Aya Gold & Silver (AYA) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record revenue of $117M, net income of $49M, and operating cash flow of $70M, driven by higher silver prices, increased production, and the ramp-up of Zgounder, despite weather-related disruptions.

• Consolidated production rose 40% year-over-year to 1.5 Moz AgEq, with Zgounder contributing 1.3 Moz and Boumadine 0.2 Moz AgEq.

• Boumadine contributed 127,000–227,802 oz silver and 1,757 oz gold, with weather impacting production and concentrate shipments.

• Nasdaq listing completed, enhancing market visibility and access to capital.

• Guidance for 2026 is reaffirmed, with expectations for stronger performance in Q2 and Q4.

Financial highlights

• Q1 2026 revenue reached $117M (CAD 117M), up 247% year-over-year, with net income of $49M and fully diluted EPS of $0.33.

• Operating cash flow was $70M, up 785% year-over-year.

• Cash and cash equivalents at quarter-end were $172M; working capital improved to $141.4M.

• Gross profit rose 717% year-over-year to $83.8M; operating income increased 2,231% to $77.6M.

• Margins expanded to $63/oz (gross margin 71.5%), with net margin at 41.4%.

Outlook and guidance

• 2026 production guidance maintained at 6.2–6.8 Moz AgEq, with Zgounder contributing 5.2–5.8 Moz and Boumadine 1.0 Moz.

• Zgounder cash cost guidance at $21.50/oz, Boumadine at $10.10/oz.

• Exploration budget set at $60M, targeting 240,000 m of drilling in 2026.

• Boumadine feasibility study targeted for 2027, with updated PEA expected by July 2026.

• Sustaining and growth capital investments planned at $36M.