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Mountain Province Diamond’s Upcoming September Sale to Showcase 151 Carat Exceptional Coloured Gem Diamond Recovered from the Gahcho Kué Mine in Canada’s Northwest Territories

Press Release

TORONTO and NEW YORK, Aug. 31, 2022 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVDF) announces the upcoming sale of an exceptional, coloured large rough diamond recovered from the Gahcho Kué mine, located in Canada’s Northwest Territories.

The diamond, a 151.60 carat octahedron of exceptional clarity will be offered for sale alongside a selection of more than 90 individual special rough diamonds recovered from the Company’s Canadian Diamond mine. The upcoming sale represents the largest offering of +10.8 carat gem quality diamonds offered by the Company to date.

Reid Mackie, the Company’s Vice President Diamond Marketing commented:

“This important diamond represents a clear example of the Gahcho Kué Mine’s ability to consistently recover high quality gems of exceptionally large size. These gems are highly coveted by collectors around the globe not only for their beauty but increasingly, for their Canadian origin.”

Viewing of the offered diamonds will take place during Mountain Province’s September sale being held at Bonas Group’s offices in Antwerp, Belgium from Monday September 5th to Friday, September 16th, 2022. Also included in the offering are the Company’s customary run-of-mine assortments.

Mountain Province’s Gahcho Kué Mine is located at the edge of Canada’s Arctic Circle. From the start of production in late 2016 the mine has established itself as a regular source of exceptional, gem quality, large diamonds.

Interested buyers are advised to contact Bonas-Couzyn on +32 (0)3 233 70 80 to arrange an appointment.

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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