Despite a record fourth quarter in terms of production, Aya Gold and Silver (TSX: AYA) has failed to achieve production guidance for 2025 at their Zgounder operation. The company this morning reported preliminary fourth quarter production data, highlighted by 1.37 million ounces of silver production.
Silver production in the fourth quarter was up 2% on a quarter over quarter basis, with December alone accounting for a substantial 545,491 ounces of silver production. Processing rates throughout the quarter meanwhile averaged 3,796 tonnes per day, a 14% improvement over Q3, and 41% above nameplate capacity.
A total of 349,242 tonnes of ore was processed in Q4, a 14% improvement over the 305,964 tonnes processed in Q3, however average grades fell 8% quarter over quarter, from 146 g/t in Q3 to 134 g/t in Q4. Silver recoveries also slipped, falling from 92.5% to 91.2%, while mill availability climbed to 99.0%.
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Mine production meanwhile jumped from 215,405 tonnes to 385,216 tonnes quarter over quarter, an increase of 79%. Underground mining is said to have averaged 1,387 tpd at a grade of 161 g/t, while the open pit averaged 2,800 tpd at 115 g/t, for a total mining rate of 4,187 tpd at 130 g/t.
“The team’s efforts throughout 2025 culminated in a record December, with a milling and mining rate of 4,107 tpd and 4,652 tpd, respectively, and an all-time high silver production of 545,491oz. We also published a new mine plan aligned with the current silver price environment, positioning Zgounder to maximize cash flow. With the 2025 ramp-up complete, our focus now shifts to disciplined execution, continuous optimization, and consistent delivery into 2026 and beyond,” commented Benoit La Salle, CEO of Aya.
For the full year, production grew 193% year over year from 1.65 million silver ounces in 2024 to 4.83 million silver ounces in 2025. While growth was substantial, production failed to hit the guided 5.0 to 5.3 million ounces of production. Average head grades meanwhile fell 15% from 171 g/t to 145 g/t, coming up short of the guided 170 to 200 g/t estimate. Recoveries however exceeded guidance, coming in at 88.4% for the year, versus estimates of 84 to 88%.
A date for the release of full financial results was not provided by the company.
Aya Gold and Silver last traded at $23.95 on the TSX.
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