11:07 AM EST, 02/04/2025 (MT Newswires) -- (Adds analyst comment and updates shares.)

Aya Gold & Silver ( AYASF ) on Tuesday said it expanded its Boumadine project in Morocco by 28% after securing the right to four additional mining licenses.

The four licenses totaled 59.9 square kilometers, increasing the property's size to more than 272 square kilometers.

The company also secured the rights to a 600 square-kilometer exploration authorization, allowing it to carry out exploration activities over any unclaimed land within the authorized area.

"Over the past 15 months we have increased our footprint at Boumadine by 848%, aligning with our vision to consolidate ground around this world-class asset," said Benoit La Salle, Aya's chief executive.

Aya completed 17,034 meters of drilling at Boumadine in January, with over 30,000 assays pending.

"By systematically applying advanced technology and modern exploration techniques, we will continue to generate drill targets potentially leading to a significant resource increase at Boumadine and driving further growth in the near future," La Salle added.

National Bank of Canada kept its outperform rating and $21.25 price target im place following the update.

The bank cited Aya's promising pipeline prospect in Boumadine with ongoing exploration, and noted that the company is only the only pure-play silver producer in its coverage.

Aya's shares were last seen up $0.25 to $11.99 on the Toronto Stock Exchange.

Price: 12.01, Change: +0.27, Percent Change: +2.30