Mountain Province Diamonds Inc.

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Good morning, ladies and gentlemen, and welcome to the Mountain Province Diamonds Inc. Q1 2026 webcast and conference call. At this time, all lines are in a listen-only mode. Following the presentation, we'll conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, May 13, 2026. I would now like to turn the conference over to Jonathan Comerford, CEO of Mountain Province Diamonds. Please go ahead.

Good day to everyone who is dialed in to listen to our Q1 to 2026 results call. My name is Jonathan Comerford and I'm the President and CEO of the company. Also present on this call is Steve Thomas, our CFO, Reid Mackey, our Vice President, Diamond Sales and Marketing. At the conclusion of this presentation, the team will then be available for any questions you may have. Firstly, I would like to draw your attention to our cautionary statement regarding forward-looking information. This presentation will be posted on our website for anyone who needs additional time to review this statement. Mountain Province Diamonds produces Canadian diamonds to the highest standard of corporate social responsibility, and that is something that we continue to be proud of. We own 49% of the Goucher Quay mine in the Northwest Territories with De Beers Group, a division of Anglo-American PLC, owning the remaining 51%. Today, I will speak to our Q1 2026 results and provide some insight into our operational and financial performance. Following that, Steve, our CFO, will discuss the Q1 financial performance of the company and Reid will comment on the overall diamond market. I will then make some closing remarks to complete the presentation and answer any questions that you may have. I will start the review of Q1 results with safety. Gaiter Quay's operations have continued to be lost time injury free and we are now approaching a full year without a lost time injury. The very challenging winter months are behind us and the operations are now focused on safety navigating the fresh ash period, which is now upon us. Q1 results highlights. I'm now going to run through some highlights from our first quarter of 2026. The story of Q1 is one of strong operating performance with higher grades offset by a weaker diamond price environment, resulting in a 600,000 EBITDA loss for the quarter. Turning first to the operations, total tons treated in Q1 2026 were down 18% compared to the same period in 2025. Despite this, we delivered a record quarter in terms of carrots recovered with over 2 million carrots produced. On the mining side, total tons mined were also lower year on year. This reduction reflects both the challenging winter conditions and by the joint venture partners to pause mining at Tuzo with a focus on conserving cash and maintaining operational flexibility. Importantly, Grade in Q1 was 2.64 carats per ton, compared to 0.82 carats per ton in Q1 2025. We continue to outperform budget on grade. However, it is worth noting that the size frequency distribution has been below expectations, with a greater proportion of recovered stands in the small categories, which are currently under the most pressure in the market. In summary, operation, safety, performance, These remain strong and cards will cover as ahead of plan despite lower tons treated and reduced mining rates. Turning briefly to the diamond market, Reid will cover this in more detail. At a high level, the market remains very challenging with ongoing uncertainty around U.S. tariffs and geopolitical tension in the Middle East weighing on sentiment. On in-kind elections and stakeholder discussions, we are in the middle of a critical and sensitive process. While I appreciate the importance of this topic, I'm not in a position to provide further detail at this stage. I would, however, like to thank the government for its support to the diamond industry, the beers for its patience in allowing the company time to resolve its liquidity issue, and Mr. Dermot Desmond providing working capital to the company, again, giving it time to explore these discussions. With that, I will hand over to Steve to take you through the financials.