Tuzo Phase 3 De Beers and Mountain Province, have made the decision to pause the Tuzo Phase 3 project at the Mine This decision follows a careful assessment of the project's economics considering the prevailing market environment. While the Tuzo Phase 3 project has demonstrated strong potential, current market conditions have prompted the partners to take a measured approach to its development. TSX and OTC: MPVD TORONTO and NEW YORK, Feb. 9, 2026 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Pro ...

LONDON — De Beers Group’s GemFair diamonds are ready for their moment in the sun. After years of investment, and a long-standing pilot program in Sierra Leone, De Beers will offer ethically sourced, artisanal-mined stones for purchase by high-end independent jewelers through its polishing division. More from WWD The stones, which are collected at ground level rather than from craters, are the fruit of De Beers’ GemFair program, which aims to empower independent, artisanal miners. They will be available ...

Core Viewpoint - The diamond industry is experiencing a downturn, but the engagement ring of pop star Taylor Swift has sparked renewed interest in natural diamonds, potentially more than traditional marketing efforts [1][16]. Industry Overview - The global diamond business is facing challenges due to weak demand, geopolitical uncertainty, and the rise of lab-grown diamonds, which are cheaper and visually identical to mined stones [2]. - Lab-grown diamonds now represent over 50% of engagement rings sold in the US, with prices significantly lower than natural diamonds, sometimes by as much as 90% [3]. Market Impact - The resale value of lab-grown diamonds is considerably lower than that of natural diamonds, often dropping by up to 40% due to their mass-producible nature [4]. - Major players like Botswana have had to cut production and jobs due to falling revenues, with Debswana estimated to reduce output by 40% in 2025 [4]. - De Beers has stockpiled approximately $2 billion in unsold diamonds and has cut prices by over 10% in 2023, while also planning to reduce its workforce by more than 1,000 [5]. Celebrity Influence - Taylor Swift's engagement ring, featuring a large old-mine-cut natural diamond, has generated significant cultural interest, contrasting with the minimalist styles that have dominated recent trends [7]. - Other celebrities like Zendaya and Miley Cyrus have also contributed to the renewed attention on unique diamond styles, showcasing large stones with distinctive settings [9]. Shifts in Consumer Preferences - There is a noticeable shift in consumer preferences towards larger natural diamonds in fancy-cut shapes, with elongated fancy shapes becoming increasingly popular [12]. - The renewed interest in antique and heritage stones is driven by their uniqueness and the stories they carry, which lab-grown diamonds cannot replicate [10]. Marketing and Narrative Changes - The diamond industry is reframing its narrative to emphasize rarity based on character, age, and provenance, moving away from the traditional focus on flawless, colorless stones [11]. - The industry is leveraging celebrity influence and emotional storytelling to maintain relevance in a market where consumers prioritize price and purity [11][16].

Core Insights - The global diamond industry is facing significant challenges due to weak demand, competition from lab-grown diamonds, and geopolitical tensions [1] Company Performance - De Beers, the largest diamond miner, reported a substantial revenue decline, accumulated approximately $2 billion in unsold natural diamonds, and announced plans to reduce its workforce by over 1,000 jobs [2] - Alrosa, a major Russian diamond producer, experienced a nearly 80% drop in profits and suspended operations at key sites, although it managed to end the year in a better position than anticipated [3] Market Dynamics - Lab-grown diamonds, which are chemically and visually identical to mined diamonds, are increasingly influencing consumer behavior and driving down prices for natural diamonds [4] - The rise of synthetic stones has prompted De Beers to shift its strategy, abandoning its Lightbox lab-grown jewelry brand to focus on marketing mined diamonds [5] Regional Impact - Botswana, the leading natural diamond exporter in Africa, has been severely affected, with significant sales declines leading to production cuts and rising unemployment [6] Consumer Trends - Analysts attribute the market disruptions to changing consumer preferences, an oversupply of lab-grown diamonds, and a slowdown in the luxury market in China [7] - Despite recent softening in lab-grown diamond prices, industry leaders believe that rebuilding confidence in natural diamonds will require ongoing branding efforts and strategic collaboration [7]

Core Points - The company, formerly known as Margaret Lake Diamonds Inc., will change its name to Vault Strategic Mining Corp. and will trade under the new ticker symbol "KNOX" on the TSX Venture Exchange [1][2] - Trading under the new name and ticker symbol is expected to commence on or about December 17, 2025 [2] - Existing shareholders and warrantholders are not required to take any action regarding the name change, and their current certificates will remain valid [3] Company Information - The new CUSIP number for the common shares will be 92243U107, and the new ISIN number will be CA92243U1075 [2] - The announcement is made on behalf of the Board by R. Nick Horsley, who serves as President, Chief Executive Officer, and Chairman [4]

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 ...

Group 1 - Botswana has introduced a regulation requiring mining companies to sell a 24% stake in new concessions to local investors if the government opts not to purchase it, effective from October 1 [1] - The legislation aims to increase local ownership in mineral wealth and encourages local value-added initiatives, mandating funds for environmental rehabilitation [2] - The former mines minister suggested that local investors could acquire stakes in concessions with support from domestic pension funds, which are required to reduce offshore investments from 65% to 50% over three years [3] Group 2 - The government holds equity stakes in various mining entities, including 100% in Morupule Coal Mine and 50% in Debswana Diamond Company, and is negotiating to acquire a majority stake in De Beers [4] - Botswana aims to increase its stake in De Beers from 15% to over 50%, with ongoing discussions involving partners such as Oman's sovereign wealth fund to fund the acquisition [5]