Aya Gold & Silver Reports Q1-2026 Results with Record Revenue and Cash Flow
Aya Gold & Silver Reports Q1-2026 Results with
Record Revenue and Cash Flow
Montreal, Quebec, May 14, 2026 - Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the
“Corporation”) today announced its financial and operational results for the first quarter ended March 31,
2026. All amounts are in U.S. dollars unless otherwise noted.
Q1 2026 Highlights
Financial Highlights
• Revenue of $117M, up 247% year-over-year ("YoY") and up 56% quarter-over-quarter ("QoQ"), driven by
higher average net realized silver equivalent ("AgEq") prices and more AgEq ounces sold, totaling
1.4M.
• Average net realized silver equivalent price of $82.22/oz, up 158% YoY and 41% QoQ.
• Net income of $49M (basic EPS of $0.34 and diluted EPS of $ 0.33), up 600% YoY from net income of
$7M (basic and diluted EPS of $ 0.05) in Q1-2025 and from $18M (basic EPS of $0.13 and diluted EPS
of 0.12) in Q4-2025.
• Operating cash flow of $70M, up 785% YoY and up 107% QoQ, driven by higher AgEq pricing and lower
cash costs.
• Cash and cash equivalents of $ 172M supporting the development of the Boumadine Project
("Boumadine")1.
Operational Highlights
• Consolidated production of 1.5 Moz AgEq, up 40% YoY, including 1.3 Moz Ag and 0.2 Moz AgEq 2
respectively from Zgounder and Boumadine pyrite reclaim operation 3. Production at Zgounder was
down 8% QoQ, as a result of weather-related disruptions, which reduced milling rates and recovery at
Zgounder. Production has since normalized.
• Cash costs4 of $18.40/oz AgEq down 8% QoQ driven by a lower strip ratio, reflecting a focus on ore-
rich zones in response to weather conditions and ongoing TSF construction.
• Silver recovery averaged 89.4% during the quarter and is expected to stabilize in Q2.
• Record open-pit and underground and mining rate totaling 4,575 tonnes per day ("tpd").
PRESS RELEASE
Development and Exploration
• Drilling program update: Completed approximately 42,827 metres ("m") of drilling at Boumadine and
5,838m at Zgounder in Q1-2026. At Boumadine, drilling confirmed continuity along the Main Trend and
identified a new parallel mineralized structure, highlighting expansion potential. At Zgounder, near-
mine drilling delivered high-grade silver results and confirmed extensions of mineralization beyond
current resource boundaries.
Board Renewal
• Following previously announced Board retirements, Aya proposed the appointment of current director
Ms. Ghislane Guedira as Chair of the Board, a seasoned mining executive based in Morocco, and
nominated Ms. Krystal Ramsden, BASc, and Mr. Yves Bonin, FCPA, FCA, as independent directors
subject to their election at the upcoming annual general meeting of shareholders.
“Our exceptional financial performance in Q1 reflects both the strength of disciplined execution and
market conditions. We delivered record margins, supported by higher precious metal prices and lower
cash costs,” said Benoit La Salle, President & CEO. “Despite challenging weather conditions we delivered
strong production, record mining rates and cash flow, highlighting the strength and resilience of our
operations.
“Importantly, this performance translated into expanded margins and significant cash flow generation,
strengthening our balance sheet and supporting the advancement of our district-scale project
Boumadine, where feasibility work is progressing well alongside an updated PEA expected midyear.
“We were also pleased to complete our recent Nasdaq listing, a significant milestone that enhances our
visibility and access to global capital markets as we advance into our next phase of growth. We remain
confident in our outlook, reiterate our full-year guidance with momentum into Q2 and a strong H2 2026."
Financial Review
Revenue totaled $117M in Q1-2026, up 247% YoY, driven by higher average net realized price of $82.22/oz
AgEq (up 158%), and increased consolidated ounces sold, of 1.4 Moz AgEq (up 34%). Revenue increased
56% QoQ, driven primarily by higher realized prices and more ounces sold.
Net income of $49M (basic EPS of $0.34 and diluted EPS of $0.33) increased from $7M (basic and diluted
EPS of $0.05) in the prior year, which included an FX gain of approximately $10M. The increase was
driven by stronger operating income, partly offset by a higher effective tax rate. Net inc ome increased
165% QoQ from $18M in Q4-2025 (basic EPS of $0.13 and diluted EPS of $0.12).
Aya generated $ 70M in cash flow from operating activities in the first quarter including $ 64M before
changes in working capital. Exploration expenditures of $ 14M were focused on infill drilling program to
support the Boumadine feasibility study, and $4M was invested in capital projects at Zgounder.
The quarter ended in a strong financial position, including $ 172M in cash and cash equivalents and total
debt of $ 98M down from $ 112M as at December 31, 2025, following the first principal repayment of the
Corporation's European Bank for Reconstruction and Development ("EBRD") Zgounder loan.
Financial Highlights (in thousands of US$, except per share amounts)
Q1-2026 Q4-2025 QoQ % Q1-2025 YoY %
Financial
Revenues (B) 117,274 75,320 56 % 33,831 247 %
Cost of Sales 33,515 32,706 2 % 23,584 42 %
Gross Profit 83,759 42,614 97 % 10,247 717 %
Operating Income 77,585 36,354 113 % 3,328 2,231 %
Income before Income Taxes 76,290 32,799 133 % 10,664 615 %
Net Income 48,533 18,287 165 % 6,930 600 %
Operating Cash Flow 70,175 33,854 107 % 7,926 785 %
Cash and cash equivalents 171,670 136,322 26 % 18,319 837 %
Total Assets 658,387 631,733 4 % 418,953 57 %
Total Non-Current Financial Liabilities 71,138 84,615 (16) % 84,600 (16) %
Working Capital5 141,379 112,400 26 % 1,752 7,970 %
EPS
Income Per Share (EPS) - Basic 0.34 0.13 162 % 0.05 580 %
Income Per Share (EPS) - Diluted 0.33 0.12 175 % 0.05 560 %
Operational Review
Consolidated silver equivalent production reached 1.5 Moz AgEq, up 40% YoY, and included 1.3 Moz of
silver from Zgounder and 0.2 Moz AgEq from the Boumadine stockpile reclaim operation launched in
Q4-2025. Consolidated production was down 3% QoQ, with cash costs averaging $18.40/oz AgEq sold.
Zgounder Silver Mine
Zgounder produced 1.3 Moz of silver in Q1-2026, an increase of 18% YoY reflecting the expansion of
mining and milling operations. Silver production decreased 8% QoQ due to weather-related disruptions
that slowed crushing operations, and reduced throughput. Production has since normalized.
Cash costs averaged $ 18.64/oz AgEq sold, down 9% QoQ driven by a lower strip ratio as discussed
further.
The mill processed 0.3 million tonnes ("Mt") of ore ( 3,633 tpd) in Q1-2025, up 31% YoY, at an average
grade of 140 g/t Ag. While mill availability remained strong at 99%, severe winter conditions, including
heavy precipitation, impacted crushing operations for much of the period. Despite intermittent milling
disruptions, metallurgical performance remained within expectations, with silver recovery of 89.4% for the
quarter. To mitigate the lower crushing rate, a temporary crushing contractor was mobilized, resulting in
observable improvement in the second quarter to date.
Mining operations achieved a record quarter in Q1-2026, with an average mining rate of 4,575 tpd at 135
g/t Ag, reflecting strong performance across both underground and open-pit operations. Open-pit mining
reached 2,967 tpd at a strip ratio of 9, while underground contributed 1,608 tpd. During the quarter, a
portion of open-pit waste was redirected to support construction of the tailings storage facility (TSF).
Given longer haul distances and heavy rain and snow, mining was optimized by focusing on ore-rich
zones, leading to a low strip ratio of 9. The construction of the second phase of the TSF is expected to be
completed in Q3-2026, supporting a return to normal open-pit operations and a gradual increase in strip
ratios toward the annual mine plan ratio of 16.
The stockpile increased by 44% QoQ to 280,824 t, in line with the Corporation's objective of building a
three-months inventory.
Boumadine
In late 2025, Aya commenced the reclaiming and sale of its historical pyrite stockpile at the Boumadine
site. During Q1-2026, the operation produced 227,802 oz AgEq (Ag:Au ratio of 57:1), up 32% QoQ. Material
reclaimed and crushed totaled 21,814 t at average grades of 181 g/t Ag and 2.50 g/t Au.
While tonnage increased 62% QoQ, the operation is still in ramp-up phase and has not yet reached its
estimated steady-state capacity of 10,000 t per month. Additionally, during the quarter, heavy rainfall and
flooding in northern Morocco temporarily disrupted logistics, including port access and shipping
activities. Pyrite transport is expected to accelerate in Q2-2026, with steady-state operations anticipated
in H2-2026.
The reclamation and sale of the historical pyrite stockpile at Boumadine is expected to last 20 to 24
months. The overall Boumadine polymetallic project remains at the exploration and evaluation stage and
is not in commercial production.
Operational Highlights
Q1-2026 Q4-2025 QoQ % Q1-2025 YoY %
Operational Zgounder
Ore Mined (tonnes) 411,766 385,216 7 % 194,661 112 %
Average Grade Mined (g/t Ag) 135 130 4 % 151 (11) %
Ore Processed (tonnes) 326,949 349,242 (6) % 249,743 31 %
Average Grade Processed (g/t Ag) 140 134 4 % 163 (14) %
Combined Mill Recovery (%) 89.4 % 91.2 % (1.8) % 82.4 % 6.9 %
Milling Operations (tpd) 3,633 3,796 (4) % 2,775 31 %
Silver Equivalent Produced (oz) 1,265,012 1,371,300 (8) % 1,068,652 18 %
Silver Equivalent Sold (oz) 1,375,930 1,234,551 11 % 1,061,565 30 %
Cash Costs per Silver Equivalent Ounce Sold4 18.64 20.50 (9) % 18.93 (2) %
Production Cost per Tonne1 80 84 (5) % 121 (34) %
Boumadine Reclaim Operations
Ore Processed (tonnes) 21,814 13,498 62 % - NM
Average Grade Processed (g/t Ag) 181 192 (5) % - NM
Average Grade Processed (g/t Au) 2.50 2.87 (13) % - NM
Silver Produced (oz) 127,406 83,480 53 % - NM
Gold Produced (oz) 1,757 1,245 41 % - NM
Silver Equivalent Produced (oz) 227,802 172,129 32 % - NM
Silver Equivalent Sold (oz) 50,431 55,471 (9) % - NM
Cash Costs per Silver Equivalent Ounce Sold2,4 11.86 6.59 80 % - NM
Consolidated Zgounder and Boumadine
Silver Equivalent Produced Consolidated (oz) 1,492,814 1,543,429 (3) % 1,068,652 40 %
Silver Equivalent Sold Consolidated (oz) (A) 1,426,361 1,290,023 11 % 1,061,565 34 %
Average Net Realized Silver Equivalent ($/oz) (B/A) 82.22 58.39 41 % 31.87 158 %
Cash Costs per Silver Equivalent Ounce Sold2,4 18.40 19.91 (8) % 18.93 (3) %
* Revenues / Silver Equivalent Sold Consolidated (oz)
2026 Development and Exploration
Zgounder
• In Q1-2026, 5,838m of near-mine drilling was completed at Zgounder, with results confirming
continuity of high-grade silver mineralization beyond current resource boundaries and highlighting
potential for further resource expansion across multiple zones. Regional drilling and target testing are
expected to commence in Q2-2026 following ongoing geological mapping and target generation
activities. The 2026 exploration program includes 30,000m of drilling focused on extending near-mine
high-grade mineralization, supporting future resource updates and testing regional satellite targets to
identify additional growth opportunities.
Boumadine
• 42,827m of drilling was completed in Q1-2026, confirming continuity along the 5.4 km Main Trend. A
new, parallel mineralized structure, was discovered highlighting the potential to expand the
mineralized system. The 2026 program targets 200,000m of drilling, including 180,000m focused on
converting inferred resources into measured and indicated categories and 20,000m dedicated to
regional exploration.
Board Renewal
Aya recognizes the final year of service of two long-standing directors whose leadership has been
instrumental to the Corporation’s transformation: Mr. Robert Taub, Chair since 2020, and Dr. Jürgen
Hambrecht, director since 2019 and Lead Independent Director. Aya thanks them for their dedicated
service.
To support continued governance and operational oversight, the Corporation is pleased to announce its
intention to appoint Ms. Ghislane Guedira as Chair of the Board, subject to her election at the upcoming
annual general meeting of shareholders. Ms. Guedira is a seasoned mining executive with extensive
experience in Morocco. She is currently the CEO of A.P. Moller Capital Morocco and has previously served
as CFO of OCP Group, a leading global phosphate producer based in Morocco. She brings audit, financial,
operational, and governance expertise.
Aya has also nominated Ms. Krystal Ramsden, BASc, and Mr. Yves Bonin, FCPA, FCA, for election to the
Board of Directors. Ms. Ramsden is a mining engineer and investment professional with 20 years of
experience in the metals, mining, and energy sectors. She has extensive experience in deal sourcing and
structuring across public and private equity investments, and in evaluating opportunities across
commodities and jurisdictions through a technical, financial, and geopolitical risk lens. Mr. Yves Bonin is a
seasoned audit and finance executive with more than 30 years of experience in assurance, financial
reporting, and corporate advisory roles. He brings extensive expertise in financial reporting, including
International Financial Reporting Standards (IFRS), audit, merger and acquisitions, and corporate
governance, including as a former PwC Partner. Mr. Bonin has been a Chartered Professional Accountant
(CPA) since 1988, and a Fellow of the Ordre des CPA du Québec (FCPA) since 2019.
2026 Operation Outlook
2026 guidance remains unchanged from the outlook disclosed in the Corporation’s March 31, 2026 news
release.
With the ramp-up of the Zgounder silver mine complete, Aya's focus has shifted toward operational
optimization. Aya is targeting sustained plant throughput of 3,650 tpd and evaluating the potential to
increase throughput up to 3,850 tpd. Optimization initiatives currently under evaluation includes the
addition of a crushing unit within the existing circuit to support higher throughput rates. In addition,
construction of the second phase of the TSF is progressing well and is expected to be completed in
Q3-2026.
Following the positive Preliminary Economic Assessment (“PEA”) for the Boumadine project, Aya remains
focused on advancing feasibility work on an accelerated timeline. Since the beginning of the year, Aya has
selected and engaged independent consulting firms across multiple workstreams, and initiated feasibility-
level work related to metallurgical testing, energy, water supply, logistics scenarios and TSF location
assessment. An updated PEA, including updated mineral resources, is planned for the second half of the
year. The PEA and exploration work completed to date continue to highlight Boumadine’s potential scale
and significant resource expansion upside.
Supported by a strong balance sheet and a supportive price environment, Aya is well positioned to invest
in its future through strong cash flow generation, disciplined capital allocation and continued exploration
investment, with a continued focus on delivering long-term value for all stakeholders.
Q1-2026 Conference Call Details
Aya will release first quarter 2026 results on Thursday, May 14, 2026, before market opens. Management
will host a conference call on the same day at 10 a.m. ET to discuss the Corporation’s financial and
operational results.
Participants may join the conference call via webcast or by dialing-in as follows: https://edge.media-
server.com/mmc/p/x8mnaba5
Webcast link: Instructions for obtaining conference call dial-in numbers:
1. Click on the following call link and complete the online registration form
https://register-conf.media-server.com/register/BIf70fdb46f4c14e288d0ae74e84006b00
2. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an
email confirmation with the details.
3. Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to
connect directly from your phone; or b) Call Me: Enter your phone number and click “Call Me” for
an immediate callback from the system. The call will come from a US number.
Qualified Person
The technical information contained in this press release has been reviewed and approved by David
Lalonde, B. Sc, Vice-President, Exploration, and by Raphael Beaudoin, P. Eng, Vice-President, Operations,
both of whom are each a “Qualified Person” as defined under National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”), for accuracy and compliance with NI 43-101.
The NI 43-101 technical reports referenced herein are available under the Corporation’s profile on
SEDAR+, on EDGAR, and on the Corporation’s website.
About Aya Gold & Silver Inc.
Aya Gold & Silver is a precious metals mining company anchored in Morocco and active across the full
mining value chain. The Corporation has established an exploration track record through a systematic,
technology-led, data-driven approach and is focused on expanding its resource base and land package
along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-friendly
regions.
Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility.
Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is
underway. The project hosts a substantial mineral resource, an extensive mineralized footprint, and
significant potential for further discovery.
Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is
committed to delivering sustainable value for shareholders, employees and host communities.
For additional information, please visit Aya’s website at www.ayagoldsilver.com.
Or contact
Benoit La Salle, FCPA, MBA
President & CEO
Alex Ball
VP, Corporate Development & IR
Forward-Looking Statements
This press release contains “forward-looking statements” or “forward looking information” within the
meaning of applicable securities laws and other statements that are not historical facts. Forward-looking
statements are included to provide information about management’s current expectations, estimates and
projections regarding Aya’s future growth and business prospects (including the timing and development
of deposits and the success of exploration activities) and other opportunities as of the date of this press
release.
All statements, other than statements of historical fact included in this press release, regarding the
Corporation’s strategy, future operations, technical assessments, prospects, plans and objectives of
management are forward-looking statements that involve risks and uncertainties. Wherever possible,
words such as “aim”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, "goal", “guidance”, “intend”,
“objective”, “plan”, "potential", “strategy”, "target", and similar expressions or statements that certain
actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be
achieved, have been used to identify such forward-looking information. Forward-looking statements in
this press release include, but are not limited to, statements with respect to: the Corporation's assets
development and expansion potential; the Corporation's 2026 guidance, processing targets, throughput
and mining rate; the Preliminary Economic Assessment for the Boumadine project (PEA); the 2026
Corporation's operation outlook, targets and objectives, including, for Zgounder: expectation that silver
recovery will stabilize in Q2, the timing for construction of the second phase of the TSF, return to normal
open-pit operations, gradual increase in strip ratios, and building three-months of inventory, and for
Boumadine: estimated steady-state capacity of 10,000 t per month, acceleration of pyrite transport,
anticipation with respect to steady-state operations, and duration of the reclamation and sale of the
historical pyrite stock pile initiative; the 2026 development and exploration program, targets and
objectives at Zgounder and Boumadine; operational optimization; addition of new equipment; timeline for
completion of the Boumadine feasibility study; the potential for scale and resource expansion of the
Corporation's mining assets; the Corporation's positioning to deliver long-term value through disciplined
capital allocation and continued exploration investment; the Corporation's strategy, objectives and
projections with regards to its mining assets; the commodities price environment, including silver price;
allocation of the Corporation's capital; and the Corporation’s future operating results, economic
performance, and objectives.
Forward-looking information is based upon certain assumptions and other important factors that, if
untrue, could cause the actual results, performance or achievements of the Corporation to be materially
different from future results, performance or achievements expressed or implied by such information or
statements. There can be no assurance that such information or statements will prove to be accurate.
Key assumptions upon which the Corporation’s forward-looking information is based include without
limitation, assumptions regarding development and exploration activities; the timing, extent, duration and
economic viability of such operations, including any mineral resources or reserves identified thereby; the
accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Corporation’s
ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price
and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals