Northwire Canada EditionThursday, November 12, 2026
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Gold 3,878.40 −3.0% Silver 49.91 −4.0% Copper 6.20 −1.5% Oil 88.70 +2.5% Palladium 991.50 −5.2% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2% TWO 0.340 −8.1% BIG 1.03 +8.4% VCG 1.06 −3.6% SCD 0.145 +0.0% GAL 0.370 −0.7% SAG 0.620 −6.1% VIZ 0.195 +0.0% SAGA 0.370 −7.5% ZEN 0.520 −5.5% Gold 3,878.40 −3.0% Silver 49.91 −4.0% Copper 6.20 −1.5% Oil 88.70 +2.5% Palladium 991.50 −5.2% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2% TWO 0.340 −8.1% BIG 1.03 +8.4% VCG 1.06 −3.6% SCD 0.145 +0.0% GAL 0.370 −0.7% SAG 0.620 −6.1% VIZ 0.195 +0.0% SAGA 0.370 −7.5% ZEN 0.520 −5.5%
Production / Operations

Aya Gold produces 1.37 million oz Ag at Zgounder in Q4

By The Northwire Desk — AI Analysis Jan 13, 2026 · 17:02 AYA · 23.73 Aya Gold & Silver Inc.
AYA · Price

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
Read the original news release →

More from Aya Gold & Silver Inc.

Nov 12, 2026 · 07:00

Aya raised its guidance floor and beat costs, though fourth-quarter implied results remained below the record set in the third quarter.

Earnings Nov 05, 2026 · 07:00

Aya sold its Azegour project to Sama Resources, reinforcing its focus on core Moroccan silver and polymetallic assets.

M&A / Property Nov 04, 2026 · 07:00

Aya’s Boumadine infill drilling highlights resource-grade intersections, while permit expansion efforts remain incremental to the project’s development.

Drill Results Oct 29, 2026 · 08:53

Aya recycled its October 14 Q3 print with no new assays or information.

Drill Results Oct 21, 2026 · 07:00

Aya re-filed the Boumadine preliminary economic assessment without new data, as the project’s net present value had already declined from previous price assumptions.

Resource Estimate Oct 14, 2026 · 07:00

Aya’s Q3 results were boosted by a finite reclaim asset and an 80:1 silver-to-equivalent basis.

Production / Operations