Aya Gold & Silver (TSX: AYA) is eager to demonstrate the success of their expansion at the Zgounder Silver Mine in Morocco, announcing this morning production results for the month of April as they continue to scale production.

The mining rate at the operation reportedly increased to 2,750 tonnes per day in April, as compared to an average mining rate of 2,163 tonnes per day throughout the first quarter. Mill availability meanwhile increased from 91% to 98%, while averaging 3,025 tonnes per day.

Recovery rates however declined in April, falling to 80%, versus recoveries of 82% in the first quarter. Aya claims that they have a “clear path” to recoveries identified, with corrections currently being made. The shortfall was blamed on an oxygen plant, which is waiting on equipment to arrive to improve long term performance. Once at design capacity, recoveries are expected to improve to feasibility study rates.

Total silver production came in at 345,550 ounces. Production within the first quarter of 2025 totaled 1,068,652 ounces of silver, which on a straightline basis equates to 356,217 ounces of silver produced a month.

“Our fundamentals are strong, the ramp up is on track, and the results are showing — mine production is up 64% since January. 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. We are pleased to reaffirm our 2025 guidance.”

Current guidance is calling for silver production of between 5.0 and 5.3 million ounces, at cash costs of $15.00 to $17.50 an ounce and recovery rates of between 84% and 88%.

Aya Gold & Silver last traded at $10.00 on the TSX.

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