Aya Gold & Silver(TSXV:AYA)

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 Reserves – Zgounder Mine, Morocco 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 Resources – Zgounder Mine, Morocco 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, socio-political, 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. #### Mineral Resources – Boumadine, Morocco Boumadine MRE as of February 24, 2025 | | **Average Grade ²** | **Contained Metal ²** | | --- | --- | --- | | | Cutoff | Tonnes | Au | Ag | Zn | Pb | AgEq | AuEq | Au | Ag | Zn | Pb | AgEq | AuEq | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | **Pit-Constrained** | | **Indicated** | 95 | 3,920 | 2.99 | 94 | 2.95 | 0.84 | **476** | 5.30 | 377 | 11,881 | 116 | 33 | **60,051** | 667 | | **Inferred** | 95 | 14,258 | 2.89 | 90 | 2.38 | 0.81 | **450** | 5.00 | 1,325 | 41,135 | 339 | 115 | **206,293** | 2,293 | | **Out-of-Pit** | | **Indicated** | 125 | 1,249 | 2.11 | 80 | 2.32 | 0.87 | **358** | 3.98 | 85 | 3,216 | 29 | 11 | **14,382** | 160 | | **Inferred** | 125 | 14,938 | 2.39 | 74 | 1.85 | 0.82 | **357** | 3.97 | 1,148 | 35,669 | 276 | 122 | **171,393** | 1,905 | | **Total** | | **Indicated** | 95/125 | 5,169 | 2.78 | 91 | 2.80 | 0.85 | **448** | 4.98 | 462 | 15,097 | 145 | 44 | **74,433** | 827 | | **Inferred** | 95/125 | 29,196 | 2.63 | 82 | 2.11 | 0.82 | **402** | 4.47 | 2,473 | 76,804 | 615 | 237 | **377,686** | 4,198 | 01. 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, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves. 02. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 03. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council, as may be amended from time to time. 04. A silver price of US$21/oz with a process recovery of 89%, a gold price of US$1,900/oz with a process recovery of 85%, a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of 85%, and a copper price of US$4.00/lb with a process recovery of 75% were used in establishing the MRE. 05. AgEq = Ag(g/t) + (Au(g/t) *Au price/oz*Au recovery)/(Ag price/oz*Ag recovery) + Zn(%) * Zn price/lb * Zn recovery/(Ag price/oz*Ag recovery)*685.7147973 + Pb(%) * Pb price/lb * Pb recovery/(Ag price/oz*Ag recovery)*685.7147973 + Cu(%) * Cu price/lb * Cu recovery/(Ag price/oz*Ag recovery)*685.7147973
Projects
["[Zgounder Silver Mine](https://www.ayagoldsilver.com/portfolio/zgounder/) Morocco\n| | |\n| --- | --- |\n| Ownership | 100% |\n| Commodity | Silver |\n| Status | Operating |\n| Mine Type | Open-pit and underground |\n| Land Package | 16 km2 (Mining) / 378 km2 (Exploration) |\n\n### Unlocking Value from a Rare Silver-Only Mine\n**Zgounder is a rare pure-play silver operation, generating 100% of its revenue from silver doré bars.**\nA recent expansion has transformed the mine into a commercial operation with significantly increased capacity. With a history of high-grade drill intercepts, Zgounder is a cash-flow-generating asset featuring exceptional geology in a favourable jurisdiction, offering potential for further resource expansion.\n\n#### Highlights\n- Key Facts\n- Mineral Reserves and Resources\n\nKey Facts\n- Production Start Date\n###### Jan 2019 (Launch of flotation plant) Dec 2024 (Launch of expanded commercial plant)\n- Expected Mine Life\n###### 11 Yrs (as of December 2025)\n- Processing Capacity\n###### 1.4 Mt per year (LOM)\n- Mine Type\n###### Open-pit and Underground\n- Recovery Rate\n###### 88% (FY-25)\n- Mining/Processing Method\n###### Open-pit and underground (cut-and-fill method & long-hole stoping method) / Cyanide leaching\n- Production\n###### 4.8 Moz Ag (FY-25)\n- Product\n###### Silver Doré bars\n\n1) Certain statements on this website constitute forward-looking information. Such information is subject to known and unknown risks and uncertainties. Actual results may differ. Please refer to our latest AIF and MD&A on [SEDAR+](https://www.sedarplus.ca/home/) for further details.\n\nMineral Reserves and Resources\n##### Mineral Reserves\n- Proven and Probable\n###### 73 Moz Ag @145 g/t\n\n##### Mineral Resources\n- Measured and Indicated\n###### 100 Moz Ag @ 165 g/t\n- Inferred\n###### 5 Moz Ag @ 340 g/t\n\n1) See our [Mineral Reserves and Resources](https://www.ayagoldsilver.com/portfolio/reserves-resources/) page for full details.\n2) Data verified for accuracy and compliance with NI 43-101 by Aya’s Qualified Persons.\n3) Mineral Resources are not Reserves and lack demonstrated economic viability. They may be materially affected by various factors, and there is no certainty they will be converted into Reserves.\n\n#### Overview\n**Zgounder Silver Mine**\nLocated in Morocco’s central Anti-Atlas Mountains, the wholly owned Zgounder Mine is a rare, silver-only operation that differentiates Aya Gold and Silver from producers recovering silver mainly as a by-product. The mine has a solid reserve base of 73 Moz of silver in the proven and probable categories.\nThe newly expanded operation, which ramped up in 2025, marked a major milestone in Zgounder’s transition to a high-capacity mine. The mine plan extends the operation’s life to 2036, supporting an average annual production of 6 Moz of silver over the Life of Mine (LOM). Zgounder is mined through a combination of open-pit and underground methods, with the open pit utilizing conventional drill-and-blast, and the underground employing both cut-and-fill and longhole stoping. Commercial production from the expanded plant was declared on December 29, 2024, with silver produced through cyanide leaching and refined into silver-doré bars. All revenues are derived from the sale of silver refined abroad.\nAn updated NI 43-101 technical report (with an effective date of September 30, 2025) was filed on December 15, 2025. For additional details, refer to the [Reserve and Resource page](https://www.ayagoldsilver.com/portfolio/reserves-resources/) of our website.\n\n#### Location & Access\nZgounder is in the province of Taroudant, Kingdom of Morocco, in the central part of the Anti-Atlas Mountain. It is situated, by road, approximately 215 km south of the city of Marrakech, 220 km east of the city of Agadir and 140 km west of the city of Ouarzazate. The site is accessible via well-maintained paved highways (N10 and P1706) from Agadir to Taliouine (205 km), followed by a paved road to the nearby village of Askaoun. From Askaoun the Mine is easily accessible via a well-maintained gravel road.\n\n#### Mining & Processing\nZgounder consists of a high-grade underground mining operation and open-pit mining operation that uses conventional mining methods, which feeds a processing plant designed to operate at 3,650 tonne per day (“tpd”) through 2026 and then at 3,850 tpd through the remainder of the life of mine, with ongoing evaluation to expand further. Ore is extracted from both underground stopes and near-surface zones, then crushed, ground, and treated through cyanide leaching to recover silver. The resulting silver produced is poured on site into silver doré bars for shipment to international markets.\n\n#### Geology and Mineralization\n**Regional Setting:** Zgounder lies within the Proterozoic Siroua Inlier (boutonnière) of the central Anti-Atlas, forming a transition between the northern Pan-African belt and the southern Eburnean domain of the West African Craton.\n\n**Local Geology:** Within the Siroua Inlier, Zgounder is hosted in mid-Neoproterozoic (Cryogenian) Sarhro Group volcano-sedimentary rocks that were deformed during the Pan-African orogeny and later intruded by Bou Salda Formation volcanics and late-Neoproterozoic (Ediacaran) plutonism of the Assarag intrusive suite. Post-orogenic collapse led to the unconformable deposition of Ediacaran Ouarzazate Group volcanic rocks and younger Miocene volcanics, and the development of a network of N-, E-, and NE-trending conjugate faults and fractures.\n\n**Property Geology and Structural Setting:** The Zgounder deposit is hosted within the Imghi Formation of the Sarhro Group, comprising fine-grained sandstones, siltstones, and turbiditic units deposited in a deep-marine, arc-related basin. Strata is weakly metamorphosed, with local hornfels and silicic, sericitic, and chloritic alteration adjacent to intrusive bodies. Mineralization is spatially associated with the contact between the Imghi sediments and the Tadmant Rhyolite of the Bou Salda Formation, together with related dolerite intrusions and granitic bodies of the Assarag intrusive suite.\n\nThe rhyolite–sediment contact is sub-vertical and irregular, reflecting localized deformation and faulting, with Imghi strata striking approximately east–west and dipping steeply (~70°) to the south. The vertical extent of the Imghi sedimentary package within the deposit ranges from about 100 m in the east to over 500 m in the west, controlled primarily by relief in the underlying granitic basement. The granophyre outcrops at surface in the east and extends westward beneath the Imghi sediments at a shallow (~30°) dip toward the WSW, where it transitions into more granitic and granodioritic phases. This geological control defines a major structural zone that trends east–west in the central and western parts of the deposit and swings to a northeast orientation in the eastern area, exerting a strong control on the geometry and continuity of mineralization. This structural trend is accompanied by late east–west brittle faults that crosscut and locally re-activate NNW–NE conjugate fault sets, enhancing permeability along pre-existing faults and facilitating the circulation of Ag-rich hydrothermal fluids that contributed to subsequent silver deposition in the contact zone.\n\n**Mineralization:** Zgounder has been described as an epithermal Ag–Hg system, associated with felsic magmatism and hydrothermal activity, with ongoing work to refine its genetic model. The silver mineralization in the metasediments is predominately fracture filling along pre-existing joint/fractures/sites of dilation, or disseminated along bedding and joint planes, but can also be associated with hydrothermal breccias and quartz veins. Locally, silver occurs as fracture-filling hosted by the younger intrusive units—both within the rhyolite at the metasediment contact and within centimeter-thick granite offshoots that intrude the metasediments.\n\n#### Exploration\n**Exploration remains central to Aya Gold and Silver's growth strategy.** Between 2021 and 2025, Zgounder executed a broad, multi-year exploration program—starting with geophysical surveys that identified structures linked to silver mineralization, followed by regional geological mapping, hyperspectral imagery acquisition, and televiewer structural imaging. Together these efforts have built a robust geological model and continue to support resource growth.\n\n**Between 2022 and 2025, Zgounder advanced an extensive drilling campaign—comprising over 45,000 meters of reverse circulation drilling for definition and more than 150,000 m of diamond drilling for resource expansion, definition, regional exploration, and geotechnical programs.** This successfully extended high-grade mineralization along the rhyolite and granite-contact zone, improved short-term mine planning through dense definition drilling, and tested new targets near-surface and at depth across the north, south, east, and west of the deposit to support long-term growth.\n\n**Together, these programs reflect a consistent, multi-year commitment to expanding and strengthening the geological understanding of the Zgounder property.**\n\n#### Technical Reports and Key Presentations\n| |\n| --- |\n| [Technical Report and Updated Mineral Resource Estimate - December 2025](https://www.ayagoldsilver.com/_resources/technical_reports/Aya-Zgounder-Tech-Rept-NI-43-101.pdf?v=070910) |\n\n---\n\n### Boumadine\n[View Project](https://www.ayagoldsilver.com/portfolio/boumadine/)\n\n- **Ownership**\n\n85% Aya Gold & Silver 15% ONYHM\n- **Status**\n\nFeasibility study work underway\n- **Commodity**\n\nGold, silver, zinc, lead\n- **Mine Type**\n\nOpen-pit and underground\n- **Land Package**\n\n341 km² (Permits & licenses)\n\n600 km² (Exploration authorization)\n\n## About Boumadine\nThe Boumadine project is a cornerstone of Aya’s long-term growth strategy and our most advanced development-stage asset. Recognized as one of the most attractive undeveloped precious-metal projects globally, Boumadine’s 2025 PEA outlined compelling economic potential. The project is undertaking feasibility study work as we continue to drill and unlock the district-scale opportunity.\n\n### Highlights\n- PEA Overview\n- PEA Results\n- Mineral Resources\n\nPEA Overview\n- BASIS FOR PEA\n###### 1 Mining license covering 32 km2 of Land\n- EXPECTED MINE LIFE\n###### 11 Yrs (as of November 2025)\n- PROCESSING\n###### Conventional flotation plant (2.9 Mt/yr)\n- MINE TYPE\n###### Open-pit and underground\n- PRODUCTS\n###### Three marketable concentrates (Pb, Zn, Pyrite)\n- TIMELINE\n###### Feasibility study completion: YE 2027\n\n1) The PEA is preliminary in nature, it includes inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.\n\nPEA Results\n- AVERAGE ANNUAL PRODUCTION\n###### Y1-Y5: 401 koz AuEq (37.5 Moz AgEq) LOM: 328 koz AuEq (30.6 Moz AgEq)\n- INITIAL CAPITAL INVESTMENT\n###### $446M Capital Intensity ratio of 3:1 (post-tax)2\n- REVENUE DRIVERS\n###### 61% Au, 21% Ag, 13% Zn, 5% Pb\n- OPERATING COSTS\n###### AISC: $1,021 /oz Au Eq\n- ECONOMIC ANALYSIS (Base Case)\n###### NPV  $1.5B / IRR 47%  (post-tax)\n- ECONOMIC ANALYSIS (Base Case)\n###### Revenue (LOM): $7B FCF (LOM): $2.0B\n\n1) The PEA is preliminary in nature, it includes inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.\n\n2) Assumed Base Case prices of $2,800/oz gold, $30/oz silver, $1.20/lb zinc, and $1.00/lb lead. Assumed Spot Prices as of 31/10/2025.\n3) AISC and FCF are non-IFRS measures; see the [Boumadine PEA press release (Nov 4, 2025)](https://www.ayagoldsilver.com/news/news-releases/aya-gold-silver-delivers-robust-boumadine-pea-highlighting-high-return-rapid-payback-and-a-capital-efficient-project) for definitions.\n4) AgEq ounces are at an 80:1 Au:Ag ratio\n\nMineral Resources\n- INDICATED RESOURCE ESTIMATE\n###### 74 Moz AgEq @ 448 g/t\n- INFERRED RESOURCE ESTIMATE\n###### 378 Moz AgEq @ 402 g/t\n\n1) Technical data on this website has been verified for accuracy and compliance with NI 43-101 by Aya’s Qualified Persons. For more detail, please refer to [Reserve and Resource](https://portfolio/reserves-resources/) page of our website.\n2) 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, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.\n3) AgEq ounces are at an 80:1 Au:Ag ratio\n\n#### Overview\nThe Boumadine polymetallic project is Aya’s key development-stage asset and a cornerstone of our long-term growth strategy in Morocco. Boumadine is regarded as one of the most attractive undeveloped precious-metal projects globally, offering district-scale potential with mineralization open in all directions.\nAya announced the results of a preliminary economic assessment in 2025, with key economics shown in the table above and project highlights summarized below:\n- Production of three marketable concentrates: zinc, lead, and pyrite\n- Revenue largely driven by precious metals, with gold at 61% and silver at 21%\n- Favorable market conditions for pyrite concentrate due to its precious metal content and high sulfur grade\n- Low capital intensity and competitive operating costs\n- Attractive processing scale of 2.9 Mt/year\n- Flexible open-pit and underground mining design\n- LOM average head grade of 3.85 g/t AuEq (358 g/t AgEq)\n\nBoumadine benefits from existing regional infrastructure, which will be enhanced to support full-scale operations. Water sources have been identified with a supply plan in place, while power will be delivered via a dedicated 72 km power line connecting to the national grid. Key transport routes to Nador-West port and multiple national highways provide efficient logistics options. The site’s favorable topography supports the planned tailings storage facility, and on-site development will include a new processing plant, workshops, warehouses and administrative buildings.\n\nBoumadine’s district-scale potential positions it as a key development asset for Aya. **Feasibility study** **work is ongoing and focuses on drilling, engineering, and optimization to advance the project toward potential development.**\n\n#### Location & Access\nThe Boumadine Property is located in the Province of Errachidia, Kingdom of Morocco, approximately 220 km east of the City of Ouarzazate and 70 km southwest of the City of Errachidia. The nearest town and village, Tinejdad and Bouyoud, lie 16 km and 4 km from the site, accessible via paved and gravel roads suitable for all-terrain vehicles.\nThe project benefits from strong transport connectivity, with key ports including Agadir and Nador Beni Ansar about 600 km away. Concentrates will be trucked to the port of Nador-West, approximately 641 km from the site, with zinc and pyrite shipped in bulk and lead in big bags. A covered concentrate handling facility near the port will provide up to 250,000 tonnes of storage, ensuring efficient shipment and logistics management.\n\n#### Mining & Processing\n**Mining Operations**\nThe PEA outlines a combined **open-pit and underground mining operation** sustaining an 8,000 tpd processing rate. Multiple open pits in the North, Central, and South zones would be mined in year one, with underground mining starting in year 2 and continuing through Year 11.\n**Key features:**\n- **Six open pits** along a 6km trend, mainly above 350m depth.\n- Contract mining with 50 Mt/year capacity, including ~20 Mt of pre-stripping during construction..\n- **Three underground mines** (North, Central, South) with dedicated declines and mined using longitudinal modified Avoca long-hole stoping.\n- Development handled by contractors; Aya mines mineralized zones.\n- Average 401 koz AuEq/year over the first five years, mainly from open pits.\n- Ongoing drilling is expected to grow resources and extend mine life.\n\n**Processing**\nThe PEA includes a conventional 8,000 tpd (2.9 Mt/year) flotation plant, prioritizing high-grade feed in the first five years at 4.76 g/t AuEq (443 koz AgEq).\n**Highlights**:\n- Crushing, SAG-and-ball milling circuit producing a P80 of 58 µm.\n- Three flotation circuits producing separate zinc, lead, and pyrite concentrates containing payable gold and silver.\n- Lead and zinc concentrates go through rougher flotation, regrinding, and cleaning; pyrite uses a rougher circuit.\n- Concentrates are thickened and filtered (lead shipped in bags; zinc and pyrite in bulk).\n- Tailings are thickened and stored in a dedicated tails storage facility (TSF).\n\n#### Geology and Mineralization\nBoumadine is a large, polymetallic deposit (Au–Ag–Pb–Cu–Zn) hosted within the Proterozoic Ougnat window of the Anti-Atlas. Mineralization occurs within a well-defined volcanic sequence and extends over at least 5.4 km of strike, offering strong potential for further growth.\n**Geological Setting**\nThe geology of the Massif consists of a Neoproterozoic metasedimentary basement overlain unconformably by a Late Neoproterozoic volcano-sedimentary rock sequence and by Paleozoic lacustrine sedimentary and minor volcanic rocks. The basal sequence is made of felsic tuffs, vitroclastic tuffs, and intercalations of andesite flows forming the Tamerzaga-Timrachine Formation (TTF). The TFF is invaded by swarms of gabbroic to andesitic dykes, principally oriented-N340deg, followed by injections of rhyolitic intrusions and dykes. The Boumadine deposits is contained within the TFF which is covered by shallow lacustrine sedimentary and minor volcanic rocks (Isif-Ouinou-Oufrouh formation; IOF).\n**Mineralization Characteristics**\nThe mineralization consists generally of 1m to 4m wide (locally reaching over 10m width) N340- oriented massive sulfide lenses/veins sharply dipping eastward (> 70°).\nThe massive sulphide veins (>80%) are composed mainly of pyrite, with variable proportions of sphalerite, galena, arsenopyrite and chalcopyrite. Within the massive sulphide veins, zones of breccias are present with silicified angular fragments and round fragments completely replaced by pyrite. These zones underline the presence of syn-volcanic faults used by mineralization.\nReplacement of fragments by pyrite in weathered felsic tuffs locally induces large zones several tens of meters thick of sub-economical anomalous values.\n\n**Host Rocks & Alteration**\nThe mineralization is mainly in a sequence of volcaniclastic rock composed of felsic tuff that rests in unconformity on mafic tuffs. Those tuffs are interpreted as having a volcaniclastic origin, sedimentation in an underwater basin.\nIntrusive rocks are divided into two groups: pre- to syn-mineralization and post-mineralization. Pre- to syn-mineralization dykes are mainly felsic to intermediate in composition and are found as dykes or sills in both mafic and felsic tuffs, suggesting bimodal volcanism. Late intrusions are mainly rhyolitic subvolcanic domes that cut mineralization and are spatially associated with normal faults. They are interpreted as being synchronous with the post-mineralization deformation episode that segmented the mineralized zones. A swarm of regional extended mafic dykes cut each lithology on the property.\n\nTwo sequences of hydrothermal alteration are observed on the property. The first sequence mainly affects felsic tuff and manifests as phyllic alteration (Quartz-sericite-pyrite). Proximal to the veins, there is an advanced clay alteration composed of kaolinite, pyrophyllite and trace of vuggy silica. The second sequence of alteration mainly affects the underlying mafic tuffs and consists of large-scale propylitization (epidote and chlorite). Near the veins, the alteration is composed of black chlorite, pyrophyllite and pyrite. The transition between these two alterations is relatively rapid and consistent with the change in composition of the tuffs and suggests chloride fluids rich in Fe, Zn and Pb, typical of VMS style mineralization.\n\n#### Exploration\nExploration activities completed by Aya on the Boumadine Property since 2022, other than drilling, include surface trenching, satellite-based hyperspectral surveys, aerial electromagnetic and magnetic survey, mineral prospecting, geological mapping, grab sampling and assaying.\nBetween May 2022 and December 2025, Aya completed 1078 drill holes totaling 353 055 meters. The drilling programs aimed to extend the mineralization of the North, Central, and South Zones while also testing targets located further from the main mineralized trend.\n\n#### Boumadine historical pyrite stockpile operation\nIn Q4 2025, Aya Gold & Silver launched the reclaiming operation of the historical pyrite stockpile at Boumadine. The legacy flotation by-product from past operations contains meaningful grades of both silver and gold, creating an opportunity to unlock near-term value under favourable market conditions. The program is expected to support near-term cash flow while advancing Aya’s broader development strategy. The initiative underscores the commercial potential and marketability of Boumadine’s gold- and silver-rich pyrite concentrate that Boumadine may eventually produce during operation. The project also aligns with Aya’s commitment to minimizing environmental impact.\nKey highlights:\n- Historical material: ~260 kt of ore from past lead and zinc operations\n- Estimated production rate: ~10 kt per month\n- Program duration: 20–24 months\n- Expected output: ~2.5 million silver-equivalent ounces\n- Anticipated grades: ~2.30 g/t gold and 144 g/t silver\n\n1) AgEq ounces are at an 80:1 Au:Ag ratio\n\n2) For more details, see Aya’s [November 19, 2025 press release](https://www.ayagoldsilver.com/news/news-releases/aya-gold-silver-unlocks-near-term-value-and-advances-environmental-remediation-with-sale-of-precious-metals-from-legacy-boumadine-stockpile) on the Boumadine legacy stockpile.\n_This initiative is expected to be a limited duration of 20 to 24 months. The overall Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial product_\n\n#### Technical Reports and Key Presentations\n| |\n| --- |\n| [Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco, December 18, 2025](https://www.ayagoldsilver.com/_resources/technical_reports/Aya-Boumadine_PEA-Tech-Rept_%2018122025F.pdf?v=070910) |\n\n---\n\n### Imiter Bis\n[View Project](https://www.ayagoldsilver.com/portfolio/imiter-bis/)\n\n- **Owership**\n\n100%\n- **Location**\n\nMorocco\n- **Commodity**\n\nSilver, Gold, Lead, Zinc, Copper\n- **Status**\n\nExploration\n- **Land Position**\n\n16 km2 (Exploration authorization)\n\n## Overview\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. Founded SEMAFO Inc. and has held various board positions.), Ghislane Guedira (Chair & Director, Finance executive with extensive experience in energy and mining sectors. CEO of A.P. Moller Capital Morocco since 2025.), Yves Grou (Director, Finance executive with over 40 years of experience, co-founded GLA and led numerous transactions in various sectors.), Annie Torkia Lagacé (Director, Over 20 years of legal and financial experience, currently Chief Legal Officer of IAMGOLD.), Eloïse Martin (Director, Finance executive with extensive experience in project finance and capital advisory, involved in EU-funded initiatives.), John Burzynski (Director, Geologist with over 35 years of experience in mineral exploration and development, previously Chairman and CEO of Osisko Mining Inc.), Krystal Ramsden (Director, Mining engineer and investment professional with 20 years of experience, founding partner at Extract Capital.), Yves Bonin (Director, 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 (Vice-President, Corporate Development & Investor Relations, Corporate finance executive with over 15 years of experience in mining.), Raphaël Beaudoin (Vice-President, Operations & Qualified Person, Oversees operations at the Zgounder Silver Mine with over 15 years of experience.), David Lalonde (Vice-President, Exploration & Qualified Person, Geologist with over 24 years of experience in mineral exploration.), Meryem Baroudi (Director, Human Resources & General Affairs, Human resources executive with extensive experience in the mining industry.)

Verified data last updated: 2026-07-10

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