• Aya Gold & Silver Inc. has reported its 2025 results, with full-year sales rising to US$202.1 million from US$39.12 million and net income improving to US$45.56 million from a net loss of US$21.62 million, driven by record production, higher silver prices, and strong performance at the Zgounder mine and Boumadine pyrite reclaim operation.

• The company’s successful ramp-up of Zgounder to operate about 40% above nameplate capacity with a 91% recovery rate, alongside a Boumadine Preliminary Economic Assessment outlining large-scale potential and an 11-year mine life, has materially reshaped its operational profile and cash generation capacity.

• We will now examine how this shift to record profitability and above-capacity output at Zgounder may influence Aya Gold & Silver's investment narrative.

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Aya Gold & Silver Investment Narrative Recap

To own Aya Gold & Silver, you need to believe that Zgounder’s record output and Boumadine’s scale can support sustained cash generation from a concentrated Moroccan asset base. The 2025 earnings release reinforces the near term production catalyst at Zgounder and strengthens Aya’s ability to fund Boumadine, but it does not remove key risks around Morocco concentration, future capital needs, and exposure to silver prices.

Among recent announcements, the Boumadine Preliminary Economic Assessment, outlining an 11 year mine life and large scale potential, is especially relevant. It frames how today’s record profitability could fund Aya’s next growth leg while also heightening execution risk around large capital programs, metallurgical performance, and the company’s dependence on a single country for both its flagship mine and its largest development project.

Yet beneath the strong 2025 numbers, investors should still be aware of Aya’s heavy reliance on Moroccan assets and...

Read the full narrative on Aya Gold & Silver (it's free!)

Aya Gold & Silver's narrative projects $266.9 million revenue and $92.6 million earnings by 2028. This requires 42.2% yearly revenue growth and a $102.8 million earnings increase from -$10.2 million.

Uncover how Aya Gold & Silver's forecasts yield a CA$33.64 fair value , a 48% upside to its current price.

Exploring Other Perspectives

Before this 2025 results beat, the most optimistic analysts were penciling in about US$295 million of revenue and US$116 million of earnings by 2028, which is far more bullish than consensus and assumes smoother Moroccan operations and funding than many investors might be comfortable with.