Burgundy Diamond Mines Limited (ASX: BDM), a premier independent diamond company focused on capturing margins across the entire diamond value chain, today released its quarterly activities report for the period ending 30 September 2025. The report details operational adjustments at the Ekati mine and provides updates on key projects, including Misery Underground and Fox Underground.
During the quarter, Burgundy Diamond Mines suspended operations at its Point Lake open pit due to challenging diamond market conditions and significant tariffs between the USA and India, which resulted in sub-economic prices. This suspension led to a decrease in tonnes mined and processed, as well as carats recovered, as reflected in the quarterly operating metrics. However, operations continued at Misery Underground with healthy tonnes mined and brought to the surface.
The company also announced a revised life of mine plan update and an updated pre-feasibility study for the Fox Underground project. The updated Misery underground mine plan has been extended by 2.5 years to the end of 2027 following a successful drilling program. The Fox Underground Project demonstrates robust economics, with a post-tax NPV (9%) of US$272M and an IRR of 30% for the Ore Reserves Case, and a post-tax NPV (9%) of US$352M and an IRR of 32% for the Upside Case, supporting a mine life of 14 years.
Burgundy Diamond Mines also provided a financing update, noting that it voluntarily suspended trading in its shares on 29 September 2025. The company has applied for funding from the Canada Enterprise Emergency Funding Corporation (CEEFC) and is currently undergoing due diligence. As of 30 September 2025, the company reported cash reserves of US$4.2 million, diamond inventories valued at US$17.1 million, and consolidated net debt of US$82.0 million.
