Aya noted, however, that revenue was affected as the firm decided to hold higher ingot inventory of $1.46 million in consignment due to lower silver prices at year's end. In Q4 of 2020, the consignment value was $63,811. 

These ingots were sold in Q1 2022, Aya noted. 

The company's Q4 operating cash flow was $2.09 million, which is a 40% decrease year-on-year. The cost of sales for the period was $4.63 million, with an average cost per oz of $10.68/ oz, which compares with 2020 values of $4.99 million and $12.23/oz, respectively. 

Despite some weaker figures in the fourth quarter, Aya president and CEO Benoit La Salle said 2021 was a "fantastic year" for the company. 

"We reported record production, revenue, cash, and cash-flow growth, all while turning around operations and launching an inaugural ESG [environmental, social and governance] programme and GRI [Global Reporting Initiative]-compliant sustainability report," he said. 

The company's full-year 2021 revenue was $34.3 million, which is up 148% year-on-year; cost of sales rose by 87% to $18.29 million; and operating cash flows surged 1,196% to $17.54 million. 

La Salle said that the results show a path for "significant growth" in 2022 and beyond. 

"We are growing our land package and re-investing capital at Zgounder and in exploration, as well as the local community, to strengthen our position in country and sustainably deliver returns for all stakeholders," he said. 

Aya's share price was quoted as C$8.93 (US$7.14) on the Toronto Stock Exchange on March 30, which was down 3% day-on-day. The company has a market capitalisation of C$934.7 million.