Mr. Jonathan Comerford reports

MOUNTAIN PROVINCE DIAMONDS EXTENDS MATURITY ON CREDIT FACILITY AND PROVIDES UPDATE ON CASH CALL ARREARS

Mountain Province Diamonds Inc. has entered into a third amending agreement with Dunebridge Worldwide Ltd., as administrative agent, security trustee and lender thereunder, a related party of the company, extending the maturity date on the $40-million (U.S.) term loan facility and the $33-million (U.S.) working capital facility (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 Nov. 18, 2025, respectively.

Third amending agreement

Pursuant 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 Canada Inc.

On Feb. 9, 2026, the company announced that it had received in-kind election notices (each an IKE notice) from De Beers, pursuant to the amended and restated joint venture agreement (JVA) between the company and De Beers, dated March 18, 2025, relating to unpaid cash calls in an aggregate amount of $49,171,619 (Canadian), of which $38,847,140 (Canadian) was due on March 17, 2026.

Since the company's news release of Feb. 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 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 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 of independent directors of the company 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, Jonathan Comerford and 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 Difficulty

Vertigol Unlimited Company is the beneficial holder of 75,446,071 shares of the company, which represents over 35 per cent of the company's issued and outstanding shares. Dermot Desmond is the ultimate beneficial owner of Vertigol, and accordingly, both Vertigol and Dermot Desmond are a related party (as defined in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions). Dunebridge, is also ultimately beneficially owned by Dermot 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, 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 sections 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-per-cent participant with De Beers in the Gahcho Kue (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.

We seek Safe Harbor.