Aya Gold & Silver Inc. (AYA) Stock Price & How to Invest

Aya Gold & Silver Inc. operates the Zgounder silver mine in Morocco's Anti-Atlas belt, which was expanded and is now running at record throughput, about 4,100 tonnes per day in Q3-2026. Zgounder accounts for the large majority of the company's revenue. The second asset, Boumadine, is a polymetallic deposit carrying silver, gold, zinc and lead that is being drilled toward a feasibility study, with a growing commercial contribution already coming from reclaiming and selling a legacy pyrite stockpile. Aya has spent 2026 enlarging its footprint around both, growing its Moroccan land package by about 35% in August to over 991 square kilometres. The company keeps its Toronto listing and moved off the OTCQX market, where it traded as AYASF, when the Nasdaq listing went live.

The financial turn has been sharp. FY2024 was a loss of about $22 million on roughly $39 million of revenue; FY2025 delivered about $202 million of revenue and $46 million of net income; the trailing twelve months through June 2026 show roughly $344 million of revenue, $113 million of net income and gross margins near 61%. Two forces drove that: the Zgounder expansion ramping into full production, and a silver price environment that lifted realized prices well above the company's roughly $18 to $21.50 per ounce cash costs. Production kept climbing after mid-year: Q3-2026 output was a record 2.03 million silver-equivalent ounces, up 51% year over year, and management said it is firmly on track for 2026 guidance. Q3 financial results are scheduled for November 11, 2026, with analysts looking for about $117 million of revenue.

The market has already paid for it. The stock traded between about $9.25 and $30.67 over the past year and closed near $26.55 on 2026-10-16, giving a market capitalization near $3.8 billion against about $344 million of trailing revenue. What that valuation embeds is not the current mine but the next one, plus a silver price that holds. An updated Boumadine PEA published in September 2026 raised the stakes on that second leg, showing an after-tax NPV at a 5% discount rate of about $3.5 billion over a 14-year mine life.

Almost everything depends on one mine in one country. Zgounder supplies most revenue, so a mill outage, a grade shortfall, a water constraint in an arid region, or any permitting or labour disruption in Morocco hits the whole income statement at once. Silver is among the more volatile commodities, and the stock's $9.25 to $30.67 twelve-month range and 7% drop in the month to mid-October reflect that; a valuation near 11x sales leaves little room if realized prices soften. Boumadine is a study-stage asset whose PEA economics are not a construction estimate, and capital cost inflation, metallurgical complexity in a polymetallic ore, or feasibility slippage past 2027 would remove the growth leg the current multiple assumes. The pyrite reclaim is a finite operation expected to last about 20 to 24 months from late 2025. The company pays no dividend, so the entire return case rests on production growth and metal prices rather than cash distributions.

We give no verdict on Aya Gold & Silver Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Zgounder running at record rates. The expanded Zgounder plant delivered a record 1.68 million silver-equivalent ounces in Q2-2026, and the company then set another record in Q3-2026 at 2.03 million ounces company-wide, with Zgounder producing about 1.50 million ounces of silver at 92.0% recovery and a record mill rate of 4,096 tonnes per day.

The case against. Almost everything depends on one mine in one country.

Read the full bull and bear case on AYA, including what would have to change to break either one. Walnut is not an investment adviser.

Yes. Aya Gold & Silver Inc. (AYA) has had one share split in the last 10 years:

• 1:4 on March 2, 2018, so every share held became 0.25 shares.

A split changes the share count and the price per share and leaves the value of a holding unchanged. Someone holding $1,000 of AYA the day before the 1:4 split held $1,000 the day after, in more shares at a proportionally lower price. Historical prices from before the date are normally shown split-adjusted, which is why a long-run chart shows no cliff.

Splits matter mainly because they make older price figures confusing to compare by hand, and because a board choosing to split is usually signalling that the price has run up far enough to feel awkward for smaller buyers. Neither is a reason to buy or sell.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Aya Gold & Silver Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$344M, latest quarter up ~151% YoY
• Net income (TTM): ~$113M, EPS ~$0.77
• Margins: ~61% gross, ~55% operating
• Market cap: ~$3.8B at ~$26.55 per share
• P/E: ~34x trailing, ~12x forward
• EV / EBITDA: ~17.6x
• Cash vs debt: ~$183M cash against ~$86M debt
• Q3-2026 production: ~2.03M AgEq oz, a record, up 51% YoY

The trailing multiple looks expensive and the forward multiple looks ordinary, and the gap between them is the whole story: consensus assumes a full year of expanded Zgounder output plus the Boumadine reclaim at current silver prices, with 2026 revenue estimated near $448 million. Margins support the earnings, with gross margin near 61% and operating margin near 55%, but 11x sales is a growth-miner price rather than a producer price. Q3-2026 financial results are scheduled for November 11, 2026, after a record production quarter.

If you want AYA exposure as part of a larger bundle, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

Other names that sit close to AYA: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. They are useful if you want to spread one thesis across several tickers.

There are three common ways to get AYA exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (SILJ, SLVP), which spreads the position across many companies. Or build it into a focused thematic portfolio, so AYA sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where AYA fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

AYA is a one-mine silver producer that has turned genuinely profitable, with record Q3-2026 output of about 2.03 million silver-equivalent ounces, priced at a multiple that already assumes silver stays strong and Boumadine becomes mine number two.

Whether AYA is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is AYA a buy or a sell?, and where the stock could go from here in the AYA stock forecast.

For income investors, whether AYA pays a dividend and how the payout looks is covered in does AYA pay a dividend? And to weigh AYA against a peer, read the full side-by-side comparisons: AYA vs AG and AYA vs FSM.