Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 321%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 46%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%

Megatrend and thematic drivers
Megatrends include Precious Metals & Strategic Minerals, and Sustainable Resource Management. Themes include Silver Supply Dynamics, Responsible Mining & ESG, Show more.

Trading close to highs
Dist 52W High is -4.5%, Dist 3Y High is -4.5%

Stock price has recently run up significantly
12M Rtn12 month market price return is 113%

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.15

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 321%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 46%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
3 Megatrend and thematic drivers
Megatrends include Precious Metals & Strategic Minerals, and Sustainable Resource Management. Themes include Silver Supply Dynamics, Responsible Mining & ESG, Show more.
4 Trading close to highs
Dist 52W High is -4.5%, Dist 3Y High is -4.5%
5 Stock price has recently run up significantly
12M Rtn12 month market price return is 113%
6 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.15

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/15/2026

Aya Gold & Silver (AYA) stock has lost about 5% since 2/28/2026 because of the following key factors:

1. Macroeconomic - Significant Decline in Silver Prices. The price of silver experienced a notable decline in fiscal Q2 2026, particularly from May to mid-June. Silver fell by 10.07% in the month leading up to June 16, 2026, trading at $69.84 USD/t.oz on that date. This broad commodity price weakness directly impacted silver producers like Aya Gold & Silver.

2. Company-Specific - Intermittent Operational Disruptions at Zgounder. Although Aya Gold & Silver reported record financial results for fiscal Q1 2026 (ending March 31, 2026), the company faced intermittent milling disruptions at its Zgounder mine during that quarter. These operational challenges led to an 8% quarter-over-quarter decrease in Zgounder's production, which may have tempered investor sentiment despite an overall strong financial performance.

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Stock Movement Drivers

Fundamental Drivers

The -4.5% change in AYA stock from 2/28/2026 to 6/15/2026 was primarily driven by a -97.2% change in the company's P/E Multiple.
(LTM values as of)22820266152026Change
Stock Price ($)21.6320.65-4.5%
Change Contribution By: 
Total Revenues ($ Mil)136286109.8%
Net Income Margin (%)1.8%30.5%1579.6%
P/E Multiple1,214.334.0-97.2%
Shares Outstanding (Mil)139143-3.3%
Cumulative Contribution-4.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/15/2026
ReturnCorrelation
AYA-4.5% 
Market (SPY)10.3%65.4%
Sector (XLB)-1.3%57.7%

Fundamental Drivers

The 49.1% change in AYA stock from 11/30/2025 to 6/15/2026 was primarily driven by a 1579.6% change in the company's Net Income Margin (%).
(LTM values as of)113020256152026Change
Stock Price ($)13.8520.6549.1%
Change Contribution By: 
Total Revenues ($ Mil)136286109.8%
Net Income Margin (%)1.8%30.5%1579.6%
P/E Multiple777.634.0-95.6%
Shares Outstanding (Mil)139143-3.3%
Cumulative Contribution49.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/15/2026
ReturnCorrelation
AYA49.1% 
Market (SPY)11.1%45.7%
Sector (XLB)18.6%53.2%

Fundamental Drivers

The 140.3% change in AYA stock from 5/31/2025 to 6/15/2026 was primarily driven by a 320.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120256152026Change
Stock Price ($)8.5920.65140.3%
Change Contribution By: 
Total Revenues ($ Mil)68286320.7%
P/S Multiple16.610.4-37.7%
Shares Outstanding (Mil)131143-8.4%
Cumulative Contribution140.3%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/15/2026
ReturnCorrelation
AYA140.3% 
Market (SPY)29.5%38.3%
Sector (XLB)24.0%44.0%

Fundamental Drivers

The 198.0% change in AYA stock from 5/31/2023 to 6/15/2026 was primarily driven by a 622.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236152026Change
Stock Price ($)6.9320.65198.0%
Change Contribution By: 
Total Revenues ($ Mil)40286622.4%
Net Income Margin (%)9.3%30.5%225.9%
P/E Multiple215.234.0-84.2%
Shares Outstanding (Mil)115143-19.9%
Cumulative Contribution198.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/15/2026
ReturnCorrelation
AYA198.0% 
Market (SPY)87.7%27.4%
Sector (XLB)48.4%34.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AYA Return148%-11%10%2%92%30%523%
Peers Return-25%-19%-14%12%217%0%86%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
AYA Win Rate75%42%25%50%58%67% 
Peers Win Rate37%48%47%48%70%47% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
AYA Max Drawdown-38%-54%-41%-48%-35%-42% 
Peers Max Drawdown-47%-52%-45%-38%-29%-43% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: PAAS, AG, HL, CDE, SSRM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/15/2026 (YTD)

How Low Can It Go

EventAYAS&P 500
2025 US Tariff Shock
  % Loss-25.3%-18.8%
  % Gain to Breakeven33.8%23.1%
  Time to Breakeven12 days79 days
2024 Yen Carry Trade Unwind
  % Loss-14.3%-7.8%
  % Gain to Breakeven16.7%8.5%
  Time to Breakeven9 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-25.2%-9.5%
  % Gain to Breakeven33.7%10.5%
  Time to Breakeven51 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-46.0%-24.5%
  % Gain to Breakeven85.2%32.4%
  Time to Breakeven256 days427 days
2020 COVID-19 Crash
  % Loss-48.9%-33.7%
  % Gain to Breakeven95.8%50.9%
  Time to Breakeven29 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-41.1%-19.2%
  % Gain to Breakeven69.9%23.8%
  Time to Breakeven655 days105 days

Compare to PAAS, AG, HL, CDE, SSRM

In The Past

Aya Gold & Silver's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAYAS&P 500
2025 US Tariff Shock
  % Loss-25.3%-18.8%
  % Gain to Breakeven33.8%23.1%
  Time to Breakeven12 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-25.2%-9.5%
  % Gain to Breakeven33.7%10.5%
  Time to Breakeven51 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-46.0%-24.5%
  % Gain to Breakeven85.2%32.4%
  Time to Breakeven256 days427 days
2020 COVID-19 Crash
  % Loss-48.9%-33.7%
  % Gain to Breakeven95.8%50.9%
  Time to Breakeven29 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-41.1%-19.2%
  % Gain to Breakeven69.9%23.8%
  Time to Breakeven655 days105 days

Compare to PAAS, AG, HL, CDE, SSRM

In The Past

Aya Gold & Silver's stock fell -25.3% during the 2025 US Tariff Shock. Such a loss loss requires a 33.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Aya Gold & Silver (AYA)

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Better Bets vs. Aya Gold & Silver (AYA)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AYAPAASAGHLCDESSRMMedian
NameAya Gold.Pan Amer.First Ma.Hecla Mi.Coeur Mi.SSR Mini. 
Mkt Price20.6550.9718.9016.6618.6628.9419.77
Mkt Cap3.021.59.311.212.96.010.2
Rev LTM2864,0001,5001,5732,5661,8951,734
Op Inc LTM1311,4925487081,077698703
FCF LTM561,312505467915380486
FCF 3Y Avg-47627167111245189178
CFO LTM1341,6637077211,160654714
CFO 3Y Avg46988325337501398368

Growth & Margins

AYAPAASAGHLCDESSRMMedian
NameAya Gold.Pan Amer.First Ma.Hecla Mi.Coeur Mi.SSR Mini. 
Rev Chg LTM320.7%33.7%113.4%66.3%113.7%75.1%94.2%
Rev Chg 3Y Avg132.2%42.3%43.7%32.2%54.5%25.7%43.0%
Rev Chg Q246.6%49.3%95.5%100.4%137.8%83.7%97.9%
QoQ Delta Rev Chg LTM41.3%10.5%18.6%15.1%24.0%16.3%17.4%
Op Inc Chg LTM2,766.7%177.2%727.7%250.6%285.8%280.5%283.2%
Op Inc Chg 3Y Avg814.9%341.6%324.6%262.1%411.8%4,043.1%376.7%
Op Mgn LTM45.9%37.3%36.5%45.0%42.0%36.8%39.6%
Op Mgn 3Y Avg14.8%19.4%11.9%24.1%23.1%17.9%18.6%
QoQ Delta Op Mgn LTM17.8%5.6%8.9%6.1%4.4%5.7%5.9%
CFO/Rev LTM47.0%41.6%47.1%45.8%45.2%34.5%45.5%
CFO/Rev 3Y Avg16.4%29.3%29.6%26.1%25.6%25.5%25.8%
FCF/Rev LTM19.5%32.8%33.7%29.7%35.6%20.0%31.3%
FCF/Rev 3Y Avg-138.7%17.3%10.1%3.3%4.0%11.0%7.1%

Valuation

AYAPAASAGHLCDESSRMMedian
NameAya Gold.Pan Amer.First Ma.Hecla Mi.Coeur Mi.SSR Mini. 
Mkt Cap3.021.59.311.212.96.010.2
P/S10.45.46.27.15.03.15.8
P/Op Inc22.614.417.015.812.08.515.1
P/EBIT19.612.414.916.312.88.513.9
P/E34.017.029.740.816.125.827.7
P/CFO22.012.913.215.511.19.113.1
Total Yield2.9%6.9%3.5%2.5%6.2%3.9%3.7%
Dividend Yield0.0%1.0%0.1%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-5.3%4.0%1.1%-0.3%-2.6%10.2%0.4%
D/E0.00.00.00.00.10.00.0
Net D/E-0.0-0.0-0.1-0.0-0.0-0.1-0.0

Returns

AYAPAASAGHLCDESSRMMedian
NameAya Gold.Pan Amer.First Ma.Hecla Mi.Coeur Mi.SSR Mini. 
1M Rtn7.4%-9.3%-7.4%-5.5%6.1%-7.8%-6.4%
3M Rtn30.0%-9.3%-14.8%-16.2%-10.8%1.9%-10.1%
6M Rtn35.6%3.9%18.0%-11.5%10.5%32.5%14.2%
12M Rtn112.8%78.1%127.1%177.5%101.7%127.7%120.0%
3Y Rtn212.1%251.4%242.3%219.0%500.7%102.7%230.6%
1M Excs Rtn-4.3%-17.0%-17.2%-15.0%-4.4%-16.2%-15.6%
3M Excs Rtn17.2%-22.1%-27.6%-28.9%-23.6%-10.9%-22.9%
6M Excs Rtn30.3%-7.6%3.1%-23.3%-2.6%19.7%0.3%
12M Excs Rtn88.4%53.4%104.9%153.5%77.9%107.9%96.6%
3Y Excs Rtn117.4%170.2%149.5%132.5%406.0%24.8%141.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Production - Zgounder20039433834
Exploration - Boumadine2    
Exploration - Others0    
Corporate unallocated costs 0   
Exploration, evaluation, and development 0 0 
Corporate  00 
Exploration, evaluation, and development (Mauritania)  0  
Exploration, evaluation, and development (Morocco)  0  
Total20239433834


Operating Income by Segment
$ Mil20252024202320222021
Production - Zgounder773151016
Exploration - Others6    
Exploration - Boumadine2    
Corporate unallocated costs-22-14   
Exploration, evaluation, and development -28-100
Corporate  -9-8-10
Total63-39526


Assets by Segment
$ Mil20252024202320222021
Production - Zgounder3872832188750
Corporate127 543486
Exploration - Boumadine102    
Exploration - Others16    
Corporate unallocated costs 44   
Exploration, evaluation, and development 73 3626
Exploration, evaluation, and development (Mauritania)  26  
Exploration, evaluation, and development (Morocco)  35  
Total632400333157161


Price Behavior

Price Behavior
Market Price$20.65 
Market Cap ($ Bil)3.0 
Distance from 52W High-4.5% 
   50 Days200 Days
DMA Price$18.18$15.00
DMA Trendupup
Distance from DMA13.6%37.7%
 3M1YR
Volatility82.3%81.6%
Downside Capture457.30329.84
Upside Capture361.59327.14
Correlation (SPY)63.8%38.4%
AYA Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta4.793.122.972.432.261.13
Up Beta-1.350.141.991.981.730.97
Down Beta11.2710.192.871.740.810.96
Up Capture556%399%343%503%967%329%
Bmk +ve Days13283667141432
Stock +ve Days14253269140393
Down Capture605%590%338%214%186%107%
Bmk -ve Days7132757109318
Stock -ve Days6153054108351

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AYA
AYA114.0%81.3%1.29-
Sector ETF (XLB)21.2%17.5%0.9444.0%
Equity (SPY)26.6%12.4%1.6239.3%
Gold (GLD)27.1%27.5%0.8668.0%
Commodities (DBC)28.6%19.1%1.1913.4%
Real Estate (VNQ)12.2%13.5%0.6013.3%
Bitcoin (BTCUSD)-40.1%42.2%-1.1029.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AYA
AYA19.7%69.0%0.55-
Sector ETF (XLB)5.9%19.0%0.2133.7%
Equity (SPY)13.9%17.1%0.6326.5%
Gold (GLD)17.5%18.2%0.7855.8%
Commodities (DBC)7.9%19.4%0.3025.2%
Real Estate (VNQ)2.5%18.8%0.0319.5%
Bitcoin (BTCUSD)13.7%54.4%0.4416.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AYA
AYA25.6%80.1%0.80-
Sector ETF (XLB)10.3%20.7%0.4428.6%
Equity (SPY)15.4%18.0%0.7323.9%
Gold (GLD)12.8%16.1%0.6645.9%
Commodities (DBC)6.4%18.0%0.2826.9%
Real Estate (VNQ)5.7%20.7%0.2419.3%
Bitcoin (BTCUSD)59.8%66.8%1.0013.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity7.6 Mil
Short Interest: % Change Since 5152026-3.4%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest16.2 days
Basic Shares Quantity143.2 Mil
Short % of Basic Shares5.3%

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Core Cache Last Updated: 6/15/2026