The Toronto-based miner reported revenue of CAD 44 million (USD 30.7 million) for Q1, a 54 per cent decline from CAD 89.4 million (USD 66.1 million) during the same period last year. Sales volume also dropped significantly, with just 426,268 carats sold in Q1 2025, compared to 938,310 carats in Q1 2024. However, the average price per carat rose to CAD 103 (USD 72) from CAD 95 (USD 70) a year earlier.

The production decline was attributed to the company’s ongoing transition toward the higher-grade NEX orebody, which required the temporary processing of lower-grade stockpiles. As a result, total carats recovered fell by 40 per cent, and the grade of recovered ore dropped 48 per cent for the quarter.

The company had previously reported a full-year loss of CAD 80.8 million (USD 60 million) for 2024 and warned that the first half of 2025 would remain difficult due to continued weak global demand and operational transitions.

The Gahcho Kué mine is jointly owned by De Beers Canada (51%) and Mountain Province Diamonds (49%).