Gold miner Caledonia (LON:CMCL, TSE:CAL) said output last year beat its production guidance but was lower than in 2013.
The firm, which operates the 49% owned Blanket mine in Zimbabwe, said production for the year to end December was 41,836 ounces - 4.6% higher than its guidance of 40,000 ounces.
But it was 8.1% lower than the figure of 45,527 ounces in 2013. Fourth quarter production was 8.3% lower than in the same period in 2013.
The company is targeting production for 2015 of around 42,000 ounces of the yellow metal, it said.
Chief executive Steve Curtis said 2014 output had been affected by the lower grade and underground infrastructure constraints.
"I am confident that the revised investment plan, which was announced on November 3, 2014, will result in progressive increases in production from 2016 onwards when we expect to see the first production from below 750 meters - initially from the No. 6 Winze and subsequently from the Central shaft."
The firm expects its results for the quarter and year to December 31 will be released on March 31 this year.
On Tuesday, the miner declared a quarterly dividend of one and a half Canadian cents (C$0.015), its fifth quarterly payment.
The firm has announced a US$70mln expansion to double output to 80,000 ounces by 2018.
Broker Sanlam noted that the production levels highlighted the need for a different layout at Blanket.
"The miners needs better access to the mines, various pay zones and a long term solution for reserve development, both along strike and at depth. The central shaft plan provides this flexibility," it said, noting the ore body was wide, continued at depth and along strike and should support a long mine life of 15 years plus.
"From FY17 onwards, Blanket will be a transformed mine with production of 65Koz and rising to 75Koz and ultimately 80Koz," it said.
Shares eased 1.25% to stand at 39.5p.