Mountain Province Diamonds Addresses Near Term Liquidity Position with Asset Sale and Receives Extensions on Financial Obligations

About this update from Mountain Province Diamonds Inc.

TSX and OTC: MPVD TORONTO and NEW YORK, June 15, 2026 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) and (OTC: MPVD) announces today that it has completed a series of transactions to strengthen its near-term liquidity position and extend key financial obligations to position the Company for a broader restructuring or refinancing transaction in the near-term. Specifically, the Company has (a) sold its right, title and interest to up to US$5,000,000 of receivables (the "Purchased Receivables") from the sale of its share of diamonds from the Gahcho Kué diamond mine (the "GK Mine") in the Northwest Territories for a purchase price of up to US$4,166,667 to Mr. Dermot Desmond ("Mr. Desmond"), a related party of the Company; (b) extended the June 30, 2026 payment date for the decommissioning fund with De Beers Canada Inc. ("De Beers") to September 30, 2026; (c) extended the maturity date on its term loan and the principal repayment date under the working capital facility to September 30, 2026; and (d) received a waiver and deferral of the June 15, 2026 coupon payment from the holders (the "Noteholders") of the Company's senior secured lien notes due December 2027 (the "Second Lien Notes") to December 15, 2026. Sale of Receivables The Company announces today that it has sold the Purchased Receivables to which 2435386 Ontario Inc. ("386"), a wholly owned subsidiary of the Company, is entitled under its 49% joint venture interest in GK Mine, to Mr. Desmond under a purchase and sale agreement between the Company, 386 and Mr. Desmond (the "Purchase and Sale Agreement"). The Purchased Receivables may be purchased by Mr. Desmond in one or more tranches at a purchase price equal to 83.3% of the underlying value of the Purchased Receivables. Proceeds from the sale of the Purchased Receivables will be used by the Company to cover operating expenses to allow the Company to continue operations in the near term while the Company reviews its strategic alternatives. The rights of Mr. Desmond to payment of Purchased Receivables are subject to the rights of De Beers to such Purchased Receivables under the in-kind election notices (each, an "IKE Notice") received to date from De Beers ...

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