Aya Gold & Silver Reports Q2-2026 Results and Delivers Record Operational Performance

Aya Gold & Silver Inc. (AYA) reported second-quarter 2026 results showing revenue of $96.8 million, a 151% increase year-over-year, and net income of $35.0 million, up 305% year-over-year. Basic earnings per share were $0.24, while diluted earnings per share stood at $0.23. Operating cash flow reached $48.4 million, representing a 522% year-over-year increase.

Consolidated production totaled 1,677,310 ounces of silver equivalent, up 61% year-over-year and 12% quarter-over-quarter. Zgounder produced 1,489,526 ounces of silver, while Boumadine pyrite reclaim contributed 187,784 ounces of silver equivalent. Consolidated cash costs were $16.82 per ounce of silver equivalent, down 9% quarter-over-quarter. At Zgounder, cash costs were $17.69 per ounce of silver sold, down 17% year-over-year and 5% quarter-over-quarter.

The company achieved a record processing rate averaging 3,889 tonnes per day and a record mining rate averaging 4,880 tonnes per day, with a combined mill recovery of 91.2%. As of the end of the quarter, cash and cash equivalents were $182.8 million, excluding $16 million in restricted cash. The EBRD facility was fully repaid ahead of maturity.

The second quarter included approximately $5 million in professional fees related to ongoing Duro Felguera litigation and Nasdaq listing costs. Aya reiterated its 2026 operational outlook as unchanged from the March 31, 2026 release. The release also noted the August 6, 2026 acquisition of a Moroccan exploration portfolio for MAD 10 million plus contingent payments, subject to a 2% net smelter return.

Aya Gold & Silver Inc. (AYA) reported second-quarter 2026 results that showed strong year-over-year financial performance, though sequential metrics softened. The company’s Q2-2026 revenue of $96.8M fell from $117.3M in Q1-2026, and net income declined from $48.5M to $35.0M. This decrease was primarily driven by a 22% quarter-over-quarter drop in the average realized AgEq price, which fell from $82.22/oz to $64.22/oz.

Despite the sequential decline, H1-2026 results remained impressive against full-year 2025 figures. H1 revenue of $214.1M already exceeded FY2025 revenue of $202.1M, while H1 net income of $83.6M surpassed FY2025 net income of $46.3M by approximately 81%.

The company’s balance sheet improved further with the full repayment of its EBRD loan and a cash position of $182.8M. This financial strength follows the January 2026 EBRD financial completion and a strong cash flow trajectory.

The earnings release did not include an update to 2026 guidance, nor did it announce a dividend or share buyback program. Additionally, the updated Boumadine PEA was not delivered. The headline Q2 production record had already been disclosed on July 8, 2026, meaning the operational surprise was largely priced in before this earnings release.

Aya Gold & Silver Inc. is a Canadian precious metals producer focused on operations in Morocco. Its core operating asset is the Zgounder Silver Mine, a silver-only facility holding reserves of 73.4 moz Ag and measured and indicated resources of 100.2 moz Ag. The company’s principal development asset is the Boumadine polymetallic project, which a 2025 preliminary economic assessment showed would yield a post-tax NPV5% of $1.5B, an IRR of 47%, an initial capex of $446M, and an 11-year mine life. Additionally, the Boumadine pyrite reclaim operation serves as a limited-duration cash-flow source linked to legacy stockpiles.

In August 2026, the company added 259 km² of exploration permits and mining licenses across Zagora, Agadir-Melloul, and Goulmim. Morocco is characterized as a mining-friendly jurisdiction, featuring no state free-carried interest, a sales royalty of 0–3%, and a corporate tax rate of 32%.