Aya Gold & Silver Reports Record Q3-2026 Production of 2.03 Million AgEq Ounces

Aya Gold & Silver Inc. (AYA) released its quarterly operational update for the three months ended September 30, 2026, reporting consolidated production of 2,034,628 oz AgEq. This figure represents a 51% year-over-year increase and a 21% quarter-over-quarter rise, marking the third consecutive quarterly record. The release contains no revenue, cash cost, AISC, margin, or cash-flow figures.

Zgounder produced 1,497,749 oz Ag, an 11% increase year-over-year but only a 0.6% quarter-over-quarter gain from 1,489,526 oz. Reported silver production excludes 138,100 oz of silver cement not smelted as of quarter-end, which equals 9.2% of Zgounder's quarterly output. Meanwhile, the Boumadine pyrite reclaim operation produced 536,879 oz AgEq, a 186% quarter-over-quarter increase, derived from 49,890 tonnes reclaimed and crushed at 151 g/t Ag and 2.61 g/t Au.

The company achieved a record mill throughput of 4,096 tpd, up 5% quarter-over-quarter and 23% year-over-year. Ore processed totaled 376,863 tonnes with a feed grade of 146 g/t Ag, which was flat year-over-year but up 4% quarter-over-quarter. Mill recovery stood at 92.0%, down 0.5 percentage points year-over-year but up 0.8 percentage points quarter-over-quarter, while mill availability reached 99.4%. Mining rates averaged 4,746 tpd, comprising 3,486 tpd from open pit operations at a strip ratio of 12 and 1,260 tpd from underground mining.

Ore stockpiles increased 16% quarter-over-quarter to 434,538 tonnes, representing approximately 106 days of mill feed at the Q3 rate, consistent with the company’s stated three-month inventory objective. Phase 2 TSF construction was completed in early Q3-2026 as planned. The company stated it is "firmly on track to achieve its 2026 production guidance," with no changes raised, narrowed, or lowered.

A footnote disclosed that 2026 AgEq guidance is calculated using an 80:1 Au:Ag ratio and prices of $50/oz Ag and $4,000/oz Au. This contrasts with a realized ratio of approximately 68:1 in Q3-2026; applying the 80:1 ratio would have added approximately 52,011 oz AgEq, or 2.6%, to the quarter. Crusher expansion is now expected in early 2027, with the temporary crushing contractor remaining on site until that time.

The company cautioned that the overall Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial production. It further noted that the reclaim operation is of "limited duration, lasting approximately 20 to 24 months" from November 19, 2025.

The compositional reality behind the 51% headline growth reveals that of the 687,746 oz AgEq year-over-year increase, roughly 536,879 oz (78%) came from the Boumadine reclaim—an operation the company describes as finite and non-commercial—while only 150,867 oz (22%) came from Zgounder. Consolidated "record" growth is therefore largely driven by a depleting, one-off legacy-stockpile draw rather than organic mine growth.

Aya Gold & Silver Inc. (AYA) reported a record second quarter of 1.68 moz AgEq, a result that was already disclosed in the July 8, 2026 release alongside the Boumadine performance indicator. The company’s first-half run-rate of 3.2 moz AgEq, $17.59/oz cash cost, and $119M operating cash flow had also been made public in the August 13, 2026 Q2 results. A third quarter near or above the second quarter’s performance was considered the base case.

Guidance was reaffirmed rather than upgraded, despite year-to-date production of 5.2 moz AgEq against a 6.2–6.8 moz full-year range. The mid-point of the implied fourth-quarter requirement of 1.3 moz is 36% below the third-quarter quarterly rate, suggesting either deliberate conservatism or an implicit acknowledgement of fourth-quarter risks related to grade, recovery, weather, or reclaim depletion.

The quality of the quarterly beat was mixed. The 21% quarter-over-quarter consolidated increase was driven by a 186% quarter-over-quarter jump in a legacy pyrite stockpile being drained. The company described this source as having "limited duration," being "not in commercial production," and removable from 2027 onwards. Zgounder, the actual mine, grew silver output just 0.6% quarter-over-quarter. Boumadine now accounts for 26% of consolidated AgEq and is expected to go to zero as an AgEq contributor within 20–24 months of November 2025.

The AgEq basis was mildly favourable, with guidance using an 80:1 ratio while the third-quarter realized ratio was approximately 68:1. This difference was worth approximately 52,011 oz, or +2.6%, of flattery at the guidance ratio. While this was disclosed, it means reported AgEq growth overstates hard-currency value growth.

Market reaction into the print was flat-to-mildly-positive. The prior earnings release was on August 13, 2026, when the stock closed at C$37.44. The stock closed at C$37.30 on October 13, 2026, effectively unchanged (-0.4%) over two months, despite an interim round-trip to a C$42.68 high on September 22. There appears to be no undiscovered upside for the market to chase.

A material event would have included a guidance raise above 6.8 moz, a cost disclosure meaningfully below guidance, a Zgounder reserve or resource upgrade, an Feasibility Study acceleration, or a marquee strategic stake.

Aya Gold & Silver Inc. is a Canadian precious metals producer anchored in Morocco, dual-listed on the TSX and Nasdaq. The Nasdaq listing commenced on May 4, 2026, and the company was added to the VanEck Gold Miners ETF (GDX) on June 16, 2026.

The company’s operations are centered on the 100%-owned Zgounder Silver Mine, a rare primary silver-only operation located on the Anti-Atlas Fault. The mine produces silver doré from a recently expanded processing facility that combines open-pit and underground mining. The company has issued 2026 production guidance of 5.2–5.8 moz Ag at approximately $21.50/oz cash cost. An updated life-of-mine plan extends the mine life to 2036, with an average production of approximately 6 moz Ag per year.

The Boumadine Polymetallic Project is a gold-led asset in which Aya holds an 85% interest and ONHYM holds 15%. The project, which is at the preliminary economic assessment (PEA) stage, produces lead, zinc, and pyrite concentrates, with gold and silver accounting for approximately 60% and 30% of value, respectively. The project holds a 32 km² mining licence, 31 permits and licences, a 339 km² land package, and a 600 km² exploration authorisation. The 2026 PEA outlines a 14-year life with an after-tax NPV5% of $3.5B, a 93% IRR, and $463M in initial capital expenditure. The project is currently generating near-term cash flow only from a finite legacy pyrite stockpile reclaim, producing approximately 1 moz AgEq per year for 20–24 months starting from November 2025.

Aya’s exploration portfolio includes the Zagora, Agadir-Melloul, Goulmim, Imiter Bis, Amizmiz, Azegour, Asirem, Touda, and Elios projects, as well as the newly acquired Tizi Cu-Ag portfolio. The land package expanded from approximately 732 km² to more than 991 km² in 2026, an increase of 35.4%, with a further 139 km² Cu-Ag addition acquired for C$4.0M in shares. The corporate structure consists of one cash-generating silver mine, one large development project expected to produce in roughly five years, a small finite cash-generating reclaim operation, and a wide portfolio of early-stage exploration options funded at approximately $60M a year.