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Mountain Province Diamonds Announces Filing of Technical Report for Gahcho Kué Diamond Mine, Featuring Pre-Tax/Royalty NPV Attributable to Mountain Province Diamonds of $1,233M

Press Release

TSX and OTCQX: MPVD

TORONTO and NEW YORK, March 28, 2022– Mountain Province Diamonds Inc. (“Mountain Province”, or the “Company”) (TSX and OTCQX: MPVD) today announces the filing of technical report (the “Report”) for the Company’s Gahcho Kué Mine entitled, Gahcho Kué Mine NI 43-101 Technical Report, with effective date of December 31, 2021.

Highlights of the updated Gahcho Kué NI 43-101 technical report filed include:

  • Pre-Tax/Royalty NPV 7.5% attributable to Mountain Province Diamonds of $1,233M
  • Post-Tax/Royalty NPV 7.5% attributable to Mountain Province Diamonds of $964M
  • Net 2.6M Carats in Reserve additions, before depletion
  • Resource additions offsetting depletion
  • 42.6 Million Carats of Reserves grading 1.51 Carats per Tonne.
  • 3.0 Million Carats of Indicated Resources grading 1.25 carats per tonne and 20.3 Million Carats of Inferred Resources grading 1.72 carats per tonne, exclusive of Reserves at December 31, 2021.
  • New Life-of-Mine plan featuring 3.6Mtpa processing rate, improving Net-Present Value
  • Eleven-percent increase in reserve grade of the Tuzo Kimberlite to 1.33 carats/tonne at year-end 2021, vs 1.20 carats/tonne at year-end 2020.

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

“This technical report represents an important step of the process to unlock value for all Mountain Province Diamonds stakeholders. The strong economics shown in this technical report, combined with the recently announced impairment reversal and favorable supply and demand dynamics in the market are all strong signals of the significant value opportunity the Company represents at current levels.”

The Report is effective December 31, 2021, is dated March 28, 2022 and was prepared in compliance with National Instrument 43-101 – Standards for Disclosure of Mineral Projects (“NI 43-101”). The Report is available under Mountain Province Diamonds’ profile on SEDAR at www.sedar.com and on the Company’s website at www.mountainprovince.com. The Report was prepared by Michael Makarenko, P. Eng., and Dino Pilotto, P. Eng., from JDS Energy & Mining Inc., both of whom are “qualified persons” defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. The Report was also completed under the supervision of Matthew MacPhail, P.Eng, MBA, and Tom E. McCandless, Ph.D., P.Geo., both employees of the Company and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About the Company

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 107,373 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. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.

Qualified Person

The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Matthew MacPhail, P.Eng., MBA, and Tom E. McCandless, Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

For further information: Mark Wall, President and CEO, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416) 361-3562, E-mail: [email protected]; Matthew MacPhail, Chief Technical Officer, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416) 361-3562, E-mail: [email protected]

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