Aya Gold & Silver Reports Record Results for Q4-2025 and Full Year 2025
Original announcement by tmx on
- Company
- Aya Gold & Silver Inc.
- Ticker
- AYA
- Exchange
- TSX
- Region
- Morocco
- Primary commodity
- Silver
- Secondary commodities
- Gold, Zinc, Lead
- Document categories
- Production, Resource update, Economic study
- Extracted
- 2026-09-19 11:31:39 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Aya Gold & Silver reported record financial and operational results for Q4 and full year 2025, driven by the successful ramp-up of its Zgounder Silver Mine in Morocco, which exceeded production guidance and achieved high silver recovery. The company also announced a positive Preliminary Economic Assessment for its Boumadine Project, outlining robust economics with a 47% IRR and significant resource potential. Additionally, Zgounder's Mineral Resources and Reserves were updated, extending its mine life to 2036.
Reasoning: Aya Gold & Silver reported record financial and operational results for Q4 and full year 2025, driven by the successful ramp-up of the Zgounder Silver Mine, which exceeded production guidance and achieved high silver recovery. The company also released a positive PEA for the Boumadine Project, highlighting strong economics and resource potential, and updated Zgounder's resources and reserves, extending its mine life. While processed grades were below guidance and cash costs were above, the overall performance indicates significant growth and de-risking of its projects.
Positive factors
- Record financial and operational results for 2025, including significant increases in revenue, net income, and operating cash flow.
- Strong production growth driven by the successful ramp-up of the Zgounder Silver Mine, exceeding production guidance.
- Positive Preliminary Economic Assessment (PEA) for the Boumadine Project, outlining robust economics and district-scale potential.
- Updated Mineral Resource and Reserve estimates for Zgounder showing increases in both P&P reserves and M&I resources, extending mine life.
- High silver recovery at Zgounder, exceeding guidance.
Negative factors
- Average processed grade at Zgounder was below guidance, attributed to ramp-up blend and higher dilution.
- Cash costs at Zgounder were above guidance.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 40
Classification and evidence
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: Zgounder's ore mined increased by 133% year-over-year to 1,036,570 tonnes in 2025, and ore processed increased by 228% to 1,178,420 tonnes.
Evidence · table
“1,036,570”
Context: Ore Mined (tonnes)
High Recoverypositive · Story-specific tag
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Zgounder achieved a combined mill recovery of 91.2% in Q4-2025 and 88.4% for the full year 2025, which is above the strong tier for silver mill recovery.
Evidence · table
“91.2%”
Context: Combined Mill Recovery (%)
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The company updated its Mineral Resource and Reserve estimates for Zgounder and Boumadine, incorporating significant drilling data.
Evidence · text
“the Corporation updated its Mineral Resource and Reserve estimates, incorporating approximately 275,000 m of drilling since 2021.”
PFS Completepositive
AACE Class 3 study complete.
Why it applies: The Zgounder Silver Mine received an updated post-construction technical report, which is equivalent to a PFS or DFS level of study.
Evidence · text
“Zgounder Silver Mine : Updated post-construction technical report estimating Measured and Indicated ("M&I") resources of 100 Moz Ag at 165 g/t and an extended LOM to 2036 with 6 Moz Ag/year at $16.26/oz cash cost”
PEA Onlyneutral
Only Class 4 / Initial Assessment economics available. Not bankable.
Why it applies: The Boumadine Project delivered a Preliminary Economic Assessment (PEA), which is a conceptual-level study.
Evidence · text
“Boumadine Project : Delivered a Preliminary Economic Assessment ("PEA") outlining district-scale potential”
High IRRpositive
Post-tax real unlevered IRR in the strong tier or better.
Why it applies: The Boumadine PEA reported a post-tax IRR of 47%, which is in the exceptional tier.
Evidence · text
“post-tax net present value ("NPV 5% ") and internal rate of return (“IRR”) of $1.5 B and 47%, respectively”
Long Reserve Lifepositive
Reserve life index in the top tier of the single ladder.
Why it applies: The updated mine plan for Zgounder extends the LOM to 2036, indicating a long reserve life.
Evidence · text
“extended LOM to 2036 with 6 Moz Ag/year at $16.26/oz cash cost”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Zgounder's Proven and Probable reserves increased by 4% and M&I resources increased by 5%.
Evidence · text
“Proven and Probable ("P&P") reserves increased 4% to 73 Moz Ag at 145 g/t Ag, and M&I resources (inclusive of reserves) increased 5% to 100 Moz Ag at 165 g/t Ag.”
Inferred Heavy Feednegative
Material Inferred share of LOM mill feed, or the share is undisclosed.
Why it applies: The PEA for Boumadine includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied, and there is no certainty that the PEA results will be realized.
Evidence · text
“The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the PEA results will be realized.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: Both the Boumadine PEA and Zgounder Technical Report are stated to be NI 43-101 compliant.
Evidence · text
“The complete NI 43-101 Technical Report pertaining to the Boumadine Project titled “Preliminary Economic Assessment for the Boumadine Polymetallic Project, Kingdom of Morocco” (the "PEA") was filed on December 18, 2025”
QP/CP Signedpositive
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 technical information in the press release has been reviewed and approved by David Lalonde and Raphael Beaudoin, both 'Qualified Persons' as defined under NI 43-101.
Evidence · text
“The technical information contained in this press release has been reviewed and approved by David Lalonde, B. Sc, Vice-President of Exploration, and by Raphael Beaudoin, P. Eng, Vice-President, Operations, both of whom are each a “Qualified Person” as defined under National Instrument 43-101”
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Resource Estimates (4)
probableZgounder Silver Mine · silverGrade: 145Grade Unit: g/tContained Metal: 73Contained Unit: mozView all detailsHide details
Identity
- Project
- Zgounder Silver Mine
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- reserve
- Effective date
- 2025-09-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Bertoli, Abraham Whaanga, Honza Catchpole
- Resource group id
- resource:08b204dba1b0e4a06b7c
Resource Data
- Category
- probable
- Grade
- 145
- Grade Unit
- g/t
- Contained Metal
- 73
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-09-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: Zgounder's Proven and Probable reserves increased by 4% to 73 Moz Ag at 145 g/t Ag, demonstrating growth in the project's economically viable silver inventory.
Positive factors
- Increase in Proven and Probable reserves, indicating growth in economically viable resources.
- High silver grade for reserves.
Evidence · text
“Proven and Probable ("P&P") reserves increased 4% to 73 Moz Ag at 145 g/t Ag”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedZgounder Silver Mine · silverGrade: 165Grade Unit: g/tContained Metal: 100Contained Unit: mozView all detailsHide details
Identity
- Project
- Zgounder Silver Mine
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-06-30T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Bertoli, Abraham Whaanga, Honza Catchpole
- Resource group id
- resource:ff2959cdb35105fafc3d
Resource Data
- Category
- indicated
- Grade
- 165
- Grade Unit
- g/t
- Contained Metal
- 100
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: Zgounder's Measured and Indicated resources increased by 5% to 100 Moz Ag at 165 g/t Ag, reflecting improved geological understanding and resource growth.
Positive factors
- Increase in Measured and Indicated resources, indicating improved geological confidence and resource growth.
- High silver grade for M&I resources.
Evidence · text
“M&I resources (inclusive of reserves) increased 5% to 100 Moz Ag at 165 g/t Ag.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedBoumadine Project · silverGrade: 448Grade Unit: g/tContained Metal: 74Contained Unit: mozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, Ruan Venter, Zuned Shaikh, Benjamin Berson, Alex Pheiffer, George Papageorgiou, Eugene Puritch, Antoine Yassa, Fred Brown, Jarita Barry, William Stone, Cortney Palleske
- Resource group id
- resource:a28eeb1cb901aa1a4ecd
Resource Data
- Category
- indicated
- Grade
- 448
- Grade Unit
- g/t
- Contained Metal
- 74
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2025-02-24
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: Boumadine's Indicated resources increased by 120% to 74 Moz AgEq at 448 g/t, demonstrating substantial growth and improved confidence in the resource.
Positive factors
- Significant increase in Indicated resources, indicating improved geological confidence.
- High silver equivalent grade for Indicated resources.
Evidence · text
“Indicated resources of 74 Moz AgEq 12 at 448 g/t”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredBoumadine Project · silverGrade: 402Grade Unit: g/tContained Metal: 378Contained Unit: moz ageqView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Effective date
- 2025-02-24T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, Ruan Venter, Zuned Shaikh, Benjamin Berson, Alex Pheiffer, George Papageorgiou, Eugene Puritch, Antoine Yassa, Fred Brown, Jarita Barry, William Stone, Cortney Palleske
- Resource group id
- resource:5790d21a5e239f65a91e
Resource Data
- Category
- inferred
- Grade
- 402
- Grade Unit
- g/t
- Contained Metal
- 378
- Contained Unit
- moz ageq
Prior Estimate
- Resource Date
- 2025-02-24
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-03-31T00:00:00.000Z
Reasoning: Boumadine's Inferred resources increased by 19% to 378 Moz AgEq at 402 g/t, highlighting significant exploration upside, although Inferred resources are speculative.
Positive factors
- Significant increase in Inferred resources, indicating substantial exploration potential.
- High silver equivalent grade for Inferred resources.
Evidence · text
“Inferred resources of 378 Moz AgEq 12 at 402 g/t, up 19%”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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.