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Mountain Province Diamonds Announces Successful Analyst Site Tour, Repurchases of Senior Secured Second Lien Notes, and Details of Second Quarter 2022 Earnings Release and Conference Call

Press Release

TORONTO and NEW YORK, July 25, 2022– Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) is pleased to announce the successful completion of its first analyst site tour since 2019, taking place on Wednesday July 20th. The Company also wishes to announce that it has entered into separate, privately negotiated transactions with certain holders of its outstanding 8.000% Senior Secured Second Lien Notes due 2022 (the “Notes”) to repurchase for cancellation approximately US$26.4 million aggregate principal amount of the Notes for an aggregate cash repurchase price of approximately US$25.4 million (collectively, the “Repurchases”).

Additionally, the company wishes to provide details for the release of its Q2 2022 earnings release and conference call.

Site Tour

Mountain Province Diamonds hosted a Site Tour to the Gahcho Kué Mine on July 20th, with financial analysts and advisors in attendance. In addition to visiting the active mining/processing areas of Gahcho Kué, the tour also visited the Kelvin Exploration Camp, where all recent exploration activity at the Kennady North Project, as well as the imminent summer 2022 drill program will be executed from. Present at the site tour was covering Equity Research Analyst Kieron Hodgson of Panmure Gordon, a UK-based Investment Bank which has coverage on the Company. Access to his research can be found via equity research portal Research-Tree.com.

The Company cautions that any such research provides a third-party view of the Company and is not endorsed by the Company.  The Company will not redistribute third-party reports or otherwise republish or update such reports, but will maintain a list of analysts who cover the Company.

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

“We were extremely pleased to host the financial community for a site tour, the first tour since 2019, and an opportunity for us to showcase the Kennady exploration properties and the Gahcho Kué operations.  The tour came on the back of our press release on the growth potential of the Hearn orebody and we continue to focus on mine extension possibilities.”

Repurchases of Senior Secured Second Lien Notes

The Company has entered into separate, privately negotiated transactions with certain holders of its outstanding 8.000% Senior Secured Second Lien Notes due 2022 (the “Notes”) to repurchase for cancellation approximately US$26.4 million aggregate principal amount of the Notes for an aggregate cash repurchase price of approximately US$25.3 million (collectively, the “Repurchases”). The last of the Repurchases is expected to close on or about July 26, 2022. Following the cancellation of the repurchased Notes, approximately US$273.5 million aggregate principal amounts of Notes will remain outstanding

Mountain Province may from time to time seek to repurchase additional Notes in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be upon such terms and at such prices as may be determined by the Company and the counterparty and will depend upon prevailing market conditions, the Company’s liquidity requirements and other factors.

This news release is not an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Earnings Release and Conference Call Details

The Company will host its quarterly conference call on Wednesday August 10th, 2022 at 11:00am EST. Prior to the conference call, the Company will release Q2 2022 financial results on August 9th, after-market.

Conference Call Dial-in Details:

Title: Mountain Province Diamonds Inc Q2 Earnings Conference Call

Conference ID: 56265156
Date of call: 08/10/2022
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes

Webcast Link: https://app.webinar.net/EjQrB08Bd0K

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 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 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property 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.

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: Investor Contact: Rich Matthews, Partner, Integrous Communications, Phone: (604) 757-7179, E-mail: [email protected], www.integcom.us; 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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