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Aya Gold & Silver

TSXV:AYALive AI agent

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain.

Investor website: https://www.ayagoldsilver.com/

About

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The company focuses on exploration along the Anti-Atlas Fault, operates the Zgounder silver mine, and has a growth pipeline that includes the Boumadine polymetallic project. Aya is committed to responsible mining and delivering sustainable value for shareholders, employees, and host communities.

Verified company data

Cash position
~$129M
Shares outstanding
141,900,422
Fully diluted shares
153.1M
Mineral resource
Mineral Reserve estimate for Zgounder, as of September 30th, 2025 | **Cutoff Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Contained Metal (koz)** | | --- | --- | --- | --- | --- | | **Stockpile** | | N/A | Proven | 160 | 134 | 690 | | **In-Pit Reserves** | | 40 | Proven | 11,750 | 137 | 51,800 | | 40 | Probable | 1,220 | 133 | 5,200 | | **UG Reserves** | | 90 | Proven | 180 | 207 | 1,200 | | 90 | Probable | 2,390 | 189 | 14,500 | | **Total** | | 40/90 | Proven | 12,090 | 138 | 53,690 | | 40/90 | Probable | 3,610 | 170 | 19,700 | | **Total P&P** | | 40/90 | Probable | 15,700 | 145 | 73,390 | 1. Mineral Reserves have been estimated by Aya Gold & Silver Technical Service team, under the supervision of Patrick Pérez, P.Eng, full-time employee of Aya Gold & Silver and Qualified Person as defined by National Instrument 43-101. The estimate conforms to the CIM Definition Standards for Mineral Resources and Mineral Reserves. 2. Mineral Reserves have been estimated using metal price assumption of $26/oz for silver. 3. Open-pit Mineral Reserves are reported at a cut-off grade of 40 g/t Ag, and underground Mineral Reserves are reported at a cut-off grade of 90 g/t Ag. 4. Cut-off calculations assume a processing and general & administration cost of $25.25/t, a metallurgical recovery of 90%, throughput of 1.4Mt per year, open-pit ore mining cost of $4.19/t, underground mining cost of $40/t, and an exchange rate of 9.5 MAD:US. 5. Numbers may not add-up due to rounding Mineral Resource Estimate for Zgounder as of June 30, 2025¹ | **Cutoff Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Contained Metal (koz)** | | --- | --- | --- | --- | --- | | **Pit-Constrained** | | 40 | Measured | 13,820 | 144 | 64,140 | | 40 | Indicated | 2,150 | 131 | 9,070 | | 40 | Inferred | 56 | 190 | 350 | | **Out-of-Pit** | | 90 | Measured | 324 | 280 | 2,912 | | 90 | Indicated | 2,640 | 284 | 24,100 | | 90 | Inferred | 360 | 360 | 4,200 | | **Total** | | 40/90 | Measured | 14,150 | 147 | 67,050 | | 40/90 | Indicated | 4,790 | 283 | 33,200 | | 40/90 | Inferred | 410 | 216 | 4,500 | 01. Mineral Resource Estimate for Zgounder as at June 30, 2025. 02. The Mineral Resource is reported in compliance with NI 43-101 and classified in accordance with CIM guidelines. 03. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves. 04. Mineral Resources are reported inclusive of Mineral Reserves. 05. A silver price of $28/oz with a process recovery of 90%, and a rock processing cost of $25/t inclusive of G&A were assumed. 06. The constraining pit optimization parameters were 50º pit slopes with a 40 g/t Ag cut-off. 07. The out-of-pit Mineral Resource grade blocks were quantified above a 90 g/t Ag cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the cut-and-fill underground mining method. 08. Mining costs are estimated at $2.00/t of waste and $6.80/t of ore, with a mining dilution factor of 5%. 09. The Mineral Resource is reported at an in-pit cut-off of 40 g/t Ag and an out of pit cut-off of 90 g/t Ag. 10. A 3% royalty applies. 11. Mineral Resources have been rounded to reflect their confidence. 12. Totals may vary due to rounding.
Projects
["#### [Zgounder Silver Mine](https://www.ayagoldsilver.com/portfolio/zgounder/) Morocco\n\n| | |\n| --- | --- |\n| --- | --- |\n| Ownership | 100% |\n| Commodity | Silver |\n| Status | Operating |\n| Mine Type | Open-pit and underground |\n| Land Package | 16 km2 (Mining) / 383 km2 (Exploration) |\n\nZgounder is a rare silver-only mine producing high-quality silver doré at scale. Following a major expansion, it generates cash flow that fuels our development projects. The mine’s life has been extended to 2036, with potential for further growth.\n\n#### [Boumadine](https://www.ayagoldsilver.com/portfolio/boumadine/) Morocco\n\n| | |\n| --- | --- |\n| Ownership | 85% Aya and 15% ONYHM |\n| Commodity | Gold, silver, zinc, lead |\n| Status | Feasibility Study work underway |\n| Land package | 339 km2 (Permits & licenses)<br> 600 km2 (Exploration authorization) |\n\nBoumadine is Aya’s flagship development-stage polymetallic project and one of the most attractive undeveloped precious-metal assets globally. Its district-scale footprint, promising economic profile, and well-established infrastructure support the feasibility study currently underway.\n\n#### [Imiter Bis](https://www.ayagoldsilver.com/portfolio/imiter-bis/) Morocco\n\n| | |\n| --- | --- |\n| Owership | 100% |\n| Location | Morocco |\n| Commodity | Silver, Gold, Lead, Zinc, Copper |\n| Status | Exploration |\n| Land Position | 16 km2 (Exploration authorization) |\n\nImiter bis is a 100%-owned exploration asset located near the world-class Imiter Silver Mine in Morocco’s Sub-Atlas. Early fieldwork and drilling have confirmed gold and silver mineralization along a structurally controlled 4 km polymetallic vein system, with high-grade intercepts. Imiter bis remains an upside exploration asset within Morocco’s Anti-Atlas belt."]
Leadership
Benoit La Salle (President, Chief Executive Officer and Director, Mining executive with over 30 years of experience in developing and operating projects across West Africa. He founded SEMAFO Inc. and has served on the boards of six publicly traded companies.), Ghislane Guedira (Chair & Director (Independent), Finance executive with extensive experience in the energy, mining, and advisory sectors. Currently CEO of A.P. Moller Capital Morocco.), Yves Grou (Director (Independent), Finance executive with over four decades of experience, co-founder of GLA, and member of the Québec Institute of Chartered Professional Accountants.), Annie Torkia Lagacé (Director (Independent), Chief Legal Officer of IAMGOLD with over 20 years of legal and financial experience in the mining sector.), Eloïse Martin (Director (Independent), Finance executive with extensive experience in project finance and capital advisory, currently Head of Project Finance for Ivanhoe Mines Ltd.), John Burzynski (Director (Independent), Geologist with over 35 years of experience in mineral exploration and development, previously Chairman and CEO of Osisko Mining Inc.), Krystal Ramsden (Director (Independent), Mining engineer and investment professional with 20 years of experience, founding partner and Head of Research at Extract Capital.), Yves Bonin (Director (Independent), Audit and finance executive with over 30 years of experience, currently Executive Vice-President and CFO of COFOMO.), Mustapha El Ouafi (President-Managing Director, Morocco, Mining executive with extensive leadership experience in Morocco and the MENA region.), Ugo Landry-Tolszczuk (Chief Financial Officer, Finance executive with 15 years of experience in mining, energy, and technology sectors.), Elias J. Elias (Chief Legal & Sustainability Officer, and Corporate Secretary, Extensive experience advising mining and energy companies in West Africa.), Alex Ball (Executive Vice-President, Capital Markets, Corporate finance and capital markets executive with over 15 years of experience in mining.), Raphaël Beaudoin (Executive Vice-President, Operations, Oversees operations at the Zgounder Silver Mine with over 15 years of experience in mineral processing and operations.), David Lalonde (Executive Vice-President, Exploration, Geologist with over 24 years of experience in mineral exploration and project development.), Meryem Baroudi (Director, Human Resources & General Affairs, Human resources executive with extensive experience in the mining industry.)

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