TSX and OTCQX: MPVD

Mountain Province Diamonds Inc. ("Mountain Province", or the "Company") (TSX and OTCQX: MPVD) today announces that in light of recent events related to the Covid-19, it is delaying the release of its year end results, originally scheduled for March 16(th), by one week to March 23(rd) 2020 after market hours, within the statutory period for the release of annual financial information.

The recent outbreak of the Coronavirus Covid-19 and its impact on travel restrictions and self-isolation has hindered the Company and its auditors' ability to complete the work on time. As such, the Company is delaying the release of fourth quarter and full year financials by one week to accommodate these unexpected events.

At present, the virus is not impacting operations at the Gahcho Kué Mine as numerous precautionary measures have been taken over the past few weeks to ensure, as far as possible, a safe working environment for all employees and contractors travelling to and from site as well as the support offices in Yellowknife, Calgary and Toronto.

It is possible that the progress of Covid-19, the containment measures for Covid-19 and the economic impacts of these measures will impact on the business and operations of the Company over the coming weeks, including mining, processing and sales of diamonds. The Company is working to, where possible, manage these new short- and medium-term risks with a view to the best interests of the Company, its employees, contractors and all stakeholders in the Company.

The Company is also delaying its quarterly conference call by one week to March 24(th), 2020 at 11:00 a.m. EDT. The details of the call are as follows:

Title: Mountain Province Diamonds Inc Q4 Earnings Conference Call Conference ID: 59053571Date of call: 03/24/2020Time of call: 11:00 Eastern Time Expected Duration: 60 minutes

Webcast Link: https://event.on24.com/wcc/r/2177647/65AEAED957292E57DCDB6C2809B2A0DD

Participant Toll-Free Dial-In Number: (+1) 888 390 0546Participant International Dial-In Number: (+1) 416 764 8688

A replay of the webcast and audio call will be available on the Company's website.

About the Company

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. Gahcho Kué is the world's largest new diamond mine, consisting of a cluster of various diamondiferous kimberlites, four of which are being developed and mined under the current mine plan. The Company also controls 67,164 hectares of highly prospective mineral claims and leases immediately adjacent to the Gahcho Kué Mine that include an indicated mineral resource at the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.