Aya Gold & Silver Inc. furnished 8 qualified-person certificates and 8 consents associated with an updated Preliminary Economic Assessment for the Boumadine Polymetallic Project in Morocco, effective September 9, 2026. The consents cover public filing of the report and use of excerpts or summaries in Aya’s September 9 press release and other written disclosures; signers confirm the press release fairly and accurately represents the report sections for which they are responsible.
The referenced press release title states that after-tax NPV doubles to $3.5 billion and gives an IRR of 93%.
Aya Gold & Silver Inc. reported an updated preliminary economic assessment (PEA) for its Boumadine polymetallic project in Morocco. The modeled after-tax case estimates a US$3.5 billion net present value at a 5% discount rate, a 93% internal rate of return and a 0.7-year payback period; the pre-tax NPV at 5% is US$4.1 billion. Initial capital is estimated at US$463 million, with US$507 million in life-of-mine sustaining capital.
The resource estimate effective February 28, 2026 lists 8.582 million tonnes Indicated and 45.365 million tonnes Inferred. The PEA schedules open-pit mining from 2029, underground development from 2031 and first underground mineralized material in 2032. The Boumadine Mining Licence expired in May 2026; Aya is seeking renewal for an additional 10 years, with approval pending. Morocco’s national EIA was submitted in July 2026, while international ESIA work continues. The PEA includes Inferred Mineral Resources described as too speculative geologically to be categorized as Mineral Reserves and states there is no certainty it will be realized; Mineral Resources have no demonstrated economic viability.
Aya Gold & Silver Inc. (AYA) reported consolidated silver-equivalent production of 2,034,628 ounces in Q3 2026, up 51% year over year and 21% from Q2. Zgounder produced 1,497,749 ounces of silver, up 11% year over year; mill throughput averaged 4,096 tonnes per day, up 23% year over year, with 92.0% silver recovery. Reported Zgounder silver production excludes 138,100 ounces of silver cement not smelted as of quarter-end.
Boumadine’s pyrite reclaim operation contributed 536,879 ounces AgEq in Q3, up 186% quarter over quarter. The reclaim and sale of the historical pyrite stockpile is expected to last approximately 20 to 24 months from November 19, 2025, or until the stockpile is depleted. Boumadine’s polymetallic project remains at the exploration and evaluation stage and is not in commercial production.
At Zgounder, the crushing contractor will remain on site until the planned crusher expansion is completed, which is expected early 2027. The second phase of the tailings storage facility was completed in early Q3, and the ore stockpile reached 434,538 tonnes, up 16% quarter over quarter. Management said the company is firmly on track to achieve its 2026 production guidance.
Aya Gold & Silver Inc. (AYA) released an updated Preliminary Economic Assessment for its Boumadine polymetallic project in Morocco showing much stronger economics than the prior study. At base case metal prices of $3,500/oz gold and $50/oz silver, the after-tax NPV5% is $3.5 billion with a 93% after-tax IRR and a 0.7‑year payback on initial capital.
The plan contemplates a combined open‑pit and underground mine with 8,000 tpd throughput over a 14‑year life, producing an estimated 3.9 Moz AuEq including 2.25 Moz gold and 81.2 Moz silver. Initial capital is estimated at $463 million (including $99 million contingency), yielding a capital efficiency ratio of 7.6x. Life‑of‑mine average cash costs are projected at $1,169/oz AuEq and AISC at $1,300/oz AuEq.
Mineral resources supporting the study total 8.6 Mt Indicated and 45.4 Mt Inferred, containing about 1.11 Moz and 4.26 Moz AuEq, respectively. Aya emphasizes that this PEA is preliminary, relies heavily on inferred resources and that there is no certainty the economics or mine plan will be realized as outlined.
Aya Gold & Silver Inc. (AYA) agreed to acquire a 139 km² copper-silver exploration permit portfolio in Morocco, including a 19 km² mining license about 35 km west of its Zgounder Silver Mine, for total consideration of C$4.0 million payable in Aya common shares.
The Cu-Ag Portfolio, in the Tizi area, features historical trenching of 15 m grading 0.65% Cu and 33 g/t Ag, surface samples up to 837 g/t Ag and 4.6% Cu, and a principal Cu-Ag horizon traced over 2 km, with approximately 20 km of existing road access. Aya views the package as expanding its land position around Zgounder and adding a potentially district-scale, underexplored Cu-Ag system.
The acquisition, to be completed through a wholly owned subsidiary, is subject to confirmatory due diligence, Moroccan and Canadian regulatory clearances and TSX approval. Over the next 12–18 months, Aya plans stream sediment geochemistry, hyperspectral studies, airborne geophysics, mapping and prospecting to define next-stage exploration.
Aya Gold & Silver Inc. reported a very strong Q2-2026, with revenue of $96.8M, up 151% year-over-year, driven by higher silver-equivalent ounces sold and a higher average net realized AgEq price of $64.22/oz, up 90%. Net income rose to $35.0M (diluted EPS $0.23), a 305% increase, and operating cash flow grew 522% to $48.4M.
Consolidated production reached 1.68Moz AgEq, up 61% year-over-year, with Zgounder contributing 1.49Moz silver and the Boumadine pyrite reclaim operation 0.19Moz AgEq. Consolidated cash costs fell to $16.82/oz AgEq, 21% lower than a year earlier, supported by record mining and processing rates and a lower strip ratio. Zgounder’s production costs per tonne processed decreased 33% year-over-year to $55.61.
Liquidity improved, with cash and cash equivalents of $182.8M, working capital of $144.8M, and total non-current financial liabilities reduced to $57.1M after early repayment of a $15M Boumadine project loan. Aya advanced growth through 50,567m of Boumadine drilling, 4,440m at Zgounder, a new Moroccan exploration portfolio acquired for MAD 10M, and continued work on Boumadine technical studies, while maintaining its unchanged 2026 operational outlook.
Aya Gold & Silver Inc. acquired a strategic exploration portfolio in Morocco comprising three mining licenses and 18 exploration permits covering approximately 259 km² across the Zagora, Agadir-Melloul, and Goulmim projects. Total consideration is MAD 10 million in cash and assumed debt, plus milestone payments and a 2% net smelter return royalty on future production, while customary Moroccan administrative formalities are finalized.
The projects target diverse mineralization: Zagora is prospective for Ni-Co-Pb-Zn-Ag-Au, Agadir-Melloul for Cu-Ag-Au and rare earth elements, and Goulmim for Pb-Ag-Cu-Au. Geologic settings are compared with known mineralized districts such as Bou-Azzer and Boumadine, indicating further land consolidation potential.
In 2026, the company expanded its Moroccan land package from approximately 732 km² to more than 991 km², a 35.4% increase, reinforcing a district-scale exploration strategy. Over the next 18–24 months, a phased greenfield program, including stream-sediment geochemistry, high-resolution hyperspectral studies, mapping, and prospecting, will assess discovery potential and prioritize targets for possible geophysics and drilling.
Aya Gold & Silver Inc. is advancing study and early-development work at its Boumadine polymetallic project in Morocco. As of July 13, 2026, 102,111 m of drilling has been completed year-to-date within a 360,000 m infill campaign, with 180,000 m targeted for 2026.
The company is shortlisting mining and processing-plant contractors for competitive tenders, advancing water and power infrastructure engineering, and final-phase metallurgical testwork with SGS. An Updated PEA is expected in H2-2026, and the Boumadine feasibility study is planned for completion by H2-2027.
Aya also plans to release Q2-2026 financial results on August 13, 2026, followed by a conference call on August 14, 2026 at 10 a.m. ET to discuss results and provide a corporate update.
Aya Gold & Silver Inc. reported record operational results for Q2-2026, driven by its Zgounder Silver Mine in Morocco and the Boumadine pyrite reclaim operation. Consolidated production reached 1.68 million silver equivalent ounces, up 61% year-over-year and 12% quarter-over-quarter, including 0.19 million ounces from Boumadine.
At Zgounder, silver output rose to 1.49 million ounces, a 43% YoY and 18% QoQ increase, supported by record ore processing of 353,888 tonnes at 3,889 tonnes per day and an average feed grade of 141 g/t silver. Mill recovery averaged 91.2%, and mining rates reached 4,880 tonnes per day across open-pit and underground operations.
Boumadine’s reclaim operation contributed 187,784 silver equivalent ounces in the quarter from 17,153 tonnes of material at average grades of 179 g/t silver and 2.43 g/t gold. Management highlighted that this strong operational performance supports the Company’s 2026 production targets while Boumadine remains at the exploration and evaluation stage.
Aya Gold & Silver Inc. reports that it will be added to the VanEck Gold Miners ETF (GDX), effective at the close of trading on June 19, 2026, following the ETF’s quarterly rebalance. GDX is a widely followed benchmark holding many of the largest publicly traded gold and silver miners.
Management describes the inclusion as a significant corporate milestone, citing value created through expanding the Zgounder silver mine, growth in production and cash flow, and ongoing advancement of the Boumadine polymetallic project. They expect ETF membership to improve liquidity and visibility and broaden the global investor base.
The company highlights its focus on responsible mining in Morocco, where it operates the Zgounder silver-only mine and is advancing feasibility work at Boumadine, with an exploration strategy targeting the geologically rich Anti-Atlas fault.