Aya Gold & Silver posts record quarter as Zgounder output jumps 43%

Aya Gold & Silver reported record consolidated production of 1.68-million silver-equivalent ounces for the second quarter of 2026, up 61% year on year and 12% on the previous quarter, with its Zgounder mine in Morocco's Anti-Atlas mountains contributing 1.5-million ounces of silver, a 43% increase on the same period in 2025.

Africa's largest silver mine hits its stride

Zgounder overtook Morocco's Imiter mine to become Africa's largest silver operation after a new processing plant came online in late 2024, and the second quarter of 2026 showed the upgrade continuing to pay off. Mining achieved a record average rate of 4,880 tonnes per day at a grade of 137 grams of silver per tonne, split between 3,437 tonnes a day from the open pit and 1,444 tonnes a day from underground operations, while the mill processed a record 3,889 tonnes a day, up 7% on the first quarter.

Costs falling as output rises

Revenue for the quarter reached $96.8m, up 151% year on year, while net income rose to $35.0m, more than four times the prior year's figure. Consolidated cash costs fell to $16.82 an ounce of silver equivalent, down 21% year on year, reflecting the benefits of higher throughput spreading fixed costs across greater output — a classic sign of a ramp-up moving from teething problems to genuine operating leverage.

Guidance holds despite a strong quarter

Despite the record quarter, Aya maintained its full-year 2026 production guidance of 6.2-million to 6.8-million silver-equivalent ounces, a cautious stance that leaves room for the pace of improvement to moderate in the second half. The company's Boumadine pyrite reclaim operation contributed a further 0.19-million ounces during the quarter, adding a secondary production stream alongside Zgounder.

Why it matters for Morocco

Morocco has quietly become one of Africa's most significant silver producers, and Aya's results show a mine that has moved decisively past the operational uncertainty that can accompany a major plant upgrade. With silver prices supported by both industrial and investment demand, Zgounder's growing output positions Morocco's mining sector as a beneficiary of trends distinct from the gold, PGM and battery-metal stories dominating coverage of African mining elsewhere on the continent.

Sources

• GlobeNewswire: Aya Gold & Silver Reports Record Q2-2026 Silver Production, 08 Jul 2026
• Barchart: Aya Gold & Silver Reports Record Q2-2026 Silver Production, 08 Jul 2026

Photo: The Zgounder silver mine in Morocco's Anti-Atlas mountains, Africa's largest silver operation. RockyMountains24, Wikimedia Commons, CC BY-SA 4.0.