Mountain Province Diamonds Announces Leadership and Operational Update

Rhea-AI Summary

Mountain Province Diamonds (TSX/OTC: MPVD) announced that President & CEO Mark Wall has resigned and will remain with the company until December 19, 2025 to support a transition. The Board and its Nomination Committee will begin the search for a new President & CEO and will provide updates in due course.

The company said mining of the high-grade 5034-NEX orebody commenced during Q3 2025 and that the five-day plant maintenance shutdown was completed in Q3. Mountain Province said the Gahcho Kué mine is now positioned for strong performance in Q4 2025 and 2026.

Positive

• High-grade 5034-NEX orebody mining started in Q3 2025
• Five-day plant maintenance shutdown completed in Q3 2025
• Gahcho Kué mine positioned for strong Q4 2025 and 2026 performance

Negative

• President & CEO Mark Wall resigned effective December 19, 2025
• Board initiated CEO search; leadership vacancy may affect near-term oversight

TSX and OTC: MPVD

TORONTO, Nov. 12, 2025 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces that the President & CEO Mark Wall, has resigned from the Company to pursue other opportunities.  Mark will remain with the Company until December 19, 2025, to ensure a smooth transition.

As reported in the Company news release of November 6, 2025 regarding the Company's Q3 results, mining through the transitional phase of the high grade 5034-NEX orebody has commenced and this material is being processed.  In addition, the five -day plant maintenance shutdown was completed during Q3 and the Gahcho Kué mine ("GK Mine") is now well positioned for strong performance in Q4 2025 and 2026.

The Board of Directors, together with its Nomination Committee, will commence a process to fill the role of President and CEO. The Company will provide an update in due course.

Jonathan Comerford, the Company's Chairman, commented:

"On behalf of the Board, I would like to thank Mark for his substantial contribution to the Company and the operations of the GK mine over the past four years, during what has been a very challenging period for both the Company and the diamond industry as a whole. We wish him every success in his future endeavours."

About Mountain Province Diamonds Inc.

Mountain Province is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué 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 Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.

Qualified Person

The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Tom McCandless, Ph.D., P.Geo, and Tysen Hantelmann, P. Eng., independent advisors to the Company and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Caution Regarding Forward Looking Information

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities, Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.

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SOURCE Mountain Province Diamonds Inc.

FAQ

What did Mountain Province Diamonds (MPVD) announce on November 12, 2025?

The company announced that President & CEO Mark Wall resigned and will remain until December 19, 2025 to support the transition.

Who will run Mountain Province Diamonds (MPVD) after Mark Wall leaves?

The Board and its Nomination Committee have commenced a search for a new President & CEO; no appointment date was provided.

What operational progress did MPVD report for Q3 2025?

Mining of the 5034-NEX high-grade orebody commenced and a five-day plant maintenance shutdown was completed in Q3 2025.

How did Mountain Province describe Gahcho Kué mine outlook for Q4 2025 and 2026?

The company said the Gahcho Kué mine is well positioned for strong performance in Q4 2025 and 2026.

When will Mountain Province provide an update on the CEO vacancy (MPVD)?

The company stated it will provide an update in due course; no specific timetable was given.