# Aya Gold & Silver Reports Q2-2026 Results and Delivers Record Operational Performance Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/aya-gold-silver-reports-q2-2026-results-and-delivers-record-operational-performa--c55f0c4f-6604-47e2-8021-c3f75eba76ba Original source: https://www.globenewswire.com/news-release/2026/08/13/3344937/0/en/aya-gold-silver-reports-q2-2026-results-and-delivers-record-operational-performance.html Publisher: globenewswire Original announcement: 2026-08-13T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Aya Gold & Silver Inc. - Ticker: AYA - Exchange: Unavailable - Region: Morocco - Primary commodity: Silver - Secondary commodities: Gold, Pyrite - Document categories: Production, Drill results, Other, Metallurgy - Extracted: 2026-09-12 02:41:11 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Aya Gold & Silver reported record operational performance in Q2-2026, with consolidated silver equivalent production increasing 61% year-over-year to 1.7 million ounces and cash costs decreasing 9% quarter-over-quarter. The Zgounder Mine achieved record mining and processing rates, contributing 1.5 million ounces of silver, while the Boumadine pyrite reclaim operation added 0.2 million ounces AgEq. The company also announced successful exploration drilling at both projects, confirming high-grade mineralization and identifying new structures. Reasoning: Aya Gold & Silver reported record Q2-2026 operational performance with significant increases in silver equivalent production and lower cash costs, driven by strong performance at Zgounder and contributions from Boumadine. The company also highlighted successful exploration drilling and a strong financial position. - Positive factor: Record operational performance at Zgounder \(mining, processing rates, mill recovery\). - Positive factor: Significant increase in consolidated AgEq production \(61% YoY, 12% QoQ\). - Positive factor: Lower cash costs per AgEq ounce sold \(9% decrease QoQ consolidated\). - Positive factor: Strong financial position \(increased cash and cash equivalents, fully repaid EBRD facility\). - Positive factor: Exploration success at Zgounder \(confirming continuity, extensions of high-grade silver\). - Positive factor: Exploration success at Boumadine \(new parallel mineralized structures, high-grade intercepts\). - Positive factor: Corporate milestones \(Nasdaq listing, GDX inclusion, board appointments\). - Negative factor: Litigation costs impacting net income. - Negative factor: Boumadine pyrite reclaim operation is temporary and of limited duration. - Negative factor: Lower average net realized silver equivalent price QoQ. - Negative factor: Boumadine AgEq calculation impacted by gold-to-silver ratio changes, making unit costs appear higher. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 19 ## Classification and evidence **High Recovery** Polarity: positive Story-specific tag Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Zgounder's combined mill recovery averaged 91.2% for silver, which is strong for a mill processing route. Evidence · text > combined mill recovery averaged 91.2% **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 1,867 g/t Ag over 6.0 m at Zgounder is exceptionally high-grade for silver, well above the exceptional threshold. Evidence · text > 1,867 g/t Ag over 6.0 m **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drilling at Zgounder confirmed 'extensions of high-grade silver mineralization beyond current resource boundaries'. Evidence · text > extensions of high-grade silver mineralization beyond current resource boundaries **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: Exploration expenditures at Boumadine were focused on an 'infill drilling program to support the Boumadine feasibility study'. Evidence · text > infill drilling program to support the Boumadine feasibility study **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: Drilling at Boumadine was 'identifying new parallel mineralized structures with potential to expand Mineral Resources and extend the open pit at depth'. Evidence · text > identifying new parallel mineralized structures with potential to expand Mineral Resources and extend the open pit at depth **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: For Q2-2026 production, only the average realized Au:Ag ratio of 61:1 is provided for silver equivalent calculations, without disclosing the specific metal prices or recoveries used to derive this ratio for the actual production period. Evidence · text > average realized ratio of approximately 61:1 during Q2-2026 **QP/CP Signed** Polarity: positive Story-specific tag Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The scientific and technical information in the press release was reviewed and approved by David Lalonde and Raphaël Beaudoin, both 'Qualified Person' as defined under NI 43-101. Evidence · text > reviewed and approved by David Lalonde, B. Sc, Vice-President, Exploration, and Raphaël Beaudoin, P.Eng, Vice-President, Operations of Aya, both of whom are each a “Qualified Person” as defined under National Instrument 43-101 **Limited Duration Operation** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Boumadine pyrite reclaim operation is explicitly stated to be 'of limited duration, lasting approximately 20 to 24 months... or until the stockpile is depleted'. Evidence · text > expected to be of limited duration, lasting approximately 20 to 24 months from that date, or until the stockpile is depleted **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Drill Results (2) ### ZG-RC-26-946 [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-reports-q2-2026-results-and-delivers-record-operational-performa--c55f0c4f-6604-47e2-8021-c3f75eba76ba#fact-drill-facts-17) Zgounder · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: ZG-RC-26-946 - Project: Zgounder - Commodity: silver - Region: morocco - Reported Region: morocco - Ticker: AYA #### Geometry - Grade: 1867 - Grade Unit: g/t - Intercept: 6 m #### Classification - Program: exploration - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-08-13T00:00:00.000Z Reasoning: Drilling at Zgounder intersected a bonanza-grade silver intercept, confirming strong continuity and extending high-grade mineralization, which is highly positive for resource potential. - Positive factor: Exceptionally high-grade silver intercept. - Positive factor: Confirms strong continuity and extensions of mineralization beyond current resource boundaries. Evidence · text > 1,867 g/t Ag over 6.0 m \(Hole ZG-RC-26-946\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### BOU-DD25-745 [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-reports-q2-2026-results-and-delivers-record-operational-performa--c55f0c4f-6604-47e2-8021-c3f75eba76ba#fact-drill-facts-18) Boumadine · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: BOU-DD25-745 - Project: Boumadine - Commodity: silver - Region: morocco - Reported Region: morocco - Ticker: AYA #### Geometry - Intercept: 51.5 m #### Classification - Program: mixed - Sample Type: drill #### QA/QC - QP Signed: Yes #### Metal Equivalent - Metal Eq. Grade: 890 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-08-13T00:00:00.000Z Reasoning: Drilling at Boumadine returned a high-grade silver equivalent intercept over a significant width, indicating potential for resource expansion, though full metal equivalent assumptions are not disclosed for this specific result. - Positive factor: High-grade silver equivalent intercept over a significant width. - Positive factor: Identified new parallel mineralized structures with potential to expand resources. - Negative factor: Metal equivalent assumptions not fully disclosed for this specific intercept. Evidence · text > 890 g/t AgEq over 51.5 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: an equivalent grade is reported without its assumptions **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ## Metallurgical Results (1) ### production [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-reports-q2-2026-results-and-delivers-record-operational-performa--c55f0c4f-6604-47e2-8021-c3f75eba76ba#fact-metallurgical-facts-4) Zgounder · silver #### Identity - Project: Zgounder - Commodity: silver - Region: morocco - Reported Region: Morocco - Ticker: AYA #### Test Work - Test Type: production - Processing Route: mill #### Recovery - Recovery: 91.2 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-13T00:00:00.000Z Reasoning: Zgounder achieved a strong combined mill recovery of 91.2% for silver in Q2-2026, demonstrating efficient processing. - Positive factor: High mill recovery for silver, indicating efficient processing. Evidence · table > 91.2 Context: Combined Mill Recovery \(%\) #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 91.2% is at or above the exceptional band \(90%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.