Canadian diamond miner Mountain Province has completed its previously announced refinancing transactions, securing funding to address near-term financial challenges and extend the maturity of its debt obligations.

The refinancing package, initially announced on February 25, includes a payment and security agreement with De Beers Canada to recalibrate decommissioning obligations for the Gahcho Kué (GK) mine, a $40-million bridge credit facility from Dunebridge Worldwide, and an amended indenture extending the maturity of the company’s $177-million second lien notes from December 2025 to December 2027.

As part of the closing, Mountain Province has drawn $20-million from the bridge facility. The remaining amount is available for future draws to support working capital and corporate needs. The amendments to the second lien notes also include a deferral of interest payments to June 2026, with an increased interest rate of 9.6075% during the deferral period.

“The completion of the refinancing transactions is a significant step forward for Mountain Province,” said president and CEO Mark Wall. “These transactions address our reclamation liabilities with De Beers, provide near-term capital to navigate financial challenges, and extend the term of our Second Lien Notes. I sincerely appreciate the ongoing support from our stakeholders, including Dermot Desmond, the second lien noteholders, and De Beers.”

The company also received an exemption from the TSX, waiving certain security holder approval requirements. As a result, the TSX has placed Mountain Province’s common shares under delisting review, a customary process in such cases. The company cautioned that the outcome of this review is uncertain.

The GK Mine, a joint venture between Mountain Province (49%) and De Beers (51%), is facing a challenging year due to higher operational costs, particularly those associated with winter road logistics. The refinancing transactions aim to provide financial stability while the company works to secure an additional C$33-million working capital facility to manage cash flow fluctuations throughout 2025.