Canada's Mountain Province Diamonds Q1 revenue falls

Mountain Province Diamonds

12/05/2026 22:13

Overview

Canada diamond miner's Q1 revenue declined yr/yr as realized prices fell sharply

Company posted a net loss and negative adjusted EBITDA for the quarter

Weak results reflect lower diamond prices and higher proportion of smaller stones sold

Outlook

Company says diamond market remains weak, especially for smaller stones, impacting pricing and cash flow

Mountain Province is engaging with stakeholders to preserve liquidity amid challenging financial conditions

Company expects to provide an update on stakeholder discussions in the coming weeks

Result Drivers

HIGHER RECOVERED GRADE - Record carats recovered driven by a significantly higher recovered grade of 2.64 carats per tonne, up 222% yr/yr, per CEO Jonathan Comerford

WEAK DIAMOND PRICING - Average realized price per carat fell due to continued market weakness and a higher proportion of smaller stones, per CEO Jonathan Comerford

OPERATIONAL CHALLENGES - Lower total tonnes mined due to adverse winter weather and decision to pause Tuzo waste stripping, per CEO Jonathan Comerford

Company press release: ID:nPn3PnrD2a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
C$39.98 mln
Q1 EPS
-C$0.31
Q1 Net Income
-C$65.07 mln
Q1 Adjusted EBITDA Margin
-2.00%
Q1 Basic EPS
-C$0.31
Q1 Operating Income
-C$39.83 mln


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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)