Aya Gold & Silver Reports Q2-2025 and Mid-July Production Results
PRESS RELEASE
Aya Gold & Silver Reports Q2-2025 and
Mid-July Production Results
MONTREAL, Quebec, July 24, 2025 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the
“Corporation”) is pleased to announce production of 1.04 million (“M”) ounces (“oz”) of silver (“Ag”) for
the second quarter of 2025 at its Zgounder Silver Mine, located in the Kingdom of Morocco.
Q2-2025 Production Highlights
Production Metrics Q2-2025 Q2-2024 Variance
Silver production (oz) 1,042,317 432,667 140.9%
Ore processed (t) 273,471 80,562 239.5%
Silver recovery (%) 86.5 84.7 2.1%
Mill availability (%) 98.2 95.4 2.9%
Mine production (t) 241,288 114,025 111.6%
“Our Q2 production results reflect strong operational execution during a pivotal ramp-up period,” said
Benoit La Salle, President & CEO. “The new plant is now running above nameplate capacity, with
recoveries at or above feasibility study levels. Stripping in the open pit during the first half has laid the
groundwork for the expanded mine plan, while improved sequencing underground is already driving
higher grades. July is off to an exceptional operational start, with KPIs such as grades, throughput,
and recoveries all exceeding expectations—clearly demonstrating that our efforts are translating into
results. I am proud of the team’s performance and confident in a strong second half as we continue
unlocking Zgounder’s full potential.”
June 2025 Summary
• Silver production of 350,212 oz, adjusted for 7,323 oz of concentrate sales, for
net production of 342,888 oz of silver.
• Mill throughput averaged 3,054 tonnes per day (“tpd”), above nameplate
capacity.
• Silver recovery reached 92%, a monthly record, exceeding plan.
• Mine production reached a record 2,899 tpd, reflecting steady operational
improvements in line with our planned ramp-up sequence.
May and June were planned transition months, dedicated to improving mining rate to position the
operation for higher silver production in H2-2025. We are reverting to quarterly production reporting and
will continue to provide updates on key milestones as they are achieved between quarters.
Q2-2025 Summary
• Silver production of 1.04M oz in Q2-2025.
• Tonnes processed of 273,471 tonnes (“t”) in Q2-2025 a quarterly record with an
average milling rate of 3,005 tpd.
• Silver recovery of 87% in Q2-2025, are in line with plan.
• Mine production of 241,288t in Q2-2025, a quarterly record, with an average
mining rate of 2,652 tpd.
• Mill availability of 98% in Q2-2025, a quarterly record.
Q2-2025 Operational Update
The second quarter was marked by several key milestones as we continued to deliver operational
improvements and advance our ramp-up plan. The Zgounder Mine achieved an average mining rate of
2,652 tpd — with production split 64% open pit and 36% underground.
Mill capacity and recovery rates also improved steadily, reaching 3,005 tpd and 87%, respectively in Q2-
2025. The Corporation expects to sustain these recovery rates and further increase milling capacity in
H2-2025 of the year as bottlenecks have been identified and are being resolved. A total of 1.04M oz of
silver was produced during the quarter.
Mining rates at both operations were successfully accelerated to near steady-state levels. With
additional mining equipment being mobilized in Q3-2025, the mine ramp-up is on track for completion
by year-end. Ore stockpile inventories remain stable and sufficient to support the final stages of ramp-
up and the planned increase in milling throughput.
Finally, several initiatives are underway to better control blast movement and improve ore recovery and
dilution in the open pit, with promising preliminary results.
Mid-July Operational Update
Operations are outperforming expectations in July. Silver recoveries remain strong at an estimated 94%
month-to-date, supported by increased throughput following mid-month optimization work. Milling rates
reached a record 3,464 tpd on July 21, and silver production totaled approximately 270,000 oz as of this
date—despite three days of planned downtime.
Underground development remains on track, with the ramp advancing to the 1,825m level. Mining has
begun at level 1,950m, already delivering better grades of up to 227g/t. Two new raises (air and services)
are on schedule for Q3-2025 completion to enhance safety and reduce interaction with open pit
operations.
At the open pit, ramp-up continued with accelerated waste stripping to access higher-grade zones. As
part of the “super-pit” initiative, surface infrastructure has been relocated, clearing the way for full-area
mining in Q3-2025.
Q2-2025 Earnings Notice
Aya will release its second quarter 2025 results on Thursday, August 14, 2025 before market opens.
Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the
Corporation’s financial and operational results.
Participants may join the conference call via webcast or by dialing-in as follows:
Webcast link: https://edge.media-server.com/mmc/p/rnx3x2qj
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/BIc319d393f7ec4b1aa2f9d5f261c28d70
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.
The webcast replay will be archived and will be available for replay following the live call. Presentation
slides that will accompany the conference call will also be posted on Aya’s website.
Qualified Person
The technical information contained in this press release have been reviewed and approved by Raphael
Beaudoin, P. Eng, Vice-President, Operations, who is a “Qualified Person” as defined under National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Aya Gold & Silver Inc.
Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom
of Morocco.
The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and
is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-
producing mines and historical resources.
Aya’s management team has been focused on maximizing shareholder value by anchoring
sustainability at the heart of its operations, governance, and financial growth plans.
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 certain statements that constitute forward-looking information within the
meaning of applicable securities laws (“forward-looking statements”), which reflects management’s
expectations regarding Aya’s future growth and business prospects (including the timing and
development of new deposits and the success of exploration activities) and other opportunities.
Wherever possible, words such as “confident”, “potential”, “expect”, “on track”, “schedule”, “continue”,
“increase”, “plan”, “strong”, “solid”, 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. Specific forward-looking statements in this press
release include, but are not limited to, statements and information with respect to the capacity of the
Corporation to achieve continued improved production results namely mining, milling, processing,
recoveries and overall production and throughput to improve and achieving a solid second half of 2025,
unlocking Zgounder’s full potential, achieving mine-rate ramp-up by year-end, and other operational
milestones. Although the forward-looking information contained in this press release reflect
management’s current beliefs based upon information currently available to management and based
upon what management believes to be reasonable assumptions, Aya cannot be certain that actual
results will be consistent with such forward-looking information. Such forward-looking statements are
based upon assumptions, opinions and analysis made by management in light of its experience, current
conditions, and its expectations of future developments that management believe to be reasonable and
relevant but that may prove to be incorrect. These assumptions include, among other things, the ability
of the plant to operate per its designed and intended purpose, the ability to obtain any requisite
governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery
and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including,
but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange
rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow,
and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking
statements.
The risks and uncertainties that may affect forward-looking statements include, among others: the
inherent risks involved in exploration and development of mineral properties, including government
approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold
and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries
being affected by metallurgical characteristics) and other factors, such as project execution delays,
many of which are beyond the control of Aya, as well as other risks and uncertainties which are more
fully described in Aya’s 2024 Annual Information Form dated March 31, 2025, and in other filings of Aya
with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Aya
does not undertake any obligation to update forward-looking statements should assumptions related
to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should
be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya
include its subsidiaries unless the context requires otherwise.