Casablanca – Aya Gold & Silver, the Canadian precious metals producer, is consolidating its position as one of Morocco’s leading mining investors after posting record production and financial results in 2025. The company’s strong performance stems from its expanding operations at the Zgounder silver mine and accelerated development at the Boumadine gold and silver project, confirming Morocco’s growing importance in global precious metals production.

Record performance at Zgounder

Located in the eastern High Atlas Mountains near Marrakech, the Zgounder mine has become the cornerstone of Aya Gold & Silver’s growth strategy. The company’s newly commissioned processing plant, operating with a 96% availability rate and a throughput capacity of 3,326 tonnes per day, has significantly boosted silver output. In the third quarter of 2025, Zgounder achieved a record production of 1.35 million ounces of silver—nearly triple its output a year earlier.

This sharp rise reflects not only expanded capacity but also improved ore grades and recovery rates, which have now reached 92.5%. Compared to the second quarter, output increased by 29%, demonstrating operational stability and efficiency at the site. The company currently has about 158,000 tonnes of ore stockpiled, ensuring continuity in production through the remainder of the year.

According to company management, Zgounder’s ramp-up phase is nearly complete, and the facility is operating at full capacity. The site’s progress highlights Morocco’s growing role as a strategic production hub for Aya Gold & Silver, particularly as global demand for silver rises amid strong industrial and clean-energy applications.

Financial results reflect operational success

Aya Gold & Silver’s Moroccan operations have directly influenced the company’s financial strength. The group recorded quarterly revenue of $54.3 million, a nearly 400% increase year-on-year, and 41% higher than in the previous quarter. The company posted a net profit of $12.4 million, reversing a loss from a year earlier.

Several factors contributed to this improvement, including a 238% rise in sales volume, a 46% increase in the average realized silver price (to $39.85 per ounce), and a decline in production costs to $20.79 per ounce. These favorable conditions generated $22.4 million in operating cash flow during the third quarter, bringing total cash reserves to $129 million. This liquidity offers a strong foundation for the company’s upcoming projects and exploration programs.

Boumadine: the next major step

While Zgounder remains the immediate growth engine, the Boumadine project, located in eastern Morocco, is emerging as Aya Gold & Silver’s next major development. Recent exploration results and a preliminary economic assessment have revealed the site’s potential to become one of North Africa’s most profitable polymetallic operations.

According to the study, Boumadine has an estimated post-tax net present value (NPV5%) of $1.5 billion and an internal rate of return (IRR) of 47%. The project is expected to yield an average of 401,000 gold-equivalent ounces per year during its first five years of production, with a relatively moderate initial investment cost of $446 million. The company plans to complete a full feasibility study by 2027.

In addition, Aya Gold & Silver recently announced the discovery of a promising new gold-bearing zone at Boumadine, known as the Asirem zone. Stretching over eight kilometers west of the main deposit, this new area displays strong mineral grades and potential for further resource expansion. The acquisition of two new mining licenses reinforces the company’s strategy to position Boumadine as a key gold hub in the region.

Morocco as a mining growth platform

Aya Gold & Silver’s expanding presence illustrates Morocco’s growing role as an investment destination for global mining companies. The Kingdom’s stable regulatory framework, strategic location, and improving infrastructure have made it increasingly attractive to firms seeking access to both African and European markets.

Morocco has also encouraged mining growth through fiscal incentives and updated mining codes designed to attract foreign capital while promoting sustainable and responsible operations. Aya Gold & Silver, the only silver producer listed on the Toronto Stock Exchange (TSX) with operations in Morocco, has responded by increasing investments in safety, environmental standards, and workforce development.

The company has committed to obtaining ISO 14001 certification, reflecting its focus on environmental management and sustainability. Local training programs have also been expanded to support the hiring and development of Moroccan engineers and technicians in mining operations.

Outlook: building a long-term presence

Looking ahead, Aya Gold & Silver aims to sustain its strong performance through continued exploration and operational optimization. The Zgounder plant has already exceeded the capacity outlined in its feasibility study, while ongoing drilling at both Zgounder and Boumadine is expected to expand the company’s mineral reserves.

Rising global demand for silver—driven by its use in solar panels, electronics, and electric vehicles—supports a favorable market outlook for the company. Combined with the future potential of Boumadine, Aya Gold & Silver is positioning itself for long-term growth anchored in Morocco’s mining sector.

“Our operations in Morocco continue to deliver exceptional results,” said company executives. “By consolidating our production base and advancing our new projects, we are building a sustainable path toward becoming a global leader in high-grade precious metals.”

With two major Moroccan assets driving its expansion, Aya Gold & Silver’s 2025 performance confirms the country’s emergence as a central pillar of the company’s global strategy — and a key player in the international precious metals market.