05:07 PM EDT, 04/10/2024 (MT Newswires) -- Lundin Gold ( LUGDF ) , which saw its shares ease 1.5% today, after trade Wednesday reported first quarter 2024 gold production of 111,572 ounces from its Fruta del Norte gold mine in southeast Ecuador. Of the total quarterly gold production, LUG said 73,964 oz were produced as concentrate and 37,608 oz as dore. During the same quarter in 2023, the company added it produced 140,021 oz of gold.

In the first quarter of 2024, LUG noted, the mill processed 413,596 tonnes at an average throughput rate of 4,545 tonnes per day, the average grade of ore milled was 9.5 grams per tonne, and average recovery was 88.3%. It said these results provide a "strong foundation" for meeting its production guidance of 450,000 to 500,000 oz for 2024.

Chief executive Ron Hochstein said in a statement said: "2024 is off to a solid start, with strong production in line with our expectations. The Phase 2 Plant Expansion Project is firmly underway, and on track for year-end completion. Importantly, we do expect 2024 production to be weighted to the second half from increasing grades and recoveries in the coming quarters. With this first quarter performance, we have put ourselves in a great position to meet production guidance for 2024."

Lundin shares closed down C$0.28 to C$18.87 on the Toronto Stock Exchange.