Aya Gold & Silver (TSX: AYA) posted a record operating quarter in the second quarter of 2026, though the headline financial figures moved in two directions at once.
Revenue came in at $97 million, up 151% from a year earlier but down from the $117.3 million the company booked in the first quarter. The gap has less to do with the mine than with the market. Aya’s average net realized silver equivalent price slipped to $64.22 an ounce from $82.22 in Q1, more than offsetting a stronger quarter underground.
Net income was $35 million, or $0.23 a share, against $9 million and $0.07 in the same quarter last year. Cash flow from operations reached $48 million, a 522% year over year increase, although down from $70.2 million in the first quarter.
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The company closed the quarter with $183 million in cash and equivalents, plus $16 million in restricted cash, and working capital of $144.8 million. Non-current financial liabilities fell to $57.1 million from $84 million a year ago, helped by the early repayment of a $15 million EBRD facility.
Consolidated production totalled 1.7 million silver equivalent ounces, up 61% year over year and 12% sequentially. Zgounder contributed 1.5 million ounces of silver, with the remaining 0.2 million ounces of silver equivalent coming from the Boumadine pyrite reclaim. The mill set a record at 3,889 tonnes per day, a 7% quarterly gain that pushes it comfortably past nameplate capacity, while the combined mining rate hit a record 4,880 tpd. Recovery was 91.2% on 353,888 tonnes processed at an average grade of 141 g/t silver.
Consolidated cash costs were $16.82 per silver equivalent ounce, down 9% quarter over quarter. Zgounder came in at $17.69 an ounce, well inside the $21.50 full-year guidance figure; Boumadine’s $10.58 sits marginally above its $10.10 target.
Guidance is unchanged at 6.2 million to 6.8 million silver equivalent ounces for the year. First half production of 3.17 million ounces leaves the company tracking near the midpoint.
“This strong operational performance is translating into lower cash costs, increased operating leverage and strong cash flow generation, while keeping us firmly on track to deliver our 2026 guidance,” said President and Chief Executive Officer Benoit La Salle.
The quarter also brought a Nasdaq listing in May, inclusion in the VanEck Gold Miners ETF in June, and the appointment of Ghislane Guedira as board chair.
Aya Gold & Silver last traded at $37.44 on the TSX.
