Mountain Province Diamonds Announces First Quarter 2026 Production and Sales Results, Details of First Quarter 2026 Earnings Release, and Conference Call and board change

About this update from Mountain Province Diamonds Inc.

TSX and OTC: MPVD TORONTO, April 30, 2026 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces production and sales results for the first quarter ended March 31, 2026 ("the Quarter" or "Q1 2026") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted. Q1 2026 Production Takeaways(all figures reported on a 100% basis unless otherwise stated) Q1 2026 Sales Results In the Quarter, 858,173 carats were sold for $40 million (US$29.2million), averaging $47 per carat (US$34 per carat). In Q1 2025, 426,268 carats were sold for $44 million (US$30.7 million), averaging $103 per carat (US$72 per carat). Further to our news release of March 17, 2026 however, the proceeds of the Company's diamond sales are paid directly to De Beers Canada Inc. ("De Beers") pursuant to in-kind election notices previously delivered, and which continue to be delivered, in accordance with the amended and restated joint venture agreement between the Company and De Beers dated March 18, 2025, relating to unpaid cash calls. Jonathan Comerford, the Company's President and Chief Executive Officer, commented: "The first quarter of the year is historically a challenging period for operations due to adverse weather conditions, and Q1 2026 was a particularly cold winter at the GK Mine. During the quarter, total tonnes mined declined significantly compared with Q1 2025, primarily due to the joint venture partners' decision to pause Tuzo waste stripping to conserve cash, preserve liquidity, and maintain strategic optionality. Despite these headwinds, Q1 2026 was a record quarter for the mine, with more than 2.0 million carats recovered for the first time. This was achieved at a very high recovered grade of 2.64 carats per tonne. While the grade exceeded expectations, a significant portion of the higher–grade material was in smaller stone sizes, which are currently under the greatest pressure in the diamond market. This explains much of the decline in the average value per carat reported for the period. As noted in our year–end results commentary, the diamond market continues to be adversely affected by geopolitical uncertainty, including concerns surrounding US tariffs and the ongoing conflict in the Mi...

View stock analysis, news, and events for Mountain Province Diamonds Inc.