# 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.

## 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.

## Key facts

- **Cash position:** ~$129M
- **Shares outstanding:** 141,900,422
- **Fully diluted shares:** 153.1M
- **Warrants:** Not available
- **Options:** Not available
- **Mineral resource:** 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
06. AuEq = Au(g/t) + (Ag(g/t) *Ag price/oz*Ag recovery)/(Au price/oz*Au recovery) + Zn(%) * Zn price/lb * Zn recovery/(Au price/oz*Au recovery)*685.7147973 + Pb(%) * Pb price/lb * Pb recovery/(Au price/oz*Au recovery)*685.7147973 + Cu(%) * Cu price/lb * Cu recovery/(Au price/oz*Au recovery)*685.7147973
07. The constraining pit optimization parameters were US$3/t for mineralized material mining, US$2/t for waste mining, US$89/t for processing and US$6/t for G&A totalling US$95/t for a cut-off and 50-degree pit slopes.
08. The out-of-pit parameters used a US$30/t mining cost, US$90/t processing cost and US$6/t G&A totalling US$125/t for a cut-off.. The out-of-pit Mineral Resource grade blocks were quantified above the $125 NSR 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 long hole underground mining method.
09. Individual calculations in tables and totals may not sum due to rounding of original numbers.
10. Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade estimation.
11. Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m3 determined from drill core samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m3 was used.
12. 1.0m composites were used during grade estimation.
- **Projects:** ["#### [Zgounder Silver Mine](https://www.ayagoldsilver.com/portfolio/zgounder/) Morocco\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.","#### [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\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.","#### [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. Founded SEMAFO Inc. and has held board positions at six public companies.), Ghislane Guedira (Chair & Director (Independent), Finance executive with extensive experience in the energy, mining, and advisory sectors. CEO of A.P. Moller Capital Morocco since 2025.), Yves Grou (Director (Independent), Finance executive with over four decades of experience, co-founded GLA and led numerous transactions in various sectors.), Annie Torkia Lagacé (Director (Independent), Over 20 years of legal and financial experience, currently Chief Legal Officer of IAMGOLD.), Eloïse Martin (Director (Independent), Finance executive with extensive experience in project finance and capital advisory, involved in the EU-funded AfricaMaVal initiative.), 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 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 (Vice-President, Corporate Development & Investor Relations, Corporate finance and capital markets 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: 2026-07-17_

## Recent filings

- 2026-07-15 — press_release — [AYA_2026-07-15_10-12-56.pdf](https://chat.orbiton.app/aya/preview/72300?documentId=72300)
- 2026-07-08 — press_release — [AYA_2026-07-08_10-23-20.pdf](https://chat.orbiton.app/aya/preview/62331?documentId=62331)
- 2026-06-16 — press_release — [AYA_2026-06-16_10-23-02.pdf](https://chat.orbiton.app/aya/preview/55471?documentId=55471)
- 2026-06-12 — press_release — [AYA_2026-06-12_13-41-22.pdf](https://chat.orbiton.app/aya/preview/54894?documentId=54894)
- 2026-06-05 — press_release — [AYA_2026-06-05_17-57-18.pdf](https://chat.orbiton.app/aya/preview/54358?documentId=54358)
- 2026-06-04 — press_release — [AYA_2026-06-04_15-25-29.pdf](https://chat.orbiton.app/aya/preview/54164?documentId=54164)
- 2026-06-02 — press_release — [AYA_2026-06-02_10-09-25.pdf](https://chat.orbiton.app/aya/preview/53768?documentId=53768)
- 2026-05-28 — annual_report — [AYA_2026-05-28_15-15-23.pdf](https://chat.orbiton.app/aya/preview/53050?documentId=53050)

## Investor FAQ

### [Latest News?](https://chat.orbiton.app/aya/faq/latest-news)

Not disclosed in available filings.

### [Projects Overview](https://chat.orbiton.app/aya/faq/projects-overview)

Aya Gold & Silver operates the Zgounder silver mine, which is a 100% owned asset in Morocco and is currently in operation. The company is also advancing the Boumadine project, which is 85% owned by Aya and is undergoing feasibility study work, recognized as one of the most attractive undeveloped precious-metal projects globally. Additionally, the Imiter Bis project is a 100%-owned exploration asset located near the Imiter Silver Mine, focusing on early-stage exploration.

## Live AI chat

- https://chat.orbiton.app/aya/chat
- Investor website: https://www.ayagoldsilver.com/