07:39 AM EDT, 05/15/2024 (MT Newswires) -- Aya Gold & Silver ( AYASF ) on Wednesday reported a swing to first quarter loss as revenue fell.

The company, with operations in Morocco, reported a net loss of US$2.6 million, or US$0.02 per share, compared with a profit of US$1 million, or US$0.01 per share, last year.

Revenue fell 51% to US$5 million, from US$10.4 million, in the prior year quarter. The decline was due to a temporary increase in silver concentrate inventory and processing lower-grade ore, the company said.

Silver production was 23% lower, to 366,362 ounces.

Aya Gold & Silver ( AYASF ), which is maintaining its 2024 guidance, also said the Zgounder Silver Mine expansion is 89% complete and is on track for commissioning in the second quarter.