The Moroccan Mine That Now Brings in Nearly $100 Million in Three Months

In its results published on August 13, Aya Gold & Silver reported precisely $96.8 million in revenue in the second quarter of 2026, an increase of 151% year-on-year. The bulk of this, $90.3 million, came from silver sales, supplemented by $6.5 million generated from pyrite recovery at Boumadine.

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Net profit reached $35 million, compared with $8.6 million a year earlier, representing an increase of 305%. The group’s activities also generated $48.4 million in cash flow over three months, six times more than in the second quarter of 2025.

Zgounder breaks its records

The Zgounder mine in Morocco remains the driving force behind this surge. It produced nearly 1.5 million ounces of silver between April and June, 43% more than a year earlier. The site processed 353 888 tonnes of ore during the quarter, at a record rate of 3 889 tonnes per day.

Aya is also benefiting from the surge in silver prices: the group’s average realized price reached $64.22 per ounce, up 90% year-on-year. At the same time, its production costs declined thanks to increased volumes.

At the end of June, the group had $182.8 million in liquidity. Part of this is intended in particular to finance the progress of Boumadine, its other major Moroccan project, where more than 50 000 meters of drilling were completed in the second quarter alone. A new parallel mineralized structure was also identified there beneath the current resource envelope.

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In one year, Aya thus went from $38.6 million to nearly $97 million in quarterly revenue, driven mainly by the ramp-up of Zgounder.