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Aya Gold & Silver Posts Record Revenue In Q2 2025 Amid Rising Costs

Aya Gold & Silver (TSX: AYA) posted record revenue of $38.6 million in Q2 2025, up 182% year over year from $13.7 million, on stronger silver sales and a higher realized price.

Realized price for silver was at $33.86 per ounce in Q2, up 29% YoY, while cash cost per ounce sold increased 19% to $21.26 as early-stage open-pit and underground development, stope sequencing, and dilution pressured unit costs.

“We acknowledge elevated cash costs directly related to mining grade dilution,” CEO Benoit La Salle said, adding that cost per ounce is expected to fall in H2 2025 as mining processes are tightened.

Cost of sales also rose 239% YoY to $29.7 million, compressing gross margin to 23.2% from 35.9% a year earlier, and putting gross profit at $8.9 million from last year’s $4.9 million.

Operating income increased to $7.3 million, up 344% YoY, implying a 19.0% operating margin versus 12.1% last year. This led to a net income of $8.6 million versus $6.8 million last year, with diluted EPS landing at $0.06 versus $0.05. Management notes the quarter includes a $1.8 million one-time gain and a $4.0 million impairment recovery tied to the Mx2 transaction, which lifted the bottom line.

Operating cash flow fell 39% YoY to $7.8 million. Quarter expenditures included $8.3 million at Zgounder for surface infrastructure and underground development and $3.5 million on exploration and evaluation. With capex outlays exceeding OCF, free cash flow was effectively negative for the quarter, even as production scaled.

Aya closed a $144 million bought deal during Q2 and ended the quarter with $113.8 million in cash from $30.9 million at the end of 2024. Working capital also then increased to $88.4 million from $23.4 million.

Operations at Zgounder scaled materially as the new plant, in large-scale commercial production since late 2024, continued to ramp. Silver production reached 1.04 million ounces, up from 432,667 last year but down from 1.1 million from Q1, while silver sales were 1.14 million ounces, up from 521,971 last year. Throughput averaged 3,005 tpd, up from 885 tpd last year, with mill availability at 98%.

Ore processed was 273,471 tonnes, up from 80,562 last year, at an average processed grade of 140 g/t silver, down from 196 g/t, while recovery improved to 86.5% from 84.7%. Ore mined totaled 241,288 tonnes, up from 114,025 last year, while average mined grade fell to 138 g/t from 176 g/t, reflecting dilution tied to accelerated mining.

Management highlighted H2 2025 catalysts, including the Boumadine PEA and continued drill results, reiterating the strategy to grow production, expand resources, and strengthen Aya’s position as a high-grade silver producer.

Aya Gold & Silver last traded at $12.39 on the TSX.


Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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