Aya Gold & Silver (TSE:AYA) Announces Quarterly Earnings Results

Aya Gold & Silver (TSE:AYA) announced its quarterly earnings results on Tuesday. The company reported C$0.16 earnings per share (EPS) for the quarter, FiscalAI reports. Aya Gold & Silver had a return on equity of 0.76% and a net margin of 1.81%.The business had revenue of C$100.86 million during the quarter.

Here are the key takeaways from Aya Gold & Silver’s conference call:

• Record 2025 financials — revenue of $202M, net income of $46M (EPS ≈ $0.32), operating cash flow of $72M and $136M unrestricted cash at year-end.
• Operational ramp-up at Zgounder — the mill averaged ~3,800 tpd (~40% above nameplate) with Q4 recoveries at ~91% and plant availability at 99%, enabling stockpile growth and steady throughput increases.
• New Zgounder mine plan moves to bulk mining, targeting ~6M oz/year for 11 years with average cash cost ~$16.26/oz and AISC ≈ $19/oz, while 2026 guidance remains conservative (5.2–5.8M oz including Boumadine tailings).
• Boumadine PEA upside — low initial CapEx (~$446M), strong economics in the PEA (pre-tax NPV ~$2.2B at $2,800 gold/$30 silver, IRR 69%), and material upside from much higher sulfur prices and improving concentrate payabilities (now >75%).
• Cost and liquidity pressures — rising fuel and some consumable prices (fuel increases, cyanide/zinc exposure) could push cash costs higher despite grid-based power and inventories, plus $16M restricted cash on the EBRD facility and $15M drawn on a credit line affect near-term flexibility.

Aya Gold & Silver Price Performance

Shares of TSE:AYA opened at C$22.70 on Thursday. The company has a 50 day moving average of C$23.29 and a 200 day moving average of C$19.60. The company has a current ratio of 1.96, a quick ratio of 3.28 and a debt-to-equity ratio of 21.32. The stock has a market cap of C$3.22 billion, a P/E ratio of -756.67 and a beta of 2.37. Aya Gold & Silver has a 12 month low of C$8.52 and a 12 month high of C$30.15.

Analyst Ratings Changes

AYA has been the subject of a number of research analyst reports. BMO Capital Markets decreased their price objective on shares of Aya Gold & Silver from C$33.00 to C$29.00 in a report on Wednesday, January 14th. Canadian Imperial Bank of Commerce boosted their target price on shares of Aya Gold & Silver from C$30.00 to C$35.00 in a research note on Wednesday, February 4th. National Bank Financial reduced their target price on shares of Aya Gold & Silver from C$29.00 to C$25.00 and set an “outperform” rating for the company in a research report on Wednesday, February 25th. Stifel Nicolaus raised their price target on shares of Aya Gold & Silver from C$31.50 to C$39.00 in a research note on Tuesday, February 10th. Finally, Desjardins lifted their price target on shares of Aya Gold & Silver from C$30.00 to C$32.00 and gave the stock a “buy” rating in a report on Thursday, December 18th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Aya Gold & Silver has a consensus rating of “Buy” and an average price target of C$27.25.

About Aya Gold & Silver

Aya Gold & Silver Inc is engaged in acquisition, exploration, evaluation, and development of mining properties. The company and its subsidiaries are at the development stage for its Zgounder project and exploration and evaluation stage for projects in Morocco. Its other project includes Boumadine; Amizmiz; Azegour and others.