Mountain Province Diamonds Announces First Quarter 2024 Production and Sales Results, Details of First Quarter 2024 Earnings Release and Conference Call

TORONTO, April 22, 2024 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) & (OTC: MPVD) today announces production and sales results for the first quarter ended March 31, 2024 (“the Quarter” or “Q1 2024”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian dollars unless otherwise noted.

Q1 Production Takeaways
(all figures reported on a 100% basis unless otherwise stated)

• 1,264,887 carats recovered, 4% lower than last year’s comparable quarter (Q1 2023: 1,319,603 carats)
• Average grade of 1.57 carats per tonne, a 9% decrease relative to Q1 2023 (1.72 carats per tonne)
• 1,946,856 ore tonnes mined, a 355% increase relative to last year’s comparable quarter (Q1 2023: 427,925 ore tonnes mined)
• 805,557 ore tonnes treated, a 5% increase relative last year’s comparable quarter (Q1 2023: 766,786 tonnes treated)

Q1 Sales Results

During the quarter 938,310 carats were sold for total proceeds of $89.4 million (US$66.1 million), resulting in an average price of $95 per carat (US$70 per carat). These results compare to Q1 2023 when 961,024 carats were sold for total proceeds of $128.7 million (US$95.0 million), resulting in an average price of $134 per carat (US$99 per carat).

Mark Wall, the Company’s President and Chief Executive Officer, commented:

“Q 1 2024 is generally the toughest quarter at the GK Mine operations with the annual resupply via the ice-road in full swing and the challenges of operating in the far north with limited sunlight and very low temperatures.  I am pleased to report that the ice-road resupply is now fully completed, with all necessary materials and consumables safely on site.  The Quarter also saw a positive safety milestone, with the site recognizing the milestone of one year free of Lost Time Injuries.  The important metrics of ‘ore treated per day’ and ‘overall plant utilization’ were both improved in Q1 2024 versus Q1 2023, which are positive process plant performance metrics.  The GK Mine also recovered almost 2m tonnes of ore in the Quarter and has built up considerable stockpiles.

Work continues on an optimized mine plan and I hope to be able to update the market on that work towards the end of quarter 2.”

Earnings Release and Conference Call Details

The Company will host its quarterly conference call on Thursday May 9^th, 2024 at 11:00am ET. Prior to the conference call, the Company will release Q1 2024 financial results on May 8^th, 2024 after-market.

Conference Call Dial-in Details:

Title: Mountain Province Diamonds Inc Q1 2024 Earnings Conference Call

Conference ID: 63370213
Date of call: 05/09/2024
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes

Webcast Link:
https://emportal.ink/3xw1s6L
Participant Toll-Free Dial-In Number:             (+1) 888-390-0546
Participant International Dial-In Number:       (+1) 416-764-8688
A replay of the webcast and audio call will be available on the Company’s website.

Mountain Province Diamonds is a 49% participant with De Beers Canada 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 more than 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for 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.

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

NT4