Aya Gold & Silver Q3 Revenue up as Boumadine Pyrite Sales Rise

Canadian mining company Aya Gold & Silver initiated bulk shipments of pyrite from its historical Boumadine stockpile in Morocco during the third quarter, driving quarterly sales higher, according to quarterly financial statements examined by barlamane.com.

These massive shipments accounted for the majority of sales during the period. The group simultaneously maintained container shipments.

Between July and September, Aya reprocessed and crushed roughly 49,900 tonnes of pyrite, marking a 191% increase compared to 17,200 tonnes in the second quarter. Average grades settled at 151 grams of silver and 2.6 grams of gold per tonne.

The material contained about 244,900 ounces of silver and 4,300 ounces of gold. This totaled 536,900 silver equivalent ounces, calculated using a ratio of 68 ounces of silver for one ounce of gold.

Silver production from this reprocessing climbed 143% quarter-over-quarter. Gold production rose 204%, and silver equivalent volume increased 186%.

Aya attributed this acceleration to a return to regular pacing following weather disruptions in the first half of the year. During the second quarter, operations yielded only 100,700 ounces of silver and 1,400 ounces of gold from 17,200 tonnes.

Actual sales volumes reached 41,600 tonnes of pyrite in the third quarter. This generated 492,900 silver equivalent ounces, up 167% compared to 184,500 ounces in the previous quarter.

The gap between production and sales volumes stems from transportation logistics and cargo accounting delays. At the end of September, 34,300 tonnes of crushed material still awaited shipment at Boumadine or various ports.

This inventory represented 348,000 silver equivalent ounces, compared to 299,000 ounces three months prior. Its growth, despite the shift to bulk loading, indicates that reprocessing of the legacy deposit outpaced outgoing shipments.

Boumadine pyrite generated $17.1 million in quarterly revenue for Aya, up 164% from $6.5 million in the second quarter. This revenue stream accounted for 16.6% of the group’s total quarterly revenues of $103.3 million.

The average net realized price reached $34.7 per silver equivalent ounce, compared to $35.1 in the preceding quarter. Cash costs stood at $10.4 per ounce sold, ticking down slightly from $10.6 in the second quarter.

Sales costs specific to the Boumadine stock totaled $5.1 million. Higher shipment volumes nevertheless increased the group’s transport expenses to $4.2 million in the third quarter, up from $406,000 a year earlier.

This transportation increase linked directly to Boumadine pyrite shipments. The low unit cost of the stockpile helped lower Aya’s consolidated cash cost to $15.5 per silver equivalent ounce sold, down from $20.8 a year earlier.

During the first nine months of the year, Aya reprocessed 88,900 tonnes of pyrite with an average grade of 164 grams of silver and 2.6 grams of gold per tonne. These volumes produced 473,000 ounces of silver and 7,500 ounces of gold, totaling 952,500 silver equivalent ounces.

Cumulative sales reached 727,900 silver equivalent ounces, generating $26.1 million. Cash costs for this period totaled $7.7 million, with an average cost of $10.6 per ounce sold.

Boumadine contributed roughly 26% to Aya’s consolidated production in the third quarter and 28% to its sold volumes. The company maintains its target of roughly one million silver equivalent ounces from this stockpile for the full year.

With 952,500 ounces produced by the end of September, the company stood nearly at that target. The historical stockpile consists of flotation tailings inherited from past lead and zinc operations at Boumadine.

Aya estimates the stockpile at approximately 260,000 tonnes, featuring indicative grades of 2.3 grams of gold and 144 grams of silver per tonne. The initial program planned for an average reprocessing rate near 10,000 tonnes per month and a total production of 2.5 million silver equivalent ounces.

Announced on November 19, 2025, commercialization must run for at least twenty months and at most 24 months. This schedule projects an end date between July and November 2027, or an earlier finish if the stockpile depletes.

The activity provides short-term liquidity while allowing Aya to test the market entry of a precious-metal-rich pyrite concentrate prior to potential industrial-scale mining. This temporary operation remains separate from the Boumadine polymetallic project, owned 85% by Aya and 15% by the Office national des hydrocarbures et des mines.

The deposit remains in the exploration and evaluation stage, with feasibility studies underway. The preliminary economic assessment envisions an eventual open-pit and underground mine with a processing capacity near 2.9 million tonnes per year, producing zinc, lead, and pyrite concentrates.

Sales of the legacy stockpile precede the launch of this future facility and Boumadine’s entry into commercial production.