Mountain Province focuses output 2019

Guidelines to reach target of

3.3 to 3.45 million carats!

Mountain Province Diamonds announces production and sales results for the first quarter ended March 31, 2019. Accordingly in Q1 2019 the Gahcho Kué Diamond Mine treated about 870,949 tonnes is an 11% increase YoY. During the Q1 Gahcho Kué recovered 1,584,552 carats remained lower than Q1 2018 of 1,641,000 carats.

On the other hand Mountain Province, in Q1 2019, sold 643,739 carats at an average value of $USD 71 per carat ($CAD 94 per carat) for total proceeds of $USD 45.8 million ($CAD 60.7 million) in comparison to 527,000 carats sold at an average value of $USD 99 per carat ($CAD 126 per carat) for total proceeds of $USD 52 million ($CAD 66.6 million) in Q1.

Reid Mackie, the Company's Vice President of Diamond Marketing, commented: “We had a strong start to 2019 with increased customer demand for our product and price increases observed across most rough diamond categories, particularly in the better quality diamonds. The rough market is showing signs of stability and there are early signs of a potential price recovery in the cheaper run of mine products where we saw low single digit increases.”

Over all Q1 2019 production results were slightly ahead of the Company's expectation following a solid 2018 performance across all metrics. Just over 9.5 million tonnes of material were mined during the first quarter, 16% higher than the same period last year. The average grade during the quarter was lower than what the plant has been experiencing over the past few quarters, but in line with the expected outcome for Q1.

Stuart Brown, the Company's President and Chief Executive Officer, commented: “we have had a solid start to the year with our Q1 sales and production results slightly ahead of our expectations.  We remain on track to achieve our 2019 target of 3.3-3.45 million carats (our 49% share of the full production) recovered, which together with the improving diamond market and the planned plant enhancements will translate into a better operating margin.”

The Company will release Q1 2019 financial results on May 8th, 2019.