Aya Gold & Silver Reports Record Q3-2026 Production of 2.03 Million AgEq Ounces

Boumadine reclamation output rose 186% quarter over quarter, but the stockpile operation is expected to have a limited duration.

Rhea-AI Summary

Aya Gold & Silver (AYA) reported record consolidated production of 2.03 million silver-equivalent ounces for the third quarter of 2026. Output rose 51% year over year and 21% quarter over quarter; silver-equivalent ounces combine silver and gold production. Zgounder produced 1,497,749 silver ounces, up 11% year over year, while Boumadine reclaim operations produced 536,879 silver-equivalent ounces, up 186% from Q2.

Zgounder processed 4,096 tonnes daily, with 92.0% silver recovery. Its second-phase tailings storage facility was completed in early Q3. Aya expects its crusher expansion to finish in early 2027 and says it remains on track for 2026 production guidance. Boumadine stockpile reclamation is expected to last approximately 20 to 24 months from November 19, 2025, or until depletion; the broader project remains in exploration and evaluation, not commercial production.

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Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointConsolidated Q3 production rose 51% year over year and 21% quarter over quarter to 2,034,628 silver-equivalent ounces.
• Minor pointYear-to-date consolidated production rose 51% from 2025 to 5,204,752 silver-equivalent ounces.
• Minor pointZgounder Q3 ore mined rose 103% year over year to 436,632 tonnes, despite declining 2% from Q2.
• Minor pointZgounder year-to-date ore mined rose 98% from 2025 to 1,292,504 tonnes.
• Minor pointZgounder Q3 ore processed rose 23% year over year and 6% quarter over quarter to 376,863 tonnes.

10 minor points

• Minor pointZgounder year-to-date ore processed rose 28% from 2025 to 1,057,700 tonnes.
• Minor pointZgounder Q3 mined grade reached 143 grams of silver per tonne, up 1% annually and 4% sequentially.
• Minor pointZgounder Q3 processed grade reached 146 grams of silver per tonne, unchanged annually and up 4% sequentially.
• Minor pointZgounder mill availability reached 99.4% during Q3-2026.
• Minor pointSecond-phase tailings storage facility construction was completed in early Q3-2026 as planned.
• Minor pointZgounder ore stockpile increased 16% quarter over quarter to 434,538 tonnes, supporting Aya's three-month inventory objective.
• Minor point. Forward-looking: it has not happened yet and may not happen.Crusher expansion is expected to be completed in early 2027.
• Minor point2026 production guidance remains on track, Aya said.
• Minor pointBoumadine pyrite reclaimed increased 191% quarter over quarter to 49,890 tonnes as operations normalized after first-half weather disruptions.
• Minor pointBoumadine processed gold grade rose 7% quarter over quarter to 2.61 grams per tonne.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.Boumadine reclamation is expected to last approximately 20 to 24 months from November 19, 2025, or until depletion.
• Minor pointBroader Boumadine project remains in exploration and evaluation and is not in commercial production.
• Minor pointCrushing contractor remains on site until the planned crusher expansion is completed.
• Minor pointBoumadine processed silver grade fell 16% quarter over quarter to 151 grams per tonne.
• Minor pointZgounder year-to-date mined grade fell 4% from 2025 to 138 grams of silver per tonne.

2 minor points

• Minor pointZgounder year-to-date processed grade fell 4% from 2025 to 143 grams of silver per tonne.
• Minor pointZgounder Q3 recovery was 92.0%, versus 92.5% a year earlier and 91.2% in Q2; year-to-date recovery improved to 90.9% from 87.4%.

News Explained

In its Q3 report, Aya says Zgounder’s reported silver production of 1,497,749 ounces excludes 138,100 ounces of silver cement that had not been smelted by quarter-end.

Key Figures

Consolidated silver equivalent production: 2,034,628 oz Zgounder silver production: 1,497,749 oz Boumadine silver equivalent production: 536,879 oz +3 more

Consolidated silver equivalent production

2,034,628 oz

Q3-2026; up 51% YoY and 21% QoQ

Zgounder silver production

1,497,749 oz

Q3-2026; up 11% YoY

Boumadine silver equivalent production

536,879 oz

Q3-2026; up 186% QoQ

Milling rate

4,096 tonnes per day

Q3-2026; up 23% YoY

Silver recovery

92.0%

Q3-2026

Unsmelted silver cement excluded from reported production

138,100 oz

Not smelted as of quarter-end

Historical Context

1 past event · Latest: Aug 13

1 event

1. Aug 13

   Operational results

   24h Move

   -3.8%

   Q2 consolidated production reached 1.68 million ounces AgEq, up 61% year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

tailings storage facility, qualified person, national instrument 43-101

3 terms

tailings storage facility technical

"second phase of the tailings storage facility ("TSF")"

A tailings storage facility is a managed site—often a lined pond or engineered dam—where mining companies store the wet waste left after extracting minerals. Investors care because these sites carry long-term risks and costs (environmental damage, spills, regulatory fines, cleanup and closure liabilities) that can quickly reduce a mine’s value, halt production or trigger costly remediation, much like a leaking landfill can suddenly force unexpected expenses and legal trouble.

qualified person regulatory

"a “Qualified Person” as defined under National Instrument 43-101"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

national instrument 43-101 regulatory

"National Instrument 43-101 - Standards of Disclosure for Mineral Projects"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MONTREAL, Oct. 14, 2026 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Company”) is pleased to announce record quarterly silver production at its Zgounder Silver Mine (“Zgounder”), as well as further advancement of its Boumadine pyrite reclaim operation in the Kingdom of Morocco for the three-month period ended September 30, 2026.

Q3-2026 Operational Summary

• Record consolidated production of 2.03 million silver equivalent ounces ("Moz AgEq"), up 51% year-over-year ("YoY") and up 21% quarter-over-quarter ("QoQ"); including 0.54 Moz AgEq¹ from the Boumadine pyrite reclaim operation² up 186% QoQ.
• Record Zgounder silver production of 1.50 Moz Ag, up 11% YoY.
• Record processing rate of 4,096 tonnes per day (“tpd”), representing a 5% increase over Q2-2026.
• Mining rate averaged 4,746 tpd, for the combined open pit and underground operations.
• Silver recovery averaged 92.0% during the quarter.
  
  

“Q3 was another record quarter at Zgounder, with records in both silver production and mill throughput. This strong operational execution is a direct result of the optimization work our team has implemented at site," said Benoit La Salle, President & CEO. "With Zgounder now operating consistently, we are firmly on track to achieve our 2026 production guidance.”

Q3-2026 and YTD-2026 Summary Production Results

	Q3-2026		Q3-2025		Change		YTD 2026		YTD 2025		Change YTD
Zgounder
Ore Mined (tonnes)	436,632		215,405		103	%	1,292,504		651,354		98	%
Average Grade Mined (g/t Ag)	143		142		1	%	138		144		(4	)%
Ore Processed (tonnes)	376,863		305,964		23	%	1,057,700		829,178		28	%
Average Grade Processed (g/t Ag)	146		146		-	%	143		149		(4	)%
Combined Mill Recovery (%)	92.0	%	92.5	%	(0.5	)%	90.9	%	87.4	%	3.5	%
Milling Operations (tpd)	4,096		3,326		23	%	3,874		3,037		28	%
Silver Produced (oz)	1,497,749		1,346,882		11	%	4,252,287		3,457,851		23	%
Boumadine Reclaim Operations
Pyrite produced (tonnes)	49,890		-		NM		88,856		-		NM
Average Grade Processed (g/t Ag)	151		-		NM		164		-		NM
Average Grade Processed (g/t Au)	2.61		-		NM		2.55		-		NM
Silver Produced (oz)	244,875		-		NM		473,002		-		NM
Gold Produced (oz)	4,300		-		NM		7,471		-		NM
Silver Equivalent Produced (oz)	536,879		-		NM		952,465		-		NM
Consolidated Operations
Silver Equivalent Produced Consolidated (oz)	2,034,628		1,346,882		51	%	5,204,752		3,457,851		51	%

	Q3-2026		Q2-2026		Change
Zgounder
Ore Mined (tonnes)	436,632		444,106		(2	)%
Average Grade Mined (g/t Ag)	143		137		4	%
Ore Processed (tonnes)	376,863		353,888		6	%
Average Grade Processed (g/t Ag)	146		141		4	%
Combined Mill Recovery (%)	92.0	%	91.2	%	0.8	%
Milling Operations (tpd)	4,096		3,889		5	%
Silver Produced (oz)	1,497,749		1,489,526		1	%
Boumadine Reclaim Operations
Pyrite reclaimed (tonnes)	49,890		17,153		191	%
Average Grade Processed (g/t Ag)	151		179		(16	)%
Average Grade Processed (g/t Au)	2.61		2.43		7	%
Silver Produced (oz)	244,875		100,721		143	%
Gold Produced (oz)	4,300		1,414		204	%
Silver Equivalent Produced (oz)	536,879		187,784		186	%
Consolidated Operations
Silver Equivalent Produced Consolidated (oz)	2,034,628		1,677,310		21	%

Operational Review

Zgounder Silver Mine

Zgounder produced 1.50 Moz of silver in Q3-2026, achieving a new quarterly record and an 11% increase YoY, reflecting optimized operations, while maintaining consistent silver recovery and feed grades. Reported silver production excludes 138,100 oz of silver cement which was not smelted as of quarter-end.

The mill processed a record of 376,863 tonnes ("t") of ore (4,096 tpd) in Q3-2026, up 23% YoY, at an average feed grade of 146 grams per tonne ("g/t") Ag. Mill availability was strong at 99.4% and metallurgical performance remained within expectations, with silver recovery of 92.0% for the quarter. Mill throughput continues to benefit from a crushing contractor who will remain on site until the planned crusher expansion is completed, expected early 2027.

Mining operations achieved an average mining rate of 4,746 tpd at 143 g/t Ag, reflecting strong performance across both underground and open-pit operations. The open-pit mining rate reached 3,486 tpd with a strip ratio of 12, while the underground operations contributed 1,260 tpd. The construction of the second phase of the tailings storage facility ("TSF") was completed in early Q3-2026, as planned.

The ore stockpile increased by 16% QoQ to 434,538 t, in line with the Company's objective of building a three-month inventory to support the mine plan.

Boumadine

In late 2025, Aya began reclaiming and selling its historical pyrite stockpile at Boumadine. During Q3-2026, the operation produced 536,879 oz AgEq (Au:Ag ratio of 68:1)¹. Material reclaimed and crushed totaled 49,890 t at average grades of 151 g/t Ag and 2.61 g/t Au.

Reclaiming operations are progressing as planned. Tonnes of pyrite reclaimed at Boumadine increased by 191% QoQ, reflecting a more normalized operating run rate, following weather-related disruptions in the first half of the year.

The reclamation and sale of the historical pyrite stockpile at Boumadine, announced on November 19, 2025, is expected to be of limited duration, lasting approximately 20 to 24 months from that date, or until the stockpile is depleted. The overall Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial production.

Qualified Person

The scientific and technical information contained in this press release have been reviewed and approved by Raphaël Beaudoin, P.Eng, Vice-President, Operations of Aya, 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 Company has established an exploration track record 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, silver-only mine, producing silver doré from its new processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway, and which hosts a sizable mineralized footprint, and potential for further discovery.

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.

For additional information, please visit Aya’s website at www.ayagoldsilver.com.

Or contact

Benoit La Salle, FCPA, MBA	Alex Ball
President & CEO	EVP, Capital Markets
benoit.lasalle@ayagoldsilver.com	alex.ball@ayagoldsilver.com

Forward-Looking Statement 

This press release contains “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations, estimates and projections regarding Aya’s future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Company’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as “aim”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, "goal", “guidance”, “intend”, “objective”, “plan”, "potential", “strategy”, "target", and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the Company's ability to achieve its 2026 production guidance and targets; the continued engagement of the crushing contractor at Zgounder; the planned crusher expansion at Zgounder and its anticipated completion timeline; the Company's operational performance, optimization initiatives and mine plans at Zgounder; the duration of the reclamation and sale of the historical pyrite stockpile at Boumadine; the Company's stockpile inventory objectives and their anticipated contribution to the execution of the mine plan; the Company’s focus on expanding its resource base and land package along the Anti-Atlas fault; the Boumadine project’s potential for further discovery and; the Company’s vision of responsible mining and its commitment to delivering sustainable value for shareholders, employees and host communities.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, assumptions regarding: the Company's ability to maintain anticipated production levels, processing rates, feed grades and recovery rates at Zgounder; the Company's ability to achieve its expected operational performance and production targets; the continued availability and reliability of mining and processing equipment, infrastructure, personnel and contractors; the continued engagement and satisfactory performance of the crushing contractor at Zgounder; the timely execution and completion of the planned crusher expansion, including the availability of required equipment, materials, contractors and resources; the successful implementation of operational optimization initiatives and mine plans at Zgounder; the availability, quantity and quality of historical pyrite stockpiles at Boumadine and the Company's ability to continue reclaiming, processing, transporting and selling such material as anticipated; the availability of transportation, logistics infrastructure and market demand for pyrite; the Company's ability to achieve its inventory-related objectives; the absence of material adverse changes in market conditions, commodity prices, regulatory requirements or the political, economic and operating environments in which the Company operates; the Company’s ability to successfully execute its exploration strategy, expand its mineral resource base and land package along the Anti-Atlas fault, advance its growth pipeline and realize the exploration potential of the Boumadine project; the Company’s ability to conduct its operations in a safe, responsible and sustainable manner while delivering long-term value to shareholders, employees and host communities; the Company’s ability to achieve its estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; the absence of material changes in prevailing social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the Company's ability to achieve its 2026 production guidance and targets; the Company's ability to retain the crushing contractor at Zgounder or its failure to perform as expected; delays, cost overruns, equipment shortages or other challenges affecting the execution and timely completion of the planned crusher expansion at Zgounder; the Company's ability to achieve or maintain targeted ore stockpile levels or effectively manage inventory to support the execution of its mine plans; risks associated with the quantity, quality and availability of historical pyrite stockpiles at Boumadine, including the potential for earlier or later depletion than anticipated; operational, processing, transportation, logistical or market-related disruptions affecting the reclamation and sale of historical pyrite stockpiles at Boumadine; Aya’s ability to execute on its plans relating to the Zgounder Project and Boumadine Project, including the timing thereof; risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins, and flooding; risks related to Aya’s operations in Morocco; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; the inability to determine, with certainty, the production of metals and cost estimates, or the prices to be received before mineral reserves or mineral resources are actually mined; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward markets for silver and other commodities (such as natural gas, fuel, oil and electricity); availability of gas, fuel, and oil; restrictions on mining in the jurisdictions in which Aya operates; change in laws and regulations governing our operations, exploration, and development activities, including international laws and legal norms, such as those relating to Indigenous peoples and human rights; the Company’s ability to mitigate the risks pertaining to fund repatriation; expectations with respect to any future pandemics on our operations, and assumptions related thereto; Aya’s ability to attract and retain qualified employees and contractors; Aya’s ability to obtain and renew necessary permits and licenses; inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; Aya’s growth strategy; Aya’s ability to obtain and maintain insurance; occupational health and safety risks; adverse publicity risks; third party risks; disruptions to Aya’s business operations; Aya’s reliance on technology and information systems; litigation risks; interest and exchange rates risks; tax risks; unforeseen expenses; public health crises; climate change; weather disruptions; general economic conditions; commodity prices; gold and silver demand; volatility of share price; public company obligations; competition risk; policies and legislation; force majeure; the effectiveness of our internal control over financial reporting; changes in technology; the potential for asset impairment (or reversal); the inherent risks involved in exploration and development of mineral properties; risks associated with the use of artificial intelligence (AI); and other risks described in the Company’s documents filed with Canadian and U.S. securities regulatory authorities.

In addition, readers are directed to carefully review the detailed risk discussion in the Company’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company’s business plans, financial performance and condition and may not be appropriate for other purposes.

The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

1. The Company’s AgEq ounces for 2026 guidance at Boumadine are calculated using an 80:1 gold-to-silver (Au:Ag) ratio and assumed commodity prices of $50.00/oz silver and $4,000/oz gold, compared to an average realized ratio of approximately 68:1 during Q3-2026. Had the 80:1 ratio been applied during Q3-2026, reported AgEq production would have been approximately 52,011 ounces higher for the quarter.
2. Announced on November 19, 2025, the Boumadine pyrite reclaim operation is expected to be a limited duration of 20 to 24 months.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Aya Gold & Silver produce in Q3-2026?

Aya produced 2,034,628 silver-equivalent ounces in Q3-2026, up 51% year over year and 21% quarter over quarter. Zgounder contributed 1,497,749 silver ounces, and Boumadine reclamation contributed 536,879 silver-equivalent ounces.

Does Aya's Q3-2026 Zgounder production include unsmelted silver cement?

Reported Zgounder silver production excludes 138,100 ounces of silver cement that had not been smelted at quarter-end.

What gold-to-silver ratio did Aya use for Boumadine's Q3-2026 silver-equivalent production?

Boumadine's Q3-2026 silver-equivalent production used a 68:1 gold-to-silver ratio. The operation produced 244,875 silver ounces and 4,300 gold ounces during the quarter.

What were Aya's Zgounder open-pit and underground mining rates in Q3-2026?

Zgounder's open-pit mining rate was 3,486 tonnes per day, and underground operations contributed 1,260 tonnes per day. The combined average was 4,746 tonnes per day, and the open pit had a strip ratio of 12.