MOUNTAIN PROVINCE DIAMNDS - MPVDF STOCK NEWS

Mountain Province Diamonds (MPVD) announces the immediate departure of President and CEO Stuart Brown, with Jonathan Comerford appointed as Interim CEO. Brown's resignation comes after three years of service, during which he navigated challenges in the diamond sector, particularly during the COVID-19 pandemic. The company is currently seeking a permanent replacement. Mountain Province holds a 49% stake in the Gahcho Kué diamond mine in Canada and controls significant mineral claims surrounding the site.

Mountain Province Diamonds Inc. reported strong sales in Q3 2021, selling 1,028,327 carats for $93.9 million, averaging $91 per carat. Year-to-date, total sales reached 2,349,644 carats, generating $212.5 million, with a consistent average value of $90 per carat. The company's president, Stuart Brown, expressed optimism over the sustained price increases and the positive outlook for the upcoming holiday season. Notably, the sales success enabled early repayment of short-term debt, bolstering financial stability.

Mountain Province Diamonds (TSX/OTCQX: MPVD) has announced a six-month extension of its US$25M revolving credit facility with Dunebridge Worldwide Ltd., now maturing on March 31, 2022. This extension supports the company's working capital needs, with unchanged interest rates and terms. Additionally, Mountain Province has repaid its US$35M term loan, reducing its balance to zero ahead of the December 31, 2021 maturity date. The transaction was deemed reasonable by independent directors and is classified as a related party transaction due to insider ownership.

Mountain Province Diamonds (TSX: MPVD, OTCQX: MPVD) has appointed Mr. Dan Johnson to its Board of Directors as of September 22, 2021. Johnson brings over 40 years of experience in the mining industry, particularly in diamonds and Northern mines. His previous roles include GM of BHP's Ekati Diamond Mine and CEO of Diamond Fields International. Jonathan Comerford, Chairman, emphasized Johnson's extensive background will be crucial for maximizing the Company's asset value. Mountain Province Diamonds holds a 49% stake in the Gahcho Kué diamond mine and controls extensive mineral claims.

Mountain Province Diamonds (TSX and OTCQX: MPVD) held its 2021 Annual General Meeting on September 14, 2021, where all nominees listed in the management proxy were elected as directors. Key voting results include Jonathan Comerford with 99.35% support and Stuart Brown at 65.90%. Notably, Tom Peregoodoff resigned immediately after being re-elected. KPMG LLP was re-appointed as the Company's auditor. The Company has a significant stake in the Gahcho Kué diamond mine and extensive mineral claims in Northwestern Canada, boasting substantial estimated resources, including 13.62 million carats at Kelvin.

Mountain Province Diamonds (TSX: MPVD, OTCQX: MPVD) provided an update on its Kennady North Project, now encompassing 106,202 hectares following the acquisition of eastern claims. The project is adjacent to the Gahcho Kué Mine, where Mountain Province holds a 49% stake with De Beers. Notable advancements include a detailed glacial geology study, nearly complete till sampling with 327 samples collected, and the innovative Aurora Rapid Reactance Tomography system to identify potential kimberlite targets. The company anticipates prioritizing drill-testing for high-potential anomalies in 2022.

Mountain Province Diamonds has reported significant financial and operational improvements for Q2 2021. Key highlights include a 14% increase in carats recovered, reaching 1,764,000 carats, with an average grade of 2.18 carats per tonne. Revenue soared to $75.1 million, a notable rise from $34 million in Q2 2020, driven by higher sales volumes and prices. Adjusted EBITDA was $37.9 million, compared to a loss in the previous year. The company achieved a net income of $22.5 million, marking a turnaround from a net loss of $26.8 million in Q2 2020.

Mountain Province Diamonds reported its fourth-quarter and full-year 2020 results, showing a 12% decrease in total tonnes mined year-over-year. Despite a 1% increase in ore tonnes mined compared to FY 2019, the net loss expanded to $263.4 million, largely due to a $217.4 million impairment charge. Carats sold increased to 957,000 in Q4, with earnings from mine operations at $22.8 million. Average diamond prices rose but overall revenue decreased to $227 million for FY 2020. Recovery efforts and enhanced safety measures amid COVID-19 challenges are ongoing.

Mountain Province Diamonds (TSX: MPVD, OTCQX: MPVD) announces the sale of a 157.38 carat diamond named Polaris, recovered from the Gahcho Kué mine in Canada. This gem exhibits rare natural blue fluorescence and will be featured in its February sale, commencing on February 22 and concluding on March 5. Mountain Province has regularly produced exceptional diamonds since 2016, with over 400 diamonds sold in 2020 alone. Interested buyers can arrange viewings and appointments through Bonas-Couzyn.