Aya Gold & Silver

The revenue on this page, $285.5M, is the four quarters from June 2025 to March 2026, and it matches the filed statements to 0.02%. Operating income across those quarters is $7,342, $15,171, $36,350 and $77,585 thousand, which is $136,448 thousand, or 47.8%. The published 66.2% is $77,585 thousand over $117,274 thousand, the quarter ended 31 March 2026 on its own. The net margin of 30.5% and the gross margin of 54.9% beside it were both struck on the full trailing window and reconcile, so this page carried a single quarter in one field and a trailing year in the two next to it. The March 2026 quarter genuinely was far more profitable than the year, which is the point: reading it as the trailing figure overstates the run rate by 18 points. This company has no SEC XBRL company facts, having registered on Nasdaq in April 2026 and filing IFRS statements as unstructured exhibits, so every figure here comes from the statements themselves.

This page published a free cash flow of $38.0M and a yield of 1.3%. That figure reproduces from no window the company reports. The nearest construction is calendar 2025 counting only property and equipment additions, which gives $38.5M, and it reaches that number by leaving out $42.1M of exploration and evaluation spending. For a company mid-build at Boumadine that spending is the majority of real capital expenditure, so excluding it measures something that is not free cash flow. On the trailing twelve months the page's own revenue figure covers, being the four quarters from June 2025 to March 2026, the filings give operating cash flow of $134,201 thousand against capital expenditure of $78,399 thousand, so free cash flow is $55,802 thousand and the yield on the published $2,760M market capitalisation is 2.0%. Every quarter in that window reconciles to the free cash flow table already on this page, which is why the table was right while the summary figure was not. Note also that this company has no SEC XBRL company facts at all. It registered on Nasdaq in April 2026 and files IFRS statements as unstructured exhibits, so every figure here is read from the statements themselves rather than from tagged data.

Extraordinary growth (rev +247% real, Boumadine could ~6x output) but priced to perfection at the all-time high. P/S 14.95× vs peers 2–5×; zero margin of safety; serial diluter.

Phase 1 screening note. Promoted to full research after gold-complex review.