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Diamond & Specialty Minerals Summary for Nov. 10, 2022

2022-11-10 20:47 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was an enthusiastic 128-59-123 as the TSX Venture Exchange rose 17 points to 594 while polished diamond prices fell 0.2 per cent. Chuck Fipke and Chad Ulansky's Metalex Ventures Ltd. (MTX) lost one-half cent to five cents on 16,000 shares. The company has several diamond prospects on the go, but the best of them is morphing into a scandium project in Quebec.

Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) said earlier this week that its third quarter revenue of $110.1-million was its highest in history and a 12-per-cent increase over what it earned in the previous quarter. The $97.8-million the company earned in that second quarter had been its second-best revenue quarter -- and is now its third best -- since mining began at Gahcho Kue in the fall of 2016.

On the other hand, Mountain Province had cheered its second quarter earnings before interest taxes, depreciation and amortization (EBITDA) -- $55.1-million -- as "record quarterly adjusted" performance, but its latest quarter's EBITDA of $54.1-million has been downgraded to "robust." Also downgraded is Mountain Province's bottom line: The company had earned $22.6-million in the second quarter but recorded a $7.2-million loss in the latest three-month period.

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