Toronto-listed Mountain Province Diamonds reported a 40% year-on-year decline in diamond production for the first quarter of 2025, as the company processed low-grade stockpiles while waste stripping operations progressed at the Gahcho Kué mine in Canada’s Northwest Territories.

The diamond miner said it recovered 762 978 ct in the quarter ended March 31, down from 1.26-million carats in the same period last year. The average grade also dropped sharply to 0.82 ct/t, a 48% decrease compared with the first quarter of 2024.

No ore was mined during the quarter, with all material processed coming from existing stockpiles. However, total tonnes mined — including waste — increased 28% year-on-year to 10.1-million tonnes, as Mountain Province focused on stripping to access the higher-grade NEX orebody later in the year.

“First quarter is historically a challenging quarter for the operations,” president and CEO Mark Wall said in a statement. “For the first quarter of 2025 we saw the all-important total tonnes mined increase by 28% when compared to the first quarter of 2024.”

Wall reiterated the company’s near-term focus on stripping waste to reach the NEX ore zone, which is expected to drive higher output in the second half of the year. “The improvements in mining performance have been a key focus area,” he said.

Despite the lack of fresh ore, processing operations remained strong, with ore tonnes treated increasing 15% year-on-year to 925 773 t. However, the company acknowledged that the stockpiles being processed performed below expectations in terms of grade.

“While the processing facility continued to perform very well, the low-grade stockpiles being treated resulted in low carat production for the quarter,” Wall said. “During the second quarter we will continue to work to find the best grade in the large stockpile we are treating, while we close in on accessing the high grade NEX orebody at the end of the second quarter.”

Sales also fell sharply in the quarter. Mountain Province sold 426 268 ct for C$44-million, representing an average price of C$103/ct. In the first quarter of 2024, the company sold 938 310 ct for C$89.4-million, averaging C$95/ct.