TSX: MPVD TORONTO, Aug. 7, 2024 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX:MPVD) today announces financial results for the second quarter ended June 30, 2024 ("the Quarter" or "Q2 2024") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian Dollars unless otherwise noted. Q2 2024 Key Takeaways 557,361 carats were sold for total proceeds of $56.8 million (US$41.5 million) at an average price of $102 per carat (US$74). Adjusted EBITDA1 of $24.0 million. Earnings from mine operations of $12.0 million. Net loss of $6.5 million or $0.03 basic and diluted loss per share. 1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS.  See "Reconciliation of non-IFRS measures" at the end of the news release for explanation and reconciliation. Mark Wall, the Company's President, and Chief Executive Officer, commented:  "The first half (H1) of 2024 has produced adjusted EBITDA of $74.0 million, which was supported by the Q2 adjusted EBITDA of $24.0 million.  These results came in the context of a softer diamond market and the grade challenges in Q2, as previously reported. The processing facility at Gahcho Kue continued to operate well.  For H1 2024 the main metric of the processing plant 'OPU' (utilisation), was 81.5%, versus 72.6% for H1 of 2023.  These results continue to come from the work undertaken through 2023 and into 2024 to improve the performance of the processing plant. On costs, we have finished H1 2024 with $105 per tonne treated, against our 2024 guidance of $124-$136 on a full year basis, and $72 per carat recovered, against our full year guidance of $96-$107 per carat.  At all levels of the business, we will continue to focus on operational efficiency and cost control as we move into the second half of the year." Financial Highlights for Q2 2024 Revenue from 557,361 carats sold at $56.8 million (US$41.5 million) at an average realised value of $102 per carat (US$74) compared to $59.9 million from 360,308 carats sold in Q2 2023 (US$44.6 million) at an average realized value of $166 per carat (US$124). Adjusted EBITDA1 of $24.0 million compared to $31.5 million in Q2 2023. Earnings from mine operations of $12.0 million compared to $26.9 million in Q2 2023. Cash costs of production, including capitalized stripping costs1 of $119 per tonne treated (2023: $156 per tonne) and $87 per carat recovered (2023: $87 per carat). Net loss of $6.5 million or $0.03 loss per share (2023: $17.3 million or $0.08 earnings per share). Included in the determination of net income are foreign exchange losses of $3.0 million, the majority of which is an unrealized loss arising on the translation of the Company's US Dollar denominated long term debt, because of the weakening of the Canadian Dollar versus US Dollar. 1Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company's June 30, 2024 MD&A for explanation and reconciliation. Operational Highlights for Q2 2024(all figures reported on a 100% basis unless otherwise stated) 965,984 ore tonnes treated, 29% higher than Q2 2023 (750,241 tonnes treated) 1,318,680 carats recovered, 2% lower than Q2 2023 (1,339,196 carats recovered) Average grade of 1.37 carats per tonne treated, 24% lower than Q2 2023 (1.79 carats per tonne) 971,311 ore tonnes mined, 63% higher than Q2 2023 (595,990 ore tonnes mined) Sales Highlights for Q2 2024 As previously released, during the second quarter, 557,361 carats were sold for total proceeds of $56.8 million (US$41.5 million), resulting in an average price of $102 per carat (US$74 per carat). These results compare to Q2 2023 where 360,308 carats were sold for total proceeds of $59.9 million (US$44.6 million) at an average price per carat of $166 per carat (US$124 per carat). Financial Highlights for H1 2024 Total sales revenue of $146.3 million (US$107.7 million) at an average realised value of $98 per carat (US$72) compared to $188.6 million in 2023 (US$139.6 million) at an average realized value of $143 per carat (US$106). Adjusted EBITDA2 of $74.0 million (H1 2023: $99.7). Earnings from mine operations of $42.4 million (H1 2023: $74.1 million). Cash costs of production, including capitalized stripping costs2, of $105 per tonne treated (H1 2023: $155 per tonne) and $72 per carat recovered (H1 2023: $89 per carat). Net income of $0.3 million or $0.00 basic and diluted earnings per share (H1 2023 $45.5 million or $0.22 basic earnings per share and $0.21 diluted earnings per share). Included in the determination of the net income for H1 2024, are foreign exchange losses of $9.2 million, the majority of which is an unrealized loss on the translation of the Company's US Dollar denominated long term debt arising because of the weakening of the Canadian Dollar versus US Dollar. Capital expenditures $35.9 million, $30.9 million of which were deferred stripping costs, with the remaining $5 million for sustaining capital expenditures related to mine operations. 2Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company's June 30, 2024 MD&A for explanation and reconciliation. Operational Highlights for H1 2024(all figures reported on a 100% basis unless otherwise stated) • 15,800,000 total tonnes mined, 13% lower than 18,200,000 total tonnes mined in H1 2023. • 1,772,000 tonnes of ore treated 17% higher than 1,517,000 tonnes treated in H1 2023. • 2,584,000 carats recovered at an average grade of 1.46 carats per tonne, 3% lower than 2,659,000 carats, (1.75 carats per tonne) recovered in H1 2023. Gahcho Kué Mine Operations The following table summarizes key operating statistics for the Gahcho Kué Mine in the three and six months ended June 30, 2024, and 2023. Three months ended Three months ended Six months ended Six months ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 GK operating data Mining *Ore tonnes mined   kilo tonnes  971 596 2,918 1,024 *Waste tonnes mined   kilo tonnes  6,941 8,639 12,879 17,146 *Total tonnes mined  kilo tonnes  7,912 9,235 15,797 18,170 *Ore in stockpile  kilo tonnes  3,464 1,266 3,464 1,266 Processing *Ore tonnes processed  kilo tonnes  966 750 1,772 1,517 *Average plant throughput  tonnes per day  10,615 8,333 9,736 8,290 *Average diamond recovery  carats per tonne  1.37 1.79 1.46 1.75 *Diamonds recovered   000's carats  1,319 1,339 2,584 2,659 Approximate diamonds recovered - Mountain Province 000's carats 646