Mountain Province Diamonds Q1 2026 Earnings Report

Mountain Province Diamonds EPS Results

• Actual EPS: -C$0.31
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Mountain Province Diamonds Revenue Results

• Actual Revenue: $39.98 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Mountain Province Diamonds Announcement Details

• Quarter: Q1 2026
• Date: 5/12/2026
• Time: After Market Closes
• Conference Call Date: Wednesday, May 13, 2026
• Conference Call Time: 12:00PM ET

Mountain Province Diamonds (TSE:MPVD) Inc is engaged in the discovery and development of diamond properties in Canada's Northwest Territories. The company holds interests in Gahcho Kue Diamond Mine in Canada's Northwest Territories as a joint venture partner with De Beers Canada. Its other projects include the Kennady North which covers a portion of the southeastern Slave Geological Province, an Archean terrain.

Mountain Province Diamonds Q1 2026 Earnings Call Transcript

Key Takeaways

• Negative Sentiment: Mountain Province reported a CAD 600,000 EBITDA loss in Q1 2026, as strong operational performance was offset by a weaker diamond pricing environment.
• Positive Sentiment: The company delivered a record quarter of over 2 million carats recovered, with grade at 2.64 carats per ton versus 0.82 a year ago, highlighting unusually strong mining performance.
• Negative Sentiment: Financial results were pressured by lower realized prices, with 858,000 carats sold at an average of US$34 per carat, compared with 426,000 carats at US$72 per carat in Q1 2025.
• Negative Sentiment: The company’s liquidity situation remains strained, with working capital at minus CAD 63.1 million and accounts payable rising to CAD 169 million, while lender and stakeholder discussions continue.
• Neutral Sentiment: Management said the diamond market remains challenging and uncertain due to U.S. tariff concerns, geopolitical tensions, and ongoing price pressure, especially for smaller stones, while larger goods held up better.

Presentation

[Operator]

Morning, ladies and gentlemen, welcome to the Mountain Province Diamonds Inc Q1 2026 webcast and conference call. At this time, all lines 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 will now like to turn the conference over to Jonathan Comerford, CEO of Mountain Province Diamonds. Please go ahead.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Good day to everyone who has 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 Mackie, 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.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

We own 49% of the Gahcho Kué 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. Gahcho Kué'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 freshet period, which is now upon us.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Q1 results highlights. I'm now gonna 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 CAD 600,000 EBITDA loss for the quarter. Turning first to the operations. Tonnes, total tonnes treated in Q1 2026 were down 18% compared to the same period in 2025. Despite this, we delivered a record quarter in terms of carats recovered, with over 2 million carats produced. On the mining side, total tonnes 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.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Importantly, grade in Q1 was 2.64 carats per tonne, compared to 0.82 carats per tonne in Q1 2025. We continue to outperform budget on grade. It is worth noting that the size frequency distribution has been below expectations, with a greater proportion of recovered stones in the smaller categories, which are currently under the most pressure in the market. In summary, operation safety performance, these remain strong, and carats recover is ahead of plan despite lower tonnes 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.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

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, De 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. Steve.

[Steve Thomas, CFO at Mountain Province Diamonds]

Thank you, Jonathan. Good morning, everyone. Noting all numbers discussed will be in Canadian dollars unless otherwise stated. In Q1 2026, we sold twice the volume of carats compared to Q1 2025, but at less than half the price due to continued volatility as a tariff regime for which exemption of rough diamonds has been indicated is not yet enacted. Cost of sales in Q1 2026 are higher than Q1 2025, but when normalized for carats sold, were comparatively much lower. The quarter saw minimal net depletion of the ore stockpile, although 860,000 tonnes less than at the end of Q1 2025, as in that period, carats recovered were drawn heavily from the stockpile.

[Steve Thomas, CFO at Mountain Province Diamonds]

The company's working capital position at -CAD 63.1 million is slightly less negative than it was at the year-end, with the increase in current assets of rough diamonds on hand and consumables from the winter road deliveries. Offsetting the marked increase in accounts payable balances, which I will discuss shortly. Q1 2026 saw a slight strengthening in the U.S. dollar, resulting in an unrealized foreign exchange loss on U.S. dollar debt conversion. With CAD 4 million less revenue in Q1 2026 than Q1 2025 and CAD 10 million higher cost of sales, operating income was CAD 14 million lower than the comparative period in 2025. With increased finance expenses and a higher FX loss, net income was CAD 31 million lower and cash from operations CAD 16 million lower than Q1 2025. Turning to the balance sheet.

[Steve Thomas, CFO at Mountain Province Diamonds]

Since the year-end, the most significant changes are inventories increased by CAD 54 million to CAD 206 million, which is comparable to the balance at the same time last year. That increase has been driven by a CAD 47 million increase in consumables, notably 55,000,000 L of fuel from the winter road deliveries. Rough diamond values increased by CAD 6.5 million, reflecting a volume increase from 643,000 carats at the year-end to 768,000 carats at the end of Q1. Lastly, ore stockpile value stayed relatively flat at about CAD 53.5 million, despite a slight decrease in total tonnes from 2.31 million tonnes to now 2.28 million tonnes.

[Steve Thomas, CFO at Mountain Province Diamonds]

That comprises growth in the NEX ore-related tonnes in the stockpile and a reduction in the Tuzo tonnes as we treated some of that lower grade Tuzo material in this quarter. Accounts payable increased from CAD 126 million at the 2025 year-end to CAD 169 million, reflecting a CAD 47 million increase in commercial payables as the bulk commodities were delivered via the winter road during the quarter. Amongst other items, this balance is higher than the comparable Q1 2025 balance as we took delivery of 55,000,000 L this year in line with our strategic plan, compared to only 51,000,000 L in 2025's winter road.

[Steve Thomas, CFO at Mountain Province Diamonds]

The accounts payable balance at the year-end includes the cash calls owing to De Beers of CAD 30 million at the year-end, which by the end of Q1 2026 had increased to CAD 81 million, and by April 30th this year to closer to CAD 123 million. Property, plant and equipment decreased to CAD 487 million from CAD 518 million at the year-end, reflecting only CAD 3.1 million increase in capitalized waste stripping in line with our recent announcement to pause Tuzo stripping in order to preserve cash. The total capitalized value within PP&E stands at CAD 136 million. That small increase is offset by a CAD 3.2 million reduction in decommissioning and restoration costs and a CAD 32.9 million depreciation charge.

[Steve Thomas, CFO at Mountain Province Diamonds]

Turning to the embedded derivative asset, which is the repayment feature in the senior loan notes. That decreased to CAD 106,000 from CAD 343,000 at the year-end due to the higher discount rates used in the fair value calculation. It's worth noting that there is no longer a derivative asset or liability calculated on currency hedges, as none are outstanding at Q1 2026, with the last hedge having been settled in March. For long-term liabilities, the slight strengthening in the closing U.S. dollar rate from Q1 2026 has tended to increase the derived Canadian value of the U.S. dollar-denominated debt and explains the unrealized FX loss of 6 points. That balance compares to a CAD 300,000 loss in Q1 2025 when FX did not move over the course of that quarter.

[Steve Thomas, CFO at Mountain Province Diamonds]

Decommissioning liabilities decreased by CAD 5 million to CAD 113 million, due largely to CAD 2 million being paid in reclamation expenditures in the quarter and a slightly higher discount rate used in the calculation. Turning now to cash flow and earnings. In Q1 2026, 858,000 carats were sold at an average price of $34 a carat or CAD 47, generating CAD 40 million in revenue, compared to only 426,000 carats, but at $72 a carat for CAD 44 million of revenue in Q1 2025. Market conditions have remained challenging during this quarter, and the decision was taken to blend lower grade Tuzo ore from the stockpile along with the NEX ore mined to improve throughput rates in the plant.

[Steve Thomas, CFO at Mountain Province Diamonds]

Q1 2026 production costs increased to CAD 50.5 million from CAD 39 million, but when, in the previous quarter. When adjusted for equivalent carats sold are comparatively much lower than Q1 2025. Both quarters experienced a similar inventory write-down charge of approximately CAD 10 million, given that net realizable value was lower than cost. Cash cost per tonne in Q1 2026 at CAD 131 are 20% above Q1 2025, as all 926,000 tonnes treated in Q1 2025 were drawn from the existing stockpile, compared to only 30,000 tonnes of the 759,000 treated in this quarter. When looking at cost per carat, Q1 2026 is far lower than Q1 2025 because of the grade of the ore treated being 3x higher, resulting in far higher carats recovered.

[Steve Thomas, CFO at Mountain Province Diamonds]

Costs inclusive of waste stripping are lower per tonne in Q1 2026, as the cash cost of waste stripping was only CAD 3 million compared to CAD 31 million in Q1 2025. Given this and the far higher carat recovery due to grade, waste inclusive costs per carat at CAD 53 in Q1 2026 compared to CAD 192 in Q1 2025. The company reported a mine operating loss of CAD 36 million in Q1 2026 versus a loss of CAD 22.4 million in Q1 2025. Other items include a CAD 0.9 million loss related to the write-down of assets under construction, a net embedded derivative loss of CAD 130,000 compared to a gain of CAD 815,000 in Q1 2025.

[Steve Thomas, CFO at Mountain Province Diamonds]

The Q1 2026 loss comprises a realized loss of CAD 56,000 on closing out the last U.S. dollar hedge and a CAD 74,000 loss on the embedded derivative we have for the early repayment option on the senior loan notes. The finance expense of CAD 23 million compared to only CAD 10 million in Q1 2025 reflects the continued accumulation of interest on the senior secured notes and junior credit facility, as well as on the short-term $40 million term loan and the Canadian CAD 33 million working capital facility. For those short-term debts, the term date was recently extended from April 30th to June 30th, 2026. The deferred tax recovery of CAD 4.5 million reflects the operating losses compared to a recovery of CAD 3.8 million in Q1 2025.

[Steve Thomas, CFO at Mountain Province Diamonds]

Cash flow from operating activities was an outflow of CAD 18 million compared to an outflow of CAD 1 million in Q1 2025, primarily due to lower revenue and higher cash costs of production. In order to partially fund the cash flows owed to the operator, De Beers drew down CAD 33 million from the restricted cash balance as it did at the end of Q3 2025, and that balance will need to be replenished in due course. Adjusted EBITDA was -CAD 600,000 compared to +CAD 5.8 million at the end of Q1 2025, and with a resulting margin reducing to -2% compared to the comparative period being +13%.

[Steve Thomas, CFO at Mountain Province Diamonds]

Net loss after tax was CAD 65.1 million compared to a loss of CAD 34.4 million in Q1 2025, with the loss per share in Q1 2026 being CAD 0.31 compared to a loss of CAD 0.16 in Q1 2025. In conclusion, although operational performance remains strong with the mine producing a record 2 million carats, the quarter was financially challenging due to continued weak pricing. Reid will expand upon general market conditions shortly. The company is in ongoing discussion with our lenders and are particularly grateful to Mr. Desmond, who in addition to providing a working capital injection, agreed to extend the repayment dates in respect of the working capital facility and bridge loan to June 30th.

[Steve Thomas, CFO at Mountain Province Diamonds]

De Beers has remained supportive throughout and agreed to extend the in-kind election notice due dates for those amounts that have come due and which in total, as of today's date, now stand at CAD 130 million. We are also exploring other opportunities through the LETL program as a potential source of working capital to enable the company to meet its cash flow obligations. It's through successful negotiation with these three parties that the company hopes to come through what is a historically challenging price environment. Thank you. With that, I will turn the presentation over to Reid Mackie, our VP, Diamond Sales and Marketing. Reid.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

Thanks, Steve. Going into 2026, the overall market sentiment was fairly cautious amid ongoing uncertainty over U.S. tariffs and the pending sale of De Beers. The market picked up slightly early in the year, and many in the industry were feeling more optimistic about the year to come. The outbreak of war in the Middle East has now shifted the market back to a more of a wait and see approach. The war has caused disruptions through Dubai, given its proximity to the conflict and its importance as a diamond trading center. We still see mainly logistical and local retail disruptions rather than larger structural market shifts. However, some customers have reported difficulty moving goods in and out of Dubai, and we will continue to monitor the situation closely. Rough diamond producers continue to face a subdued market, with some reducing productions to control supply and operating costs.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

Diavik Mine ceased production in March as planned, leaving only two operating Canadian mines, Gahcho Kué and Ekati, although Ekati's filing for CCAA recently really is of concern. Tightening Canadian supply has the potential to increase the strategic importance of these mines amid ongoing demand for responsibly sourced and traceable natural diamonds. Pricing pressures do continue, as Steve pointed out, and as we've seen for a while, larger goods continue to outperform smalls, with prices for stones above 2 carats stabilizing in Q1, with steady demand for large, high-quality stones. At the same time, though, smaller goods have experienced further price decline. De Beers formally adjusted its price book down in April, and recent tender results in Antwerp indicate Q1's price pressure is continuing into Q2. Traders and wholesalers continue to exercise caution.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

The midstream as a whole is still selectively purchasing to fulfill specific orders rather than to maintain or take position in broader inventories. On the retail side, China appears to be stabilizing after an adjustment period in jewelry store count and inventory levels, and there is a modest recovery in consumer spending. In India, retail remains robust, supported by bridal demand and investment purchases. Indian consumers are still showing strong preference for natural diamonds over lab grown. Lab grown diamonds are still putting pressure on the naturals market in the U.S., driven mainly by price, although more affluent customers and majority luxury brand and major luxury brands are still favoring natural diamonds, valuing the exclusivity that natural diamonds represent.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

U.S. commercial retailers continue to enjoy high margins on lab-grown stones, but as their wholesale costs continue to fall, that value differentiation between the two products has become more obvious, highlighting differentiation. Luxury jewelry brands continue to perform well, as evidenced by Kering's recorded Q1 results, which saw their jewelry sales up 14% overall over Q1 2025, as the remainder of the group's revenue flatlined. Marketing campaigns are leveraging the rarity and exclusivity of naturals to drive diamond jewelry demand, and the World Federation of Diamond Bourses has announced a dedicated budget for global marketing of natural diamonds. With this volatility and uncertainty continuing to buffet global economies, strategic marketing efforts for natural diamonds remain essential to maintain relevance with the increasingly cost-conscious consumers. The industry will need to focus on opportunities for long-term growth for natural diamonds with verifiable origin and responsible sourcing.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

With that, I'll pass it back to Jonathan for closing remarks.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Thank you, Reid. To conclude, 2026, we have continued to focus on safety performance, achieving nearly a full year without a lost time injury. We have maintained strong carat recovery driven by exceptionally high grades. As we move through 2026, the priority for Mountain Province is clear. We need to navigate a very challenging diamond market caused by geopolitical and U.S. tariffs, which has resulted in diamond prices at significantly low levels, with an aim to come up with a solution to the company's liquidity challenges. I would like to thank our stakeholders as we work collaboratively to identify solutions and establish a path towards resolving this issue and protecting the 700 jobs at Gahcho Kué that rely on us. Thank you very much for your time.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

My team is now available to take any questions you may have.

[Operator]

Thank you. At this time, if you'd like to ask a question, please press star one on your telephone keypad. If you'd like to withdraw your question, press star two. One moment, please, for your first question. Again, if you'd like to ask a question, please press star one. Your first question comes from [Michael Beach] from Independent. Please go ahead.

[Michael Beach, Analyst at Independent]

Yeah, thanks very much for your for telling us the challenging situation. I guess I would ask two questions initially. One is what proportion of your total production is stones with a per carat value of more than CAD 400? I know it's a very small proportion, but can you offer a comment in that regard? The second question is what's your current inventory of stones, approximately? What proportion of that is small stones? Thank you for your time.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Hi, Michael. Reid, do you have any thoughts on that?

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

Yeah, I can give you very broad-

[Jonathan Comerford, CEO at Mountain Province Diamonds]

It's not the information we typically give out, and we'd have to hand, but, Reid, what do you think?

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

Yeah. What I can say, you know, at the current moment is, in terms of stock that we're holding, it's working capital. We have not been stocking anything in terms of trying to, you know, we haven't been stocking anything in terms of playing the market. We've been selling everything obviously with the revenue, the priority based on revenue retrieval. That's kind of where our focus lies. In terms of in terms of actual production distribution, what I can say is in smalls, from a value perspective, and that's I think the salient point here, we're usually looking at around from a value perspective, about 20%.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

I'll kind of say 20%-30% just to keep it vague. We obviously have, though, an important exposure there in terms of volume, where it is sitting kind of more in the neighborhood of 80%. I think I'll leave it at that because it is not something we typically put out there. I think that answers your question, Michael. Please chime in if there is anything missing there.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Michael, I'd also refer you to in our financial statements, we do have a figure for the inventory, the total value of our inventory. That would be on the balance sheet at the end of March 31st. If that's helpful.

[Michael Beach, Analyst at Independent]

Yes. You know, that's somewhat helpful. You know, the proportion of stones that has a significant value is very small. The, I see the inventories. The inventory is varying considerably from one quarter to another, and that's probably reflecting the timing of sales.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Right.

[Michael Beach, Analyst at Independent]

The timing of sales is intermittent, I guess I would venture to say. This quarter, I think you say that you propose to have three or four sales. Is that correct?

[Jonathan Comerford, CEO at Mountain Province Diamonds]

This quarter, we will have two sales, typically.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

Yeah. For Q1, we have two sales.

[Michael Beach, Analyst at Independent]

Two sales.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

We typically have two sales. That's correct. There have been the odd occasion where we've been able to drag a later sale into Q1, but that wasn't the case this year.

[Michael Beach, Analyst at Independent]

I see.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

You should expect in Q2, three sales.

[Michael Beach, Analyst at Independent]

Right. Fair enough. Okay. If 80% of the stones are small stones, we know the fact that that component to the market is under severe pressure. Do you anticipate that that will cover your variable costs, I guess is my final question.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Well, sorry. When you say 80%, that would be typical. that's 20%-

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

Yeah.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

80% by number of carats, not by value. Obviously, the value is in the highest stones.

[Michael Beach, Analyst at Independent]

Certainly. No, I understand that.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Yeah.

[Michael Beach, Analyst at Independent]

But if you're using 20% as a broad category, then, we really don't know what the proportion is of small, sorry, large stones, which have a significant value. The 80% comprises all the small stones and perhaps in the order of $35-$33, whatever, the present pricing is. Does that cover your variable costs or no?

[Steve Thomas, CFO at Mountain Province Diamonds]

Yeah. Michael, it's Steve here. I would say, obviously, as we've outlined, the big challenge for the company is cash. Cash management, working capital management. What we see for this mine, because it's a fly-in, fly-out mine, about 75% of the cash calls for the entire year go out in the first half of the year. There's a significant outpouring of cash. As Jonathan and Reid have indicated, you might only have two sales in the first quarter. There's certainly a cash challenge in H1 that is lessened in H2 because you don't have as much cash spend. On a cash front, things become easier in the second half of the year. From the point of view of variable costs, obviously, at $33 a carat, you know, that's challenging, to say the least.

[Steve Thomas, CFO at Mountain Province Diamonds]

I'll say no more than that. I just want you to understand the dynamic of why you're seeing such a cash challenge in H1, which will be different to the one we face in H2.

[Michael Beach, Analyst at Independent]

Right. Yes. No, I understand that. Sales are lumpy and the expenditures are leaning towards the first half of the year. If you can make it till June 30th, then we'll hope for the best after that.

[Steve Thomas, CFO at Mountain Province Diamonds]

Yeah.

[Michael Beach, Analyst at Independent]

Good work on everybody's part to keep things afloat thus far.

[Steve Thomas, CFO at Mountain Province Diamonds]

Thank you, Michael.

[Reid Mackie, VP of Diamond Sales and Marketing at Mountain Province Diamonds]

Thanks.

[Operator]

Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star one. There are no further questions at this time. I will turn the call back over to Jonathan for closing remarks.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Thank you very much for that. As long as there is no further questions, I'd like to thank everyone.

[Steve Thomas, CFO at Mountain Province Diamonds]

No questions on the line.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

For listening. I'd like to conclude the conference and thank everyone for participating.

[Operator]

Ladies and gentlemen.

[Jonathan Comerford, CEO at Mountain Province Diamonds]

Thanks, everyone.

[Operator]

Thank you for this conference call. You may now disconnect. Thank you.

Participants

Executives

• Jonathan Comerford, CEO
• Reid Mackie, VP of Diamond Sales and Marketing
• Steve Thomas, CFO

Analysts

• Michael Beach, Analyst at Independent