Aya Gold & Silver Leadership Sells Shares Following Record Production Year
Montreal, Thursday, 15 January 2026.
Departing directors and management liquidated over 8.6 million shares, a significant move executed just days after the miner reported a massive 193% increase in annual silver production.
Strategic Divestment Amidst Governance Changes
On January 14, 2026, the Montreal-based corporation confirmed that Board Chair Robert Taub and Director Dr. Jürgen Hambrecht executed a secondary market transaction to sell a combined 7.5 million shares [1]. This liquidity event coincides with the announcement that both directors will retire at the conclusion of their current terms and will not seek re-election at the upcoming annual meeting [1]. Taub has been a fixture of the company’s governance for a decade, serving as Chair since 2020, while Hambrecht joined the board in 2019 [1]. In a parallel move, the wider management team sold approximately 1.1 million shares, a figure representing roughly 12% of their total holdings [1]. Despite this divestment, management retains significant exposure to the company’s performance, holding approximately 7.7 million securities post-transaction [1].
Record-Breaking Operational Performance
The timing of these transactions is notable, occurring just one day after Aya Gold & Silver released operational results for the fiscal year ended December 31, 2025 [1][2]. The company reported a total silver production of 4,829,151 ounces for the year, marking a 194.46 percent increase over the 1.64 million ounces produced in 2024 [2][3]. This surge was driven largely by the Zgounder Silver Mine, which achieved record quarterly metrics in the final three months of the year [2]. In Q4 2025 alone, production reached 1,371,300 ounces, a 2% increase over the previous quarter, while mill throughput averaged 3,796 tonnes per day (tpd)—a 14% improvement from Q3 [2]. The mine’s processing facility outperformed expectations, running 41% above its nameplate capacity and hitting a milling rate of 4,107 tpd in December [2].
Market Dynamics and Financial Growth
The operational ramp-up at Zgounder has been amplified by a highly favorable commodities market. Silver prices rallied significantly throughout the year, rising more than 150% in 2025 as investors sought safe-haven assets [3]. This macroeconomic tailwind facilitated a substantial 326% increase in revenue for the period between January and September 2025 [3]. As of early 2026, the company’s market capitalization stands at C$3.43 billion, with the stock trading at C$24.18—a 23.1% increase from its opening price at the start of the year [4]. While the full-year financial impact remains to be detailed in upcoming reports, the alignment of expanded output with peak pricing has strengthened the company’s balance sheet ahead of the leadership transition [3].
Future Outlook and Continuity
Looking ahead, Aya Gold & Silver is pivoting from a phase of aggressive expansion to one of optimization. CEO Benoit La Salle noted that with the 2025 ramp-up complete, the focus will shift toward disciplined execution and consistent delivery into 2026 [2]. The company maintains a long-term target of averaging 6 million ounces of annual silver production through 2036 [3]. Additionally, development continues at the Boumadine polymetallic project, where a feasibility study is currently underway to further define the asset’s potential [1]. Regarding the board vacancies created by the departures of Taub and Hambrecht, the company has stated that nominees for election will be announced in due course [1].