Core Insights - Aya Gold & Silver Inc. reported record financial performance for 2025, with significant revenue growth driven by strong operations at Zgounder and advancements at Boumadine [5][7][9]. Financial Highlights - Full-year revenue reached $202 million in 2025, a five-fold increase year-over-year, with 4.9 million silver equivalent ounces sold, up 223%, and an average net realized AgEq price of $41.61 per ounce, up 60% [7][8]. - Q4 2025 revenue was $75 million, a 39% increase quarter-over-quarter, attributed to a higher average net realized AgEq price of $58.39 per ounce, up 47% QoQ and 111% YoY [7][8]. - Net income for 2025 was $46 million, with diluted EPS of $0.32, marking a 288% increase YoY, including $18 million in Q4 2025 [9][10]. - Operating cash flow for the full year was $72 million, with $136 million in cash and cash equivalents at year-end [10]. Operational Highlights - Total consolidated production for 2025 was 5.0 million ounces AgEq, tripling year-over-year, with Q4 production accounting for 1.54 million ounces AgEq [11][12]. - Zgounder produced 4.83 million ounces of silver in 2025, with a Q4 production of 1.37 million ounces, reflecting a 2% QoQ increase [12][16]. - The Boumadine project initiated a pyrite reclaim operation, contributing to Q4 production [11][12]. Development and Exploration - A Preliminary Economic Assessment (PEA) for Boumadine indicated a post-tax NPV of $1.5 billion and an IRR of 47%, with an estimated total production of 340 million ounces AgEq over an 11-year mine life [23]. - Drilling activities exceeded targets, with 150,325 meters completed at Boumadine and 28,281 meters at Zgounder, confirming high-grade silver mineralization and extending mineralization across key zones [23][24]. - The updated mine plan for Zgounder extends the life of mine to 2036, with an average annual production of 6 million ounces of silver at a cash cost of $16.26 per ounce [23][24]. Environmental, Social, and Governance (ESG) - The company improved its sustainability and health and safety performance, achieving a Total Recordable Injury Frequency Rate (TRIFR) of 11.24 in Q4 2025, down from 19.56 in Q4 2024 [21]. - Aya continued to support local communities through various programs while implementing its Environmental and Social Management System (ESMS) [21]. 2026 Outlook - Aya anticipates a strong operational year in 2026, focusing on executing its current mine plan and advancing exploration and development initiatives, supported by a robust balance sheet [25]. - The company plans to invest in its future through disciplined capital allocation and continued exploration investment [25].