Casablanca – Canadian mining company Aya Gold & Silver recorded its highest quarterly production to date in the third quarter of 2026, as stronger output at its Zgounder mine and a sharp recovery in pyrite processing at the Boumadine project contributed to a significant increase in silver-equivalent production.
The company produced approximately 2.03 million ounces of silver equivalent between July and September, representing a 51% increase compared with the same period in 2025 and a 21% rise from the second quarter of 2026. The performance reflected improvements in mining and processing operations at Zgounder, located in Taroudant Province, alongside increased activity at Boumadine in Errachidia Province.
Listed on the Toronto Stock Exchange and Nasdaq, Aya Gold & Silver is seeking to maintain this operating momentum as it works toward its production targets for 2026. The latest results highlight the contribution of its Moroccan assets to the company’s output and the importance of increasing processing efficiency to support future growth.
Zgounder sets new quarterly production record
The Zgounder mine was the main contributor to the company’s performance during the third quarter, producing approximately 1.50 million ounces of silver. This represented an 11% increase compared with the third quarter of 2025 and established a new quarterly production record for the site.
The increase in output was accompanied by higher ore-processing volumes. Throughput reached an average of 4,096 metric tonnes per day, up 23% year on year. The average silver grade of the processed ore stood at 146 grams per tonne, indicating the concentration of silver in the material treated by the plant.
The mine’s silver recovery rate reached 92% during the quarter, while the average mining rate stood at 4,746 tonnes per day. The latter figure covered both open-pit and underground mining operations.
Together, these indicators provide a picture of the mine’s operating performance. Higher throughput means the processing plant can handle larger quantities of ore, while the recovery rate measures the proportion of the contained silver extracted during processing. The amount of silver ultimately produced depends on these factors, as well as the grade of the ore and the consistency of mining operations.
The combination of increased processing volumes, a high recovery rate and sustained mining activity helped Zgounder achieve its record quarterly output. The results also reflect operational improvements introduced at the site, although maintaining this performance will depend on the continued efficiency of the mine and its processing facilities.
Operational improvements support growth
Zgounder’s third-quarter results established new records for both silver production and processing plant throughput. The performance reflected improvements implemented by the on-site team, while the mine’s continuous operation supported progress toward the company’s production targets for 2026.
Maintaining stable operations is important in mining because disruptions can affect several stages of production, from ore extraction to transportation and processing. Improvements in equipment performance, maintenance, material handling and plant efficiency can influence both the quantity of ore treated and the amount of metal recovered.
The latest figures indicate that Zgounder has increased its operating pace compared with the previous year. However, sustaining this progress will require the company to maintain production efficiency while managing the technical requirements of its open-pit and underground operations.
Aya Gold & Silver is also preparing to expand the mine’s crushing capacity, with completion expected in early 2027. The project is intended to support higher ore-processing volumes and strengthen the site’s ability to accommodate increased production.
Crushing is an important stage of mineral processing because it reduces extracted rock to a suitable size for subsequent treatment and metal recovery. Additional capacity could allow the facility to handle larger quantities of ore, although the actual effect on output will depend on the project’s completion, the performance of the expanded equipment and the characteristics of the material processed.
The planned expansion forms part of the company’s efforts to improve operational performance and support production growth beyond 2026. Its impact will become clearer as the additional facilities enter service and the mine’s operating results develop.
Boumadine contributes to higher silver-equivalent output
While Zgounder accounted for the company’s record silver production, the Boumadine project made a substantial additional contribution through the recovery and sale of existing pyrite stockpiles.
Operations at Boumadine recorded a strong rebound in the third quarter of 2026 after weather-related disruptions affected activity during the first half of the year. The volume of recovered pyrite reached approximately 49,890 tonnes, an increase of 191% compared with the second quarter.
The recovery operations generated 536,879 ounces of silver equivalent, up from 187,784 ounces in the previous quarter. This represented an increase of 186% and contributed significantly to the company’s total quarterly production.
Silver output associated with the operations also increased, reaching 244,875 ounces compared with 100,721 ounces in the second quarter. The improvement reflected the resumption of stronger activity after the earlier weather-related interruptions.
The figures show how the performance of Boumadine complemented the growth recorded at Zgounder. While the latter continued to increase production through its mining and processing operations, Boumadine benefited from a recovery in the processing of material already held in stock.
However, the two operations have different production profiles. Zgounder is an operating silver mine, whereas the current pyrite recovery programme at Boumadine depends on the availability of an existing stockpile. This distinction is important when assessing the sustainability of the company’s consolidated production figures.
Boumadine’s pyrite recovery programme is temporary
Aya Gold & Silver has indicated that the recovery and sale of the existing pyrite stockpile at Boumadine is a limited-duration operation. The programme began in late 2025 and is expected to continue for between 20 and 24 months from the announcement made on November 19, 2025, or until the available stockpile has been exhausted.
As a result, the project’s contribution to silver-equivalent production is expected to depend on the quantity of material remaining and the pace at which it can be processed. Once the stockpile has been depleted, the activity will no longer provide the same source of output.
This makes the distinction between temporary recovery operations and ongoing mine production particularly relevant for investors assessing the company’s future performance. Although the third-quarter rebound at Boumadine strengthened the latest results, its contribution should not automatically be considered a permanent addition to annual production capacity.
The company’s longer-term production trajectory will therefore depend partly on the performance of its established mining operations and the development of its other projects. At Zgounder, maintaining high recovery rates and processing volumes will remain important to sustaining silver output.
Understanding the record in silver-equivalent production
Aya Gold & Silver’s reported total of approximately 2.03 million ounces of silver equivalent combines production figures expressed in terms of their silver-equivalent value. This measure allows mining companies to present the contribution of different metals and recovery activities using a common unit.
It is not the same as the quantity of silver physically produced at Zgounder. The mine generated approximately 1.50 million ounces of silver during the quarter, while the Boumadine recovery operations contributed 536,879 ounces of silver equivalent.
The distinction helps explain why total silver-equivalent production increased by 51% year on year, while silver output at Zgounder rose by 11%. The stronger contribution from Boumadine, following the disruptions experienced earlier in 2026, played an additional role in lifting the consolidated figure.
For investors and other observers, the separate operating indicators offer a clearer understanding of the sources of growth. Silver production, ore throughput, recovery rates and the volume of pyrite processed each measure a different aspect of performance and help distinguish improvements in ongoing mining activity from gains linked to temporary stockpile recovery.
The company’s latest results demonstrate the value of considering these indicators together rather than relying solely on the consolidated silver-equivalent total.
Morocco remains central to the company’s production strategy
The third-quarter performance highlights the importance of Aya Gold & Silver’s Moroccan operations to its production strategy. Zgounder provides an established source of silver output, while Boumadine’s recovery programme has contributed additional production during a period of increased activity.
The results also illustrate how improvements at individual sites can affect a company’s overall performance. At Zgounder, higher ore throughput and a 92% silver recovery rate supported record production. At Boumadine, the resumption of stronger pyrite processing after weather-related disruptions helped lift silver-equivalent output.
Maintaining these gains will require continued attention to operational reliability, equipment performance and processing capacity. Mining operations must also manage the technical demands of extracting and treating ore, while ensuring that higher volumes can be handled efficiently.
The planned expansion of Zgounder’s crushing facility is intended to support this process. Its expected completion in early 2027 could provide additional capacity, although the resulting production benefits will depend on the facility’s performance once it becomes operational.
The future contribution of Boumadine will need to be assessed separately because its current pyrite recovery programme is temporary. As the available stockpile declines, the company’s production mix may change, increasing the importance of sustained output from its ongoing mining operations.
Production outlook for the final quarter of 2026
Aya Gold & Silver is relying on continued operational improvements at Zgounder to achieve its production objectives for 2026. The mine’s record quarterly output, increased processing throughput and high recovery rate provide a stronger operating base as the company enters the final months of the year.
The fourth-quarter results will help establish whether the production levels achieved between July and September can be maintained. Key indicators will include silver output, daily ore-processing volumes, recovery rates and the consistency of mining activity across the open-pit and underground sections.
Developments at Boumadine will also remain relevant, particularly as the company continues to recover and sell its existing pyrite stockpile. The temporary nature of this programme means that future results will need to distinguish between ongoing silver production and output generated through the processing of stored material.
The planned expansion of Zgounder’s crushing capacity will be another factor to watch as the company prepares for 2027. If implemented as scheduled, the project is intended to increase the volume of ore the site can process and support its longer-term production plans.
Aya Gold & Silver’s third-quarter results reflect two separate sources of growth: improved operating performance at Zgounder and a sharp recovery in pyrite processing at Boumadine. The company’s ability to sustain its production gains will depend on continued efficiency at Zgounder, the successful expansion of its processing infrastructure and the evolution of activities at Boumadine as its existing stockpile is gradually depleted.
