Aya Gold & Silver Announces Record Q4 and Full Year 2025 Silver Production
Aya Shatters Expectations as Zgounder Output Surpasses Capacity to Deliver Record 5 Million Ounce Year
Aya Gold & Silver announced record-breaking production results for Q4 and the full year 2025. The company produced 1.37 million ounces of silver in Q4 alone, a 2% increase over the previous record in Q3. For the full year, Aya reached a milestone of 5.0 million silver equivalent (AgEq) ounces. Operational efficiency at the Zgounder mine reached unprecedented levels, with the mill processing 3,796 tonnes per day (tpd) in Q4—41% above the original nameplate capacity. Specifically, December 2025 saw a milling rate of 4,107 tpd and record monthly production of 545,491 oz. Recoveries remained high at 91.2%. The company also completed the commercialization of the Boumadine historical pyrite stockpiles, contributing 172,129 oz AgEq to the annual total.
The impact of this news is material and positive for three primary reasons: - Operational De-risking: Delivering 41% above nameplate capacity is a rare feat in the mining industry. It confirms that the expansion project completed in late 2024 is not only functional but highly optimized, effectively lowering the risk profile of the Zgounder asset. - Guidance Achievement: The total production of 5.0 million AgEq oz lands squarely within the company's 2025 guidance of 5.0 to 5.3 million oz, proving management's ability to execute on stated goals despite the "dilution" and "ramp-up" challenges discussed in earlier 2025 transcripts. - Cash Flow Inflection: With silver prices realized at approximately $39.85/oz (per Q3 data) and cash costs stabilizing, this production volume suggests significant free cash flow generation to fund the upcoming $446M initial capital requirement for the Boumadine project without excessive further dilution.
Aya Gold & Silver is a Canadian-based silver producer operating exclusively in the Kingdom of Morocco. Its flagship asset is the Zgounder Silver Mine, which recently completed a major expansion to 2,700 tpd (now operating at ~4,000 tpd). The project has a life of mine extending to 2036 with an average annual production of ~6 Moz Ag. The company's second major asset is the Boumadine Polymetallic Project, which is currently at the PEA stage and represents a "district-scale" opportunity with an 11-year mine life and an estimated $1.5B post-tax NPV5%.