Mountain Province Diamonds (MPVD) Q4 2025 earnings summary

Executive summary

• 2025 was marked by significant operational and financial downturns, 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.

• Weak diamond prices, low sales volumes, and reliance on low-grade ore persisted most of the year, but Q4 saw a sharp production increase from the high-grade NEX ore body.

• The company faced substantial financial pressure, requiring support from its largest shareholder, debt facilities, and ongoing discussions with De Beers and lenders to stabilize its position.

• Safety performance reached record levels, with the lowest total recordable injury frequency rate in the mine's history.

Financial highlights

• Q4 2025 loss from mine operations was $50.2 million; full year loss was $154 million, compared to a $13 million Q4 2024 loss and $18.4 million profit in 2024.

• 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.

• Adjusted EBITDA for 2025 was $4.8 million (3% margin), down from $91 million (34% margin) in 2024.

• Net loss after tax was $279.5 million for 2025, compared to an $80.8 million loss in 2024; loss per share was $1.32 versus $0.38.

• Cash flow from operating activities was an outflow of $22.1 million for the year, compared to a $79.8 million inflow in 2024.

Outlook and guidance

• Production from the high-grade NEX ore body has continued into 2026, supporting higher daily carat output.

• Market recovery is critical for meeting future obligations and realizing benefits from increased production.

• The joint venture partners postponed the Tuzo phase III project to manage liquidity and preserve optionality.

• Management remains focused on liquidity and operational flexibility.