TSX and OTCQX: MPVD

TORONTO and NEW YORK, March 22, 2023 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", or the "Company") (TSX: MPVD) (OTCQX: MPVD) today announces its financial and operating results for the fourth quarter ("the Quarter" or "Q4 2022") and the full year ended December 31, 2022 ("FY 2022").

All figures are expressed in Canadian dollars unless otherwise noted and are unaudited.

FY 2022 Highlights

Adjusted EBITDA1 of $177.2 million, up 31% relative to 2021 (2021: $135.4 million).

Total sales revenue at $388.9 million (US$297.3 million) compared to $298.3 million in 2021 (US$237 million: sales revenue in 2021 does not include the 'upside' revenue of $10.4m from the Dunebridge agreement), at an average realized value of $146 per carat (US$112) 2021: $94 per carat (US$75).

During 2022 the Company repaid US$110 million in debt, US$60 million from operating cash flow and utilizing the US$50 million junior secured term loan credit facility (‘Junior Credit Facility’)

In December 2022, the Company completed the refinancing transaction involving the issuance of US$195 million aggregate principal amount of its 9.000% Senior Secured Second Lien Notes due 2025 (‘Notes’), to refinance US$189.2 million aggregate principal amount of the Company’s existing 8.000% Senior Secured Second Lien Notes due 2022 (‘Old Notes’)

Significant discovery beside and connected to the Hearne open pit that has potential to transition Gahcho Kué to an underground producer, and potentially increasing mine life.

Updated Technical Report filed March 2022 which featured a pre-tax/royalty NPV 7.5% attributable to Mountain Province Diamonds of $1,233 million.
Operational Highlights for Q4 and FY 2022
(all figures reported on a 100% basis unless otherwise stated)

1,621,800 carats recovered during the quarter at an average grade of 1.96 carats per tonne, 7% higher than the comparable quarter (Q4 2021: 1,511,253 carats at 1.86 carats per tonne). 5,519,309 carats recovered during FY 2022 at an average grade of 1.78 carats per tonne, 12% lower than the comparable period (FY 2021: 6,229,042 at 2.02 carats per tonne).

705,924 ore tonnes mined during the quarter, a 31% decrease on the comparable period (Q4 2021: 1,019,671). 4,113,648 ore tonnes mined during FY 2022, a 16% increase from the comparable period (FY 2021: 3,561,417).

828,644 ore tonnes treated during the quarter, a 2% increase on the comparable period (Q4 2021: 813,308). 3,102,219 ore tonnes treated during FY 2022, a 1% increase from the comparable period (FY 2021: 3,082,572).

10,144,844 total tonnes mined during the quarter, a 6% decrease on the comparable period (Q4 2021: 10,812,723). 33,947,188 total tonnes mined during FY 2022, a 4% decrease from the comparable period (FY 2021: 35,447,014).
Q4 and FY 2022 Production Statistics

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2022 Q4 2021 Q4 YoY Variance

Total tonnes mined (ore and waste) 10,144,844 10,812,723 -6 %

Ore tonnes mined 705,924 1,019,671 -31 %

Ore tonnes treated 828,644 813,308 2 %
Carats recovered 1,621,800 1,511,253 7 %

Carats recovered (49% share) 794,682 740,514 7 %

Recovered grade (carats per tonne) 1.96 1.86 5 %

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https://www.mountainprovince.com/2023-03-22-Mountain-Province-Diamonds-Announces-Full-Year-and-Fourth-Quarter-2022-Results