07:59 AM EDT, 04/10/2024 (MT Newswires) -- Victoria Gold ( VITFF ) said Wednesday that it produced 21% less gold in the first quarter due to lower grades related to mine sequencing, the timing of placing stacked tonnes under leach, and lower-than-planned stacking rates in the fourth quarter of 2023.

Gold production fell to 29,580 ounces in the first quarter compared with 37,619 ounces in the same quarter last year.

Despite the drop in production in the first quarter, Victoria Gold ( VITFF ) said it still expects to achieve its 2024 gold production guidance of 165,000 to 185,000 ounces and cost guidance of US$1,450 to US$1,650 per ounce of gold sold.

"While quarterly gold production is down year over year, the summer and fall seasons are our strongest operating periods," President and CEO John McConnell said. The company said both gold grade and metallurgical recovery "continue to reconcile well" against the Eagle reserve model.

The shares fell 1.9% yesterday.