11:38 AM EDT, 05/13/2025 (MT Newswires) -- (Adds comment and updates shares.)

Aya Gold & Silver ( AYASF ) shares were last seen up 13% after the company on Tuesday said it a swung to a profit in the first quarter as it booked record revenue.

The miner said it earned US$6.9 million, or US$0.05 per share, in the quarter, swinging from a year-prior loss of US$2.6 million, or US$0.02, and beating the analyst consensus forecast of US$0.01 per share compiled by FactSet.

The company's revenue soared 566% to a record US$33.8 million, above the analyst consensus estimate of US$32.4 million compiled by FactSet. The rise was driven by a 50% jump in the average realized silver price to US$31.87 per ounce. Silver production climbed 192% to a record 1.1-million ounces while silver sales surged 346% to 1.1-million ounces.

"Aya delivered a standout quarter, achieving record silver production of over one million ounces, record revenues of US$33.8 million, and operating cash flow of nearly $8 million - all while reducing cash costs and successfully ramping up operations inline with plans and only three months after commissioning the plant," said chief executive Benoit La Salle.

Aya reaffirmed its 2025 guidance, including its production target of 5-million to 5.3-million ounces of silver.

National Bank of Canada maintained its outperform rating and $18.75 price target on the company's shares following the results.

National Bank also reiterated Aya as a top precious metals pick supported by net asset value expansion from production growth and high-grade resource accretion at the Zgounder mine in Morocco; a promising pipeline prospect in Boumadine; and the company being the only pure-play silver producer in its coverage.

Aya shares were last seen up $1.34 to $11.37 on the Toronto Stock Exchange.

Price: 11.31, Change: +1.28, Percent Change: +12.76