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Aya Gold & Silver (AYA) investor relations material

Aya Gold & Silver Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary11 Nov, 2025

Executive summary

  • Achieved record silver production of 1.35M oz in Q3-2025, up 278% year-over-year and 29% quarter-over-quarter, driven by the new Zgounder plant and improved grades.

  • Q3 2025 marked a strong quarter with solid operational KPIs, near-complete mill ramp-up, and robust financial results, including $54.3M in revenue and $22M in operating cash flow.

  • Ended the quarter with $129M in unrestricted cash, supporting ongoing development and exploration.

  • Significant progress in exploration at both Zgounder and Boumadine, with Boumadine PEA results announced post-quarter.

  • Advancing ESG initiatives, including progress toward ISO 14001 environmental certification and strengthened health, safety, and community engagement.

Financial highlights

  • Q3-2025 revenues reached a record $54.3M, up 393% year-over-year and 41% quarter-over-quarter, driven by higher production and a 46% increase in realized silver price to $39.85/oz.

  • Net income for Q3-2025 was $12.4M (diluted EPS $0.09), reversing a net loss in the prior year period.

  • Operating cash flow for Q3 was $22M, with a strong cash position of $129M at quarter-end.

  • Gross profit rose to $21.4M, up 1038% year-over-year, with operating income of $15.2M.

  • Cash costs per silver ounce sold decreased 11% year-over-year to $20.79, reflecting scale benefits and improved grade control.

Outlook and guidance

  • Production for the year is expected to align with the lower end of guidance, with ongoing improvements in grade and throughput.

  • Committed to achieving 2025 production guidance: 5.0–5.3 Moz silver, cash cost $15.00–$17.50/oz, recovery 84–88%, average grade 170–200 g/t Ag.

  • Q4 expected to see further margin expansion and cost reductions, especially as cyanide prices decline.

  • Updated Zgounder mine plan and technical report targeted for Q4-2025, with Boumadine feasibility study expected in late 2027.

  • Boumadine project outlook remains robust, with a 360,000-meter drill campaign planned over two years.

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Frequently asked questions

Aya Gold & Silver Inc. is a Canadian-based company primarily involved in the acquisition, exploration, evaluation, and development of precious metal properties in Morocco. The company's main focus is on the exploration of gold, silver, zinc, lead, tungsten, molybdenum, uranium, and copper deposits. Its flagship project, the Zgounder property, is an underground silver mine located east of Agadir in the Proterozoic Siroua Massif of the Anti-Atlas Range, Morocco. The company is headquartered in Montreal, Quebec, and its shares are listed on the TSX.

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