Aya Gold & Silver Reports Q2-2026 Results and Delivers Record Operational Performance
Aya Gold & Silver Reports Q2-2026 Results and
Delivers Record Operational Performance
Montreal, Quebec, August 13, 2026 - Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the
“Company”) today announced its financial and operational results for the second quarter ended June 30,
2026. All amounts are in U.S. dollars unless otherwise noted.
Q2-2026 Highlights
Financial Highlights
• Revenue of $ 97M, up 151% year-over-year ("YoY") reflecting a higher average net realized silver
equivalent ("AgEq") price and higher ounces ("oz") sold.
• Average net realized silver equivalent price of $64.22/oz, up 90% YoY.
• Net income of $35M (basic EPS of $ 0.24 and diluted EPS of $ 0.23), up 305% YoY from net income of
$9M (basic EPS of $0.07 and diluted EPS of $0.06) in Q2-2025.
• Operating cash flow of $48M, up 522% YoY driven by stronger production, higher realized AgEq prices
and lower cash costs.
• Cash and cash equivalents of $ 183M supporting the development of the Boumadine Project
("Boumadine")1 compared to $136M as of December 31, 2025. This excludes $16M of restricted cash.
Operational Highlights
• Consolidated production of 1.7 million ounces ("Moz") AgEq, up 61% YoY, including 1.5 Moz Ag and
0.2 Moz AgEq 2 respectively from the Zgounder Mine ("Zgounder") and the Boumadine pyrite reclaim
operation3. Production at Zgounder was up 18% quarter-over-quarter ("QoQ").
• Cash costs2,4 of $16.82/oz AgEq, a 9% decrease QoQ driven by increased consolidated ounces sold.
• Record processing rate averaging 3,889 tonnes per day (“tpd”), representing a 7% increase QoQ ;
combined mill recovery averaged 91.2%.
• Record mining rate averaging 4,880 tpd for the combined open pit and underground operations.
Development and Exploration
• Completed approximately 50,567 metres ("m") of drilling at Boumadine and 4,440 m at Zgounder in
Q2-2026. At Boumadine, drilling intersected a new mineralized parallel structure below the current
resource pit shell, while results at Zgounder continued to confirm strong continuity and extensions of
high-grade silver mineralization beyond current resource boundaries.
PRESS RELEASE
Corporate Highlights
• Aya listed on the Nasdaq under the ticker AYA (May 4, 2026).
• Aya was added to the VanEck Gold Miners ETF ("GDX") (June 16, 2026).
• Shareholders elected two new independent directors at the 2026 Annual General Meeting: Ms. Krystal
Ramsden, BASc (Mineral Engineering), MA, PhD and Mr. Yves Bonin, FCPA, FCA.
• The Board appointed Ms. Ghislane Guedira, a seasoned mining executive based in Morocco, as Chair
of the Bo ard. Women now c omprise 50% of Boa rd members and all Bo ard members, except for the
CEO, are independent.
“Q2 was a record operating quarter for Aya. Zgounder delivered record mining and processing rates,
demonstrating the plant’s ability to operate at sustained rates well above the nameplate capacity and in
line with the updated Zgounder Technical Report. This strong operational performance is translating
into lower cash costs, increased operating leverage and strong cash flow generation, while keeping us
firmly on track to deliver our 2026 guidance.” said Benoit La Salle President & CEO.
"At the same time, we continue to advance our district-scale Boumadine project, including infill drilling
ahead of an updated MRE and PEA. These achievements reflect the strength of our assets and the
execution capabilities of our team, positioning Aya for continued growth and long-term value creation."
Financial Review
Revenue totaled $97M in Q2-2026, up 151% YoY, driven by higher average net realized price of $64.22/oz
AgEq (up 90%), and increased consolidated ounces sold, of 1.5 Moz AgEq (up 32%).
Net income of $35M (basic EPS of $0.24 and diluted EPS of $0.23) increased from $9M (basic EPS of
$0.07 and diluted EPS of $0.06) in the prior year. The increase was driven by stronger operating income,
partly offset by a higher effective tax rate. Included in Q2-2026 net income are approximately $5M of
costs, primarily related to professional fees incurred in connection with the Company's previously
disclosed litigation with Duro Felguera S.A. ("DF") 5, which remains ongoing, and costs associated with the
Company's Nasdaq listing.
Aya generated $48M in cash flow from operating activities in the second quarter including $45M before
changes in working capital. Exploration expenditures of $11M were focused on infill drilling program to
support the Boumadine feasibility study, and $11M was invested in capital projects at Zgounder. Capital
expenditures remained focused on mine infrastructure development and other site optimization projects
to support higher throughput. Phase 2 of the tailings storage facility (TSF) was completed in early
Q3-2026, as planned. Underground development continued with decline advancement and infrastructure
improvements to enhance mine access, ventilation and safety, while supporting underground production
and exploration at depth. The open pit is now fully operational and integrated into production.
The quarter ended in a strong financial position, including $183M in cash and cash equivalents and $16M
of restricted cash. During the quarter, the Company reimbursed $15M to EBRD for the facility it had
engaged and announced on May 12, 2025. The facility is now fully repaid, ahead of maturity.
Financial Highlights (in thousands of US$, except per share amounts)
Q2-2026 Q2-2025
Change Q2
vs Q2 YTD 2026 YTD 2025
Change
YTD
Revenue - Silver (D)* 90,321 38,615 134 % 205,095 72,446 183 %
Revenue - Pyrite (E) 6,473 - NM 8,973 - NM
Revenues (F) 96,794 38,615 151 % 214,068 72,446 195 %
Cost of Sales 33,381 29,673 12 % 66,894 53,257 26 %
Gross Profit 63,413 8,942 609 % 147,174 19,189 667 %
Operating Income 53,155 7,669 593 % 130,742 10,995 1,089 %
Income before Income Taxes 56,509 10,443 441 % 132,801 21,106 529 %
Net Income 35,038 8,641 305 % 83,567 15,571 437 %
Operating Cash Flow 48,402 7,787 522 % 118,573 15,706 655 %
Cash and cash equivalents 182,808 113,832 61 % 182,808 113,832 61 %
Total Assets 702,294 565,774 24 % 702,294 565,774 24 %
Total Non-Current Financial Liabilities 57,107 83,976 (32) % 57,107 83,976 (32) %
Working Capital6 144,771 88,403 64 % 144,771 88,403 64 %
EPS
Income Per Share (EPS) - Basic 0.24 0.07 243 % 0.58 0.12 383 %
Income Per Share (EPS) - Diluted 0.23 0.06 283 % 0.56 0.11 409 %
*NM – Not Meaningful
Operational Review
Consolidated silver equivalent production reached 1.7 Moz AgEq, up 61% YoY, and included 1.5 Moz of
silver from Zgounder and 0.2 Moz AgEq 2 from the Boumadine stockpile reclaim operation launched
in Q4-2025. Consolidated production was up 12% QoQ, with cash costs averaging $16.82/oz AgEq sold4.
Zgounder Silver Mine
Zgounder produced 1.5 Moz of silver in Q2-2026, an increase of 43% YoY reflecting the ramp-up of mining
and milling operations. Silver production increased 18% QoQ reflecting continued operational
improvements and a rebound from the seasonally lower first quarter.
Cash costs per silver ounce sold 4 of $17.69 decreased 17% and 5%, respectively, from Q2-2025 and
Q1-2026, driven in both cases by higher throughput, increased production volumes and efficiencies from
optimization initiatives. Unit costs in the quarter also benefited from a strip ratio of 10, reflecting
continued mining of ore-rich zones.
During the quarter, the mill processed 353,888 tonnes ("t") of ore (3,889 tpd), while maintaining strong mill
availability and metallurgical recovery. Mining operations achieved record production rates across both
underground and open-pit operations during the quarter. The Company advanced phase 2 of the tailings
storage facility during the second quarter, with construction completed shortly after quarter-end.
Zgounder now has approximately three years of tailings storage capacity.
The ore stockpile increased to 373,884 t during the quarter.
Boumadine Pyrite Reclaim Operation
During Q2-2026, the pyrite reclaim operation produced 187,784 oz AgEq (Au:Ag ratio of 61:1)1,2. At the end
of Q2-2026, crushed inventory stood at 298,977 oz AgEq equivalent, located at various ports, awaiting
shipment. Reclaimed pyrite inventory is increasing in preparation for bulk shipments in H2-2026, in
addition to ongoing containerized shipments.
The reclamation and sale of the historical pyrite stockpile at Boumadine, announced on November 19,
2025, is expected to be of limited duration, lasting approximately 20 to 24 months from that date, or until
the stockpile is depleted. The overall Boumadine polymetallic project remains at the exploration and
evaluation stage and is not in commercial production.
Operational Highlights
Q2-2026 Q1-2026
Change
Q2 vs Q1 Q2-2025
Change
Q2 vs Q2
YTD
2026
YTD
2025
Change
YTD
Zgounder
Ore Mined (tonnes) 444,106 411,766 8 % 241,288 84 % 855,872 435,949 96 %
Average Grade Mined (g/t Ag) 137 135 1 % 138 (1) % 136 144 (6) %
Ore Processed (tonnes) 353,888 326,949 8 % 273,471 29 % 680,837 523,214 30 %
Average Grade Processed (g/t Ag) 141 140 1 % 140 1 % 141 151 (7) %
Combined Mill Recovery (%) 91.2% 89.4% 1.8 % 86.5% 4.7 % 90.3% 84.4% 5.9 %
Milling Operations (tpd) 3,889 3,633 7 % 3,005 29 % 3,762 2,891 30 %
Silver Produced (oz) 1,489,526 1,265,012 18 % 1,042,317 43 % 2,754,538 2,110,970 30 %
Silver Sold (oz) (A) 1,322,585 1,375,930 (4) % 1,140,452 16 % 2,698,515 2,202,017 23 %
Cash Costs per Silver Ounce Sold4 17.69 18.64 (5) % 21.26 (17) % 18.18 20.14 (10) %
Production Costs per Tonne
Processed4 55.61 65.89 (16) % 82.41 (33) % 60.55 78.16 (23) %
Average Net Realized Silver Price
($/oz) (D/A) 68.29 83.42 (18) % 33.86 102 % 76.00 32.90 131 %
Boumadine Reclaim Operations
Ore Processed (tonnes) 17,153 21,814 (21) % - NM 38,967 - NM
Average Grade Processed (g/t Ag) 179 181 (1) % - NM 180 - NM
Average Grade Processed (g/t Au) 2.43 2.50 (3) % - NM 2.47 - NM
Silver Produced (oz) 100,721 127,406 (21) % - NM 228,127 - NM
Gold Produced (oz) 1,414 1,757 (20) % - NM 3,171 - NM
Silver Equivalent Produced (oz) 187,784 227,802 (18) % - NM 415,586 - NM
Silver Equivalent Sold (oz) (B) 184,536 50,431 266 % - NM 234,967 - NM
Cash Costs per Silver Equivalent
Ounce Sold2,4 10.58 11.86 (11) % - NM 10.85 - NM
Average Net Realized Silver
Equivalent Price ($/oz) (E/B) 35.08 49.57 (29) % - NM 38.19 - NM
Consolidated Operations
Silver Equivalent Produced
Consolidated (oz) 1,677,310 1,492,814 12 % 1,042,317 61 % 3,170,124 2,110,970 50 %
Silver Equivalent Sold Consolidated
(oz) (C) 1,507,121 1,426,361 6 % 1,140,452 32 % 2,933,482 2,202,017 33 %
Average Net Realized Silver
Equivalent Price ($/oz) (C/F) 64.22 82.22 (22) % 33.86 90 % 72.97 32.90 122 %
Cash Costs per Silver Equivalent
Ounce Sold2,4 16.82 18.40 (9) % 21.26 (21) % 17.59 20.14 (13) %
*NM – Not Meaningful
2026 Development and Exploration
Zgounder
In Q2-2026, Aya completed 4,440 m of diamond drilling, bringing year-to-date drilling to 10,278 m
advancing approximately 34% of its 2026 exploration program. Drilling continued to intersect high-grade
silver mineralization across key near-mine targets, including previously reported intercepts of up to 1,867
g/t Ag over 6.0 m (Hole ZG-RC-26-946). Development of the 1,825-metre exploration drift advanced during
the quarter, supporting H2-2026 drilling beyond the Western Fault, while regional exploration commenced
at North Zgounder targeting silver-gold-copper anomalies.
Boumadine
In Q2-2026, 50,567 m of diamond drilling was completed at Boumadine, bringing year-to-date drilling to
93,394 m and advancing approximately 47% of its 2026 program. Drilling continued to confirm the
continuity and high-grade nature of the Boumadine Main Trend, while identifying new parallel mineralized
structures with potential to expand Mineral Resources and extend the open pit at depth. Previously
reported highlights included hole B OU-DD25-745, which intersected 890 g/t AgEq over 51.5 m , along with
additional high-grade intercepts.
Corporate Highlights
During the quarter, Aya achieved several corporate milestones, including the commencement of trading of
its common shares on Nasdaq while maintaining its listing on the TSX. Aya was subsequently included in
the VanEck Gold Miners ETF (GDX), increasing the Company’s exposure to a broader global investor base.
At the 2026 Annual General Meeting, shareholders elected the Company’s Board of Directors, including
new independent directors Ms. Krystal Ramsden and Mr. Yves Bonin, bringing additional expertise and
perspectives to the Board. The Board also appointed Ms. Ghislane Guedira as Chair, leveraging her
extensive mining, financial, and Morocco-based experience as Aya advances its growth strategy. With
these appointments, women now represent 50% of Aya’s Board of Directors.
2026 Outlook
2026 operation outlook remains unchanged from the outlook disclosed in the Company’s March 31, 2026
news release.
Recent Developments
On August 6, 2026, Aya announced the completion of its acquisition of a strategic exploration portfolio
comprising three mining licenses and 18 exploration permits covering approximately 259 km² across
three distinct exploration projects in Morocco: Zagora, Agadir-Melloul and Goulmim. The portfolio is
located within highly prospective and underexplored mineral belts in Morocco. The total consideration for
the acquisition was MAD 10 million, with additional contingent payments that may become payable to the
sellers, as described in the Company’s June 30, 2026 Management's Discussion and Analysis ("MD&A") .
Certain customary post-closing administrative formalities in Morocco remain. For further details
regarding the acquisition and the terms of the transaction, please refer to the Company’s press release
dated August 6, 2026, and the Company's Q2-2026 MD&A, available on the Company's website, SEDAR+
and EDGAR.
Q2-2026 Conference Call Details
Aya will release its second quarter 2026 financial results on Thursday, August 13, 2026, after market
close. Management will host a conference call on Friday, August 14, at 10 a.m. ET to discuss the results
and provide a corporate update.
Participants may join the conference call via webcast or by dialing-in as follows: https://edge.media-
server.com/mmc/p/dxfp7nfq
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/BIbcd8c09fafbf44cc9a50b203d18e179d
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 scientific and technical information contained in this press release have been reviewed and approved
by David Lalonde, B. Sc, Vice-President, Exploration, and Raphaël Beaudoin, P.Eng, Vice-President,
Operations of Aya, both of whom are each a “Qualified Person” as defined under National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
The NI 43-101 technical reports referenced herein are available under the Company’s profile on SEDAR+,
on EDGAR, and on the Company’s website. For more information on the technical reports referenced
herein, you may refer to section "Technical Reports" below.
About Aya Gold & Silver Inc.
Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across
the full mining value chain. The Company 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 sizable mineralized footprint, and 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
Company’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 average net silver
equivalent ("AgEQ") price estimates; cash costs estimates; the development of the Company's mining
assets; the potential for expansion and extension of the Company's mining assets; the 2026 guidance and
operation outlook; the Company achieving its 2026 guidance; the Company's vision; the Company's
expectations that cash and cash equivalents will support the development of Boumadine; the Company's
commitment to delivering sustainable value for shareholders, employees and host communities; the
Company's key priorities, strategies and objectives for 2026; the Company's estimate on tailings storage
capacity for Zgounder; Aya's growth strategy; the updated Boumadine preliminary economic assessment
(including update of the mineral resource estimate), content and timing thereof; the 2025 PEA; the
Boumadine feasibility study and timing thereof; the Company's assessment of the strength of its mining
assets; Boumadine operational targets, goals and timing thereof, including timing for shipment in bulk of
pyrite inventory in H2-2026 and the duration of the pyrite reclaim initiative to be 20-24 months; the
Company's 2026 exploration program and future drilling targets; the potential of any new mineralized
structure; the completion of the post-closing formalities in Morocco following the acquisition of the
portfolio of mining licences and exploration permits in Zagora, Agadir-Melloul and Goulmim; commodity
prices; and the Company’s future operating results, economic performance, and objectives.
Forward-looking statements contained in this press release are based upon a number of factors,
assumptions and information currently available to management that Aya believes to be reasonable at the
time of the statements. Key assumptions upon which Aya’s forward-looking information is based include
Aya’s ability to raise additional financing when needed and on reasonable terms; Aya’s ability to achieve
current exploration, development and other objectives concerning Aya’s properties; Aya’s expectation that
the current price and demand for gold and silver and other commodities will be sustained or will improve;
Aya’s ability to obtain, maintain and renew requisite licenses, permits, and necessary governmental
approvals; Aya’s ability to attract and retain key personnel; general business and economic conditions,
including competitive conditions in the market in which Aya operates; Aya's assumption that applicable
tax rates and taxation regimes will remain substantially unchanged from current levels; Aya's
assumptions that rates indices will remain within ranges consistent with current levels; Aya's
assumptions with respect to the outcome of any ongoing litigation; the updated Boumadine preliminary
economic assessment and the Boumadine feasibility study to be completed on the timeline anticipated;
the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s
ability to meet or achieve estimates, projections and forecasts; Aya's assumption that current
performance is sufficient to support the achievement of the 2026 guidance; the absence of force majeure
events, including natural disasters, pandemics, geopolitical disruptions, wars or other extraordinary
events, that could materially affect the Company's operations or development plans; the availability of
qualified contractors, equipment and supplies required to execute the Company's operational, exploration
and development plans; applicable laws and regulations remain substantially unchanged from those
currently in effect in Canada and Morocco; Aya's assumption that weather and environmental conditions
at its operating sites will remain within ranges consistent with historical norms; the Company's ability to
meet current and future obligations; the availability and cost of inputs; foreign exchange rates; Aya's
ability to complete the post-closing formalities in Morocco following the acquisition of the portfolio of
mining licences and exploration permits in Zagora, Agadir-Melloul and Goulmim; and other assumptions
and factors generally associated with the mining industry.
Notwithstanding the foregoing, these forward-looking statements and underlying assumptions are
inherently subject to significant business, economic and competitive uncertainties and contingencies
which means that actual results performance, prospects and opportunities in future periods can differ
materially from those expressed or implied with such forward-looking statements. A number of factors
could cause actual results, performance or achievements to differ materially from the results expressed
or implied in the forward-looking statements. These factors include, without limitation, Aya’s ability to
execute plans relating to its Zgounder Silver Mine and the Boumadine Project, including the timing
thereof; risks and hazards associated with the business of mineral exploration, development, and mining,
including environmental hazards, potential unintended releases of contaminants, industrial accidents,
unusual or unexpected geological or structural formations, pressures, cave-ins, and flooding; risks related
to Aya’s operations in Morocco; the speculative nature of mineral exploration and development;
diminishing quantities or grades of mineral reserves as properties are mined; the inability to determine,
with certainty, the production of metals and cost estimates, or the prices to be received before mineral
reserves or mineral resources are actually mined; inadequate or unreliable infrastructure (such as roads,
bridges, power sources and water supplies); fluctuations in forward markets for silver and other
commodities (such as natural gas, fuel oil and electricity); restrictions on mining in the jurisdictions in
which Aya operates; change of laws and regulations governing our operation, exploration, and
development activities, including international laws and legal norms, such as those relating to Indigenous
peoples and human rights; the Company’s ability to mitigate the risks pertaining to fund repatriation;
expectations with respect to any future pandemics on our operations, and assumptions related thereto;
Aya’s ability to attract and retain qualified employees and contractors; Aya’s ability to obtain, maintain and
renew necessary permits and licenses in due time and under conditions acceptable for Aya; inherent risks