Why Aya Gold & Silver (TSX:AYA) Is Up 8.0% After Record-Breaking Silver Output at Zgounder Mine

• Earlier this week, Aya Gold & Silver reported record third-quarter silver production of 1,346,882 ounces at its Zgounder Silver Mine in Morocco, with ore processed and mine production both showing very large year-over-year increases.
• This operational achievement was supported by high mill availability and silver recoveries that exceeded feasibility study expectations, highlighting significant improvements in efficiency and throughput.
• We'll now examine how the strong ramp-up at Zgounder, reflected in record production, impacts Aya Gold & Silver's investment narrative.

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Aya Gold & Silver Investment Narrative Recap

To be a shareholder in Aya Gold & Silver, you need to believe in the company’s ability to translate operational outperformance at its Zgounder mine into sustainable higher production, improved recoveries, and ultimately, stronger financial results. The recent record Q3 silver production confirms the ramp-up as a key catalyst, and meaningfully reduces immediate operational risks, though reliance on Moroccan assets and exposure to geopolitical factors remain significant business risks. In the short term, these strong results bolster the Zgounder narrative, but do not erase the ongoing concentration risk.

Of all recent announcements, the high-grade silver results from continued Zgounder exploration in September 2025 are most relevant. This ties directly to Aya’s investment case: ongoing resource expansion and production growth at Zgounder remain critical for margin improvement and future earnings stabilization. A point of contrast investors should know: However, even with operational momentum, Aya's single-country exposure means...

Read the full narrative on Aya Gold & Silver (it's free!)

Aya Gold & Silver's narrative projects $266.9 million revenue and $92.6 million earnings by 2028. This requires 42.2% yearly revenue growth and a $102.8 million increase in earnings from -$10.2 million today.

Uncover how Aya Gold & Silver's forecasts yield a CA$20.80 fair value, a 12% upside to its current price.

Exploring Other Perspectives

Seven members of the Simply Wall St Community valued Aya Gold & Silver between CA$9 and CA$102 per share, with views clustering across several price ranges. With much of the growth story resting on operational ramp-up and Moroccan asset focus, your outlook on these key factors may shape how you interpret Aya’s broad valuation gap.

Explore 7 other fair value estimates on Aya Gold & Silver - why the stock might be worth over 5x more than the current price!

Build Your Own Aya Gold & Silver Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Aya Gold & Silver research is our analysis highlighting 1 key reward that could impact your investment decision.
• Our free Aya Gold & Silver research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Aya Gold & Silver's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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