Aya Gold & Silver Reports Record Revenue and Net Income for Q3-2025 on Record Production
Aya Gold & Silver Reports Record Revenue and Net
Income for Q3-2025 on Record Production
Montreal, Quebec, November 11, 2025 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the
“Corporation”) today announced third quarter financial and operational results for the three-month period
ended September 30, 2025. All amounts are in US dollars, unless otherwise stated.
Q3-2025 Highlights
Operational
• Record silver production of 1.35 million ("M") ounces ("oz") up 278% vs. the prior year driven by the
new Zgounder plant; and up 29% increase quarter-over-quarter (“QoQ”), driven by record throughput
and improved grades.
• Ore processed averaged 3,326 tonnes per day (tpd), up 11% QoQ, with high mill availability of 96%.
• Mill average feed grade of 146 grams per tonne (“g/t”) Ag, showing improvement QoQ driven by
higher-grade underground ore.
• Silver recovery averaged 92.5% in Q3-2025.
Financial
• Record revenue of $ 54.3M, up five-fold driven by higher ounces sold from ramp-up and a higher
average net realized silver price of $ 39.85/oz; revenue rose 41% QoQ, supported by increased silver
sales and stronger pricing.
• Cash costs(1) per silver ounce sold of $20.79.
• Record net income of $12.4M; diluted EPS of $0.09.
• Strong operating cash flow of $ 22.4M ($38.1M year-to-date) ending the quarter with $ 129M in cash
providing the flexibility to advance our Boumadine development-stage asset.
Development and Exploration
• Announced positive Preliminary Economic Assessment (“PEA”) results for Boumadine (November 4,
2025), demonstrating a robust, low-capital-intensity project with attractive scale and cost profile.
• Drilled 29,524 metres ("m") at Boumadine, confirming continuity of the Main and Tizi zones and
extending Imariren to 1.2 kilometer (“km”). Results returned high-grade intercepts (up to 369 g/t) over
9.0 m) and confirmed a new gold discovery at Asirem.
• Drilled 9,770 m at Zgounder on near-mine and regional targets, confirming high-grade mineralization
beyond the current resource boundary and advancing regional exploration.
PRESS RELEASE
“We are executing on all fronts. The ramp-up at Zgounder is nearly complete, and the mill is now
running at a steady state. We are seeing improvements and continue to make targeted improvements to
the mine plan, with a focus on optimizing grade control and minimizing dilution. This quarter’s strong
cash flow reflects solid production volumes and robust margins,” said Benoit La Salle, President & CEO.
“We are equally excited about the significant potential of our Boumadine project, underscored by the
recently announced PEA results. The study highlight industry-leading capital efficiency and operating
costs. The scale of Boumadine, is expected to be about six times Zgounder’s current silver-equivalent
production run rate. Looking ahead, we are well positioned to deliver long-term value for our
shareholders.”
Operational Review
In Q3-2025, throughput ramped up to a record 3,326 tpd, up 11% QoQ, with mill availability of 96% driving
silver production of 1.35 M oz. A total of 305,964 tonnes (“t”) were processed during the quarter, up 12%
QoQ, at an average grade of 146 g/t Ag and recovery of 92.5%. Record performance was achieved through
optimized blending, circuit improvements, and increased tailings-pumping capacity.
In Q3-2025, underground mining reached steady-state operations, averaging 1,276 tpd at 159 g/t Ag, as
mining accessed more continuous mineralized zones, improving overall mined grade. Open-pit activities
focused on stripping in the northeast section, yielding 1,066 tpd of ore at 123 g/t Ag, positioning the mine
for continued production growth. Total ore mined averaged 2,341 tpd. Additional mobile equipment
arriving in Q4-2025 is expected to lift open-pit output above 2,000 tpd by Q1-2026, with enhanced grade
control and ore recovery through blast-movement tracking and bench-by-bench modeling.
The operation continues to improve, with the mill currently running above 3,700 tpd and recoveries
exceeding 90%. With 158,546 tonnes of stockpiled ore, Zgounder is well positioned for a strong finish to
2025.
Operational Highlights
Three-month periods ended Nine-month periods ended
September 30, September 30,
Operational for Zgounder 2025 2024 Variance 2025 2024 Variance
Ore Mined (tonnes) 215,405 120,985 78 % 651,354 341,890 91 %
Average Grade Mined (g/t Ag) 142 148 (4) % 144 161 (11) %
Ore Processed (tonnes) 305,964 83,352 267 % 829,178 245,246 238 %
Average Grade Processed (g/t Ag) 146 161 (9) % 149 176 (15) %
Combined Mill Recovery (%) 92.5 % 83.0 % 9.5 % 87.4 % 83.3 % 4.1 %
Milling Operations (tpd) 3,326 906 267 % 3,037 895 239 %
Silver Ingots Produced (oz) 1,346,882 114,825 1,073 % 3,400,372 357,040 852 %
Silver in Concentrate Produced (oz) — 241,102 (100) % 57,479 797,914 (93) %
Total Silver Produced (oz) 1,346,882 355,927 278 % 3,457,851 1,154,954 199 %
Silver Ingots Sold (oz) 1,363,511 137,001 895 % 3,464,280 366,726 845 %
Silver in Concentrate Sold (oz) — 266,956 (100) % 103,044 797,468 (87) %
Total Silver Sales (oz) (A) 1,363,511 403,957 238 % 3,567,325 1,164,194 206 %
Avg. Net Realized Silver ($/oz) (B/A) 39.85 27.29 46 % 35.54 25.58 39 %
Cash Costs per Silver Ounce Sold(1) 20.79 23.47 (11) % 20.38 20.30 — %
Financial Review
Revenue from silver sales totaled $ 54.3M in Q3-2025, increasing 393% YoY, reflecting successful start of
commercial production of the new Zgounder plant on December 29, 2024 and a higher average net
realized silver price per oz of $ 39.85, up 46% vs. the prior year period. Sales rose 41% QoQ driven by
higher volume (+20%) and net realized silver price (+18%).
Cash costs (1) per ounce sold decreased 11% YoY, and 2% QoQ reflecting the benefits of scale as
production ramps up, alongside improving grade dilution as mining progresses into later-stage stopes
and more advanced open-pit sequencing.
Record net income of $12.4M, or diluted EPS of $0.09, was recorded in Q3-2025 compared to a net loss of
$0.3M or diluted EPS of $(0.00) in Q3-2024.
The Corporation generated $22.4M in cash flow from operating activities in Q3-2025. Capital expenditures
during the quarter included $ 10.5M of investments mostly related to the Zgounder plant, advancing key
growth initiatives, including near-completion of the 'Super Pit' project, progress on second phase of the
TSF, increased milling capacity and continued underground development toward deeper levels. A total of
$14.1M was directed toward exploration and evaluation assets.
As at November 10, 2025, the Corporation had common shares issued and outstanding of 141,900,422.
We ended the quarter in a strong financial position, with $129.2 million in cash.
Financial Highlights (in thousands of US$, except per share amounts)
Three-month periods ended Nine-month periods ended
September 30, September 30,
Financial 2025 2024 Variance 2025 2024 Variance
Revenues (B) 54,337 11,024 393 % 126,783 29,780 326 %
Cost of Sales 32,971 9,146 260 % 86,225 22,652 281 %
Gross Profit 21,366 1,878 1038 % 40,558 7,128 469 %
Operating Income (Loss) 15,171 (3,062) 595 % 26,167 (4,277) 712 %
Net Income (Loss) 12,422 (263) 4823 % 27,994 3,959 607 %
Operating Cash Flows 22,390 (11,767) 290 % 38,099 (9,210) 514 %
Shareholders 2025 2024 Variance 2025 2024 Variance
Income (loss) per Share – basic 0.09 (0.00) NM 0.21 0.03 NM
Income (loss) per Share – diluted 0.09 (0.00) NM 0.20 0.03 NM
September
30,
December
31,
Financial 2025 2024 Variance
Working Capital2 96,147 23,424 310 %
Cash 129,184 30,944 317 %
Recent Developments
In November 2025, Aya announced robust PEA results for its Boumadine project, highlighting a post-tax
N P V ₅% of $1.5 billion, a 47% IRR, and a 2.1-year payback at Base Case prices ($2,800/oz Au and $30/oz
A g ) . A t S p o t P r i c e s ( $ 4 , 0 0 0 / o z A u a n d $ 4 8 / o z A g ) , t h e p r o j e c t d e l i v e r s a p o s t - t a x N P V ₅% of $3.0 billion, a
77% IRR, and a 1.2-year payback.
The study outlines a large-scale, capital-efficient operation with average annual production of 401 koz
AuEq (37.5 Moz AgEq) over the first five years and low initial capital costs of $446 million, including $96
million in contingency. The project is expected to deliver industry-leading economics, with life-of-mine
AISC of $1,021/oz AuEq and a post-tax NPV-to-Capex ratio of 3.3:1 at Base Case prices and 6.6:1 at Spot
Prices. The PEA envisions a combined open pit and underground mining operation supported by an 8,000
tpd conventional flotation plant producing three silver- and gold-bearing payable concentrates. The
Corporation holds an existing mining license for Boumadine and targets completion of a feasibility study
by late 2027. For additional details, please see our press release dated November 4, 2025, and the replay
of our Boumadine PEA webinar, available on our website at www.ayagoldsilver.com.
Exploration Review
Zgounder Near Mine and Regional
In Q3-2025, Zgounder exploration advanced both near-mine and regional programs, with 9,770 m of
drilling in the quarter, bringing year-to-date totals to 19,659 m, on track to meet the full-year target of
20,000–25,000 m. Near-mine results confirmed continuity beyond the current resource, highlighted by
high-grade intercepts of 1,164 g/t Ag over 3.0 m and 1,080 g/t Ag over 3.0 m, while exploration surface
drilling returned 167 g/t Ag over 2.0 m within a broader 19.0 m anomalous zone north of the current open
pit. Regional drilling targeted geochemical and structural anomalies at Zgounder Far East, and detailed
mapping on the Tourchkal and Far East permits generated multiple new drill targets, supporting ongoing
resource expansion.
Boumadine
In Q3-2025, Boumadine exploration progressed with 29,524 m of combined DDH and RC drilling,
confirming continuity across the Boumadine deposit and Tizi Zone and extending the Imariren Zone strike
to 1.2 km. Year-to-date drilling reached 109,240 m, already within the full-year 2025 program target of
100,000–140,000 m. High-grade silver-equivalent intercepts included 369 g/t AgEq over 9.0 m on the
main trend and 272 g/t AgEq over 4.6 m in Tizi, supporting resource expansion. Drilling also tested 2024-
mapped targets, leading to the discovery of the Asirem gold zone with significant gold intercepts, further
underpinning the project’s growth potential.
Environmental, Social and Governance
Aya continued to strengthen its health, safety, and environmental management systems during Q3 2025,
delivering 6,636 hours of training and achieving a reduced TRIFR of 13.4, down from 16.2 in Q3 2024. No
significant environmental incidents were reported, and the Corporation remains focused on proactive risk
management, contractor engagement, and ongoing improvements to its Environmental and Social
Management System “ESMS”, including progress toward ISO 14001 certification.
Outlook
We continue to deliver strong operational execution with ramp-up near completion. Looking ahead, we
expect milling throughput to remain strong with recoveries continuing to exceed feasibility study rate. We
remain fully committed to achieving our 2025 production goals and continue to advance targeted
initiatives to optimize grade control and our cost profile. Margins remain strong, above our plan,
supporting healthy cash generation from operations. We look forward to providing an updated technical
report on our Zgounder operation in our fourth quarter. With Zgounder ramping up, Boumadine advancing,
and district-scale exploration underway, Aya is executing on its strategy to grow production, expand
resources, and deliver long-term value. Leveraging a strong balance sheet, positive cash flow, and a
significant portfolio, we are well positioned to strengthen Aya’s position as a leading high-grade silver
producer.
Q3-2025 Conference Call Details
Aya will release its third quarter 2025 results on Tuesday, November 11, 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/c3khz6ry/
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/BIf9827859fc9640068b33ea03e905c834
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 scientific and technical information contained in this press release have 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.
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 Anti-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 “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”, “guidance”, “intend”,
“objective”, “plan”, “strategy” 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 PEA, notably as discussed under “Development and
Exploration”, “Recent Developments”, and “Exploration Review”; the results of the PEA discussed in this
press release, including, without limitation, project economics, financial and operational parameters such
as NPV, IRR, payback period, production, capital costs, life of mine, AISC, project design, processing
methods; the expected next steps in the development of the Boumadine project and the Zgounder project;
the timing for production of the technical reports, including the Boumadine feasibility study and the
Zgounder updated technical report; the future price of commodity, including gold and silver; the
estimation of mineral resources and the realization of mineral resource estimates; the permitting,
development, operations and production from the Corporation’s projects; the Corporation’s environmental,
social and governance initiatives and framework; the advancement of the Corporation’s certification
objectives, including progress toward ISO 14001 certification; the 2025 guidance; the production goals;
the Corporation’s exploration program; the Corporation’s outlook; the Corporation’s expectations on
operational improvement, optimization and growth initiatives; the Zgounder project economics, financial,
operational and scheduling parameters, including the timing and completion of the Zgounder plant ramp-
up; and the Corporation’s future operating results, economic performance, and objectives.
Although the forward-looking information contained in this press release reflects 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. Forward-looking statements are necessarily based upon a number of
factors and assumptions that, while considered reasonable by the Corporation as of the date of such
statements, are inherently subject to significant business, geological, economic and competitive
uncertainties and contingencies. The material factors and assumptions used in the preparation of the
forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited
to Aya’s capacity to execute on its plan, its capacity to achieve each item of its guidance, and those
material factors and assumptions set forth in Corporation’s management's discussion and analysis
("MD&A") and the Corporation's Annual Information Form for the year ended December 31, 2024 ("AIF"),
available with Canadian securities regulators, as well as: (1) there being no significant disruptions
affecting the operations of the Corporation, whether due to extreme weather events (including, without
limitation drought, lack of rainfall) and other or related natural disasters, labour disruptions (including but
not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to
equipment, pit wall slides or otherwise; (2) permitting, development, operations and production from the
Corporation’s operations and development projects being consistent with current expectations including,
without limitation the maintenance of existing permits and approvals and the timely receipt of all permits
and authorizations necessary for the operation of our assets; and the successful completion of
exploration consistent with the Corporation’s expectations at the Corporation’s projects; (3) political and
legal developments in any jurisdiction in which the Corporation operates being consistent with its current
expectations including, without limitation, restrictions or penalties imposed, or actions taken, by any
government, including but not limited to amendments to the mining laws in Morocco and Mauritania,
potential third party legal challenges to existing permits; (4) the completion of studies, including scoping
studies, preliminary economic assessments, pre-feasibility or feasibility studies, on the timelines currently
expected and the results of those studies being consistent with our current expectations namely on the
Boumadine project or resource updates on Zgounder; (5) the exchange rate between the Canadian dollar,
the MAD, the Euro and the U.S. dollar being approximately consistent with current levels; (6) certain price
assumptions for commodity, including gold and silver; (7) prices for diesel, fuel oil, electricity and other
key supplies being approximately consistent with the Corporation’s expectations; (8) attributable
production and cost of sales forecasts for the Corporation meeting expectations; (9) the accuracy of the
current mineral reserve and mineral resource estimates of the Corporation’s analysis thereof being
consistent with expectations (including but not limited to grade, ore tonnage and ore grade estimates),
future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken
by the Corporation, mine plans for the Corporation’s current and future mining operations, and the
Corporation’s internal models; (10) labour and materials costs increasing on a basis consistent with our
current expectations; (11) the terms and conditions of the legal and fiscal stability in Morocco being
interpreted and applied in a manner consistent with their intent and our expectations; (12) asset
impairment potential; (13) the regulatory and legislative regime regarding mining in Morocco being
consistent with our current expectations; (14) access to capital markets; (15) potential direct or indirect
operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local
government legislation or other government actions, including new taxes, levies, royalties, or government-
imposed charges; (17) litigation, regulatory proceedings and audits, and the potential ramifications
thereof, being concluded in a manner consistent with the Corporation’s expectations, (18) having and
maintaining human and technical capacities to execute on its plans to achieve the 2025 guidance figures;
(19) transactions announced by the Corporation, including the Mx2 spinoff advancing and closing per the
Corporation’s timeline and expectations; (20) the Corporation’s capacity to complete the post-closing
conditions related to the financing facility with EBRD for up to $25 million; (21) governmental policies on
international trade and investment, including sanctions and actions in respect to global trade, tariffs, and
trade agreement. For a more detailed discussion of the risks and other factors that may affect the
Corporation's ability to achieve the expectations set forth in the forward-looking statements contained in
this press release, see the AIF and MD&A available on SEDAR+ at www.sedarplus.ca, which discussions