Aya Gold & Silver Q2 operating cash flow surges 522% as Zgounder throughput beats design limits
TORONTO, Aug 15. Operating cash flow at Aya Gold & Silver Inc. (TSE: AYA) climbed 522% year over year to $48 million in the second quarter of 2026, the company disclosed, as throughput at its Zgounder silver mine in Morocco averaged 3,900 tonnes per day, above the plant's original design capacity of 2,700 tonnes per day. Revenue for the period was $97 million, up 151%, on production of 1.7 million silver-equivalent ounces, itself up 61% from a year earlier.
Key takeaways
- Aya Gold & Silver's Q2 2026 operating cash flow rose 522% year over year to $48 million as Zgounder throughput averaged 3,900 tonnes per day, above its 2,700 tpd design capacity.
- Q2 revenue was $97 million, up 151%, on production of 1.7 million silver-equivalent ounces, up 61%, with net income of $35 million.
- For the first half of 2026, Aya reported 3.2 million silver-equivalent ounces produced, $205 million revenue, $84 million net income and $119 million operating cash flow.
- Aya reaffirmed 2026 production guidance of 5.2 million to 5.8 million silver-equivalent ounces at Zgounder plus 1 million at Boumadine.
- The company ended the quarter with $183 million in cash and during the first half repaid $33 million of debt and retired a $15 million short-term Boumadine borrowing.
TORONTO, Aug 15. Operating cash flow at Aya Gold & Silver Inc. (TSE: AYA) climbed 522% year over year to $48 million in the second quarter of 2026, the company disclosed, as throughput at its Zgounder silver mine in Morocco averaged 3,900 tonnes per day, above the plant's original design capacity of 2,700 tonnes per day. Revenue for the period was $97 million, up 151%, on production of 1.7 million silver-equivalent ounces, itself up 61% from a year earlier.
President and Chief Executive Officer Benoit La Salle said net income totaled $35 million for the quarter. For the first half of 2026, Aya reported production of 3.2 million silver-equivalent ounces, revenue of $205 million, net income of $84 million and operating cash flow of $119 million. Basic earnings per share for the six-month period were $0.58.
Zgounder operations
The daily mining rate at Zgounder reached 4,900 tonnes per day in the quarter. Plant feed grade averaged 141 grams per tonne. Recoveries and plant availability both exceeded 90%, the company said, and an ore stockpile of 374,000 tonnes remained at quarter-end, which management said provides a buffer while underground development continues.
Cash cost at Zgounder was $17.69 per ounce, down from $18.64 in the prior quarter. Vice President of Operations Raphaël Beaudoin said Aya is adding a tertiary crushing section, with commissioning expected this fall and regular use targeted for early 2027. The equipment is intended to sustain throughput near 3,850 tonnes per day and could potentially support further gains, Beaudoin said.
The average realized silver price at Zgounder was $68.29 per ounce for the quarter, below the LBMA quarterly average of $73 per ounce. Chief Financial Officer Ugo Landry-Tolszczuk attributed the gap to timing: silver prices fell sharply during June, and production must be completed before material can be sold. He said a portion of Zgounder inventory remained unsold at quarter-end but was sold in July.
Boumadine and expansion
At Boumadine, Aya processed historic tailings and produced 187,000 silver-equivalent ounces. Cash cost was $10.58 per ounce; after a 50% payable rate, the net selling price was $35 per ounce, according to the company. La Salle said the operation generated roughly $3.6 million of free cash flow in the quarter.
Aya ended the period with $183 million in cash, excluding $16 million in restricted cash tied to its European Bank for Reconstruction and Development financing. During the first half, the company spent $38 million on exploration and sustaining capital, repaid $33 million of debt and retired a $15 million short-term borrowing related to Boumadine.
The company reaffirmed 2026 production guidance of 5.2 million to 5.8 million silver-equivalent ounces at Zgounder and 1 million at Boumadine. An updated preliminary economic assessment for Boumadine is expected in early September, Aya said, with a full feasibility study targeted for next year. The company also acquired a 259-square-kilometre exploration portfolio in Morocco covering the Zagora, Agadir-Melloul and Guelmim districts for MAD 10 million, or about $1 million.