Aya Gold expects ~6.5 Moz AgEq production in 2026

Executive Summary

• Aya Gold & Silver Inc. released its 2026 production and financial outlook, targeting 6.2 to 6.8 million silver-equivalent ounces (Moz AgEq) in total production, with Zgounder expected to produce 5.2–5.8 Moz Ag at ~$21.50/oz cash cost.
• The company outlined a $96-million combined capital and exploration budget, allocating $36 million to sustaining/growth projects at Zgounder and $60 million to a comprehensive 230,000-metre exploration program across its Zgounder and Boumadine assets.
• Strategic priorities include optimizing Zgounder throughput, advancing the Boumadine feasibility study and resource update in H2 2026, and pursuing a U.S. stock exchange listing expected in mid-2026 to enhance liquidity and investor access.

Key Details

• 2026 Production Guidance: Total output of 6.2–6.8 Moz AgEq; Zgounder silver mine production of 5.2–5.8 Moz Ag at an average cash cost of ~$21.50/oz Ag; Boumadine pyrite stockpile reclaiming of ~1.0 Moz AgEq at ~$10.10/oz AgEq cash cost.
• Zgounder Capital Allocation: $36 million directed toward sustaining and growth capital, including open-pit and underground development (new levels below 1,900m, ramp to granite contact), enhanced grade control via blast-movement modeling, processing facility upgrades to sustain ~3,650 tonnes/day, and tailings storage facility (TSF) expansion.
• Exploration Program: 230,000 metres total budgeted at ~$60 million, comprising:
• 20,000m near-mine underground drilling at Zgounder (west of fault, pit-adjacent programs, AI/remote sensing integration)
• 10,000m regional exploration at Zgounder (satellite deposits: Zgounder East, Iriri, Touchkal, Zgounder North)
• 200,000m at Boumadine (180,000m infill drilling to convert inferred to measured/indicated resources + 20,000m regional drilling on Asirem structures)
• Boumadine Development: Acceleration of feasibility-level fieldwork, tradeoff studies, ESIA, metallurgical testwork, processing/mining studies, water management, and infrastructure design; mineral resource update and PEA revision targeted for H2 2026.
• U.S. Listing: Targeting a U.S. exchange listing in Q2/mid-2026 to broaden investor access and enhance trading liquidity; management will engage advisers and prepare SEC filings, with no assurance of completion or exact timing.
• Outlook Assumptions: AgEq calculated at 80:1 Au:Ag ratio; 2026 commodity price assumptions of $50.00/oz Ag and $4,000/oz Au; FX rates of 1.40 CAD/USD and 9.00 MAD/USD.

Notable Quotes

• "Two thousand twenty-five was a pivotal year for Aya, marked by the successful completion of key milestones across production, development and exploration, positioning the company to deliver record financial results. Building on this strong foundation, our focus in 2026 shifts to disciplined execution across our portfolio," said Benoit La Salle, president and chief executive officer.
• "Our objectives centre on continuous optimization at the Zgounder silver mine, including incremental throughput enhancements to maximize cash flow, fast-tracking feasibility work at Boumadine and executing a bold exploration program. Together these initiatives span the full value chain and are designed to enhance scalability, expand resources and advance development opportunities."