Caracal Gold said production is on track to reach 16,000oz in 2023 and 24,000 by 2024.
Output totalled 12,000oz in the period to June 2022, all from the Kilimapesa mine in Kenya.
A new resource number is due shortly at this deposit following recent drilling.
In May, Caracal also acquired the Nyakafuru project in Tanzania, which will boost the company’s resources currently to more than 1.33mln oz even before the Kilimapesa upgrade.
Nyakafuru is a high-grade shallow gold resource, said the company, with 658,000oz at 2.08g/t contained within four deposits over 280 sq km.
"We are excited by the near and long-term prospects of becoming a diversified +50,000oz per annum producer and +3moz resource owner," said Robbie McCrae, chief executive.
Losses in the 18 months to the end-June 2022 were £15.5mln (£1.69mln).