Mountain Province Diamonds provides revised guidance for 2020

18 June 2020

Mountain Province Diamonds Inc. today announces revised guidance for 2020 for the Gahcho Kué Mine.  The Company withdrew its original guidance for 2020 in March due to the impact of the COVID-19 pandemic.
2020 Revised Guidance: (all figures quoted on a 100% basis)
•37 – 39 million total tonnes mined (ore and waste), adjusted from previous guidance of 42 – 43 million tonnes 
•3.3 – 3.4 million ore tonnes mined, unchanged from previous guidance 
•3.3 – 3.4 million ore tonnes treated, unchanged from previous guidance 
•6.3 – 6.4 million carats recovered, adjusted from previous guidance of 6.75 – 6.95 million carats 
•All in cash costs of $100 - $110 per tonne treated, adjusted from previous guidance of $105 – $115 per tonne treated 
•All in cash costs of $50 – $55 per carat recovered, unchanged from previous guidance 
•Sustaining Capital Expenditure of $21 million, in comparison to $26.5 million of Capital Expenditure previously forecast.
The revised production guidance reflects the challenges of COVID-19 pandemic and the impact on operations and logistics at the Gahcho Kué Mine, and the necessity to implement changes to operating policies and procedures to minimize the risk of infection. These changes included protecting the workforce by isolating vulnerable employees, implementing travel restrictions to and from the mine, revising health and safety protocols, including on site self isolation, social distancing, and ongoing testing of all employees. The new operating parameters have impacted the ability to utilize the mining fleet at full capacity, which has had a direct impact on the 2020 mine plan.