Casablanca – Canadian mining company Aya Gold & Silver has reported a historic increase in silver output from its Moroccan operations, supported by the ramp-up of its new plant at the Zgounder mine. The company also posted record revenues for the second quarter of 2025, marking one of its strongest performances to date.

Record output from Zgounder

According to the company’s latest results, silver production reached 1.04 million ounces in the second quarter, representing a 141% increase compared to the same period in 2024. This growth was largely attributed to the expansion of the Zgounder processing plant, which officially began commercial operations at the end of 2024.

Aya said total ore extracted during the quarter amounted to 241,288 tons, up 24% on a quarterly basis, with an average daily processing rate of 3,005 tons. These figures confirm the company’s steady move toward higher production efficiency.

Financial results: Revenues triple year-on-year

On the financial side, Aya reported $38.6 million in revenues, equivalent to more than 347 million dirhams, compared with $13.7 million a year earlier. This reflects an 182% increase year-on-year. Net income for the quarter reached $8.6 million, with diluted earnings per share of $0.06.

The company said its revenue growth was driven by both higher production volumes and stronger silver prices. The average realized silver price during the quarter was $33.86 per ounce, compared with a lower average price in the same period last year. Revenues also grew 14% on a quarterly basis, thanks to improved sales and favorable market conditions.

Cost structure and outlook

Aya reported that the cash cost per ounce of silver sold stood at $21.26, reflecting the early stages of developing both open-pit and underground mining operations at Zgounder. The company emphasized that as production efficiency improves, it expects the cost per ounce to decline in the second half of 2025.

Despite these costs, Aya highlighted that productivity and recovery rates are on track to surpass first-quarter results, positioning the company to meet or exceed its targets for the full year.

Strong balance sheet and financing for growth

Aya also secured $114 million in financing during the quarter, strengthening its cash position to the same amount and ensuring greater flexibility to fund upcoming growth projects.

A significant portion of this funding will support the development of the Boumadine project in Drâa-Tafilalet, which Aya considers a cornerstone of its long-term strategy. The company plans to publish a Preliminary Economic Assessment (PEA) for Boumadine later this year.

Leadership commentary

Commenting on the results, Aya’s President and CEO Benoit La Salle expressed satisfaction with the company’s progress:

“We are very pleased with the progress made in the second quarter of 2025. Zgounder continues to ramp up steadily, delivering record revenues and strong operational performance.”

He noted that while costs had temporarily risen due to ore dilution during early mining phases, the company expects to bring costs down in the coming months through efficiency measures.

La Salle also emphasized the significance of upcoming milestones:

“We are excited about the catalysts ahead, particularly the release of the PEA for Boumadine later this year. This study will showcase the scale and potential of Boumadine as Aya’s next major production hub in Morocco.”

Morocco’s role in Aya’s global growth

Aya Gold & Silver has positioned Morocco as its primary base of operations, with the Zgounder mine near Taroudant already becoming one of the company’s most productive assets. The Boumadine project, once advanced, could further strengthen Morocco’s role in the global silver supply chain.

The company’s success reflects growing international investment in Morocco’s mining sector, which continues to play a central role in the country’s industrial and export development. For Aya, Morocco represents both immediate growth through Zgounder and long-term potential through Boumadine.

Outlook for 2025

With silver production surging, revenues at record levels, and a robust financing position, Aya Gold & Silver enters the second half of 2025 with strong momentum. The company expects production at Zgounder to continue rising as the new plant reaches full efficiency, while preliminary economic studies at Boumadine will shape its next stage of expansion.

As La Salle concluded, Aya remains “fully committed to meeting its 2025 objectives,” while positioning itself for long-term growth in Morocco’s mining sector.