Mountain Province Q2 Losses Widen to $87m

(IDEX Online) - Mountain Province Diamonds posted a net loss of CAD120.6 million (USD 86.9 million) for the quarter ended 30 June as it faced a sharp drop in diamond prices and unrealized foreign-exchange losses from a weaker Canadian dollar.

That's an increase of around 220% compared with the same quarter in 2025 when it lost CAD 37.7 million (USD 27.2 million).

The Canadian co-owner of the Gahcho Kue mine in the Northwest Territories, said sales volumes for the quarter were more than double year-on-year (up from 411,114 carats to 869,520 carats) but per-carat prices had almost halved, down from CAD 90 (USD 65) to CAD 50 (USD 36).

Total revenue for Q2 2026 was CAD 43.5 million (USD 31.2 million) up 18.2% from CAD 36.8 million (USD 26.6 million), the miner said in results published on 13 August.

The results include CAD 11.3 million (USD 8.1 million) in foreign‑exchange losses, mostly an unrealized loss from translating its U.S.‑dollar‑denominated long‑term debt into Canadian dollars.

Despite the loss, Mountain Province highlighted record operational performance and a recent improvement in pricing.

The miner recovered more than 2.0 million carats in the quarter, up 185% year over year, driven by "exceptionally high recovered grades".

CEO Jonathan Comerford said: "There are, however, some encouraging signs emerging from the supply side of the market."

The company's latest sale showed an improvement in pricing, possibly reflecting the tightening of global diamond supply following a series of mine closure and cessation announcements.

"While it is too early to determine whether this represents the beginning of a sustained improvement in the market, the recent sale was encouraging," he said.

Pic shows the Gahcho Kue mine.