Aya Gold & Silver (AYA) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked the first full quarter of ramp-up for the new plant, with production and cost improvements, and record silver production of 1,068,652 oz, up 192% year-over-year.

• Open-pit mining accounted for 68% of total ore mined, aligning with the targeted open-pit/underground split.

• Strategic initiatives included the spinout of Amizmiz to MX2 Mining and securing a $25M EBRD credit facility.

• Exploration advanced at Zgounder and Boumadine, with Boumadine's resource update adding significant silver equivalent ounces and land holdings expanded.

• ESG initiatives included enhanced health and safety training, expanded educational programs, and community engagement.

Financial highlights

• Q1 2025 revenue reached $33.8M, a 566% increase year-over-year, with gross profit at $10.2M and net income at $6.9M, reversing a prior loss.

• Operating cash flow was $7.9M, and cash and restricted cash stood at $36.6M at quarter-end, with $11.6M in receivables collected in early Q2.

• Silver production was 1,068,652 oz, with a cash cost per ounce sold of $18.93 and average realized net silver price of $31.87/oz.

• Working capital at quarter-end was $1.8M, mainly due to increased accounts receivable.

• Secured a $25M EBRD credit facility post-quarter, bringing total available liquidity to approximately $73M.

Outlook and guidance

• 2025 guidance reaffirmed: silver production of 5.0–5.3 Moz, cash cost $15.00–$17.50/oz, recovery 84–88%, and average grade processed 170–200 g/t Ag.

• Targeting 3,000 tpd steady-state operations and improved mill recovery to 89% as oxygen plant repairs are completed.

• Exploration and development budget for 2025 set at $25–30M, with 160,000–180,000 meters of drilling planned.