Aya Gold & Silver Inc. Rides the Silver Surge Amid a Bullish Materials Landscape

Aya Gold & Silver Inc. (OTC: AYASF) is capitalising on the unprecedented rally in silver, which has surged 95 % year‑to‑date, the best performance since 1979. The company’s stock has mirrored this momentum, posting a 12 % jump on Friday, 28 November 2025, in line with the broader uptick in the materials sector.

1. Silver’s Record‑High Momentum

On 28 November, silver prices jumped more than 5 % to $56 per ounce, marking the strongest single‑day rally in more than a year. The iShares Silver Trust (NYSE: SLV) reflects this surge, and the metal’s price trajectory has been underpinned by a tightening of physical supply in China. Key indicators include:

  • Shanghai Futures Exchange – Silver on‑warrant inventories fell 9,361 kg, reaching a low of 531,211 kg, the smallest since 2015.
  • Export Activity – China’s silver exports in October topped 660 t, an all‑time high, signalling a severe supply crunch.
  • Back‑wardation – Shanghai’s futures market has flipped into backwardation, a classic sign of short‑term supply constraints.

These dynamics have created a perfect environment for silver‑focused miners and exploration firms. Aya Gold & Silver Inc., with its portfolio of Moroccan mineral properties, stands to benefit from a higher base price and the expectation of sustained demand.

2. Market‑Wide Rally and the Materials Group

The Toronto Stock Exchange (TSX) finished 31 382.78 points, a record high, buoyed by gains in gold, silver, and other materials stocks. For the month, the index rose 3.7 %, its seventh straight monthly gain, a streak not seen since 2021. Within the materials group:

  • Gold increased 1.8 %, reinforcing the positive sentiment towards precious metals.
  • Silver surged 6.1 %, hitting a record high.
  • Materials Group advanced 2.1 %, driven by shares of Endeavour Silver Corp and Aya Gold & Silver Inc., which leapt 12.7 % and 12 % respectively.

The rally coincides with expectations of Federal Reserve rate cuts, which tend to have an inverse correlation with gold prices. Analysts at First Avenue Investment Counsel anticipate that a lower interest‑rate environment will continue to lift precious‑metal valuations.

3. Aya Gold & Silver’s Positioning

Aya Gold & Silver Inc. has a market cap of 2.41 billion CAD and trades in Canadian dollars on the Toronto Stock Exchange. Its asset base is focused on Morocco, where it conducts acquisition, exploration, and evaluation activities. The company’s 52‑week high of 19.68 CAD and low of 8.52 CAD illustrate a recent upward trajectory, now closing at 19.04 CAD as of 27 November 2025.

  • P/E Ratio – At 2,880, the company is priced on the higher end of the sector, reflecting the premium associated with silver‑rich exploration assets in a tightening supply environment.
  • Price Impact – The 12 % increase in AYASF’s share price on 28 November aligns closely with the broader market rally, confirming that investors are pricing in the upside potential of silver.

4. Forward Outlook

Given the current market dynamics, Aya Gold & Silver Inc. is well‑positioned to benefit from:

  1. Continued Silver Supply Constraints – The persistent back‑wardation and low inventories suggest a durable shortage that may keep prices elevated.
  2. Macroeconomic Support – A likely Fed rate cut and robust Canadian GDP growth bolster risk‑on sentiment, propelling commodity prices higher.
  3. Exploration Potential – The company’s Moroccan portfolio could unlock substantial reserves, providing a long‑term growth engine beyond the short‑term silver rally.

In summary, Aya Gold & Silver Inc. is riding the wave of a historic silver rally while benefiting from a broader materials‑sector uptrend and favorable macroeconomic conditions. Investors watching the precious‑metal cycle should keep a close eye on the company’s exploration progress, as it could translate the current market premium into lasting shareholder value.