TSX & NASDAQ: MPVD

Mountain Province – Investment Case

• World’s largest and richest new diamond mine • Partnered with De Beers • Projected top quartile operating margin • March 2017 – commercial production declared • Mid 2017 – full production achieved • Initial mine life 12 years • Potential for mine life extension • Vision: To be a Tier 1 asset: +20 year LOM, +$20

Billion in situ value

2 Q3 2017

Share Structure

• Markets: TSX & NASDAQ: MPVD

• Market cap: ~C$650M

• Shares outstanding: 160.2M

• Fully diluted: 163.1M

3 Q3 2017

Mine Location

4 Q3 2017

Gahcho Kué Mine

5 Q3 2017

Joint Venture with De Beers

• MPV 49% / De Beers 51%

• JV Board - 2 representatives each

• All material decisions by consensus

• Effectively 50/50 JV

• De Beers: mine operator

• Each markets their own share of diamonds

6 Q3 2017

2017 Production Guidance

2017 Full Year

Guidance

Original1

2017 H1

Actual

2017 Full Year

Guidance

Revised2

Ore Tonnes ‘000s (100% basis)

2,720 1,259 2,720

Grade (cts/t) 1.62 1.97 2.02

Total Cts ‘000s (100% basis)

4,400 2,481 5,500

MPV Cts ‘000s (49% basis)

2,200 1,216 2,700

7 Q3 2017

Price Guidance of US$70-$90 per carat, provided in Q2 2017 1. Original guidance provided in news release of April 25, 2017 entitled “Mountain Province Diamonds Production Report for the First

Quarter ended March 31, 2017” 2. Revised guidance provided in news release of August 9, 2017 entitled “Mountain Province Diamonds Announces June 30, 2017 Quarter

End Results”

Value Realization

8

Production Period3 Incept to EOY 2016

Q1

2017

Apr

2017

May 2017

Jun

2017

Jul

2017

Aug 2017

YTD Total 2017

Sale in Which Goods Were Primarily Sold 1-2 3-5 6 7 n/a2 n/a2 n/a2

Tonnes Processed (100%) (‘000s) 515 138 201 276 289 314 269 1,841

Recovered Grade (carats per tonne) 1.64 1.77 2.27 2.09 1.99 2.13 2.32 2.05

Carats Recovered (100%) (‘000s) 847 244 457 579 578 669 622 3,772

Carats Recovered (49% share) (‘000s) 422 120 224 284 283 328 305 1,848

Attributed Value per Tonne in CAD1 143 182 225 172 n/a2 n/a2 n/a2

1 Attributed Value per Tonne has been determined based on realized sale results, with any accelerated or deferred goods adjusted to their period of

production, reflecting only the Company’s 49% share of all diamonds including fancies and specials. 2 Not applicable as goods from this production period have not yet been sold. 3 Total figures may differ slightly from the sum of monthly figures due to the effects of rounding.

• Ore production rates have been strong • Diamond processing plant functioning at and above nameplate capacity • Total production costs to date broadly consistent with budget • Per-carat price realization impacted by: current rough market price levels; quality distribution

of 5034 pipe’s upper layer not yet representative of bulk sample results; market valuation of stone fluorescence; and price discovery process

• Partially mitigated by grade over-performance and weaker Canadian dollar

Q3 2017

Rough Diamond Price Index

9 Q3 2017

August 2014 Valuation

-20%

5034 Kimberlite – Six Lobes

10 Q3 2017

• Diamond distribution in North and East lobes variable by layer

• Three layers: upper transitional tuffisitic, middle transitional hypabyssal and lower hypabyssal (HK)

• Center lobe only HK

• Center and West lobe diamond distribution highly variable

5034 Bulk Sample

11 Q3 2017 Q3 2017

• Bulk samples taken from across the length, breadth and depth of 5034

• 1,957 carats from Center and East Lobes

• 1,132 carats from West Lobe

• Total: 3,089 carats

• 23.2 M ct Reserve

• Early diamond sales not yet representative of bulk sample results

Fluorescence

• Approx 1/3 of all natural diamonds fluoresce

• Fluorescence seen in bulk sample – limited to white colors (approx. 25% of bulk sample)

• “Blue fluorescence” only visible under black light. Under natural light fluorescing diamonds look brighter

• Fluorescence varies from faint to medium to very strong

• 9.9 carat 5034 C/E bulk sample diamond has strong fluorescence; 25 carat Tuzo diamond has faint fluorescence

• Market tolerance for fluorescence corresponds to strength of market. Weak diamond market = lower tolerance; strong diamond market = higher tolerance

• Pricing discounts from equivalent grade, but non-fluorescing, stones have generally ranged from 5% for faint to 35% for very strong fluorescence

• Marketing strategy is to maximize participation from buyers tolerant of fluorescent diamonds

• Target is to reduce fluorescence discount

12 Q3 2017

Fluorescence Under Black Light

13 Q3 2017

Very Strong Strong Medium Faint

Price Discovery Example

14 Q3 2017

Feasibility modeled price +$300/ct

CAD/USD

CAD down ~ 13% against feasibility assumption

15 Q3 2017

Feasibility assumption US$0.91

Product Profile in Early Production

16 Q3 2017

• Wide product variation

• Fancies and Specials <0.5% by weight and approx. 15% of value

• Gem and near gem 60% by weight and approx. 80% of value

• Industrial and boart 40% by weight and approx. 5% by value

• Significant population of large Special stones

• Multiple Special stones in recent sales achieved +$10,000/ct

Fancies and Specials

17 Q3 2017

• Less than 0.5% by volume but high value concentration

• Quality is variable – gem, near gem and boart

• Color is variable – white, grey, brown

• 9.9 ct stone from 5034 C/E bulk sample, “D” colour, valued at $18,500/ct.

• Sample large gem quality stones sold by MPVD to date include a 53.89 carat white gem and a 84.44 carat of off-white gem, and a 67.87 carat white gem

• 156 carat largest diamond to date, but boart

• No quality trend is evident yet

Sale Results

18

2017-Q1 Sales 1-3

2017-May Sale 4

2017-Jun Sale 5

2017-Jul Sale 6

2017-Sep Sale 7

Tender Sale Proceeds (USD million) 37.7 12.7 21.1 20.9 27.1

Carats Sold (‘000s) 522 148 222 290 463

Value per Carat (USD)1 72 86 95 72 59

Normalized Value per Carat (USD) 72 86 752 872 722

1 Diamonds sold at individual sale events will not directly reflect run-of-mine production from specific processing periods. The timing of the sale of some goods

may be accelerated or deferred for tactical marketing purposes. Realized average value per carat is also impacted by the binary nature of the fancies and specials

bidding process within each production split, conducted approximately every five weeks with the Company’s joint venture partner, De Beers Canada Inc. The

winning party of each fancies and specials bid then markets 100% of those diamonds. 2 Normalized to adjust for goods accelerated or deferred, and to include fancies and specials acquired through bid by De Beers Canada Inc.

Q3 2017

• Early sales weak due to Indian demonetization, market’s price discovery of a new production, and higher percentage of browns and lower quality Specials

• Indian demonitization impact largely dissipated by July • Price discovery impact now becoming reduced • General rough diamond market, particularly for Indian goods, currently weighed down by excess

polished inventories and financial weaknesses within the Indian cutting and polishing sector • Tender process functioning well – bids per lot consistently averaging between 10.4 and 11.4

since early sales, customer participation strong and steady, feedback is positive

Debt Service Schedule (US$) based on $357 million Loan

Year Principal + Interest Reserve Account

2017 50,461,000 178,900,000

2018 115,865,000 (28,600,000)

2019 115,968,000 (42,000,000)

2020 56,048,000 (74,000,000)

2021 68,650,000 (31,000,000)

2022 28,147,000 (3,300,000)

Total 435,139,000 -

Debt Service

19 Q3 2017

Status of Bank Waiver

• Requirement to fund cash call reserve accounts waived until November 30, 2017

• Draft updated Life of Mine Plan has been provided to Lenders for review

• Plan has been optimized following initial months of operations, will include impact of winterization improvements and 5034 east wall push-back, plus impact of positive grade experience to date

• Draft Plan undergoing detailed review by Lenders’ technical advisors and by Anglo Technical Services

• Detailed discussions with Lenders are ongoing as to restructuring alternatives

• Management’s top priority: achieve substantive agreement on a revised debt facility framework by end of waiver period

20 Q3 2017

Path to Tier 1 Asset

Phase Carats LOM

Phase 1: Reserve 55M 12 years

Phase 2: Resource 18.4M 5 years

Phase 3: Tuzo Deep ~12M ~3 years

Phase 4: Tesla & Other TBD* TBD*

Phase 5: New Targets TBD* TBD*

Vision: +20 years LOM, +$20B in-situ Value

*To be determined

21 Q3 2017

Phase 2 Development

Pipe Tonnes (Mt) (Inferred)

Grade (cpt) Carats (Mct)

5034 0.9 1.51 1.4

Tuzo 8.9 1.62 14.6

Hearne 1.4 1.67 2.4

Total 11.3 1.64 18.4

• Mine life potential from 12 to 17 years

22 Q3 2017

Phase 3: Tuzo Deep

Tuzo Deep Potential • ~7M tonnes • ~14M carats • Mine Potential:

17-20 years

23 Q3 2017

Diamond Engagement Ring Demand

24 Q3 2017

Percent of Brides Receiving Diamond Engagement Rings

Declining Diamond Supply

25 Q3 2017

Chart source: Figure 41, The Global Diamond Report - 2016, Bain & Company, Inc.

Corporate Information

Head Office

161 Bay Street Suite 1410

Toronto, ON M5J 2S1

Canada

Tel. +1 (416) 361-3562

www.mountainprovince.com

info@mountainprovince.com

TSX & NASDAQ: MPVD

26 Q3 2017

Forward Looking Statements

27 Q3 2017

Caution Regarding Forward Looking Information

Cautionary Statement: This news release contains forward-looking statements under applicable Canadian and US securities regulations and legislation in which Mountain Province discusses its potential future performance. Forward-looking statements are all statements other than statements of historical facts, such as projections or expectations relating to ore grades and processing rates, production and sales volumes, cash costs, operating cash flows, capital expenditures, debt management initiatives, exploration efforts and results, development and production activities and costs, liquidity, tax rates, the impact of diamond price changes, reserve estimates, and future dividend payments. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and any similar expressions are intended to identify those assertions as forward-looking statements. Under its current project finance facility Mountain Province is not permitted to pay dividends on common stock unless and until obligations under the facility have been satisfied. The declaration of dividends is at the discretion of Mountain Province’s Board of Directors, subject to restrictions under the Company’s project finance facility, and will depend on Mountain Province’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.

Mountain Province cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause Mountain Province’s actual results to differ materially from those anticipated in the forward-looking statements include supply of and demand for, and prices of, diamonds, mine commissioning, mining sequencing, production rates, cash flow, industry risks, regulatory changes, political risks, labor relations, weather- and climate-related risks, environmental risks and other risk factors.

Investors are cautioned that many of the assumptions upon which Mountain Province’s forward-looking statements are based are likely to change after the forward-looking statements are made, including for example diamond prices, which Mountain Province cannot control, and production volumes and costs, some aspects of which Mountain Province may not be able to control. Further, Mountain Province may make changes to its business plans that could affect its results. Mountain Province disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. This presentation has been prepared under the supervision of Carl Verley, P. Geo., a Qualified Person under National Instrument 43-101.

28 Q3 2017

Appendices

Reserve Statement

Resource category: Probable reserve Source: JDS Mining, March 2014 (100% basis) * After depletion from mining in 2016

29 Q3 2017

Pipe Tonnes (Mt) Grade (cpt) Carats (Mct)

5034 12.9* 1.74 22.3*

Tuzo 16.4 1.25 20.6

Hearne 5.6 2.07 11.7

Total 34.9* 1.57 54.6*

Geological Model