Aya Gold & Silver (TSX: AYA) exited 2025 with full-year revenue rising to $202.1 million from $39.1 million in 2024. Q4 2025 revenue reached $75.3 million, up from $9.3 million a year earlier.
The surge came on much higher silver-equivalent volumes, stronger realized prices, and the completion of Zgounder’s ramp-up. Hence, the firm was able to flip to an operating income this year with $62.5 million against an operating loss of $38.7 million in 2024, mirroring Q4’s reversal to an operating income at $36.4 million versus a loss of $34.5 million a year earlier.
This trickled down further to a reversal to net income at $46.3 million in 2025, versus a $26.0 million net loss in 2024. For Q4 2025, net income was $18.3 million versus a $30.0 million loss a year earlier.
Operating cash flow in Q4 was $33.9 million, up from $2.4 million in Q4 2024. Capital allocation remained aggressive, with $33.0 million invested in the Zgounder expansion and $42.0 million spent on exploration and evaluation, mainly at Boumadine.
Cash and cash equivalents rose to $136.3 million at December 31, 2025, up from $30.9 million a year earlier. Working capital also expanded to $112.4 million from $23.4 million, based on current assets of $232.5 million and current liabilities of $120.1 million.
Production was the core driver of the topline surge, despite Zgrounder failing to meet guidance. Consolidated 2025 output reached 5.0 million silver-equivalent ounces, barely hitting the guidance of 5.0 million to 5.3 million ounces, with 1.54 million ounces produced in Q4. Consolidated sales also matched the jump at 4.86 million silver-equivalent ounces for the year and 1.29 million ounces in Q4.
While silver prices surge, full-year consolidated cash cost came in at $20.25 per silver-equivalent ounce sold, down from $21.71 last year, and Q4 cash cost also fell to $19.91 from $26.57.
However, on an adjusted basis excluding 2024 ramp-up costs, full-year cash cost was actually higher at $20.25 versus $19.62 in 2024, and Q4 was $19.91 versus $21.51.
The firm reiterated 2026 production guidance of 6.2 million to 6.8 million silver-equivalent ounces, including 5.2 million to 5.8 million ounces from Zgounder at a $21.50 per ounce cash cost and about 1.0 million silver-equivalent ounces from Boumadine, reclaimed at a cost of $10.00 per ounce.
Aya Gold & Silver last traded at $19.20 on the TSX.
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