MOUNTAIN PROVINCE DIAMONDS ANNOUNCES UPDATED LIFE OF MINE PLAN AND UPDATED MINERAL RESOURCE AND RESERVE ESTIMATE

Core Viewpoint - Mountain Province Diamonds Inc. has completed an updated mineral reserve and resource estimate for the Gahcho Kué Mine, indicating significant improvements in the mine's production profile and cash flow potential [1][4]. Group 1: Updated Mineral Resource and Reserve Estimate - The updated life of mine (LOM) plan extends production through 2031, with an estimated total diamond recovery of 36.3 million carats from 2024 to 2031, an increase from the previous estimate of 30.8 million carats [3][6]. - The company's 49% share of operating cash flow from remaining open pit mining operations is estimated at $626 million [3][4]. - The updated mineral resource estimate includes three block model updates, increasing the overall volume of ore bodies and providing a more probable view of kimberlite volumes to be mined in the short term [8]. Group 2: Technical Report and Economic Evaluation - A supporting technical report effective April 22, 2024, will be filed within 45 days, superseding the previous report from March 2022 [2][18]. - The mineral reserves have been updated based on the new mine plan, with a total of 23.6 million tonnes classified as probable reserves [12][11]. - The economic evaluation is based on an average diamond price of$95 per carat, with operating costs of $5.9 per tonne mined and$58.5 per tonne milled [12][14]. Group 3: Production and Operational Insights - The updated mine plan includes a reduction in the bottom cut-off from 1.1mm to 1.0mm starting in 2027, coinciding with expected lower global production due to mine closures [6][13]. - Engineering improvements have allowed for steeper pit walls, capturing additional kimberlite and resulting in a small reduction in waste stripping [5][7]. - The projected operational after-tax cash flow demonstrates the value of the Gahcho Kué mine, especially in a softer diamond market, indicating potential upside if prices improve [4].