TSX and OTC: MPVD TORONTO, May 8, 2024 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX:MPVD) (OTC:MPVD) today announces financial results for the first quarter ended March 31, 2024 ("the Quarter" or "Q1 2024") from the Gahcho Kué Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted. Financial Highlights for First Quarter 2024 938,000 carats sold, with total proceeds of $89.4 million (US$66.1 million) at an average realised value of $95 per carat (US$70). Adjusted EBITDA1 of $50.0 million. Earnings from mine operations of $30.4 million. Net income of $6.8 million or $0.03 basic and diluted earnings per share2.  1Cash costs of production, including capitalized stripping costs, and adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See "Reconciliation of non-IFRS measures" at the end of the news release for explanation and reconciliation. Operational Highlights for First Quarter 2024(all figures reported on a 100% basis unless otherwise stated) 805,557 ore tonnes treated, a 5% increase relative to Q1 2023, (Q1 2023: 766,786 tonnes treated;) 1,264,887 carats recovered, 4% lower than the comparable quarter (Q1 2023: 1,319,603 carats) Average grade of 1.57 carats per tonne, a 9% decrease relative to Q1 2023 (1.72 carats per tonne) Cost per carat recovered, including capitalized stripping of $56/carat, and cost per tonne processed, including capitalized stripping of $88/tonne. Sales Highlights for First Quarter 2024 As previously released, during the first quarter 938,000 carats were sold for total proceeds of $89.4 million (US$66.1 million), resulting in an average value of $95 per carat (US$70 per carat). These results compare to Q1 2023 when 961,024 carats were sold for total proceeds of $128.7 million (US$95.0 million), resulting in an average price of $134 per carat (US$99 per carat). Mark Wall, the Company's President, and Chief Executive Officer, commented:  "Despite a softer rough diamond market than this time last year, the Company continued to show sustained profitability at current prices, recording and Adjusted EBITDA of $50 million, as well as Net Income of $6.8 million. I look forward to sharing the results of our upcoming revised technical report on the GK mine, which will bring the market up to date on the latest mine plan at GK, as well as bring to light some net-positive pit design changes which we believe should bring incremental carats into the mine plan. We expect to be able to share the results of this updated technical report near the end of Q2 2024." Gahcho Kué Mine Operations The following table summarizes key operating statistics for the Gahcho Kué Mine in the three months ended March 31, 2024 and 2023.  Three months ended Three months ended March 31, 2024 March 31, 2023 GK operating data Mining *Ore tonnes mined   kilo tonnes  1,947 428 *Waste tonnes mined   kilo tonnes  5,938 8,507 *Total tonnes mined  kilo tonnes  7,885 8,935 *Ore in stockpile  kilo tonnes  3,458 1,420 Processing *Ore tonnes processed  kilo tonnes  806 767 *Average plant throughput  tonnes per day  8,857 8,247 *Average diamond recovery  carats per tonne  1.57 1.72 *Diamonds recovered   000's carats  1,265 1,320 Approximate diamonds recovered - Mountain Province 000's carats 620 647 Cash costs of production per tonne of ore, net of capitalized stripping ** $ 51 99 Cash costs of production per tonne of ore, including capitalized stripping** $ 88 155 Cash costs of production per carat recovered, net of capitalized stripping** $ 33 58 Cash costs of production per carat recovered, including capitalized stripping** $ 56 90 Sales Approximate diamonds sold - Mountain Province*** 000's carats 938 961 Average diamond sales price per carat US $                               70 $                                99