Mountain Province Diamonds releases Q1 production results
Mountain Province Diamonds Inc. [MPVD-TSX, MPDVF-OTCQX] has announced production and sales results for the first quarter ended March 31, 2025 from the Gahcho Kue Diamond Mine in the Northwest Territories.
The company said the 762,978 carats recovered was 40% below 1.26 million carats in the first quarter of 2024. The average carat grade of 0.82 carats per tonne, marked a 48% decrease relative to the first quarter of 2024 (1.57 carats per tonne).
As all ore came from the stockpile, the zero ore tonnes mined in the first quarter marked a 100% reduction from 1.94 million ore tonnes mined in the equivalent quarter in 2024.
The 925,773 ore tonnes treated, marked a 15% increase relative to the year-ago level of 805,557 tonnes.
On Friday, Mountain Province shares were unchanged at $0.06. The shares trade in a 52-week range of 22.5 cents and $0.05.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kue mine, which is located 300 kilometres northeast of Yellowknife.
“Q1 is historically a challenging quarter for the operations,’’ said Wall. “For Q1 we saw the all-important total tonnes mined increase byh 28% when compared to Q1 of 2024,’’ said Mountain Province CEO Mark Wall.
“As previously reported, the first half of 2025 is focused exclusively on stripping waste to reach the important high grade NEX orebody, and the improvement in mining performance have been a key focus area,’’ said. NEX is a near-mine discovery.
“Processing continued to go well, with a 15% improvement in Q1 2025 compared to Q1 of 2024. As we are treating low grade stockpiles while we strip waste to the NEX orebody we expected lower grades, although the stockpile grades performed below modelled grade with a processed grade of 0.82 carats per tonne. While the processing facility continued to perform very well, the low-grade stockpiles being treated resulted in low carat production for the quarter. During Q2, we will continue to work to find the best grade in the large stockpile we are treating, while we close in on accessing the high grade NEX orebody at the end of Q2.’’ Wall said.
In August, 2024, the company released an updated mineral reserve and resource estimate as well as a life of mine plan for its Gahcho Kue mine. The property consists of several kimberlites that are actively being mined, developed and explored for full development.
Mountain Province said the updated life of mine plan is the result of engineering work done to steepen the pit walls.