Aya Gold & Silver (TSX: AYA) produced 2.03 million silver equivalent ounces in the third quarter, up 51% from a year earlier and 21% above the second quarter, as its pyrite reclaim operation at Boumadine reached a more normal run rate.
Most of the sequential growth came from Boumadine, which delivered 536,879 silver equivalent ounces, up 186% from the prior quarter. The operation reclaimed and crushed 49,890 tonnes of historical pyrite grading 151 g/t silver and 2.61 g/t gold, nearly triple the prior quarter’s volume, after weather disrupted work in the first half of the year.
The Zgounder silver mine also posted a quarterly record, though by a much narrower margin. Silver output reached 1.50 million ounces, an 11% gain year over year but only 1% above the second quarter.
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The mill processed 376,863 tonnes, or 4,096 tonnes per day, at a feed grade of 146 g/t silver. Recovery averaged 92.0%, up from 91.2% in the prior quarter, with mill availability at 99.4%. Mining averaged 4,746 tonnes per day at 143 g/t silver across the open pit and underground operations.
Reported Zgounder production excludes 138,100 ounces of silver cement that had not been smelted by quarter end.
Throughput continues to rely on a contract crusher, which will remain on site until a planned crusher expansion is completed in early 2027. The ore stockpile grew 16% to 434,538 tonnes as the company builds toward a three month inventory buffer.
President and CEO Benoit La Salle credited the records to optimization work at site, adding that with Zgounder now running consistently the company is “firmly on track to achieve our 2026 production guidance.”
Year to date, consolidated production stands at 5.20 million silver equivalent ounces, or 77% to 84% of the 6.2 million to 6.8 million ounce guidance range set in January. Zgounder has produced 4.25 million ounces against a target of 5.2 million to 5.8 million ounces, while Boumadine has already reached 952,465 ounces, close to its full year outlook of roughly 1.0 million.
The Boumadine figures are also understated relative to guidance. Aya’s outlook assumed an 80:1 gold-to-silver ratio, compared to roughly 68:1 realized in the quarter, a difference the company says would have added about 52,000 ounces in the third quarter alone.
Aya Gold and Silver last traded at $36.10 on the TSX.
