Mountain Province Diamonds Announces Completion of Refinancing Transactions

Press Release

TORONTO and NEW YORK, March 19, 2025 – Mountain Province Diamonds Inc. (“Mountain Province” or the “Company”) (TSX: MPVD) (OTC: MPVD) today announces the closing of the refinancing transactions (the “Refinancing Transactions”) announced on February 25, 2025. Concurrently with the closing of the Refinancing Transactions, the Company has delivered a funding request for US$20M pursuant to the bridge credit facility agreement dated February 24, 2025 (the “Term Loan Agreement”) with Dunebridge Worldwide Ltd. as administrative agent, security trustee and lender, and the guarantors named therein as announced on February 25, 2025.

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

“The Company is pleased to have closed the Refinancing Transactions. These transactions serve to address the reclamation liabilities owed to De Beers as operator of the GK Mine, provide an immediate injection of capital to address the 2025 near cash flow deficit faced by the Company, and extend the term of the Second Lien Notes to December 2027, which were due to mature in December 2025.

I would like to reiterate my gratitude to Mr. Dermot Desmond who continues to be a stalwart supporter of the Company, the holders of the Second Lien Notes and De Beers for their continued support of Mountain Province throughout this process.”

As set out in the Company’s news release of February 25, 2025, the completion of certain aspects of the Refinancing Transactions was subject to the approval (“Noteholder Consent”) of the holders of 90% aggregate principal amount of the 9.000% senior secured notes due December 15, 2025 of which USD$177 million aggregate principal amount is outstanding (the “Second Lien Notes”).  The Company received approval of 100% of the aggregate principal amount of the Second Lien Notes] prior to closing and, at closing of the Refinancing Transactions, entered into an amended and restated indenture with the guarantors named therein and Computershare Trust Company N.A., as trustee and collateral agent (the “Amended and Restated Indenture”), on the terms set out in its news release of February 25, 2025, except that in lieu of the election to defer interest payments in 2025 on the terms described therein, the next interest payment date was deferred to June 15, 2026 and the rate of interest applicable on the Second Lien Notes during the deferred interest period was increased to 9.6075%.

Other than in respect of the interest deferral in 2025 described above, please refer to the Company’s news release of February 25, 2025 for a description of the Refinancing Transactions.

In addition, as previously announced, the Company applied to the Toronto Stock Exchange (the “TSX”) for an exemption (the “Exemption”) pursuant to section 604(e) of the TSX Company Manual from the disinterested security holder requirements of the TSX that would otherwise be applicable to certain of the Refinancing Transactions. Subject to the satisfaction of routine filings, the Company’s application has been accepted by the TSX.  As a consequence of the Exemption, the TSX has placed the Company’s listing of its Common Shares under delisting review, which is a customary practice when a listed issuer makes an application under Section 604(e) of the TSX Company Manual for an exemption from the security holder approval requirements of the TSX. No assurance can be provided as to the outcome of such a review and therefore continued qualification for listing of the Common Shares on the TSX is not guaranteed.

About Mountain Province Diamonds Inc.

Mountain Province Diamonds is a 49% participant with De Beers in the GK 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 96,000 hectares of highly prospective mineral claims and leases surrounding the GK 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.

For further information: FOR FURTHER INFORMATION, PLEASE CONTACT: Mark Wall, President and CEO 161 Bay Street, Suite 1410 Toronto, Ontario M5J 2S1 Phone: (416) 361-3562, E-mail: info@mountainprovince.com

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