Mountain Province produced over 1,326K diamonds

Dec 07, 2023

Mountain Province Diamonds announces third quarter and nine months ended September 30, 2023 results and its’ operational highlights for Q3 2023 said, 1,326,610 carats recovered in Q3 2023 at an average grade of 1.51 carats per tonne, 9% decrease relative to Q3 2022 (Q3 2022: 1,451,455 carats recovered). 877,617 ore tonnes treated in Q3 2023, an 8% increase relative to Q3 2022 (Q3 2022, 816,201 ore tonnes treated).

887,695 ore tonnes mined in Q3 2023, a 34% decrease relative to 1,345,654 tonnes mined in Q3 2022.

9,145,849 total tonnes mined, an 18% increase relative to Q3 2022. At the financial front for Q3 2023 charted, revenue from 478,653 carats sold in Q3 2023 at $60.3 million (US$45.3 million) at an average realised price of $126 per carat (US$95) compared to $110.1 million (US$83.3 million) from 805,000 carats sold in Q3 2022 at an average realized price of $137 per carat (US$104).

Adjusted EBITDA1 of $25.1 million in Q3 2023 compared to $54.1 million in Q3 2022. Earnings from mine operations $2.7 million in Q3 2023 compared to $44.7 million in Q3 2022. Cash costs of production, including capitalized stripping costs1 of $118 per tonne treated (2022: $128 per tonne) and $78 per carat recovered (2022: $72 per carat).

Net loss in Q3 2023 was $13.4 million (2022: Net loss of $7.2 million). Included in the determination of the Net loss for Q3 2023 are foreign exchange losses of $5.7 million, the majority of which is an unrealized loss arising on the translation of the Company’s US Dollar denominated long term debt, as a result of the weakening of the Canadian Dollar versus US Dollar.

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