News Summary
Aya Gold & Silver announced additional high-grade silver drill results from its 2025 exploration program at the Zgounder Silver Mine in Morocco on December 9, 2025. The results confirm strong continuity of mineralization both at depth and near the open-pit area.
Key intercepts include:
– ZG-RC-25-478: 677 g/t Ag over 15.0 meters (m)
– DZG-SF-25-715: 1,972 g/t Ag over 3.2m
– T28-25-904: 1,631 g/t Ag over 7.2m
– T28-25-942: 1,947 g/t Ag over 6.0m
Notably, hole ZG-SF-25-336 intersected 2,718 g/t Ag over 1.3m at depth near the Western Fault, which the company states extends mineralization further west beyond the current resource model. The company has completed 21,314m, or 85%, of its planned 2025 exploration program at Zgounder.
Material Impact
The drill results are undeniably strong, featuring high grades over respectable widths. This news is positive as it supports resource growth potential and extends the mine life of the company’s flagship producing asset, Zgounder. The extension of mineralization to the west is a key positive takeaway, demonstrating that the deposit remains open for expansion.
However, this release must be viewed in the context of a string of highly positive news over the past year. The market has become accustomed to excellent exploration results from both Zgounder and the Boumadine project. The key de-risking events have been:
1. Zgounder Expansion & Ramp-Up: The successful commissioning of the new plant in late 2024 and the subsequent ramp-up to throughput rates exceeding 3,700 tonnes per day (tpd) versus a nameplate of 2,700 tpd is a major operational achievement. This was confirmed in the Q3 results (November 11, 2025).
2. Boumadine PEA: The Preliminary Economic Assessment for Boumadine (November 4, 2025) was a game-changing catalyst, outlining a potential Tier-1 asset with a post-tax NPV5% of US$1.5 billion (base case) to US$3.0 billion (spot prices).
The Q3-2025 conference call confirmed the strong operational performance at the Zgounder mill but also highlighted a key area for improvement: grade control and dilution in the open pit. Management guided for grade improvement in Q1 2026. While cash costs per ounce are decreasing, they remained above the company’s target in Q3 at US$20.79/oz.
Therefore, today’s drill results, while excellent, are an incremental positive that reinforces the existing investment thesis. They confirm the geological potential that the market has already priced in, as reflected by the stock’s appreciation from a low of C$8.53 to a high of C$19.74 over the past year. The news is routine for a company with this exploration track record and does not fundamentally alter the near-term operational and financial picture. The primary focus remains on operational execution at Zgounder, specifically improving open-pit grades and reducing cash costs, and the long-term de-risking of Boumadine.
Catalysts
– Updated Zgounder Mine Plan/Technical Report: Management committed to releasing an updated life-of-mine plan in Q4 2025. This is the most significant near-term catalyst. It should provide clarity on sustainable throughput rates, long-term grades, cost structure, and incorporate recent exploration success.
– Q4 2025 Operational & Financial Results: These will be critical to assess progress. Key metrics will be total silver production, average realized price, and cash cost per ounce. The market will be looking for costs to trend below US$20/oz and for an update on open pit grade control initiatives.
– Boumadine Progress: Continued drill results from the 360,000-meter infill and expansion program will be important for de-risking the project. Any updates on the project financing strategy would also be a key data point.
Materiality Conclusion
The news is routine and positive. It confirms the quality of the Zgounder asset and supports the potential for a longer mine life. It does not, however, represent a step-change for the company in the way the successful Zgounder ramp-up or the Boumadine PEA did. The materiality is low as the market’s focus has shifted from exploration potential (which is well-established) to operational execution and the de-risking of Boumadine’s development path.
