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 to roughly 2,000 tonnes per day and is now running at record throughput. Zgounder accounts for essentially all of the company's revenue, about $281 million of roughly $286 million on a trailing basis. The second asset, Boumadine, is a polymetallic deposit carrying silver, gold, zinc and lead that is being drilled toward a feasibility study, with a small 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 March 2026 show roughly $286 million of revenue, $87 million of net income and gross margins near 55%. Q1-2026 alone produced about $117 million of revenue and $48.5 million of net income. 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. The market has already paid for it. The stock is up close to 200% over twelve months to about $27, giving a market capitalization near $3.9 billion against $286 million of trailing revenue. What that valuation embeds is not the current mine but the next one, plus a silver price that holds.

Almost everything depends on one mine in one country. Zgounder supplies effectively all 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 roughly 1.7 beta and $8.27 to $27.33 twelve-month range reflect that; a valuation near 13x sales and 25x EBITDA 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 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, up about 61% year over year, with mill recovery of 91.2%.

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.

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): ~$286M, up ~321% year over year
• Net income (TTM): ~$87M, EPS ~$0.60
• Market cap: ~$3.9B at ~$27 per share
• P/E: ~45x trailing, ~18x forward
• EV / EBITDA: ~25x on ~$3.8B enterprise value
• Cash vs debt: ~$172M cash against ~$100M debt, net cash ~$72M

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 at current silver prices. Margins support the earnings, with gross margin near 55% and operating margin near 48%, but 13x sales is a growth-miner price rather than a producer price. Next results are scheduled for August 13, 2026.

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. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

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, 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, 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.