The following is a summary of the Mountain Province Diamonds Inc. (MPVDF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Mountain Province Diamonds reported a Q4 adjusted EBITDA of CAD 39.8 million, up from Q3's CAD 25.1 million.

• Annual adjusted EBITDA for 2023 was $165 million, a fall from the previous year's record high of $177.2 million.

• Full-year revenues stood at $328.6 million, with the company selling 2.7 million carats at an average price of $121 per carat.

• The company managed to grow its closing cash position by $12 million and repaid $18 million against the senior loan notes principal.

• Full-year cash cost of production was $129 per tonne treated, with the cost per carat recovered at $75.

• The net loss after tax for 2023 was $43.7 million, which equals a loss of $0.21 per share. Ignoring the impairment charge, the per-share gain would have been $0.22.

Business Progress:

• Safety was a priority in 2023, with a 43% improvement in total recordable injury frequency rate from 2022.

• There was a 9% and 5% increase in total tonnes mined and treated respectively in 2023, due to plant improvements.

• The company expects to meet the 2023 production guidance of 4.2-4.7 million carats, despite a forecasted decline in production in 2024.

• The company plans on controlling costs in 2024, planning employee reviews and cost reduction opportunities.

• Mountain Province Diamonds is also assessing the potential impact of G7 sanctions banning imports of Russian origin rough diamonds, which might increase demand for Canadian origin goods.

• The company is exploring blockchain technology for enhancing diamond traceability and developing branding programs to highlight the origin of their Canadian source diamonds.

• The company will focus on cost reductions and changing the mine design for further efficiencies in the future.

More details: MOUNTAIN PROVINCE DIAMONDS INC IR

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