Mountain Province Diamonds Pronounces 2d Quarter 2024 Manufacturing and Gross sales Effects, Main points of 2d Quarter 2024 Income Shed and Convention Name

TSX and OTC: MPVD

TORONTO, July 25, 2024 /PRNewswire/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) these days broadcasts manufacturing and gross sales effects for the second one quarter ended June 30, 2024 (“the Quarter” or “Q2 2024”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian greenbacks except in a different way famous.

Q2 2024 Manufacturing Takeaways
(all figures reported on a 100% foundation except in a different way mentioned)

• 1,318,680 carats recovered, 2% lower than terminating occasion’s similar quarter (Q2 2023: 1,339,196 carats)
• Moderate grade of one.37 carats in line with tonne, a 24% extra relative to Q2 2023 (1.79 carats in line with tonne)
• 971,311 ore tonnes mined, a 63% build up relative to terminating occasion’s similar quarter (Q2 2023: 595,990 ore tonnes mined)
• 965,984 ore tonnes handled, a 29% build up relative to terminating occasion’s similar quarter (Q2 2023: 750,241 tonnes handled)

Q2 2024 Gross sales Effects

All over the Quarter 557,361 carats had been bought for general proceeds of $56.8 million (US$41.5 million), for the purpose of a mean value of $102 in line with carat (US$74 in line with carat). Those effects evaluate to Q2 2023 when 360,308 carats had been bought for general proceeds of $59.9 million (US$44.6 million), for the purpose of a mean value of $166 in line with carat (US$124 in line with carat).

Mark Wall, the Corporate’s President and Prominent Govt Officer, commented:

“Q2 2024’s carats recovered is in large part unchanged in comparison to Q2 2023.  The processing plant endured to accomplish neatly, with tonnes handled up 29% in comparison to Q2 2023.  The nice efficiency of the plant used to be offset via a decrease grade within the Quarter.  Decrease grade were anticipated as in line with the mine plan in Q2 2024, on the other hand, as famous up to now, we have now additionally discoverable a not up to anticipated grade on the deep parts of the pits, proceed in the course of the Quarter.  The crew has been running on figuring out and separating the petite section of grade beneath efficiency and as mentioned up to now, this will likely give a boost to as we walk in the course of the occasion.

The diamond marketplace remains to be softer than expected.  At a macro stage the go back of call for in China has no longer materialized thus far and the marketplace is now anticipating a extra protracted U-shaped medication in diamond call for.  At the artificial marketplace, the Quarter noticed De Beers’ CEO, Al Prepare dinner announce it used to be pivoting to build lab-grown diamonds for commercial makes use of and focusing its jewellery advertising and marketing efforts in the back of herbal mined diamonds.  We also are optic a resurgence in US jewellers’ hobby in herbal diamonds. The worth of diamond provenance endured to make stronger, which is useful for Canadian diamond manufacturers like Mountain Province.”

Income Shed and Convention Name Main points

The Corporate will host its quarterly convention name on Thursday August 8^th, 2024 at 11:00am ET. Previous to the convention name, the Corporate will let fall Q2 2024 monetary effects on August 7^th, 2024 after-market.

Convention Name Dial-in Main points:

Name: Mountain Province Diamonds Inc Q2 2024 Income Convention Name

Day of name: 08/08/2024
Moment of name: 11:00 Jap Moment
Anticipated Length: 60 mins

Webcast Hyperlink:
https://app.webinar.net/94JwoV1MRDG
North American Toll-Independent Quantity: (+1) 800-836-8184
Player Native/Global Quantity: (+1) 289-819-1350

A replay of the webcast and audio name will probably be to be had at the Corporate’s website online.

About Mountain Province Diamonds Inc.

Mountain Province Diamonds is a 49% player with De Beers Canada within the Gahcho Kué diamond mine positioned in Canada’s Northwest Territories. The Gahcho Kué Joint Project feature is composed of a number of kimberlites which can be actively being mined, evolved, and explored for presen construction. The Corporate additionally controls greater than 113,000 hectares of extremely potential mineral claims and rentals circumstance the Gahcho Kué Mine that come with an Indicated mineral useful resource for the Kelvin kimberlite and Inferred mineral assets for the Faraday kimberlites.

For additional knowledge on Mountain Province Diamonds and to obtain information releases via electronic mail, talk over with the Corporate’s website online at www.mountainprovince.com.

Certified Particular person

The disclosure on this information let fall of medical and technical knowledge referring to Mountain Province’s mineral houses has been reviewed and authorized Dan Johnson, P.Eng., a director of Mountain Province Diamonds Inc. and Certified Particular person as outlined via Nationwide Tool 43-101 Requirements of Disclosure for Mineral Initiatives.

Warning Referring to Ahead Having a look Data
This information let fall comprises positive “forward-looking statements” and “forward-looking information” beneath appropriate Canadian and United States securities rules in regards to the trade, operations and monetary efficiency and situation of Mountain Province Diamonds Inc. Ahead-looking statements and forward-looking knowledge come with, however don’t seem to be restricted to, statements with admire to operational hazards, together with conceivable disruption because of pandemic similar to COVID-19, its affect on walk, self-isolation protocols and trade and operations, estimated manufacturing and mine presen of the undertaking of Mountain Province; the belief of mineral conserve estimates; the timing and quantity of estimated presen manufacturing; prices of manufacturing; the presen value of diamonds; the estimation of mineral reserves and assets; the facility to supremacy debt; capital expenditures; the facility to acquire lets in for operations; liquidity; tax charges; and foreign money change charge fluctuations.  Except for for statements of ancient truth with regards to Mountain Province, positive knowledge contained herein constitutes forward-looking statements. Ahead-looking statements are regularly characterised via phrases similar to “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and alternative indistinguishable phrases, or statements that positive occasions or situations “may”, “should” or “will” happen.  Ahead-looking statements are in accordance with the reviews and estimates of control on the pace the statements are made and are in accordance with plenty of suppositions and topic to plenty of dangers and uncertainties and alternative components that would purpose untouched occasions or effects to range materially from the ones projected within the forward-looking statements.  Many of those suppositions are in accordance with components and occasions that don’t seem to be throughout the keep an eye on of Mountain Province and there is not any pledge they’re going to end up to be right kind.

Elements that would purpose untouched effects to change materially from effects expected via such forward-looking statements come with the improvement of operation hazards which might rise with regards to COVID-19, together with, however no longer restricted to protocols that could be followed to loose the unfold of COVID-19 and any affect of such protocols on Mountain Province’s trade and operations, permutations in ore grade or medication charges, adjustments in marketplace situations, adjustments in undertaking parameters, mine sequencing; manufacturing charges; money wave; dangers with regards to the supply and timeliness of allowing and governmental approvals; provide of, and insist for, diamonds; fluctuating commodity costs and foreign money change charges, the opportunity of undertaking value overruns or unanticipated prices and bills, labour disputes and alternative dangers of the mining business, failure of plant, apparatus or processes to perform as expected.

Those components are mentioned in better property in Mountain Province’s most up-to-date Annual Data Method and in the latest MD&A filed on SEDAR, which additionally lend backup normal suppositions in reference to those statements. Mountain Province cautions that the foregoing listing of impressive components isn’t exhaustive. Buyers and others who bottom themselves on forward-looking statements must sparsely believe the above components in addition to the uncertainties they constitute and the chance they entail. Mountain Province believes that the expectancies mirrored in the ones forward-looking statements are cheap, however refuse pledge will also be for the reason that those expectancies will end up to be right kind and such forward-looking statements incorporated on this information let fall must no longer be unduly relied upon. Those statements discuss handiest as of the pace of this information let fall.

Even supposing Mountain Province has tried to spot impressive components that would purpose untouched movements, occasions or effects to range materially from the ones described in forward-looking statements, there is also alternative components that purpose movements, occasions or effects to not be expected, estimated or supposed.  There will also be refuse pledge that forward-looking statements will end up to be correct, as untouched effects and presen occasions may range materially from the ones expected in such statements. Mountain Province undertakes refuse legal responsibility to replace forward-looking statements if cases or control’s estimates or reviews must alternate except for as required via appropriate securities rules. The reader is cautioned to not park undue reliance on forward-looking statements. Statements regarding mineral conserve and useful resource estimates can be deemed to represent forward-looking statements to the level they contain estimates of the mineralization that will probably be encountered because the feature is evolved. Mineral assets don’t seem to be mineral reserves and shouldn’t have demonstrated financial viability.

Additional, Mountain Province might construct adjustments to its trade plans that would have an effect on its effects. The important belongings of Mountain Province are administered pursuant to a three way partnership beneath which Mountain Province isn’t the operator. Mountain Province is uncovered to movements taken or omissions made via the operator inside its prerogative and/or determinations made via the three way partnership beneath its phrases. Such movements or omissions might affect the presen efficiency of Mountain Province. Below its flow be aware and revolving credit score amenities Mountain Province is topic to positive boundaries on its skill to pay dividends on familiar hold. The declaration of dividends is on the discretion of Mountain Province’s Board of Administrators, topic to the restrictions beneath the Corporate’s debt amenities, and is dependent upon Mountain Province’s monetary effects, money necessities, presen possibilities, and alternative components deemed related via the Board.

SOURCE Mountain Province Diamonds Inc.