Aya Gold & Silver's (AYA.TO) net income surged 600% year over year in the first quarter amid higher silver equivalent prices, the company said Thursday.
The miner reported a net income of US$49 million, or $0.33 per diluted share, in the three months ended March 31, jumping from $7 million, or $0.05 per diluted share, a year ago.
Analysts expected Aya to book earnings of $0.38 per share, according to a consensus estimate compiled by FactSet.
Revenue soared 247% year over year to $117 million in the first quarter, driven by a 158% increase in average net realized silver equivalent prices, as well as higher sales.
Consolidated silver equivalent production jumped 40% year over year to 1.5 million ounces of silver equivalent.
"Despite challenging weather conditions we delivered strong production, record mining rates and cash flow, highlighting the strength and resilience of our operations," President and Chief Executive Officer Benoit La Salle said.