Sales for the period stood at 199,500 oz AgEq, the company added. 

"We are very pleased with the swift pace with which we have brought the combined El Cuba and El Pinguico operation back into commercial production," Guanajuato's director and COO Hernan Dorado said. 

"As we continue meeting or exceeding our production goals, we will carry on with our steady and continuous ramp-up of operations well into 2022. We are well positioned to continue our growth strategy this year," he added. 

Guanajuato Silver, which is planning to see the average production of 1.8Moz/year over seven years, told Mining Journal in November that the company believes there was potential to ramp up to 2.5Moz/year by 2023. 

Guanajuato noted on February 3 that El Pinguico's above-ground stockpile metallurgical recoveries averaged 74% for gold and 72% for silver, with the silver recoveries "considerably better" than the 2020 bulk sample of 60.36%. 

Guanajuato's shares traded on the Toronto Stock Exchange at C$0.45/share on February 3, which was up 3% day-on-day. The 52-week high/low was C$0.74/C$0.32.