05:30 PM EDT, 04/30/2024 (MT Newswires) -- OceanaGold ( OCANF ) , down 8.3% on Tuesday, after trade reported a 91% drop in adjusted earnings per share in the first quarter but said it is "on-track" to meet full-year 2024 consolidated production, cost and capital guidance.

The company said its adjusted profit, which excludes most one-time items. fell to US$3.7 million, or US$0.01 per share, in the period, down from US$41 million, or US$0.06, a year earlier. There was no consensus estimate available from Capital IQ.

Revenue rose 11% to US$270.3 million from US$243.9 million.

The company said it produced 104,800 ounces of gold and 3,000 tonnes of copper in the first quarter;with all-In sustaining costs of US$$1,823 per ounce for the first quarter.

The company said gold sales rose 4.3% 116,800 ounces for Q1, which includes 12,000 ounces of 2023 production; with its average price rising to a record of $2,092 per ounce.

Chief executive Gerard Bond, in a statement said: "2024 is expected to be a strong production growth and Free Cash Flow delivery year for OceanaGold ( OCANF ) and our first quarter results are in-line with expectations. As outlined in our guidance in February, we expect to see gold production increase each quarter throughout the year with stronger second half performance at all four of our operating sites."

He added: "At Haile, the Horseshoe underground is ramping up on schedule with full mining rates expected to be achieved by mid-year, at the same time as we begin to access a higher proportion of open pit ore from Ledbetter pit, which positions Haile for a very strong second half. Similarly at Macraes, we have been stripping Innes Mills 7 to unlock the next phase of open pit ore, which we expect to be delivered to the mill in the second half of the year. At Didipio, the mining sequence had us in the lower grade areas of the underground during the quarter, and we expect to access higher grades by mid-year in line with plan.

"The company delivered exciting exploration results across our portfolio, including the first underground drilling into Horseshoe Extension at Haile, high grade results at the growing Wharekirauponga deposit in New Zealand, and we announced the start of a brand new exploration program at our regional Napartan target at Didipio.

The balance sheet remains strong and we plan to apply the proceeds expected from the OceanaGold Philippines Inc. listing on the Philippines Stock Exchange this quarter to the repayment of debt.

"Progressively stronger production in each remaining quarter of this year, and with strong gold and copper prices, we expect to be in a position to further strengthen the balance sheet, invest in our organic growth and consider additional returns to shareholders."

The company's shares closed down C$0.26 to C$2.98 on the Toronto Stock Exchange.