Mountain Province Diamonds Announces 3rd Quarter and Nine Months Ended September 30, 2022 Results.

TORONTO and NEW YORK: Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVDF) is pleased to release its financial and operating results for the third quarter ("Q3 2022") and nine months ended September 30, 2022. All figures are expressed in Canadian dollars unless otherwise noted.

Third Quarter 2022 Key Highlights

Revenue of $110.1M representing the highest quarterly revenue in the Company's history and a 12% increase relative to that achieved in Q2 2022

Robust Quarterly Adjusted EBITDA of $54.1M1

Strong average price per carat sold of US$104 during the quarter, which when adjusted for mix of goods sold, on a like-for-like basis represented a 2% increase in average price per carat relative to Q2 2022

During the quarter, repurchase for cancellation of approximately US$16.9 million aggregate principal amount of 8.000% Senior Secured Second Lien Notes, bringing the total 2022 repurchase amount to US$26.9M

Subsequent to quarter-end, the Company executed a non-binding term sheet with certain holders of its 8.000% Senior Secured Second Lien Notes ("Existing Notes") due December 15th, 2022 for a partial refinancing ("Proposed Transaction") of the Existing Notes. The Proposed Transaction is currently expected to include the exchange of approximately US$190.0 million aggregate principal amount of Existing Notes for approximately US$195.9 million aggregate principal amount of new Loan Notes. The New Loan Notes are expected to bear interest at a rate of 9.0% per annum and have a three-year term. The Company expects to retire the remaining balance of the Existing Notes with cash on hand, drawing down the Dunebridge facility and the consummation of the Proposed Transaction. The Proposed Transaction is pending shareholder and regulatory review.

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

"The third quarter was incredibly positive for the company on many levels. Firstly, the non-binding term sheet for debt refinancing of US$190 million with a three-year term with a 9% coupon. Production in the third quarter saw improvement from both Q1 & Q2 which was the result of detailed operational and maintenance focus.

The discovery of the Hearne Northwest Extension reported during Q2 has been the source of ongoing work and those results provide the opportunity to consider the feasibility of underground extraction of diamonds at Gahcho Kue in the future to extend the mine life, as we have seen in other diamond mines in the Northwest Territories. We continue to work on these opportunities.

With all of this happening to achieve the highest revenue quarter in the Company's history in Q3 is a very encouraging result."

Operational Highlights for Third Quarter 2022 ("Q3 2022")

1,452,000 carats recovered at an average grade of 1.78 carats per tonne, a 15% increase relative to Q2 2022 and a 7% decrease compared to the 1,562,000 carats recovered at 1.88 carats per tonne in Q3 2021 (Q2 2022: 1,261,000 carats recovered).

817,000 ore tonnes...