Mountain Province Diamonds (MPVD) Q3 2025 earnings summary

Executive summary

• Achieved lowest TRIFR in mine history at 1.43 for the first nine months, with a focus on safety and transition to higher grade 5034-NEX ore expected to improve future results.

• Q3 2025 saw 409,081 carats sold for $29.2 million, with an average price of $71 per carat, reflecting a significant decline from Q3 2024 in both volume and price.

• Adjusted EBITDA for Q3 2025 was negative at ($4.3) million, and the net loss reached $55.9 million, or $0.26 per share.

• Q3 marked by operational transition, plant maintenance shutdown, and continued focus on cost control.

Financial highlights

• Q3 2025 revenue was $29.2 million from 409,081 carats, the lowest since mine opening, down from $69.4 million and 679,599 carats in Q3 2024.

• Loss from mine operations for Q3 2025 was $29 million; nine-month loss was $103 million CAD, compared to a profit of $31.4 million CAD in 2024.

• Adjusted EBITDA for Q3 2025 was -$4.3 million; for nine months, marginally negative, versus $91 million CAD positive in 2024.

• Net loss after tax for Q3 2025 was $55.9 million, or $0.26 per share; nine-month net loss was $128 million, compared to a loss of $19 million in 2024.

Outlook and guidance

• Mining and processing of higher grade 5034-NEX ore expected to drive improved results in Q4 and 2026.

• Full-year production costs per ton and per carat have been re-guided upward.

• The mine is well positioned for 2026 following strong mining performance and completion of key maintenance.

• Cautious optimism for Q4 as holiday season may boost demand and pricing.