Mountain Province Diamonds Announces Quarterly Sales Results

27 September 2021

TORONTO and NEW YORK, Sept. 27, 2021 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", or the "Company") (TSX: MPVD) (OTCQX: MPVD) is pleased to announce the results of its diamonds sales in the third quarter of 2021.

During the third quarter of 2021, 1,028,327 carats were sold for total proceeds of $93.9 million (US$74.1 million) resulting in an average value of $91 per carat (US$72 per carat). This brings year-to-date sales to 2,349,644 carats, for total proceeds of $212.5 million (US$169.4 million) resulting in a year-to-date average value of $90 per carat (US$72 per carat).

Stuart Brown, the Company's President and Chief Executive Officer, commented: "We're extremely pleased to see the strong price increases achieved at sales in the first half of 2021 continue into the third quarter. We expect the rough and polished markets to maintain momentum into the important holiday buying season, which should benefit our two remaining sales for the year. The strong sales results year-to-date have allowed the Company to completely repay its short-term debt facility far earlier than originally planned which is very encouraging."

About the Company

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 106,202 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.