Aya Gold & Silver Inc

Latest Results (08.03.2026):

Aya Gold & Silver Inc. Q3-2025: Aya reported record Q3-2025 results with silver production of 1.35 million ounces, record revenue of $54.3M and record net income of $12.4M (diluted EPS $0.09). The quarter showed strong operational ramp-up at Zgounder (3,326 tpd, 92.5% recovery), higher realized silver price ($39.85/oz), robust operating cash flow ($22.4M) and a cash balance of $129.2M; the company also released a positive PEA for its Boumadine project in November 2025.

Production

Record Q3-2025 silver production of 1.346 M oz (up 278% YoY, +29% QoQ) driven by Zgounder ramp-up; mill throughput averaged 3,326 tpd, mill availability 96%, average feed grade 146 g/t Ag and recovery 92.5%.

Revenue & Profit

Record revenue of $54.3M in Q3-2025 (≈+393% YoY; +41% QoQ) driven by higher ounces sold and a net realized silver price of $39.85/oz. Net income was $12.4M (diluted EPS $0.09) versus a loss in Q3-2024.

Unit Costs & Cash Flow

Cash costs per silver ounce sold were $20.79 in Q3-2025 (down 11% YoY). Operating cash flow for the quarter was $22.4M (YTD $38.1M), supporting ongoing project advancement.

Balance Sheet & Spending

Ended Q3-2025 with $129.2M cash and working capital of ~$96.1M. Quarter capex was $10.5M (mainly Zgounder plant, TSF phase 2, milling and underground development) and $14.1M to exploration/evaluation.

Boumadine PEA (November 2025)

PEA shows strong economics: post-tax NPV $1.5B and 47% IRR at Base Case; NPV $3.0B and 77% IRR at spot. Project envisages ~401 koz AuEq/year (first five years), $446M initial capex and low life‑of‑mine AISC $1,021/oz AuEq (Base Case).

Exploration

Active drilling: 29,524 m at Boumadine (YTD 109,240 m) confirming continuity and extensions; 9,770 m at Zgounder (YTD ~19,659 m) with high‑grade intercepts and resource expansion potential, plus new Asirem gold discovery at Boumadine.

ESG & Safety

Continued focus on HSE: 6,636 training hours in Q3-2025 and TRIFR improved to 13.4 (from 16.2 in Q3-2024); no significant environmental incidents reported and progress toward ISO 14001.

Outlook

Aya says Zgounder ramp-up is nearly complete, milling and recoveries to remain strong, 2025 production goals on track, and Boumadine advancing toward a feasibility study targeted by late 2027; strong margins and cash position expected to fund growth initiatives.