Mountain Province Diamonds (MPVD) Q4 2025 earnings summary

Executive summary

• FY 2025 saw a significant operational and financial downturn, with adjusted EBITDA dropping 95% year-over-year to $4.8 million and a net loss of $279.5 million, including a $103 million impairment loss on property, plant, and equipment.

• Total sales revenue declined to $155.7 million from $267.7 million in 2024, with average realized diamond prices falling to $83 per carat from $98 per carat.

• Operationally, carat recoveries improved sharply in Q4 2025, but full-year production was down 7% year-over-year, and ore tonnes mined fell 67%.

Financial highlights

• Q4 2025 sales revenue was $45.7 million on 634,000 carats sold, with an average price of $72 per carat, down from $95 per carat in Q4 2024.

• FY 2025 loss from mine operations was $154.1 million, compared to earnings of $18.4 million in 2024.

• Cash costs of production rose to $149 per tonne treated and $121 per carat recovered, up from $117 and $91, respectively, in 2024.

• Adjusted EBITDA margin dropped to 3% from 34% in 2024.

Outlook and guidance

• Production performance improved in Q4 2025 and is expected to continue into 2026 as mining advances into the higher-grade NEX orebody.

• Management remains focused on liquidity and operational flexibility, pausing the Tuzo Phase 3 project in response to market conditions.