Aya Gold & Silver Reports Record Revenue and Net Income for Q3-2025 on Record Production

Aya Gold & Silver announced record financial and operational results for the third quarter of 2025. Key highlights include: - Record Production: Silver production reached 1,346,882 ounces. - Record Financials: Revenue was a record $54.3 million on sales of 1,363,511 silver ounces at an average realized price of $39.85/oz. Net income was a record $12.4 million, or $0.09 per share. - Strong Cash Flow: Cash flow from operations was $22.4 million. The company ended the quarter with a strong cash balance of $129.2 million. - Operational Excellence: The Zgounder mill operated at a steady state, processing 305,964 tonnes at an average throughput of 3,326 tonnes per day (tpd) with a 92.5% recovery rate. - Strategic Update: The CEO highlighted that the Zgounder ramp-up is nearly complete and reiterated the exciting potential of the Boumadine project, referencing the recently announced positive Preliminary Economic Assessment (PEA).

This news is materially positive as it confirms the successful ramp-up and strong cash-generating capability of the newly expanded Zgounder Silver Mine. The company is delivering on its promises, translating record operational performance into record financial results.

Reviewing the historical news provides crucial context: - Zgounder Expansion & Ramp-up: The company declared commercial production at the Zgounder expansion in late December 2024. Throughout H1 2025, news releases tracked the successful ramp-up, with the plant consistently operating at or above its nameplate capacity of 2,000 tpd. An issue with the oxygen plant temporarily impacted recoveries in Q1, but this appears to have been resolved, as Q3 recoveries hit an impressive 92.5%. The Oct 15 production pre-release had already flagged the record 1.35M oz, so the headline production figure was expected by the market. However, this full financial release confirms the profitability of that production. - Boumadine De-risking: The narrative for Boumadine has been one of consistent growth and de-risking. Exploration updates throughout 2025 reported high-grade intercepts and extensions of mineralized zones. A major catalyst was the February 2025 resource update, which saw a 120% increase in Indicated resources. This culminated in the game-changing PEA released on November 4, 2025, which outlined a massive, high-return project with a post-tax NPV5% of $1.5 billion (base case) to $3.0 billion (spot prices). - Financial Strength: The company shored up its balance sheet with a C$143.75 million bought deal financing in June 2025 at C$13.35 per share, specifically to advance Boumadine. This, combined with the now-strong cash flow from Zgounder, places the company in an excellent financial position. - Short-Seller Report: A significant event was the short-seller report on September 25, 2025, which caused a sharp, high-volume stock drop. The company categorically rejected the allegations, and the stock subsequently recovered, but it introduced a sentiment risk. An updated Zgounder technical report is expected in Q4 2025, which should help address any lingering concerns.

The Q3-2025 results are the first full-quarter demonstration of the expanded Zgounder's potential. The strong revenue, net income, and operating cash flow are tangible proof that the expansion was a success. While cash costs of $20.79/oz are still above the full-year guidance of $15.00-$17.50/oz, the CEO's commentary on optimizing grade control suggests this is a key focus. The strong performance at Zgounder is critical, as its cash flow will be a key funding source for advancing the much larger Boumadine project.

In conclusion, this release confirms excellent execution and solidifies the company's transition into a profitable, growing, pure-play silver producer. It validates the investment thesis following the Zgounder expansion and provides a strong financial foundation from which to advance the company-making Boumadine asset.

Aya Gold & Silver is a Canadian-based, pure-play silver producer with operations focused exclusively in the Kingdom of Morocco. - Flagship Project (Producing): The Zgounder Silver Mine. The company recently completed a major expansion project, increasing processing capacity to 3,000 tpd. It is now ramping up to a steady state, aiming to produce over 5 million ounces of silver annually. - Flagship Project (Development): The Boumadine Project. A large polymetallic (gold, silver, zinc, lead) deposit with a recently released, highly positive PEA showcasing its potential to be a world-class, long-life mine. Boumadine represents the primary growth driver for the company.