Aya Gold & Silver (AYA) Q4 2025 earnings summary

Executive summary

• 2025 marked a defining year with record revenue of $202M, net income of $46M, and operating cash flow of $72M, driven by the ramp-up of the Zgounder Silver Mine and higher silver prices.

• Q4-2025 saw revenue of $75M, net income of $18M, and EPS of $0.12, reflecting robust operational performance and Boumadine pyrite sales.

• Boumadine project advanced with a completed PEA, highlighting strong economics, low CapEx, and district-scale potential.

• Transitioned to bulk mining at Zgounder, optimizing ore recovery and stockpiling strategies.

• Consolidated production for 2025 was 5.0 Moz AgEq, tripling year-over-year, led by Zgounder ramp-up and Boumadine pyrite reclaim operation.

Financial highlights

• FY2025 revenue reached $202M, up 417% YoY, with 4.9 Moz AgEq sold at an average realized price of $41.61/oz.

• Net income was $46M after tax, compared to a prior year loss; diluted EPS for 2025 was $0.32, up 288% YoY.

• Operating cash flow was $72M, up from negative in 2024.

• Year-end cash and cash equivalents stood at $136M, with $16M restricted cash and $112M total debt.

• Q4-2025 gross profit was $32.7M, operating income $36.4M, and working capital $112.4M.

Outlook and guidance

• 2026 production guidance: 6.2–6.8 Moz AgEq, with Zgounder expected to produce 5.2–5.8 Moz Ag at ~$21.50/oz AgEq cash cost.

• Boumadine pyrite reclaim operation to contribute ~1.0 Moz AgEq at ~$10/oz AgEq cash cost.

• Sustaining and growth capital for 2026 set at $36M, with $60M for exploration.

• Exploration budget targets 200,000 meters at Boumadine and 20,000 meters at Zgounder.

• No need for debt or equity financing for Boumadine; self-funded from cash flow.