Mountain Province Diamonds (MPVD) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw record operational performance with 2.0 million carats recovered, a 185% increase year-over-year, driven by exceptionally high recovered grades.

• Despite strong production, the diamond market remains challenged by weak pricing and demand due to geopolitical and economic uncertainty, including US tariffs.

• GK Mine is now the last operating diamond mine in Canada, highlighting its strategic importance amid recent sector closures.

Financial highlights

• Q2 2026 revenue was $43.5 million from 869,520 carats sold at an average price of $50 per carat, compared to $36.8 million from 411,114 carats at $90 per carat in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $8.4 million, up from negative $2.2 million in Q2 2025.

• Loss from mine operations was $89.8 million, compared to a $52.6 million loss in Q2 2025.

• Net loss for Q2 2026 was $120.6 million ($0.57 per share), versus $37.7 million ($0.18 per share) in Q2 2025, including $11.3 million in unrealized foreign exchange losses.

• H1 2026 net loss totaled $185.7 million ($0.87 per share), with total sales revenue of $83.5 million at $48 per carat.

Outlook and guidance

• Recent diamond sales showed some price improvement, possibly due to tightening global supply, but market recovery remains uncertain.

• The company is working with partners and stakeholders to stabilize its financial position and ensure ongoing operations.