Mountain Province Diamonds Announces Full Year and Fourth Quarter 2022 Results

Mountain Province Diamonds Inc. (TSX: MPVD; NASDAQ: MDM) has revealed its 2022 year-end and fourth quarter results, exhibiting a firm performance in spite of a challenging market context.

The Company posted revenue of $182.9 million in the fourth quarter of 2022, an increase of 24% from the same period in 2021. For the full year, revenue totaled $732.3 million, an increase of 7% from 2021. In the latter period, Mountain Province recorded a net loss of $19.0 million, or $0.09 per share, and a net loss of $43.9 million, or $0.20 per share, for the full year, respectively.

Commenting on the results, David Whittle, President and Chief Executive Officer of Mountain Province, stated, “We are pleased to report another quarter of strong financial performance, which follows a year of successful growth and continued progress in the execution of our strategy. Despite the challenging market context, we have delivered record production, revenue and diamond sales volumes in 2022.”

The Company’s diamond production in 2022 totaled 1.6 million carats, an increase of 22% from 2021. The total diamond sales volume for the year was 1.6 million carats, an increase of 3% from 2021. The average price per carat achieved was $443, an increase of 4% from the prior year.

Mountain Province reported cash, cash equivalents and short-term investments of $291.2 million as of December 31, 2022, representing a decrease of $51.2 million from December 31, 2021. The Company’s net working capital was $388.9 million, a decrease of $42.4 million from December 31, 2021.

Mountain Province Diamonds Inc. (TSX: MPVD; NASDAQ: MDM) has divulged its 2022 financial results, showcasing a sturdy performance in the face of a troublesome market.

The Company reported a revenue of $182.9 million in the final quarter of the year, a swell of 24% compared to the same period in 2021. For the entire year, the revenue totaled $732.3 million, a rise of 7% over 2021. In the fourth quarter, Mountain Province posted a net loss of $19.0 million, or $0.09 per share, and a net loss of $43.9 million, or $0.20 per share, for the whole year, respectively.

David Whittle, President and Chief Executive Officer of Mountain Province, commented, “We are delighted to report another quarter of solid financial performance, following a period of successful growth and regular advancement of our strategy. Despite the challenging market setting, we have achieved record production, revenue and diamond sales volumes in 2022.”

The Company’s diamond production for 2022 totaled 1.6 million carats, an augmented of 22% from 2021. The total diamond sales volume for the twelvemonth was 1.6 million carats, a swell of 3% from 2021. The average price per carat earned was $443, a rise of 4% from the prior year.