Aya Gold & Silver (AYA) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered record operational and financial performance, with significant increases in production, revenue, and cash flow, driven by Zgounder ramp-up and robust silver prices.

• Zgounder Mine achieved record mining and milling rates, with daily mining at 4,900 tons and average plant throughput at 3,900 tons per day.

• Boumadine contributed additional cash flow through tailings reclamation, despite lower Q2 production due to seasonal rains, and provided environmental benefits.

• Listed on Nasdaq and added to the VanEck Gold Miners ETF, increasing trading volume and market visibility.

• Advanced development and exploration at Boumadine and Zgounder, with substantial drilling and new mineralized structures identified.

Financial highlights

• Q2 2026 revenue reached $97 million, up 151% year-over-year, with net income of $35 million (EPS $0.24 basic, $0.23 diluted), and operating cash flow of $48 million, up 522% year-over-year.

• Six-month revenue totaled $205 million, net income $84 million, EPS $0.58, and operating cash flow $119 million.

• Gross profit increased 609% to $63.4 million; operating income up 593% to $53.2 million.

• Ended Q2 with $183 million in cash, after $38 million in CapEx and $33 million in debt repayment.

• Working capital increased 64% year-over-year to $145 million.

Outlook and guidance

• 2026 production guidance: 6.2–6.8 Moz AgEq, with Zgounder contributing 5.2–5.8 Moz and Boumadine 1.0 Moz; midyear production is 2.8 million ounces.

• Boumadine expected to accelerate in H2 as weather improves; full-year guidance reaffirmed.

• Zgounder cash cost guidance remains at $21.50/oz; Boumadine at $10.10/oz.

• Major growth CapEx includes new crusher and ore sorter installations; sustaining and growth capital investments planned at $36 million, with $60 million for exploration.

• Boumadine feasibility and updated PEA to be published in September, with construction to start by year-end.