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Highlights

  • AYA’s Q2 2025 revenue jumped 184% to USD 38.6 million from Q2 2024.
  • Total ore mined rose 24% in Q2, sequentially to 241,288 tonnes, supporting production growth.
  • H2 catalysts include Boumadine PEA and ongoing drilling to drive future expansion.

Aya Gold & Silver Inc. (TSX: AYA) is involved in the acquisition, exploration, evaluation, and development of mining properties. The company and its subsidiaries are at the development stage for the Zgounder project, while other projects in Morocco remain in the exploration and evaluation phase. Additional projects include Boumadine, Amizmiz, Azegour, and others.

In Q2 2025, the company reported revenues of USD 38.6 million, up 183.8% from USD 13.6 million in Q2 2024. The increase was driven by higher production and sales volumes, supported by improved average commodity prices. Gross profit rose to USD 8.9 million from USD 4.9 million, an increase of 81.6%, primarily due to higher revenue, partially offset by a rise in cash costs. Operating income grew to USD 7.3 million from USD 1.6 million, up 356.3%, supported by higher gross profit as well as net impairment recovery and gains from the sale of the Amizmiz project. Net income increased to USD 8.6 million from USD 6.8 million, a rise of 26.5%, reflecting the combined impact of these factors.

Business Update

In recent business updates, the company reported a total ore mined of 241,288 tonnes during the quarter, marking a 24% sequential increase from Q1 2025. About two-thirds of the ore came from open-pit operations, with a strip ratio of 14, while the remaining one-third was mined underground, reflecting continued progress in ramping up mining activities. Additionally, the company secured new permits, expanding its regional footprint at both Zgounder and Boumadine.

Outlook
Looking ahead, the company anticipates consistent milling throughput and solid recoveries, supported by initiatives aimed at enhancing grades. Key catalysts for H2 include the Boumadine PEA and ongoing drilling, highlighting the company’s growth prospects.

Top 10 Shareholders

The top 10 shareholders of AYA collectively hold approximately 35.92% of the total shareholding. Van Eck Associates Corporation and Robert Taub are the largest investors, with stakes of around 9.11% and 6.94%, respectively.

Stock Information

AYA closed at CAD 16.10 on September 30, 2025, with an intraday gain of 0.69%. The stock increased by 17.95% over the past month, 31.43% over three months, and 49.91% year to date. The one-year return was down by 8.52%. AYA reached a 52-week high of CAD 19.56 in October 2024, with the last close 17.69% below this high, and the 52-week low was CAD 8.52 in May 2025.

Data source: TSX, Analysis: Kalkine Group
AYA's Daily Technical Price Chart, Data Source: REFNITIV

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 30 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

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