Aya Gold & Silver Reports Record Results for Q4-2025 and Full Year 2025

The most recent news (March 31, 2026) reports record financial and operational results for FY2025. Aya achieved a massive turnaround, posting revenue of $202M (up 417% YoY) and net income of $46M, compared to a $26M loss in 2024. Consolidated production tripled to 5.0 Moz AgEq, driven by the Zgounder expansion and the start of pyrite reclaim at Boumadine. Crucially, the company released a PEA for the Boumadine project showing a post-tax NPV5% of $1.5B and an IRR of 47%. 2026 guidance is set at 6.2–6.8 Moz AgEq, indicating continued growth.

The news is Material - Positive. It confirms that Aya has successfully transitioned from a developer/small-scale miner to a significant mid-tier producer. - Operational De-risking: Zgounder is now operating above nameplate capacity (3,229 tpd avg vs 2,700 tpd design), proving the expansion was executed effectively. - Financial Strength: Generating $71.9M in operating cash flow for the year provides the internal funding necessary for the aggressive $60M exploration budget and upcoming Boumadine development. - Growth Pipeline: The Boumadine PEA provides a clear path to doubling or tripling corporate production in the medium term, with economics that remain robust even at lower metal prices. - Efficiency: Cash costs at Zgounder are trending toward $20/oz, which, while higher than historical levels due to open-pit ramp-up, remains highly profitable in the current silver price environment ($30-$50/oz range mentioned in transcripts).

Aya Gold & Silver is the only TSX-listed pure-play silver producer. - Flagship Project: Zgounder Silver Mine (Morocco). It recently completed an expansion to 2,700 tpd (now exceeding 3,200 tpd). - Secondary Flagship: Boumadine (Morocco), a polymetallic project in the feasibility stage with a massive 340 Moz AgEq LOM production profile. - Jurisdiction: Morocco is highlighted as a top-tier mining jurisdiction with fast permitting and low construction costs.