Mountain Province Diamonds Inc. provided production guidance for the year 2022. Due to the rapid rise in fuel costs because of the global oil price shock during the supply period, noting that the Gahcho Kué mine procures all of its diesel in the first quarter during the ice-road supply season, a significant, once-off and unbudgeted diesel price increase was experienced. Additional issues related to the previously announced COVID-19 (Omicron) outbreak at site and the failure of the pitman bearing in the primary crusher, together have impacted annual production and costs.

More than 95% of the diesel for the year has been purchased, the site is free of any COVID-19 cases, and the crusher has been repaired and is operating at full capacity. These issues, although now managed, have had an impact on annual production and cost targets for the 2022 operating year. The Company expects: 35 - 40 million total tonnes mined (ore and waste) - 3.75 - 4.30 million ore tonnes mined - 3.35 - 3.60 million ore tonnes treated - 6.2 - 6.4 million carats recovered - Production costs of $131 - $137 per tonne treated - Production costs of $71 - $76 per carat recovered - Sustaining Capital Expenditure of $11 million.

In a positive development for the mine, although a short-term constraint, during mining in the opening months of 2022, additional unmodeled resource has been encountered, carrying a lower grade than planned mining areas. This incremental, previously unmodeled kimberlite will be incorporated into stockpile strategy throughout 2022, with the net effect of lower processed grade, but a net increase in Life-of-Mine ore tonnes. It is seen as a positive by Mountain Province that more diamond bearing ore is being mined that existed in the mine plan.