PDI Gold's (ASX:PDI) Kiniero plant continues to perform at excellent rates, although production was slightly below estimates and consensus, Euroz Hartleys said in a Monday note.

PDI said combined gold poured from Kiniero and Nampala mines totaled 52,866 ounces of gold during the three months ended Sept. 30, compared with the brokerage's estimate of 58,700 ounces and consensus forecast of 53,300 ounces.

The Kiniero plant maintained throughput above nameplate capacity at 1,095 tonnes per hour, equivalent to around 8.8 million tonnes per annum against its 6 million tonnes per annum nameplate capacity.

The firm is transitioning towards being a diversified mid-tier gold producer, with Kiniero underpinning operational credibility and funding capacity.

The investment firm maintained its buy rating on PDI and its price target of AU$6.75.

PDI Gold's shares were down nearly 2% in recent Monday trade.