Earnings call transcript: Mountain Province Diamonds reports Q2 2025 loss, stock rises

Mountain Province Diamonds (MPVD) reported a challenging second quarter of 2025, with a significant decline in revenue and a net loss of $37.7 million. According to InvestingPro data, the company’s revenue has declined by 23.2% over the last twelve months, with a concerning negative return on assets of -13.7%. Despite these results, the stock saw a notable increase of 11.11% in after-hours trading, reflecting investor optimism about the company’s future prospects and strategic initiatives.

Key Takeaways

• Revenue for Q2 2025 significantly decreased, with a 26% drop in carats sold.
• The company reported a net loss of $37.7 million, compared to a $6.5 million loss in Q2 2024.
• Average selling price per carat fell from $74 to $65.
• Stock price rose by 11.11% following the earnings call.
• Focus on high-grade 5034NEX ore body and improved safety performance.

Company Performance

Mountain Province Diamonds experienced a challenging quarter with a marked decrease in revenue and profitability. The company sold 26% fewer carats than in Q2 2024, and the average selling price per carat fell from $74 to $65. This decline contributed to a net loss of $37.7 million, compared to a $6.5 million loss in the same period last year. Despite these setbacks, the company is focusing on accessing the high-grade 5034NEX ore body to enhance future performance.

Financial Highlights

• Revenue: Significantly reduced year-over-year.
• Net loss: $37.7 million in Q2 2025 vs. $6.5 million in Q2 2024.
• Loss per share: 18 cents in Q2 2025 vs. 3 cents in Q2 2024.
• Average selling price: $65 per carat, down from $74.

Market Reaction

Despite the financial challenges, Mountain Province Diamonds’ stock rose by 11.11% in after-hours trading. This surge may reflect investor confidence in the company’s strategic focus on high-grade ore bodies and its improved safety performance. The stock’s current movement positions it closer to its 52-week high of $0.17, suggesting positive market sentiment.

Outlook & Guidance

Looking ahead, Mountain Province Diamonds expects some market stabilization and plans to leverage increased production from Q4 2025 through 2026. The company is committed to optimizing mining and processing efficiency and is closely monitoring the impact of US tariffs on the diamond market.

Executive Commentary

• Mark Wall, CEO, highlighted the potential for rough diamond price recovery, stating, "2025 global rough diamond production is forecast to be at its lowest level since the late 1980s, a metric that has historically preceded rough diamond price recovery."
• Steve Thomas, CFO, expressed optimism about the company’s future, noting, "Despite these results, the mine is performing beyond historical records and positioned to capitalize on the move into the richer NEX ore body and more robust future selling price."

Risks and Challenges

• Market volatility: Fluctuations in diamond prices could impact revenue.
• Competition from lab-grown diamonds: Increasing market share of synthetic diamonds poses a threat.
• Geopolitical risks: US tariffs and global economic conditions could affect demand.
• Operational risks: Challenges in ore grade could impact production efficiency.

Q&A

There were no questions asked during the earnings call, leaving some investor queries about future strategies and market conditions unanswered.

Full transcript - Mountain Province Diamonds Inc (MPVD) Q2 2025:

Sylvie, Conference Operator: Also note that this call is being recorded on Wednesday, 08/13/2025.

I would now like to turn the conference over to Mr. Mark Wall, President and CEO. Please go ahead, sir.

Mark Wall, President and CEO, Mountain Province Diamonds: Thank you, Sylvie. Good day to everyone who’s dialed in to listen to our Q2 twenty twenty five results call. My name is Mark Wall, and I’m the President and CEO of the company. Also present on this call is Steven Thomas, our CFO, and Jenny Lee, our Financial Controller. Reed, our Head of Diamond Sales and Marketing, is not on today’s call, but we’ve incorporated his thoughts on the market into our presentation today.

At the conclusion of this presentation, we will be available for any questions that you may have. Firstly, I’d like to draw your attention to our cautionary statement regarding forward looking information. This presentation will be posted on our website for anyone who needs additional time to review this statement. Mountain Province Diamonds produces Canadian diamonds to the highest standards of corporate social responsibility, and that is something that we continue to be proud of. We own 49% of the Gatchecoay mine in the Northwest Territories, with De Beers, a division of Anglo American PLC, owning the remaining 51%.

Today, I’ll speak to our Q2 twenty twenty five results and provide some insights into our plan as we move through 2025. Following that, Steve will discuss the Q2 financial performance of the company, and I’ll comment on the overall diamond market and then make some closing remarks and answer any questions that you may have. The summary of what I will cover is that there has been a laser focus at the operations on safety, production, and costs, while the grade has been lower during the treatment of stockpiles, and the diamond market has been weak. Starting with safety, the Goutrequet operations have continued the strong safety performance of the first quarter and an overall improvement in safety at the operations. The total recordable injury frequency rate for 2025 was two point one three, which is considerably lower than the H1 result of 4.38 for the same period in 2024, and massively down from the 14.62 result in 2022.

Safety continues to be a key area of focus at the operations, and efforts in this area will continue. Half one is a really challenging time at the operations, with the extreme temperatures of quarter one, the ice road season to replenish the mine, and then the freshette period where wet and slippery roads must be safely managed. We’ve navigated these periods, and we will continue the focus for the remainder of the year. On the production side, both quarter two and the whole of 2025 saw strong operational performance. On processing, the combination of the overall availability and the utilization of that availability for the processing facility was 82.5, which is a significant improvement from past years.

Looking back to the 2020 era, the OPU was 76.7% for the same period, and in 2021 was 69.2% for the same period. A focused effort on process plant stability through 2023 saw us get to 81.5% in 2024, and the continued improvement is the result that we’re looking to generate. That translated into 1,800,000 tons of ore processed, which is a record for the mine in H1. The focus on optimizing the operating time of the processing facility will continue through the rest of the year. Onto mining, there’s been an intense focus on mining optimization.

Small improvements in equipment refueling, workforce planning, road management, together with other initiatives, delivered strong tons moved for 2025. We have beat our budget for total tons moved, which is steadily gaining us access to the high grade 5034NEX ore body. A strong focus on mobile maintenance delivered equipment availability that enabled the mining operations team to deliver the results that they did in H1. The grade of ore treated is a less positive story for H1. We were primarily treating ore from stockpile during half ’1 as planned.

This large stockpile is assigned a single grade number, and we know that, geostatistically, the grade will vary in different areas of the stockpile. During H1, we averaged 0.81 carats per ton, which is down 44% from the same period in 2024 and down 54% from the same period in 2023. The Tuzo stockpile was expected to be low grade, although the grade performed lower than planned. The grade was helped by earlier than planned access to some transitional ore from the 5034NEX ore body. During quarter three, we steadily ramped up NEX production with approximately 140,000 tons in August and 275,000 tons in September.

NEX tons are expected to return to the 100,000 ton range in October and then back up to the 270,000 ton range going forward. We’re working on increasing the October 5,034 NEX tons through further improvements in mining efficiency. So to sum all of that up, safety is going well, processing is going well, mining is going well, while grade in H1 was definitely a challenge. We have some lower grade two zo in the mix over the next few months, and then we’re planning to treat mostly 5,034 NEX ore. On the diamond market, the market remains really challenging.

We were seeing some early positive signs. The recent US tariffs have added a great deal of complexity, and we will continue to assess the impact of US tariffs on the diamond market. Overall, I remain optimistic the market will stabilize, and I’ll speak to this in more detail in a few moments. On liquidity, during H1, we were again supported with short term liquidity from our largest shareholder, Mr. Dermot Desmond, during a period of lower grades and the challenging diamond price environment that I’ve mentioned.

The company is very grateful to Mr. Desmond for his continued support of the company. In short, we’re in a strong position operationally, and there has been tremendous progress so far in 2025. And we continue to look forward to the market improving. On cost, there continues to be significant focus on cost management.

I will say that drawing from the stockpile has impacted production costs due to the release of previously capitalized costs in building that stockpile. Steve will cover this in more detail in a few moments. On a top line basis, we’ve mined more tonnes than planned, and maintenance costs to deliver the equipment availability to achieve this have gone up. We’re tracking in the range of our budgeted costs for the year as we continue to look for savings in all areas. Our focus will continue to be on the things we can control, which is safety and operational performance.

With that, I’ll turn the call over to Steve to take us through the financial results.

Sylvie, Conference Operator: Please unmute, mister Thomas.

Steve Thomas, CFO, Mountain Province Diamonds: Steve.

Mark Wall, President and CEO, Mountain Province Diamonds: Okay. While we wait for Steve to join, I will start off. So I’ll start with analysis of the revenue and the significant impact in the first half of this year, that diamonds sold being sourced from the stockpile and prevailing market price has on revenue compared to the same time last year. During Q2 twenty twenty five, we sold approximately 26% less carats than in Q2 twenty twenty four, and at $65 US per carat versus $74 US per carat a year ago, resulting in 20,000,000 Canadian dollars Canadian lower revenue than achieved in Q2 twenty twenty four. For the first six months of twenty twenty five, referred to as H1 twenty twenty five, forty four percent less carats were sold than in the 2024, with the average selling price of US68 dollars per carat compared to US72 dollars per carat in the 2024.

Comparative revenue is US50 million dollars or Canadian65 million dollars being 45% lower. This significant comparative revenue reduction impacts all financial results through the income statement and cash flow statement and the financing measures we have necessarily taken to support the balance sheet. So we’re just confirming you can hear me okay.

Steve Thomas, CFO, Mountain Province Diamonds: Mark? I apologize. We’re stuck. I’ll take over. Thank you for doing that.

Picking up, the market price also impacts the reported cost of sales and non cash adjustments to the carrying value of diamond inventory, feeding into production costs and the depreciation charge in the quarter and the first six months of the year. Also, during this period, with ore treated being drawn from the ore stockpile as we mined waste tons to access the NEX ore body, the depletion of the stockpile and resulting expensing of previously capitalized costs increases the comparative cost of sales compared to Q2 twenty twenty four and H1 twenty twenty four when the ore stockpile was grown. The resultant loss from mine operations for Q2 twenty twenty five compounds the loss incurred in Q1 resulting in a loss for the first six months of the year of million dollars compared to a gain of 42 in the first six months of twenty twenty four. Not surprisingly, the working capital position of the company has deteriorated during Q2 twenty twenty five. And although materially better than the position of the 2024 year end, the major changes in the short term debt recognized in those comparative periods skews the comparative results.

The second quarter has seen weakening of the US dollar compared to Canadian, which was flat in the 2025, resulting in a significant unrealized foreign exchange gain in Q2 and the resulting gain for the first six months of the year. Adjusting for this and other impacts, adjusted EBITDA for the first three and six months ending June 2025 is notably below the comparative three and six month periods in 2024, being marginally negative in Q2 twenty twenty five, but positive for the first six months of 2025. Cash flow from operating activities was a significant outflow in Q2 twenty twenty five, albeit lower than that arising in Q2 twenty twenty four, But the negative outflow across the first six months of 2025 compares to a small positive inflow for the first six months of 2024. The financial results reflecting continued low selling price and lower production contrast with the performance of the process plant and mining fleet throughout Q2 twenty twenty five and the first half of the year being above their comparative 2024 periods. Albeit, as Mark has discussed, with lower ore grade treated as it is sourced from the ore stockpile.

Turning to the balance sheet. Given the relatively lower revenue in the heavy spending period of the year, the cash balance has decreased by approximately $5,000,000 over the quarter and $10,000,000 year to date to end at $1,700,000 despite the injection of US dollars $30,000,000 under a bridge credit facility and the equivalent of Canadian 33,000,000 made available by our related party Doombridge. The outflow of cash in Q2 twenty twenty five reflects the $22,700,000 reduction in the accounts payable balance, which itself peaks at the end of the first quarter in respect of winter road deliveries made in that quarter. The net derivative asset comprises the currency derivative contracts for hedges in place at the quarter end valued at $579,000, which at the year end was a liability of 7,900,000.0. And it also includes the embedded derivative asset representing the early repayment feature within the second lien loan notes, which itself is valued at $981,000 at Q2 end compared to the year end value of $6,100,000.

The increase in the value of the currency derivative contracts in respect of The U. S. Hedges has arisen as the U. S. Dollar has weakened during the first half of this year.

Conversely, the reduction in the calculated fair value of the embedded derivative contract associated with the second lien loan notes reflects the increase in the discount factor used to derive its fair value due to the increase in the assessed credit spread on those notes. Inventories at 167,000,000 have decreased by $29,500,000 compared to the year end balance. This is due primarily to a $55,000,000 reduction in the comparative value of the oil stockpile for which the tons held at a 100% level have reduced by 1,700,000 tons as the operation is focused on mining waste material from the MEX ore body. There has also been a decrease in the value of rough diamonds in inventory, for which the volume of carats on hand has decreased by just 40,000 since the year end. However, the value per carat is necessarily reflected at the lower of net realizable value and cost and has seen a cumulative write down of $27,300,000 over the first half of the year.

This reflects the lower sales price currently being achieved. The supplies inventory, although reduced by 5,000,000 over the quarter due to the net consumption of the bulk goods, it is up by 32,000,000 compared to the year end balance of 64,000,000 reflecting the delivery of all bulk consumables on the winter road. In respect of property, plant and equipment, the Q2 twenty twenty five balance of $625,000,000 is up 13,000,000 over the quarter and 38,000,000 above the year end balance, reflect reflecting primarily a net increase in property, which comprises a $9,000,000 invested sustaining capital and an increase of $64,000,000 of capitalized waste activity in respect of any ex waste material, less the depreciation that has occurred on that waste balance. The total value of capitalized waste within property, plant, and equipment is $211,000,000 at Q2 period end, compared to $160,000,000 at the 2024 end. For current liabilities, the accounts payable balance of $89,000,000 is down from its peak of 112 at Q1 twenty twenty five end when the majority of winter road goods have been delivered, but of course, up from the year end balance as those payments are still being settled per credit terms on certain items such as fuel.

To note that the AP balance also includes approximately 12,000,000 Canadian of accrued interest on the senior secured notes, which the lenders agreed to forego until settlement in June 2026. This interest was previously paid every six months, so would not appear in the comparable AP balance at June 2024 or the 2024 year end. For the secured note payable balance as discussed in Q1 earnings call, that debt is now reclassified as long term compared to current at the year end given the extension of the term settlement date to December 2027. As mentioned in my opening remarks, utilization of the US dollar 40,000,000 bridge credit facility, which increased from 20,000,000 utilized in Q1 to 30,000,000 during Q2, has since the Q2 period end increased by a further $10,000,000 per our recent press announcement issued on July 29. Q2 also saw the finalization of terms for a working capital facility, which was approved at our AGM on May 16 and total funds of US 23,600,000.0 were drawn in mid May.

These two financing provided critical liquidity during a low revenue period and when cash flows are significant to settle winter road obligations. The value of the US dollar denominated loans as with the second leading loan notes and junior credit facility are valued in Canadian dollars based on the closing period rate. And with the strengthening of the Canadian dollar, this is tailored to lower their reported value compared to the start of the year or at the start of the quarter. The derivative liability reported at year end in Q1 twenty twenty five, which represents the fair value of The USA currency hedges in place, is now reported as a derivative asset due to the aforementioned strengthening of the Canadian dollar over the quarter. Those hedges to be settled in an average settlement rate of 1.36 across the remaining US dollar $45,000,000 hedges we have in place.

The fair value of the current and long term components of the decommissioning and restoration liability has seen a little movement over the three and six month period, with the risk free interest rate used in the fair value calculation at 3.3% being close to the 3% used at Q1 twenty twenty five and three point 2% used in the fair value calculation at the year end. The resultant change in the value of net current assets and current liabilities during the three six months ending Q2 twenty twenty five results in the working capital position decreasing by $73,000,000 during Q2 twenty twenty five. Although it is a $125,000,000 greater than at the twenty twenty four year end, if that balance would normalize for the reclassification of the second lien loan notes from short to long term debt, This would equate to a reduction in working capital compared to the year end normalized of $135,000,000 reflecting in large part the injection of $74,000,000 of short term debt for which the cash has been utilized to meet operational needs. In respect of the long term liabilities being The US denominated senior secured notes, junior credit facility, the strengthening of the CAD for The US as mentioned from 1.439 at Q1 twenty five to 1.36 at Q2 twenty twenty five has decreased those Canadian reported values.

This effect has overridden the growth in the US dollar outstanding balances that arises as we now accrue for the unpaid interest on the second lien loan notes since the start of this year and continue to accrue for interest in respect of the Doombridge junior credit facility. The net result is a noncash unrealized foreign exchange gain of $22,000,000 in Q2 and 21,500,000.0 since the start of the year. Turning now to earnings plus. I’ve outlined in my opening remarks the revenue performance in the three and six months to Q2, so we’ll not repeat. But in summary, for the two sales in Q2, US dollar price remained low, compounding the impact of lower volume of carats sold as ore treated was sourced from the ore stockpile at relatively low grade.

Mark will provide a brief overview of current market conditions shortly. To note that in Q2 twenty twenty five, dollars 1,200,000.0 in other income comprises Mountain Province’s share of a grant received from the government of the Northwest Territories, plus a fee charged by the company for selling goods for De Beers. The loss of 1,100,000.0 in Q2 twenty twenty four is the change in the fair value of the warrants granted under the junior credit facility. That fair value process will no longer be required as the warrants were modified in Q1 twenty twenty five to be priced in Canadian dollars and recorded as an equity instrument rather than an embedded liability. Production cost of $53,600,000 in Q two twenty twenty five is almost double 27,000,000 incurred in Q two twenty twenty four.

And when normalized, the carats sold is almost 2.7 times higher. Production for the six months ending Q2 at $92,900,000 compares to 59,700,000.0 for the six months ending Q2 twenty twenty four, which again, when normalized for carats sold, are approximately two and a half times higher. These significant differences reflect the 18,000,000 charge $18,000,000 charge for writing down the rough diamond inventory from costs to lower net realizable value. And secondly, the fact that in the first six months of 2024, the old stockpile grew by 1,100,000 tons or 50%, whereas in 2025, it shrank by 1,700,000 tons or 41% resulting in the release of a significant proportion of the costs previously capitalized when the stockpile was growing, which tended to lower production costs reported in those periods. Depreciation at $27,500,000 for Q2 twenty twenty five is 13,000,000 above the comparative figure of 14,300,000.0 in Q2 twenty twenty four.

And for the equivalent H1 twenty five period at 50,600,000.0 versus 36,300,000.0 in 2024. Again, these increases reflect the equivalent impacts as mentioned for production costs, I. A $10,000,000 value adjustment for diamond inventory and depreciation costs no longer reporting to the stockpile during a period of depletion in H1 twenty twenty five. The cash costs of production excluding capitalized stripping for the six months ending Q2 twenty twenty five at a $114 per carat and $93 per ton of oil are markedly above the comparative figures of $48 and $69 for Q2 twenty twenty four. This is due to the aforementioned major driver of the substantial depletion of the old stockpile in the ’25 compared to its growth in 2024 and the respective value of opening and closing inventory feeding production costs, which in the 2024 went down, whereas in 2025, they went up.

The above differences in comparative costs on a per ton and per carat basis widen when including capitalized stripping as H1 twenty twenty five capitalized stripping costs were $30,600,000 higher than in the comparative H1 twenty twenty four. And the effect of this during H1 would tend to push the full year dollar cost per ton and dollar cost per carat towards the top end of guidance. Finance expenses for Q2 twenty twenty five and H1 twenty twenty five at 14,500,000.0 and 24,600,000.0 respectively are as expected above the 2024 comparable periods, and this reflects the increase in the interest charge in respect of the junior credit facility as the accrued interest on that balance compounds, and also the inclusion of interest and deferred charges associated with the new bridge loan and working capital facility. Turning to the net derivative gain in Q2 of 2,500,000.0. That reflects the 6,000,000 gain on the currency derivative hedges, which have reduced as the US dollar value is pegged against a lower US dollar forward curve.

And that’s offset by a $3,500,000 loss on the embedded derivative contract due to the change in discount factors used in its fair value calculation. In respect of foreign exchange movements in Q2 twenty five, these comprise a realized loss of $4,000,000 on settled $1,400,000 on settled hedges, offset by an unrealized foreign exchange gain of $21,900,000 as the US dollar has weakened. Turning briefly to the deferred income tax recovery of 7,300,000.0 in Q2 twenty twenty five and 11,000,000 for 2025. That compares to a new deferred income tax charge of 800,000.0 in Q2 twenty twenty four and 3,100,000.0 for 2024, reflecting the reduction in the deferred tax liability due to the scale of the aforementioned operating losses arising in 2025 and a voluntary $160,000 payment in Q1, which itself delivered a $1,000,000 deferred tax benefit in relation to the tax pools. The above results in loss from operations for Q2 twenty twenty five of $52,600,000 compared to a gain of 12,000,000 in Q2 twenty twenty four.

And for H1 twenty twenty five, a loss of $74,900,000 compared to a gain of 42,400,000.0 up to Q2 twenty twenty four. Selling, general, and admin expenses for both the three and six months ending Q2 twenty twenty five are below the comparative periods in 2024, in line with cost control efforts. Cash flows provided by operating activities, including changes in non cash working capital for Q2 twenty twenty five saw an outflow of $27,000,000 compared to an outflow of $35,000,000 for Q2 twenty twenty four. The injection of $47,000,000 of funds in the period supported the closing cash balance at $1,700,000 at Q2 twenty twenty five end and compares to the opening balance of $6,700,000 For the analysis in the MD and A, adjusted EBITDA for the six months ending Q2 twenty twenty five was 3,900,000 with a margin of only 5% versus $74,000,000 and a margin of 51% for H1 twenty twenty four. Overall, a net loss after tax for Q2 twenty twenty five of 37,700,000.0 and 72,100,000.0 for the first half of the year, compares to a loss of 6,500,000.0 for Q2 twenty twenty four and a gain of $340,000 for the 2024, largely due to the comparatively lower sales volume and price, which in turn impacted reported cost of sales due to the inventory valuation adjustments I’ve set out.

For Q2 twenty twenty five, the loss per share was 18¢ and for the first half of the year a loss of 34¢ compared to a loss of 3¢ for Q2 twenty twenty four and zero for H1 twenty twenty four. In conclusion, Q2 twenty twenty five has seen a continuance of a challenging market with constrained price achieved and reduced production volumes available for sale while we mine through the NEX waste material. Despite these results, as Mark has outlined, the mine is performing beyond historical records and positioned to capitalize on the move into the richer NEX ore body and more robust future selling price. Thank you for listening. And with that, I will turn the presentation back to Mark.

Mark?

Mark Wall, President and CEO, Mountain Province Diamonds: Thanks, Steve. With input provided from our VP diamond sales and marketing, Reid Mackie, I’ll make the following general comments on the diamond market. Overarching industry sentiment is one of immediate caution against the evolving tariff backdrop, with some positive signs of consumer demand in key markets to support price recovery in the medium term. Power related concerns affected inventory strategies and diamond purchasing behavior, including spiking imports to The US at the start of the quarter. The industry is now navigating the longer term impacts of tariffs across key production and manufacturing centers, which are under different rates.

This ongoing uncertainty, together with the high price of gold, continue to impact decision making in rough diamond purchasing, polishing, and jewelry manufacturing. Rough diamond production remained steady as the major producers still appear to be actively managing supply to protect pricing. Importantly, for medium term price outlook, 2025 global rough diamond production is forecast to be at its lowest level since the late 1980s, a metric that has historically preceded rough diamond price recovery. In the midstream manufacturers and retailers purchased conservatively in Q2, awaiting clarity on tariff impacts, but continued buying to meet their specific needs. We saw the impacts of this on pricing with restrained diamond price recovery in Q2.

Larger sizes saw more demand, while smaller sizes saw price declines. By the end of the quarter, prices had largely stabilized with supply scarcity continuing to support pricing. Luxury and retail brands continue to demonstrate resilience downstream, reporting solid results for sales of natural diamond jewelry. Fine jewelers continue to support perceptions around natural diamonds. Recently, initiatives that support luxury consumers’ desire for exclusivity, brand recognition, and authenticity are being revived, including ideas like physically marking natural diamonds to allow consumers to visually identify natural diamonds by themselves.

Consumer outlook is mixed, but a positive forecast is maintained for the key US and Indian retail markets, while a subdued recovery continues in China. At industry events like the JCK Show in Las Vegas in June, natural diamonds were regaining ground, while lab grown options are increasingly trending towards lower value fashion use. Price divergence continues with natural diamonds stabilizing or gaining, while prices for lab grown declined due to oversupply. Post Q2, recent US tariff barriers enacted against India are expected to impact the polished diamond sector there in the short term. The key to its recovery will be the deployment of nimble logistic strategies by manufacturers to meet US retailer demand ahead of the all important holiday season in Q4.

So just returning to the overall results, at the midpoint of 2024, we’ve continued to focus on safety performance and achieved the lowest H1 TRIFR so far at the operations. We’ve continued to focus on processing plan initiatives that have now resulted in the process plan operating generally above the original nameplate for throughput. We focused on mining efficiency, maintenance, and waste stripping to the all important 5,034 NEX ore body. We’ve retained our focus on overall cost control, noting that the impact of drawing from stockpile has had on our costs in the short term. We look forward to some stabilization in the market in order to be able to leverage our high production from Q4 through 2026.

Thanks for your time, and Steve and I are now available for any questions that you may have.

Sylvie, Conference Operator: Thank you, Mr. Wall. You will hear a prompt that your hand has been raised. And should you wish to decline from the polling process, please press star followed by 2. And if on a speakerphone, you will need to lift the handset first.

Once again, if you do have any questions from the phone lines, please press 1. And at this time, sir, it appears we have no questions from the phone.

Mark Wall, President and CEO, Mountain Province Diamonds: Steve, any questions on the portal?

Steve Thomas, CFO, Mountain Province Diamonds: No questions on the portal, Mark.

Mark Wall, President and CEO, Mountain Province Diamonds: Okay. Well, with that, thank you everyone for joining. And I know I speak to some of you from time to time, so we will continue to do that. And everyone, please have a great day. Thank you.

Thanks, Silvi.

Sylvie, Conference Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we ask that you please disconnect your lines.

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