In 2024, Aya Gold & Silver produced 1.65 million ounces of silver from its Zgounder mine in Morocco. The company also completed an expansion project last year, adding a new processing plant to boost production.

Last Friday, Aya Gold & Silver released its 2024 silver production results and 2025 outlook in Morocco. According to the document, this year, the Canadian company wants to ramp up output at its Zgounder silver mine to 5 to 5.3 million ounces, against 1.65 million ounces last year. 

@AyaGoldSilver Reports Q4 and Full Year 2024 Results and Announces 2025 Production and Cost Guidance

Read more about our fourth quarter and full year results here: https://t.co/pFEooCxDFn
$AYA $AYASF #miningnews #silver #Morocco #earnings pic.twitter.com/qzdZjMG4EK

— Aya Gold & Silver (@AyaGoldSilver) March 28, 2025

Aya bases its expectations on the site’s expanded processing capacity. Indeed, the company set up a processing plant at the mine last year. In the coming months, it plans to boost efforts to process 3,000 tonnes of silver daily. Aya is also working to improve its recovery rate to between 84% and 88%, up from last year’s 83.7%.

A global market in deficit

The silver market faces a persistent deficit, with the Silver Institute forecasting a shortfall of 149 million ounces in 2025 despite stable demand and a 3% supply increase. Meanwhile, prices are also set to increase. According to WisdomTree, a UK investment firm, silver could hit $40 per ounce by Q3 2025—up 17% from October 2024.  Producing more silver is thus the smart move for Aya.

However, Aya’s 2025 production forecast falls short of its original targets. A feasibility study from 2022 projected an annual output of 6.8 million ounces over an 11-year mine life for Zgounder. Aya plans to release updated long-term production estimates later this year.

This article was initially published in French by Emiliano Tossou

Edited in English by Ola Schad Akinocho