05:25 PM EDT, 07/08/2024 (MT Newswires) -- Lundin Gold ( LUGDF ) on Monday said second-quarter gold production from its Fruta del Norte mine in Ecuador rose 2.6% as it processed additional ores.

The company said it produced 133,062 ounces in the quarter, up from 129,731 ounces in the year-prior quarter.

Gold sales rose 0.3% to 129,396 ounces from 128,958, while its average price per ounce rose 23% to US$2,379 per ounce.

In the second quarter the site's mill processed 424,899 tonnes of ore resulting in an average throughput rate of 4,669 tonnes per day at an average grade of 11.0 grams per tonne with recoveries of 89%.

"Another strong quarter puts us firmly on track to meet our 2024 production guidance of 450,000 to 500,000 oz. Higher grades and recoveries versus last quarter helped to drive the performance, along with average throughput in the second quarter of 4,669 tonnes per day," chief executive Ron Hochstein said in a release.

The company's shares closed up $1.10 to $21.91 on the Toronto Stock Exchange.