Aya Gold & Silver Reports Q1-2026 Results with Record Revenue and Cash Flow

The most recent press release, dated May 14, 2026, reports Aya Gold & Silver’s Q1-2026 financial results. Revenue reached $117M (up 247% YoY, 56% QoQ), net income was $49M (Basic EPS $0.34, diluted $0.33, up 600% YoY), and operating cash flow hit $70M. The average net realized AgEq price was $82.22/oz, a substantial jump driven by higher precious metals prices. Consolidated production was 1.5 Moz AgEq, a 40% YoY increase, with 1.3 Moz Ag from the Zgounder mine and 0.2 Moz AgEq from Boumadine pyrite reclaim. Zgounder throughput averaged 3,796 tpd, silver recovery 89.4%, and mining rate reached a record 4,575 tpd. Cash costs fell 8% QoQ to $18.40/oz AgEq. Total debt was reduced to $98M from $112M at year‑end 2025, while the cash position strengthened to $172M. Exploration drilling advanced at both Boumadine and Zgounder, identifying a new parallel mineralized structure at Boumadine and confirming high‑grade extensions at Zgounder. The second phase of the Zgounder Tailings Storage Facility is expected to be completed in Q3-2026, and an updated Boumadine PEA (with updated resources) is on track for H2-2026.

This earnings release was highly anticipated after Aya completed its Nasdaq listing on May 4, 2026 and had already guided for 2026 production of 6.2–6.8 Moz AgEq. The reported financials and operational metrics are strong, yet largely in line with or slightly above the trajectory implied by the 2026 outlook. The record revenue and cash flow stem primarily from a very favorable silver price environment (realized price more than doubled from Q1-2025 and rose 41% QoQ) rather than a step‑change in underlying production capacity—production was affected by weather disruptions and still annualizes to roughly the lower end of guidance. The earnings contain no material change to the outlook, debt‑repayment schedule, or exploration success that would alter the investment thesis. Consequently, the news does not rise to the level of a material game‑changer; it confirms what the market likely expected given the metal price rally and the recent operational updates. The rating is Routine – Positive: good execution and a strong quarter, but nothing that breaks new ground.

Aya Gold & Silver is a Canadian‑listed precious metals producer and developer focused entirely on Morocco. Its flagship producing asset is the Zgounder Silver Mine, a high‑grade underground and open‑pit operation that produced 4.83 Moz Ag in FY2025 and is targeting 5.2–5.8 Moz Ag in 2026. The mine has a life‑of‑mine plan extending to 2036 with average annual production of ~6 Moz Ag at cash costs of $16.26/oz. The growth engine is the Boumadine polymetallic project, a district‑scale gold‑silver‑zinc‑lead deposit that hosts a PEA‑stage resource. The 2025 PEA showed a post‑tax NPV5% of $1.5B (base case) / $3.0B (spot), IRR 47%/77%, and first‑5‑year average production of 401 koz AuEq per annum. A feasibility study is underway, targeting completion in H2‑2027. The company also generates incremental cash flow from reclaiming a historical pyrite stockpile at Boumadine (~1 Moz AgEq per year).