Aya Gold produces 1.37 million oz Ag at Zgounder in Q4

Executive Summary

• Aya Gold & Silver reported record Q4 and full-year 2025 silver production at its Zgounder mine in Morocco, driven by significant improvements in mill throughput, head grades, and recovery rates.
• The company initiated commercialization of a historical pyrite stockpile at Boumadine, adding 172,129 oz of silver equivalent to its 2025 output.
• Management confirmed the completion of mine ramp-ups, unveiled a new mine plan optimized for current silver prices, and outlined a strategic focus on operational discipline and continuous optimization for 2026.

Key Details

• Q4 2025 Silver Production: 1.37 million ounces (up 2% from Q3 2025)
• December 2025 Production: Record 545,491 ounces at a mill feed grade of 147 g/t Ag
• Q4 Mill Throughput: Averaged 3,796 tpd, a 14% improvement over Q3 and 41% above nameplate capacity
• December Mill Rate: Record 4,107 tpd
• Q4 Head Grade: Average 134 g/t Ag
• Recovery & Availability: Sustained silver recovery averaged 91.2%; mill availability maintained at 99.0%
• Q4 Mining Rates: Underground at 1,387 tpd (161 g/t Ag); Open pit at 2,800 tpd (115 g/t Ag); Total mining rate 4,187 tpd (130 g/t Ag)
• December Mining Rate: Record 4,652 tpd
• Open-Pit Operations: Reached 2,800 tpd at a strip ratio of 13; total material movement rate of 38,814 tpd (approaching long-term target of 45,000 tpd)
• Stockpiled Ore: Over 194,000 tonnes available to support continued high throughput
• Process Optimizations: Implemented blast movement control and bench-by-bench modeling in H2 2025; enhanced blending, circuit optimization, and increased tailings pumping capacity to sustain higher milling rates
• Boumadine Pyrite Stockpile (2025): 13,498 tonnes reclaimed and crushed at 192 g/t Ag and 2.87 g/t Au
• Boumadine Production (2025): 1,245 oz Au and 83,480 oz Ag, totaling 172,129 oz AgEq
• Full Year 2025 Corporate Production: Zgounder produced 4,829,151 oz Ag; Boumadine contributed 172,129 oz AgEq; Total corporate AgEq production reached 5,001,280 oz
• Strategic Planning: Published a new mine plan aligned with the current silver price environment to maximize cash flow; 2025 ramp-up phase complete

Notable Quotes

• "Zgounder delivered another strong quarter, with solid Q4 production, recoveries, mining rate and throughput... We also published a new mine plan aligned with the current silver price environment, positioning Zgounder to maximize cash flow. With the 2025 ramp-up complete, our focus now shifts to disciplined execution, continuous optimization, and consistent delivery into 2026 and beyond." — Benoit La Salle, President and Chief Executive Officer