Quarterly gold doré production rose 11% year-on-year to 11,698 ounces, while refined gold output rose 20% to 10,814oz.

This brought the total gold output for the January-September period to 29,059oz, while the company is aiming to produce 36,000-40,000oz in 2018.

The average gold grade increased 6% on the year and 24% on the quarter to 7.8g/t, with September recording the highest monthly average hold grade for the year of 9g/t.

Trans-Siberian produced 30,203oz of silver in doré during the quarter, climbing 92% on the year, with refined silver output also up 89% to 26,853oz.

The average silver grade jumped 82% on the year and 8% from the June quarter to 24.25g/t.

The gold and silver were produced from 37,073 tonnes of mined ore, down 24% year-on-year, with 49,948t of ore processed, up 5%.

The company sold 9,085oz of gold during the September quarter, edging up 1% on the year, at an average price of $1,201 per ounce, which was down from $1,287/oz a year ago.

Silver sales totalled 48,626oz, much higher than the corresponding period's 14,097oz and only 5,444oz in the June quarter, due to a significant increase in production and a partial carry over of sales from the previous quarter.

The silver was sold at an average $14.5/oz, down from $16.40/oz a year ago.

Total revenue for the quarter was $11,6 million, down 2% year-on-year, with gold revenue down 6% to $10.9 million, but silver revenue more than triple than a year ago at $703,000.

CEO Alexander Dorogov said the results had illustrated some significant operational improvements, with the gold grade steadily increasing and in turn boosting production.

"It was a pity that this coincided with a weaker gold price. However, we believe the outlook is promising and we are well positioned to continue to produce high-grade gold competitively," he said.

The market didn't react much to the news, with Trans-Siberian's shares down 1.33% to 37p (US47.25c).