Canadian-based silver producer Aya Gold & Silver reached an output of 1.97 million ounces in 2023 at the Zgounder mine, a 5% increase from 2022, said the company in a press release on Thursday.
The company added that its revenue amounted to $42.8 million, marking a 12% growth from 2022.
Processed ore amounted to 281,634 tons in 2023, a 10% increase from 254,976 tons in 2022, while ore mined increased by 79% compared to 2022. Aya Gold & Silver Inc. surpassed its cash cost guidance by 13%, achieving a cost per silver ounce sold of $12.50 in 2023.
The cash flow generated by operating activities increased to $21.2 million in 2023, or a 120% increase from $9.6 million in operating cash flow in 2022.
With a robust financial position boasting $70.3 million in cash, cash equivalents, and restricted cash as of December 31, 2023, Aya Gold & Silver Inc. is well-positioned for future growth and development.
The company made significant progress in its operational expansion, with the Zgounder Mine expansion project advancing on budget and on schedule for commissioning in Q2-2024.
Aya conducted extensive drilling activities at both the Zgounder and Boumadine sites, acquiring new permits and advancing development initiatives.
The company signed a renewable-energy Power Purchase Agreement for expanded operations and advanced construction of the Zgounder Mine electrical infrastructure towards operationalization in Q2-2024.
The Canadian company also published an inaugural Climate Action Report in alignment with the Task Force on Climate-Related Financial Disclosures (“TCFD”), instituted new corporate policies, and reported performance to the 2023 S&P Global Corporate Sustainability Assessment.
The company has set ambitious goals including production guidance of between 2.6 and 3.2 million ounces at cash costs ranging from $13.00 and $14.50 per ounce. The company plans to allocate a significant exploration budget of $36 million towards further developing the Boumadine and Zgounder sites, emphasizing a commitment to exploration and resource expansion.
“Zgounder delivered record silver production and throughput at industry-low cash costs, generating record cash flow and positioning us for the final year of expansion,” Aya Gold & Silver President and CEO Benoit La Salle said. “Our 2023 drill program was also very successful, especially at Boumadine and Zgounder at-depth, which we will develop at an even faster pace going forward.”