Aya Gold & Silver (AYA) Q3 2025 earnings summary

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.