Burgundy Diamond Mines (BDM) Q4 2025 TU earnings summary

Executive summary

• Q4 2025 saw operational challenges at Misery Underground due to financial issues and a deteriorating global diamond market.

• Preparatory work began to re-enter Sable open pit and progress Fox wash plant to enhance diamond value mix.

• Fox Underground pre-feasibility study completed; feasibility and permitting ongoing.

Financial highlights

• Waste tonnes mined dropped 95% year-over-year; ore tonnes mined down 55% year-over-year.

• Tonnes processed fell 14% year-over-year; carats recovered down 11% year-over-year.

• Carats sold decreased 16% year-over-year; diamond inventories declined 53% year-over-year.

• Cash at 31 Dec 2025: $26.6M; consolidated net debt: $(96.2)M.

Outlook and guidance

• Sable and Fox projects expected to deliver higher value per carat, augmenting Misery assortment.

• Ongoing technical and regulatory work for Fox Underground feasibility.