Aya Gold & Silver Reports Record Results for Q4-2025 and Full Year 2025 Record Revenue, Net Income and Cash Flow from Operations
Aya Gold & Silver Reports Record Results for
Q4-2025 and Full Year 2025
Record Revenue, Net Income and Cash Flow from Operations
Montreal, Quebec, March 31, 2026 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the
“Corporation”) today announced its financial and operational results for the fourth quarter and full year
ended December 31, 2025. All amounts are in U.S. dollars unless otherwise noted.
Full Year and Q4 2025 Highlights
Financial Highlights
• Full-year revenue of $202M in 2025, up five-fold, year-over-year ("YoY"), on 4.9 million silver equivalent
ounces ("Moz AgEq") sold, (up 223%), at a higher average net realized AgEq price of $41.61/oz (up
60%).
• Q4-2025 revenue of $75M, up 39% quarter-over-quarter ("QoQ"), driven by a higher average net
realized AgEq price of $58.39/oz (up 47% QoQ and 111% YoY), as well as initial sales of the
Boumadine pyrite reclaim operation(1).
• Net income of $46M in 2025, including $18M from Q4-2025. Diluted EPS of $0.32 in 2025 (up 288%
YoY), including $0.12 in Q4-2025 (up 160% YoY).
• Operating cash flow of $72M for the full year, with $136M in cash and cash equivalents at year-end,
supporting the development of the Boumadine Project ("Boumadine")(2).
Operational Highlights
• Full-year consolidated production of 5.0 Moz AgEq in 2025, tripled YoY, driven by the successful
ramp-up of the Zgounder Silver Mine ("Zgounder"). Q4‑2025 accounted for 1.54 Moz AgEq, of which
0.17 Moz(3) came from the Boumadine pyrite reclaim operation. Cash costs (4) of $20.25/oz and
$19.91/oz AgEq sold for full-year 2025 and Q4-2025, respectively.
• Full-year Zgounder production of 4.83 Moz Ag in 2025, including 1.37 Moz Ag in Q4-2025, up 2% QoQ,
driven by record milling throughput.
• Q4-2025 mining rate of 4,187 tonnes per day ("tpd") exceeding milling throughput of 3,796 tpd,
positioning the operation to meet or exceed 2026 processing targets of 3,650 tpd and sustain steady-
state performance.
PRESS RELEASE
Development and Exploration
• Boumadine Project : Delivered a Preliminary Economic Assessment (5) ("PEA") outlining district-scale
potential, with a base-case (assuming $2,800/oz gold and $30/oz silver)(6) post-tax net present value(7)
("NPV5%") and internal rate of return (7) (“IRR”) of $1.5 B and 47%, respectively, and estimated total
production of 340 Moz AgEq, over an 11-year life of mine ("LOM").
• Zgounder Silver Mine: Updated post-construction technical report estimating Measured and Indicated
("M&I") resources of 100 Moz Ag at 165 g/t and an extended LOM to 2036 with 6 Moz Ag/year at
$16.26/oz cash cost(8).
• 2025 Drilling Above Plan: Exceeded the high-end of drilling targets at Boumadine and Zgounder,
completing 150,325 metres ("m") and 28,281 m, respectively, with results at Boumadine extending
mineralization across the Tizi and Imariren zones, confirming continuity and identifying a new parallel
structure east of the Main Trend, while at Zgounder confirming high-grade silver mineralization at
depth and along strike and reinforcing continuity in the open pit.
“2025 was a defining year for Aya, with record financial performance driven by strong execution at
Zgounder and continued advancement at Boumadine,” said Benoit La Salle, President & CEO. “With
Zgounder now operating at steady state, we are entering a phase of significant cash flow generation,
further supported by a strong silver price environment. Cash flow underpinned by the newly extended
mine plan, is driving meaningful cash accumulation and providing the financial flexibility to accelerate
development at Boumadine. We thank our team, our local partners and communities for their continued
support and commitment to Aya’s success."
Financial Review
Revenues totaled $202M in 2025, up 417% YoY, driven by increased consolidated AgEq ounces sold, of
4.9 Moz, up 223%, and higher average net realized price of $41.61/oz up 60% YoY. In Q4-2025, revenue
totaled $75.3M, up 39% QoQ, driven by higher net realized price of $58.39/oz AgEq, up 47%, and the
contribution of ounces sold from the start of the Boumadine pyrite reclaim operation.
Net income for 2025 was $46M (diluted EPS of $0.32) including a gain and impairment recovery of $5.8M
from the Mx2 Mining Inc. transaction. In Q4-2025, net income was $18M (diluted EPS of $0.12). This
compares to 2024 full-year net loss of $26M (diluted loss per share of $0.17) (9) for the year and $30M
(diluted loss per share of $0.20) (9) in Q4-2024, both primarily due to the Tijirit project write-down of $27M.
Aya’s successful Zgounder ramp-up, strong operational performance, and higher average net realized
prices all contributed to achieving profitability.
The Corporation generated $72M in cash flow from operating activities in 2025, and $34M from Q4-2025.
In 2025, capital expenditures of $33M were invested to complete the Zgounder mine expansion and $42M
on exploration and evaluation, mainly at Boumadine.
The quarter ended in a strong financial position, with $136.3 million in cash and cash equivalents and
total debt of $112M.
Financial Highlights (in thousands of US$, except per share amounts)
Q4-2025 Q4-2024 Variance 2025 2024 Variance
Financial
Revenues 75,320 9,338 707 % 202,102 39,117 417 %
Cost of Sales 32,706 11,084 195 % 118,935 33,735 253 %
Gross Profit 42,614 (1,746) 2,541 % 83,167 5,382 1,445 %
Operating Income (Loss) 36,354 (34,469) 205 % 62,517 (38,747) 261 %
Income (Loss) before Income Taxes 32,799 (31,850) 203 % 70,125 (24,800) 383 %
Net Income (Loss) 18,287 (29,983) 161 % 46,280 (26,027) 278 %
Operating Cash Flows 33,854 2,355 1,338 % 71,948 (8,615) 935 %
Cash and cash equivalents 136,322 30,944 341 % 136,322 30,944 341 %
Total Assets 631,733 400,107 58 % 631,733 400,107 58 %
Total Non-Current Financial Liabilities 84,615 97,638 (13) % 84,615 97,638 (13) %
Working Capital(10) 112,400 23,424 380 % 112,400 23,424 380 %
EPS
Income (Loss) per Share (EPS) - Basic(9) 0.13 (0.20) 165 % 0.33 (0.17) 294 %
Income (Loss) per Share (EPS) - Diluted(9) 0.12 (0.20) 160 % 0.32 (0.17) 288 %
Operational Review
2025 consolidated production reached 5.0 Moz AgEq, including 1.54 Moz AgEq in Q4-2025, of which 0.17
Moz came from Boumadine stockpile reclaim launched in the fourth quarter. Full-year cash costs (4) of
$20.25/oz AgEq sold, reflect the ramp-up of Zgounder through the year and the addition of ounces from
Boumadine in the final quarter.
Zgounder Silver Mine
In 2025, Zgounder produced a total of 4.83 Moz of silver, a significant increase from 2024, reflecting the
expansion of mining and milling operations. Production increased steadily through the year, with cash
costs(4) averaging $20.41/oz AgEq sold, benefiting from higher scale and plant efficiencies, while
depreciation rose in line with expanded operations . During Q4 2025, Zgounder produced 1.37 Moz of
silver, a 2% QoQ increase, reflecting the completion of ramp-up. Cash costs(4) in Q4 were $ 20.50/oz AgEq
sold, slightly below $20.79/oz in Q3 2025. For reference, the cash cost (4) in Q4 2024 was $26.57/oz AgEq,
or $21.51/oz on an adjusted basis excluding ramp-up costs; the 2024 figures for the full year and quarter
are not directly comparable due to difference in production scale.
The mill processed 1.18 million tonnes ("Mt") of ore (3,229 tpd) in 2025, up 228% YoY, at an average grade
of 145 g/t Ag, supported by strong recoveries and process improvements allowing for steadier, higher-
rate milling as the year progressed. Over the year, mining activities averaged 2,840 tpd(11) at an average
grade of 139 g/t Ag, with 62% of production from open-pit operations, in line with the strategy announced
in March 2025. As such, Aya’s latest mine plan targets a one-third underground / two-thirds open-pit split,
expanding the open-pit operation while focusing underground mining on deeper levels. This approach
aims to improve ore recovery and grade predictability. In addition, several initiatives were implemented in
H2-2025 to maximize ore recovery and minimize external dilution.
In Q4-2025, the mill processed 349,242t of ore at an average grade of 134 g/t Ag, with throughput
averaging 3,796 tpd, mill availability of 99%, and silver recovery of 91.2%. Mining activities averaged 4,187
tpd during the quarter, at an average grade of 130 g/t Ag. This exceeded milling capacity, marking a key
milestone in the transition to steady-state operations, positioning the operation to sustain a processing
target of approximately 3,650 tpd going forward. As a result, the stockpile increased by 24% QoQ to
194,521t, in line with the Corporation's objective to build inventory ahead of 2026 throughput.
Operational Highlights
Q4-2025 Q4-2024 Variance 2025 2024 Variance
Operational Zgounder
Ore Mined (tonnes)11 385,216 102,485 276 % 1,036,570 444,375 133 %
Average Grade Mined (g/t Ag) 130 168 (23) % 139 162 (14) %
Ore Processed (tonnes) 349,242 113,674 207 % 1,178,420 358,919 228 %
Average Grade Processed (g/t Ag) 134 159 (16) % 145 171 (15) %
Combined Mill Recovery (%) 91.2% 84.8 % 6.4 % 88.4% 83.7 % 4.7 %
Milling Operations (tpd) 3,796 1,236 207 % 3,229 981 229 %
Silver Equivalent Produced (oz) 1,371,300 491,310 179 % 4,829,151 1,646,265 193 %
Silver Equivalent Sold (oz) 1,234,551 337,733 266 % 4,801,876 1,501,927 220 %
Cash Costs per Silver Equivalent Ounce Sold4 20.50 26.57 (23) % 20.41 21.71 (6) %
Adjusted Cash Costs per Silver Equivalent Ounce Sold4 20.50 21.51 (5) % 20.41 19.62 4 %
Production Cost per Tonne4 84 108 (22) % 114 76 51 %
Boumadine Reclaim Operations
Ore Processed (tonnes) 13,498 - NM 13,498 - NM
Average Grade Processed (g/t Ag) 192 - NM 192 - NM
Average Grade Processed (g/t Au) 2.87 - NM 2.87 - NM
Silver Equivalent Produced (oz) 172,129 - NM 172,129 - NM
Silver Equivalent Sold (oz) 55,471 - NM 55,471 - NM
Cash Costs per Silver Equivalent Ounce Sold4 6.59 - NM 6.59 - NM
Consolidated Zgounder and Boumadine
Silver Equivalent Produced Consolidated (oz) 1,543,429 491,310 214 % 5,001,280 1,646,265 204 %
Silver Equivalent Sold Consolidated (oz) 1,290,023 337,733 282 % 4,857,347 1,501,927 223 %
Average Net Realized Silver Equivalent ($/oz) * 58.39 27.65 111 % 41.61 26.04 60 %
Cash Costs per Silver Equivalent Ounce Sold4 19.91 26.57 (25) % 20.25 21.71 (7) %
Adjusted Cash Costs per Silver Equivalent Ounce Sold4 19.91 21.51 (7) % 20.25 19.62 3 %
* Revenues / Silver Equivalent Sold Consolidated (oz)
2025 Development and Exploration
Zgounder
• Drilling: Aya completed 28,281 m of drilling at Zgounder in 2025, exceeding the upper end of its
25,000-metre target. Near-mine drilling confirmed high-grade silver mineralization at depth and along
strike, while drilling in the open-pit area reinforced mineralization continuity.
• Expanded Footprint: Aya also expanded its regional footprint with six new exploration permits,
increasing the total land package to 378 km² and supporting its strategy to grow resources and
advance long-term development.
• Net Reserve and Resource growth : Following a multi-year drilling program, the Corporation updated
its Mineral Resource and Reserve estimates, incorporating approximately 275,000 m of drilling since
2021. Proven and Probable ("P&P") reserves increased 4% to 73 Moz Ag at 145 g/t Ag, and M&I
resources (inclusive of reserves) increased 5% to 100 Moz Ag at 165 g/t Ag. Note that silver prices of
$26/oz and $28/oz were assumed for Reserves and Resources, respectively.
• Updated Mine Plan with LOM Extending to 2036 : Average annual production of 6 Moz Ag, or an
estimated total of 66 Moz Ag over the 11-year LOM with an average cash cost of $16.26/oz Ag.
Boumadine
• Drilling: In 2025, the Corporation completed 150,325 m of drilling at Boumadine, exceeding its annual
target and extending mineralization across the Tizi and Imariren zones. Drilling results confirmed
continuity of the deposit and identified new parallel structure east of the Main Trend, highlighting the
project’s strong expansion potential.
• Expanded Footprint: The Corporation continued to expand its regional footprint, adding new permits
and increasing the exploration area to 341 km², with further targets identified for 2026.
• Updated Resources: The February 2025 Mineral Resource Estimate outlined Indicated resources of 74
Moz AgEq 12 at 448 g/t and Inferred resources of 378 Moz AgEq 12 at 402 g/t, up 120% and 19%,
respectively, excluding most of the 2025 drilling, underscoring additional upside potential.
• Preliminary Economic Assessment: During the year, Aya completed a PEA for Boumadine, outlining a
district-scale, precious metals-rich project with mineralization open in all directions. The PEA’s base-
case (assuming $2,800/oz gold and $30/oz silver) 6 economic analysis estimates a post-tax NPV 5%
and IRR of $1.5 B and 47%, respectively, potential total production of 340 Moz AgEq over an 11-year
mine life (average annual production 30.6 Moz AgEq). The project includes the production of three
marketable concentrates: zinc, lead, and pyrite, with revenue largely driven by precious metals, low
capital intensity, competitive operating costs and a flexible open-pit and underground mining design.
The associated NI 43-101 technical report was filed on Sedar+ on December 18, 2025, and feasibility-
level work is currently underway.
Environmental, Social and Governance
The Corporation continued to advance its sustainability and health and safety performance in 2025, with a
focus on proactive risk management, contractor engagement, and training, totaling 21,240 hours. Total
Recordable Injury Frequency Rate ("TRIFR") improved to 11.24 in Q4-2025 from 19.56 in Q4-2024. In
Q4‑2025, Aya continued to support local communities through education, health, and cultural programs,
while continuing to implement its ESMS and working towards ISO 14001 certification. The Corporation did
not report any significant environmental incidents for the three months ended on December 31, 2025.
2025 Guidance Review
Aya met its overall 2025 production guidance (5.0-5.3 Moz Ag), delivering 5.0 Moz AgEq, including 0.17
Moz AgEq from the Boumadine pyrite reclaim operation (not included in original guidance). The average
processed grade of 145 g/t Ag was below guidance (170-200 g/t Ag), reflecting the ramp-up blend of
open-pit, underground, and stockpiled ore, as well as higher-than-expected dilution. The technical report
filed on December 16, 2025, includes an updated mine plan and updated Mineral Reserve and Resource
Estimate, incorporating revised grade expectations based on extensive drilling, refined geological
interpretation, and current mining practices. Metallurgical performance slightly above the upper end of the
guided range (84-88%), with 88.4% silver recovery for the year, including a 91.8% average in the second
half. These strong throughput and recovery levels partially offset the impact of lower grades on cash
costs per AgEq oz, which averaged $20.41 at Zgounder ($20.25/oz AgEq on a consolidated basis), above
guidance ($15.00-$17.50/oz). In 2025, total exploration and development expenditures across the
Corporation’s projects reached approximately $41 million, exceeding the guidance range of $25-30
million, reflecting the extended scope of work at Boumadine.
2026 Operation Outlook
Building on the operational and exploration achievements of 2025, Aya expects 2026 to be a year of
strong execution, focused on operations and advancing exploration and development initiatives. Based on
the current mine plan and operating assumptions, the Corporation reiterates the following 2026 outlook
as follows:
• Total Production: between 6.2 and 6.8 Moz AgEq.
• Zgounder Silver Mine: production of 5.2 to 5.8 Moz Ag, at an average cash cost (4) of approximately
$21.50/oz AgEq.
• Boumadine pyrite stockpile reclaim operation: production of approximately 1.0 Moz AgEq at a cash
cost of approximately $10/oz AgEq.
• Planned capital and exploration expenditures are $36M and $60M, respectively, and remain subject to
ongoing review and market conditions.
Looking ahead, management believes that the current industry landscape, together with expectations for
a supportive silver price environment, is expected to support strong margins and operating cash flow,
providing confidence in Aya's strategy to pursue opportunities across its portfolio. Following a positive
Preliminary Economic Assessment, Aya remains focused on executing the Boumadine feasibility-level
study and associated technical programs to advance the project toward development. The PEA and Aya's
work to date, highlights Boumadine's potential for meaningful scale with significant resource expansion
upside. Supported by a strong balance sheet, Aya is well positioned to invest in its future through
disciplined capital allocation and continued exploration investment, with a continued focus on delivering
long-term value for all stakeholders.
Outlook Assumptions
1. AgEq ounces are at an 80:1 Au:Ag ratio
2. Cash costs per silver equivalent outlook is based on various assumptions and estimates,
including, but not limited to: production volumes, commodity prices (2026 - Ag: $50.00/oz,
Au: $4,000/oz), foreign currency exchange rates (2025 - CAD/USD:1.40, MAD/USD:9.00) and
operating costs.
Q4-2025 Conference Call Details
Aya will release its fourth-quarter and full-year 2025 results on Tuesday, March 31, 2026 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: https://edge.media-
server.com/mmc/p/qs9262uf
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/BId539ee66fcc640f9bc13771002b5fab5
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 of 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+
and on the Corporation’s website.
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 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