Industria
Mountain Province Diamonds Announces First Quarter Financial Results for 2024
As previously released, during the first quarter 938,000 carats were sold for total proceeds of $89.4 million ( US$66.1 million ), resulting in an average value of $95 per carat ( US$70 per carat). These results compare to Q1 2023 when 961,024 carats were sold for total proceeds of $128.7 million ( US$95.0 million ), resulting in an average price of $134 per carat ( US$99 per carat).
The following table summarizes key operating statistics for the Gahcho Kué Mine in the three months ended March 31, 2024 and 2023.
The Company will host its quarterly conference call on Thursday, May 9th, 2024 at 11:00am ET.
Conference ID: 63370213
Date of call: 05/09/2024
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes
A replay of the webcast and audio call will be available on the Company's website.
This news release refers to the terms "Cash costs of production per tonne of ore processed" and "Cash costs of production per carat recovered", both including and net of capitalized stripping costs and "Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA)" and "Adjusted EBITDA Margin". Each of these is a non-IFRS performance measure and is referenced in order to provide investors with information about the measures used by management to monitor performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
Cash costs of production per tonne of ore processed and cash costs of production per carat recovered are used by management to analyze the actual cash costs associated with processing the ore, and for each recovered carat. Differences from production costs reported within cost of sales are attributed to the amount of production cost included in ore stockpile and rough diamond inventories.
Adjusted EBITDA is used by management to analyze the operational cash flows of the Company, as compared to the net income for accounting purposes. It is also a measure which is defined in the Notes documents. Adjusted EBITDA margin is used by management to analyze the operational margin % on cash flows of the Company.
The following table provides a reconciliation of the Adjusted EBITDA and Adjusted EBITDA margin with the net income on the condensed consolidated interim statements of comprehensive income:
The following table provides a reconciliation of the cash costs of production per tonne of ore processed and per carat recovered and the production costs reported within cost of sales on the condensed consolidated interim statements of comprehensive income:
is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories . The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63 /carat, at February 2019 . Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140 /ct, at February 2019 . Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75 /carat, at February 2019 . All resource estimations are based on a 1mm diamond size bottom cut-off.
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Dan Johnson, P.Eng., a director of Mountain Province Diamonds and Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Mark Wall , President, and CEO 161 Bay Street, Suite 1410 Toronto, Ontario M5J 2S1 Phone: (416) 361-3562, E-mail: info@mountainprovince.com
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