Johannesburg: Mountain Province Diamonds Inc. announced financial results for the first quarter ended March 31, 2026) from the Gahcho Kué Diamond Mine.
With 858,000 carats sold, total proceeds amounted to C$40.0 million ($29.2 million) at an average realised value of C$47 per carat ($34). These results compare to Q1 2025 when 426,000 carats were sold for total proceeds of C$44.0 million ($30.7 million), resulting in an average price of C$103 per carat ($72 per carat).
Adjusted EBITDA amounted to C$0.6 million, net loss reached C$65.1 million.
“As noted in our year-end results commentary, the diamond market continues to be adversely affected by geopolitical uncertainty, including concerns surrounding US tariffs and the ongoing conflict in the Middle East. These factors continue to weigh on demand and pricing–particularly in smaller size categories–and are currently overshadowing what has otherwise been a very strong operational performance at the mine,” said Mountain Province president and CEO Jonathan Comerford.
“Given the sustained weakness in diamond pricing and its impact on cash flow, the Company is operating in a highly constrained and challenging financial environment which, if prolonged, could have implications for the longer-term sustainability of the company. In response, we are actively and constructively engaging with all key stakeholders, including our joint venture partner [De Beers], lenders, and relevant government authorities, to preserve liquidity and identify a path forward. We greatly appreciate the continued engagement and support of these stakeholders during what remains a particularly challenging period for the diamond market,” he added.
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