Aya Gold & Silver produces 1.34 million oz Ag in Q3
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On October 15, 2025, Aya Gold & Silver announced record Q3 2025 operational results from its Zgounder Silver Mine in Morocco. Key highlights include: * Record Silver Production: 1.35 million ounces (oz), a 29% increase over Q2-2025. * Record Throughput: The plant processed an average of 3,326 tonnes per day (tpd), an 11% improvement over the previous quarter and 23% above the plant's nameplate capacity. * Record Silver Recovery: Achieved an average recovery of 92.5%, a significant 6% increase from Q2-2025 and exceeding feasibility study expectations. * Operational Strength: The company noted that underground tonnage and grade have normalized, open-pit operations are proceeding as planned, and mill performance in early Q4 continues to be strong, running above 3,700 tpd with recoveries maintained over 90%.
This news is materially positive. It demonstrates that the Zgounder mine expansion, which reached commercial production at the end of 2024, is not only successfully ramped up but is now operating significantly above its design capacity and recovery targets.
Progression and Context: * Q1-2025: The company reported strong initial production of 1.07M oz but was hampered by a lower-than-expected recovery rate of 82.4% due to issues with a new oxygen plant. * Q2-2025: Showed significant progress. Production was 1.04M oz, and the company fixed the recovery issue, achieving an average of 86.5% for the quarter and hitting the 92% target rate in the month of June. Throughput averaged 3,005 tpd. * Q3-2025 (Current News): The latest results confirm that the improvements seen at the end of Q2 were not temporary. The entire quarter averaged a 92.5% recovery rate, and throughput has increased by another 11% to 3,326 tpd. The 29% quarter-over-quarter increase in silver production is a direct result of this successful optimization and operational excellence.
This outperformance is a significant de-risking event. Ramp-ups are a period of high operational risk for mining companies, and Aya has navigated it successfully and is now exceeding feasibility metrics. This should translate directly to higher revenues, stronger cash flows, and lower all-in sustaining costs (AISC) per ounce.
Furthermore, this news provides the strongest possible rebuttal to a short-seller report that was issued on September 25, 2025. The company categorically rejected the allegations at the time, and these record-breaking, verifiable operational metrics provide tangible proof of the mine's strong performance, directly countering any claims of operational deficiency. The stock price, which fell sharply from over C$17 to below C$12 on the report, has since recovered, and this news should provide fundamental support for that recovery and further positive momentum.
Aya Gold & Silver Inc. is a pure-play silver mining company with operations based entirely in the Kingdom of Morocco. * Flagship Project (Zgounder Silver Mine): This is a high-grade silver mine that recently completed a major expansion designed to quadruple production. The project involved adding a new 2,000 tpd processing plant to an existing 700 tpd facility and integrating both open-pit and underground mining operations. Commercial production for the new plant was declared on December 29, 2024. * Growth Project (Boumadine): A large-scale, polymetallic (Au, Ag, Zn, Pb) exploration project that the company is aggressively drilling. It is viewed as the company's next major growth asset.