Mountain Province Diamonds announces first quarter financial results and guidance for 2021

12 May 2021

Mountain Province Diamonds Inc. today announces financial results for the first quarter ended March 31, 2021 ("the Quarter" or "Q1 2021") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.

Additionally, the Company is providing production and cost guidance for 2021.

Financial Highlights for First Quarter 2021 (production and unit cost figures for Q1 2021 were affected by the 22 day operational stand-down in February)

• 603,000 carats sold, with total proceeds of $54.2 million (US$42.7 million) at an average realised value of $90 per carat (US$71).
• Adjusted EBITDA1 of $19.1 million.
• Earnings from mine operations of $13.7 million.
• Cash costs of $139 per tonne treated and $62 per carat recovered, including capitalized stripping costs1.
• Net income of $7.3 million or $0.03 earnings per share.  Included in the determination of net income for the three months ended March 31, 2021 are unrealized foreign exchange gains of $5.0 million, on the translation of the Company's US$-denominated long-term debt and Dunebridge revolving credit facility. The unrealized foreign exchange gains are a result of the strengthening of the Canadian dollar versus the US dollar

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