Aya Gold & Silver Delivers Record Revenue and Cash Flow as Operational Strength Drives Q1-2026 Results
Record Revenue and Cash Flow Support Rapid Growth
Aya Gold & Silver’s first quarter of 2026 marked a milestone in the company’s growth trajectory, with revenue skyrocketing to $117 million—up 247% from the same period a year ago and 56% quarter-over-quarter. Operating cash flow surged to $70 million, a sevenfold increase from last year. The surge was powered by higher average realized silver equivalent (AgEq) prices and expanded AgEq ounces sold, while efficient operations kept costs firmly in check.
Net income increased substantially, hitting $49 million compared to $7 million a year ago, translating to basic earnings per share of $0.34. Aya’s cash reserves climbed to $172 million, supporting the continued development of the Boumadine project. The following table summarizes key Q1-2026 financials:
| Metric | Q1-2026 | Q4-2025 | QoQ % | Q1-2025 | YoY % |
|---|---|---|---|---|---|
| Revenue ($M) | 117.27 | 75.32 | 56% | 33.83 | 247% |
| Net Income ($M) | 48.53 | 18.29 | 165% | 6.93 | 600% |
| Operating Cash Flow ($M) | 70.18 | 33.85 | 107% | 7.93 | 785% |
| Cash & Equivalents ($M) | 171.67 | 136.32 | 26% | 18.32 | 837% |
| EPS (Basic) | 0.34 | 0.13 | 162% | 0.05 | 580% |
Operational Excellence: Production Advances Despite Weather Challenges
The company’s flagship Zgounder silver mine and the Boumadine reclamation operation collectively produced 1.5 million silver equivalent ounces (AgEq), a 40% year-over-year increase. Although production at Zgounder dipped 8% quarter-over-quarter due to severe winter weather, the company maintained a robust average silver recovery of 89.4%. Operations have since stabilized, signaling resilience and effective management responses to short-term disruptions.
Cash costs averaged $18.40/oz AgEq, reflecting a focus on higher-grade, ore-rich zones and efficient cost control. The stockpile at Zgounder grew by 44% to 280,824 tonnes, aligning with corporate goals to build up inventory buffers as operational insurance.
| Operational Metric | Q1-2026 | Q4-2025 | QoQ % | Q1-2025 | YoY % |
|---|---|---|---|---|---|
| Silver Eq. Produced (oz, cons.) | 1,492,814 | 1,543,429 | -3% | 1,068,652 | 40% |
| Cash Cost per AgEq Oz ($) | 18.40 | 19.91 | -8% | 18.93 | -3% |
| Mill Recovery (%) | 89.4 | 91.2 | -1.8% | 82.4 | 6.9% |
| Boumadine Silver Eq. Produced (oz) | 227,802 | 172,129 | 32% | - | NM |
Development Progress: Drilling and Projects Accelerate Growth Path
In Q1, Aya completed over 48,000 meters of drilling across its Boumadine and Zgounder projects. The results confirm resource continuity and highlight significant expansion potential, especially at Boumadine where a new mineralized structure was identified. The Boumadine project’s 2026 program is ambitious, targeting 200,000 meters of drilling, with feasibility work progressing ahead of midyear updates.
Zgounder continued to deliver high-grade results near the mine, underpinning future production stability and resource growth. At Boumadine, ramp-up of the pyrite stockpile reclamation progressed, with production up 32% quarter-over-quarter, despite some logistics disruptions due to heavy rainfall.
Financial Strength and Board Renewal Position Aya for Next Phase
Aya closed the quarter with $172 million in cash versus $98 million in total debt, further enhanced by a Nasdaq listing that boosts market access and investor visibility. The company also undertook board renewal, nominating Ms. Ghislane Guedira (new Chair), Ms. Krystal Ramsden, and Mr. Yves Bonin—each bringing deep mining, finance, and governance experience. This positions Aya well for sound oversight and continued operational discipline.
Outlook: Momentum Carries into Q2 and Beyond
Management retained its 2026 operational guidance, aiming to optimize plant throughput at Zgounder and advance the Boumadine project’s feasibility and ramp-up. With a robust balance sheet, rising silver prices, and operational momentum, Aya is poised to invest in further organic growth and drive long-term value creation for shareholders.
The Q1 performance not only demonstrates Aya’s ability to manage risk and seize opportunity in a volatile environment, but also sets a strong tone for the remainder of 2026. As the company continues to expand its footprint and resource base in Morocco, investors will be closely watching for the continued translation of strong financial and operational results into future growth milestones.
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