Aya Gold & Silver Posts Record Q2-2026 Production on Zgounder Mine Expansion
Event summary
- Record silver production of 1.49 Moz at Zgounder, up 43% YoY and 18% QoQ.
- Consolidated AgEq production hit 1.68 Moz, including 0.19 Moz from Boumadine.
- Processing rate averaged 3,889 tpd, a 7% increase over Q1-2026.
- Mining rate reached 4,880 tpd, with strong performance in both open-pit and underground operations.
- Boumadine pyrite reclaim operation produced 187,784 oz AgEq in Q2.
The big picture
Aya Gold & Silver’s record Q2-2026 performance underscores its operational momentum in Morocco, particularly at the Zgounder mine. The company’s focus on optimizing processing rates and mining efficiency aligns with broader industry trends toward resource maximization amid volatile commodity markets. With Boumadine’s pyrite reclaim operation ramping up, Aya is positioning itself to leverage short-term gains while evaluating long-term exploration potential in one of Africa’s most underexplored regions.
What we're watching
- Execution Risk
- Whether Aya can sustain current production levels through planned crusher expansion and TSF completion.
- Operational Scaling
- The pace at which Boumadine’s bulk shipping capacity increases in H2-2026 will determine its contribution to overall AgEq production.
- Market Dynamics
- How fluctuating silver and gold prices impact the economic viability of Boumadine’s pyrite reclaim operation.
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