07:21 AM EDT, 03/27/2025 (MT Newswires) -- Mountain Province Diamonds ( MPVDF ) overnight Wednesday reported a narrow fourth-quarter loss despite a challenging year for the diamond industry, with polished and rough diamond prices impacted by reduced Chinese domestic demand and the uncertainty surrounding higher volumes of cheaper, lab grown diamonds.

The company reported a net loss for the three months ended Dec. 31 of $62.2 million or $0.29 loss per share compared with $75.8 million or $0.36 loss per share, a year earlier.

Mountain Province Diamonds ( MPVDF ) sold 543,000 carats in Q4 compared with 918,000 carats, a year earlier, with total proceeds of $52 million at an average realized value of $96 per carat, compared with $79.8 million, a year-ago, at an average realized value of $87 per carat.

Loss from mine operations were $13 million in Q4.

"H1 2025 is particularly challenging period as we are primarily processing ore from low grade stockpiles," said Mountain Province Diamonds ( MPVDF ) Chief Executive Mark Wall.

The company said the mining, to reach the high grade NEX orebody (NEX), is progressing to plan and that it expects to be in NEX towards the end of Q2 2025. The company will only see the benefit of this improved production, in terms of improved sales revenue, until Q4 2025.

"2026 is expected to be a materially higher production and sales year as we have the benefit of a full year of production and sales from the NEX," added Wall.

Shares of the company closed down 7.7% to $0.060 on Wednesday on the Toronto Stock Exchange.