Mountain Province Diamonds (MPVD) Q1 2025 earnings summary

Executive summary

• Achieved over 3.85 million hours without a lost-time injury, reflecting strong safety performance.

• Net loss of $34.4 million for Q1 2025, compared to net income of $6.9 million in Q1 2024, driven by lower sales volume and a $9.9 million inventory write-down.

• Revenue for Q1 2025 was $44 million, a $45 million decrease from Q1 2024, with only 426,000 carats sold versus 938,000 carats in Q1 2024.

• Adjusted EBITDA for Q1 2025 was $6.1 million, down from $50 million in Q1 2024.

• Refinancing completed, extending debt maturities and providing new working capital.

Financial highlights

• Revenue decreased 51% year-over-year to $44.0 million due to lower carats sold and fewer sales events.

• Net loss per share was $0.16 (basic and diluted), compared to earnings per share of $0.03 in Q1 2024.

• Cash flows from operating activities were an outflow of $916,000, compared to an inflow of $39.95 million in Q1 2024.

• Production costs per carat (including capitalized stripping) rose to $192 from $56 year-over-year.

• Adjusted EBITDA margin dropped to 14% from 56% in Q1 2024.

Outlook and guidance

• Focus remains on accessing the NEX ore body to improve grades and revenues.

• 2025 production guidance: 36–39 million total tonnes mined, 1.9–2.2 million ore tonnes mined, 3.3–3.5 million ore tonnes treated, 4.3–4.7 million carats recovered.

• Production costs forecasted at $120–$137 per tonne treated and $92–$107 per carat recovered.

• Management expects negative cash flows and a cash shortfall over the next 12 months; a $33 million working capital facility is pending shareholder approval.

• 2026 expected to be a strong production year if NEX access continues as planned.