Aya Gold & Silver Posts Record Revenue and Production in 2025
Event summary
- Aya Gold & Silver reported full-year revenue of $202M in 2025, up five-fold year-over-year, driven by a 223% increase in silver equivalent ounces sold.
- Q4-2025 revenue reached $75M, a 39% quarter-over-quarter increase, supported by higher average net realized AgEq price of $58.39/oz and initial sales from the Boumadine pyrite reclaim operation.
- Full-year consolidated production tripled to 5.0 Moz AgEq, with Zgounder Silver Mine producing 4.83 Moz Ag in 2025.
- Boumadine Project delivered a Preliminary Economic Assessment outlining district-scale potential with a base-case post-tax NPV of $1.5B and IRR of 47%.
- Cash costs per silver equivalent ounce sold were $20.25 for full-year 2025 and $19.91 in Q4-2025.
The big picture
Aya Gold & Silver's record financial performance in 2025 underscores the successful ramp-up of the Zgounder mine and the strategic potential of the Boumadine project. The company's ability to leverage higher commodity prices and operational efficiencies positions it favorably in a competitive mining landscape, though it must navigate execution risks and market volatility to maintain growth momentum.
What we're watching
- Execution Risk
- Whether Aya can sustain the operational momentum at Zgounder and successfully advance the Boumadine project through feasibility studies.
- Market Dynamics
- How fluctuations in silver and gold prices will impact Aya's margins and cash flow generation in 2026.
- Resource Expansion
- The pace at which Aya can expand its mineral resources and reserves through continued drilling and exploration efforts.
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