Mountain Province Diamonds (MPVD) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw record operational performance in processing and mining, but revenue and profitability were significantly impacted by lower ore grades, weak diamond prices, and new U.S. tariffs.

• Operational discipline and safety performance improved, with TRIFR down 51% year-over-year.

• Liquidity was supported by short-term financing from the largest shareholder and new credit facilities.

Financial highlights

• Q2 2025 revenue was $36.8M from 411,114 carats sold at $90 per carat, down from $56.8M and 557,361 carats in Q2 2024.

• H1 2025 revenue was 45% lower year-over-year, with 44% fewer carats sold and a lower average price ($68 vs $72).

• Loss from mine operations for H1 2025 was $75M, compared to a gain of $42M in H1 2024.

• Net loss after tax for Q2 2025 was $37.7M or $0.18 per share, and $72.1M for H1 2025.

• Adjusted EBITDA for H1 2025 was $3.9M (5% margin), down from $74M (51% margin) in H1 2024.

Outlook and guidance

• Focus remains on safety, operational performance, and cost control.

• Grades are expected to improve as mining progresses into the higher-grade NEX ore body in H2 2025 and into 2026.

• Expects market stabilization and potential price recovery as global rough diamond production is forecast at its lowest since the 1980s.

• Market conditions remain unpredictable due to U.S. tariffs and fragile global demand.