Mountain Province Diamonds Announces First Quarter Financial Results for 2023.

TORONTO: Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces financial results for the first quarter ended March 31, 2023 ("the Quarter" or "Q1 2023") from the Gahcho Kue Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.

Financial Highlights for First Quarter 2023

961,000 carats sold, with total proceeds of $128.7 million (US$95.0 million) at an average realised value of $134 per carat (US$99), a record quarterly revenue result for the Company.

Record Adjusted EBITDA1 of $67.5 million.

Earnings from mine operations of $47.2 million.

Record Net income of $28.2 million or $0.13 basic and diluted earnings per share2.

Repaid US$12.0 million of second lien bond debt principal on April 4th 2023.

1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See "Reconciliation of non-IFRS measures" at the end of the news release for explanation and reconciliation.

2 Record Net Income, with Q4 2021, normalised for Impairment reversal of $240.6 million

Operational Highlights for First Quarter 2023

(all figures reported on a 100% basis unless otherwise stated)

766,786 ore tonnes treated, an 8% increase relative to Q1 2022, (Q1 2022: 707,553 tonnes treated;)

1,319,603 carats recovered, 11% higher than the comparable quarter (Q1 2022: 1,185,156 carats)

Average grade of 1.72 carats per tonne, a 3% increase relative to Q1 2022 (1.67 carats per tonne)

Cost per carat recovered, including capitalized stripping of $90/carat, and cost per tonne processed, including capitalized stripping of $155/tonne.

Increase in unit cost relative to prior periods reflects greater capitalized stripping incurred in Q1 2023 (approximately $42 million vs $20 million in Q1 2022), as well as an increase in one-off maintenance related costs (numerator).

Net of Capitalized stripping, cost per carat recovered was $58/carat in Q1 2023 vs $56 in Q1 2022.

Sales Highlights for First Quarter 2023

As previously released, during the first quarter 961,024 carats were sold for total proceeds of $128.7 million (US$95.0 million), resulting in an average value of $134 per carat (US$99 per carat). Three open market sales were completed in the quarter to deliver the highest Q1 revenue recorded by the Company to date. These results compare favourably with two open market sales during Q1 2022 when...