# 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
- **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.
- **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.\n\n#### Overview\n\n**Zgounder Silver Mine**\n\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.\n\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.\n\n#### Mining & Processing\n\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#### 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) 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.\n\n#### Imiter Bis\n\n- **Ownership**\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\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 West Africa. Led Aya's operational transformation since 2020.), Ghislane Guedira (Chair & Director (Independent), Finance executive with extensive experience in energy and mining sectors. CEO of A.P. Moller Capital Morocco since 2025.), Yves Grou (Director (Independent), Finance executive with over 40 years of experience. Co-founded GLA and led numerous transactions in various sectors.), Annie Torkia Lagacé (Director (Independent), Chief Legal Officer of IAMGOLD with over 20 years of legal and financial experience in mining.), Eloïse Martin (Director (Independent), Finance executive with extensive experience in project finance and capital advisory in energy and mining sectors.), John Burzynski (Director (Independent), Geologist with over 35 years of experience in mineral exploration and development. Former CEO of Osisko Mining Inc.), Krystal Ramsden (Director (Independent), Mining engineer and investment professional with 20 years of experience in metals and mining.), Yves Bonin (Director (Independent), Audit and finance executive with over 30 years of experience, currently 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.), David Lalonde (Executive Vice-President, Exploration, 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.), Robert Taub (Chair Emeritus, Former Board Chair who played a pivotal role in Aya's strategic turnaround and operational success.)

_Verified data last updated: 2026-10-09_

## Recent filings

- 2026-10-14 — press_release — [AYA_2026-10-14_10-05-51.pdf](https://chat.orbiton.app/aya/preview/126278?documentId=126278)
- 2026-09-22 — press_release — [AYA_2026-09-22_10-16-22.pdf](https://chat.orbiton.app/aya/preview/122392?documentId=122392)
- 2026-09-16 — press_release — [AYA_2026-09-16_10-15-32.pdf](https://chat.orbiton.app/aya/preview/120951?documentId=120951)
- 2026-09-09 — press_release — [AYA_2026-09-09_10-11-04.pdf](https://chat.orbiton.app/aya/preview/120009?documentId=120009)
- 2026-09-01 — press_release — [AYA_2026-09-01_10-10-54.pdf](https://chat.orbiton.app/aya/preview/117766?documentId=117766)
- 2026-08-27 — press_release — [AYA_2026-08-27_20-43-29.pdf](https://chat.orbiton.app/aya/preview/117441?documentId=117441)
- 2026-08-21 — mda — [AYA_2026-08-21_16-38-41.pdf](https://chat.orbiton.app/aya/preview/115624?documentId=115624)
- 2026-08-21 — financials — [AYA_2026-08-21_16-35-40.pdf](https://chat.orbiton.app/aya/preview/115623?documentId=115623)

## 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, high-capacity silver-only operation in Morocco, with a mine life extended to 2036 and an average annual production of 6 Moz of silver. The company is also advancing the Boumadine project, which is 85% owned and undergoing feasibility studies, and has exploration activities at the Imiter Bis project, which is 100% owned.

## Live AI chat

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