Aya Gold & Silver (TSX: AYA) shares soared on Tuesday after the Canadian miner posted a record-breaking quarter, as well as new funding to support its growth in the Kingdom of Morocco.During the first quarter of 2025, silver production from the company’s Zgounder mine reached 1.07 million oz., its highest ever and a three-fold increase over last year. Throughput levels also tripled to hit a record of 249,743 tonnes, resulting in an 82% increase in mine production to 194,661 tonnes.The Q1 production helped to generate a record-high revenue of $33.8 million, a 566% increase year-over-year, with an average net realized silver price of $31.87/oz. Net income also improved to $6.9 million, from a net loss of $2.6 million in 2024.The improvements were supported by Aya’s successful ramp-up of the new plant at Zgounder following its commissioning in December 2024. Both throughput and mill availability were at or above target during the three-month period, according to the company. “Our open-pit ramp up continues as planned, contributing to record plant throughput and supporting an increase in revenue and cash flow year-over-year,” stated CEO Benoit La Salle in a press release.Shares of Aya Gold & Silver rose by 12.4% to C$11.27 apiece by market close Tuesday, for a market capitalization of C$1.5 billion. The stock traded between C$8.52 and C$19.56 over the past 52 weeks.$25M loanThe stock rally follows Aya’s announcement on Monday that the miner has been approved for a $25 million credit facility from the European Bank for Reconstruction and Development (EBRD), its current lender on the Zgounder expansion project.The proceeds will support Aya’s development of the Boumadine polymetallic project, part of its growth strategy in Morocco. During Q1, the company increased its landholding on the property through the acquisition of four mining licenses, extending its land package to 272 km2.In February, Aya also released an updated resource estimate for Boumadine, comprising 29.2 million tonnes in the inferred category grading 82 g/t silver, 2.63 g/t gold, 2.11% zinc and 0.82% lead, and 5.2 million tonnes in the indicated category grading 91 g/t silver, 2.78 g/t gold, 2.8% zinc and 0.85% lead. The contained metal, in silver-equivalent terms, is about 452 million oz.Commenting on the funding for Boumadine, CEO La Salle said it represents “a strong endorsement of our leadership position in Morocco and the trusted partnerships we’ve built.”“Since our last project finance facility in 2023, Aya has made steady progress at Zgounder and advanced the potential of Boumadine. This new facility reflects our confidence in the company’s leadership and our continued support for responsible mining in Morocco,” added Natalia Lacorzana, head of natural resources, EBRD.
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