Mountain Province Diamonds Provides Further Information Regarding Voluntarily Termination of SEC Reporting Obligations

TORONTO and NEW YORK, March 13, 2023 – Mountain Province Diamonds Inc. (“Mountain Province” or the “Company”) (TSX: MPVD) and (OTC: MPVDF) today wishes to provide further information regarding its voluntarily termination of SEC reporting obligations, as well as providing historical context to the decision.

• The Company announced in a news release dated January 30th, 2020 de-listing from the NASDAQ Stock Exchange. See full release here: https://www.mountainprovince.com/2020-01-30-Mountain-Province-Diamonds-Announces-Voluntary-Delisting-from-Nasdaq-Stock-Exchange
• In this same press release, the Company announced that it intended, at a future date, when permitted under SEC rules, to terminate SEC reporting obligations. Certain SEC reporting obligations in the United States continued due to the legacy listing.
• The Company has met the requirement to terminate SEC reporting obligations, and has executed on its previously stated intention.
• In response to inquiries from shareholders, the Company advises that it is not involved in or a sponsor of the over-the-counter (OTC) trading of the Company’s common shares in the United States. The Company understands that OTC trading is not affected by the registration of the Company’s common shares under Section 12(g) of the Exchange Act, and trading can continue following such termination. See March 10th, 2023 news release: https://www.mountainprovince.com/2023-03-10-Mountain-Province-Diamonds-Announces-Intention-to-Voluntarily-Terminate-SEC-Reporting-Obligations
• The Company’s shares continue to trade on the Toronto Stock Exchange (TSX). The Company will comply with, and continue to be subject to, the laws of the Province of Ontario, Canada, the jurisdiction in which the Company is incorporated, as well as Canadian securities laws and corporate governance rules applicable to Canadian publicly listed companies, including the rules of the TSX. All of the Company’s filings can be found at the SEDAR website at www.sedar.com.

About Mountain Province Diamonds Inc.

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 over 113,000 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.

For further information: Mark Wall, President and CEO, (416) 361-3562, info@mountainprovince.com; Matthew MacPhail, Chief Technical Officer, (416) 361-3562, info@mountainprovince.com

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