Mountain Province Diamonds President and CEO Mark Wall commented, 2024 was a year of significant safety improvement, processing records, and cost control, with the overlay of a very challenging diamond market. On safety, a 60% improvement in Total Recordable Injury Frequency Rate compared to 2023 is an excellent result. Safety continues to be an area of focus for further improvement.
The project to stabilize and improve the processing plant was started in late 2022 and completed late in 2023. In 2024 3.63 million tonnes of ore were processed, the best performance ever at the facility, noting that in 2021 3.08 million tonnes were treated, in 2022 3.1 million tonnes and in 2023 3.25 million tonnes.
Ore tonnes mined in 2024 were 5.38 million tonnes, which was above the guidance range of 4.1mt to 4.6mt while the grade of ore that was treated was lower than anticipated in early Q2 2024. The higher processing plant throughput rate was the main factor in achieving production at the top of our guidance range of 4.66 million carats against our guidance range of 4.2 to 4.7 million carats.
The challenge for the Company in 2024 was the diamond market, which was in a down-cycle, resulting in the Company’s average annual realized price of $98 per carat versus a 2023 realized price of $121 per carat. As per our recently updated Technical Report, 2025 carat production will be similar to 2024.
H1 2025 is particularly challenging period as we are primarily processing ore from low grade stockpiles. The mining to reach the high grade NEX orebody (NEX) in progressing to plan and we expect to be in NEX towards the end of Q2 2025. It should be noted that because of the lag between production and sales we will not see the benefit of this improved production, in terms of improved sales revenue, until Q4 2025. 2026 is expected to be a materially higher production and sales year as we have the benefit of a full year of production and sales from the NEX.
Subsequent to the year end, the company recently announced the closing of a significant refinancing transaction, which has addressed a number of material issues for the Company including the bonds that were due to expire at the end of 2025. With this refinancing, together with other liquidity measures that the company is currently advancing, the company will be much better positioned as we head towards a significantly higher production year in 2026.
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