07:40 AM EDT, 04/16/2024 (MT Newswires) -- Barrick Gold ( GOLD ) was at last look down 1.9% in US premarket trade on Tuesday as it reported first-quarter production and sales while also confirming its full-year guidance for gold and copper.

The company reported preliminary Q1 production of 940,000 ounces of gold and 40,000 tonnes of copper, as well as preliminary Q1 sales of 910,000 ounces of gold and 39,000 tonnes of copper.

As previously guided, Barrick's gold and copper production in 2024 is expected to "progressively increase" each quarter through the year, with the Pueblo Viejo plant expansion ramping up from Q2 and the Porgera mine restart continuing in line with plans.

According to Tuesday's statement, the average market price for gold in Q1 was US$2,070 per ounce while the average market price for copper in Q1 was US$3.83 per pound.

The company said that as planned, preliminary Q1 gold production was lower than Q4 2023 mainly as a result of planned maintenance at Nevada Gold Mines and mine sequencing at various sites. In line with plans, as a result of the lower production, Barrick said Q1 gold cost of sales per ounce is expected to be 4% to 6% higher, total cash costs per ounce are expected to be 6% to 8% higher, and all-in sustaining costs per ounce are expected to be 7% to 9% higher compared to Q4 2023. Costs are expected to drop in the successive quarters of the year as production ramps up, the company added.

Barrick noted preliminary Q1 copper production was lower than Q4 2023, driven primarily by lower grades mined at Lumwana in accordance with the mine plan.

Barrick will provide additional discussion and analysis regarding its first quarter 2024 production and sales when it reports its quarterly results before North American markets open on May 1.

Tuesday's premarket losses come after the company's stock fell 2.7% in both the U.S. and Canada on Monday.