Casablanca – Aya Gold & Silver closed 2025 with its strongest operational performance to date, marking a decisive step forward in the company’s growth trajectory. The year was characterized by sharply higher silver production, improved processing efficiency, and sustained operational reliability at its flagship Zgounder silver mine in Morocco. Together, these factors supported a significant increase in output and reinforced the company’s position as a fast-growing silver producer.

Record annual production supported by operational scale-up

During 2025, Aya Gold & Silver produced a total of 4,829,151 ounces of silver, nearly tripling output compared with the previous year. This performance was the result of a successful ramp-up of mining and processing activities at Zgounder, following several years of investment in infrastructure, process optimization, and workforce development. The mine processed 1,178,420 tons of ore over the year, with an average processed grade of 145 grams of silver per ton. Total mined tonnage reached 1,038,132 tons, reflecting higher extraction rates from both underground and open-pit operations.

The scale of this increase marked a turning point for the company, as 2025 represented the first full year in which the upgraded operational setup at Zgounder operated at sustained high capacity. Management indicated that the results reflect the transition from a development and optimization phase into a period of steady-state production.

Fourth quarter delivers record quarterly performance

Operational momentum accelerated in the final quarter of the year. In the three months ended December 31, 2025, silver production reached a record 1.37 million ounces, representing a 2% increase compared with the third quarter. Average daily ore throughput climbed to 3,796 tons per day, a 14% improvement quarter on quarter and approximately 41% above the mine’s nominal processing capacity.

December stood out as the strongest month of the year. During this period, the mill achieved a record processing rate of 4,107 tons per day, while total extraction peaked at more than 4,600 tons per day. Monthly silver output exceeded 545,000 ounces, underscoring the mine’s ability to operate at elevated levels over sustained periods.

High recovery rates and plant availability

Beyond volume growth, 2025 was marked by stable metallurgical performance. The average grade of ore processed in the fourth quarter was 134 grams of silver per ton, while the silver recovery rate remained consistently high at 91.2%. Plant availability was maintained at 99.0%, reflecting strong equipment reliability and disciplined maintenance practices.

Mining operations also recorded new benchmarks. Underground extraction reached a record average of 1,387 tons per day at grades of 161 grams per ton, while open-pit mining contributed approximately 2,800 tons per day at grades of 115 grams per ton. Combined, total mining output averaged more than 4,100 tons per day, allowing the company to build ore stockpiles while maintaining steady feed to the processing plant.

Market environment supports revenue growth

The operational gains achieved in 2025 were reinforced by a favorable pricing environment for silver. Over the course of the year, silver prices strengthened significantly, exceeding $80 per ounce on several occasions and approaching highs near $87. This represented a sharp increase compared with price levels observed earlier in the year, when silver traded below $35 per ounce.

Higher prices amplified the impact of rising production volumes, strengthening revenue generation and margins. While full-year financial results were not detailed in the operational updates, the combination of record output and elevated silver prices significantly improved the economic profile of the company’s operations.

Additional contribution from stockpile processing

In the final months of 2025, Aya Gold & Silver also initiated the processing of historical stockpiles at the Boumadine site. Beginning in November, the company treated 13,498 tons of stored material, producing 83,480 ounces of silver and 1,245 ounces of gold. This contribution pushed total group silver production beyond the symbolic threshold of 5 million ounces for the year, highlighting the potential of existing assets to generate incremental value ahead of full project development.

Strategic implications and outlook

Compared with prior years, 2025 stands out as a year of structural change for Aya Gold & Silver. After a period focused on mine expansion and operational preparation, the company entered a phase defined by higher volumes, stronger execution, and increased cash flow generation. The consistency achieved at Zgounder strengthened confidence in the mine’s long-term reliability and its role as the foundation of the company’s growth strategy.

Looking ahead, Aya Gold & Silver aims to build on this performance by sustaining annual production above 5 million ounces and advancing toward a medium-term target of approximately 6 million ounces. Operational optimization remains a priority, alongside cost control and continued investment in mine planning. At the same time, feasibility studies for the Boumadine project are expected to move forward, with the project positioned as a potential second production hub later in the decade.

The 2025 performance confirms Aya Gold & Silver’s transition into a higher-output producer, supported by operational discipline and a favorable commodity environment. The results underscore both the progress achieved and the challenges ahead as the company seeks to convert operational momentum into long-term, sustainable growth.