04:57 PM EDT, 04/08/2024 (MT Newswires) -- Mandalay Resources ( MNDJF ) on Monday said first-quarter gold sales rose 16% on higher production from its two mines.

The company said it sold 25,277 gold-equivalent ounces in the period, up from 21,769 GEOs in the year-prior quarter.

Production rose 25% to 24,936 GEOs from 19,986.

"We are pleased to report Mandalay's continued operational success in the latest quarter, achieving a solid production result of nearly 25,000 gold equivalent ounces across both operations. This achievement positions the company on a stable trajectory towards meeting our annual production target of 90,000-100,000 gold equivalent ounces," chief executive Frazer Bourchier said in a release,

Mandalay's quarter-end cash balance was US$47.1 million, up from US$20.2 million at year-end 2023.

The company's shares closed up C$0.07 to C$2.09 on the Toronto Stock Exchange.