Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) reported first-quarter production of 1.07 million ounces of silver at its Zgounder Mine in Morocco, marking a sharp jump from the 366,362 ounces produced in Q1 last year and the company’s strongest quarter to date.
The results come just three months after Aya officially declared commercial production at the expanded operation on December 29, 2024.
“It was a record quarter, driven by strong production and silver sales averaging more than $32.00/oz,” said President and CEO Benoit La Salle. “With mining rates steadily increasing in line with our plan, we are well positioned for a strong ramp-up and a solid second half of 2025.”
The Q1 performance included a 207% increase in tonnes processed, an 82% jump in mine output, and maintained an 82% silver recovery rate despite seasonal rainfall and planned shutdowns. Mill availability came in at 91%, slightly below the 96% from Q1 2024, but within expectations given the commissioning ramp.
Aya also confirmed that January marked the final month of silver concentrate production at Zgounder. The mine has now transitioned fully to silver doré, a change that’s expected to boost revenue per ounce by approximately 15% going forward.
“The plant is currently operating at design capacity and above, with room for improvement,” added Raphaël Beaudoin, VP Operations. “Recovery and throughput are improving as we optimize and debottleneck various parts of the plant.”
Aya is targeting further improvements through the year as plant operations stabilize and a greater share of fresh rock—especially from open-pit sources—enters the mill.
The company continues to position itself as the only TSX-listed pure silver play, with Zgounder anchoring its growth strategy alongside exploration activity along Morocco’s South-Atlas Fault, where multiple targets remain open for expansion.