An anonymous director reports

MOUNTAIN PROVINCE DIAMONDS ANNOUNCES GUIDANCE FOR 2024, DETAILS OF FOURTH QUARTER AND FULL-YEAR 2023 EARNINGS RELEASE AND CONFERENCE CALL

Mountain Province Diamonds Inc. has provided guidance for 2024, as well as details for its fourth quarter and full-year 2023 earnings release and conference call. All figures are expressed in Canadian dollars unless otherwise noted.

2024 guidance (all figures quoted on a 100-per-cent basis unless otherwise specified)

The company wishes to provide operating and cost guidance for 2024, as follows:

• 36 million to 39 million total tonnes mined (ore and waste);
• 4.1 million to 4.6 million ore tonnes mined;
• 3.4 million to 3.6 million ore tonnes treated;
• 4.2 million to 4.7 million carats recovered;
• Production costs of $124 to $136 per tonne treated;
• Production costs of $96 to $107 per carat recovered;
• Sustaining capital expenditure of $11-million (49-per-cent share).

As part of the company's year-end 2022 news release disseminated on March 22, 2023, a 2024 production outlook was provided. The production outlook provided was for 4.0 million to 4.4 million carats recovered at the 100-per-cent level. The increase in 2024 guidance to 4.2 million to 4.7 million carats recovered at the 100-per-cent level is driven by an expected increase in recovered grade, as well as expected improvements in plant throughput and overall process utilization (OPU) relative to prior forecasts. This follows the successful project executed during 2023 to improve the process plant performance.

In addition to these guidance figures, the company wishes to provide guidance for 2024 carats sold as follows:

• 2.3 million to 2.6 million carats sold.

Earnings release and conference call details

The company will host its fourth quarter and full-year 2023 conference call on Wednesday, March 27, 2024 at 11 a.m. ET. Prior to the conference call, the company will release Q4 and full year 2023 financial results on March 26, 2024, after market.

Conference call dial-in details

Title:   Mountain Province Diamonds Q4 and full-year 2023 earnings conference call

Conference ID:  16709659

Date of call:  March 27, 2024

Time of call:  11 a.m. Eastern Time

Expected duration:  60 minutes

Participant toll-free dial-in number:  1-888-390-0541

Participant international dial-in number:   1-416-764-8677

A replay of the webcast and audio call will be available on the company's website.

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 107,373 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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