Mountain Province Diamonds Announces Guidance for 2024, Details of Fourth Quarter and Full-Year 2023 Earnings Release and Conference Call

TORONTO, Feb. 22, 2024 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) wishes to provide guidance for 2024, as well as details for its fourth quarter and full-year 2023 earnings release and conference call. All figures are expressed in Canadian dollars unless otherwise noted.

2024 Guidance (all figures quoted on a 100% basis unless otherwise specified)

The Company wishes to provide operating and cost guidance for 2024, as follows:

• 36 – 39 million total tonnes mined (ore and waste)

• 4.1 – 4.6 million ore tonnes mined

• 3.4 – 3.6 million ore tonnes treated

• 4.2 – 4.7 million carats recovered

• Production costs of $124 - $136 per tonne treated

• Production costs of $96 – $107 per carat recovered

• Sustaining Capital Expenditure of $11 million (49% share)

As part of the Company's year-end 2022 news release disseminated on March 22, 2023 (link provided here), a 2024 production outlook was provided. The production outlook provided was for 4.0 – 4.4 million carats recovered at the 100% level. The increase in 2024 guidance to 4.2 – 4.7 million carats recovered at the 100% level is driven by an expected increase in recovered grade, as well as expected improvements in plant throughput and overall process utilization ("OPU") relative to prior forecasts. This follows the successful project executed during 2023 to improve the process plant performance.

In addition to these guidance figures, the Company wishes to provide guidance for 2024 carats sold as follows:

• 2.3 – 2.6 million carats sold

Earnings Release and Conference Call Details

The Company will host its fourth quarter and full-year 2023 conference call on Wednesday March 27st, 2024 at 11:00am ET. Prior to the conference call, the Company will release Q4 and full-year 2023 financial results on March 26th, 2024 after-market.

Conference Call Dial-in Details: