FEB 2020 TSX: MPVD | NASDAQ: MPVD - Mountain Province Diamonds
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TSX: MPVD | NASDAQ: MPVD
C O R P O R AT E
P R E S E N TAT I O N
FEB 2020
W W W. M O U N TA I N P R O V I N C E . C O M
FORWARD LOOKING STATEMENT Cautionary Statement Regarding Forward Looking Information Cautionary Statement: This presentation 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. (“Mountain Province”). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to 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 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 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. Readers 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 presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. 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. Comparative market information is as of a date prior to the date of this document. 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. MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 2
ABOUT THE COMPANY
Mountain Province is a Canadian company listed on the TSX and
NASDAQ with approximately C$250m market capitalization.
The Company’s primary asset is its 49% interest in the Gahcho Kué
Diamond Mine, a JV with De Beers Canada (51%), who also act as the
operator, located 300km northeast of Yellowknife in North West
Territories of Canada.
Mountain Province also holds 100% of Kennady Diamonds, an GAHCHO KUÉ
advanced diamond exploration project immediately adjacent to, and CANADA
surrounding, the Gahcho Kué site, with 3 identified kimberlites with
approximately 18.5M carats of diamonds in all resource categories. VICTOR
FLAGSHIP ASSET: GAHCHO KUÉ MINE JOINT VENTURE KENNADY NORTH PROJECTS AND GREENFIELD EXPLORATION
• Open Pit Operation, comprised of 3 Kimberlite Pipes; 5034, South West • The Kennady North Project is located 280 kilometers east-northeast of
Corridor, Hearne, and Tuzo Yellowknife, NT in the District of Mackenzie. The Kennady North project
• Discovery of NEX and Wilson Kimberlites after commercial production consists of 16 mineral leases and 58 mineral claims totaling 61,000
hectares.
• C$1.1bn of construction and development capital to achieve
commercial production (100% basis), completed on time and on budget • These properties were acquired by MPV in early 2018 as part of the
Kennady Diamonds Inc. transaction
• Located at Kennady Lake, c. 280km northeast of Yellowknife
• Kelvin & Faraday Kimberlite Pipes with over 18 million carats of diamonds
• Mine opened in September 2016 and commercial production was in all resource categories
declared in March 2017
• Highly prospective land package within 20 km radius of the GK Plant with
• Initial mine plan extends to FY 2028, recovering c. 50Mcts of diamonds numerous potential targets for kimberlites
(100% basis)
• Highly prospective land package within the JV land package and
potential to find additional kimberlites near existing plant
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 3
UPDATE ON NEW LIFE OF MINE PLAN Important timelines for project completion: • Life of Mine Plan to be completed by early Q1 2020 • Details to be provided in the Company’s Year End disclosure material • New NI 43-101 Technical Report under way and to be completed by late Q1 2020 MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 4
2020 FULL YEAR GUIDANCE
2019 FULL YEAR 2020 FULL YEAR
ACTUAL GUIDANCE
Total Tonnes ‘000s 43,225 42,000 – 43,000
(ore & waste on100% basis)
Tonnes Treated ‘000s 3,581 3,300 – 3,400
(100% basis)
Grade (cts/t) 1.90 1.9
Total Cts ‘000s 6,821 6,750 – 6,950
(100% basis)
MPV Cts ‘000s 3,342 3,300 – 3,400
(49% basis)
Cost per Tonne Treated
~ $101 $105 - $115
($/tonne)
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 5
LIFE OF MINE PLAN – BY ZONE
SWC
Hearne
Wilson
NEX
5034
Tuzo
HEARNE Pipe South West Corridor 5034 Tuzo
• Hearne South is a roughly circular pipe • SWC is the extension of the 5034 Pipe • The first kimberlite discovered at Gahcho Kué and main ore body • Three zones heading to a depth of 300m
abundant with Tuffisitic Kimberlite Breccia towards Hearne
• Abundant hypabyssal kimberlite • Potential to further develop Tuzo Deep to extend
• Hearne North is a narrow elongate pipe • Drilling completed on this zone has confirmed the mine life
abundant with Hypabyssal Kimberlite and kimberlite which would have originally mined • Subdivided on the basis of internal geology into four lobes
Tuffisitic Kimberlite Breccia as waste in the original mine plan • Extensions of kimberlite confirmed to the northeast and southwest
• Recent drilling confirms kimberlite between the not yet included in the mine plan
two pipes
• Mining commenced in Q2 2018
Grade
1.91
NI 43-101 (1)
(cpt) 1.99 1.41 1.22
Production
(Mct) 10.9 2.2 18.4 19.1
Life of mine CURRENT LIFE OF MINE EXTENDS TO 2028
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 6
KENNADY NORTH PROJECTS – KELVIN & FARADAY • Kennady acquisition completed in April 2018 through all-share transaction • Kennady adds 13.62 million carats of indicated resources with the Kelvin kimberlite (8.50 million tonnes at 1.60cpt) and 5.02 million carats of inferred resources with the Faraday kimberlites (3.27 million tonnes at 1.54 cpt)1 • Strong expectations for substantial further resource addition with new kimberlite discoveries in the Kelvin-Faraday corridor • Recently-completed microdiamond results for Faraday 2 north extension will greatly increase the inferred resource • Memorandum of Understanding with De Beers outlines framework for potentially incorporating Kennady Project into Gahcho Kué joint venture • The Kelvin-Faraday Corridor “KFC” is a NE-SW structural feature that includes the Faraday and Kelvin kimberlites, and the Gahcho Kué Mine • Kennady Project consists of 22 mining leases and 58 mineral claims totaling 67,164 ha., located adjacent to and surrounding Gahcho Kué • Five kimberlite bodies to date with three having resources (Kelvin, Faraday 1-3, Faraday 2) 1. See Technical Report filed on SEDAR by Kennady Diamonds Inc. titled “2017 Technical Report – Project Exploration Update and Faraday Inferred Mineral Resource Estimate – Kennady North Project – Northwest Territories, Canada”, with an effective date of November 16, 2017. MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 7
DIAMOND INDUSTRY FUNDAMENTALS
Long Term Diamond Jewelry Market Projections 20 Year Global Rough Diamond Production Forecast (2004 – 2025)
IN BILLIONS USD
645
340
271
173
108
110
87
52
40
2018 2023 2035
Total Jewelry Market Diamond Jewelry Market Fashion Jewelry Market
• Demand for Jewelry and diamonds is expected to nearly double in the next 15 years. (Chart on the left)
• Production of rough diamonds is expected to remain the same or decline over the next 3-5 years
MOUNTAIN PROVINCE DIAMONDS Source: Paul Zimniskly, paulzimniskly.com TSX: MPVD | NASDAQ: MPVD 8
INDUSTRY FUNDAMENTALS – LAB GROWN DIAMONDS
Total Diamond market forecast to 20351 Lab – Created Diamond Price Relative to Natural Diamonds
8.65
3.24
1.74
173
Sample Prices of Lab – Created Diamonds Relative to Natural
108
87 Prices Shown as of January 2020
2018 2023 2035
Lab-created diamond % of Market
Diamond Jewelry Market
MOUNTAIN PROVINCE DIAMONDS Source: Paul Zimniskly, paulzimniskly.com TSX: MPVD | NASDAQ: MPVD 9
PEER COMPARISON
GLOBAL DIAMOND PRICES REALIZED in 2018 - 2019
($USD/Carat)
$2,131
2018
H1 2019
H1 2019 Median Price
$1,697
$1,434
$1,313
YTD 2019 Median Price Realized for
Listed Companies:
$US127 / carat
$502
$463
$75 $76
$74 $68 $105 $79 $121 $128
Mountain Lucara Diamonds Gem Diamonds Stornoway Petra Diamonds Firestone Lucapa Diamonds
Province
Diamonds
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 10PEER COMPARISON – 2020 Estimates
Free Cash Flow (USD million) EBITDA (%)
68 39%
38%
51 31%
27%
15
10
1 8% 9%
(8)
Mountain Province Lucara Gem Diamonds Lucapa Firestone Petra Mountain Province Lucara Gem Diamonds Lucapa Firestone Petra
Operating Margin (%) EBITDA (USD million)
38% 139
20%
17% 18%
87
78
1% 58
2 7
-20%
Mountain Province Lucara Gem Diamonds Lucapa Firestone Petra Mountain Province Lucara Gem Diamonds Lucapa Firestone Petra
MOUNTAIN PROVINCE DIAMONDS Source: Research Provided by Panmure Gordon TSX: MPVD | NASDAQ: MPVD 11MEDIUM TO LONG TERM STRATEGY OPERATIONS • Continuous optimization of Operations at the GK Mine and Plant • Roll out new Life of Mine Plan • Explore and develop Kimberlites within the GK Mine JV GROWTH • Exploration upside within the GK Joint Venture • Incorporating the Kelvin/Faraday resources into the GK Mine JV • Exploration of greenfield targets within 20km radius of the GK mine (fully owned by MPV) • Source based branding opportunities for Canadian Diamonds and Mountain Province Diamonds BALANCE SHEET • Continuous debt reduction • Capital structure discipline MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 12
INVESTMENT THESIS 1. Top-tier, long life asset with globally significant scale 2. Leading industry margins driven by high grade ore and low operating costs 3. Mine located in a highly favorable jurisdiction 4. Beneficial Joint Venture agreement that maintains equal partner rights (1) 5. Independent sales and marketing rights 6. Attractive free cash flow profile 7. Positioned to benefit from long term attractive natural diamond industry fundamentals 8. Experienced management team 9. Attractive greenfield exploration portfolio within 20km radius of GK Mine (1) With respect to material decisions relating to the Gahcho Kué Mine. MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 13
CORPORATE INFORMATION
C O R P O R AT E O F F I C E WEBSITE / EMAIL
161 Bay Street, Suite 1410 www.mountainprovWince.com
Toronto, ON M5J 2S1 info@mountainprovince.com
Canada
Tel. +1 (416) 361-3562 TSX & NASDAQ: MPVD
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 14APPE NDIC ES MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 15
ASSET LOCATION
OVERVIEW ASSET LOCATION
• Gahcho Kué is located in Canada’s Northwest Territories (“NWT”)
• The NWT represents a mining friendly, politically stable jurisdiction; top
ranked across multiple factors
• NWT GDP of c. $3.7bn(1); the mining and oil and gas extraction
industry is the largest contributor (c. 25%)
• Situated within a prolific kimberlite camp in close proximity to two other
operating diamond mines (Diavik and Ekati)
• Mountain Province maintains strong relationships with the First Nations
and local communities Kennady Diamonds
RANKING OF DIAMOND PRODUCING COUNTRIES PER THE
ECONOMIST INTELLIGENCE UNIT
Country Sovereign Currency Banking Political Economic
Country risk risk risk sector risk risk structure risk
Canada AA AA A AA AAA A
Australia A A A A AA BBB
Botswana A A A BBB A BB
India BB BBB BBB BB BBB BB
Russia BB BB BB B CCC BB
South Africa BB BB BB BB BBB B
Tanzania BB BB BB B B B
Angola CCC CCC CCC CC CCC CC
Sierra Leone CCC CCC B CCC CCC CC
(1) Per NWT Bureau of Statistics.
(2) Composite index that combines both the
Policy Perception Index and results from the
Fraser Institute’s Investment Attractiveness Index(2) ranks Canada Best Practices Mineral Potential Index.
amongst the best jurisdictions in the world
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 16GK MINE SITE PLAN AND INFRASTRUCTURE
5
4
1
3 2
6
7
8
1 Accommodation 4 Fuel storage 7 5034 pipe
2 Processing plant 5 Coarse processed kimberlite pile 8 Hearne pipe
3 Maintenance center 6 Tuzo pipe
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 17FINANCIAL POSITION AND CAPITAL STRUCTURE
Financial position (CDN) at September 30th, 2019:
Cash $ 28.3 M
Net working capital $ 93.2 M
Secured notes payable $ 385.9 M
Shareholders’ equity $ 451.7 M
Current share capital:
Issued and outstanding 210.0 M
Fully diluted 212.9 M
Top Institutional Shareholders:
Vertigol Unlimited Company 29.75%
Tiedemann Advisors, LLC 2.5%
Bank of Nova Scotia 1.3%
Mackenzie Financial Corp 1%
Bank J. Safra Sarasin AG (Asset Management) 0.8%
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 18MINERAL RESOURCE AND RESERVE SUMMARY
GK MINE JOINT VENTURE – 100% BASIS MPV EXPLORATION PROPERTIES
(EFFECTIVE DATE DEC 31, 2018) (EFFECTIVE DATE DEC 31, 2018)
1.54
Inferred 5
1.54 3.3
Probable 47.9 1.6
Indicated 13.6
31.1
8.5
0 5 10 15
0 10 20 30 40 50 60
Grade (cpt) Carats (Mct) Tonnes (Mt)
Grade (cpt) Carats (Mct) Tonnes (Mt)
RESOURCES
(EXCLUSIVE OF RESERVES)
1.4
Inferred 17
12.1
1.41
Indicated 2.5
1.8
0 5 10 15 20
Grade (cpt) Carats (Mct) Tonnes (Mt)
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 19MINERAL RESOURCE AND RESERVE SUMMARY
Mineral Reserves and Resources, 100% Basis (Effective Date Dec 31, 2018)
Reserves Classification Tonnes (Mt) Carats (Mct) Grade (cpt)
5034 Probable 9.1 17.4 1.91
Hearne Probable 4.4 8.7 1.98
Tuzo Probable 16.6 19.9 1.2
Subtotal Probable 30.1 46 1.53
Stockpile Probable 1 1.9 2.04
Total Probable 31.1 47.9 1.54
Resources
Classification Tonnes (Mt) Carats (Mct) Grade (cpt)
(Exclusive of Reserves)
Indicated 1.4 2.1 1.49
5034
Inferred 0.4 1 2.09
Indicated 0.2 0.3 1.54
Hearne
Inferred 0.9 1.4 1.61
Indicated 0.2 0.1 0.57
Tuzo
Inferred 10.8 14.6 1.35
Indicated 1.8 2.5 1.41
Summary
Inferred 12.1 17 1.4
Indicated 0 0 0
Stockpiles(6)
Inferred 0 0 0
MPV Exploration Properties Kelvin and Faraday (Effective Date Dec 31, 2018)
Resources (Exclusive of
Classification Tonnes (Mt) Carats (Mct) Grade (cpt)
Reserves)
Indicated 8.5 13.6 1.6
Total
Inferred 3.3 5.0 1.54
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 20GK MINE PRODUCTION PROFILE BY SIZE
SALES DATA BY VOLUME % SALES DATA BY $USD VALUE
> 2.5 carat 1 - 2.5 carat < 1 carat > 2.5 carat 1 - 2.5 carat < 1 carat
4%
7%
31%
53%
17%
88%
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 21LAB-CREATED DIAMONDS
De Beers Group enters the Lab Grown consumer market
• De Beers Group surprised the industry back in May by entering the Lab Grown Diamond (LGD) sector. Total Diamond market forecast to 20351
• De Beers Group was clear that they entered the market because they saw an opportunity that’s been missed by
existing LGD producers to provide LGDs in fashion jewelry. 8.65
• Their research on the sector showed that consumers see LGDs as ‘fun, fashion accessories’ that are for more
casual occasions and their pricing should reflect this.
• Unbeknownst to many, De Beers Group has been producing lab grown diamonds for more than 50 years through
their Element Six business unit, a world leading producer of LGDs, which one would believe should make them an
instant competitor in the consumer space.
3.24
Consumer market
• Lab Grown Diamond demand by consumers is very small, but growing, compared to the global demand for natural 1.74
diamonds. 173
• The current global demand of LGDs is roughly 3% of the total diamond jewelry market.
• Consumer research has shown that LGDs are not what people want for celebrating life’s great moments
(engagements, anniversaries, birth of a child etc.) – those are occasions where only a natural diamond will do. 108
87
Mass production
• Consumers shouldn’t have to pay diamond prices for laboratory-grown products. Given the relatively low cost of
production, the fact that they are mass-produced (meaning they are neither unique nor finite), prices should be
reflective of their value and of consumer expectations for what they should cost.
2018 2023 2035
• Like any product created through a technological process, the price of LGDs will inevitably fall as technology
continues to improve. Lab-created diamond % of Market
Diamond Jewelry Market
Core Priorities
• For comparison: De Beers Group is investing $100M in their Lightbox Jewelry project.
• Over the next 5-6 years, De Beers Group is investing more than $10B in their natural diamond business. (1) Source: Paul Zimnisky – paulzimnisky.com
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 22OVERVIEW OF 5034 PIPE MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 23
OVERVIEW OF 5034 PIPE MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 24
OVERVIEW OF TUZO PIPE MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 25
KELVIN AND FARADAY PIPES
Faraday 2 Faraday 1 & 3 Kelvin
Inferred Resource of: Inferred Resource of: Indicated Resource of:
• 2.07 million tonnes • 1.87 million tonnes • 8.50 million tonnes
• 2.63 carats per tonne • 1.01 carats per tonne • 1.60 carats per tonne
• 5.45 million carats • 1.90 million carats • 13.62 million carats
• US$140 per carat • US$75 per carat • US$63 per carat
MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 26DISCLOSURE OF TECHNICAL INFORMATION Qualified Person Technical information included in this presentation regarding the Company’s mineral property has been reviewed by Keyvan Salehi, P.Eng., MBA, VP Corporate Development and Technical Services, and Dr. Tom McCandless, P.Geo., Vice President Exploration, both Qualified Persons as defined by National Instrument 43-101 – Standard of Disclosure for Mineral Properties (“NI 43-101”). All material technical information included herein has previously been disclosed by the Company, and the reader is particularly directed to the Company’s most recently filed AIF and U.S. Form 40-F and its most recently filed interim and annual financial reports; as well as the remaining filings completing Company’s continuous disclosure records. Those records include the technical report dated March 16, 2018 titled “Gahcho Kué Mine, NI 43-101 Technical Report, NWT, Canada” (with an effective date of December 31, 2017). Cautionary Note to U.S. Investors Regarding Mineral Reserve and Resource Estimates The Company is subject to the reporting requirements of applicable Canadian securities laws and, as a result, reports its mineral reserve and mineral resource estimates as well as other scientific or technical information regarding its mineral properties in accordance with Canadian reporting requirements. Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101. As a result, information contained in this presentation containing descriptions of the Company’s mineral properties or estimates of mineral reserves or mineral resources is not comparable to similar information generally disclosed by U.S. companies in reports filed with the SEC, which are governed by the SEC’s Industry Guide 7 (“Guide 7”). These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody different approaches and definitions. For example, under Guide 7 mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization can be economically and legally produced or extracted at the time such reserve determination is made. “Probable reserves” disclosed in this presentation and reported in compliance with NI 43-101 may differ in certain material respects from “probable reserves” reported in compliance with Guide 7. Also disclosed in this presentation are estimates of “inferred resources” reported in compliance with NI 43-101. While the terms “mineral resource” and “inferred resource” are recognized by NI 43-101, they are not defined terms under standards of the SEC and, generally, U.S. companies are not permitted to report estimates of mineral resources of any category in documents filed with the SEC. As such, certain information contained in this presentation concerning descriptions of mineralization and estimates of mineral reserves and mineral resources under Canadian standards is not comparable to similar information disclosed by U.S. companies subject to the reporting requirements of the SEC. The reader should not assume that all or any part of a mineral resource will ever be converted into mineral reserves. The reader is also cautioned not to assume that all or any part of an inferred resource exists, or is economically or legally mineable. Further, an inferred resource has a great amount of uncertainty as to its existence and as to its economic and legal feasibility, and a reader cannot assume that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred resources may not form the basis of feasibility or other economic studies. MOUNTAIN PROVINCE DIAMONDS TSX: MPVD | NASDAQ: MPVD 27
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