(Kitco News) Aya Gold and Silver CEO Benoit La Salle says stronger silver prices, rising margins, and a successful expansion at the company’s Zgounder mine have positioned the company for a significant step forward.
Speaking with Kitco Mining’s Investment Trends, La Salle said Zgounder’s new 2,700 tonne per day plant, combined with the original circuit, is processing about 3,700 tonnes per day with high availability and recoveries. “The ramp-up of the plant went extremely well,” he said, noting that construction finished below budget and that scaling both open-pit and underground mining has required additional work.
Aya reported record revenue and net income in the third quarter of 2025, supported by stronger prices and improved operations. The company sold silver at an average of $39.80 in the quarter against costs of $20 per ounce, with margins rising sharply into year-end.
“Our lowest selling price right now in Q4 is $51,” La Salle said, highlighting a margin profile that now exceeds $30 per ounce. Aya is targeting 6 million ounces of silver production in 2026 as it builds cash and prepares for its next phase of growth. “The sector is extremely profitable,” he added, pointing to expected Q4 production and the company’s operating leverage.
La Salle said Zgounder offers additional low-cost expansion potential, noting that plant capacity could increase by 50% to 100% through incremental crushing and milling for about $5 to $7 million once the company identifies a second ore source.
At Boumadine, Aya is advancing a major development project. The fully permitted asset is planned as an 8,000 tonne per day operation initially producing more than 30 million ounces of silver equivalent and 400,000 ounces of gold equivalent annually. Aya is preparing a 360,000-meter drilling program over the next two years as it works toward updated studies and a construction decision.
In a November 26 update, Aya announced its strongest Boumadine intercept to date, along with the discovery of a new high-grade parallel structure, results that support continued resource expansion and the project’s growing scale.
Aya Gold and Silver intends to enter full feasibility in 2027, begin detailed engineering later that year, and start construction around the end of 2027. The build is expected to span about two years, carrying the project through 2028 and into 2029 as Aya works to bring its next producing asset online.
Watch the full interview on the Kitco Mining YouTube channel to hear Benoit La Salle discuss Zgounder’s ramp-up, margin strength, Boumadine’s development outlook, and how Aya plans to grow production across its expanding footprint in Morocco.
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