Aya Gold & Silver (AYA) continues to deliver on the ground, reporting 345,550 ounces of silver production in April and mill performance that topped expectations,, with 98% availability and average throughput of 3,025 tonnes per day.
That follows a blowout Q1, where silver output more than tripled year-over-year, crossing the 1 million ounce mark for the first time. Production momentum is holding, and the mine ramp-up is running ahead of schedule.
“Our fundamentals are strong, the ramp-up is on track, and the results are showing,” said CEO Benoit La Salle. “We’ve seen a recovery improvement in May, and April’s performance confirms that we’re maximizing throughput, strengthening free cash flow, and driving down costs.”
Mine output hit 2,750 tpd in April, while recovery dipped to 80% — a short-term issue the company says it’s already correcting. Aya has mobilized a specialized contractor and brought in the oxygen plant supplier to fast-track improvements. The goal: push recoveries toward the 89% target outlined in the feasibility study.
Recent tests on plant tailings confirmed those parameters are achievable once oxygen production is stabilized.
Aya reaffirmed its 2025 guidance and said it expects consistency to build through the second half as optimization work wraps up.
Stock performance and positioning
Shares of Aya Gold & Silver are up 35% year to date, outpacing peers as Zgounder cements its status as one of the highest-growth silver assets in the sector.
Analysts remain constructive on the name, citing execution, low costs, and operating leverage with silver trading above US$27/oz.
Aya also benefits from its unique status as the only pure-play silver producer listed on the TSX. That’s more than a technical distinction. It gives the company more visibility with institutional investors and funds that want targeted exposure to silver without being diluted by other commodities like gold or copper.
In a market where sentiment around the metal is improving, that kind of clean exposure is becoming harder to find, making Aya an increasingly relevant name for silver-focused strategies.