08:24 AM EDT, 04/11/2024 (MT Newswires) -- Orezone Gold ( ORZCF ) on Thursday said first-quarter production from its Bombore gold mine in Burkina Faso fell 27% as it mined lower-grade ores.

The company said it produced 30,139 ounces of gold in the period, down from 41,301 ounces in the year-prior quarter. The drop came as the company processed 1.36-million tonnes of ore in the quarter, down 6.2%, while the average gold content fell to 0.78 grams per tonne from 0.96.

Despite the drop, the company reiterated its 2024 production guidance of between 110,000 to 125,000 ounces, down from the 141,425 ounces it produced in 2023.

"Q1 marked a solid start to 2024. Production to date for Q2 is trending above plan and the Company remains well positioned to meet its 2024 production guidance," chief executive Patrick Downey said in a release.

Orezone shares closed down C$0.03 to C$0.85 Wednesday on the Toronto Stock Exchange. The shares have dropped 43% over the past 12 months.