Business
Aya Gold & Silver Reports Strong Q2-2024 Results; Record Revenue and Strong Cash Flow Driven by Q1 Inventory Sales and Strong Silver Price
MONTREAL, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA, OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce interim financia
About this update from Aya Gold & Silver Inc.
[{"type":"text","content":" MONTREAL, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA, OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce interim financial and operational results for the second quarter ended June 30, 2024. All amounts are in US dollars, unless otherwise stated. Q2-2024 Highlights Solid operations in line with our plan: Silver production of 432,667 ounces (“oz”). Ore processed increased to 80,562 tonnes (“t”), a 12% increase compared to Q2-2023. 114,025t of ore mined in the quarter for an average of 1,253 tonnes per day (“tpd”). Record revenue and strong cash flow driven by Q1 inventory sales and a strong silver price: Record revenue of $13.7 million, a 42% increase from Q2-2023 as a result of selling silver concentrate inventory from Q1-2024. Cash flow generated by operating activities of $5.3 million in Q2-2024, a 44% increase compared to Q2-2023. Commissioning ongoing and on-track at Zgounder: Physical expansion of Zgounder Mine over 95% complete and commissioning in progress. Completed construction of the 95-km power line and began receiving electricity from the grid. Strengthened balance sheet: Received the final tranche of the EBRD loan, worth $15 million, for a total of $100 million to date. Robust financial position with $103 million of cash, cash equivalents and restricted cash as at June 30, 2024, compared to $111 million as at March 31, 2024 (1). Continued positive results from Zgounder and Boumadine exploration programs: Confirmed high-grade continuity of silver mineralization at depth through 7,920 meters (“m”) of diamond drill hole (“DDH”) drilling at Zgounder. Doubled Zgounder 2024 drill program to 30,000m. Extended Boumadine Main Trend to 5 km through 27,046m of DDH drilling and acquired seven new permits, increasing its land package over 100% year to date. Identified multiple potentially highly conductive anomalies to the west and south of Boumadine Main Trend through a regional airborne geophysical survey. “Zgounder and Boumadine continue to deliver on all fronts as we achieved multiple important milestones in this catalyst-rich year. The new Zgounder plant has commenced commissioning, successfully poured its first silver doré bar, and began sourcing electricity from the grid as scheduled. Operationally, Zgounder has delivered a consistent performance, maintaining strong cash flow, w...