Aya Gold & Silver Reports Record Q3-2026 Production of 2.03 Million AgEq Ounces

Aya Gold & Silver posts record Q3 silver output and strong operational gains in Morocco.

What the company is saying

Aya Gold & Silver Inc. highlights record consolidated silver equivalent production of 2,034,628 ounces for Q3-2026, emphasizing a 51% year-over-year and 21% quarter-over-quarter increase. The company frames the Zgounder Silver Mine as the main driver, with 1,497,749 ounces of silver produced, up 11% year-over-year, and underscores operational improvements such as a record 4,096 tonnes per day processing rate and 92.0% silver recovery. Management, led by President & CEO Benoit La Salle, attributes these results to site optimization and states confidence in meeting 2026 production guidance. The Boumadine pyrite reclaim operation is presented as a rapidly scaling contributor, producing 536,879 silver equivalent ounces in Q3, up 186% quarter-over-quarter, and is expected to continue for 20–24 months from November 2025. The announcement also notes completion of the second phase of the Zgounder tailings storage facility and ongoing crusher expansion, with operational continuity supported by a crushing contractor until early 2027. The tone is confident and data-driven, with operational milestones and production growth foregrounded.

What the data suggests

The disclosed numbers confirm a material operational step-change: consolidated silver equivalent production reached 2,034,628 ounces in Q3-2026, a 51% year-over-year and 21% quarter-over-quarter increase. Zgounder Silver Mine set a new quarterly record with 1,497,749 ounces of silver produced, up 11% year-over-year, driven by a record 376,863 tonnes of ore processed at 4,096 tpd and a 92.0% recovery rate. Mining rates averaged 4,746 tpd, with open-pit at 3,486 tpd (strip ratio 12) and underground at 1,260 tpd. The ore stockpile rose 16% quarter-over-quarter to 434,538 tonnes, supporting future production stability. Boumadine’s pyrite reclaim operation produced 536,879 silver equivalent ounces, with 244,875 ounces of silver and 4,300 ounces of gold, reflecting normalization after weather disruptions. The Boumadine project remains at the exploration and evaluation stage, with the current reclaim operation expected to last until late 2027 or stockpile depletion. The operational disclosures are comprehensive, but no cost, margin, or revenue data is provided, so financial impact cannot be directly assessed. Management’s stated cause for improved results is site optimization and increased throughput, with the crusher expansion and contractor support sustaining momentum.

Analysis

The announcement is strongly positive in tone, but the language is proportionate to the operational results disclosed. Nearly all key claims are realised and supported by detailed numerical data, including record production figures, processing rates, and project milestones such as the completion of the tailings storage facility. Only a small fraction of statements are forward-looking, and these are limited to operational continuity (crusher expansion, production guidance) rather than aspirational projections. There is no evidence of exaggerated claims or narrative inflation; the release avoids promotional language and focuses on factual, period-over-period improvements. While no profitability metrics are disclosed, the operational growth is clear and well-supported. The absence of cost or margin data means the signal cannot be strong_positive, but there is no hype or overstatement present.

Risk flags

• ●Sustaining record production levels at Zgounder depends on continued operational optimization and timely completion of the crusher expansion, which is scheduled for early 2027. Any delays or underperformance could impact future output and guidance.
• ●The Boumadine pyrite reclaim operation is of limited duration, expected to last 20–24 months from November 2025 or until the stockpile is depleted. This means its contribution to consolidated production is temporary and will decline once the stockpile is exhausted.
• ●No cost, margin, or revenue data is disclosed, so while operational metrics are strong, the underlying profitability and cash generation remain unquantified. This limits visibility into the financial impact of record production.

Bottom line

Aya Gold & Silver has delivered record Q3-2026 silver and silver equivalent production at both its Zgounder and Boumadine operations in Morocco, with Zgounder producing 1,497,749 ounces of silver and Boumadine contributing 536,879 silver equivalent ounces. The company’s operational improvements are evident in record processing rates, high recovery, and increased ore stockpiles, positioning it to meet 2026 production guidance. The Boumadine pyrite reclaim operation is providing a significant but temporary boost to output, with a limited remaining lifespan of 12–16 months. While the operational trajectory is clearly positive, the absence of cost or profitability data means the financial upside cannot yet be fully assessed. The key takeaway is that Aya is executing well on its operational plans, but investors will need to see future disclosures on costs and margins to gauge the full impact on earnings and cash flow.

Announcement summary

(TSX:AYA; NASDAQ:AYA) Aya Gold & Silver Inc. announced record consolidated silver equivalent production of 2,034,628 ounces (oz AgEq) for Q3-2026, representing a 51% year-over-year increase and a 21% quarter-over-quarter increase. The Zgounder Silver Mine in Morocco achieved record silver production of 1,497,749 oz in Q3-2026, up 11% year-over-year. The Boumadine pyrite reclaim operation contributed 536,879 oz AgEq in Q3-2026, up 186% quarter-over-quarter, with 244,875 oz silver and 4,300 oz gold produced. The Zgounder mill processed a record 376,863 tonnes of ore at an average rate of 4,096 tonnes per day (tpd), a 5% increase over Q2-2026. Mining rate at Zgounder averaged 4,746 tpd, with open-pit mining at 3,486 tpd (strip ratio 12) and underground at 1,260 tpd. Silver recovery at Zgounder averaged 92.0% for the quarter, and mill availability was 99.4%. The ore stockpile at Zgounder increased by 16% quarter-over-quarter to 434,538 tonnes. The second phase of the tailings storage facility was completed in early Q3-2026. Boumadine reclaimed and crushed 49,890 tonnes of pyrite at average grades of 151 g/t Ag and 2.61 g/t Au in Q3-2026. The Boumadine pyrite reclaim operation began in late 2025 and is expected to last approximately 20 to 24 months from November 19, 2025, or until the stockpile is depleted. Year-to-date (YTD) 2026, Zgounder mined 1,292,504 tonnes of ore at an average grade of 138 g/t Ag and processed 1,057,700 tonnes at an average grade of 143 g/t Ag. YTD 2026, Zgounder produced 4,252,287 oz silver, and Boumadine produced 952,465 oz AgEq, including 473,002 oz silver and 7,471 oz gold. The Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial production. Silver production figures exclude 138,100 oz of silver cement not smelted as of quarter-end. The crushing contractor at Zgounder will remain on site until the planned crusher expansion is completed, expected early 2027. The scientific and technical information in the release was reviewed and approved by Raphaël Beaudoin, P.Eng, Vice-President, Operations of Aya.

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