Mountain Province Diamonds Announces Results of Annual and Special Meeting and Planned Voluntary Delisting Date from the Toronto Stock Exchange

TSX and OTC: MPVD

TORONTO, July 2, 2026 /PRNewswire/ -- Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPVD) and (OTC: MPVD) is pleased to announce the voting results from its annual and special meeting (the "Meeting") of shareholders of the Company (the "Shareholders") held June 30, 2026, virtually in Toronto, Ontario. A total of 111,152,890 common shares (the "Shares") were represented virtually or by proxy at the Meeting, representing 52.28% of the issued and outstanding Shares.

Election of directors and other routine matters

Shareholders approved resolutions to set the number of directors at five and elected the following directors to hold office on the board of directors (the "Board") until the next annual meeting of shareholders, as detailed in the table below:

In other routine annual meeting matters, Shareholders voted to re-approve the Company's long-term incentive plan as required by the Toronto Stock Exchange (the "TSX") and voted to authorize the Board to fix the remuneration of the auditors as such. The Board is undertaking a concerted search to fill the three (3) vacancies on the Board and the casual vacancy of the role of auditor of the Company following the resignation of KPMG LLP, Chartered Accountants.

USD$1 million facility fee (the "Facility Fee") to Dunebridge Worldwide Ltd. ("Dunebridge") receives requisite disinterested shareholder approval

The requisite number of disinterested Shareholders approved the Facility Fee under the amended and restated bridge loan agreement dated May 13, 2025, as amended, among Dunebridge, the Company and the guarantors named therein in accordance with TSX Company Manual (the "Manual") and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101").

Mr. Dermot Desmond, through Vertigol Unlimited Company ("Vertigol"), is the ultimate beneficial holder of 75,446,071 Shares (the "Vertigol Shares"), representing approximately 35.5% of the Company's issued and outstanding Shares, and on that basis, a "related party" of the Company under MI 61-101. Dunebridge is also ultimately beneficially owned by Mr. Desmond, and, as an affiliate of Vertigol under Mr. Desmond's common control, a "related party" of the Company under MI 61-101. Accordingly, for the purposes of the shareholder approval of the Facility Fee under MI 61-101, the Vertigol Shares were excluded from the vote. Similarly, the 301,409 Shares registered to Mr. Jonathan Comerford, also a related party of Dunebridge, and accordingly, the Company, under MI 61-101, were excluded from the vote on the Facility Fee in accordance with MI 61-101. The Vertigol Shares were also excluded from the vote on the Facility Fee in accordance with the Manual on the basis that Vertigol, as a control person of the Company, and its affiliates, which includes Dunebridge, is an insider of the Company.

Voluntary delisting and continuance into British Columbia

As the Company continues to pursue a potential restructuring transaction among its Shareholders and creditors, which may include a "go-private" transaction, share consolidation or one or more other transactions, the Company received the requisite approval of Shareholders to voluntarily delist the Shares from the TSX (the "Delisting") and to continue the Company from Ontario under the Business Corporations Act (Ontario) (the "OBCA") into British Columbia under the Business Corporations Act (British Columbia) (the "Continuance"). The resolution to approve the Delisting required the approval of a simple majority of votes cast on such resolution (excluding from Shares voted, the Vertigol Shares) in accordance with the Manual. The resolution to approve the Continuance required the approval of at least two thirds of the votes cast on such resolution. No rights of dissent under the OBCA were exercised in respect of the Continuance.

The Shares will be delisted from the TSX at the end of trading on or about July 17, 2026.

The Continuance remains subject to receipt of certain regulatory approvals as required under the OBCA and applicable securities laws.

Detailed voting results for the Meeting will be available on SEDAR+ at www.sedarplus.ca. Further information about the matters considered at the Meeting as well as other information on the Company's corporate governance and executive compensation practices is available in the management information circular for the Meeting, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca.

About Mountain Province Diamonds Inc.

Mountain Province is a 49% participant with De Beers Canada Inc. in the Gahcho Kué diamond mine (the "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.

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

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 the Company. Forward-looking statements and forward-looking information include, but are not limited to: the Company's search for up to three replacement directors; the intention of the Board to fill the auditor vacancy in due course; a potential restructuring or "going-private" transaction; the expected timing of the Delisting from the TSX; and the expected timing of the Continuance. 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 Company's ability to obtain required regulatory approvals; the Company's ability to implement the Delisting and the Continuance; the Company's ability to pursue and complete a potential "going-private" transaction, share consolidation or other restructuring transaction; the Company's ongoing financial difficulties, including its ability to manage liquidity, service its debt obligations and restore long-term stability; uncertainty regarding the impact of the Delisting and the Continuance on Shareholders and other stakeholders; the Company's ability to satisfy its payment obligations under its joint venture agreement with De Beers Canada Inc., its credit facilities with Dunebridge and its senior secured notes due 2027; the fact that Dunebridge and the Company's other creditors may not be able to come to an agreement on a potential restructuring transaction that is acceptable to the Company or at all; the ability of the Company's creditors and noteholders to call an event of default under the Company's various and significant financial and payment obligations and the potential for cross-default across such obligations; the inability of the Company to secure emergency funding from the Canada Enterprise Emergency Funding Corporation; the Company's inability to find any independent directors to sit on the Board or fill the casual vacancy of the auditor, exposing the Company to a challenging governing environment, and potential liability; changes in market conditions affecting the diamond industry; and general economic and business conditions.

These factors are discussed in greater detail in Mountain Province's most recent annual information form and in the most recent management discussion and analysis 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. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.