Aya Gold rises on record quarterly production

[Ben Graham]

Aya Gold & Silver (TSX: AYA) saw double-digit gains on Wednesday for a near all-time high after reporting strong results for the third quarter of 2025, marked by record silver production.

During the three months ending Sept. 30, the company produced 1.3 million oz. of the white-colored metal, representing a 29% increase over the previous quarter. The improvement, says Aya, was driven by higher throughput and improved grades at its flagship Zgounder mine in Morocco.

For the June-Sept quarter, the Zgounder mill processed on average 3,326 tonnes of material per day, an 11% improvement over Q2 2025, and ran 23% above nameplate capacity. The average head grade also rose 4% to 146 grams of silver per tonne, while silver recovery reached 92.5%, versus 86.5% in the quarter prior.

Looking ahead, Aya said it expects continued operational improvement through the fourth quarter, noting that the mill is currently running above 3,700 tonnes per day while maintaining recovery above 90%.

“Zgounder delivered another exceptional quarter, achieving record Q3 production, recoveries, and throughput — all while improving grade,” Benoit La Salle, president and CEO of Aya, commented. “Our quarter-over-quarter gains highlight the strength of our team and the benefits of disciplined execution.”

Investors responded positively to the quarterly results, as Aya’s stock rose nearly 12% to as high as C$18.41 apiece in Toronto, about C$1 short of its peak. The Quebec-based precious metals miner has a market capitalization of C$2.6 billion ($1.8 billion).

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