Down 4% YTD, AYA has not really participated in the sector rally this year. But, the outlook looks better as revenue ramps up. Revenue should grow 4X this year, and it should go from a loss of 1c per share in 2024 to more than 27c in earnings this year. It has $17M net cash. Q1 earnings were better than expected, but this was largely due to f/x gains. Production of 1.07M ounces of silver matched estimates. Cash costs were $18.93/ounce. Free cash flow was still negative. Guidance was affirmed. The stock is not exactly cheap at 27X earnings, but we think investors are looking forward to better days. We would not consider it 'great', but certainly 'OK'. Insiders own 9.4%.
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