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Mountain Province Diamonds Announces September 30, 2018 Quarter End Results

Toronto and New York, November 12, 2018 – Mountain Province Diamonds Inc. (“Mountain Province”, or the “Company”) (TSX and NASDAQ: MPVD) today announces its financial and operating results for third quarter ended September 30, 2018 (“Q3 2018”). All figures are expressed in Canadian dollars unless otherwise stated.

Highlights

  • Earnings from mine operations for the three and nine months ended September 30, 2018 amounted to $25.2 million and $68.3 million respectively.
  • The net income for the three and nine months ended September 30, 2018 was $17.5 million or $0.08 cents earnings per share and $11.3 million or $0.06 cents earnings per share. Included in the determination of net income for the three and nine months ended September 30, 2018 are unrealized foreign exchange gains (losses) of $6.7 million and ($11.5) million respectively, on the translation of the Company’s USD-denominated long-term debt. Generally, the weakening Canadian dollar compared to US dollar is beneficial to the Company.
  • Adjusted EBITDA1 of $38.0 million and $112.7 million in the three and nine months ended September 30, 2018 respectively.
  • During the quarter ended September 30, 2018, the Company repurchased $19.7 million (US$15.0 million) of secured notes.
  • For the nine months ended September 30, 2018, approximately 2,443,000 tonnes of ore treated and 5,391,000 carats recovered, on a 100% basis, for an average recovered grade of 2.21 carats per tonne (“cpt”), ahead of expectations. The recovered grade for Q3 2018 was also very high at 2.40 cpt. The Company’s 49% attributable share of diamond production for the three and nine months ended September 30, 2018 was approximately 891,000 carats and 2,642,000 carats respectively.
  • Sales for the nine months ended September 30, 2018 were $240.5 million (US$186.4 million) at an average realized value of $99 per carat (US$77 per carat).
  • Cash costs of production, including capitalized stripping costs1, for the three and nine months ended September 30, 2018 were $88 ($70 without stripping) and $94 ($77 without stripping) per tonne of ore processed respectively.
  • Cash costs per carat recovered including stripping were $37 ($29 without stripping) for the quarter and $42 ($35 without stripping) for the nine months ended September 30, 2018.
  • Quarter end cash position of $27.9 million and net working capital of $92.0 million, with the US$50 million revolving credit facility remaining undrawn. As of September 30, 2018, the debt balance was $406.5 million (US$314.9 million). During the quarter ended September 30, 2018, the Company repurchased $19.7 million (US$15.0 million) of secured notes.
  • $3.6 million of exploration expenditure for ongoing exploration work on the Kennady properties was incurred in the nine months ended September 30, 2018.

Read More: http://www.mountainprovince.com/application/files/1015/4206/1872/MPV_NR_2018-11-12_Q3_2018_Quarter_End_Final.pdf

NT4

The post Mountain Province Diamonds Announces September 30, 2018 Quarter End Results appeared first on NationTalk.

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