Core Viewpoint - Mountain Province Diamonds Inc. has entered into an amending agreement with Dunebridge Worldwide Ltd. to modify terms of its CAD 33 million working capital facility, extending the repayment period and allowing access to additional funds during a critical period for the company [1][2][3]. Group 1: Amending Agreement Details - The period for advances against the working capital facility is extended from November 13, 2025, to March 31, 2026 [2]. - Repayment mechanics involving direct payment to Dunebridge from diamond proceeds are deferred until February 28, 2026 [2]. - The principal repayment date for the working capital facility is extended from December 31, 2025, to March 31, 2026 [2]. Group 2: Management Commentary - The President and CEO of the company stated that the amendments provide access to additional funds during a crucial period before the working capital is expected to improve with sales from higher-grade material [3]. Group 3: Approval Process - The Amending Agreement was reviewed and recommended by a special committee of independent directors due to the company's financial condition [4]. - The Board unanimously approved the Amending Agreement, with two members abstaining due to conflicts of interest [5]. Group 4: Related Party Transactions - Vertigol Unlimited Company holds over 35% of the company's shares and is considered a related party, as is Dunebridge, which is also owned by the same ultimate beneficial owner [6]. - The company is relying on exemptions from formal valuation and minority shareholder approval requirements due to its financial difficulties [7]. Group 5: Company Overview - Mountain Province Diamonds Inc. holds a 49% stake in the Gahcho Kué mine in Canada and controls over 96,000 hectares of mineral claims surrounding the mine [8].

Core Insights - Mountain Province Diamonds Inc. reported financial results for Q3 2025, highlighting a significant decline in carat production and financial performance compared to Q3 2024 [1][5][6] Financial Performance - Total revenue for Q3 2025 was $29.2 million from the sale of 409,081 carats, averaging $71 per carat, a decrease from $69.4 million from 679,599 carats sold in Q3 2024 at an average price of $102 per carat [6][7][9] - Adjusted EBITDA for Q3 2025 was ($4.3) million, down from $17.3 million in Q3 2024 [7][8] - The net loss for Q3 2025 was $55.9 million, or $0.26 per share, compared to a net loss of $19.0 million, or $0.09 per share, in Q3 2024 [8][19] Operational Highlights - Carat production in Q3 2025 was impacted by lower than expected stockpile grades, with a total of 1,001,000 carats recovered, a 16% decrease from 1,187,912 carats in Q3 2024 [14][16] - The average grade of diamonds recovered was 1.18 carats per tonne, down 5% from 1.24 carats per tonne in Q3 2024 [14][16] - Cash costs of production, including capitalized stripping costs, were $143 per tonne treated and $121 per carat recovered, compared to $125 per tonne and $101 per carat in Q3 2024 [7][8][14] Market Conditions - The US retail diamond market remains robust, although tariffs are negatively affecting prices [5] - The company is optimistic about improved grades in Q4 2025 as operations progress in the higher-grade 5034-NEX orebody [4][5] Future Outlook - The company executed a planned 5-day shutdown of the processing plant in September for maintenance, which affected the tonnes treated for the quarter [3][4] - The mine is well-prepared for 2026 with the arrival of cold weather, and the focus on safety and operational efficiency will continue [3][4]

Core Viewpoint - Mountain Province Diamonds Inc. reported a decline in production and sales for Q3 2025 compared to Q3 2024, primarily due to lower ore grades and reduced carat recovery from the Gahcho Kué Diamond Mine [1][6][11]. Production Summary - Total tonnes mined increased by 15% year-over-year, reaching 9,922,231 tonnes in Q3 2025 compared to 8,603,369 tonnes in Q3 2024 [2]. - Ore tonnes mined decreased by 13%, totaling 807,458 tonnes in Q3 2025, down from 923,814 tonnes in Q3 2024 [2][9]. - Carats recovered fell by 16% year-over-year, with 1,000,887 carats recovered in Q3 2025 compared to 1,187,912 carats in Q3 2024 [2][9]. - The average recovered grade was 1.18 carats per tonne, a decrease of 4% from 1.24 carats per tonne in Q3 2024 [2][9]. Sales Results - In Q3 2025, the company sold 409,081 carats for $29.2 million, averaging $71 per carat, compared to 679,599 carats sold for $69.4 million at an average of $102 per carat in Q3 2024 [6][11]. Guidance Update - The company revised its guidance for carats recovered to a range of 4.0 million to 4.2 million carats for 2025, down from the previous range of 4.3 million to 4.7 million carats [4]. - Production costs per carat recovered are now guided at $125 to $130, significantly higher than the original guidance of $92 to $107 [5]. - The revised guidance for production costs per tonne treated is now $145 to $155, up from the original range of $120 to $137 [5]. Operational Insights - The company completed waste stripping to access the higher-grade 5034-NEX orebody during Q3 2025, which is expected to improve production in Q4 2025 and 2026 [7][11]. - A planned 5-day shutdown in September for maintenance contributed to slightly lower tonnes processed compared to Q2 2025 [8].

Botswana lawmakers began debating a 388 billion-pula ($27 billion) plan to diversify the economy and reduce its dependence on diamond mining https://t.co/lo0xG3HHrC ...

Botswana has introduced a new regulation requiring mining companies to sell a 24% stake in new concessions to local investors if the government opts not to purchase it. This rule, announced by the Ministry of Minerals and Energy, took effect on 1 October, reported Reuters. Previously, the Mines and Minerals Act allowed the government a 15% shareholding in mining concessions, with a higher stake option in diamond projects. The southern African nation, one of the world's top diamond producers by value and ...

Rachna is a resident of Badgadi village and had obtained a lease for a mining plot in the Hazara Mudda area. According to diamond experts, six of the eight diamonds are of gem quality, weighing a total of 2.53 carats, with the largest stone weighing 0.79 carats. The remaining two diamonds are off-colour but retain some commercial value. All eight diamonds have been submitted to the diamond office and will be auctioned during the upcoming cycle. Officials noted that this is the first instance in 2025 of eig ...

GABORONE (Reuters) -The sale of diamonds through tenders and auctions is opaque and inefficient and should be revamped for producers to earn more and to survive the current price slump, a leading gem trader said on Thursday. Oded Mansori, co-founder and managing partner of Belgian gem trader HB Antwerp, said the impact on producers could be reduced by doing away with inefficiencies in the industry. The diamond market is currently going through a prolonged downturn with demand hurt by global economic unce ...

Economic Outlook - Botswana's credit outlook has been revised to negative by S&P Global Ratings due to a significant slump in the diamond industry, projecting government debt to rise to 19% of GDP by 2028 from 3% in 2024 [3][8] - The economy of Botswana contracted by an estimated 3.3% in 2024, highlighting challenges from low diamond prices and competition from lab-grown diamonds [3] Automotive Industry - Nissan plans to close its historic Oppama plant in Japan by March 2028, affecting approximately 2,400 employees as part of a restructuring initiative to reduce global production capacity from 3.5 million units to 2.5 million, resulting in the elimination of 20,000 jobs [4][8] - Nissan anticipates incurring ¥160 billion ($1.1 billion) in impairments and restructuring charges this fiscal year [4] - Honda has introduced an EV minicar with the longest driving range in its class, but the CEO indicated that widespread EV adoption in North America is expected to be delayed by about five years, leading to a shift in investment focus towards hybrids [5] - Volvo Car USA LLC has issued a recall for 1,355 vehicles in the U.S., adding to previous larger recalls for rearview camera issues and potential brake function loss [6][8] Regulatory Developments - California lawmakers have advanced landmark AI legislation, including the Transparency in Frontier Artificial Intelligence Act and a bill for AI companion chatbot safety, awaiting the Governor's signature [9][8] Market Activity - The Moscow Stock Exchange has suspended trading, following previous suspensions due to sanctions and technical issues [10][8] - Global market indices showed mixed performance, with major indices remaining largely flat, while the EUR/USD pair saw a slight decline [11][8]

Core Viewpoint - Mountain Province Diamonds Inc. is focused on delivering high-quality Canadian diamonds while maintaining strong corporate social responsibility standards [5]. Group 1: Company Overview - Mountain Province Diamonds owns 49% of the Gahcho Kue mine in the Northwest Territories, with De Beers, a division of Anglo American plc, holding the remaining 51% [5]. - The company is committed to producing diamonds to the highest standards of corporate social responsibility [5]. Group 2: Q2 2025 Earnings Call - The Q2 2025 earnings conference call was held on August 13, 2025, with key participants including the President and CEO, CFO, and Financial Controller [1][3]. - The presentation included insights into the company's Q2 2025 results and plans for the remainder of the year [6].

Core Insights - Mountain Province Diamonds Inc. reported financial results for Q2 2025, highlighting operational discipline at the Gahcho Kué Mine despite ongoing challenges in the diamond market [1][3]. Financial Highlights - In Q2 2025, the company sold 411,114 carats for total proceeds of CAD 36.8 million (USD 26.6 million), with an average price of CAD 90 per carat (USD 65) [10][15]. - Adjusted EBITDA for Q2 2025 was CAD -2.2 million, a significant decline from CAD 24.0 million in Q2 2024 [15][24]. - The net loss for Q2 2025 was CAD 37.7 million, or CAD 0.18 loss per share, compared to a net loss of CAD 6.5 million, or CAD 0.03 loss per share in Q2 2024 [14][18]. Operational Highlights - The Gahcho Kué Mine achieved 82.5% availability and utilization in H1 2025, with ore throughput reaching a record of 1.81 million tonnes [5][9]. - The average grade of diamonds recovered was 0.81 carats per tonne, a decline of 44% from H1 2024 and 54% from H1 2023 [6][22]. - Total tonnes mined in H1 2025 were 20.54 million, a 30% increase from 15.8 million tonnes in H1 2024 [13]. Market Conditions - The diamond market remains fragile, with recent U.S. tariffs introducing uncertainty despite early signs of recovery in U.S. retail demand and China [7][3]. - The company anticipates that grades will improve as mining progresses into the high-grade NEX ore body [6][9]. Safety and Operational Performance - The Total Recordable Injury Frequency Rate (TRIFR) improved by 51% year-over-year, indicating a strong focus on safety [4][9]. - Despite solid operational performance, lower-than-expected grades have tempered overall production outcomes [9][10].