The Toronto-headquartered company reported an 18% year-on-year jump in annual gold output to 288,768oz, besting the top-end of its full-year production guidance at both the Sabodala and Wahgnion mine in Senegal and Burkina Faso, respectively.

The company's growing production profile has been underpinned by the Wahgnion mine declaring commercial production early in November last year, and subsequently smashing forecast production of 30,000-40,000oz with total output of 47,492oz.

Sabodala also topped guidance of 215,000-230,000oz with final production coming in at 241,276oz.

Said COO Paul Chawrun: "2019 represents the fourth consecutive year in which we have exceeded our production guidance and reported record results, a testament to the quality of our operating teams."

The company is looking toward further production growth in 2020 with the recent acquisition of the high-grade Massawa gold project from Barrick Gold set to transform the Sabodala-Massawa complex into a top-tier gold producer. The acquisition is expected to close by March.

The company had previously guided for 2020 output of 300,000-350,000oz, but it is expected to increase when Massawa free-milling ore is introduced to Sabodala's existing carbon-in-leach plant in the second half of this year.

Teranga plans to complete a prefeasibility study on the Sabodala-Massawa gold complex within six months of closing the acquisition. The company plans to report full-year 2019 financial results during the third week of February.

The stock (TSX:TGZ) gained up to 8.5% Tuesday to a new 12-month high of C$7.45, capitalising the company at $789 million (US$607 million).