TORONTO and NEW YORK, June 10, 2021 /PRNewswire/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Firm”) (TSX: MPVD) (OTCQX: MPVD) at present proclaims the outcomes of its second quarter diamond gross sales and the Firm’s upside share of income from the Diamond Gross sales Settlement with Dunebridge dated June 11, 2020. All figures are expressed in Canadian {dollars} until in any other case famous

The Firm is happy to report the completion of its gross sales for the quarter, with 718,549 carats bought for complete proceeds of $64.5 million (US$52.6 million), leading to a median worth of $90 per carat (US$73 per carat). This Q2/21 gross sales end result represents a 3% enhance in US$ phrases relative to the 603,000 carats bought for C$ 54.2 million (US$42.7 million) in Q1/21 at (US$71 per carat). The combo of diamonds bought assorted throughout the quarters and on a direct comparability foundation, second quarter market costs are roughly 18% larger than these achieved within the first quarter. 

Demand within the tough diamond market is strong, supported by polished diamond worth will increase and buoyant jewellery retail gross sales within the US and China. At our most up-to-date sale held over the previous two weeks in Antwerp, Belgium, the Firm noticed excessive demand and elevated buyer curiosity throughout all tough diamond classes.

Along with the Firm’s gross sales, in Q2/21 Dunebridge additionally accomplished the sale of all diamonds bought from the Firm in 2020 (see information launch dated June 11, 2020 for particulars on the settlement). After charges and bills the Firm obtained C$10.4 million (C$7/carat) this week being its complete share of the worth uplift. The Firm believes this additional confirms the rising demand and pricing developments within the pure tough diamond market.

The improved money in-flow from Dunebridge has resulted within the Firm lowering the deliberate US$10M draw on the ultimate tranche of the Dunebridge time period facility (see information launch dated Might 12, 2021), right down to US$8M. The decrease draw on the second tranche will end in decrease charges in addition to a decrease curiosity expense.

Mountain Province President and CEO Stuart Brown commented:

“This is a wonderful end result for the Firm. Producers are reporting robust demand and better diamond costs at their gross sales which now we have additionally seen with our newest providing. That is moreover supported by the outcomes from the Dunebridge gross sales. We stay optimistic that as the worldwide financial system continues to recuperate that the present constructive pricing and demand momentum all through the diamond trade will proceed and translate into improved margins for the Firm.”

Concerning the Firm

Mountain Province Diamonds is a 49% participant with De Beers Canada within the Gahcho Kué diamond mine situated in Canada’s Northwest Territories. The Gahcho Kué Joint Enterprise property consists of a number of kimberlites which are actively being mined, developed, and explored for future improvement. The Firm additionally controls 106,202 hectares of extremely potential mineral claims and leases that encompass the Gahcho Kué Joint Enterprise property that embody an indicated mineral useful resource for the Kelvin kimberlite and inferred mineral assets for the Faraday kimberlites.

For additional data on Mountain Province Diamonds and to obtain information releases by electronic mail, go to the Firm’s web site at www.mountainprovince.com.

Certified Individual

The disclosure on this information launch of scientific and technical data concerning Mountain Province’s mineral properties has been reviewed and permitted by Matthew MacPhail, P.Eng., MBA, and Tom E. McCandless, Ph.D., P.Geo., each staff of Mountain Province Diamonds and Certified Individuals as outlined by Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Initiatives.

Warning Relating to Ahead Trying Info

This information launch accommodates sure “forward-looking statements” and “forward-looking data” underneath relevant Canadian and United States securities legal guidelines regarding the enterprise, operations and monetary efficiency and situation of Mountain Province Diamonds Inc. Ahead-looking statements and forward-looking data embody, however aren’t restricted to, statements with respect to operational hazards, together with doable disruption attributable to pandemic resembling COVID-19, its influence on journey, self-isolation protocols and enterprise and operations, estimated manufacturing and mine lifetime of the undertaking of Mountain Province; the belief of mineral reserve estimates; the timing and quantity of estimated future manufacturing; prices of manufacturing; the longer term worth of diamonds; the estimation of mineral reserves and assets; the power to handle debt; capital expenditures; the power to acquire permits for operations; liquidity; tax charges; and foreign money trade fee fluctuations.  Apart from statements of historic reality referring to Mountain Province, sure data contained herein constitutes forward-looking statements. Ahead-looking statements are regularly characterised by phrases resembling “anticipates,” “could,” “can,” “plans,” “believes,” “estimates,” “expects,” “tasks,” “targets,” “intends,” “seemingly,” “will,” “ought to,” “to be”, “potential” and different related phrases, or statements that sure occasions or situations “could”, “ought to” or “will” happen.  Ahead-looking statements are primarily based on the opinions and estimates of administration on the date the statements are made, and are primarily based on various assumptions and topic to a wide range of dangers and uncertainties and different components that might trigger precise occasions or outcomes to vary materially from these projected within the forward-looking statements.  Many of those assumptions are primarily based on components and occasions that aren’t throughout the management of Mountain Province and there’s no assurance they may show to be appropriate.

Elements that might trigger precise outcomes to differ materially from outcomes anticipated by such forward-looking statements embody the event of operation hazards which may come up in relation to COVID-19, together with, however not restricted to protocols which can be adopted to scale back the unfold of COVID-19 and any influence of such protocols on Mountain Province’s enterprise and operations, variations in ore grade or restoration charges, modifications in market situations, modifications in undertaking parameters, mine sequencing; manufacturing charges; money stream; dangers referring to the supply and timeliness of allowing and governmental approvals; provide of, and demand for, diamonds; fluctuating commodity costs and foreign money trade charges, the potential for undertaking price overruns or unanticipated prices and bills, labour disputes and different dangers of the mining trade, failure of plant, gear or processes to function as anticipated.

These components are mentioned in better element in Mountain Province’s most up-to-date Annual Info Kind and in the latest MD&A filed on SEDAR, which additionally present extra common assumptions in reference to these statements. Mountain Province cautions that the foregoing checklist of essential components will not be exhaustive. Buyers and others who base themselves on forward-looking statements ought to rigorously take into account the above components in addition to the uncertainties they symbolize and the danger they entail. Mountain Province believes that the expectations mirrored in these forward-looking statements are affordable, however no assurance may be on condition that these expectations will show to be appropriate and such forward-looking statements included on this information launch shouldn’t be unduly relied upon. These statements converse solely as of the date of this information launch.

Though Mountain Province has tried to determine essential components that might trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different components that trigger actions, occasions or outcomes to not be anticipated, estimated or meant.  There may be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Mountain Province undertakes no obligation to replace forward-looking statements if circumstances or administration’s estimates or opinions ought to change besides as required by relevant securities legal guidelines. The reader is cautioned to not place undue reliance on forward-looking statements. Statements regarding mineral reserve and useful resource estimates might also be deemed to represent forward-looking statements to the extent they contain estimates of the mineralization that shall be encountered because the property is developed.

Additional, Mountain Province could make modifications to its enterprise plans that might have an effect on its outcomes. The principal belongings of Mountain Province are administered pursuant to a three way partnership underneath which Mountain Province will not be the operator. Mountain Province is uncovered to actions taken or omissions made by the operator inside its prerogative and/or determinations made by the three way partnership underneath its phrases. Such actions or omissions could influence the longer term efficiency of Mountain Province. Below its present be aware and revolving credit score services Mountain Province is topic to sure limitations on its capacity to pay dividends on frequent inventory. The declaration of dividends is on the discretion of Mountain Province’s Board of Administrators, topic to the constraints underneath the Firm’s debt services, and can depend upon Mountain Province’s monetary outcomes, money necessities, future prospects, and different components deemed related by the Board

SOURCE Mountain Province Diamonds Inc.

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