11:22 AM EDT, 03/28/2024 (MT Newswires) -- Aya Gold & Silver Inc. ( AYASF ) reported Thursday a net income of US$3.6 million, or US$0.03 per share, in the fourth quarter of 2023, an 83% increase from US$2.0 million, or US$0.02 per share, booked in the year-ago quarter.

Revenue slipped 17% to US$11.1 million from US$13.3 in the previous year.

Silver production fell 32% to 450,046 ounces from 661,621 ounces produced a year ago.

For 2024, the company expects to produce 2.6 million to 3.2 million ounces of silver at cash costs of between $13.00 and $14.50 per ounce.

"2023 was a year of strategic growth and investment in which we either delivered or exceeded our guidance, expansion, exploration, financing, and sustainability objectives," President and CEO Benoit La Salle said.

Aya said that while it remains focused on commissioning and ramping up the Zgounder mine, it has started an exploration program at the Boumadine project, where an upcoming resource estimate represents a first step in its goal to develop it as a "cornerstone asset."

Aya at last look fell 5.0% in early Thursday trading.

Meanwhile, Aya's adjusted EPS of $0.04 beat National Bank of Canada and the consensus loss forecast of $0.01.

Cash flow per share of -$0.01 missed the bank's estimate of $0.02 and the consensus estimate of $0.00.

The bank ascribed a negative bias with the results while noting that 2024 is a transition year for Aya, with investors positioned for the Boumadine and Zgounder operations during the year as well as exploration upside.

National Bank gave Aya an outperform rating with a $14.50 price target.

Price: 11.85, Change: -0.62, Percent Change: -4.97