Mr. Mark Wall reports

MOUNTAIN PROVINCE DIAMONDS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 PRODUCTION AND SALES RESULTS

Mountain Province Diamonds Inc. has released production and sales results for the fourth quarter ended Dec. 31, 2023, and full year 2023 from the Gahcho Kue diamond mine (GK mine).

FY 2023 highlights:

• In 2023, approximately 2.7 million carats were sold at an average value of $121 per carat ($90 (U.S.) per carat) for total proceeds of $328.6-million ($243.7-million (U.S.)). This compares with 2.7 million carats sold at an average value of $146 per carat ($112 (U.S.) per carat) for total proceeds of $388.8-million ($297.3-million (U.S.)) in FY 2022.
• Ore mined on a FY 2023 basis was 3.8 million tonnes against the revised guidance of 3.1 million to 3.6 million tonnes. Ore processed on a FY 2023 basis was 3.25 million tonnes against guidance of 3.2 million to 3.5 million tonnes.
• FY 2023 production of 5.6 million carats against guidance of 5.6 million to 6.1 million carats.

Mark Wall, the company's president and chief executive officer, commented:

"Q4 2023 was the highest carat producing quarter of 2023. The mid-year major shutdown of the processing facility contributed to this result by delivering an average H2 operating plant utilization rate (OPU) of 84 per cent, which was well above the average H1 2023 performance of 73 per cent. We expect to carry this momentum into 2024 notwithstanding some expected seasonal reduction in performance numbers in the early months, due to cold weather. Mining in Q4 2023 was also the best quarter of 2023 with approximately 9.8 million tonnes mined which was, in part, driven by improved haul truck availability, as a result of maintenance improvement initiatives.

"On the sales front, a finer assortment of goods held back from previous quarters were sold during Q4 2023. The addition of these goods in quarter sales resulted in a lower average value per carat sold in Q4 2023, relative to prior quarters. Sales in the quarter were also impacted by the two-month moratorium on imports by the Indian Diamond Industry. This moratorium finished in mid-December, 2023, during which we completed our final sale of 2023.

"Regarding the rough diamond market, the market is now reopened and we continue to monitor it closely to maximize value from our sales pipeline."

Q4 and FY 2023 production highlights (all figures reported on a 100-per-cent basis unless otherwise stated):

• 9,831,021 total tonnes mined during the quarter, a 3-per-cent decrease on comparable period (Q4 2022: 10,144,844). 37,147,350 total tonnes mined during FY 2023, a 9-per-cent increase from comparable period (FY 2022: 33,947,188);
• 1,895,492 ore tonnes mined during the quarter, a 169-per-cent increase on comparable period (Q4 2022: 705,924). 3,807,102 ore tonnes mined during FY 2023, a 7-per-cent decrease from comparable period (FY 2022: 4,113,648);
• 855,319 ore tonnes treated during the quarter, a 3-per-cent increase on comparable period (Q4 2022: 828,644). 3,249,963 ore tonnes treated during FY 2023, a 5-per-cent increase from comparable period (FY 2022: 3,102,219);
• 1,572,696 carats recovered during the quarter at an average grade of 1.84 carats per tonne, 3 per cent lower than comparable quarter (Q4 2022: 1,621,800 carats at 1.96). 5,557,655 carats recovered during FY 2023 at an average grade of 1.71 carats per tonne, 1 per cent higher than comparable period (FY 2022: 5,519,309 carats at 1.78).

Q4 and FY 2023 sales performance

Q4 2023 diamond sales totalled 917,757 carats sold at an average value of $87 per carat ($64 (U.S.) per carat) for total proceeds of $79.8-million ($58.9-million (U.S.)) in comparison to 757,830 carats sold at an average value of $127 per carat ($94 (U.S.) per carat) for total proceeds of $96.3-million ($71.3-million (U.S.)) in Q4 2022. The lower average value per carat sold in Q4 2023 was the result of the mix of goods sold, reflecting the sale of a finer set of goods held back from previous quarters.

During FY 2023, 2,717,742 carats were sold at an average value of $121 per carat ($90 (U.S.) per carat) for total proceeds of $328.6-million ($243.8-million (U.S.)) in comparison to 2,656,387 carats sold at an average value of $146 per carat ($112 (U.S.) per carat) for total proceeds of $388.8-million ($297.3-million (U.S.)) in FY 2022.

About Mountain Province Diamonds Inc.

Mountain Province Diamonds is a 49-per-cent participant with De Beers Canada in the Gahcho Kue diamond mine located in Canada's Northwest Territories. The Gahcho Kue 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 Kue mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

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