About Mountain Province Diamonds

Mountain Province Diamonds Inc. focuses on the mining and marketing of rough diamonds to the global market. The company supplies rough diamonds to the global market from its 49% ownership interest in the Gahcho Kue diamond mine (the ‘GK Diamond Mine’). The GK Diamond Mine is located in Canada’s Northwest Territories. The company owns its interest in the mineral claims and properties that are developed into the GK Diamond Mine. The GK Diamond Mine was built and is operated by a joint venture (the ‘Gahcho Kue Joint Venture’) in which the company has an undivided 49% interest. The other joint venture participant, De Beers Canada Inc. (De Beers), has an undivided 51% interest. Construction of the GK Diamond Mine commenced in 2014, with initial production commencing mid 2016. During 2021, the GK Diamond Mine recovered approximately 6.2 million carats of diamonds on a 100% basis and the company received its 49% share or approximately 3.1 million carats. During 2021, the company sold approximately 3.2 million carats of diamonds. The company conducted eight sales during 2021. During 2022, the GK Diamond Mine operational plan anticipates total ore and waste mined of 35 million to 40 million tonnes and ore processing of approximately 3.35 million to 3.6 million tonnes, recovering between 6.3 million and 6.7 million carats (100% basis) and reflecting a recovered grade of between 1.75 cpt (carats per tonne) and 2.00 cpt. The company expects to conduct nine sales during 2022. The company also engages in diamond exploration in an area of interest immediately adjacent to the Gahcho Kue Joint Venture through its wholly-owned subsidiary, Kennady Diamonds Inc. Principal Markets and Distribution The company markets its 49% share of production from the GK Diamond Mine by sorting and valuing diamonds that are then sold through the facilities of the international diamond market in Antwerp, Belgium. Environmental Protection The Gahcho Kue Diamond Mine is subject to environmental requirements and conditions of operation contained in several statutes and administered by Canadian federal and Northwest Territorial authorities. Mineral Properties The company holds a 49% undivided interest in the Gahcho Kue Diamond Mine, and a 100% undivided interest in exploration mineral properties managed under its wholly-owned subsidiary, Kennady Diamonds Inc. The Gahcho Kue Diamond Mine The GK Diamond Mine is located in the Northwest Territories (NWT) of Canada, in the District of Mackenzie. The GK Mine covers a portion of the southeastern Slave Geological Province, an Archean terrane ranging in age from 4.03 Ga to 2.55 Ga. The area consists of granodiorite intrusions, high-grade gneisses and migmatites, along with volcanic and sedimentary supracrustal rocks typical of many greenstone belts in the Slave Province. The GK Mine property hosts seven known kimberlites, such as Tuzo, 5034, Hearne, Curie, Tesla, Wilson, and Dunn. The Kennady North Project The Kennady North Project is managed by the company’s wholly-owned subsidiary; Kennady Diamonds Inc. (‘Kennady’ or the ‘subsidiary’). Kennady is an exploration company. The Kennady North Project (KNP) is located in the Northwest Territories approximately 300 kilometres northeast of Yellowknife, 80 kilometres southeast of the Snap Lake Mine and 100 kilometres north of the community of Lutsel K’e. The Kennady North Project includes 22 federal leases and 97 claims covering an area of over 107,000 hectares that surround the Gahcho Kue Mine on all sides. Kennady North has five known kimberlites, such as Kelvin, Faraday 2, Faraday 1-3, MZ, and Doyle. The Kennady North property covers a portion of the southeastern Slave Geological Province, an Archean terrane ranging in age from 4.03 Ga to 2.55 Ga. The area consists of granodiorite, high-grade gneiss and migmatite, along with volcanic and sedimentary supracrustal rocks typical of many greenstone belts in the Slave Province. History The company was founded in 1986. It was formerly known as Mountain Province Mining Inc. and changed its name to Mountain Province Diamonds Inc. in 2000. The company was incorporated under the laws of British Columbia in 1986 under the British Columbia Company Act.