Mr. Mark Wall reports

MOUNTAIN PROVINCE DIAMONDS ANNOUNCES FIRST QUARTER 2024 PRODUCTION AND SALES RESULTS, DETAILS OF FIRST QUARTER 2024 EARNINGS RELEASE AND CONFERENCE CALL

Mountain Province Diamonds Inc. has released production and sales results for the first quarter ended March 31, 2024 (Q1 2024), from the Gahcho Kue (GK) diamond mine. All figures are expressed in Canadian dollars unless otherwise noted.

Q1 production takeaways (all figures reported on a 100-per-cent basis unless otherwise stated):

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

Q1 sales results

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

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

"Q1 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 two million 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, 2024, at 11 a.m. ET. Prior to the conference call, the company will release Q1 2024 financial results on May 8, 2024, after the market close.

Conference call dial-in details

Title:  Mountain Province Diamonds Q1 2024 earnings conference call

Conference ID No.:  63370213

Date of call:  May 9, 2024

Time of call:  11 a.m. ET

Expected duration:  60 minutes

Webcast:  A webcast will be available.

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.

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.

Qualified person

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

We seek Safe Harbor.