Mountain Province Loss More Than Triples as Market Challenges Persist

Mountain Province’s loss widened in 2025 as weak demand led to a drop in the average price for its rough and the company incurred an impairment.

The miner, which operates the Gahcho Kué mine in Canada, plunged to a net loss of CAD 279.5 million ($200.4 million) for the full year, it said last week. That compares to a net loss of CAD 80.8 million ($57.9 million) in 2024. A large portion of the loss is the result of an impairment, or markdown on the value of its property, plant and equipment, of CAD 103 million ($73.9 million). The company also experienced a derivative loss — on money it borrowed and was unable to pay back at the proper time — of CAD 500,000 ($358,539).

Revenue for the full year plummeted 42% to CAD 155.7 million ($111.7 million), as sales volume fell 31% to 1.9 million carats and the average price dropped 15% to CAD 83 ($59) per carat.

Total production, including Mountain Province’s 49% and joint-venture partner De Beers’ 51% portion, slid 7% to 4.3 million carats.

“2025 was always expected to be a challenging year for the company from a production perspective, with the first three quarters largely dominated by the processing of lower-grade stockpiles as we advanced waste stripping to access the high-grade NEX orebody,” said Mountain Province CEO Jonathan Comeford. “This progressed in line with plan, culminating in a material improvement in carat recoveries in the fourth quarter. This improved production performance has carried into 2026 as mining advances into the NEX orebody.”

Market conditions “deteriorated significantly” in 2025 and at the beginning of 2026, he continued, “particularly in the smaller and lower-priced categories of goods where the mine produces significant quantities.”

Fourth-quarter revenue fell 12% to CAD 45.7 million ($32.8 million), even as sales volume increased 17% to 634,000 carats. The average price slipped 24% to CAD 72 ($52) per carat. The company posted a net loss for the three months of CAD 151.6 million ($108.7 million), compared to a net loss of CAD 62.2 million ($44.6 million) a year earlier. Output for the period more than doubled to 1.9 million carats from 890,202 carats in 2024. 

Looking ahead, the persistent market challenges, including the ongoing conflict in the Middle East, have continued to “add uncertainty to the market,” Mountain Province explained.

Image: Trucks hauling ore at the Gahcho Kué mine in Canada. (Mountain Province)