TSX & OTC: MPVD
TORONTO, April 22, 2024 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) and (OTC: MPVD) today announced production and sales effects for the first quarter ended March 31, 2024 (“Quarter” or “First Quarter 2024”) for the Gahcho Kué Diamond Mine (“GK Mine”). All figures are in Canadian dollars, unless otherwise noted.
First Quarter Production Findings (all figures are reported one hundred percent, unless otherwise noted)
Production figures for the first quarter of 2024
First Quarter 2024
First Quarter 2023
Annual change
Total tonnes mined (ore and waste)
7 885 445
8 935 015
-12%
Tonnes of ore mined
1 946 856
427 925
355%
Tons of ore processed
805 557
766 786
5 %
Carat recovered
1 264 887
1 319 603
-4 %
Carat recovered (49% share)
619 795
646 605
-4 %
Recovered Grade (carats consistent with tons)
1,57
1,72
-9 %
First Quarter Sales Results
During the quarter, 938,310 carats were sold for total revenue of $89. 4 million (US$66. 1 million), resulting in an average value of $95 per carat ($70 per carat). This compares to the first quarter of 2023, when 961,024 carats were sold. They were sold for a total profit of $128. 7 million (US$95. 0 million), resulting in an average value of $134 per carat ($99 per carat).
Mark Wall, the company’s President and Chief Executive Officer, commented:
“The first quarter of 2024 is generally the most challenging quarter for GK’s mining operations with annual replenishment across the booming ice road and demanding operating situations in the far north with limited sunlight and very low temperatures. I am pleased to announce that the replenishment of the ice road is now completely finished, with all mandatory fabrics and consumables safely on site. The quarter also saw a positive safety milestone, with the site recognizing the milestone of a lost-time injury-free year. “per day” and “overall plant utilization” were either stepped up in the first quarter of 2024 compared to the first quarter of 2023, which are positive signs of the processing plant’s performance. The GK mine also recovered around 2 million tonnes of ore during the quarter and built up abundant inventories.
Work continues on an optimised mine plan and I look forward to updating the market on this work towards the end of the second quarter. “
Earnings Details & Convention Convening
The Company will hold its quarterly telephone convention on Thursday, May 9, 2024 at 11:00 a. m. m. ET. Prior to the telephone convention, the Company will present its first quarter 2024 monetary effects on May 8, 2024 after the market closes.
Conference Call Connection Details:
Title: Mountain Province Diamonds Inc. First Quarter 2024 Results Conference Call
Conference ID: 63370213 Call Date: 05/09/2024 Call Time: 11:00 AMm. , Eastern Time Expected duration: 60 minutes
Webcast Link: https://emportal. ink/3xw1s6L Participant Toll Free: (1) 888-390-0546 International Participant Phone Number: (1) 416-764-8688 A replay of the webcast and audio The call will be made through the Company’s website.
Mountain Province Diamonds owns a 49% stake with De Beers Canada in the Gahcho Kué diamond mine in Canada’s Northwest Territories. The assets of the Gahcho Kué joint venture include several kimberlites that are actively mined, evolved, and explored for long-term development. The company also controls more than 113,000 hectares of highly prospective mineral concessions and leases surrounding the Gahcho Kué mine, which feature an indicated mineral resource for Kelvin kimberlite and inferred mineral resources for Faraday kimberlites.
For more information about Mountain Province Diamonds and for email press releases, visit the company’s online page at www. mountainprovince. com.
The disclosure in this press release of clinical and technical data related to Mountain Province mineral houses has been reviewed and approved. Matthew MacPhail, P. Eng, MBA, trabajador de Mountain Province Diamonds Inc. and qualified person as explained through NI 43-101. for Mining Projects.
This press release includes certain “forward-looking statements” and “forward-looking information” under applicable Canadian and US securities laws relating to the business, operations, functionality and monetary condition of Mountain Province Diamonds Inc. Statements and Forecasts Forward-looking data includes, but is not limited to, statements related to operational hazards, adding conceivable disruptions due to a pandemic such as COVID-19, its effect on travel, confidence protocols, isolation and activities and operations, estimated production and mine. project life. of the Mountain Province; erode mineral reserve estimates; the timing and amount of estimated long-term production; production prices; the long-term value of diamonds; estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to download operating permits; liquidity; tax rates; and exchange rate fluctuations. Except for statements of past fact relating to Mountain Province, certain data contained herein constitute forward-looking statements. Forward-looking statements are typically characterized by words such as “anticipates,” “may,” “may,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends. ” , “likely”, “will”, “should”, “be”, “potential” and other similar words or statements that indicate that certain occasions or situations “may”, “should” or “will happen”. Forward-looking statements are based on reviews and control estimates as of the date they are made, and are based on a number of assumptions and are subject to a variety of risks and uncertainties and other points that may cause actual events or effects. to differ materially from those projected in the forward-looking statements, many of those assumptions are based on points and occasions that are not within the control of Mountain Province and there is no guarantee that they will prove to be accurate.
Factors that may also cause actual effects to differ materially from those expected through such forward-looking statements come with the progression of operational risks that would possibly arise in connection with COVID-19, including, but not limited to, protocols that may be followed to slow the spread of COVID-19 and any effects of such protocols on Mountain Province’s business and operations, adjustments in ore grade or recovery rates, adjustments in market conditions, adjustments in allocation parameters, mine sequencing; production rate; money flows; risks such as the availability and timeliness of entry permits and government approvals; the origin and demand of diamonds; fluctuations in raw curtain rates and currency exchange rates, the possibility of cost overruns in assignment fees or unforeseen charges and expenses, labor disputes and other hazards in the mining industry, the inability of plants, apparatus or processes to function as intended.
These points are discussed in more detail in Mountain Province’s most recent annual information form and in the management’s discussion and analysis presented on SEDAR, which also provide more general assumptions regarding those statements. Mountain Province cautions that the above list of vital points is not exhaustive. Investors and others who rely on forward-looking statements deserve to be thoroughly aware of the foregoing points and the uncertainties and dangers involved. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but there can be no assurance that such expectations will be met. The forward-looking statements contained in this press release are believed to be accurate and should not be unduly relied upon. These statements speak only as of the date of this press release.
Although Mountain Province has attempted to identify vital points that may also cause actual actions, occasions or effects to differ materially from those described in the forward-looking statements, there may be other points that may cause the actions, occasions or effects not to be expected, estimated or expected. . . There can be no assurance that forward-looking statements will prove to be accurate, as actual effects and long-term occasions may also differ materially from those expected in such statements. Mountain Province assumes no legal responsibility to update any forward-looking statements as warranted in the event of any changes in management’s estimates or revisions, as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements relating to mineral reserves and resource estimates may also be considered forward-looking statements to the extent that they involve estimates of mineralization to be found as assets are developed. Mineral resources are not mineral reserves and have not demonstrated economic viability.
In addition, Mountain Province would possibly make adjustments to its business plans that would also affect its bottom line. Mountain Province’s major assets are managed through a joint venture that does not operate through Mountain Province. Mountain Province is subject to movements or omissions made by the operator. within its prerogatives and/or determinations made through the joint venture on its terms. Such moves or omissions could affect Mountain Province’s long-term performance. Subject to its existing obligations and revolving credit facilities, Mountain Province is subject to certain limitations on its ability to pay. dividends on common stock. The declaration of dividends is at the discretion of the Mountain Province Board of Directors, subject to the limits of the Company’s lines of credit, and will depend on Mountain Province’s monetary results, money needs, long-term customers and other points. deemed applicable through the Board.
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SOURCE Mountain Province Diamonds Inc.