Mountain Province Diamonds Announces First Quarter Financial Results for 2026
Original announcement by tmx on
- Company
- Mountain Province Diamonds Inc.
- Ticker
- MPVD
- Exchange
- TSX
- Region
- Canada's Northwest Territories
- Primary commodity
- Diamonds
- Secondary commodities
- None reported
- Document categories
- Production, Resource update
- Extracted
- 2026-09-18 10:53:09 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Mountain Province Diamonds announced Q1 2026 financial and operational results, highlighting a record 2.0 million carats recovered at an average grade of 2.64 carats per tonne, a significant increase year-over-year. However, these operational gains were offset by a substantial drop in average diamond sales prices to US$34 per carat, resulting in a net loss of $65.1 million and negative Adjusted EBITDA. The company has paused waste stripping to conserve cash and is engaging with stakeholders due to a challenging financial environment.
Reasoning: Mountain Province Diamonds reported record diamond recovery and significantly higher grades for Q1 2026, but these positive operational results were overshadowed by a substantial decline in diamond prices, leading to a net loss and negative Adjusted EBITDA, prompting a pause in waste stripping and engagement with stakeholders regarding liquidity.
Positive factors
- Record carats recovered for the quarter
- Significantly higher average grade
- Lower cash costs per carat recovered compared to prior year
Negative factors
- Significant decline in average diamond sales price
- Net loss and negative Adjusted EBITDA
- Decision to pause waste stripping to conserve cash
- Operating in a highly constrained and challenging financial environment
- Geopolitical uncertainty weighing on demand and pricing
Facts used in scoring: 34
Extracted facts
Stored fact records: 3. Some facts used in scoring do not have a stored record.
Resource Estimates (3)
indicatedKelvin kimberlite · diamondsTonnes: 8500000Grade: 1.6Grade Unit: carats/tonneContained Metal: 13.62Contained Unit: mctHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Kelvin kimberlite
- Commodity
- diamonds
- Ticker
- MPVD
Resource scope
- Estimate type
- resource
- Effective date
- 2019-02-01T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- Tom McCandless
- Resource group id
- resource:d9e47aa85f2a05d13351
Resource Data
- Category
- indicated
- Tonnes
- 8500000
- Grade
- 1.6
- Grade Unit
- carats/tonne
- Contained Metal
- 13.62
- Contained Unit
- mct
- Cutoff Grade
- 1
- Cutoff Unit
- mm
Prior Estimate
- Resource Date
- 2019-02-01
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-05-12T00:00:00.000Z
Reasoning: The Kelvin kimberlite has an historical Indicated mineral resource estimate from February 2019, containing 13.62 Mct at a grade of 1.60 carats/tonne.
Positive factors
- Indicated resource category
Negative factors
- Estimate is historical (February 2019)
Evidence · text
“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.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.3 years before this release
inferredFaraday 2 kimberlite · diamondsTonnes: 2070000Grade: 2.63Grade Unit: carats/tonneContained Metal: 5.45Contained Unit: mctHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Faraday 2 kimberlite
- Commodity
- diamonds
- Ticker
- MPVD
Resource scope
- Estimate type
- resource
- Effective date
- 2019-02-01T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- Tom McCandless
- Resource group id
- resource:77b25eafeec6f6e34612
Resource Data
- Category
- inferred
- Tonnes
- 2070000
- Grade
- 2.63
- Grade Unit
- carats/tonne
- Contained Metal
- 5.45
- Contained Unit
- mct
- Cutoff Grade
- 1
- Cutoff Unit
- mm
Prior Estimate
- Resource Date
- 2019-02-01
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-05-12T00:00:00.000Z
Reasoning: The Faraday 2 kimberlite has an historical Inferred mineral resource estimate from February 2019, containing 5.45 Mct at a grade of 2.63 carats/tonne.
Negative factors
- Inferred resource category
- Estimate is historical (February 2019)
Evidence · text
“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.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.3 years before this release
inferredFaraday 1-3 kimberlite · diamondsTonnes: 1870000Grade: 1.04Grade Unit: carats/tonneContained Metal: 1.9Contained Unit: mctHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Faraday 1-3 kimberlite
- Commodity
- diamonds
- Ticker
- MPVD
Resource scope
- Estimate type
- resource
- Effective date
- 2019-02-01T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- Tom McCandless
- Resource group id
- resource:559398924910e6e5d0b4
Resource Data
- Category
- inferred
- Tonnes
- 1870000
- Grade
- 1.04
- Grade Unit
- carats/tonne
- Contained Metal
- 1.9
- Contained Unit
- mct
- Cutoff Grade
- 1
- Cutoff Unit
- mm
Prior Estimate
- Resource Date
- 2019-02-01
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
Dates
- Event date
- 2026-05-12T00:00:00.000Z
Reasoning: The Faraday 1-3 kimberlite has an historical Inferred mineral resource estimate from February 2019, containing 1.90 Mct at a grade of 1.04 carats/tonne.
Negative factors
- Inferred resource category
- Estimate is historical (February 2019)
Evidence · text
“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.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 7.3 years before this release
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.