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Mountain Province Diamonds Announces Third Quarter 2024 Production and Sales Results, Details of Third Quarter 2024 Earnings Release and Conference Call

Q3 2024 Production Takeaways(all figures are reported on a 100% basis unless otherwise stated) Q3 2024 Production Takeaways (all figures are reported on a 100% basis unless otherwise stated) Q3 2024 Sales Results During the Quarter, 679,599 carats were sold for total proceeds of$69.4 million( US$50.8 million ), resulting in an average price of$102per carat ( US$75per carat). These results compare to Q3 2023 when 478,653 carats were sold for total proceeds of$60...
TORONTO, (informazione.it - comunicati stampa - industria)

During the Quarter, 679,599 carats were sold for total proceeds of $69.4 million ( US$50.8 million ), resulting in an average price of $102 per carat ( US$75 per carat). These results compare to Q3 2023 when 478,653 carats were sold for total proceeds of $60 .2 million ( US$45.3 million ), resulting in an average price of $126 per carat ( US$95 per carat).

"Q3 was again a positive quarter for the metric of tonnes treated with another robust performance in the processing plant, with grade also performing slightly better than plan.  Q3 and Q4 were planned to have a lower grade than the first half of the year due to a higher percentage of lower grade Tuzo ore in the process mix. 

On the mining side the Hearne pit bottom mining is well progressed, and the open pit mining of Hearne will finish during Q4 of this year.  The mining of the lower portions of the 5034 pit is also progressing, with some geotechnical challenges and higher than expected rainfall events slowing down mining, in some areas.  The work to strip down to the NEX orebody has started with this pit expected to be a significant contributor to production in the second half of 2025.  Work to sequence the plan between the finish of the 5034 pit and waste stripping to the NEX orebody remains in progress.

2024 Production guidance of 4.2 - 4.7 million carats recovered is maintained, with production currently expected to finish in the mid to upper portion of the guidance range.  Total tonnes mined is expected to finish lower than the bottom of guidance of 36 million tonnes, with ore tonnes mined expected to finish above the top of guidance of 4.6 million ore tonnes and ore tonnes treated close to the upper end of guidance."

"The rough diamond market during Q3 was unsettled by continued price decreases announced by leading polished diamond price indices. This was compounded by reports of delayed polished buying by downstream retailers and precipitated sales of polished stock by the industry midstream. Many rough producers addressed this by cancelling or delaying their rough diamond sales during the third quarter. For Mountain Province , which held its usual two scheduled sales during the quarter, prices achieved were largely stable. We look forward to the upcoming holiday season demonstrating demand for diamond jewellery at retail and firming up rough diamond market sentiment."

The Company will host its quarterly conference call on Thursday November 7 , 2024, at 11:00am ET . Prior to the conference call, the Company will release Q3 2024 financial results on November 6 , 2024, after-market.

Conference Call Dial-in Details:

Date of call: 11/07/2024
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes

Webcast Link:
https://app.webinar.net/LX9ZQJL6ARV
North American Toll-Free Number: (+1) 888-510-2154
Participant Local/International Number: (+1) 437-900-0527

A replay of the webcast and audio call will be available on the Company's website.

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is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories . The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com .

The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved Dan Johnson , P.Eng., a director of Mountain Province Diamonds Inc. and Qualified Person as defined by National Instrument 43-101

FOR FURTHER INFORMATION, PLEASE CONTACT: Mark Wall , President, and CEO, 151 Yonge Street, Suite 1100, Toronto, Ontario M5C 2W7, Phone: (416) 361-3562, E-mail: info@mountainprovince.com

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