Mountain Province Diamonds Reports Deep Losses Amid Operational Records

The company reported a massive production surge, with 2.01 million carats recovered in Q2 2026—a 185% increase compared to the same period last year. This output, fueled by exceptionally high ore grades, stands in stark contrast to the firm's bottom line. Despite the operational success at the Northwest Territories site, the company recorded a $89.8 million loss from mine operations and a basic loss per share of $0.57. These figures were further pressured by $11.3 million in foreign exchange losses, largely tied to the weakening Canadian dollar against its US-denominated debt.

President and CEO Jonathan Comerford acknowledged the dual reality facing the firm: the mine is performing at peak efficiency, yet the market remains hostile. Global diamond demand continues to suffer from geopolitical instability and US tariff impacts. While recent sales showed a slight pricing recovery—potentially linked to industry-wide supply tightening following mine closures elsewhere—the company remains in urgent talks with lenders and government stakeholders to stabilize its financial position. As the last operating diamond mine in Canada, the Gahcho Kué facility remains critical to the industry, but Mountain Province must now secure its future as a going concern.