Aya Gold & Silver (AYA)
Market Price (10/24/2026): $0 | Market Cap: $-Sector: Materials | Industry: Silver
Aya Gold & Silver (AYA)
Market Price (10/24/2026): $0Market Cap: $-Sector: MaterialsIndustry: Silver
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 270% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 53% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% Megatrend and thematic driversMegatrends include Precious Metals & Strategic Minerals, and Sustainable Resource Management. Themes include Silver Supply Dynamics, Responsible Mining & ESG, Show more. | Stock price has recently run up significantly12M Rtn12 month market price return is 122% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1% Key risksAYA key risks include [1] its heavy single-asset dependency on the Zgounder mine and [2] execution and balance sheet risks tied to the Zgounder expansion and Boumadine development, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 270% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 53% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Megatrend and thematic driversMegatrends include Precious Metals & Strategic Minerals, and Sustainable Resource Management. Themes include Silver Supply Dynamics, Responsible Mining & ESG, Show more. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 122% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1% |
| Key risksAYA key risks include [1] its heavy single-asset dependency on the Zgounder mine and [2] execution and balance sheet risks tied to the Zgounder expansion and Boumadine development, Show more. |
Qualitative Assessment
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Aya Gold & Silver (AYA) stock has gained about 25% since 6/30/2026 because of the following key factors:
1. Record Operational Performance and Production Growth.
Aya Gold & Silver demonstrated robust operational performance in fiscal Q2 2026 and fiscal Q3 2026. In fiscal Q3 2026, the company reported record consolidated production of 2.03 million silver equivalent ounces (Moz AgEq), marking a 51% increase year-over-year and a 21% increase quarter-over-quarter. This included 1.49 Moz of silver from the Zgounder mine (up 11% year-over-year) and a significant 186% quarter-over-quarter increase to 536,879 AgEq ounces from the Boumadine project. The company is firmly on track to achieve its full-year production guidance of 6.2 million to 6.8 million silver equivalent ounces. This follows a strong fiscal Q2 2026, which saw consolidated production reach 1.7 Moz AgEq, a 61% year-over-year increase. The Zgounder mine also achieved a record processing rate of 4,096 tonnes per day in fiscal Q3 2026, with an impressive 92% silver recovery rate.
2. Strong Financial Results with Improved Profitability.
The company reported significant financial growth in fiscal Q2 2026, with revenue climbing to $97 million, a 151% increase year-over-year. Net income reached $35 million, representing a 305% surge year-over-year, and operating cash flow increased by 522% year-over-year to $48 million. This improved profitability was further supported by a 9% quarter-over-quarter decrease in cash costs, which averaged $16.82 per silver equivalent ounce in fiscal Q2 2026.
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Aya Gold & Silver (AYA) stock has gained about 25% since 6/30/2026 because of the following key factors:
1. Record Operational Performance and Production Growth.
Aya Gold & Silver demonstrated robust operational performance in fiscal Q2 2026 and fiscal Q3 2026. In fiscal Q3 2026, the company reported record consolidated production of 2.03 million silver equivalent ounces (Moz AgEq), marking a 51% increase year-over-year and a 21% increase quarter-over-quarter. This included 1.49 Moz of silver from the Zgounder mine (up 11% year-over-year) and a significant 186% quarter-over-quarter increase to 536,879 AgEq ounces from the Boumadine project. The company is firmly on track to achieve its full-year production guidance of 6.2 million to 6.8 million silver equivalent ounces. This follows a strong fiscal Q2 2026, which saw consolidated production reach 1.7 Moz AgEq, a 61% year-over-year increase. The Zgounder mine also achieved a record processing rate of 4,096 tonnes per day in fiscal Q3 2026, with an impressive 92% silver recovery rate.
2. Strong Financial Results with Improved Profitability.
The company reported significant financial growth in fiscal Q2 2026, with revenue climbing to $97 million, a 151% increase year-over-year. Net income reached $35 million, representing a 305% surge year-over-year, and operating cash flow increased by 522% year-over-year to $48 million. This improved profitability was further supported by a 9% quarter-over-quarter decrease in cash costs, which averaged $16.82 per silver equivalent ounce in fiscal Q2 2026.
3. Enhanced Value Proposition from the Boumadine Project.
Aya Gold & Silver significantly de-risked and enhanced the value of its Boumadine Polymetallic Project. An updated Preliminary Economic Assessment (PEA), with an effective date of September 9, 2026, was filed, which included a doubling of the after-tax Net Present Value (NPV) to $3.5 billion and a robust 93% Internal Rate of Return (IRR). Furthermore, the average metal payables for Boumadine were raised to 83% on an AuEq basis in the September 2026 PEA, up from 73% in the 2025 PEA, signaling increased commercial attractiveness for the pyrite concentrate.
4. Positive Analyst Sentiment and Price Targets.
The company has received a strong vote of confidence from the analyst community. Wall Street analysts have issued a consensus "Strong Buy" rating for Aya Gold & Silver. Based on forecasts from 9 to 14 analysts, the average 12-month price target for the stock ranges from CA$47.69 to $50.93 CAD, indicating a significant potential upside of approximately 27.84% to 38.55% from recent stock prices in October 2026.
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Stock Movement Drivers
Fundamental Drivers
The 25.5% change in AYA stock from 6/30/2026 to 10/23/2026 was primarily driven by a 20.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.94 | 23.77 | 25.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 286 | 344 | 20.4% |
| Net Income Margin (%) | 30.4% | 32.9% | 8.3% |
| P/E Multiple | 31.3 | 30.2 | -3.3% |
| Shares Outstanding (Mil) | 143 | 144 | -0.5% |
| Cumulative Contribution | 25.5% |
Market Drivers
6/30/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| AYA | 25.5% | |
| Market (SPY) | 1.8% | 54.1% |
| Sector (XLB) | 0.9% | 40.7% |
Fundamental Drivers
The 55.4% change in AYA stock from 3/31/2026 to 10/23/2026 was primarily driven by a 70.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.30 | 23.77 | 55.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 202 | 344 | 70.1% |
| Net Income Margin (%) | 22.5% | 32.9% | 46.7% |
| P/E Multiple | 48.5 | 30.2 | -37.6% |
| Shares Outstanding (Mil) | 144 | 144 | -0.1% |
| Cumulative Contribution | 55.4% |
Market Drivers
3/31/2026 to 10/23/2026| Return | Correlation | |
|---|---|---|
| AYA | 55.4% | |
| Market (SPY) | 17.2% | 54.2% |
| Sector (XLB) | 3.1% | 45.2% |
Fundamental Drivers
The 105.4% change in AYA stock from 9/30/2025 to 10/23/2026 was primarily driven by a 270.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.57 | 23.77 | 105.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 93 | 344 | 270.4% |
| P/S Multiple | 17.7 | 10.0 | -43.8% |
| Shares Outstanding (Mil) | 142 | 144 | -1.4% |
| Cumulative Contribution | 105.4% |
Market Drivers
9/30/2025 to 10/23/2026| Return | Correlation | |
|---|---|---|
| AYA | 105.4% | |
| Market (SPY) | 15.0% | 44.8% |
| Sector (XLB) | 16.0% | 47.0% |
Fundamental Drivers
The 343.5% change in AYA stock from 9/30/2023 to 10/23/2026 was primarily driven by a 747.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302023 | 10232026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.36 | 23.77 | 343.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 41 | 344 | 747.2% |
| Net Income Margin (%) | 7.1% | 32.9% | 361.9% |
| P/E Multiple | 213.0 | 30.2 | -85.8% |
| Shares Outstanding (Mil) | 115 | 144 | -20.1% |
| Cumulative Contribution | 343.5% |
Market Drivers
9/30/2023 to 10/23/2026| Return | Correlation | |
|---|---|---|
| AYA | 343.5% | |
| Market (SPY) | 83.9% | 28.9% |
| Sector (XLB) | 37.7% | 35.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AYA Return | 148% | -11% | 10% | 2% | 92% | 66% | 695% |
| Peers Return | -25% | -19% | -14% | 12% | 217% | -9% | 69% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| AYA Win Rate | 75% | 42% | 25% | 50% | 58% | 60% | |
| Peers Win Rate | 37% | 48% | 47% | 48% | 70% | 38% | |
| S&P 500 Win Rate | 75% | 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% | -46% | |
| 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 10/23/2026 (YTD)
How Low Can It Go
| Event | AYA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.8% | 23.1% |
| Time to Breakeven | 12 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.3% | -7.8% |
| % Gain to Breakeven | 16.7% | 8.5% |
| Time to Breakeven | 9 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.2% | -9.5% |
| % Gain to Breakeven | 33.7% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.0% | -24.5% |
| % Gain to Breakeven | 85.2% | 32.4% |
| Time to Breakeven | 256 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.9% | -33.7% |
| % Gain to Breakeven | 95.8% | 50.9% |
| Time to Breakeven | 29 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.1% | -19.2% |
| % Gain to Breakeven | 69.9% | 23.8% |
| Time to Breakeven | 655 days | 105 days |
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
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| Event | AYA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.3% | -18.8% |
| % Gain to Breakeven | 33.8% | 23.1% |
| Time to Breakeven | 12 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.2% | -9.5% |
| % Gain to Breakeven | 33.7% | 10.5% |
| Time to Breakeven | 51 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.0% | -24.5% |
| % Gain to Breakeven | 85.2% | 32.4% |
| Time to Breakeven | 256 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.9% | -33.7% |
| % Gain to Breakeven | 95.8% | 50.9% |
| Time to Breakeven | 29 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.1% | -19.2% |
| % Gain to Breakeven | 69.9% | 23.8% |
| Time to Breakeven | 655 days | 105 days |
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)
Aya Gold & Silver Inc. (AYA) is a Canadian-based mineral exploration and development company primarily focused on precious metals. The company's core business involves identifying, evaluating, and advancing prospective gold and silver deposits with the goal of bringing them into production. Its operational footprint is entirely concentrated within Morocco, specifically targeting its rich geological potential for these valuable metals.
The main "products" of Aya Gold & Silver are the raw gold and silver it seeks to extract from its properties. Its flagship asset is the 100%-owned Zgounder property, a significant land package covering approximately 378 square kilometers in the Proterozoic Siroua Massif of Morocco's Anti-Atlas Range. Through its dedicated exploration efforts at Zgounder and other potential sites, Aya aims to establish and expand reserves of these precious metals.
As a mining and development company, Aya Gold & Silver serves the global precious metals market. Its primary customers are the international buyers of gold and silver, including industrial consumers, jewelry manufacturers, and institutional and individual investors who value these metals for their intrinsic worth and store-of-value properties. The company operates within the broader commodities market, where the demand and pricing of gold and silver dictate its potential revenue streams.
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Here are 1-2 brief analogies to describe Aya Gold & Silver:
- Think of it as the Barrick Gold for gold and silver development in Morocco.
- It's like the Fresnillo for Moroccan gold and silver.
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- Gold: A precious metallic element extracted and produced from its mining operations.
- Silver: A precious metallic element extracted and produced from its mining operations.
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Aya Gold & Silver (symbol: AYA) is a mining company focused on the exploration, evaluation, and development of precious metals projects, primarily for gold and silver deposits. As such, its primary customers are not individuals but rather companies that process or trade these raw materials.
The company sells its silver and gold dore bars to a single major customer:
- Metalor Technologies SA (private company)
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- DRA Global
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Benoit La Salle was appointed President and CEO of Aya Gold & Silver in April 2020. He brings over 25 years of experience in developing and operating responsible mining companies, with a focus on West Africa. In 1995, Mr. La Salle founded SEMAFO Inc., a Canadian company that grew from a junior explorer to a gold producer yielding over 250,000 ounces per year in West Africa. SEMAFO Inc. was later sold for $1.6 billion to Endeavour. He has also founded three West African-focused exploration companies and one privately held power producer, and has held board positions at six public companies since 2010.
Ugo Landry-Tolszczuk Chief Financial Officer
Ugo Landry-Tolszczuk serves as the Chief Financial Officer of Aya Gold & Silver Inc.
Mustapha Elouafi President-Managing Director, Morocco
Mustapha Elouafi holds the position of President-Managing Director, Morocco, for Aya Gold & Silver.
Elias J. Elias Chief Legal and Sustainability Officer
Elias J. Elias is the Chief Legal and Sustainability Officer and Corporate Secretary at Aya Gold & Silver Inc.
Raphael Beaudoin Vice-President, Operations
Raphael Beaudoin is the Vice-President, Operations, and a Qualified Person for Aya Gold & Silver Inc.
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Here are the key risks to Aya Gold & Silver:
- Single-Asset Dependency: Aya Gold & Silver's financial performance is heavily concentrated on the successful operation of its flagship Zgounder mine in Morocco. This single-asset dependency means that any operational disruptions, unforeseen issues, or negative developments at Zgounder would have a disproportionately significant impact on the company's overall value and financial results. The company's success is not yet self-sustaining, and its entire financial performance is tethered to this one mining asset.
- Commodity Price Volatility: As a precious metals company primarily focused on silver and gold, Aya Gold & Silver's revenue and profitability are directly and significantly influenced by fluctuations in the global prices of these commodities. Prolonged declines in silver and gold prices could adversely affect the company's financial performance and investment returns.
- Execution and Operational Risks: The company faces inherent risks associated with the exploration, evaluation, and development of mineral properties, particularly the ongoing expansion of the Zgounder mine and the development of the Boumadine project. These risks include potential project delays, cost overruns, challenges in maintaining production consistency, managing operational costs, equipment performance issues, labor considerations, and unexpected geological conditions. Aya has also experienced past cash burn and increased balance sheet risk due to funding growth through share issuance and debt.
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The emergence and increasing acceptance of cryptocurrencies, particularly Bitcoin, as a "digital gold" and an alternative store of value presents an emerging threat to Aya Gold & Silver.
As investor capital potentially shifts from traditional precious metals like gold and silver to these digital assets, it could impact the long-term demand and market price of the commodities Aya produces, thereby affecting the company's revenue and profitability. This dynamic mirrors the examples provided, where a new alternative or technology disrupts the traditional offering's market share.
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The addressable markets for Aya Gold & Silver's main products, gold and silver, are global.
Gold Market
The global gold precious metal market was valued at US$ 354,004.4 million in 2024 and is estimated to grow to US$ 594,021.5 million by 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 5,118.1 tons in 2026. This market is projected to reach 7,424.4 tons by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 4.70% during the forecast period from 2026 to 2034. Asia Pacific significantly dominates the global gold market, holding a 65.54% market share in 2025.
Silver Market
The global silver market size was valued at USD 95.71 billion in 2025 and is projected to increase from USD 105.15 billion in 2026 to USD 223.11 billion by 2034, growing at a CAGR of 9.86% during this forecast period. In terms of volume, the silver market is expected to grow from 37.78 kilotons in 2025 to 39.53 kilotons in 2026, with a forecast to reach 49.54 kilotons by 2031 at a 4.62% CAGR over 2026-2031.
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Aya Gold & Silver (TSX: AYA) is poised for future revenue growth over the next two to three years, driven by several key initiatives and market factors:
- Increased Silver Production from the Zgounder Mine Expansion: The Zgounder Silver Mine expansion project is a primary driver of revenue growth. The expansion, which was substantially complete and fully funded by late 2024, has significantly increased the mine's ore processing capacity from 700 to 2,700 tonnes per day. Following the expansion, Zgounder has been operating above its design capacity. For 2026, the company's guidance projects Zgounder to produce between 5.2 million and 5.8 million ounces of silver. This increased production volume from its flagship asset is expected to lead to substantial revenue growth.
- Development and Future Production from the Boumadine Polymetallic Project: The Boumadine polymetallic project is identified as the next significant growth catalyst for Aya Gold & Silver. Feasibility study work for Boumadine is currently underway, and the project is expected to transform the company into a multi-asset producer. Aya's 2026 guidance includes approximately 1 million ounces of silver equivalent from the Boumadine pyrite reclaim operation. The extensive mineralized footprint and significant exploration potential at Boumadine, with aggressive drilling plans, suggest a substantial contribution to future revenue as the project advances towards full development.
- Ongoing Exploration Success and Resource Growth: Aya Gold & Silver maintains an aggressive exploration strategy at both its Zgounder and Boumadine properties, aiming to expand its resource base and extend mine life. In December 2025, an NI 43-101 resource update increased measured and indicated resources at Zgounder to 100 million ounces of silver. The company has allocated approximately $30 million for Zgounder exploration in 2026, focusing on extending the deposit further west and deeper. For Boumadine, a planned 200,000 meters of drilling in 2026 is intended to convert inferred resources into measured and indicated categories and for regional exploration. Successful exploration directly contributes to future production capacity and sustained revenue generation.
- Favorable Global Silver Prices: While an external market factor, robust silver prices have demonstrably driven Aya Gold & Silver's revenue. In the first quarter of 2026, the company's average net realized silver equivalent price of $82.22 per ounce, a 158% increase year-over-year, was a key contributor to its 247% year-over-year revenue growth. The company has effectively capitalized on higher silver prices, and a continued strong precious metals market is anticipated to remain a significant driver of future revenue.
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Share Issuance
- In September 2021, Aya Gold & Silver completed a bought deal public offering, issuing 6,830,000 common shares at C$10.25 per share, for aggregate gross proceeds of C$70,007,500.
- Between 2021 and 2024, the total share count increased by over 50%, from 84 million to 129 million, primarily funded by issuing new shares.
- In Q2 2025, the company raised $105.22 million from issuing stock to fund its expansion projects.
Outbound Investments
- In 2024, Aya Gold & Silver announced the spinout of its Amizmiz gold project, creating Mx2 Mining Inc., a new North African gold-focused exploration company.
Capital Expenditures
- Aya Gold & Silver has been in a full-scale investment phase, with free cash flow consistently negative and a cumulative cash burn exceeding $249 million over a five-year period (FY2020-FY2024), funded by new shares and debt, to prioritize future production.
- The expansion of the Zgounder Mine was advanced on budget and on schedule for commissioning in Q2 2024. In the last 12 months (leading up to early 2026), capital expenditures were approximately -$112.74 million.
- For 2026, total sustaining and growth capital investments are projected to be approximately $36 million, allocated to optimizing Zgounder operations, developing the Boumadine polymetallic project, and exploration programs. The Boumadine project has an initial capital expenditure estimate of $446 million.
Peer Outperformance in Silver
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Steel | 14 | 24.0% | 42.9% | 140.2% | STLD 309% · HCC 274% · RS 201% |
| Copper | 7 | 44.2% | 104.5% | 127.5% | SCCO 256% · TGB 224% · HBM 208% |
| Gold | 36 | 1.3% | 158.2% | 93.5% | IAG 469% · OGC 371% · AGI 288% |
| Silver ← | 6 | 23.2% | 239.3% | 82.5% | AYA 217% · HL 142% · EXK 49% |
| Construction Materials | 6 | -17.7% | 23.9% | 42.1% | USLM 380% · CRH 91% · VMC 47% |
| Aluminum | 3 | 4.9% | 84.7% | 29.0% | CENX 101% · AA -19% |
| Metal, Glass & Plastic Containers | 11 | -6.1% | 6.7% | 5.8% | GEF 51% · SLGN 7% · ATR 6% |
| Paper & Plastic Packaging Products & Materials | 7 | 10.1% | 13.9% | -2.6% | PKG 114% · CCK 18% · SON 2% |
| Diversified Metals & Mining | 23 | -62.5% | -20.8% | -7.3% | USAR 31209% · MTRN 219% · MP 5% |
| Diversified Chemicals | 3 | 6.3% | 3.3% | -17.5% | CBT 53% · ASH -18% |
| Specialty Chemicals | 41 | 9.3% | 6.9% | -23.5% | NEU 157% · ESI 55% · SXT 53% |
| Commodity Chemicals | 13 | 1.6% | -21.3% | -34.2% | HWKN 266% · MEOH 48% · DOW -27% |
| Precious Metals & Minerals | 8 | -17.0% | 139.9% | -46.2% | PPTA 243% |
| Fertilizers & Agricultural Chemicals | 10 | -45.9% | -54.9% | -60.5% | CF 125% · NTR 18% · SMG -51% |
| Paper Products | 4 | -36.1% | -52.5% | -76.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 19.29 |
| Mkt Cap | 8.3 |
| Rev LTM | 1,791 |
| Op Inc LTM | 787 |
| FCF LTM | 549 |
| FCF 3Y Avg | 213 |
| CFO LTM | 780 |
| CFO 3Y Avg | 396 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 86.5% |
| Rev Chg 3Y Avg | 41.8% |
| Rev Chg Q | 54.5% |
| QoQ Delta Rev Chg LTM | 8.9% |
| Op Inc Chg LTM | 218.1% |
| Op Inc Chg 3Y Avg | 356.1% |
| Op Mgn LTM | 43.0% |
| Op Mgn 3Y Avg | 21.9% |
| QoQ Delta Op Mgn LTM | 2.0% |
| CFO/Rev LTM | 46.0% |
| CFO/Rev 3Y Avg | 29.0% |
| FCF/Rev LTM | 30.2% |
| FCF/Rev 3Y Avg | 11.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Production (mine d’argent Zgounder) | 200 | 39 | 43 | 38 | 34 |
| Exploration - Boumadine | 2 | 0 | |||
| Exploration - Others | 0 | 0 | |||
| Corporate unallocated costs | 0 | ||||
| Exploration, evaluation, and development | 0 | 0 | |||
| Exploration, evaluation, and development (Mauritania) | 0 | ||||
| Exploration, evaluation, and development (Morocco) | 0 | ||||
| Others | 0 | 0 | |||
| Total | 202 | 39 | 43 | 38 | 34 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Production (mine d’argent Zgounder) | 77 | 3 | 15 | 10 | 16 |
| Exploration - Others | 6 | -28 | |||
| Exploration - Boumadine | 2 | 0 | |||
| Corporate unallocated costs | -22 | -14 | -9 | ||
| Exploration, evaluation, and development | -1 | 0 | 0 | ||
| Others | -8 | -10 | |||
| Total | 63 | -39 | 5 | 2 | 6 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Production (mine d’argent Zgounder) | 387 | 283 | 218 | 87 | 50 |
| Others | 127 | 44 | 54 | 34 | 86 |
| Exploration - Boumadine | 102 | 59 | |||
| Exploration - Others | 16 | 14 | |||
| Exploration, evaluation, and development | 62 | 26 | |||
| Exploration, evaluation, and development (Mauritania) | 22 | ||||
| Exploration, evaluation, and development (Morocco) | 13 | ||||
| Total | 632 | 400 | 333 | 157 | 161 |
Price Behavior
| Market Price | $23.77 | |
| Market Cap ($ Bil) | 3.4 | |
| First Trading Date | 02/01/2010 | |
| Distance from 52W High | -21.8% | |
| 50 Days | 200 Days | |
| DMA Price | $27.25 | $20.63 |
| DMA Trend | up | up |
| Distance from DMA | -12.8% | 15.2% |
| 3M | 1YR | |
| Volatility | 70.3% | 80.1% |
| Downside Capture | 285.56 | 290.67 |
| Upside Capture | 345.81 | 345.88 |
| Correlation (S&P 500) | 54.1% | 47.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.94 | 4.20 | 3.59 | 3.27 | 2.85 | 1.32 |
| Up Beta | -1.88 | 2.43 | 3.17 | 1.44 | 1.99 | 1.05 |
| Down Beta | 11.33 | 9.45 | 5.46 | 4.89 | 2.27 | 1.14 |
| Up Capture | 406% | 618% | 528% | 701% | 1574% | 820% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 22 | 33 | 67 | 135 | 395 |
| Down Capture | 352% | 247% | 208% | 251% | 175% | 109% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 20 | 30 | 57 | 115 | 350 |
[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 | |
|---|---|---|---|---|
| AYA | 124.8% | 80.1% | 1.35 | - |
| Sector ETF (XLB) | 17.8% | 17.8% | 0.76 | 49.0% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | 46.4% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | 73.2% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | 8.3% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | 6.9% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | 32.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AYA | |
|---|---|---|---|---|
| AYA | 20.6% | 68.7% | 0.56 | - |
| Sector ETF (XLB) | 6.0% | 19.1% | 0.20 | 35.3% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 27.5% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | 59.6% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 22.5% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 19.1% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 19.6% |
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 | |
|---|---|---|---|---|
| AYA | 27.4% | 79.6% | 0.80 | - |
| Sector ETF (XLB) | 10.4% | 20.7% | 0.44 | 29.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 24.5% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 47.8% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 25.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 18.7% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 6-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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