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 $54.3 million in revenue and $22.4 million in operating cash flow.

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

• Significant progress on both Zgounder and Boumadine projects, with Boumadine PEA results announced and ongoing drilling programs.

• ESG initiatives advanced, including progress toward ISO 14001 environmental certification and strong health and safety performance at Zgounder.

Financial highlights

• Q3-2025 revenues reached a record $54.3M, up 393% year-over-year and 41% quarter-over-quarter, driven by higher production volumes (+20%) and silver prices (+18%).

• 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 $22.4M, 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 guidance, likely at the lower end, 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 margins expected to increase further, with silver sales between $48 and $51 per ounce and a target margin of $28 per ounce.

• Updated technical report for Zgounder expected in Q4-2025; Boumadine feasibility study targeted for late 2027.

• Boumadine project outlook remains robust, with funding secured and a major drill campaign underway.