08:54 AM EDT, 04/18/2024 (MT Newswires) -- Sierra Metals ( SMTSF ) on Thursday reported copper equivalent production of 20 million pounds in the first quarter, rising from 16.5 million pounds in the year-ago quarter.

Copper production increased to 11.2 million pounds in the first quarter from 8.3 million pounds in the same quarter of the previous year. Zinc output slipped to 10.1 million pounds in the first quarter from 10.6 million pounds last year.

Sierra produced 427,000 ounces of silver in the first quarter, higher than 389,000 ounces produced in the first quarter of 2023.

The company's first-quarter gold output jumped year over year to 4,505 ounces from 3,791 ounces.

Lead production in the first quarter was up to 3 million pounds, up from 2.8 million pounds in the same quarter of 2023.

"We are on track to meet our annual guidance," CEO Ernesto Balarezo said.

Sierra operates the Yauricocha polymetallic mine in Peru, which is expected to reach full capacity by the fourth quarter. The company also owns the Bolivar copper mine in Mexico, which achieved record copper equivalent production in the first quarter.

Sierra's shares fell 1.2% yesterday.