Aya Gold & Silver Inc. (AYA): Financial results for Q2 2026
Aya Gold & Silver Inc. (AYA) furnished an SEC Form 6-K — earnings release. PRESS RELEASE Aya Gold & Silver Reports Q2-2026 Results and Delivers Record Operational Performance Montreal, Quebec, August 13, 2026 - Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Company”) today announced its financial and operational results for the second qua
How this was made
The 30-second read
Why it matters
The earnings beat and record production suggest improved operating leverage, likely prompting short covering and new buying.
Market read
First‑time disclosure of Aya's Q2‑2026 earnings, a material event for the stock and sector.
What to watch
Potential execution risks at Boumadine and Zgounder, and the ongoing litigation with Duro Felguera could affect future cash flow.
Aya Gold & Silver Reports Q2-2026 Results and Delivers Record Operational Performance
Revenue increased 151% YoY, net income increased 305% YoY, operating cash flow increased 522% YoY, and consolidated AgEq production increased 61% YoY while consolidated cash costs per AgEq ounce sold decreased 21% YoY.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | $96,794 (in thousands of US$) | – | 151% |
| Revenue - Silverother | $90,321 (in thousands of US$) | – | 134% |
| Revenue - Pyriteother | $6,473 (in thousands of US$) | – | NM |
| Cost of Salesother | $33,381 (in thousands of US$) | – | 12% |
| Gross Profitother | $63,413 (in thousands of US$) | – | 609% |
| Operating Incomeother | $53,155 (in thousands of US$) | – | 593% |
| Income before Income Taxesother | $56,509 (in thousands of US$) | – | 441% |
| Net Incomeother | $35,038 (in thousands of US$) | – | 305% |
| Income Per Share (EPS) - Basicother | $0.24 | – | 243% |
| Income Per Share (EPS) - Dilutedother | $0.23 | – | 283% |
| Operating Cash Flowother | $48,402 (in thousands of US$) | – | 522% |
| Cash and cash equivalentsother | $182,808 (in thousands of US$) | – | 61% |
| Total Assetsother | $702,294 (in thousands of US$) | – | 24% |
| Total Non-Current Financial Liabilitiesother | $57,107 (in thousands of US$) | – | (32)% |
| Working Capitalnon-GAAP | $144,771 (in thousands of US$) | – | 64% |
| YTD 2026 Revenuesother | $214,068 (in thousands of US$) | – | 195% |
| YTD 2026 Gross Profitother | $147,174 (in thousands of US$) | – | 667% |
| YTD 2026 Operating Incomeother | $130,742 (in thousands of US$) | – | 1,089% |
| YTD 2026 Net Incomeother | $83,567 (in thousands of US$) | – | 437% |
| YTD 2026 Operating Cash Flowother | $118,573 (in thousands of US$) | – | 655% |
| YTD 2026 Income Per Share (EPS) - Basicother | 0.58 | – | 383% |
| YTD 2026 Income Per Share (EPS) - Dilutedother | 0.56 | – | 409% |
| Consolidated silver equivalent producedother | 1,677,310 oz | 12% | 61% |
| Consolidated silver equivalent soldother | 1,507,121 oz | 6% | 32% |
| Average net realized silver equivalent priceother | $64.22/oz | (22)% | 90% |
| Cash costs per silver equivalent ounce soldnon-GAAP | $16.82 | (9)% | (21)% |
| Combined Mill Recoveryother | 91.2 % | 1.8% | 4.7% |
| Milling Operationsother | 3,889 tpd | 7% | 29% |
| Record mining rateother | 4,880 tpd | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Zgounder Silver MineSilver production was 1,489,526 oz, up 43% YoY and 18% QoQ, reflecting the ramp-up of mining and milling operations and continued operational improvements. | $90,321 (in thousands of US$) | – | 134% |
| Boumadine Pyrite Reclaim OperationThe operation produced 187,784 oz AgEq and sold 184,536 oz AgEq during Q2-2026. The overall Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial production. | $6,473 (in thousands of US$) | – | NM |
2026 outlook
- Note2026 operation outlook remains unchanged from the outlook disclosed in the Company’s March 31, 2026 news release.
What drove it
- Revenue growth reflected a higher average net realized AgEq price of $64.22/oz and increased consolidated ounces sold of 1.5 Moz AgEq.
- Zgounder processed 353,888 tonnes of ore at 3,889 tpd, with combined mill recovery of 91.2 %.
- Zgounder cash costs per silver ounce sold were $17.69, decreasing 17% from Q2-2025 and 5% from Q1-2026, driven by higher throughput, increased production volumes and efficiencies from optimization initiatives.
- The open pit is fully operational and integrated into production. Unit costs also benefited from a strip ratio of 10, reflecting continued mining of ore-rich zones.
- Aya completed 50,567 m of diamond drilling at Boumadine and 4,440 m at Zgounder in Q2-2026.
Concerns
- Q2-2026 net income included approximately $5M of costs, primarily related to professional fees for the ongoing litigation with Duro Felguera S.A. and costs associated with the Nasdaq listing.
- Average net realized silver equivalent price was down 22% QoQ to $64.22/oz from $82.22/oz.
- Boumadine crushed inventory stood at 298,977 oz AgEq equivalent at the end of Q2-2026, located at various ports and awaiting shipment.
- The pyrite reclaim operation is expected to be of limited duration, lasting approximately 20 to 24 months from November 19, 2025, or until the stockpile is depleted.
- Cash costs per AgEq ounce sold at Boumadine were negatively impacted by changes in the gold-to-silver ratio during the quarter.
What to watch
- Bulk shipments of reclaimed pyrite inventory in H2-2026, in addition to ongoing containerized shipments.
- Completion of the updated Boumadine mineral resource estimate and preliminary economic assessment, alongside feasibility study work.
- H2-2026 drilling beyond the Western Fault supported by the 1,825-metre exploration drift at Zgounder.
- Sustained mining and processing rates above nameplate capacity, cash costs, and delivery against the unchanged 2026 operational outlook.
- Completion of customary post-closing administrative formalities in Morocco for the acquisition of the Zagora, Agadir-Melloul and Goulmim exploration portfolio.
Balance sheet and cash flow
- Cash and cash equivalents were $183M, compared to $136M as of December 31, 2025. This excludes $16M of restricted cash.
- The Company generated $48M in cash flow from operating activities, including $45M before changes in working capital.
- Exploration expenditures were $11M and $11M was invested in capital projects at Zgounder.
- The Company reimbursed $15M to EBRD for the facility it had engaged and announced on May 12, 2025. The facility is now fully repaid, ahead of maturity.
- Working Capital was $144,771 (in thousands of US$), consisting of current assets of $286,306 less current liabilities of $141,535.
Analysis
Aya reported a sharply stronger Q2-2026. Revenues were $96,794 (in thousands of US$), up 151% YoY, as consolidated AgEq ounces sold rose 32% and the average net realized AgEq price rose 90% to $64.22/oz. Gross Profit rose 609% to $63,413 (in thousands of US$), Operating Income increased 593% to $53,155 (in thousands of US$), and Net Income increased 305% to $35,038 (in thousands of US$). The quarter also included approximately $5M of costs related primarily to the DF litigation and the Nasdaq listing.
Operations at Zgounder supplied the principal production advance. Silver production was 1,489,526 oz, up 43% YoY and 18% QoQ. Ore processed increased 29% YoY to 353,888 tonnes, milling operations reached a record 3,889 tpd, and combined mill recovery reached 91.2 %. The open pit is fully operational and integrated into production. These throughput and production gains supported a 17% YoY reduction in Zgounder cash costs per silver ounce sold to $17.69.
Boumadine added $6,473 (in thousands of US$) of pyrite revenue and produced 187,784 oz AgEq, but the operation is a limited-duration stockpile reclaim initiative rather than commercial production from the broader polymetallic project. Crushed inventory of 298,977 oz AgEq equivalent was awaiting shipment at ports at quarter-end, with bulk shipments expected in H2-2026. The reported AgEq unit-cost measure at Boumadine was affected by a compressed gold-to-silver ratio, which reduced reported AgEq ounces and increased unit costs on that basis.
Cash generation and liquidity improved materially. Operating cash flow was $48,402 (in thousands of US$), up 522% YoY, while cash and cash equivalents were $183M and restricted cash was $16M. Aya spent $11M on exploration and $11M on Zgounder capital projects, completed Phase 2 of the TSF in early Q3-2026, and repaid $15M to EBRD, fully repaying that facility ahead of maturity. Total Non-Current Financial Liabilities were $57,107 (in thousands of US$), down 32% YoY.
Aya stated that its 2026 operational outlook remains unchanged, though the release does not reproduce the numerical targets from the March 31, 2026 outlook. The central execution markers are sustained Zgounder throughput and cost performance, shipments from the Boumadine pyrite inventory, drilling progress toward an updated Boumadine MRE and PEA, and the development of the Boumadine feasibility study.
Management, verbatim
Q2 was a record operating quarter for Aya. Zgounder delivered record mining and processing rates, demonstrating the plant’s ability to operate at sustained rates well above the nameplate capacity and in line with the updated Zgounder Technical Report. 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.
Benoit La Salle, President & CEO
At the same time, we continue to advance our district-scale Boumadine project, including infill drilling ahead of an updated MRE and PEA. These achievements reflect the strength of our assets and the execution capabilities of our team, positioning Aya for continued growth and long-term value creation.
Benoit La Salle, President & CEO
Not in the filing
stated, not guessed- Numerical 2026 revenue guidance
- Numerical 2026 gross-margin guidance
- Numerical 2026 operating-expense guidance
- Numerical 2026 tax-rate guidance
- Free cash flow
- GAAP or IFRS gross margin
- Operating expenses
- Effective tax rate
- Capital-return activity, including dividends and share repurchases
- Prior-quarter comparisons for quarterly financial statement metrics
- Prior outlook document and its numerical targets, preventing comparison of reported results with prior guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Aya Gold & Silver is a Canadian‑based silver miner listed on NASDAQ (AYA) and TSX, recently added to the VanEck Gold Miners ETF.
Ticker impact
Aya Gold & Silver reported Q2‑2026 results with revenue up 151% YoY to $97M and net income rising 305% to $35M.
Potential price rally on the back of record operational performance and guidance confidence.
The earnings release is the first public disclosure of these numbers, showing material growth and cash generation for a micro‑cap miner, which typically drives short‑term buying pressure.
Market effects
Positive signal for the broader precious‑metals mining sector, may lift peers with similar cost structures.
Supports sentiment for Canadian mining stocks listed on TSX and NASDAQ.
Adds to global silver supply outlook, modestly influencing commodity markets.
Counterpoint
If the market has already priced in the strong results, the stock could be overbought and face a pull‑back.
Key entities
- companyAya Gold & Silver Inc.
Silver mining company reporting Q2‑2026 results.
- executiveBenoit La Salle
President & CEO of Aya Gold & Silver.
