Aya Gold & Silver (AYA) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $38.6 million, up 182% year-over-year and 14% quarter-over-quarter, driven by higher silver prices, ramp-up, and strong operational execution, with 1,042,000 oz silver produced.

• Cash flow from operations reached $8 million in Q2 and $15 million for H1 2025, with a robust cash position of $114 million and a $25 million credit line.

• Completed a CAD 140–144 million ($100 million) equity raise in June, further strengthening the balance sheet and supporting Boumadine development.

• Operational throughput and recoveries exceeded feasibility study rates, with mill availability at 98% and recovery averaging 86.5% for the quarter.

• Exploration advanced at Boumadine and Zgounder, with new targets identified and regional land packages expanded.

Financial highlights

• Q2 revenue: $38.6 million, a record quarter, with a $12/oz margin maintained from Q1 and net income of $6.9–$8.6 million, including one-time gains and impairment recovery.

• Cash flow from operations: $8 million in Q2, $15–$15.7 million for H1 2025.

• CapEx and exploration spending in line with budget at $13 million, with $3.5–$4 million per quarter on exploration; capital expenditures included $8.3 million at Zgounder.

• Cash cost per silver ounce sold was $18.93–$21.26, up year-over-year, reflecting early-stage development and grade dilution.

• Working capital increased 277% YoY to $88.4 million; cash balance up 268% YoY to $113.8 million.

Outlook and guidance

• Production guidance for 2025 reaffirmed at 5–5.3 million oz silver, with cash cost guidance of $15.00–$17.50/oz and recovery rates of 84–88%.

• Ramp-up phase at the plant is complete, with steady-state throughput of 3,400–3,500 tpd and recovery rates above 90%.

• Boumadine PEA on track for Q4 2025 release, with ongoing updates on metallurgy and technical reports.

• Expecting higher grades (180–200 g/t) in H2, supporting guidance and margin expansion.

• Cash costs anticipated to normalize in H2-2025 as mining dilution decreases and process improvements are implemented.