Mountain Province Diamonds Inc (MPVD)

Mountain Province Diamonds Announces Mailing of Meeting Materials For Annual and Special Meeting of Shareholders, Seeks Approvals to Facilitate Potential Restructuring TransactionMay 26, 2026 11:28 AM
PR Newswire (US) TSX and OTC: MPVDTORONTO and NEW YORK, May 26, 2026 /PRNewswire/ -- Mountain Province Diamonds Inc. ("Mountain Province" or the "Corporation") (TSX: MPVD) (OTC: MPVD) announces today that the Corporation has sent and filed, using notice-and-access, its notice of meeting, management information circular (the "Circular") and related documents (collectively, the "Meeting Materials") to the holders (the "Shareholders") of common shares of the Corporation (the "Shares") in connection with the annual and special meeting of Shareholders to be held virtually at meetnow.global/MZKFR7U at 11:00 a.m. (Eastern Time) on June 30, 2026 (the "Meeting"). The Meeting Materials will be filed on the Corporation's SEDAR+ profile at www.sedarplus.ca and will be accessible on the Corporation's website at www.mountainprovince.com.In addition to the routine annual meeting matters, at the Meeting, Shareholders will be asked to: (i) re-approve the Corporation's long-term equity incentive plan as required under the TSX Company Manual (the "Manual"); (ii) approve an ordinary resolution (the "Facility Fee Resolution") approving a US$1,000,000 facility fee (the "Facility Fee"); (iii) approve an ordinary resolution (the "Delisting Resolution") approving the voluntary delisting of the Shares (the "Delisting") from the Toronto Stock Exchange ("TSX"); and (iv) approve a special resolution (the "Continuance Resolution") authorizing the continuance of the Corporation (the "Continuance") in British Columbia as a company continued under the Business Corporations Act (British Columbia) ("BCBCA") from Ontario under the Business Corporations Act (Ontario) ("OBCA") .The purpose of the Delisting and/or the Continuance is to, if effected, facilitate a potential restructuring transaction involving the Corporation, its creditors and its securityholders, including Shareholders. Such a restructuring transaction may include a consolidation of the Shares that could, as a result, effectively take the Corporation private (a "going-private transaction"). The ratio and terms upon which the Corporation may effect a consolidation of its Shares has not been determined; however a consolidation of the Shares could have the effect of eliminating the shareholdings of a considerable number of Shareholders, who could receive little or no compensation for their Shares.The Delisting and/or the Continuance would provide the Corporation with greater flexibility and agility to pursue a restructuring transaction, including a share consolidation or a going-private transaction, expeditiously, should such a transaction be determined to be in the best interests of the Corporation and its stakeholders, including Shareholders.Facility FeeA bridge credit facility agreement among Dunebridge Worldwide Ltd. ("Dunebridge"), as lender, and the Corporation, as borrower, and the guarantors named therein, which was originally entered into on February 24, 2025 provided for USD$30 million in immediately available funds to the Corporation (the "Original Bridge Term Facility"). Pursuant to the terms and conditions of the amended and restated bridge loan agreement (the "A&R Bridge Facility Agreement") dated May 13, 2025, as further amended on July 25, 2025, November 18, 2025, March 17, 2026 and April 30, 2026, among Dunebridge, the Corporation, and the guarantors named therein, the Corporation agreed to the Facility Fee as consideration for the US$10,000,000 increase in the size of the bridge term credit facility (the "Additional Bridge Term Facility" and together with the Original Bridge Term Facility, the "Bridge Term Facility") on July 25, 2025. Pursuant to the A&R Bridge Facility Agreement, upon Shareholder approval of the Facility Fee Resolution, the Facility Fee will automatically become due and payable on the maturity of the Additional Bridge Term Facility.Insider and Related Party ParticipationDunebridge and Vertigol Unlimited Company ("Vertigol") are ultimately beneficially held by Mr. Dermot Desmond. Based on the information known to the Corporation, Vertigol holds 75,446,071 Shares (the "Vertigol Shares"), representing approximately 35.5% of the Shares. Accordingly, Vertigol and Dunebridge are each considered an "insider" of the Corporation (under the Manual) and a "related party" (as defined in and under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")).Board Review and Approval ProcessThe Facility Fee was considered as part of the initial approval for the Additional Bridge Term Facility by a special committee (the "Special Committee") of independent directors of the Corporation created to review, consider and evaluate the Corporation's financial situation and potential sources of capital. The Special Committee reviewed the terms of the A&R Bridge Facility Agreement, and upon input from the Corporation's financial advisor, owing in material part to the financial condition of the Corporation, and various other factors, determined the Additional Bridge Term Facility (including the Facility Fee) to be commercially reasonable and unanimously recommended that the board of directors (the "Board") approve and authorize the Corporation to enter into the A&R Bridge Facility Agreement.In making its recommendation to the Board to approve the Additional Bridge Term Facility, and in particular, the Facility Fee, the Special Committee carefully considered, among other things, the following factors:The Facility Fee. The quantum of the Facility Fee of USD$1 million in respect of the Additional Bridge Term Facility principal of approximately USD$10 million may in isolation be considered high; however, the aggregate of the first facility fee of USD$1 million payable on the Original Bridge Term Facility (the "First Facility Fee") and the Facility Fee, being USD$2 million in total, should be viewed against the total borrowing of USD$40 million under the Bridge Term Facility and the risk associated with the same. The Facility Fee is also reasonably proportionate to the first facility fee of USD$1 million, which also included the issuance of 10 million common share purchase warrants to Dunebridge.Financial Position of the Corporation. If the Corporation did not enter into the A&R Bridge Facility Agreement or find an alternative source of working capital for its operations, the Corporation would be in default under the amended and restated joint venture agreement ("New JVA") with De Beers Canada Inc. ("De Beers") and cross-default under its other debt obligations. The Facility Fee is reasonable consideration to Dunebridge in the circumstances for loaning the Additional Bridge Term Facility to allow the Corporation to avoid such default and cross-default.Lack of Alternative Financing Options Available to the Corporation. The combination of the restrictions contained in the certain payment and security agreement (the "Payment Agreement") entered into with De Beers, the Corporation's capital structure and existing secured indebtedness rendered it unlikely that the Corporation could find alternative financing on the same or better terms than the Additional Bridge Term Facility (including the Facility Fee) within the necessary timeframe.Contractual Obligation. The Corporation is contractually obligated under the A&R Bridge Term Facility Agreement, by the rules of the TSX and the conditional approval of the TSX ("Conditional Approval") in respect of the Additional Bridge Term Facility to seek Disinterested Shareholder Approval (as defined below) for the Facility Fee.TSX Disinterested Shareholder Approval and MI 61-101 Minority Shareholder Approval. The Facility Fee Resolution must receive Disinterested Shareholder Approval.Other Matters. The Special Committee considered all other matters deemed relevant in their discretion.Further to the recommendation of the Special Committee and after considering the best interests of the Corporation, the directors of the Board (other than Mr. Comerford and Mr. Brett Desmond who recused themselves due to a conflict of interest) unanimously approved the Facility Fee and will recommend in the Meeting Materials that Shareholders vote FOR the Facility Fee Resolution.Shareholder Approval RequirementsUnder the rules and policies of the TSX and pursuant to the Conditional Approval in respect of the Additional Bridge Term Facility, the Corporation is required to obtain the approval of a simple majority of the votes cast on the Facility Fee Resolution by Shareholders attending the Meeting, virtually or by proxy, with the votes attached to the Vertigol Shares excluded from such vote on the Facility Fee Resolution ("TSX Disinterested Shareholder Approval").Similarly, under MI 61-101, the Facility Fee, which will be added to the principal amount owing under the Additional Bridge Term Facility, constitutes a loan from a related party, and requires the approval of a majority of the votes cast by Shareholders attending the Meeting virtually or by proxy, excluding from such vote Shares beneficially owned, or over which control or direction is exercised by certain prescribed persons (the "MI 61-101 Minority Shareholder Approval Requirement" and together with TSX Disinterested Shareholder Approval, "Disinterested Shareholder Approval"). Shares held by any person who is a related party of Dunebridge will be excluded for the purposes of calculating the requisite Shareholder approval on the Facility Fee Resolution to meet the MI 61-101 Minority Shareholder Approval Requirement. For this purpose, the Vertigol Shares, 707,826 Shares held by Mr. Comerford, 30,000 Shares held by Mr. Brett Desmond and 352,624 Shares held by Arkendale Investments Ltd. (which is ultimately beneficially controlled by Mr. Brett Desmond), representing in the aggregate approximately 36.0% of the Shares will be excluded from the vote on the Facility Fee Resolution for the purposes of MI 61-101.Voluntary Delisting and ContinuanceMountain Province has experienced, and continues to experience, serious financial difficulties that have, as disclosed previously in the Corporation's public disclosure record, required the Corporation to take various actions to manage its liquidity, service its debt obligations, and attempt to restore long-term stability. The Corporation's outstanding indebtedness is substantial. As at the end of the Corporation's three-month interim financial period ended March 31, 2026, the Corporation had minimal cash on hand of approximately CAD$219,000 and indebtedness (excluding unpaid interest) totaling approximately USD$290.6 million.Unless otherwise extended or waived, on June 15, 2026, the Corporation's deferred interest payment on the 9.00% senior secured notes due December 15, 2027, an estimated US$26,152,000, will become due on such date. Further, on or prior to June 30, 2026, under the Payment Agreement, the Corporation is required to pay De Beers, as operator of the Gahcho Kué diamond mine (the "GK Mine"), 33% of the Corporation's remaining reclamation payments, which are an estimated CAD$33,000,000.The Corporation has also received in-kind election notices (each an "IKE Notice" and together, the "IKE Notices") from De Beers under the New JVA pursuant to which De Beers has elected to exercise its right to effectively garnish 2435386 Ontario Inc.'s ("386") share of diamonds and the proceeds from the sale of such diamonds. As of May 19, 2026, the date of the Circular, the total amount owing under such IKE Notices is CAD$132,217,352 (inclusive of interest), being the amount by which the Corporation is in arrears of its cash call obligations under the New JVA. As at the date of this news release, the total amount owing under such IKE Notices is CAD$129,493,590 (inclusive of interest). Dependent upon future selling price, 386's share of the proceeds from the sale of diamonds recovered from the GK Mine may not be sufficient to satisfy the outstanding IKE Notices and the Corporation anticipates continuing to incur cash call arrears until at least the year end.As disclosed in the Corporation's news release dated May 1, 2026, the Corporation entered into the purchase and sale agreement (the "Diamond Purchase and Sale Agreement") with 386 and Mr. Dermot Desmond, pursuant to which, the Corporation sold its right, title and interest to US$999,999 of receivables from the sale of its share of diamonds from the GK Mine (the "Purchased Receivables") to Mr. Dermot Desmond for a purchase price of US$833,000. The proceeds from the sale of the Purchased Receivables has provided the Corporation with short-term relief; however, the Corporation is actively and constructively engaging with all key stakeholders, including De Beers, creditors, and relevant government authorities, to preserve liquidity and identify a path forward, including a potential restructuring transaction.The rules and policies of the TSX and the OBCA impose certain procedural constraints on transactions of this nature, including being subject to the approval of the TSX, shareholder approval, valuation and other requirements that would pose an undue regulatory and financial burden on the Corporation to meet such requirements. By delisting from the TSX and continuing from the OBCA to the BCBCA, the Corporation would obtain greater flexibility to structure and implement a restructuring transaction, including a share consolidation and/or a "going-private" transaction, in a manner that is responsive to the Corporation's financial situation. The Delisting and/or the Continuance are expected to also relieve the financial and time burden on the Corporation associated with preparing for and obtaining such approvals, in making such applications and in complying with such other requirements.Assuming the Corporation receives the approval of the TSX and the Delisting Resolution is approved by Shareholders, implementation of the Delisting is conditional upon the Board, in its sole discretion, making a final determination that such Delisting is in the best interests of Mountain Province and its stakeholders, including Shareholders, given the circumstances of the Corporation at such time. The Board shall maintain full discretion as to when, and if, the Delisting shall be completed. Pursuant to the Manual, the effective date of the Delisting will not be earlier than the 10th business day following the later of: (i) dissemination of a press release pre-cleared by the TSX announcing the Delisting; and (ii) the Corporation having obtained Shareholder approval for the Delisting.If the Continuance Resolution is approved by Shareholders, the Continuance will take place at an appropriate time to be determined by the Board at its sole discretion and once all regulatory approvals are obtained.Board Review and Approval ProcessAfter giving due consideration to discussions with the Special Committee's financial advisor and the Corporation's legal counsel, and various other factors, including the potential impact of the Delisting and the Continuance on Shareholders and other stakeholders, the Special Committee unanimously determined the Delisting and Continuance represent a possible viable path forward for the Corporation and unanimously recommended that the Board approve and authorize the Corporation to complete the Delisting and the Continuance.In making its recommendation, the Special Committee carefully considered, among other things, the following factors:Flexibility to Pursue a Restructuring Transaction, Including a Share Consolidation or Going-Private Transaction. A going-private transaction, likely by way of a share consolidation, could represent a viable path forward for the Corporation given its constrained liquidity position, substantial debt obligations, and the limited strategic alternatives available. The Delisting and Continuance would enable the Corporation to pursue and complete such a transaction with reduced structural and regulatory constraints. By delisting from the TSX and continuing from the OBCA to the BCBCA, the Corporation would obtain greater flexibility to structure and implement a transaction in a manner that is responsive to the Corporation's urgent financial situation.Limited or No Equity Value in the Shares. Management of the Corporation expects that a valuation of the Corporation will reflect that there is little to no equity value in the Shares of the Corporation.Duty to Act in Corporation's Best Interest and In Accordance with Fiduciary Obligations. If the Corporation continues as a company under the BCBCA, the Board, in pursuing any restructuring transaction, including a share consolidation or restructuring transaction, is, among other things, required to act honestly and in good faith with a view to the best interests of the Corporation, and to abide their by fiduciary obligations to the Corporation.TSX Disinterested Shareholder Approval. The Delisting Resolution must receive TSX Disinterested Shareholder Approval.Dissent Rights. Registered Shareholders are entitled to exercise dissent rights under the OBCA in respect of the Continuance Resolution.Cost Savings and Resource Reallocation. The Corporation has experienced, and continues to experience, significant financial difficulties. By completing the Delisting, the Corporation would eliminate or substantially reduce the costs of maintaining a listing on the TSX and associated administrative requirements, thereby reallocating those resources toward addressing its operational and financial challenges, including its material debt obligations and ongoing liquidity constraints.Other Matters. The Special Committee considered all other matters deemed relevant in their discretion.Accordingly, the Board (other than Mr. Comerford and Mr. Desmond who recused themselves due to a conflict of interest) unanimously approved the Delisting and the Continuance and will recommend in the Meeting Materials that Shareholders vote FOR the Delisting Resolution and the Continuance Resolution.Shareholder Approval RequirementsDelistingThe Delisting Resolution must be approved by a simple majority of the Shareholders attending the Meeting, virtually or by proxy, with the votes attached to the Vertigol Shares excluded from such vote on the Delisting Resolution.The Delisting is subject to the approval of the TSX.ContinuancePursuant to the OBCA, to be effective, the Continuance Resolution requires the affirmative vote of not less than two-thirds of the votes cast by Shareholders attending the Meeting, virtually or by proxy.The Continuance is also subject to the consent of the Ontario Securities Commission and the authorization of the Ontario Ministry of Finance under the OBCA.Annual and Special Meeting of Shareholders Only Shareholders of record as of the close of business on May 15, 2026, the record date for the Meeting, are entitled to receive notice of, attend (virtually) and vote at, the Meeting. Non-registered Shareholders (holders who hold their Shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) must appoint themselves as a proxyholder to be able to participate, vote and ask questions at the Meeting. Detailed instructions on how to participate, vote and ask questions at the Meeting are included in the Meeting Materials.Election of DirectorsBrett Desmond and Jonathan Comerford have each indicated they will stand for re-election at the Meeting. However, Karen Goracke and Daniel Johnson, the two independent directors of the Corporation have each indicated that they will not stand for re-election. Additionally, Jeff Swinoga resigned from the Board on March 27, 2026.The Corporation has determined that the number of directors to be elected at the Meeting shall remain at five and is currently conducting a search for up to three independent replacement directors to fill the vacancies as expeditiously as possible. Until such time as such additional directors are appointed, the Corporation will not have any independent directors.AuditorOn May 6, 2026, following a mutual decision of the Corporation and KPMG LLP, Chartered Accountants ("KPMG") that KPMG not be proposed for re-appointment as the Corporation's auditor at the Meeting, KPMG resigned as auditor of the Corporation. In accordance with the OBCA, the Board intends to fill the auditor vacancy in due course, with such auditor to be appointed by Shareholders at the Corporation's next annual general meeting. Accordingly, at the Meeting, Shareholders will be asked to authorize the directors of Mountain Province to fix the remuneration of any such auditor that is appointed by the Board to fill the casual vacancyAbout Mountain Province Diamonds Inc.Mountain Province is a 49% participant with De Beers in the GK Mine located in Canada's Northwest Territories. The GK Mine joint venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Corporation also controls more than 96,000 hectares of highly prospective mineral claims and leases surrounding the GK Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.For further information on Mountain Province and to receive news releases by email, visit the Corporation's website at www.mountainprovince.com.Caution Regarding Forward Looking InformationThis news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to: the timing of the Meeting; the terms of the Facility Fee and Additional Bridge Term Facility; the risk of default under the New JVA and cross default across the Corporation's existing credit facilities if the Facility Fee is not paid on or prior to the maturity date under the Bridge Term Facility; the anticipated insufficiency thereof to satisfy outstanding IKE Notices and anticipated continued cash call arrears under the New JVA; the scheduling and payment of the remaining reclamation payments under the Payment Agreement; the anticipated benefits of the Delisting and the Continuance on the Corporation's ability to pursue strategic alternatives, including a potential restructuring or "going-private" transaction; the expected timing of the Delisting from the TSX; the expected timing of the Continuance; the potential impact of the Delisting and the Continuance on Shareholders and other stakeholders; the anticipated benefits of the Delisting and the Continuance, including cost savings, increased flexibility to pursue a going-private transaction and reduced regulatory constraint; disinterested shareholder approval requirements under the Manual and MI 61-101; the Corporation's search for up to three replacement directors as expeditiously as possible; and the intention of the Board to fill the auditor vacancy in due course. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the Corporation's ability to obtain required regulatory approvals, including approval of the TSX for the Delisting; the Corporation's ability to obtain required shareholder approvals for the Facility Fee Resolution, the Delisting Resolution and the Continuance Resolution; the Corporation's ability to successfully implement the Delisting and the Continuance; the Corporation's ability to pursue and complete a potential "going-private" transaction or other strategic alternatives; the Corporation's ongoing financial difficulties, including its ability to manage liquidity, service its debt obligations and restore long-term stability; uncertainty regarding the impact of the Delisting and the Continuance on Shareholders and other stakeholders; the Corporation's ability to satisfy the conditions under the A&R Bridge Facility Agreement; the ability of the Corporation to find up to three replacement directors; the ability of the Board to fill the auditor vacancy in due course; changes in market conditions affecting the diamond industry; and general economic and business conditions.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR+, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.FOR FURTHER INFORMATION, PLEASE CONTACT: Jonathan Comerford, President and CEO, E-mail: info@mountainprovince.com View original content:https://www.prnewswire.co.uk/news-releases/mountain-province-diamonds-announces-mailing-of-meeting-materials-for-annual-and-special-meeting-of-shareholders-seeks-approvals-to-facilitate-potential-restructuring-transaction-302782030.html Original: Mountain Province Diamonds Announces Mailing of Meeting Materials For Annual and Special Meeting of Shareholders, Seeks Approvals to Facilitate Potential Restructuring Transaction

Mountain Province Diamonds Announces Mailing of Meeting Materials For Annual and Special Meeting of Shareholders, Seeks Approvals to Facilitate Potential Restructuring TransactionMay 26, 2026 11:18 AM
PR Newswire (US) TSX and OTC: MPVDTORONTO and NEW YORK, May 26, 2026 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province" or the "Corporation") (TSX: MPVD) (OTC: MPVD) announces today that the Corporation has sent and filed, using notice-and-access, its notice of meeting, management information circular (the "Circular") and related documents (collectively, the "Meeting Materials") to the holders (the "Shareholders") of common shares of the Corporation (the "Shares") in connection with the annual and special meeting of Shareholders to be held virtually at meetnow.global/MZKFR7U at 11:00 a.m. (Eastern Time) on June 30, 2026 (the "Meeting"). The Meeting Materials will be filed on the Corporation's SEDAR+ profile at www.sedarplus.ca and will be accessible on the Corporation's website at www.mountainprovince.com.In addition to the routine annual meeting matters, at the Meeting, Shareholders will be asked to: (i) re-approve the Corporation's long-term equity incentive plan as required under the TSX Company Manual (the "Manual"); (ii) approve an ordinary resolution (the "Facility Fee Resolution") approving a US$1,000,000 facility fee (the "Facility Fee"); (iii) approve an ordinary resolution (the "Delisting Resolution") approving the voluntary delisting of the Shares (the "Delisting") from the Toronto Stock Exchange ("TSX"); and (iv) approve a special resolution (the "Continuance Resolution") authorizing the continuance of the Corporation (the "Continuance") in British Columbia as a company continued under the Business Corporations Act (British Columbia) ("BCBCA") from Ontario under the Business Corporations Act (Ontario) ("OBCA") .The purpose of the Delisting and/or the Continuance is to, if effected, facilitate a potential restructuring transaction involving the Corporation, its creditors and its securityholders, including Shareholders. Such a restructuring transaction may include a consolidation of the Shares that could, as a result, effectively take the Corporation private (a "going-private transaction"). The ratio and terms upon which the Corporation may effect a consolidation of its Shares has not been determined; however a consolidation of the Shares could have the effect of eliminating the shareholdings of a considerable number of Shareholders, who could receive little or no compensation for their Shares.The Delisting and/or the Continuance would provide the Corporation with greater flexibility and agility to pursue a restructuring transaction, including a share consolidation or a going-private transaction, expeditiously, should such a transaction be determined to be in the best interests of the Corporation and its stakeholders, including Shareholders.Facility FeeA bridge credit facility agreement among Dunebridge Worldwide Ltd. ("Dunebridge"), as lender, and the Corporation, as borrower, and the guarantors named therein, which was originally entered into on February 24, 2025 provided for USD$30 million in immediately available funds to the Corporation (the "Original Bridge Term Facility"). Pursuant to the terms and conditions of the amended and restated bridge loan agreement (the "A&R Bridge Facility Agreement") dated May 13, 2025, as further amended on July 25, 2025, November 18, 2025, March 17, 2026 and April 30, 2026, among Dunebridge, the Corporation, and the guarantors named therein, the Corporation agreed to the Facility Fee as consideration for the US$10,000,000 increase in the size of the bridge term credit facility (the "Additional Bridge Term Facility" and together with the Original Bridge Term Facility, the "Bridge Term Facility") on July 25, 2025. Pursuant to the A&R Bridge Facility Agreement, upon Shareholder approval of the Facility Fee Resolution, the Facility Fee will automatically become due and payable on the maturity of the Additional Bridge Term Facility.Insider and Related Party ParticipationDunebridge and Vertigol Unlimited Company ("Vertigol") are ultimately beneficially held by Mr. Dermot Desmond. Based on the information known to the Corporation, Vertigol holds 75,446,071 Shares (the "Vertigol Shares"), representing approximately 35.5% of the Shares. Accordingly, Vertigol and Dunebridge are each considered an "insider" of the Corporation (under the Manual) and a "related party" (as defined in and under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")).Board Review and Approval ProcessThe Facility Fee was considered as part of the initial approval for the Additional Bridge Term Facility by a special committee (the "Special Committee") of independent directors of the Corporation created to review, consider and evaluate the Corporation's financial situation and potential sources of capital. The Special Committee reviewed the terms of the A&R Bridge Facility Agreement, and upon input from the Corporation's financial advisor, owing in material part to the financial condition of the Corporation, and various other factors, determined the Additional Bridge Term Facility (including the Facility Fee) to be commercially reasonable and unanimously recommended that the board of directors (the "Board") approve and authorize the Corporation to enter into the A&R Bridge Facility Agreement.In making its recommendation to the Board to approve the Additional Bridge Term Facility, and in particular, the Facility Fee, the Special Committee carefully considered, among other things, the following factors:The Facility Fee. The quantum of the Facility Fee of USD$1 million in respect of the Additional Bridge Term Facility principal of approximately USD$10 million may in isolation be considered high; however, the aggregate of the first facility fee of USD$1 million payable on the Original Bridge Term Facility (the "First Facility Fee") and the Facility Fee, being USD$2 million in total, should be viewed against the total borrowing of USD$40 million under the Bridge Term Facility and the risk associated with the same. The Facility Fee is also reasonably proportionate to the first facility fee of USD$1 million, which also included the issuance of 10 million common share purchase warrants to Dunebridge.Financial Position of the Corporation. If the Corporation did not enter into the A&R Bridge Facility Agreement or find an alternative source of working capital for its operations, the Corporation would be in default under the amended and restated joint venture agreement ("New JVA") with De Beers Canada Inc. ("De Beers") and cross-default under its other debt obligations. The Facility Fee is reasonable consideration to Dunebridge in the circumstances for loaning the Additional Bridge Term Facility to allow the Corporation to avoid such default and cross-default.Lack of Alternative Financing Options Available to the Corporation. The combination of the restrictions contained in the certain payment and security agreement (the "Payment Agreement") entered into with De Beers, the Corporation's capital structure and existing secured indebtedness rendered it unlikely that the Corporation could find alternative financing on the same or better terms than the Additional Bridge Term Facility (including the Facility Fee) within the necessary timeframe.Contractual Obligation. The Corporation is contractually obligated under the A&R Bridge Term Facility Agreement, by the rules of the TSX and the conditional approval of the TSX ("Conditional Approval") in respect of the Additional Bridge Term Facility to seek Disinterested Shareholder Approval (as defined below) for the Facility Fee.TSX Disinterested Shareholder Approval and MI 61-101 Minority Shareholder Approval. The Facility Fee Resolution must receive Disinterested Shareholder Approval.Other Matters. The Special Committee considered all other matters deemed relevant in their discretion.Further to the recommendation of the Special Committee and after considering the best interests of the Corporation, the directors of the Board (other than Mr. Comerford and Mr. Brett Desmond who recused themselves due to a conflict of interest) unanimously approved the Facility Fee and will recommend in the Meeting Materials that Shareholders vote FOR the Facility Fee Resolution.Shareholder Approval RequirementsUnder the rules and policies of the TSX and pursuant to the Conditional Approval in respect of the Additional Bridge Term Facility, the Corporation is required to obtain the approval of a simple majority of the votes cast on the Facility Fee Resolution by Shareholders attending the Meeting, virtually or by proxy, with the votes attached to the Vertigol Shares excluded from such vote on the Facility Fee Resolution ("TSX Disinterested Shareholder Approval").Similarly, under MI 61-101, the Facility Fee, which will be added to the principal amount owing under the Additional Bridge Term Facility, constitutes a loan from a related party, and requires the approval of a majority of the votes cast by Shareholders attending the Meeting virtually or by proxy, excluding from such vote Shares beneficially owned, or over which control or direction is exercised by certain prescribed persons (the "MI 61-101 Minority Shareholder Approval Requirement" and together with TSX Disinterested Shareholder Approval, "Disinterested Shareholder Approval"). Shares held by any person who is a related party of Dunebridge will be excluded for the purposes of calculating the requisite Shareholder approval on the Facility Fee Resolution to meet the MI 61-101 Minority Shareholder Approval Requirement. For this purpose, the Vertigol Shares, 707,826 Shares held by Mr. Comerford, 30,000 Shares held by Mr. Brett Desmond and 352,624 Shares held by Arkendale Investments Ltd. (which is ultimately beneficially controlled by Mr. Brett Desmond), representing in the aggregate approximately 36.0% of the Shares will be excluded from the vote on the Facility Fee Resolution for the purposes of MI 61-101.Voluntary Delisting and ContinuanceMountain Province has experienced, and continues to experience, serious financial difficulties that have, as disclosed previously in the Corporation's public disclosure record, required the Corporation to take various actions to manage its liquidity, service its debt obligations, and attempt to restore long-term stability. The Corporation's outstanding indebtedness is substantial. As at the end of the Corporation's three-month interim financial period ended March 31, 2026, the Corporation had minimal cash on hand of approximately CAD$219,000 and indebtedness (excluding unpaid interest) totaling approximately USD$290.6 million.Unless otherwise extended or waived, on June 15, 2026, the Corporation's deferred interest payment on the 9.00% senior secured notes due December 15, 2027, an estimated US$26,152,000, will become due on such date. Further, on or prior to June 30, 2026, under the Payment Agreement, the Corporation is required to pay De Beers, as operator of the Gahcho Kué diamond mine (the "GK Mine"), 33% of the Corporation's remaining reclamation payments, which are an estimated CAD$33,000,000.The Corporation has also received in-kind election notices (each an "IKE Notice" and together, the "IKE Notices") from De Beers under the New JVA pursuant to which De Beers has elected to exercise its right to effectively garnish 2435386 Ontario Inc.'s ("386") share of diamonds and the proceeds from the sale of such diamonds. As of May 19, 2026, the date of the Circular, the total amount owing under such IKE Notices is CAD$132,217,352 (inclusive of interest), being the amount by which the Corporation is in arrears of its cash call obligations under the New JVA. As at the date of this news release, the total amount owing under such IKE Notices is CAD$129,493,590 (inclusive of interest). Dependent upon future selling price, 386's share of the proceeds from the sale of diamonds recovered from the GK Mine may not be sufficient to satisfy the outstanding IKE Notices and the Corporation anticipates continuing to incur cash call arrears until at least the year end.As disclosed in the Corporation's news release dated May 1, 2026, the Corporation entered into the purchase and sale agreement (the "Diamond Purchase and Sale Agreement") with 386 and Mr. Dermot Desmond, pursuant to which, the Corporation sold its right, title and interest to US$999,999 of receivables from the sale of its share of diamonds from the GK Mine (the "Purchased Receivables") to Mr. Dermot Desmond for a purchase price of US$833,000. The proceeds from the sale of the Purchased Receivables has provided the Corporation with short-term relief; however, the Corporation is actively and constructively engaging with all key stakeholders, including De Beers, creditors, and relevant government authorities, to preserve liquidity and identify a path forward, including a potential restructuring transaction.The rules and policies of the TSX and the OBCA impose certain procedural constraints on transactions of this nature, including being subject to the approval of the TSX, shareholder approval, valuation and other requirements that would pose an undue regulatory and financial burden on the Corporation to meet such requirements. By delisting from the TSX and continuing from the OBCA to the BCBCA, the Corporation would obtain greater flexibility to structure and implement a restructuring transaction, including a share consolidation and/or a "going-private" transaction, in a manner that is responsive to the Corporation's financial situation. The Delisting and/or the Continuance are expected to also relieve the financial and time burden on the Corporation associated with preparing for and obtaining such approvals, in making such applications and in complying with such other requirements.Assuming the Corporation receives the approval of the TSX and the Delisting Resolution is approved by Shareholders, implementation of the Delisting is conditional upon the Board, in its sole discretion, making a final determination that such Delisting is in the best interests of Mountain Province and its stakeholders, including Shareholders, given the circumstances of the Corporation at such time. The Board shall maintain full discretion as to when, and if, the Delisting shall be completed. Pursuant to the Manual, the effective date of the Delisting will not be earlier than the 10th business day following the later of: (i) dissemination of a press release pre-cleared by the TSX announcing the Delisting; and (ii) the Corporation having obtained Shareholder approval for the Delisting.If the Continuance Resolution is approved by Shareholders, the Continuance will take place at an appropriate time to be determined by the Board at its sole discretion and once all regulatory approvals are obtained.Board Review and Approval ProcessAfter giving due consideration to discussions with the Special Committee's financial advisor and the Corporation's legal counsel, and various other factors, including the potential impact of the Delisting and the Continuance on Shareholders and other stakeholders, the Special Committee unanimously determined the Delisting and Continuance represent a possible viable path forward for the Corporation and unanimously recommended that the Board approve and authorize the Corporation to complete the Delisting and the Continuance.In making its recommendation, the Special Committee carefully considered, among other things, the following factors:Flexibility to Pursue a Restructuring Transaction, Including a Share Consolidation or Going-Private Transaction. A going-private transaction, likely by way of a share consolidation, could represent a viable path forward for the Corporation given its constrained liquidity position, substantial debt obligations, and the limited strategic alternatives available. The Delisting and Continuance would enable the Corporation to pursue and complete such a transaction with reduced structural and regulatory constraints. By delisting from the TSX and continuing from the OBCA to the BCBCA, the Corporation would obtain greater flexibility to structure and implement a transaction in a manner that is responsive to the Corporation's urgent financial situation.Limited or No Equity Value in the Shares. Management of the Corporation expects that a valuation of the Corporation will reflect that there is little to no equity value in the Shares of the Corporation.Duty to Act in Corporation's Best Interest and In Accordance with Fiduciary Obligations. If the Corporation continues as a company under the BCBCA, the Board, in pursuing any restructuring transaction, including a share consolidation or restructuring transaction, is, among other things, required to act honestly and in good faith with a view to the best interests of the Corporation, and to abide their by fiduciary obligations to the Corporation.TSX Disinterested Shareholder Approval. The Delisting Resolution must receive TSX Disinterested Shareholder Approval.Dissent Rights. Registered Shareholders are entitled to exercise dissent rights under the OBCA in respect of the Continuance Resolution.Cost Savings and Resource Reallocation. The Corporation has experienced, and continues to experience, significant financial difficulties. By completing the Delisting, the Corporation would eliminate or substantially reduce the costs of maintaining a listing on the TSX and associated administrative requirements, thereby reallocating those resources toward addressing its operational and financial challenges, including its material debt obligations and ongoing liquidity constraints.Other Matters. The Special Committee considered all other matters deemed relevant in their discretion.Accordingly, the Board (other than Mr. Comerford and Mr. Desmond who recused themselves due to a conflict of interest) unanimously approved the Delisting and the Continuance and will recommend in the Meeting Materials that Shareholders vote FOR the Delisting Resolution and the Continuance Resolution.Shareholder Approval RequirementsDelistingThe Delisting Resolution must be approved by a simple majority of the Shareholders attending the Meeting, virtually or by proxy, with the votes attached to the Vertigol Shares excluded from such vote on the Delisting Resolution.The Delisting is subject to the approval of the TSX.ContinuancePursuant to the OBCA, to be effective, the Continuance Resolution requires the affirmative vote of not less than two-thirds of the votes cast by Shareholders attending the Meeting, virtually or by proxy.The Continuance is also subject to the consent of the Ontario Securities Commission and the authorization of the Ontario Ministry of Finance under the OBCA.Annual and Special Meeting of Shareholders Only Shareholders of record as of the close of business on May 15, 2026, the record date for the Meeting, are entitled to receive notice of, attend (virtually) and vote at, the Meeting. Non-registered Shareholders (holders who hold their Shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) must appoint themselves as a proxyholder to be able to participate, vote and ask questions at the Meeting. Detailed instructions on how to participate, vote and ask questions at the Meeting are included in the Meeting Materials.Election of DirectorsBrett Desmond and Jonathan Comerford have each indicated they will stand for re-election at the Meeting. However, Karen Goracke and Daniel Johnson, the two independent directors of the Corporation have each indicated that they will not stand for re-election. Additionally, Jeff Swinoga resigned from the Board on March 27, 2026.The Corporation has determined that the number of directors to be elected at the Meeting shall remain at five and is currently conducting a search for up to three independent replacement directors to fill the vacancies as expeditiously as possible. Until such time as such additional directors are appointed, the Corporation will not have any independent directors.AuditorOn May 6, 2026, following a mutual decision of the Corporation and KPMG LLP, Chartered Accountants ("KPMG") that KPMG not be proposed for re-appointment as the Corporation's auditor at the Meeting, KPMG resigned as auditor of the Corporation. In accordance with the OBCA, the Board intends to fill the auditor vacancy in due course, with such auditor to be appointed by Shareholders at the Corporation's next annual general meeting. Accordingly, at the Meeting, Shareholders will be asked to authorize the directors of Mountain Province to fix the remuneration of any such auditor that is appointed by the Board to fill the casual vacancyAbout Mountain Province Diamonds Inc.Mountain Province is a 49% participant with De Beers in the GK Mine located in Canada's Northwest Territories. The GK Mine joint venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Corporation also controls more than 96,000 hectares of highly prospective mineral claims and leases surrounding the GK Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.For further information on Mountain Province and to receive news releases by email, visit the Corporation's website at www.mountainprovince.com.Caution Regarding Forward Looking InformationThis news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to: the timing of the Meeting; the terms of the Facility Fee and Additional Bridge Term Facility; the risk of default under the New JVA and cross default across the Corporation's existing credit facilities if the Facility Fee is not paid on or prior to the maturity date under the Bridge Term Facility; the anticipated insufficiency thereof to satisfy outstanding IKE Notices and anticipated continued cash call arrears under the New JVA; the scheduling and payment of the remaining reclamation payments under the Payment Agreement; the anticipated benefits of the Delisting and the Continuance on the Corporation's ability to pursue strategic alternatives, including a potential restructuring or "going-private" transaction; the expected timing of the Delisting from the TSX; the expected timing of the Continuance; the potential impact of the Delisting and the Continuance on Shareholders and other stakeholders; the anticipated benefits of the Delisting and the Continuance, including cost savings, increased flexibility to pursue a going-private transaction and reduced regulatory constraint; disinterested shareholder approval requirements under the Manual and MI 61-101; the Corporation's search for up to three replacement directors as expeditiously as possible; and the intention of the Board to fill the auditor vacancy in due course. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the Corporation's ability to obtain required regulatory approvals, including approval of the TSX for the Delisting; the Corporation's ability to obtain required shareholder approvals for the Facility Fee Resolution, the Delisting Resolution and the Continuance Resolution; the Corporation's ability to successfully implement the Delisting and the Continuance; the Corporation's ability to pursue and complete a potential "going-private" transaction or other strategic alternatives; the Corporation's ongoing financial difficulties, including its ability to manage liquidity, service its debt obligations and restore long-term stability; uncertainty regarding the impact of the Delisting and the Continuance on Shareholders and other stakeholders; the Corporation's ability to satisfy the conditions under the A&R Bridge Facility Agreement; the ability of the Corporation to find up to three replacement directors; the ability of the Board to fill the auditor vacancy in due course; changes in market conditions affecting the diamond industry; and general economic and business conditions.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR+, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-mailing-of-meeting-materials-for-annual-and-special-meeting-of-shareholders-seeks-approvals-to-facilitate-potential-restructuring-transaction-302782016.htmlSOURCE Mountain Province Diamonds Inc. Original: Mountain Province Diamonds Announces Mailing of Meeting Materials For Annual and Special Meeting of Shareholders, Seeks Approvals to Facilitate Potential Restructuring Transaction

Mountain Province Diamonds Announces First Quarter Financial Results for 2026May 12, 2026 5:00 PM
PR Newswire (US) TSX and OTC: MPVDTORONTO, May 12, 2026 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces financial results for the first quarter ended March 31, 2026 ("the Quarter" or "Q1 2026") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted. Financial Highlights for Q1 2026 858,000 carats sold, with total proceeds of $40.0 million (US$29.2 million) at an average realised value of $47 per carat (US$34).Adjusted EBITDA1 of ($0.6) million.Loss from mine operations of $36.2 million.Net loss of $65.1 million or $0.31 basic and diluted loss per share. 1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS.  See "Reconciliation of non-IFRS measures" at the end of the news release for explanation and reconciliation.Operational Highlights for Q1 2026
(all figures reported on a 100% basis unless otherwise stated)759,248 ore tonnes treated, a 18% decrease relative to Q1 2025, (Q1 2025: 925,773 tonnes treated;)2,006,135 carats recovered, 163% higher than Q1 2025 (Q1 2025: 762,978 carats)Average grade of 2.64 carats per tonne, a 222% increase relative to Q1 2025 (Q1 2025: 0.82 carats per tonne)Cost per carat recovered, including capitalized stripping of $53/carat, and cost per tonne processed, including capitalized stripping of $139/tonne.Sales Highlights for Q1 2026As previously released, during Q1 2026, 858,000 carats were sold for total proceeds of $40.0 million (US$29.2 million), resulting in an average value of $47 per carat (US$34 per carat). These results compare to Q1 2025 when 426,000 carats were sold for total proceeds of $44.0 million (US$30.7 million), resulting in an average price of $103 per carat (US$72 per carat).Jonathan Comerford, the Company's President, and Chief Executive Officer, commented: The first quarter is historically a challenging period for operations due to adverse weather conditions, Q1 2026 was a particularly cold winter at the GK Mine. During the quarter, total tonnes mined declined significantly compared with Q1 2025, primarily due to the joint venture partners' decision to pause Tuzo waste stripping.Despite these constraints, Q1 2026 was a record quarter for the operation, with more than 2.0 million carats recovered for the first time, representing a 163% increase compared to Q1 2025. This performance was driven by a significantly higher recovered grade of 2.64 carats per tonne, well ahead of expectations and up 222% year-on-year.While operational performance was exceptionally strong, the benefits of higher production were substantially offset by pricing pressure. During the quarter, 858,000 carats were sold for total proceeds of $40.0 million, at an average realised price of $47 per carat, compared to $103 per carat in Q1 2025. This reduction was primarily driven by continued weakness in the market and the diamond size mix, with a higher proportion of smaller stones recovered, which remain under the greatest pressure in the current market environment.These pricing conditions, and the uncertainty in the market, prompted the joint venture partner's decision to pause Tuzo waste stripping in order to conserve cash, preserve liquidity, and maintain strategic optionality.On the cost side, cost per carat recovered was $53 and cost per tonne processed was $139, both inclusive of capitalised stripping. These metrics reflect the lower tonnes treated but the record high level of carats recovered and the largely fixed cost nature of the operation during the winter mining period.As noted in our year-end results commentary, the diamond market continues to be adversely affected by geopolitical uncertainty, including concerns surrounding US tariffs and the ongoing conflict in the Middle East. These factors continue to weigh on demand and pricing—particularly in smaller size categories—and are currently overshadowing what has otherwise been a very strong operational performance at the mine.Given the sustained weakness in diamond pricing and its impact on cash flow, the Company is operating in a highly constrained and challenging financial environment which, if prolonged, could have implications for the longer-term sustainability of the Company.In response, we are actively and constructively engaging with all key stakeholders, including our joint venture partner, lenders, and relevant government authorities, to preserve liquidity and identify a path forward. We greatly appreciate the continued engagement and support of these stakeholders during what remains a particularly challenging period for the diamond market.We expect to provide a further update on the outcome of these discussions in the coming weeks.Gahcho Kué Mine Operations The following table summarizes key operating statistics for the Gahcho Kué Mine in Q1 2026, and Q1 2025. 

Three months endedThree months ended

March 31, 2026March 31, 2025



GK operating data


Mining


*Ore tonnes mined  kilo tonnes 741-*Waste tonnes mined  kilo tonnes 5,46210,092*Total tonnes mined kilo tonnes 6,20310,092*Ore in stockpile kilo tonnes 2,2793,142



Processing


*Ore tonnes processed kilo tonnes 759926*Average plant throughput tonnes per day 7,9899,851*Average diamond recovery carats per tonne 2.640.82*Diamonds recovered  000's carats 2,006763Approximate diamonds recovered - Mountain Province000's carats983374Cash costs of production per tonne of ore, net of capitalized stripping **$13190Cash costs of production per tonne of ore, including capitalized stripping**$139158Cash costs of production per carat recovered, net of capitalized stripping**$49109Cash costs of production per carat recovered, including capitalized stripping**  $53192



Sales


Approximate diamonds sold - Mountain Province***000's carats858426Average diamond sales price per caratUS$                               34$                               72 * at 100% interest in the Gahcho Kué Mine**See "Reconciliation of non-IFRS measures" at the end of the news release for explanation and reconciliation.***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding process Financial Performance

Three months endedThree months ended(in thousands of Canadian dollars, except where otherwise noted)  
March 31, 2026March 31, 2025



Sales$39,98343,995Carats sold 000's carats 858426Average price per carat sold $/carat 47103Cost of sales per carat* $/carat 89156Loss from mine operations per carat$(42)(53)Loss from mine operations%(91 %)(51 %)Selling, general and administrative expenses$2,5002,542Operating loss$(39,826)(25,102)Net loss for the period$(65,069)(34,374)Basic loss per share$(0.31)(0.16)Diluted loss per share$(0.31)(0.16)Conference CallThe Company will host its quarterly conference call on Wednesday May 13th, 2026, at 12:00pm ET.Title: Mountain Province Diamonds Inc Q1 2026 Earnings Conference CallConference ID: 72707
Date of call: 05/13/2026
Time of call: 12:00pm Eastern Time
Expected Duration: 60 minutesWebcast Link:
https://app.webinar.net/vAmWJnBJRgB
Participant Toll-Free Dial-In Number:             (+1) 888-699-1199
Participant International Dial-In Number:       (+1) 416-945-7677A replay of the webcast and audio call will be available on the Company's website.Reconciliation of Non-IFRS measuresThis news release refers to the terms "Cash costs of production per tonne of ore processed" and "Cash costs of production per carat recovered", both including and net of capitalized stripping costs and "Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA)" and "Adjusted EBITDA Margin". Each of these is a non-IFRS performance measure and is referenced in order to provide investors with information about the measures used by management to monitor performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.Cash costs of production per tonne of ore processed and cash costs of production per carat recovered are used by management to analyze the actual cash costs associated with processing the ore, and for each recovered carat. Differences from production costs reported within cost of sales are attributed to the amount of production cost included in ore stockpile and rough diamond inventories.Adjusted EBITDA is used by management to analyze the operational cash flows of the Company, as compared to the net income for accounting purposes. It is also a measure which is defined in the Notes documents. Adjusted EBITDA margin is used by management to analyze the operational margin % on cash flows of the Company.The following table provides a reconciliation of the Adjusted EBITDA and Adjusted EBITDA margin with the net income on the condensed consolidated interim statements of comprehensive (loss) income:(Unaudited)Three months endedThree months ended(in thousands of Canadian dollars, except where otherwise noted)March 31, 2026March 31, 2025


Net loss for the period$                     (65,069)$                     (34,374)Add/deduct:

Non-cash depreciation and depletion23,99823,075Dercognition of obsolete capital assets921-Net realizable value adjustment included in production costs10,86310,181Change in restoration liability included in production costs3,317(315)Share-based payment expense30154Fair value loss of warrants-1,099Gain on lease-4Finance expenses22,96110,078Derivative losses (gains) 130(815)Deferred income (recovery) taxes(4,500)(3,800)Current income taxes-160Unrealized foreign exchange (gains) losses 6,727313Adjusted earnings before  interest, taxes, depreciation and depletion (Adjusted EBITDA)  $                          (622)$                         5,760Sales39,98343,995Adjusted EBITDA margin(2 %)13 %The following table provides a reconciliation of the cash costs of production per tonne of ore processed and per carat recovered and the production costs reported within cost of sales on the condensed consolidated interim statements of comprehensive (loss) income:(Unaudited)
Three months endedThree months ended(in thousands of Canadian dollars, except where otherwise noted)
March 31, 2026March 31, 2025



Cost of sales production costs$50,53639,289Timing differences due to inventory and other non-cash adjustments$(1,944)1,541Cash cost of production of ore processed, net of capitalized stripping$48,59240,830Cash costs of production of ore processed, including capitalized stripping$51,60971,597



Tonnes processed kilo tonnes 372454Carats recovered 000's carats 983374



Cash costs of production per tonne of ore, net of capitalized stripping$13190Cash costs of production per tonne of ore, including capitalized stripping$139158Cash costs of production per carat recovered, net of capitalized stripping$49109Cash costs of production per carat recovered, including capitalized stripping  $53192About Mountain Province Diamonds Inc.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 more than 113,000 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, at February 2019. 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, at February 2019. 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, at February 2019. All resource estimations are based on a 1mm diamond size bottom cut-off.Qualified PersonThe disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Tom McCandless, Ph.D., P.Geo.Caution Regarding Forward Looking InformationThis news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provides additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities, Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board. View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-first-quarter-financial-results-for-2026-302770013.htmlSOURCE Mountain Province Diamonds Inc. Original: Mountain Province Diamonds Announces First Quarter Financial Results for 2026

Mountain Province Diamonds Extends Maturity on Credit Facility and Sells US$999,999 of Diamond Sale ReceivablesMay 1, 2026 6:45 AM
PR Newswire (US)

TSX and OTC: MPVDTORONTO and NEW YORK, May 1, 2026 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) (OTC: MPVD) announces today that it is (a) extending the maturity date on its term loan and the principal repayment date under the working capital facility to June 30, 2026; and (b) selling its right, title and interest to US$999,999 of receivables from the sale of its share of diamonds from the Gahcho Kué diamond mine (the "GK Mine") in the Northwest Territories for a purchase price of US$833,000.Fourth Amending AgreementThe Company has entered into a fourth amending agreement (the "Fourth Amending Agreement") with Dunebridge Worldwide Ltd., as administrative agent, security trustee and lender thereunder ("Dunebridge"), a related party of the Company, extending the maturity date on the US$40 million term loan facility (the "Term Loan") and the date for repayment of the principal amount of the US$33 million working capital facility (the "WCF") from April 30, 2026 to June 30, 2026. The WCF and Term Loan are governed by the amended and restated bridge credit facility agreement dated May 13, 2025, as further amended by amendment no. 1, amendment no. 2 and amendment no. 3 dated July 25, 2025, November 18, 2025, and March 17, 2026, respectively.Sale of ReceivableThe Company also announces today that it has sold US$999,999 of the proceeds from the sale of diamonds from the GK Mine (the "Purchased Receivables"), to which 2435386 Ontario Inc. ("386"), a wholly owned subsidiary of the Company, is entitled under its 49% joint venture interest in such mine, to Mr. Dermot Desmond ("Mr. Desmond") under a purchase and sale agreement between the Company, 386 and Mr. Desmond (the "Purchase and Sale Agreement"). The purchase price for the Purchased Receivables will be paid to the Company immediately, providing the Company with the operating capital necessary to continue operations in the near term while the Company reviews its strategic alternatives.The rights of Mr. Desmond to payment of Purchased Receivables are subject to the rights of De Beers Canada Inc. ("De Beers") to such Purchased Receivables under the in-kind election notices (each, an "IKE Notice") received to date from De Beers to effectively garnish 386's portion of the diamonds from the Mine under the amended and restated joint venture agreement between the Company, 386 and De Beers dated March 18, 2025 (the "JVA").The Company and De Beers continue to discuss how best to address the cash flow matters and manage the joint venture going forward, given the current market difficulties. In order to allow these discussions to continue, De Beers continues to issue a new IKE Notice to the extent any prior IKE Notice is not fully paid by the applicable due date, such that the unpaid balance will be payable in 60 days from the date of the new IKE Notice.Review and Approval ProcessThe Fourth Amending Agreement and the Purchase and Sale Agreement were considered by the same special committee (the "Special Committee") of independent directors of the Company (the "Board") created to consider the WCF, and other previously announced refinancing transactions involving Dunebridge and Mr. Desmond, each related parties of the Company. The Special Committee reviewed the Fourth Amending Agreement and the Purchase and Sale Agreement and, owing in material part to the financial condition of the Company and various other factors, recommended that the Board approve the Fourth Amending Agreement and the Purchase and Sale Agreement.The Board received the recommendation of the Special Committee and unanimously approved the Fourth Amending Agreement and the Purchase and Sale Agreement. Two members of the Board, Mr. Jonathan Comerford and Mr. Brett Desmond, having declared conflicts of interest, abstained from voting on the Fourth Amending Agreement and the Purchase and Sale Agreement.Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions – Exemption for Financial DifficultyVertigol Unlimited Company ("Vertigol") is the beneficial holder of 75,446,071 shares of the Company, which represents over 35% of the Company's issued and outstanding shares. Mr. Desmond is the ultimate beneficial owner of Vertigol and accordingly, both Vertigol and Mr. Desmond are a "related party" (as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")). Dunebridge, is also ultimately beneficially owned by Mr. Desmond, which makes Dunebridge an affiliate of Vertigol, and a related party of the Company under MI 61-101.Neither the Fourth Amending Agreement nor the Purchase and Sale Agreement affect the shareholdings of any of Vertigol, Mr. Desmond or Dunebridge. The execution and delivery of the Fourth Amending Agreement and the Purchase and Sale Agreement constitute "related party transactions" within the meaning of MI 61-101 as the Fourth Amending Agreement materially amends the terms of an outstanding credit facility with the related party and pursuant to the Purchase and Sale Agreement the Company is selling an asset to the related party. The Company is relying on the exemption from the formal valuation and minority shareholder approval requirements applicable to a related party transaction provided under section 5.5(g) and 5.7(1)(e) of MI 61-101 on the grounds that the Company is in serious financial difficulty, that the Fourth Amending Agreement and Purchase and Sale Agreement are each designed to improve the financial position of the Company and that the Board, acting in good faith, and all of the Company's independent directors, acting in good faith determined that, the terms of both agreements are reasonable given the difficulties that the Company is facing.About Mountain Province Diamonds Inc.Mountain Province is a 49% participant with De Beers in the Gahcho Kué diamond mine (the "GK Mine") located in Canada's Northwest Territories. The GK Mine joint venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 96,000 hectares of highly prospective mineral claims and leases surrounding the GK Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.Caution Regarding Forward Looking InformationThis news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to: the maturity date under the Term Loan and the payment date under the WCF, the timing of the payment for the Purchased Receivables and the anticipated proceeds from diamond sales and the exercise of De Beers rights under the JVA. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the risk that De Beers commences enforcement under the JVA and accelerates other amounts due to it; the risk that proceeds of diamond sales being less than anticipated, the risk that De Beers issues an event of default notice under the JVA (rather than an IKE Notice) in respect of future call arrears; risks relating to the supply of, and demand for, diamonds, fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR+, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.



View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-extends-maturity-on-credit-facility-and-sells-us999-999-of-diamond-sale-receivables-302759772.htmlSOURCE Mountain Province Diamonds Inc.

Original: Mountain Province Diamonds Extends Maturity on Credit Facility and Sells US$999,999 of Diamond Sale Receivables

Mountain Province Diamonds Announces First Quarter 2026 Production and Sales Results, Details of First Quarter 2026 Earnings Release, and Conference Call and board changeApril 30, 2026 8:04 PM
PR Newswire (US)

TSX and OTC: MPVDTORONTO, April 30, 2026 /PRNewswire/ -- Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces production and sales results for the first quarter ended March 31, 2026 ("the Quarter" or "Q1 2026") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.Q1 2026 Production Takeaways
(all figures reported on a 100% basis unless otherwise stated)2,006,135 carats recovered, a 163% increase compared to Q1 2025 (762,978 carats)2.64 average grade of carats per tonne, a 222% increase compared to Q1 2025 (0.82 carats per tonne)741,480 ore tonnes mined; compares to Q1 2025 ( 0 (nil) ore tonnes mined), as all ore treated came from the stockpile in Q1 2025.759,248 ore tonnes treated, an 18% decrease compared to Q1 2025: (925,773 tonnes treated)Q1 2026 Production Figures







2026 Q12025 Q1YoY VarianceTotal tonnes mined (ore and waste)6,203,32510,092,470-39 %Ore tonnes mined741,4800N/AOre tonnes treated759,248925,773-18 %Carats recovered2,006,135762,978163 %Carats recovered (49% share)983,006373,859163 %Recovered grade (carats per tonne)2.640.82222 %Q1 2026 Sales ResultsIn the Quarter, 858,173 carats were sold for $40 million (US$29.2million), averaging $47 per carat (US$34 per carat). In Q1 2025, 426,268 carats were sold for $44 million (US$30.7 million), averaging $103 per carat (US$72 per carat).Further to our news release of March 17, 2026 however, the proceeds of the Company's diamond sales are paid directly to De Beers Canada Inc. ("De Beers") pursuant to in-kind election notices previously delivered, and which continue to be delivered, in accordance with the amended and restated joint venture agreement between the Company and De Beers dated March 18, 2025, relating to unpaid cash calls.Jonathan Comerford, the Company's President and Chief Executive Officer, commented:"The first quarter of the year is historically a challenging period for operations due to adverse weather conditions, and Q1 2026 was a particularly cold winter at the GK Mine. During the quarter, total tonnes mined declined significantly compared with Q1 2025, primarily due to the joint venture partners' decision to pause Tuzo waste stripping to conserve cash, preserve liquidity, and maintain strategic optionality.Despite these headwinds, Q1 2026 was a record quarter for the mine, with more than 2.0 million carats recovered for the first time. This was achieved at a very high recovered grade of 2.64 carats per tonne. While the grade exceeded expectations, a significant portion of the higher–grade material was in smaller stone sizes, which are currently under the greatest pressure in the diamond market. This explains much of the decline in the average value per carat reported for the period.As noted in our year–end results commentary, the diamond market continues to be adversely affected by geopolitical uncertainty, including concerns surrounding US tariffs and the ongoing conflict in the Middle East. As previously reported, we continue to engage constructively with all stakeholders to navigate this particularly challenging period for the market, which is currently overshadowing a very strong operational performance in terms of carats recovered. We expect to provide a further update on the outcome of these discussions over the coming weeks."At the end of the Quarter Jeff Swinoga stepped down from the board given his involvement in several other board positions. "On behalf of the Board, I would like to thank Jeff for his significant contribution to the Company at both the Audit Committee and Board. We wish him every success in his future endeavours.".Earnings Release and Conference Call DetailsThe Company will host its quarterly conference call on Wednesday May 13th, 2026 at 12:00pm ET (noon). Prior to the conference call, the Company will release Q1 2026 financial results on May 12th, 2026 after-market.Conference Call Dial-in Details:Title: Mountain Province Diamonds Inc Q1 2026 Earnings Conference CallConference ID: 72707
Date of call: 05/13/2026
Time of call: 12:00 (noon) Eastern Time
Expected Duration: 60 minutesWebcast Link: https://app.webinar.net/vAmWJnBJRgB
North American Toll-Free Dial-In Number:    (+1) 888-699-1199
Participant International Dial-In Number:      (+1) 416-945-7677A replay of the webcast and audio call will be available on the Company's website.About Mountain Province Diamonds Inc.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 more than 96,000 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.For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.Qualified PersonThe disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Tom McCandless, Ph.D., P.Geo, and Tysen Hantelmann, P. Eng., independent advisors to the Company and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by De Beers as the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.FOR FURTHER INFORMATION, PLEASE CONTACT: Jonathan Comerford, President and CEO, 151 Yonge Street, Suite 1100, Toronto, Ontario, M5C 2W7, Phone: (416) 361-3562, E-mail: info@mountainprovince.com 



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Original: Mountain Province Diamonds Announces First Quarter 2026 Production and Sales Results, Details of First Quarter 2026 Earnings Release, and Conference Call and board change

Mountain Province Diamonds Announces First Quarter 2026 Production and Sales Results, Details of First Quarter 2026 Earnings Release, and Conference Call and board changeApril 30, 2026 7:39 PM
PR Newswire (Canada)

TSX and OTC: MPVDTORONTO, April 30, 2026 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces production and sales results for the first quarter ended March 31, 2026 ("the Quarter" or "Q1 2026") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.Q1 2026 Production Takeaways
(all figures reported on a 100% basis unless otherwise stated)2,006,135 carats recovered, a 163% increase compared to Q1 2025 (762,978 carats)2.64 average grade of carats per tonne, a 222% increase compared to Q1 2025 (0.82 carats per tonne)741,480 ore tonnes mined; compares to Q1 2025 ( 0 (nil) ore tonnes mined), as all ore treated came from the stockpile in Q1 2025.759,248 ore tonnes treated, an 18% decrease compared to Q1 2025: (925,773 tonnes treated)Q1 2026 Production Figures







2026 Q12025 Q1YoY VarianceTotal tonnes mined (ore and waste)6,203,32510,092,470-39 %Ore tonnes mined741,4800N/AOre tonnes treated759,248925,773-18 %Carats recovered2,006,135762,978163 %Carats recovered (49% share)983,006373,859163 %Recovered grade (carats per tonne)2.640.82222 %Q1 2026 Sales ResultsIn the Quarter, 858,173 carats were sold for $40 million (US$29.2million), averaging $47 per carat (US$34 per carat). In Q1 2025, 426,268 carats were sold for $44 million (US$30.7 million), averaging $103 per carat (US$72 per carat).Further to our news release of March 17, 2026 however, the proceeds of the Company's diamond sales are paid directly to De Beers Canada Inc. ("De Beers") pursuant to in-kind election notices previously delivered, and which continue to be delivered, in accordance with the amended and restated joint venture agreement between the Company and De Beers dated March 18, 2025, relating to unpaid cash calls.Jonathan Comerford, the Company's President and Chief Executive Officer, commented:"The first quarter of the year is historically a challenging period for operations due to adverse weather conditions, and Q1 2026 was a particularly cold winter at the GK Mine. During the quarter, total tonnes mined declined significantly compared with Q1 2025, primarily due to the joint venture partners' decision to pause Tuzo waste stripping to conserve cash, preserve liquidity, and maintain strategic optionality.Despite these headwinds, Q1 2026 was a record quarter for the mine, with more than 2.0 million carats recovered for the first time. This was achieved at a very high recovered grade of 2.64 carats per tonne. While the grade exceeded expectations, a significant portion of the higher–grade material was in smaller stone sizes, which are currently under the greatest pressure in the diamond market. This explains much of the decline in the average value per carat reported for the period.As noted in our year–end results commentary, the diamond market continues to be adversely affected by geopolitical uncertainty, including concerns surrounding US tariffs and the ongoing conflict in the Middle East. As previously reported, we continue to engage constructively with all stakeholders to navigate this particularly challenging period for the market, which is currently overshadowing a very strong operational performance in terms of carats recovered. We expect to provide a further update on the outcome of these discussions over the coming weeks."At the end of the Quarter Jeff Swinoga stepped down from the board given his involvement in several other board positions. "On behalf of the Board, I would like to thank Jeff for his significant contribution to the Company at both the Audit Committee and Board. We wish him every success in his future endeavours.".Earnings Release and Conference Call DetailsThe Company will host its quarterly conference call on Wednesday May 13th, 2026 at 12:00pm ET (noon). Prior to the conference call, the Company will release Q1 2026 financial results on May 12th, 2026 after-market.Conference Call Dial-in Details:Title: Mountain Province Diamonds Inc Q1 2026 Earnings Conference CallConference ID: 72707
Date of call: 05/13/2026
Time of call: 12:00 (noon) Eastern Time
Expected Duration: 60 minutesWebcast Link: https://app.webinar.net/vAmWJnBJRgB
North American Toll-Free Dial-In Number:    (+1) 888-699-1199
Participant International Dial-In Number:      (+1) 416-945-7677A replay of the webcast and audio call will be available on the Company's website.About Mountain Province Diamonds Inc.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 more than 96,000 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.For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.Qualified PersonThe disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Tom McCandless, Ph.D., P.Geo, and Tysen Hantelmann, P. Eng., independent advisors to the Company and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by De Beers as the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.



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Original: Mountain Province Diamonds Announces First Quarter 2026 Production and Sales Results, Details of First Quarter 2026 Earnings Release, and Conference Call and board change

Mountain Province Diamonds Announces Full Year and Fourth Quarter 2025 ResultsMarch 31, 2026 9:55 PM
PR Newswire (US)

TSX and OTC: MPVDTORONTO, April 1, 2026 /PRNewswire/ -- Mountain Province Diamonds Inc. ("Mountain Province Diamonds", or the "Company") (TSX: MPVD) (OTC: MPVD) today announces its financial and operating results for the fourth quarter ("the Quarter" or "Q4 2025") and the full year ended December 31, 2025 ("FY 2025").All figures are expressed in Canadian dollars unless otherwise noted and are unaudited.FY 2025 Highlights4% improvement in key site safety KPI (TRIFR) in 2025 vs 2024. (Lowest since 2019)Adjusted EBITDA1 of $4.8 million, down 95% relative to 2024 (2024: $90.7 million).Total sales revenue at $155.7 million (US$111.5 million) compared to $267.7 million in 2024 (US$195.2 million, at an average realized value of $83 per carat (US$59) 2024: $98 per carat (US$72).16% increase in total tonnes mined in 2025 relative to 2024.Net loss of $279.5 million or $1.32 loss per share (2024: net loss $80.8 million or $0.38 loss per share. Included in the determination of net loss is an impairment loss on property, plant and equipment of $103 million, a derivative gain of $2.1 million and foreign exchange gain of $13.2 million (2024: derivative loss of $16.8 million and foreign exchange loss of $27.5 million, arising on the translation of the Company's USD-denominated long-term debt). The unrealized foreign exchange gains are a result of the relative strengthening of the Canadian dollar versus the US dollar.Operational Highlights for Q4 2025 and FY 2025
(all figures reported on a 100% basis unless otherwise stated)1,861,856 carats recovered during the Quarter at an average grade of 2.15 carats per tonne, 117% higher than the comparable quarter in 2024 (Q4 2024: 890,202 carats at 0.99 carats per tonne), noting that grade was 117% higher in Q4 2025. 4,333,792 carats recovered during FY 2025 at an average grade of 1.23 carats per tonne, 7% lower than the comparable period (full year ended December 31, 2024 ("FY 2024"): 4,661,681 at 1.28 carats per tonne), noting that grade was 4% lower in 2025.842,805 ore tonnes mined during the Quarter, a 45% decrease on the comparable period in 2024 (Q4 2023: 1,537,423). 1,784,860 ore tonnes mined during FY 2025, a 67% decrease from 2024 (FY 2024: 5,379,404).864,298 ore tonnes treated during the Quarter, a 3% decrease on the comparable period in 2024 (Q4 2024: 895,587). 3,520,834 ore tonnes treated during FY 2025, a 3% decrease from 2024 (FY 2024: 3,628,501).8,241,493 total tonnes mined during the Quarter, a 8% decrease on the comparable period (Q4 2024: 8,989,000). 38,701,114 total tonnes mined during FY 2025, a 16% increase from 2024 (FY 2024: 33,388,905).Q4 2025 and FY 2025 Production Statistics
Q4 2025Q4 2024YoY VarianceTotal tonnes mined (ore and waste)8,241,4938,989,000-8 %Ore tonnes mined842,8051,537,423-45 %Ore tonnes treated864,298895,587-3 %Diamonds recovered1,861,856890,202+109 %Carats recovered (49% share)912,309436,199+109 %Recovered grade (carats per tonne)2.150.99+117 % 
FY 2025FY 2024YoY VarianceTotal tonnes mined (ore and waste)38,701,11433,388,905+16 %Ore tonnes mined1,784,8605,379,404-67 %Ore tonnes treated3,520,8343,628,501-3 %Diamonds recovered4,333,7924,661,681-7 %Carats recovered (49% share)2,123,5582,284,224--7%Recovered grade (carats per tonne)1.231.28-4 %Financial Highlights for Q4 2025634,000 carats sold (Q4 2024: 543,000), with total proceeds of $45.7 million (US$33 million) at an average realized value of $72 per carat (US$52), compared to $52 million in Q4 2024 (US$36.7 million), at an average realized value of $95 per carat (US$68).Adjusted EBITDA1 of $5.3 million.Loss from mine operations of $50.3 million.Cash costs of $128 per tonne treated and $59 per carat recovered, include capitalized stripping costs1.Net loss of $151.6 million or $0.71 loss per share. Included in the determination of net loss for Q4 2025, is an impairment loss on property, plant and equipment of $103 million, a derivative loss of $0.5 million and foreign exchange gains of $6.2 million, on the translation of the Company's USD-denominated long-term debts. The unrealized foreign exchange gains are a result of the relative strengthening of the Canadian dollar versus the US dollar.1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS.Financial Highlights for FY 2025Total sales revenue at $155.7 million (US$1115 million) at an average realized value of $83 per carat (US$59) compared to $267.7 million in 2024 (US$195.2 million) sales revenue at an average realized value of $98 per carat, (US$72).Adjusted EBITDA2 of $4.8 million down 42% (2024: $90.7 million).Loss from mine operations of $154.1 million (2024: earnings from mine operations $18.4 million).Cash costs of production, including capitalized stripping costs2,3 of $149 per tonne treated (2024: $117 per tonne) and $121 per carat recovered (2024: $91 per carat).Net loss of $279.5 million or $1.32 loss per share (2024: net loss $80.8 million or $0.38 loss per share. Included in the determination of net loss is an impairment loss of $103 million on property, plant and equipment, a derivative gain of $2.1 million and foreign exchange gains of $13.2 million (2024: derivative loss of $16.8 million and foreign exchange losses of $27.5 million, arising on the translation of the Company's USD-denominated long-term debt). The unrealized foreign exchange gains are a result of the relative strengthening of the Canadian dollar versus the US dollar.Capital expenditures were $111.9 million, $96.8 million of which were deferred stripping costs, with the remaining $15.1 million accounting for sustaining capital expenditures related to mine operations.2 Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS.  See the Non-IFRS Measures section of the Company's December 31, 2025 MD&A for explanation and reconciliation.3 In FY 2025 a total of 38.7 million tonnes mined, compared to a total of 33.4 million tonnes mined in 2024; a 16% increase year over year.Market Highlights and Commentary for Q4 2025 and FY 2025Mountain Province Diamonds President and CEO Jonathan Comeford commented:"2025 was always expected to be a challenging year for the Company from a production perspective, with the first three quarters largely dominated by the processing of lower-grade stockpiles as we advanced waste stripping to access the high-grade NEX orebody. This progressed in line with plan, culminating in a material improvement in carat recoveries in Q4 2025, with 1,861,856 carats recovered on a 100% basis, representing approximately 43% of total annual production.I would also like to acknowledge the strong and continued support of our major shareholder, Mr. Dermot Desmond, which was instrumental in navigating this period.This improved production performance has carried into 2026 as mining advances into the NEX orebody. However, during 2025 and into 2026, diamond market conditions deteriorated significantly, particularly in the smaller and lower priced categories of goods where the mine produces significant quantities. This was driven by geopolitical and macroeconomic uncertainty, including the introduction of 50% U.S. tariffs on Indian diamond manufacturing, where the majority of global diamond cutting and polishing occurs and which is a key customer base for the Company. The U.S. market represents approximately 50% of global diamond demand, and disruption in this market has had a pronounced impact on overall sector confidence. These factors have also extended competitive pressure from lab-grown diamonds, particularly in the U.S.The market was further impacted in Q4 2025 by excess supply of rough diamonds, resulting in short-term dislocation and additional pressure on pricing. In response, and as announced on February 9, 2026, the joint venture partners elected to pause the Tuzo Phase 3 project in order to preserve liquidity and maintain operational flexibility.As noted in the Company's March 17, 2026 news release, we continue to engage constructively with De Beers and other stakeholders regarding outstanding obligations. These discussions are ongoing, and we look forward to providing an update to the market in due course.The current geopolitical environment, including ongoing conflict in the Middle East, continues to add uncertainty to the market."Gahcho Kué Mine Operations The following table summarizes the key operating statistics for Q4 2025 and FY 2025, and the previous year, at the Gahcho Kué Mine.

Three months endedThree months endedYear endedYear ended

December 31, 2025December 31, 2024December 31, 2025December 31, 2024





GK operating data




Mining




*Ore tonnes mined  kilo tonnes 8431,5371,7855,379*Waste tonnes mined  kilo tonnes 7,3987,45236,91628,010*Total tonnes mined kilo tonnes 8,2418,98938,70133,389*Ore in stockpile kilo tonnes 2,3104,0682,3104,068





Processing




*Ore tonnes processed kilo tonnes 8648963,5213,629*Average plant throughput tonnes per day 9,8189,8469,6739,942*Average diamond recovery carats per tonne 2.160.991.231.28*Diamonds recovered  000's carats 1,8628914,3344,662Approximate diamonds recovered - Mountain Province000's carats9124372,1242,284Cash costs of production per tonne of ore, net of capitalized stripping **$94799377Cash costs of production per tonne of ore, including capitalized stripping**$128131149117Cash costs of production per carat recovered, net of capitalized stripping**$44807660Cash costs of production per carat recovered, including capitalized stripping**$5913212191





Sales




Approximate diamonds sold - Mountain Province***000's carats6345431,8802,718Average diamond sales price per caratUS$                               52$                                68$                               59$                               72* at 100% interest in the GK Mine**See Non-IFRS Measures section***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding processFinancial Performance

Three months endedThree months endedYear endedYear ended(in thousands of Canadian dollars, except where otherwise noted)
December 31, 2025December 31, 2024December 31, 2025December 31, 2024





Sales$45,74251,996155,725267,665Carats sold 000's carats 6345431,8802,718Average price per carat sold $/carat 72968398Cost of sales per carat* $/carat 15112016592(Loss) earnings from mine operations per carat$(79)(24)(82)6(Loss) earnings from mine operations%(109 %)(25 %)-99 %7 %Selling, general and administrative expenses$3,2433,65510,47112,760Operating (loss) income$(156,717)(16,933)(268,377)4,505Net loss for the period$(151,553)(62,185)(279,533)(80,833)Basic loss per share$(0.71)(0.29)(1.32)(0.38)Diluted loss per share$(0.71)(0.29)(1.32)(0.38)Conference CallThe Company will host its year end conference call on Wednesday, April 1st, 2026 at 11:00am ET.Title: Mountain Province Diamonds Inc Q4 2025 and FY 2025 Earnings Conference CallDate of call: 04/01/2026
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutesWebcast Link: https://app.webinar.net/wqvjeyWlN8LParticipant Toll-Free Dial-In Number:        (+1) 888-699-1199
Participant International Dial-In Number:  (+1) 416-945-7677A replay of the webcast and audio call will be available on the Company's website.Reconciliation of Non-IFRS measuresThis news release refers to the terms "Cash costs of production per tonne of ore processed" and "Cash costs of production per carat recovered," both including and net of capitalized stripping costs and "Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA)" and "Adjusted EBITDA Margin." Each of these is a non-IFRS performance measure and is referenced to provide investors with information about the measures used by management to monitor performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.Cash costs of production per tonne of ore processed and cash costs of production per carat recovered are used by management to analyze the actual cash costs associated with processing the ore, and for each recovered carat. Differences from production costs reported within cost of sales are attributed to the amount of production cost included in ore stockpile and rough diamond inventories.Adjusted EBITDA is used by management to analyze the operational cash flows of the Company, as compared to the net income for accounting purposes. It is also a measure which is defined in the Notes documents. Adjusted EBITDA margin is used by management to analyze the operational margin % on cash flows of the Company.The following table provides a reconciliation of the Adjusted EBITDA and Adjusted EBITDA margin with the net (loss) income on the consolidated statements of comprehensive (loss) income:
Year endedYear ended
December 31, 2025December 31, 2024


Net loss for the year$                   (279,533)$                     (80,833)Add/deduct:

Non-cash depreciation and depletion102,74774,863Impariment loss on property, plant and equipment103,095-Loss on sale of equipment01,064Net realizable value adjustment included in production costs70,4838,494Share-based payment expense195794Fair value loss (gain) of warrants1,099(2,294)Gain on lease(4)(46)Finance expenses56,25443,312Derivative (gains) losses(2,093)16,818Deferred income (recovery) taxes(29,900)1,600Current income taxes1608Unrealized foreign exchange (gains) losses (17,665)26,921Adjusted earnings before interest, taxes, depreciation and depletion (Adjusted EBITDA)$                         4,838$                       90,701Sales155,725267,665Adjusted EBITDA margin3 %34 %The following table provides a reconciliation of the cash costs of production per tonne of ore processed and per carat recovered and the production costs reported within cost of sales on the consolidated statements of comprehensive (loss) income:

Year ended Year ended (in thousands of Canadian dollars, except where otherwise noted)
December 31, 2025December 31, 2024



Cost of sales production costs$187,161157,270Timing differences due to inventory and other non-cash adjustments$(26,731)(19,819)Cash cost of production of ore processed, net of capitalized stripping$160,430137,451Cash costs of production of ore processed, including capitalized stripping$257,179207,655



Tonnes processed kilo tonnes 1,7251,778Carats recovered 000's carats 2,1242,284



Cash costs of production per tonne of ore, net of capitalized stripping$9377Cash costs of production per tonne of ore, including capitalized stripping$149117Cash costs of production per carat recovered, net of capitalized stripping$7660Cash costs of production per carat recovered, including capitalized stripping$12191About the CompanyMountain 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 more than 113,000 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, at February 2019. 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, at February 2019. 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, at February 2019. All resource estimations are based on a 1mm diamond size bottom cut-off.Qualified PersonThe disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Tom McCandless, Ph.D., P.Geo and Tysen Hantelmann, P.Eng., Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on several assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labor disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of crucial factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify crucial factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results not to be anticipated, estimated, or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, prospects, and other factors deemed relevant by the Board.FOR FURTHER INFORMATION, PLEASE CONTACT: Jonathan Comeford, President and CEO, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: (416) 361-3562, E-mail: info@mountainprovince.com 



View original content:https://www.prnewswire.co.uk/news-releases/mountain-province-diamonds-announces-full-year-and-fourth-quarter-2025-results-302730793.html

Original: Mountain Province Diamonds Announces Full Year and Fourth Quarter 2025 Results

Mountain Province Diamonds Announces Full Year and Fourth Quarter 2025 ResultsMarch 31, 2026 9:38 PM
PR Newswire (US)

TSX and OTC: MPVDTORONTO, March 31, 2026 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province Diamonds", or the "Company") (TSX: MPVD) (OTC: MPVD) today announces its financial and operating results for the fourth quarter ("the Quarter" or "Q4 2025") and the full year ended December 31, 2025 ("FY 2025").All figures are expressed in Canadian dollars unless otherwise noted and are unaudited.FY 2025 Highlights4% improvement in key site safety KPI (TRIFR) in 2025 vs 2024. (Lowest since 2019)Adjusted EBITDA1 of $4.8 million, down 95% relative to 2024 (2024: $90.7 million).Total sales revenue at $155.7 million (US$111.5 million) compared to $267.7 million in 2024 (US$195.2 million, at an average realized value of $83 per carat (US$59) 2024: $98 per carat (US$72).16% increase in total tonnes mined in 2025 relative to 2024.Net loss of $279.5 million or $1.32 loss per share (2024: net loss $80.8 million or $0.38 loss per share. Included in the determination of net loss is an impairment loss on property, plant and equipment of $103 million, a derivative gain of $2.1 million and foreign exchange gain of $13.2 million (2024: derivative loss of $16.8 million and foreign exchange loss of $27.5 million, arising on the translation of the Company's USD-denominated long-term debt). The unrealized foreign exchange gains are a result of the relative strengthening of the Canadian dollar versus the US dollar.Operational Highlights for Q4 2025 and FY 2025
(all figures reported on a 100% basis unless otherwise stated)1,861,856 carats recovered during the Quarter at an average grade of 2.15 carats per tonne, 117% higher than the comparable quarter in 2024 (Q4 2024: 890,202 carats at 0.99 carats per tonne), noting that grade was 117% higher in Q4 2025. 4,333,792 carats recovered during FY 2025 at an average grade of 1.23 carats per tonne, 7% lower than the comparable period (full year ended December 31, 2024 ("FY 2024"): 4,661,681 at 1.28 carats per tonne), noting that grade was 4% lower in 2025.842,805 ore tonnes mined during the Quarter, a 45% decrease on the comparable period in 2024 (Q4 2023: 1,537,423). 1,784,860 ore tonnes mined during FY 2025, a 67% decrease from 2024 (FY 2024: 5,379,404).864,298 ore tonnes treated during the Quarter, a 3% decrease on the comparable period in 2024 (Q4 2024: 895,587). 3,520,834 ore tonnes treated during FY 2025, a 3% decrease from 2024 (FY 2024: 3,628,501).8,241,493 total tonnes mined during the Quarter, a 8% decrease on the comparable period (Q4 2024: 8,989,000). 38,701,114 total tonnes mined during FY 2025, a 16% increase from 2024 (FY 2024: 33,388,905).Q4 2025 and FY 2025 Production Statistics
Q4 2025Q4 2024YoY VarianceTotal tonnes mined (ore and waste)8,241,4938,989,000-8 %Ore tonnes mined842,8051,537,423-45 %Ore tonnes treated864,298895,587-3 %Diamonds recovered1,861,856890,202+109 %Carats recovered (49% share)912,309436,199+109 %Recovered grade (carats per tonne)2.150.99+117 % 
FY 2025FY 2024YoY VarianceTotal tonnes mined (ore and waste)38,701,11433,388,905+16 %Ore tonnes mined1,784,8605,379,404-67 %Ore tonnes treated3,520,8343,628,501-3 %Diamonds recovered4,333,7924,661,681-7 %Carats recovered (49% share)2,123,5582,284,224--7%Recovered grade (carats per tonne)1.231.28-4 %Financial Highlights for Q4 2025634,000 carats sold (Q4 2024: 543,000), with total proceeds of $45.7 million (US$33 million) at an average realized value of $72 per carat (US$52), compared to $52 million in Q4 2024 (US$36.7 million), at an average realized value of $95 per carat (US$68).Adjusted EBITDA1 of $5.3 million.Loss from mine operations of $50.3 million.Cash costs of $128 per tonne treated and $59 per carat recovered, include capitalized stripping costs1.Net loss of $151.6 million or $0.71 loss per share. Included in the determination of net loss for Q4 2025, is an impairment loss on property, plant and equipment of $103 million, a derivative loss of $0.5 million and foreign exchange gains of $6.2 million, on the translation of the Company's USD-denominated long-term debts. The unrealized foreign exchange gains are a result of the relative strengthening of the Canadian dollar versus the US dollar.1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS.Financial Highlights for FY 2025Total sales revenue at $155.7 million (US$1115 million) at an average realized value of $83 per carat (US$59) compared to $267.7 million in 2024 (US$195.2 million) sales revenue at an average realized value of $98 per carat, (US$72).Adjusted EBITDA2 of $4.8 million down 42% (2024: $90.7 million).Loss from mine operations of $154.1 million (2024: earnings from mine operations $18.4 million).Cash costs of production, including capitalized stripping costs2,3 of $149 per tonne treated (2024: $117 per tonne) and $121 per carat recovered (2024: $91 per carat).Net loss of $279.5 million or $1.32 loss per share (2024: net loss $80.8 million or $0.38 loss per share. Included in the determination of net loss is an impairment loss of $103 million on property, plant and equipment, a derivative gain of $2.1 million and foreign exchange gains of $13.2 million (2024: derivative loss of $16.8 million and foreign exchange losses of $27.5 million, arising on the translation of the Company's USD-denominated long-term debt). The unrealized foreign exchange gains are a result of the relative strengthening of the Canadian dollar versus the US dollar.Capital expenditures were $111.9 million, $96.8 million of which were deferred stripping costs, with the remaining $15.1 million accounting for sustaining capital expenditures related to mine operations.2 Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS.  See the Non-IFRS Measures section of the Company's December 31, 2025 MD&A for explanation and reconciliation.3 In FY 2025 a total of 38.7 million tonnes mined, compared to a total of 33.4 million tonnes mined in 2024; a 16% increase year over year.Market Highlights and Commentary for Q4 2025 and FY 2025Mountain Province Diamonds President and CEO Jonathan Comeford commented:"2025 was always expected to be a challenging year for the Company from a production perspective, with the first three quarters largely dominated by the processing of lower-grade stockpiles as we advanced waste stripping to access the high-grade NEX orebody. This progressed in line with plan, culminating in a material improvement in carat recoveries in Q4 2025, with 1,861,856 carats recovered on a 100% basis, representing approximately 43% of total annual production.I would also like to acknowledge the strong and continued support of our major shareholder, Mr. Dermot Desmond, which was instrumental in navigating this period.This improved production performance has carried into 2026 as mining advances into the NEX orebody. However, during 2025 and into 2026, diamond market conditions deteriorated significantly, particularly in the smaller and lower priced categories of goods where the mine produces significant quantities. This was driven by geopolitical and macroeconomic uncertainty, including the introduction of 50% U.S. tariffs on Indian diamond manufacturing, where the majority of global diamond cutting and polishing occurs and which is a key customer base for the Company. The U.S. market represents approximately 50% of global diamond demand, and disruption in this market has had a pronounced impact on overall sector confidence. These factors have also extended competitive pressure from lab-grown diamonds, particularly in the U.S.The market was further impacted in Q4 2025 by excess supply of rough diamonds, resulting in short-term dislocation and additional pressure on pricing. In response, and as announced on February 9, 2026, the joint venture partners elected to pause the Tuzo Phase 3 project in order to preserve liquidity and maintain operational flexibility.As noted in the Company's March 17, 2026 news release, we continue to engage constructively with De Beers and other stakeholders regarding outstanding obligations. These discussions are ongoing, and we look forward to providing an update to the market in due course.The current geopolitical environment, including ongoing conflict in the Middle East, continues to add uncertainty to the market."Gahcho Kué Mine Operations The following table summarizes the key operating statistics for Q4 2025 and FY 2025, and the previous year, at the Gahcho Kué Mine.

Three months endedThree months endedYear endedYear ended

December 31, 2025December 31, 2024December 31, 2025December 31, 2024





GK operating data




Mining




*Ore tonnes mined  kilo tonnes 8431,5371,7855,379*Waste tonnes mined  kilo tonnes 7,3987,45236,91628,010*Total tonnes mined kilo tonnes 8,2418,98938,70133,389*Ore in stockpile kilo tonnes 2,3104,0682,3104,068





Processing




*Ore tonnes processed kilo tonnes 8648963,5213,629*Average plant throughput tonnes per day 9,8189,8469,6739,942*Average diamond recovery carats per tonne 2.160.991.231.28*Diamonds recovered  000's carats 1,8628914,3344,662Approximate diamonds recovered - Mountain Province000's carats9124372,1242,284Cash costs of production per tonne of ore, net of capitalized stripping **$94799377Cash costs of production per tonne of ore, including capitalized stripping**$128131149117Cash costs of production per carat recovered, net of capitalized stripping**$44807660Cash costs of production per carat recovered, including capitalized stripping**$5913212191





Sales




Approximate diamonds sold - Mountain Province***000's carats6345431,8802,718Average diamond sales price per caratUS$                               52$                                68$                               59$                               72* at 100% interest in the GK Mine**See Non-IFRS Measures section***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding processFinancial Performance

Three months endedThree months endedYear endedYear ended(in thousands of Canadian dollars, except where otherwise noted)
December 31, 2025December 31, 2024December 31, 2025December 31, 2024





Sales$45,74251,996155,725267,665Carats sold 000's carats 6345431,8802,718Average price per carat sold $/carat 72968398Cost of sales per carat* $/carat 15112016592(Loss) earnings from mine operations per carat$(79)(24)(82)6(Loss) earnings from mine operations%(109 %)(25 %)-99 %7 %Selling, general and administrative expenses$3,2433,65510,47112,760Operating (loss) income$(156,717)(16,933)(268,377)4,505Net loss for the period$(151,553)(62,185)(279,533)(80,833)Basic loss per share$(0.71)(0.29)(1.32)(0.38)Diluted loss per share$(0.71)(0.29)(1.32)(0.38)Conference CallThe Company will host its year end conference call on Wednesday, April 1st, 2026 at 11:00am ET.Title: Mountain Province Diamonds Inc Q4 2025 and FY 2025 Earnings Conference CallDate of call: 04/01/2026
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutesWebcast Link: https://app.webinar.net/wqvjeyWlN8LParticipant Toll-Free Dial-In Number:        (+1) 888-699-1199
Participant International Dial-In Number:  (+1) 416-945-7677A replay of the webcast and audio call will be available on the Company's website.Reconciliation of Non-IFRS measuresThis news release refers to the terms "Cash costs of production per tonne of ore processed" and "Cash costs of production per carat recovered," both including and net of capitalized stripping costs and "Adjusted Earnings Before Interest, Taxes Depreciation and Amortization (Adjusted EBITDA)" and "Adjusted EBITDA Margin." Each of these is a non-IFRS performance measure and is referenced to provide investors with information about the measures used by management to monitor performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.Cash costs of production per tonne of ore processed and cash costs of production per carat recovered are used by management to analyze the actual cash costs associated with processing the ore, and for each recovered carat. Differences from production costs reported within cost of sales are attributed to the amount of production cost included in ore stockpile and rough diamond inventories.Adjusted EBITDA is used by management to analyze the operational cash flows of the Company, as compared to the net income for accounting purposes. It is also a measure which is defined in the Notes documents. Adjusted EBITDA margin is used by management to analyze the operational margin % on cash flows of the Company.The following table provides a reconciliation of the Adjusted EBITDA and Adjusted EBITDA margin with the net (loss) income on the consolidated statements of comprehensive (loss) income:
Year endedYear ended
December 31, 2025December 31, 2024


Net loss for the year$                   (279,533)$                     (80,833)Add/deduct:

Non-cash depreciation and depletion102,74774,863Impariment loss on property, plant and equipment103,095-Loss on sale of equipment01,064Net realizable value adjustment included in production costs70,4838,494Share-based payment expense195794Fair value loss (gain) of warrants1,099(2,294)Gain on lease(4)(46)Finance expenses56,25443,312Derivative (gains) losses(2,093)16,818Deferred income (recovery) taxes(29,900)1,600Current income taxes1608Unrealized foreign exchange (gains) losses (17,665)26,921Adjusted earnings before interest, taxes, depreciation and depletion (Adjusted EBITDA)$                         4,838$                       90,701Sales155,725267,665Adjusted EBITDA margin3 %34 %The following table provides a reconciliation of the cash costs of production per tonne of ore processed and per carat recovered and the production costs reported within cost of sales on the consolidated statements of comprehensive (loss) income:

Year ended Year ended (in thousands of Canadian dollars, except where otherwise noted)
December 31, 2025December 31, 2024



Cost of sales production costs$187,161157,270Timing differences due to inventory and other non-cash adjustments$(26,731)(19,819)Cash cost of production of ore processed, net of capitalized stripping$160,430137,451Cash costs of production of ore processed, including capitalized stripping$257,179207,655



Tonnes processed kilo tonnes 1,7251,778Carats recovered 000's carats 2,1242,284



Cash costs of production per tonne of ore, net of capitalized stripping$9377Cash costs of production per tonne of ore, including capitalized stripping$149117Cash costs of production per carat recovered, net of capitalized stripping$7660Cash costs of production per carat recovered, including capitalized stripping$12191About the CompanyMountain 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 more than 113,000 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, at February 2019. 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, at February 2019. 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, at February 2019. All resource estimations are based on a 1mm diamond size bottom cut-off.Qualified PersonThe disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Tom McCandless, Ph.D., P.Geo and Tysen Hantelmann, P.Eng., Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on several assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labor disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of crucial factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify crucial factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results not to be anticipated, estimated, or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, prospects, and other factors deemed relevant by the Board.



View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-full-year-and-fourth-quarter-2025-results-302730780.htmlSOURCE Mountain Province Diamonds Inc.

Original: Mountain Province Diamonds Announces Full Year and Fourth Quarter 2025 Results

Mountain Province Diamonds Announces Revised Details for Q4 and Full-Year 2025 Earnings Release and Conference CallMarch 24, 2026 4:53 PM
PR Newswire (US)

TSX and OTC: MPVDTORONTO and NEW YORK, March 24, 2026 /PRNewswire/ -- Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) and (OTC: MPVD) announces revised details for its fourth quarter and full-year 2025 earnings release and conference call. The delay in the issuance of fourth quarter and year-end 2025 results is due to the financial audit process not being completed by the planned date.Revised Earnings Release and Conference Call DetailsPrior to the conference call, the Company will release Q4 and full-year 2025 financial results on March 31, 2026 after-market, in line with its statutory reporting deadline. The Company will now host its fourth quarter and full-year 2025 conference call on 01 April, 2026 at 11:00am ET.Conference Call Dial-in Details:Title: Mountain Province Diamonds Inc Q4 2025 and Full-Year 2025 Earnings Conference CallConference ID: 34420Date of call: 04/01/2026Time of call: 11:00 Eastern TimeExpected Duration: 60 minutesWebcast Link:https://app.webinar.net/wqvjeyWlN8LParticipant Toll-Free Dial-In Number:             (+1) 888-699-1199Participant International Dial-In Number:       (+1) 416-945-7677A replay of the webcast and audio call will be available on the Company's website.About Mountain Province Diamonds Inc.Mountain Province is a 49% participant with De Beers in the Gahcho Kué Mine (the "GK Mine") located in Canada's Northwest Territories. The GK Mine joint venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 96,000 hectares of highly prospective mineral claims and leases surrounding the GK Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.Caution Regarding Forward Looking InformationThis news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the negotiating stances taking by the parties regarding the IKE Notices and the risk that discussions with De Beers do not prove successful, the risk that De Beers commences enforcement under the JVA and accelerates other amounts due to it; the risk that proceeds of diamond sells being less than anticipated, the risk that De Beers issues an event of default notice under the JVA (rather than an IKE) in respect of future cash call arrears; risks relating to the supply of, and demand for, diamonds, fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR+, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.FOR FURTHER INFORMATION, PLEASE CONTACT: Jonathan Comerford, President and CEO, E-mail: info@mountainprovince.com



View original content:https://www.prnewswire.co.uk/news-releases/mountain-province-diamonds-announces-revised-details-for-q4-and-full-year-2025-earnings-release-and-conference-call-302723988.html

Original: Mountain Province Diamonds Announces Revised Details for Q4 and Full-Year 2025 Earnings Release and Conference Call

Mountain Province Diamonds Announces Revised Details for Q4 and Full-Year 2025 Earnings Release and Conference CallMarch 24, 2026 4:33 PM
PR Newswire (US)

TSX and OTC: MPVDTORONTO and NEW YORK, March 24, 2026 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) and (OTC: MPVD) announces revised details for its fourth quarter and full-year 2025 earnings release and conference call. The delay in the issuance of fourth quarter and year-end 2025 results is due to the financial audit process not being completed by the planned date.Revised Earnings Release and Conference Call DetailsPrior to the conference call, the Company will release Q4 and full-year 2025 financial results on March 31, 2026 after-market, in line with its statutory reporting deadline. The Company will now host its fourth quarter and full-year 2025 conference call on 01 April, 2026 at 11:00am ET.Conference Call Dial-in Details:Title: Mountain Province Diamonds Inc Q4 2025 and Full-Year 2025 Earnings Conference CallConference ID: 34420Date of call: 04/01/2026Time of call: 11:00 Eastern TimeExpected Duration: 60 minutesWebcast Link:https://app.webinar.net/wqvjeyWlN8LParticipant Toll-Free Dial-In Number:             (+1) 888-699-1199Participant International Dial-In Number:       (+1) 416-945-7677A replay of the webcast and audio call will be available on the Company's website.About Mountain Province Diamonds Inc.Mountain Province is a 49% participant with De Beers in the Gahcho Kué Mine (the "GK Mine") located in Canada's Northwest Territories. The GK Mine joint venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 96,000 hectares of highly prospective mineral claims and leases surrounding the GK Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.Caution Regarding Forward Looking InformationThis news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the negotiating stances taking by the parties regarding the IKE Notices and the risk that discussions with De Beers do not prove successful, the risk that De Beers commences enforcement under the JVA and accelerates other amounts due to it; the risk that proceeds of diamond sells being less than anticipated, the risk that De Beers issues an event of default notice under the JVA (rather than an IKE) in respect of future cash call arrears; risks relating to the supply of, and demand for, diamonds, fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR+, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.



View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-revised-details-for-q4-and-full-year-2025-earnings-release-and-conference-call-302723973.htmlSOURCE Mountain Province Diamonds Inc.

Original: Mountain Province Diamonds Announces Revised Details for Q4 and Full-Year 2025 Earnings Release and Conference Call

Mountain Province Diamonds Extends Maturity on Credit Facility and Provides Update on Cash Call ArrearsMarch 17, 2026 5:04 PM
PR Newswire (US)

TSX and OTC: MPVDTORONTO and NEW YORK, March 17, 2026 /PRNewswire/ -- Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) (OTC: MPVD) announces today that the Company has entered into a third amending agreement (the "Third Amending Agreement") with Dunebridge Worldwide Ltd., as administrative agent, security trustee and lender thereunder ("Dunebridge"), a related party of the Company, extending the maturity date on the US$40 million term loan facility (the "Term Loan") and the US$33 million working capital facility (the "WCF") each under the amended and restated bridge credit facility agreement dated May 13, 2025, as further amended by amendment no. 1 and amendment no. 2 dated July 25, 2025 and November 18, 2025, respectively.Third Amending AgreementPursuant to the terms of the Third Amending Agreement, the maturity date on the Term Loan is extended from March 18, 2026, to April 30, 2026, and the date for repayment of the principal amount of the WCF is extended from March 31, 2026, to April 30, 2026.  Joint Venture with De Beers On February 9, 2026, the Company announced that it had received in-kind election notices (each an "IKE Notice" and collectively, the "IKE Notices") from De Beers Canada Inc. ("De Beers"), pursuant to the amended and restated joint venture agreement between the Company and De Beers dated March 18, 2025 (the "JVA"), relating to unpaid cash calls in an aggregate amount of CAD$49,171,619, of which CAD$38,847,140 was due on March 17, 2026. Since the Company's news release of February 9, 2026, the Company has received additional IKE Notices from De Beers on a weekly basis.Receipt of an IKE Notice does not constitute an event of default under the JVA. Failure to pay the outstanding amount under an IKE Notice within 60 days of the date of that IKE Notice will constitute a formal event of default under the JVA and a cross default under the Company's other financing documents, unless otherwise agreed between the joint venture partners.Over the past several months, the Company and De Beers have been engaged in discussions regarding how best to address the cashflow matters and manage the joint venture going forward, given the current market difficulties. In order to allow these discussions to continue, De Beers has (i) issued a new IKE Notice in respect of the amount remaining unpaid under the IKE Notice due March 17, 2026, as a result of which the remaining amount must now be paid on or before May 16, 2026; and similarly (ii) indicated that during the near term it will issue a new IKE Notice to the extent any successive IKE Notice is not fully paid by the applicable due date, such that the unpaid balance will be payable in 60 days from the date of the new IKE Notice.Review and Approval Process The Third Amending Agreement was considered by the same special committee (the "Special Committee") of independent directors of the Company (the "Board") created to consider the WCF and other previously announced refinancing transactions. The Special Committee reviewed the Third Amending Agreement and, owing in material part to the financial condition of the Company and various other factors, recommended that the Board approve the Third Amending Agreement.The Board received the recommendation of the Special Committee and unanimously approved the Third Amending Agreement. Two members of the Board, Mr. Jonathan Comerford and Mr. Brett Desmond, having declared conflicts of interest, abstained from voting on the Third Amending Agreement.Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions – Exemption for Financial DifficultyVertigol Unlimited Company ("Vertigol") is the beneficial holder of 75,446,071 shares of the Company, which represents over 35% of the Company's issued and outstanding shares. Mr. Dermot Desmond ("Mr. Desmond") is the ultimate beneficial owner of Vertigol and accordingly, both Vertigol and Mr. Desmond are a "related party" (as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")). Dunebridge, is also ultimately beneficially owned by Mr. Desmond, which makes Dunebridge an affiliate of Vertigol, and a related party of the Company under MI 61-101.The Third Amending Agreement does not affect the shareholdings of any of Vertigol, Mr. Dermot Desmond or Dunebridge. The execution and delivery of the Third Amending Agreement constitutes a "related party transaction" within the meaning of MI 61-101 on the basis that it materially amends the terms of an outstanding credit facility with the related party. The Company is relying on the exemption from the formal valuation and minority shareholder approval requirements applicable to a related party transaction provided under section 5.5(g) and 5.7(1)(e) of MI 61-101 on the grounds that the Company is in serious financial difficulty, that the Third Amending Agreement is designed to improve the financial position of the Company and that the Board, acting in good faith, and all of the Company's independent directors, acting in good faith determined that, the terms of the Third Amending Agreement are reasonable given the difficulties that the Company is facing.About Mountain Province Diamonds Inc.Mountain Province is a 49% participant with De Beers in the Gahcho Kué Mine (the "GK Mine") located in Canada's Northwest Territories. The GK Mine joint venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 96,000 hectares of highly prospective mineral claims and leases surrounding the GK Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.Caution Regarding Forward Looking InformationThis news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to: the maturity date under the Term Loan and the payment date under the WCF, anticipated proceeds from diamond sales, the satisfaction of amounts owing under the IKE Notices and the expected timeline, the amounts claimed in the IKE Notices, whether the Company and De Beers can come to an arrangement regarding payment of the amounts due under the IKE Notices, and the circumstances in which an event of default under the Company's indebtedness may be triggered. and whether additional capital, to the extent required will be secured on reasonable terms or at all. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the negotiating stances taking by the parties regarding the IKE Notices and the risk that discussions do not prove successful, the risk that De Beers commences enforcement under the JVA and accelerates other amounts due to it; the risk that proceeds of diamond sells being less than anticipated, the risk that De Beers issues an event of default notice under the JVA (rather than an IKE) in respect of future call arrears; risks relating to the supply of, and demand for, diamonds, fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR+, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. 



View original content:https://www.prnewswire.co.uk/news-releases/mountain-province-diamonds-extends-maturity-on-credit-facility-and-provides-update-on-cash-call-arrears-302716549.html

Original: Mountain Province Diamonds Extends Maturity on Credit Facility and Provides Update on Cash Call Arrears

Mountain Province Diamonds Extends Maturity on Credit Facility and Provides Update on Cash Call ArrearsMarch 17, 2026 4:45 PM
PR Newswire (Canada)

TSX and OTC: MPVDTORONTO and NEW YORK, March 17, 2026 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) (OTC: MPVD) announces today that the Company has entered into a third amending agreement (the "Third Amending Agreement") with Dunebridge Worldwide Ltd., as administrative agent, security trustee and lender thereunder ("Dunebridge"), a related party of the Company, extending the maturity date on the US$40 million term loan facility (the "Term Loan") and the US$33 million working capital facility (the "WCF") each under the amended and restated bridge credit facility agreement dated May 13, 2025, as further amended by amendment no. 1 and amendment no. 2 dated July 25, 2025 and November 18, 2025, respectively.Third Amending AgreementPursuant to the terms of the Third Amending Agreement, the maturity date on the Term Loan is extended from March 18, 2026, to April 30, 2026, and the date for repayment of the principal amount of the WCF is extended from March 31, 2026, to April 30, 2026.  Joint Venture with De Beers On February 9, 2026, the Company announced that it had received in-kind election notices (each an "IKE Notice" and collectively, the "IKE Notices") from De Beers Canada Inc. ("De Beers"), pursuant to the amended and restated joint venture agreement between the Company and De Beers dated March 18, 2025 (the "JVA"), relating to unpaid cash calls in an aggregate amount of CAD$49,171,619, of which CAD$38,847,140 was due on March 17, 2026. Since the Company's news release of February 9, 2026, the Company has received additional IKE Notices from De Beers on a weekly basis.Receipt of an IKE Notice does not constitute an event of default under the JVA. Failure to pay the outstanding amount under an IKE Notice within 60 days of the date of that IKE Notice will constitute a formal event of default under the JVA and a cross default under the Company's other financing documents, unless otherwise agreed between the joint venture partners.Over the past several months, the Company and De Beers have been engaged in discussions regarding how best to address the cashflow matters and manage the joint venture going forward, given the current market difficulties. In order to allow these discussions to continue, De Beers has (i) issued a new IKE Notice in respect of the amount remaining unpaid under the IKE Notice due March 17, 2026, as a result of which the remaining amount must now be paid on or before May 16, 2026; and similarly (ii) indicated that during the near term it will issue a new IKE Notice to the extent any successive IKE Notice is not fully paid by the applicable due date, such that the unpaid balance will be payable in 60 days from the date of the new IKE Notice.Review and Approval Process The Third Amending Agreement was considered by the same special committee (the "Special Committee") of independent directors of the Company (the "Board") created to consider the WCF and other previously announced refinancing transactions. The Special Committee reviewed the Third Amending Agreement and, owing in material part to the financial condition of the Company and various other factors, recommended that the Board approve the Third Amending Agreement.The Board received the recommendation of the Special Committee and unanimously approved the Third Amending Agreement. Two members of the Board, Mr. Jonathan Comerford and Mr. Brett Desmond, having declared conflicts of interest, abstained from voting on the Third Amending Agreement.Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions – Exemption for Financial DifficultyVertigol Unlimited Company ("Vertigol") is the beneficial holder of 75,446,071 shares of the Company, which represents over 35% of the Company's issued and outstanding shares. Mr. Dermot Desmond ("Mr. Desmond") is the ultimate beneficial owner of Vertigol and accordingly, both Vertigol and Mr. Desmond are a "related party" (as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")). Dunebridge, is also ultimately beneficially owned by Mr. Desmond, which makes Dunebridge an affiliate of Vertigol, and a related party of the Company under MI 61-101.The Third Amending Agreement does not affect the shareholdings of any of Vertigol, Mr. Dermot Desmond or Dunebridge. The execution and delivery of the Third Amending Agreement constitutes a "related party transaction" within the meaning of MI 61-101 on the basis that it materially amends the terms of an outstanding credit facility with the related party. The Company is relying on the exemption from the formal valuation and minority shareholder approval requirements applicable to a related party transaction provided under section 5.5(g) and 5.7(1)(e) of MI 61-101 on the grounds that the Company is in serious financial difficulty, that the Third Amending Agreement is designed to improve the financial position of the Company and that the Board, acting in good faith, and all of the Company's independent directors, acting in good faith determined that, the terms of the Third Amending Agreement are reasonable given the difficulties that the Company is facing.About Mountain Province Diamonds Inc.Mountain Province is a 49% participant with De Beers in the Gahcho Kué Mine (the "GK Mine") located in Canada's Northwest Territories. The GK Mine joint venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls more than 96,000 hectares of highly prospective mineral claims and leases surrounding the GK Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.Caution Regarding Forward Looking InformationThis news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to: the maturity date under the Term Loan and the payment date under the WCF, anticipated proceeds from diamond sales, the satisfaction of amounts owing under the IKE Notices and the expected timeline, the amounts claimed in the IKE Notices, whether the Company and De Beers can come to an arrangement regarding payment of the amounts due under the IKE Notices, and the circumstances in which an event of default under the Company's indebtedness may be triggered. and whether additional capital, to the extent required will be secured on reasonable terms or at all. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the negotiating stances taking by the parties regarding the IKE Notices and the risk that discussions do not prove successful, the risk that De Beers commences enforcement under the JVA and accelerates other amounts due to it; the risk that proceeds of diamond sells being less than anticipated, the risk that De Beers issues an event of default notice under the JVA (rather than an IKE) in respect of future call arrears; risks relating to the supply of, and demand for, diamonds, fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR+, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. 



View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-extends-maturity-on-credit-facility-and-provides-update-on-cash-call-arrears-302716527.htmlSOURCE Mountain Province Diamonds Inc.

Original: Mountain Province Diamonds Extends Maturity on Credit Facility and Provides Update on Cash Call Arrears

Mountain Province Diamonds Announces Guidance for 2026, Fourth Quarter and Full-Year 2025 Production and Sales Results, and Details of its Earnings Release and Conference Call for Fourth Quarter and Full-Year 2025March 9, 2026 6:00 PM
PR Newswire (US)

TSX and OTC: MPVDTORONTO, March 9, 2026 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) & (OTC: MPVD) wishes to provide guidance for 2026, as well as production and sales results details for the fourth quarter ended December 31, 2025 ("the Quarter" or "Q4 2025"), and full-year 2025 ("FY 2025") from the Gahcho Kué Diamond Mine ("GK Mine") and details of the earnings release and conference call. All figures are expressed in Canadian dollars unless otherwise noted.2026 Guidance (all figures quoted on a 100% basis unless otherwise specified)The Company wishes to provide operating and cost guidance for 2026, as follows:23–26 million total tonnes mined (ore and waste ; assuming Tuzo deferral)3.9 – 4.3 million ore tonnes mined3.3 – 3.6 million ore tonnes treated6.6 – 7.2 million carats recoveredSustaining Capital Expenditure of $6 million (49% share: assuming Tuzo deferral)Note. Discussions with De Beers regarding revised operating costs with deferral of Tuzo are on-going. Management will issue production cost per tonne treated and production cost per carat when those costs are finalised.In addition to these guidance figures, the Company wishes to provide guidance for 2026 carats sold as follows:3.4 – 3.8 million carats sold (49% share)Q4 2025 and FY 2025 Production and Sales HighlightsIn 2025, approximately 1.9 million carats were sold at an average value of $83 per carat (US$59 per carat) for total proceeds of $155.7 million (US$111.5 million). This compares to 2.7 million carats sold at an average value of $98 per carat (US$72 per carat) for total proceeds of $267.7 million (US$195.2 million) in the full-year 2024 ("FY 2024").Ore mined on a FY 2025 basis was 1.8 million tonnes, just under the lower end of our guidance of 1.9 – 2.2 million tonnes. Ore processed on a FY 2025 basis was 3.52 million tonnes against guidance of 3.3 – 3.5 million tonnes.FY 2025 production of 4.33 million carats against guidance of 4.3 – 4.7 million carats.Jonathan Comerford, the Company's President and Chief Executive Officer, commented:Q4 2025 marked the highest carat-producing quarter of the year. This performance was anticipated, as mining activities during the first nine months of 2025 were primarily focused on stripping operations to access the NEX ore deposit. The Company has carried this strong operational momentum into 2026.On the sales front, a finer assortment of goods held back from previous quarters was sold during Q4 2025. The inclusion of these goods, combined with challenging market conditions, resulted in a lower average value per carat sold compared to prior quarters.Diamond market conditions remain very difficult, with continued pressure on rough diamond pricing due to uncertainty surrounding U.S. tariffs, geopolitical factors, and the ongoing threat from lab-grown diamonds. In response, the difficult decision was made to suspend the Tuzo Phase 3 project to preserve cash and maintain financial flexibility.Q4 2025 and FY 2025 Production Highlights (All figures reported on a 100% basis unless otherwise stated)1,861,856 carats recovered during the Quarter at an average grade of 2.15 carats per tonne, 109% higher than the comparable fourth quarter in 2024 ("Q4 2024": 890,202 carats at 0.99 carats per tonne), noting that grade was 117% higher in Q4 2025. 4,333,792 carats recovered during FY 2025 at an average grade of 1.23 carats per tonne, is 7% lower than the FY 2024: (FY 2024: 4,661,681 at 1.28 carats per tonne), noting that grade was 4% lower in FY 2025, compared to FY 2024.842,805 ore tonnes mined during the Quarter, is a 45% decrease compared to Q4 2024 (Q4 2024: 1,537,423). 1,784,860 ore tonnes mined during FY 2025, is a 67% decrease compared to FY 24 (FY 2024: 5,379,404).864,298 ore tonnes treated during the Quarter, is a 3% decrease compared to Q4 2024 (Q4 2024: 895,587). 3,520,834 ore tonnes treated during FY 2025, is a 3% decrease from FY 2024 (FY 2024: 3,628,501).8,241,493 total tonnes mined during the Quarter, is an 8% decrease compared to Q4 2024 (Q4 2024: 8,989,000). 38,701,114 total tonnes mined during FY 2025, is a 16% increase from FY 2024 (FY 2024: 33,388,905).Q4 and FY 2025 Production Statistics
Q4 2025 Q4 2024 YoY Variance Total tonnes mined (ore and waste) 8,241,4938,989,000-8 %Ore tonnes mined 842,8051,537,423-45 %Ore tonnes treated 864,298895,587-3 %Diamonds recovered 1,861,856890,202+109 %Carats recovered (49% share) 912,309436,199+109 %Recovered grade (carats per tonne) 2.150.99+117 % 
FY 2025 FY 2024 YoY Variance Total tonnes mined (ore and waste) 38,701,11433,388,905+16 %Ore tonnes mined 1,784,8605,379,404-67 %Ore tonnes treated 3,520,8343,628,501-3 %Diamonds recovered 4,333,7924,661,681-7 %Carats recovered (49% share) 2,123,5582,284,224--7% Recovered grade (carats per tonne) 1.231.28-4 %Q4 and FY 2025 Sales PerformanceQ4 2025 diamond sales totaled 634,333 carats sold at an average value of $72 per carat (US$52 per carat) for total proceeds of $45.7 million (US$33 million) in comparison to 542,812 carats sold at an average value of $96 per carat (US$68 per carat) for total proceeds of $52 million (US$36.7 million) in Q4 2024. The lower average value per carat sold in Q4 2025 was the result of challenging market conditions and the mix of goods sold, reflecting the sale of a finer set of goods held back from previous quarters.During FY 2025, 1,880,795 carats were sold at an average value of $83 per carat (US$59 per carat) for total proceeds of $155.7 million (US$111.5 million) in comparison to 2,718,082 carats sold at an average value of $98 per carat (US$72 per carat) for total proceeds of $267.7 million (US$195.2 million) in FY 2024.Earnings Release and Conference Call DetailsThe Company will host its fourth quarter and full-year 2025 conference call on Wednesday, March 25th, 2026, at 11:00 am EDT. Prior to the conference call, the Company will release Q4 and full-year 2025 financial results on March 24th, 2026, after-market.Conference Call Dial-in Details:Title: Mountain Province Diamonds Inc Q4 2025 and Full-Year 2025 Earnings Conference Call Conference ID: 34420
Date of call: 03/25/2026
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes
Webcast Link:
https://app.webinar.net/wqvjeyWlN8L
Participant Toll-Free Dial-In Number:             (+1) 888-699-1199
Participant International Dial-In Number:       (+1) 416-945-7677A replay of the webcast and audio call will be available on the Company's website.About Mountain Province Diamonds Inc.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 107,373 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.For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.



View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-guidance-for-2026-fourth-quarter-and-full-year-2025-production-and-sales-results-and-details-of-its-earnings-release-and-conference-call-for-fourth-quarter-and-full-year-2025-302708503.htmlSOURCE Mountain Province Diamonds Inc.

Original: Mountain Province Diamonds Announces Guidance for 2026, Fourth Quarter and Full-Year 2025 Production and Sales Results, and Details of its Earnings Release and Conference Call for Fourth Quarter and Full-Year 2025

Mountain Province Diamonds Provides Corporate UpdateFebruary 9, 2026 9:00 PM
PR Newswire (Canada)

TSX and OTC: MPVDTORONTO and NEW YORK, Feb. 9, 2026 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) (OTC: MPVD)  provides a corporate update on its senior management and recent financial and operational matters primarily regarding  its joint venture with De Beers Canada Inc. ("De Beers") pursuant to which the Company holds a 49% interest and De Beers holds a 51% interest in the Gahcho Kué Mine in the Northwest Territories (the "Mine").Appointment of Jonathan ComerfordFollowing the departure of Mark Wall, the Board of Directors has decided, as part of ongoing cost-saving measures, not to seek a replacement at this time. The Board has appointed Jonathan Comerford, currently Chairman of the Board, as acting President and CEO.Tuzo Phase 3De Beers and Mountain Province, have made the decision to pause the Tuzo Phase 3 project at the MineThis decision follows a careful assessment of the project's economics considering the prevailing market environment. While the Tuzo Phase 3 project has demonstrated strong potential, current market conditions have prompted the partners to take a measured approach to its development.The partners remain committed to responsibly managing operations at the Mine and will continue to monitor market conditions to determine the optimal timing for any future development of the Tuzo Phase 3 project.Importantly, this decision will not impact carat production in 2026 or the number of carats the Company expects to sell in 2026, as the current focus remains on mining out the high-grade NEX pipe. The Company will be issuing its Q4 2025 production and sales figures later this week, along with its guidance for 2026.Joint Venture with De BeersThe Company has received three in-kind election notices (together, the "IKE Notices") from De Beers pursuant to the amended and restated joint venture agreement between the Company and De Beers dated as of March 18, 2025 (the "JVA") for an aggregate amount of CAD$49,171,619 (the "Cash Call Amount" and together with the default interest accruing thereon, the "Outstanding Cash Call Amount"). Receipt of the IKE Notices does not constitute an event of default under the JVA however failure to pay the outstanding amount under any IKE Notice within 60 days of that IKE Notice will constitute a formal event of default under the JVA, unless otherwise agreed between the joint venture partners. A formal event of default under JVA will constitute a cross default under the Company's other secured indebtedness.Payments under the first IKE Notices for the Outstanding Cash Call Amount are due March 17, 2026 (as to $38,847,140) and, as to the balance of the Outstanding Cash Call Amount, weekly thereafter.The Company anticipates that the proceeds from scheduled diamond sales may be sufficient to satisfy the first Outstanding Cash Call Amount due March 17, 2026.In addition, the Company received an IKE Notice in respect of amounts overdrawn by the joint venture from time-to-time to finance prior operations at the Mine (the "Overdraft IKE") The Company has not had an opportunity to review and consider the merits or quantum of the claim for Overdraft IKE, which is outside of the current arrangements with De Beers.The Company has been in and is in continuing discussion with De Beers regarding the IKE Notices and both the Company and De Beers are working together to identify opportunities to reduce joint venture costs, while maintaining value for stakeholders.Extension for Approval of Facility FeeAs announced on July 28, 2025, as consideration for a US$10M increase to its bridge term facility under its amended and restated bridge credit facility agreement with Dunebridge Worldwide Ltd., ("Dunebridge"), the Company agreed to pay Dunebridge a US$1 million fee (the "Facility Fee") on maturity. Either the Facility Fee was to be approved by disinterested shareholders, or such shareholder approval was not to be required by January 25, 2026 (the "Outside Date"), failing which an event of default will have occurred under the amended and restated bridge credit facility agreement.  To permit such shareholder approval to be obtained at the Company's 2026 annual general meeting of shareholders, Dunebridge extended the Outside Date to June 30, 2026.Mountain Province Diamonds President and CEO Jonathan Comerford commented:"The challenges currently facing the Company largely reflects the prolonged weakness in the diamond sector. In this environment, our focus remains on carefully managing costs, protecting liquidity, and making measured decisions to support the long-term sustainability of our operations. We are working closely with De Beers and our stakeholders to address the in-kind election notices and to secure the ongoing viability of both the Company and the Gahcho Kué mine."About Mountain Province Diamonds Inc.Mountain Province is a 49% participant with De Beers in the GK 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 more than 96,000 hectares of highly prospective mineral claims and leases surrounding the GK Mine that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.Caution Regarding Forward Looking InformationThis news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to: whether the proceeds from diamond sales are as anticipated, whether the Outstanding Cash Call Amount will be satisfied on a timely basis or at all, whether the amount claimed in the Overdraft IKE is accurate, whether the Company and De Beers can come to an arrangement regarding payment of the amounts due under the IKE notices,, whether an Event of Default under the JVA will occur,  and whether additional capital, to the extent required will be secured on reasonable terms or at all. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the negotiating stances taking by the parties regarding the Overdraft IKE and the Outstanding Cash Call Amounts; proceeds of diamond sells being less than anticipated, De Beers issuing an Event of Default under the JVA  notice in respect of future call arrears; risks relating to the supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR+, which also provides additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.



View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-provides-corporate-update-302683049.htmlSOURCE Mountain Province Diamonds Inc.

Original: Mountain Province Diamonds Provides Corporate Update

re MPVD..... IS NOT MOVING MUCH

<<<<<< was cancelled

sorry to see that the train has left -----while at the dock of the bay

they did it to me again---SHOOK me out and trippled the price

Wedding bells /// XMAS carols //// Engagement rings---- mean new weddings by March

DIAMRALLY

now in the 40;s not dollsrs----CENTS

my broker is saying for 2 weeks-----SELL, SELL, SELL

Latest News
Large Diamond Included in Current Sale

Mountain Province has set the bar high for its first sale of Gahcho Kue diamonds.

IF THIS IS A FLOP WATCH THE DROP IN PPS

Antwerp--beeg diamond sales promotion in 2017 ; jan -3 wks

how many shares is shatsko holding

ENGMF is kapout

MDM: Buy a dollar for just two dimes?

MDM is a Canadian diamond exploration company preparing to become a diamond producing company.

Here's the math, as of 5/2016. Proven plus inferred reserves are 50M+ carats, conservatively valued at US$150/ct. In the ground value of US$7.5Bn.

Shares outstanding 160MM at US$4.15.

Project is 50:50 with deBeers.

The math: 1/2 x 7.5/.160 =$22.87/sh MDM value in-the-ground.

Share price / In-the-ground = 4.15/22.87 = .18 - about 2 dimes.

The project is fully permitted and funded (bank loans in place and being drawn down to fund construction). Project looks to be on time and on budget.

Production scheduled to begin 2H 2016.

MDM latest investor presentation:
http://mountainprovince.com/files/1814/6214/6102/MPV_Presentation_Q2_2016.pdf

do your own due diligence.
disclosure: long MDM

http://www.newswire.ca/en/story/1391828/mountain-province-diamonds-appoints-banks-to-arrange-and-underwrite-us-370m-term-loan-facility

Started a small position today with 500 shares at $4.62

And some more!!!


Filing
Date

Transaction
Date

Insider Name

Ownership
Type

Securities

Nature of transaction

# or value acquired or disposed of

Unit
Price



Jan 27/12

Jan 26/12

Evans, Patrick Charles

Direct Ownership

Common Shares

10 - Acquisition in the public market

5,000

$4.33
USD



Jan 24/12

Jan 24/12

Evans, Patrick Charles

Direct Ownership

Common Shares

10 - Acquisition in the public market

20,000

$4.50
USD

PE buys more!!!

Jan 24/12

Evans, Patrick Charles

Direct Ownership

Common Shares

10 - Acquisition in the public market

20,000

$4.50

Mountain Province property spin-out cleans up firm for potential takeover

By: Matthew Hill 13th January 2012

TORONTO (miningweekly.com) – Mountain Province Diamonds said on Thursday it will unbundle the properties it owns around its joint venture with De Beers in Canada’s Northwest Territories, which could make it easier for the Anglo American unit to buy the TSX-quoted firm.

CEO Patrick Evans told Mining Weekly Online the move would simplify negotiations with a potential acquirer when the junior decides to re-engage suitors, most likely after February.

The company had been in takeover talks with “a number of parties” up until August, when it decided to call them off, saying a buyout would be premature as Mountain Province had done too little exploration work to value the diamond tenements it owns around the Gahcho Kué joint venture with De Beers.

Evans said spinning off these properties into a separate company would help solve the valuation problem, along with carrying out further exploration.

Asked how much the spun out company, to be called Kennady Diamonds, might be worth, he pointed to the fact that Mountain Province’s share price had climbed by 9.4%, or C$0.39, in the wake of the announcement.

That value multiplied by the 80-million shares Mountain Province has outstanding gives a figure of around C$31-million.

“That’s not a scientific way but it’s probably not a bad starting point,” Evans said. It should also be noted that less than 25 000 shares changed hands on Thursday.

Salman Partners analyst Raymond Goldie said he attributed no value to the exploration properties at this stage.

Speaking in a telephone interview, he said the unbundling “should make it easy for Mountain Province itself to get taken over”, most likely by De Beers.

The Oppenheimer family last year said it agreed to sell its 40% stake in the diamond giant to Anglo American for $5.1-billion in November. Shareholders in Anglo, which already had a 45% ownership of De Beers, this month voted in favour of the deal.

While Evans won’t name the companies Mountain Province had been in takeover talks with last year, he said that Anglo American was well acquainted with Gahcho Kué, as its technical team had “essentially” taken over from De Beers after the partners completed a feasibility study in October 2010.

“For us, the change in shareholding at De Beers with Anglo effectively having 85% hasn’t really influenced much at the project level,” Evans said.

He also hinted that Anglo would be keen to gain control of the joint venture, located nearby De Beers’ operating Snap Lake mine north of Yellowknife. De Beers owns 51% of the project, with Mountain Province owning the rest.

“There’s only one diamond development project of the scale and size that will interest Anglo, and that’s Gahcho Kue,” Evans said, pointing out that it is the largest and richest known undeveloped deposit globally.

He added that Mountain Province is still unready to re-enter takeover talks, but may do so after it completes drilling at its Tuzo Deep deposit by the end of February.

SPIN OUT

The company said in a statement it will distribute all the shares in the new company, Kennady Diamonds, to existing shareholders, and list the new firm on the TSX-V. Shareholders will vote on the deal in April.

Kennady Diamonds will include thirteen leases and claims located to the west and north of the four leases the Gahcho Kué joint venture owns.

There are already three known diamondiferous, or diamond-bearing, kimberlites pipes on the properties, and Mountain Province completed an airborne gravity radiometry survey over the properties in 2011.

Evans said the parent company would likely inject around C$2-million into the unbundled firm to fund exploration in 2012.

SPINOUT! Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE-AMEX: MDM) is pleased to announce that its Board of Directors has approved a proposal to spin-out the Company's 100 percent-controlled Kennady North diamond project into a newly incorporated company, Kennady Diamonds Inc.

Patrick Evans , President and CEO, commented: "The proposed spin-out of Kennady North is intended to deliver greater value to Mountain Province shareholders by unlocking the value of this highly prospective diamond project. The transaction will also enable Mountain Province to focus on its flagship Gahcho Kué Project while Kennady Diamonds focuses on advancing the 123 square-kilometer Kennady North Project."

The proposed spin-out will occur through a plan of arrangement (the "Arrangement") and will be subject to regulatory and court approval, as well as shareholder approval at a special meeting currently planned for April, 2012.

Upon completion of the Arrangement and the proposed listing of Kennady Diamonds on the TSX Venture Exchange ("TSXV"), the Company intends to distribute 100 percent of the shares of Kennady Diamonds to Mountain Province shareholders on a pro rata basis. Mountain Province will also provide Kennady Diamonds with sufficient working capital to fund the planned exploration activities for 2012.

Additional details of the spin-out and the time and place for the special meeting will be announced as soon as all the commercial, legal and procedural formalities are finalized.

About Kennady Diamonds

The Kennady Diamonds comprises thirteen leases and claims located to the west and north of the four leases controlled by the Gahcho Kué Joint Venture between De Beers Canada Inc. (51%) and Mountain Province (49%).

Exploration at Kennady North commenced in the late 1990's and resulted in the discovery of the diamondiferous Kelvin, Faraday and Hobbes kimberlites. The number of diamonds recovered from these kimberlites and the size-frequency distribution indicate that they may be of comparable grade to the 5034 (1.77 carats per tonne) and Hearne (2.10 carats per tonne) kimberlites at the Gahcho Kué JV. Exploration samples from Kelvin and Faraday returned a relatively large number of macro diamonds with the two largest being a 0.4 carat diamond from Faraday and a 0.09 carat diamond from Kelvin.

The known kimberlites at Kennady North do not explain all the kimberlitic indicators previously recovered from glacial till sampling. Exploration at Kennady North was suspended in 2004 when Mountain Province focused the Company's attention on the Gahcho Kué pre-feasibility and feasibility studies. Exploration at Kennady North recommenced during 2011 with a 50-meter line spacing airborne gravity gradiometry survey over the entire 123.6 square kilometer project area. The survey has identified 29 high priority geophysical targets many of which will be the subject of follow-up drilling during 2012.

Sweet News Merry Christmas

..Mountain Province Diamonds Announces Results of Kennady North Airborne Gravity Survey

2 hours 28 minutes ago
....
Share0EmailPrint.....Companies:...Mountain Province Diamonds Inc.Mountain Province Diamonds, Inc. . ...RELATED QUOTES.
.Symbol Price Change
MDM 3.90 +0.10

......
Company Considers Potential Spinout of Kennady North Project

Shares Issued and Outstanding: 80,345,558
TSX: MPV
NYSE- AMEX: MDM

TORONTO AND NEW YORK, Dec. 22, 2011 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE-AMEX: MDM) is pleased to announce that analysis of the final results of the Falcon airborne gravity gradiometry (AGG) survey over the Company's 100%-controlled Kennady North Project has identified over 70 geophysical targets of which 29 are considered high priority and closely resemble the known kimberlites in the Kennady Lake area. The AGG survey was flown by Fugro Airborne Surveys. On-site quality control and interpretation of the data was done by independent consultant Mr. Kit Campbell, P. Geoph., of Intrepid Geophysics, Vancouver B.C.

Located within the diamond fields of Canada's Northwest Territories, the Kennady North Project encompasses thirteen leases and claims contiguous to the Company's 49%-controlled Gahcho Kué Project held in joint venture with De Beers Canada. Past exploration at Kennady North led to the discovery of the diamondiferous Faraday, Kelvin and Hobbes kimberlites. Drilling of these kimberlites returned excellent micro-diamond counts with a size frequency distribution very similar to the highly diamondiferous Gahcho Kué kimberlites, which have a fully diluted reserve grade of 1.57 carats per tonne.

Commenting, Mountain Province President and CEO Patrick Evans said: "We are very excited about the large number of high priority geophysical targets that have been identified at Kennady North. Besides the excellent micro-diamond counts and size frequency distribution from the known kimberlites, a 0.40 carat diamond was recovered from a 65 kilogram sample taken from Faraday and the samples recovered from Faraday also exhibit an unusually high percentage of yellow diamonds. This is very encouraging."

Mr. Evans added: "As soon as we've secured a land use permit for Kennady North, we intend following up with ground-truthing of the high priority targets in preparation for drilling next year. Mountain Province has retained Aurora Geosciences Ltd. based in Yellowknife, NWT, to manage the Kennady North exploration program."

The results of the AGG survey flown over the Gahcho Kué Project will be announced once the Joint Venture has completed an analysis of the final report.

Potential Spinout of Kennady North Project

Mountain Province is also pleased to announce that the Company is currently giving consideration to the potential spinout of the Kennady North Project into a newly-listed public company. A final decision on the potential spinout will be taken with a view to the best interests of shareholders in Mountain Province and a study of mechanisms for the potential spinout.

Patrick Evans commented: "The potential reorganization of the Company into two separate public companies would enable Mountain Province to focus on its flagship Gahcho Kué Project while Kennady Diamonds could focus on advancing of the highly prospective Kennady North Project. Shareholders will be kept informed of any proposals advanced in terms of the possible spinout."

TORONTO AND NEW YORK, Aug. 24, 2011 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE-AMEX: MDM) today announced that after receiving unsolicited expressions of interest from third parties the Company has decided to cease discussions and other engagement with those third parties in order to focus management's attention on the following key activities: the permitting of the Gahcho Kué Project, arranging Mountain Province's share of the financing for the first mine at Gahcho Kué, advancing the Tuzo Deep drill program at Gahcho Kué and exploration at the Company's 100% controlled Kennady North project .
Commenting, Mountain Province President and CEO, Patrick Evans, said: "Gahcho Kué is the world's largest and highest grade diamond development project, located in the world's most stable diamond producing region, so it's inevitable that we've attracted the interest of other participants in the diamond industry. While the Board has welcomed third party interest in Mountain Province, the Company is currently focused on advancing the permitting and financing for the first mine at Kennady Lake, two activities that require the full attention of management. Also, our two major exploration programs at Kennady Lake - the planned Kennady North airborne gravity survey and the Tuzo Deep drill program - both have the potential to add significantly to Gahcho Kué's current 49 million carat reserve. Under the circumstances, the Board is of the view that further engagement with third parties might be premature before the results of these exploration programs have been announced."

Mountain Province recently announced that the Gahcho Kué Environmental Impact Review Panel ("Panel") has declared that the 11,000-page Gahcho Kué Environmental Impact Statement conforms to the rigorous terms of reference set by the Panel, which clears the way for the commencement of the environmental review. Mr. Evans added: "The environmental review is a period of intense engagement that requires the full attention of the Gahcho Kué JV partners to ensure its successful conclusion".

Mountain Province is also pleased to announce that following the approval by the JV partners of the definitive feasibility study the Company has been approached by one of Canada's major commercial banks proposing to lead the arrangement of a project finance facility for Mountain Province's share of the construction costs for the first mine at Gahcho Kué. Discussions relating to this are continuing and the Company expects to make a further announcement in due course.

The first phase of the Tuzo Deep drill program, which is designed to test the depth extension of the Tuzo kimberlite pipe located on the Gahcho Kué JV property, is also set to commence during the current third quarter of 2011. Based on the success of this first phase drill program, the JV partners will plan a second phase infill drill program to commence in early 2012.

Exploration at the Kennady North Project, which is located immediately to the west and north of the Gahcho Kué JV property at Kennady Lake, is set to resume with a planned 50-meter line-spacing airborne gravity survey. The airborne gravity survey will also be flown over the four leases of the Gahcho Kué JV. Subject to favourable weather conditions, the airborne gravity survey is expected to be commence during the current third quarter of 2011.

da bears are good...mdm holding at about 5.

Do you like or dislike Debeers?

Do you like or hate Debeers?

MPV in Bloomberg.

http://www.businessweek.com/news/2011-02-11/de-beers-will-boost-diamond-production-on-extraordinary-asia.html

How long do you think the Mackenzie Valley Authority will take to approve Gaucho Kue?

Anybody??? Owned stock for 10 years. It has just gone over $6 a share, hovering close.

Approval this year. Buy out? mine?

what a great stock have bought this from $2. and is still going...

Can't believe nobody is watching this. Owned this for 10 years and it's happening. Check the chart.

John Kaiser's recent report

"...A careful read of Mountain Province's August 4 news release will reveal that the actual values of the Gahcho Kue bulk sample parcels are substantially higher than the modelled values which is due to several large very high value stones whose presence cannot be quantified in the value modelling conducted by De Beers and WWW. So unless these diamonds are super freaks not likely to be found again, the modelled valuations for Gahcho Kue which follow statistical methods likely understate what will be the value of commercial production. This is in contrast to most bulk sample parcels such as those of Shore Gold's Fort a la Corne project where the actual parcel values are well below the modelled values Shore Gold uses in its prefeasibility study. Patrick Evans points out that other large diamonds are present, and, understandably, does not mention than the bulk sampling of Diavik never produced anything like the larger Gahcho Kue stones. So when Bob Gannicott dismisses Mountain Province as too expensive, even as he tries to defend the continued ownership of the Harry Winston retail division which would be legitimized by a supply of large, high value Gahcho Kue diamonds, he is doing what any good

CEO should do to further his company's interest, namely denigrate a potential acquisition target. If Harrry Winston did absorb Mountain Province, it will likely not have the problem it has with Rio Tinto at Diavik where Rio Tinto always outbids Harry Winston for the specials because it controls downstream supply channels. De Beers still operates as a wholesaler through its "supplier of choice" system, and would never bid a price for a special that represents some of the value added by being able to accompany a diamond from mine to retail market. If Mountain Province and De Beers adopt a system for dividing the specials similar to what Rio Tinto and Harry Winston have at Diavik with which the Canadian government seems to be happy for tax purposes, a Mountain Province owned by Harry Winston would be in a position to scoop the specials for its downstream benefit. And that would be one more reason for De Beers to take out Mountain Province and end up with 100% of Gahcho Kue. Bottom-fishers and spec value hunters should continue to hold their positions for a price target range of $4-$6 which is now near term. "
***********************************************************
With the recent pull back ($3.89 5 days ago and now $3.35) I'd say a good time for those who want in (or want to add) to pick up some shares. I think the share price is heading to $5 in the short term and way higher in the mid to long term.

Just the beginning.

Mountain Province Diamonds Announces Results of Independent

Valuation of Gahcho Kué Diamonds
TORONTO and NEW YORK, Aug 04, 2010 /PRNewswire via COMTEX/ -- Mountain Province Diamonds Inc. ("Mountain Province", the "Company") /quotes/comstock/11t!e:mpv (CA:MPV 3.40, +0.18, +5.59%) today announced the results of an updated independent valuation of the diamonds recovered from the Gahcho Kué Project during the exploration phase. The valuation was conducted by WWW International Diamond Consultants Ltd. and took place at the London offices of the Diamond Trading Company in early April, 2010. All diamond values presented below are based on the WWW Price Book as at 13 April, 2010.

Commenting, Mountain Province President and CEO, Patrick Evans, said: "We are pleased with the results of this independent diamond valuation, which reflect a statistically robust sample and rising rough diamond prices since the onset of the credit crises."

Table 1 below reflects the actual price per carat for the parcel of 8,243.56 carats of diamonds recovered from the Gahcho Kué Project.


Table 1

-------------------------------------------------------------------------
Actual Price US$/carat
-------------------------------------------------------------------------
Pipe Zone Total Carats $/Carat Total Dollars
-------------------------------------------------------------------------
5034 Centre Lobe 633.80 80.23 50,852
West Lobe 1,119.40 79.63 89,134
East Lobe 1,264.21 178.59 225,770
-------------------------------------------------------------------------
5034 Total 3,017.41 121.22 365,757
-------------------------------------------------------------------------
Hearne 2,906.45 60.44 175,654
-------------------------------------------------------------------------
Tuzo 2,319.70 243.03 563,750
-------------------------------------------------------------------------
Total 8,243.56 134.06 1,105,161
-------------------------------------------------------------------------





Table 2 below presents models of the average price per carat (US$/carat) for each kimberlite lithology. The modeled price per carat is determined using statistical methods to estimate the average value of diamonds that will be recovered from potential future production from Gahcho Kué.


Table 2

-------------------------------------------------------------------------
Modeled Average Price US$/carat
-------------------------------------------------------------------------
+ 1.00mm +1.50mm
-------------------------------------------------------------------------
Pipe High Model Low High Model Low
-------------------------------------------------------------------------
5034 NE Lobe 131 107 96 143 116 104
5034 Centre 122 100 91 137 113 102
5034 West 141 114 103 157 127 114
-------------------------------------------------------------------------
Tuzo 81 67 61 93 77 70
-------------------------------------------------------------------------
Hearne 82 68 62 93 78 71
-------------------------------------------------------------------------
Note: 1.50mm prices provided for reference purposes only.





In their report to Mountain Province, WWW stated: "The Tuzo sample and the 5034 East sample both contained one high value large stone. For Tuzo there was a 25.14 carat stone valued at $17,000 per carat and 5034 East had a 9.90 carat stone valued at $15,000 per carat. It is encouraging that such high value stones were recovered in samples of this size. If they are found in the same frequency throughout the resource then the modelled APs (Average Prices') will certainly be towards the 'high' values."

Commenting further, Mr. Evans said: "Experience shows that during the mining phase larger populations of large, high value diamonds are commonly recovered, which has the potential to improve diamond revenues. Besides the high-value 25.14 and 9.9 carat diamonds referred to above, several other large high-value diamonds of gem quality have been recovered from Gahcho Kué, including 7.0 carat, 6.6 carat and 5.9 carat diamonds from the 5034 kimberlite and 8.7 carat, 6.4 carat and 4.9 carat diamonds from the Hearne kimberlite. The presence of coarser diamonds is an important driver of overall diamond value at Gahcho Kué."

Mountain Province is also pleased to announce that the Gahcho Kué independent definitive feasibility study remains on track for completion at the end of this month.

Located in Canada's Northwest Territories, Gahcho Kué is one of the largest new diamond projects under development globally. The project consists of a cluster of kimberlites, three of which have an indicated resource (1.00mm cut-off) of approximately 30.2 million tonnes grading at 1.67 carats per tonne (approximately 50.5 million carats) and an inferred resource (1.00mm cut-off) of approximately 6 million tonnes grading at 1.73 carats per tonne (approximately 10.3 million carats). Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Qualified Person

This news release has been prepared under the supervision of Carl G. Verley, P.Geo., who serves as the qualified person under National Instrument 43-101.