Aya Gold & Silver Announces Record Q4 and Full Year 2025 Silver Production
Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) is pleased to announce record quarterly production, recoveries, and throughput at its Zgounder Silver Mine in the Kingdom of Morocco for the three-month period ended December 31st, 2025.
Production of 5 million silver equivalent ounces for the year, including the Boumadine tailings operation
Record production of 545,491ounces at Zgounder for the month of December
Q4-2025 Operational Summary
Record silver production of 1.37 million ounces up 2% from Q3-2025.
December 2025 record silver production at Zgounder of 545,491 oz with mill feed grade of 147g/t grams per tonne silver.
Ore processed averaged 3,796 tonnes per day, representing an 14% improvement over Q3-2025 and running 41% above nameplate capacity. This includes a record average milling rate of 4,107 tpd milling rate in the month of December.
Average head grade processed of 134 g/t Ag for the quarter.
Sustained silver recovery averaged 91.2%.
Sustained high mill availability at 99.0%, underscoring consistent operational discipline and reliability.
Record underground mining rate of 1,387 tpd at 161g/t, and 2,800 tpd of ore from the open pit at 115 g/t, for a total mining rate of 4,187 tpd at 130 g/t, increasing stockpiled ore quarter-on-quarter.
“Zgounder delivered another strong quarter, with solid Q4 production, recoveries, mining rate and throughput” said Benoit La Salle, President & CEO. “The team’s efforts throughout 2025 culminated in a record December, with a milling and mining rate of 4,107 tpd and 4,652 tpd, respectively, and an all-time high silver production of 545,491oz. We also published a new mine plan aligned with the current silver price environment, positioning Zgounder to maximize cash flow. With the 2025 ramp-up complete, our focus now shifts to disciplined execution, continuous optimization, and consistent delivery into 2026 and beyond.”
Q4-2025 and 2025 Summary Production Results
| Production Metrics | Q4-2025 | Q3-2025 | QoQ Variance | 2025 | 2024 | YoY Variance | ||
| Silver production (oz) | 1,371,300 | 1,346,882 | 2 | % | 4,829,151 | 1,646,265 | 193 | % |
| Ore processed (t) | 349,242 | 305,964 | 14 | % | 1,178,420 | 358,919 | 228 | % |
| Average head grade processed (g/t Ag) | 134 | 146 | (8 | %) | 145 | 171 | (15 | %) |
| Silver recovery (%) | 91.2 | 92.5 | (1 | %) | 88.4 | 83.7 | 5 | % |
| Mill availability (%) | 99.0 | 95.9 | 3 | % | 96.0 | 93.9 | 2 | % |
| Mine production (t) | 385,216 | 215,405 | 79 | % | 1,038,132 | 444,375 | 134 | % |
Q4-2025 Operational Update
Underground development and stope sequencing advanced during the quarter, supporting an average mining rate of 1,387 tpd at 161 g/t Ag. Underground tonnage and grade have now been on target for two consecutive quarters, positioning the mine to reach our 2026 objectives.
Open-pit operations during the quarter focused on finalising the ramp-up and reached 2,800 tpd of ore at a strip ratio of 13, for a total material movement rate of 38,814 tpd, near our long-term target of 45,000 tpd. With both mine ramp-ups completed, over 194,000 tonnes of stockpiled ore available, and record mill throughput, Zgounder is well positioned for 2026. Blast-movement control and bench-by-bench modeling were implemented in H2-2025 to maximise ore recovery and minimise external dilution. These aspects will continue to be the operational focus in 2026.
The mill processed an average of 3,796 tpd for the quarter and 3,229 tpd for the year, highlighting debottlenecking efforts at the Zgounder plant through the year. Recovery was sustained above 91% for H2-2025. Record throughput and recovery were achieved at the processing plant through improved blending, circuit optimization, and increased tailings-pumping capacity, allowing for steadier, higher-rate milling.
Finally, the Zgounder team efforts through 2025 culminated into a record month of December where the milling rate reached 4,107 tpd and the mining rate reached 4,652 tpd of ore, for an all-time high 545,491 oz of silver recovered at the plant in a single month.
Boumadine historical pyrite stockpile commercialization
In 2025, Aya started the reclaiming and sale of its historical pyrite stockpile at Boumadine. Operations started in Q4-2025 and 13,498 tonnes were reclaimed and crushed, at a grade of 192g/t Ag and 2.87 g/t Au. Total production of 1,245 oz of gold and 83,480 oz of silver was achieved, for a total of 172,129 oz of silver equivalent (AgEq1) for the year 2025.
2025 Total production Zgounder and Boumadine
In 2025, the company produced 4,829,151 oz of silver at its Zgounder mine and 172,129 oz of silver equivalent at Boumadine for a total AgEq production of 5,001,280 oz for the Corporation.
Qualified Person
The technical information contained in this press release have been reviewed and approved by Raphael Beaudoin, P. Eng, Vice-President, Operations, who is a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Aya Gold & Silver Inc.
Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established exploration leadership through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas Fault — one of Africa’s most geologically rich, underexplored and mining-friendly regions.
Aya operates Zgounder, a rare primary silver mine, and produces silver doré from its newly expanded processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, a large mineralized footprint and significant exploration potential.
Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.
