diamonds posted a net loss of CAD 279.5 million (USD 200.2 million) for FY 2025 - the result, it said, of a significant deterioration in market conditions, compounded by the planned processing of lower-grade stockpiles.

It represents a 246% increase on the company's CAD 80 million (USD 59 million) loss for FY 2024.

"2025 was always expected to be a challenging year for the Company from a production perspective," said the company's president and CEO Jonathan Comeford, in the Full Year and Fourth Quarter 2025 Results published yesterday (2 April).

He said geopolitical and macroeconomic uncertainties had particularly hit smaller and lower priced goods, which are key categories for its Gahcho Kue mine, in Canada's Northwest Territories.

Sales were being pressured by U.S. tariffs on Indian manufacturing, weak U.S. demand, rising lab-grown competition and excess rough supply, and geopolitical uncertainty, he said, as well as ongoing conflict in the Middle East.

Reduced confidence had led the company and De Beers, its joint venture partner, to pause the Tuzo Phase 3 project that would have extended the life of the mine, but require substantial capital expenditure.

There was, however, some cause for optimism. Mining had advanced as planned to access the high-grade NEX orebody, with a strong Q3 performance.

And the total tonnes mined rose 16% year-over-year to 38.7 million. Grades improved materially, as expected.

Total sales revenue for FY 2025 was down 42% to CAD 155.7 million (USD 111.5 million) compared to CAD 267.7 million in 2024 (USD 195.2 million). Adjusted EBITDA was CAD 4.8 million (USD 3.4 million), down 95% compared to the previous year.

FY 2025 carat production hit 4.33 million carats, meeting guidance of 4.3 million to 4.7 million. Q4 2025 saw the highest quarterly output at 1.86 million carats (43% of the annual total).