TORONTO and NEW YORK, June 18, 2020  – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTCQX: MPVD) today announces revised guidance for 2020 for the Gahcho Kué Mine.  The Company withdrew its original guidance for 2020 in March due to the impact of the COVID-19 pandemic.

2020 Revised Guidance: (all figures quoted on a 100% basis)

• 37 – 39 million total tonnes mined (ore and waste), adjusted from previous guidance of 42 – 43 million tonnes
• 3.3 – 3.4 million ore tonnes mined, unchanged from previous guidance
• 3.3 – 3.4 million ore tonnes treated, unchanged from previous guidance
• 6.3 – 6.4 million carats recovered, adjusted from previous guidance of 6.75 – 6.95 million carats
• All in cash costs of $100 – $110 per tonne treated, adjusted from previous guidance of $105 – $115 per tonne treated
• All in cash costs of $50 – $55 per carat recovered, unchanged from previous guidance
• Sustaining Capital Expenditure of $21 million, in comparison to $26.5 million of Capital Expenditure previously forecast.

The revised production guidance reflects the challenges of COVID-19 pandemic and the impact on operations and logistics at the Gahcho Kué Mine, and the necessity to implement changes to operating policies and procedures to minimize the risk of infection. These changes included protecting the workforce by isolating vulnerable employees, implementing travel restrictions to and from the mine, revising health and safety protocols, including on site self isolation, social distancing, and ongoing testing of all employees. The new operating parameters have impacted the ability to utilize the mining fleet at full capacity, which has had a direct impact on the 2020 mine plan.

The carats recovered forecast for 2020 has been reduced due to lower recovered grades than modelled in small local sections of the Hearne and 5034 kimberlite orebodies, and necessary changes to the mining sequence as a result of COVID-19 related workforce reductions. This has resulted in partial deferral of higher-grade ore blocks into 2021. Despite all these challenges, and considering an ongoing global epidemic, the Company and its JV Partner De Beers Canada Inc. are pleased that the Gahcho Kué Mine continues to operate.

Stuart Brown, the Company’s President and Chief Executive Officer, commented:

“As previously noted, the unprecedented events of COVID-19 have had a major impact on our operations and sales. As a result of the all the interruptions and subsequent changes since the start of the pandemic, our total 2020 production forecast has been lowered by approximately 400K carats whilst maintaining or slightly lowering our cost guidance for full year 2020. The new forecast is the result of a tremendous amount of effort to maintain production at the mine; this has been achieved safely and securely with all employees to be commended for their dedication and hard work. The demand for rough diamonds is starting to show signs of interest. We anticipate the diamond market will continue to open up over the coming months and we look forward to resuming normal sales later in the second half of the year”.

Qualified Persons

The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Keyvan Salehi, P.Eng., MBA, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects

About Mountain Province Diamonds Inc.

Mountain Province Diamonds is a 49% participant with De Beers Group in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 67,164 hectares of highly prospective mineral claims and leases immediately adjacent to the Gahcho Kué Joint Venture property that include an indicated mineral resource at the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com

For further information: Stuart Brown, President, Chief Executive Officer, and Director, Phone: (416) 361-3562, E-mail: info@mountainprovince.com; Keyvan Salehi, Vice President, Corporate Development, Phone: (416) 361-3562, E-mail: info@mountainprovince.com