TORONTO, March 9, 2026 – Mountain Province Diamonds Inc. Reported a $127.98 million loss for the first nine months of 2025, and announced today it will defer development of the Tuzo Phase 3 project at the Gahcho Kué diamond mine in the Northwest Territories, citing challenging market conditions. The company also announced that President and CEO Mark Wall will be stepping down next month.
The decision to pause the Tuzo expansion, and forgo appointing a new CEO, comes as the diamond market faces pressure from U.S. Tariffs, geopolitical instability, and the increasing availability of lab-grown diamonds, according to a company statement. Mountain Province owns 49% of the Gahcho Kué mine, with De Beers Canada holding the remaining 51% and operating the site.
Despite the financial setbacks, Mountain Province reported a strong fourth quarter for diamond production, recovering 1,861,856 carats, a 109% increase compared to the same period in 2024. For the full year 2025, total carats recovered reached 4,333,792, slightly below initial guidance of 4.3 to 4.7 million carats.
However, the average value per carat sold declined in 2025, reaching $83 per carat (US$59 per carat) compared to $98 per carat (US$72 per carat) in 2024. The company attributed this decrease to the challenging market and the sale of a higher proportion of smaller, finer diamonds that had been held back from previous quarters.
The Northwest Territories government expressed concern over the paused Tuzo expansion, noting the mine’s importance as a major employer and economic driver in the region. Industry Minister Caitlin Cleveland stated the decision was “serious news” for the territory.
Mountain Province anticipates mining between 23 and 26 million tonnes of material in 2026, including 3.9 to 4.3 million tonnes of ore. The company expects to recover 6.6 to 7.2 million carats. Sustaining capital expenditure is estimated at $6 million for its 49% share, assuming the Tuzo deferral remains in effect. Discussions with De Beers regarding revised operating costs are ongoing, with management planning to release detailed production cost figures once finalized.
The company projects selling 3.4 to 3.8 million carats in 2026, representing its 49% share of production. Gahcho Kué is located approximately 280 kilometers northeast of Yellowknife, NWT, and lies on the traditional territories of the Tłįchǫ, Dene, and Métis people.
Mountain Province Diamonds will hold a conference call on March 25th, 2026, to discuss the financial results and outlook in further detail. The full financial results will be released on March 24th, 2026, after market close.
