The adjusted EBITDA is up from C$19.1 million a year earlier.

Net income for Q1 stood at $24.2 million, or $0.11 per share, as compared to $7.3 million, or $0.03/share a year earlier, the company said.

Mountain Province reported 507,000 carats sold during the quarter at an average realized value of US$132 per carat, compared to a price a year earlier of US$71/carat.

"The increase in average values in Q1 reflected the demand growth across the rough diamond market along with upstream stock levels, now believed to reflect operating inventories only," the company said.

The company had previously released production results for the quarter, which included 1.02 million ore tonnes mined, which was a 98% increase year on year.

"As previously disclosed, during the first quarter Gahcho Kue experienced an outbreak of COVID-19 Omicron that caused disruption to both operations and maintenance activities, in conjunction with a major failure of the Pitman bearing in the primary crusher," Mountain Province said.

"These two events have been largely resolved, but within the quarter production was below internal expectations," it added.

Company president and CEO Mark Wall noted that also during the quarter the company closed a US$50 million junior credit facility and produced an updated technical report which demonstrated a net present value attributable to Mountain Province of over C$1.2 billion.

The company's share price rose 7% day on day to C$0.77 on May 4, giving the company a market capitalisation of C$162.4 million.