Aya Gold & Silver (TSX: AYA) is calling for increased production at their Moroccan operations in 2026. The company this morning released guidance for the year, with the firm indicating that it expects to see production from not one but two different sources.
Total production for 2026 is estimated at 6.2 to 6.8 million silver equivalent ounces, of which 5.2 to 5.8 million silver ounces are expected to come from Zgounder. The additional 1.0 million ounces of silver equivalent are expected to come from Boumadine, where pyrite stockpiles are being reclaimed and commercialized.
Costing meanwhile is anticipating average cash costs of $21.50 an ounce at Zgounder, while the reclamation effort at Boumadine is anticipated to have cash costs of just $10.10 per silver equivalent ounce produced.
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2026 will also see Aya spend $36 million on sustaining and growth capital investments, with the company to evaluate the potential of increased plant capacity at Zgounder beyond current levels. Development at Boumadine is expected to be accelerated, with extensive drilling, feasibility fieldwork, an ESIA, and flowsheet improvements scheduled to be conducted this year with a resource update anticipated for the second half of 2026.
Exploration meanwhile is expected to consist of 230,000 metres of drilling, with the intent of expanding resources and “enhancing long-term optionality.” 200,000 metres of that effort will be focused on Boumadine, consisting of infill and regional drilling, while 20,000 metres are earmarked for near mine drilling at Zgounder, and 10,000 metres for regional exploration at the mine site.
“Our objectives center on continuous optimization at the Zgounder silver mine, including incremental throughput enhancements to maximize cash flow, fast-tracking feasibility work at Boumadine, and executing a bold exploration program. Together these initiatives span the full value chain and are designed to enhance scalability, expand resources, and advance development opportunities,” commented Benoit La Salle, CEO of Aya Gold & Silver.
The company also indicated that they are targeting a US listing in mid 2026 to enhance liquidity.
Aya Gold & Silver last traded at $27.28 on the TSX.
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