Mountain Province Diamonds (MPVD) Q1 2026 earnings summary

Executive summary

• Achieved nearly a full year without a lost time injury, maintaining strong safety performance.

• Produced a record 2,006,135 carats in Q1 2026, a 163% increase year-over-year, despite lower tonnes treated and a strategic pause at Tuzo.

• Q1 2026 saw 858,000 carats sold for CAD 40 million, with an average realized price of $47 per carat, down from $103 per carat in Q1 2025.

• Faced a CAD 600,000 EBITDA loss in Q1 2026, driven by strong operational performance but offset by a weak diamond price environment and a shift to smaller stones.

• Ongoing liquidity challenges addressed through stakeholder support, working capital injections, and engagement with lenders and authorities.

Financial highlights

• Revenue for Q1 2026 was CAD 40 million, down from CAD 44 million in Q1 2025, despite selling twice the volume of carats at less than half the price.

• Net loss after tax was CAD 65.1 million, or $0.31 per share, compared to a loss of CAD 34.4 million in Q1 2025.

• Adjusted EBITDA was -CAD 600,000, down from +CAD 5.8 million in Q1 2025; margin dropped to -2% from +13%.

• Mine operating loss increased to CAD 36 million from CAD 22.4 million year-over-year.

• Cost of sales per carat was $89, down from $156 in Q1 2025.

Outlook and guidance

• Focus remains on navigating a challenging diamond market impacted by geopolitical tensions, U.S. tariffs, and persistent pricing pressure, especially for smaller stones.

• Priority is to resolve liquidity issues and protect jobs at Gahcho Kué, with ongoing stakeholder engagement.

• Cash management is critical, with most cash outflows occurring in H1 and conditions expected to ease in H2.