Mountain Province Diamonds Announces Second Quarter 2024 Production and Sales Results, Details of Second Quarter 2024 Earnings Release and Conference Call
TSX and OTC: MPVD
Q2 2024 Production Takeaways
(
all figures reported on a 100% basis unless otherwise stated
)
- 1,318,680 carats recovered, 2% less than last year's comparable quarter (Q2 2023: 1,339,196 carats)
- Average grade of 1.37 carats per tonne, a 24% difference relative to Q2 2023 (1.79 carats per tonne)
- 971,311 ore tonnes mined, a 63% increase relative to last year's comparable quarter (Q2 2023: 595,990 ore tonnes mined)
- 965,984 ore tonnes treated, a 29% increase relative to last year's comparable quarter (Q2 2023: 750,241 tonnes treated)
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Q2 2024 Production Figures |
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2024 Q2 |
2023 Q2 |
YoY Variance |
Total tonnes mined (ore and waste) |
7,911,091 |
9,235,465 |
-14 % |
Ore tonnes mined |
971,311 |
595,990 |
63 % |
Ore tonnes treated |
965,984 |
750,241 |
29 % |
Carats recovered |
1,318,680 |
1,339,196 |
-2 % |
Carats recovered (49% share) |
646,153 |
656,206 |
-2 % |
Recovered grade (carats per tonne) |
1.37 |
1.79 |
-24 % |
Q2 2024 Sales Results
During the Quarter 557,361 carats were sold for total proceeds of
"Q2 2024's carats recovered is largely unchanged compared to Q2 2023. The processing plant continued to perform well, with tonnes treated up 29% compared to Q2 2023. The good performance of the plant was offset by a lower grade in the Quarter. Lower grade had been expected as per the mine plan in Q2 2024, however, as noted previously, we have also seen a lower than expected grade at the deep portions of the pits, continue through the Quarter. The team has been working on identifying and isolating the small area of grade under performance and as stated previously, this will improve as we move through the year.
The diamond market continues to be softer than anticipated. At a macro level the return of demand in
Earnings Release and Conference Call Details
The Company will host its quarterly conference call on
Title:
Date of call:
Time of call:
Expected Duration: 60 minutes
Webcast Link:
https://app.webinar.net/94JwoV1MRDG
North American Toll-Free Number: (+1) 800-836-8184
Participant Local/International Number: (+1) 289-819-1350
A replay of the webcast and audio call will be available on the Company's website.
About
For further information on
Qualified Person
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved
Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note 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 Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
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