• Zgounder mine revenue rose 326% to $126.7M in Jan-Sept 2025

• Surge driven by tripled silver sales and 39% higher silver prices

• Production hit 3.4M ounces; full-year output seen above 5M ounces
  

Morocco’s Zgounder silver mine generated 126.7 million dollars in revenue between January and September 2025, according to the financial report released by its Canadian operator, Aya Gold & Silver. Revenue jumped 326 percent from 29.7 million dollars year-on-year.

The sharp increase was fueled by higher silver sales and stronger prices. Over the first nine months, Zgounder sold 3.56 million ounces of silver, up from 1.16 million a year earlier. At the same time, the average realized price for silver rose 39 percent year-on-year.

Production surged 199 percent in the first nine months, reaching 3.4 million ounces after the commissioning of a new processing plant. For the full year, Aya expects output between 5 million and 5.3 million ounces, well above last year’s 1.65 million.

With silver prices still climbing, reaching around 51 dollars per ounce on Tuesday according to Trading Economics, maintaining the pace seen at Zgounder since the start of the year should continue to lift revenues in the fourth quarter. Aya Gold & Silver owns 85 percent of the project, while Morocco’s state-owned National Office of Hydrocarbons and Mines (ONHYM) holds the remaining 15 percent.

Aurel Sèdjro Houenou