Aya Gold & Silver's second quarter was the quarter the Zgounder ramp became a real operating business: silver production of 1.49 million ounces was 43% above the year-ago quarter, the mill processed ore at a record 3,889 tonnes per day, the cash cost per silver-equivalent ounce sold fell to $16.82, and the average realized silver-equivalent price of $64.22 per ounce was almost double a year earlier. Revenue rose 151% to $96.8M, net income rose 305% to $35.0M, and operating cash flow rose 522% to $48.4M. The Boumadine pyrite-reclaim operation - only seven months old - added a second revenue line and is expected to accelerate in the second half. With $182.8M of cash on the balance sheet, the $15M Boumadine EBRD loan repaid in full, the Zgounder loan now amortizing on schedule, and a new $259-square-kilometre exploration portfolio in Morocco closed in early August, Aya enters the second half of 2026 as a fully ramped silver producer with a second mine in the wings. The central question for the next six months is no longer whether the operations work; it is whether the 3.17 million AgEq ounces produced in the first half put the company on track to deliver the 2026 outlook, and whether the Boumadine project can advance from a 444,000-metre drilled resource toward a feasibility study before the silver price cycle turns.