Aya Gold & Silver (AYA) Q2 2026 Earnings Call Transcript

Aya Gold & Silver reported a very strong Q2 2026, with record silver-equivalent production, higher realized silver prices, and sharply improved profitability and cash flow. Revenue rose 151% year over year to about $96.8 million, net income surged 305% to $35 million, and operating cash flow for H1 reached $118.6 million. Zgounder drove the results with record mining and processing rates, while Boumadine added low-cost reclamation ounces and meaningful cash generation. Management reaffirmed full-year guidance and highlighted a healthy balance sheet with $182.8 million in cash, early debt repayment, and continued funding for expansion and exploration. The key market catalysts are continued throughput optimization at Zgounder, an updated Boumadine PEA expected in early September, and ongoing drilling success, including a high-grade intercept at Boumadine. The article is supportive for Aya’s outlook, though near-term silver price volatility and higher strip ratios could pressure realized pricing and costs.