Aya Gold & Silver Announces Updated PEA for Boumadine: After-Tax NPV Doubles to $3.5B with 93% IRR
Original announcement by globenewswire on
- Company
- Aya Gold & Silver Inc.
- Ticker
- AYA
- Exchange
- Unavailable
- Region
- Kingdom of Morocco
- Primary commodity
- Gold
- Secondary commodities
- Silver, Zinc, Lead, Copper
- Document categories
- Resource update, Metallurgy, Production
- Extracted
- 2026-09-09 12:36:47 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Aya Gold & Silver announced an updated Preliminary Economic Assessment (PEA) for its Boumadine Project in Morocco, reporting a doubled after-tax NPV of $3.5 billion and a 93% IRR. The updated Mineral Resource Estimate (MRE) shows significant increases in Indicated and Inferred tonnes and contained metal, though with a notable decline in average gold equivalent grades. The PEA outlines a 14-year mine life with strong production and competitive operating costs, underpinned by conventional flotation metallurgy with high gold and silver recoveries.
Reasoning: The updated PEA for Boumadine demonstrates significantly improved project economics with a doubled NPV and high IRR, supported by an extended mine life and substantial growth in resource tonnes and contained metal. While metallurgical recoveries for gold and silver are excellent, the decline in overall AuEq grades and the preliminary nature of the study present some caveats. The project is NI 43-101 compliant with QP sign-off, lending high confidence to the results.
Positive factors
- Significant increase in NPV and IRR
- Extended mine life
- Substantial growth in Indicated and Inferred resource tonnes
- Increase in contained metal for both Indicated and Inferred categories
- High metallurgical recoveries for gold and silver
- Low initial capital expenditure relative to project economics
- NI 43-101 compliant and QP signed off
Negative factors
- Decline in average AuEq grade for both Indicated and Inferred resources
- PEA is preliminary in nature
- Zinc recovery is weak, and lead recovery is moderate
- Pyrite concentrate requires further processing (roasting/leaching)
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 47
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The 2026 PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Evidence · text
“The 2026 PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: The updated Mineral Resource Estimate was prepared by independent Qualified Person Mr. Guy Dishaw, P.Geo from SRK Consulting UK.
Evidence · text
“The updated Mineral Resource Estimate ("MRE" or "2026 MRE") contained in the 2026 PEA was prepared by independent Qualified Person Mr. Guy Dishaw, P.Geo from SRK Consulting UK ("SRK").”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document announces the results of its updated Preliminary Economic Assessment (PEA) and updated Mineral Resource Estimate (MRE) which supersedes a previous PEA.
Evidence · text
“Aya Gold & Silver Announces Updated PEA for Boumadine”
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The resource estimate is explicitly stated as underpinning the 2026 Preliminary Economic Assessment.
Evidence · text
“The MRE underpinning the 2026 PEA is derived from an area of 32 km² within a single mining license”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Indicated MRE tonnes increased by 66% and Inferred MRE tonnes increased by 55% compared to the prior PEA.
Evidence · table
“66”
Context: MRE tonnes - Indicated
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: Additional drilling increased drill density and geological confidence, supporting the conversion of a portion of the Inferred Mineral Resource to the Indicated category.
Evidence · text
“strengthening geological confidence and supported the conversion of a portion of the Inferred Mineral Resource to the Indicated category.”
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Indicated MRE grade (AuEq) declined by 19% and Inferred MRE grade (AuEq) declined by 35% compared to the prior PEA.
Evidence · table
“-19”
Context: MRE - grade Indicated
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Indicated MRE contained metal (AuEq) increased by 34% and Inferred MRE contained metal (AuEq) increased by 1% compared to the prior PEA.
Evidence · table
“34”
Context: MRE contained metal - Indicated
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Cut-off grades for both pit-constrained (US$60/t NSR) and underground (US$110/t NSR) resources are clearly stated.
Evidence · text
“Open-pit Mineral Resources are reported within an optimized pit shell using a rounded NSR cut-off value of US$60/t. The optimization and reporting assumptions include ore mining costs of US$2.0/t, waste mining costs of US$1.5/t, drilling and blasting costs (grade control) US$1.1/t, US$2.0/t surface haulage and rehandling costs, processing and shipping costs of US$49/t, G&A costs of US$6/t and an overall pit slope angle of 47°.”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Gold recovery is 96.1% and silver recovery is 96.4%, both at or above the exceptional band for flotation.
Evidence · table
“96.1”
Context: Gold
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing flowsheet is based on a flotation plant with crushing, grinding, and three flotation circuits.
Evidence · text
“The flotation plant is unchanged from the 2025 PEA, with crushing, grinding and three flotations circuits to produce separate, salable concentrates of zinc, lead, and pyrite.”
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: Extensive metallurgical testwork led by SGS Lakefield between 2018 and 2025 forms the foundation of the PEA, implying advanced testwork beyond bench scale.
Evidence · text
“Extensive metallurgical testwork, led by SGS Lakefield between 2018 and 2025, is the foundation of the 2026 PEA and confirms a conventional flotation-based flowsheet with excellent metallurgical performance.”
Refractory Orenegative
Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk.
Why it applies: The pyrite concentrate requires further oxidation (roasting and leaching) to recover gold and silver, indicating refractory characteristics.
Evidence · text
“Complementary roaster and leaching testwork on the pyrite concentrate, conducted over several years, has also confirmed oxidation and precious metal recovery potential, suggesting a path for the construction of a roaster in the future, although excluded from this PEA.”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: the document describes a heap_leach route ("heap leach")
POX/BIOX Routeneutral
Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.
Why it applies: the document describes a pox_biox route ("roasting")
Extracted facts
Stored fact records: 47. Some facts used in scoring do not have a stored record.
Resource Estimates (41)
indicatedBoumadine Project · silverTonnes: 6639000Grade: 115.5Grade Unit: g/tContained Metal: 24653Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 115.5
- Grade Unit
- g/t
- Contained Metal
- 24653
- Contained Unit
- koz
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated silver resource shows strong grade and contained metal, contributing to the overall positive resource update. The tonnage increase in the Indicated category is a significant de-risking factor.
Positive factors
- Significant tonnage growth in Indicated category
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“115.5”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · goldTonnes: 6639000Grade: 2.17Grade Unit: g/tContained Metal: 463Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 2.17
- Grade Unit
- g/t
- Contained Metal
- 463
- Contained Unit
- koz
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated gold resource shows a good grade and contained metal, contributing to the overall positive resource update. The tonnage increase in the Indicated category is a significant de-risking factor.
Positive factors
- Significant tonnage growth in Indicated category
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“2.17”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · copperTonnes: 6639000Grade: 0.1Grade Unit: %Contained Metal: 6Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 0.1
- Grade Unit
- %
- Contained Metal
- 6
- Contained Unit
- kt
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated copper resource is a minor component of the polymetallic deposit, with a low grade and contained metal, but still contributes to the overall resource base.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“0.10”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · leadTonnes: 6639000Grade: 0.96Grade Unit: %Contained Metal: 64Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 0.96
- Grade Unit
- %
- Contained Metal
- 64
- Contained Unit
- kt
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated lead resource provides a valuable byproduct component to the polymetallic deposit, contributing to the overall contained metal.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“0.96”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · zincTonnes: 6639000Grade: 2.21Grade Unit: %Contained Metal: 147Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 2.21
- Grade Unit
- %
- Contained Metal
- 147
- Contained Unit
- kt
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated zinc resource provides a significant byproduct component to the polymetallic deposit, contributing to the overall contained metal.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“2.21”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · gold_equivalentTonnes: 6639000Grade: 4.2Grade Unit: g/tContained Metal: 896Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold_equivalent
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 4.2
- Grade Unit
- g/t
- Contained Metal
- 896
- Contained Unit
- koz
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated gold equivalent resource shows a good grade and contained metal, contributing significantly to the overall positive resource update. The tonnage increase in the Indicated category is a key de-risking factor.
Positive factors
- Significant tonnage growth in Indicated category
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“4.20”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · silverTonnes: 19497000Grade: 57.8Grade Unit: g/tContained Metal: 36218Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 57.8
- Grade Unit
- g/t
- Contained Metal
- 36218
- Contained Unit
- koz
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred silver resource adds substantial contained metal to the project, indicating future growth potential. However, its Inferred classification means lower geological confidence.
Positive factors
- Significant tonnage growth in Inferred category
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“57.8”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · goldTonnes: 19497000Grade: 2.04Grade Unit: g/tContained Metal: 1280Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 2.04
- Grade Unit
- g/t
- Contained Metal
- 1280
- Contained Unit
- koz
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred gold resource adds substantial contained metal to the project, indicating future growth potential. However, its Inferred classification means lower geological confidence.
Positive factors
- Significant tonnage growth in Inferred category
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“2.04”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · copperTonnes: 19497000Grade: 0.07Grade Unit: %Contained Metal: 14Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 0.07
- Grade Unit
- %
- Contained Metal
- 14
- Contained Unit
- kt
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred copper resource is a minor component of the polymetallic deposit, with a low grade and contained metal, and is in the lower confidence category.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.07”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · leadTonnes: 19497000Grade: 0.62Grade Unit: %Contained Metal: 120Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 0.62
- Grade Unit
- %
- Contained Metal
- 120
- Contained Unit
- kt
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred lead resource provides a valuable byproduct component, but its Inferred classification means lower geological confidence.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.62”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · zincTonnes: 19497000Grade: 1.54Grade Unit: %Contained Metal: 301Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 1.54
- Grade Unit
- %
- Contained Metal
- 301
- Contained Unit
- kt
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred zinc resource provides a significant byproduct component, but its Inferred classification means lower geological confidence.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.54”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · gold_equivalentTonnes: 19497000Grade: 3.21Grade Unit: g/tContained Metal: 2011Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold_equivalent
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 3.21
- Grade Unit
- g/t
- Contained Metal
- 2011
- Contained Unit
- koz
- Cutoff Grade
- 60
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred gold equivalent resource adds substantial contained metal to the project, indicating future growth potential. However, its Inferred classification means lower geological confidence.
Positive factors
- Significant tonnage growth in Inferred category
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“3.21”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · silverTonnes: 1943000Grade: 143Grade Unit: g/tContained Metal: 8931Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 143
- Grade Unit
- g/t
- Contained Metal
- 8931
- Contained Unit
- koz
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated underground silver resource shows a very high grade, contributing significantly to the project's overall value and confidence.
Positive factors
- High grade for silver
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“143.0”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · goldTonnes: 1943000Grade: 1.11Grade Unit: g/tContained Metal: 69Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 1.11
- Grade Unit
- g/t
- Contained Metal
- 69
- Contained Unit
- koz
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated underground gold resource provides a good grade contribution to the project's overall value and confidence.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“1.11”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · copperTonnes: 1943000Grade: 0.06Grade Unit: %Contained Metal: 1Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 0.06
- Grade Unit
- %
- Contained Metal
- 1
- Contained Unit
- kt
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated underground copper resource is a minor component of the polymetallic deposit, with a low grade and contained metal.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“0.06”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · leadTonnes: 1943000Grade: 1.19Grade Unit: %Contained Metal: 23Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 1.19
- Grade Unit
- %
- Contained Metal
- 23
- Contained Unit
- kt
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated underground lead resource provides a valuable byproduct component to the polymetallic deposit.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“1.19”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · zincTonnes: 1943000Grade: 2.11Grade Unit: %Contained Metal: 41Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 2.11
- Grade Unit
- %
- Contained Metal
- 41
- Contained Unit
- kt
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated underground zinc resource provides a significant byproduct component to the polymetallic deposit.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“2.11”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · gold_equivalentTonnes: 1943000Grade: 3.43Grade Unit: g/tContained Metal: 214Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold_equivalent
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 3.43
- Grade Unit
- g/t
- Contained Metal
- 214
- Contained Unit
- koz
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Indicated underground gold equivalent resource provides a good grade and contained metal, contributing significantly to the project's overall value and confidence.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“3.43”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · silverTonnes: 25868000Grade: 56Grade Unit: g/tContained Metal: 46605Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 56
- Grade Unit
- g/t
- Contained Metal
- 46605
- Contained Unit
- koz
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred underground silver resource adds substantial contained metal to the project, indicating future growth potential. However, its Inferred classification means lower geological confidence.
Positive factors
- Significant tonnage growth in Inferred category
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“56.0”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · goldTonnes: 25868000Grade: 1.65Grade Unit: g/tContained Metal: 1372Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 1.65
- Grade Unit
- g/t
- Contained Metal
- 1372
- Contained Unit
- koz
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred underground gold resource adds substantial contained metal to the project, indicating future growth potential. However, its Inferred classification means lower geological confidence.
Positive factors
- Significant tonnage growth in Inferred category
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.65”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · copperTonnes: 25868000Grade: 0.08Grade Unit: %Contained Metal: 21Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 0.08
- Grade Unit
- %
- Contained Metal
- 21
- Contained Unit
- kt
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred underground copper resource is a minor component of the polymetallic deposit, with a low grade and contained metal, and is in the lower confidence category.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.08”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · leadTonnes: 25868000Grade: 0.56Grade Unit: %Contained Metal: 145Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 0.56
- Grade Unit
- %
- Contained Metal
- 145
- Contained Unit
- kt
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred underground lead resource provides a valuable byproduct component, but its Inferred classification means lower geological confidence.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.56”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · zincTonnes: 25868000Grade: 1.17Grade Unit: %Contained Metal: 303Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 1.17
- Grade Unit
- %
- Contained Metal
- 303
- Contained Unit
- kt
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred underground zinc resource provides a significant byproduct component, but its Inferred classification means lower geological confidence.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.17”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · gold_equivalentTonnes: 25868000Grade: 2.7Grade Unit: g/tContained Metal: 2249Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold_equivalent
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 2.7
- Grade Unit
- g/t
- Contained Metal
- 2249
- Contained Unit
- koz
- Cutoff Grade
- 110
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This Inferred underground gold equivalent resource adds substantial contained metal to the project, indicating future growth potential. However, its Inferred classification means lower geological confidence.
Positive factors
- Significant tonnage growth in Inferred category
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“2.70”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · silverTonnes: 8582000Grade: 121.7Grade Unit: g/tContained Metal: 33585Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 121.7
- Grade Unit
- g/t
- Contained Metal
- 33585
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Indicated silver resource shows strong grade and contained metal, with a significant increase in tonnage compared to the prior estimate, enhancing project confidence.
Positive factors
- Significant tonnage growth in Indicated category (+66%)
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“121.7”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 8582000 against 5169000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · goldTonnes: 8582000Grade: 1.93Grade Unit: g/tContained Metal: 532Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 1.93
- Grade Unit
- g/t
- Contained Metal
- 532
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Indicated gold resource shows good grade and contained metal, with a significant increase in tonnage compared to the prior estimate, enhancing project confidence.
Positive factors
- Significant tonnage growth in Indicated category (+66%)
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“1.93”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 8582000 against 5169000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · copperTonnes: 8582000Grade: 0.09Grade Unit: %Contained Metal: 8Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 0.09
- Grade Unit
- %
- Contained Metal
- 8
- Contained Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Indicated copper resource is a minor component of the polymetallic deposit, with a low grade and contained metal, but contributes to the overall resource base.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“0.09”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 8582000 against 5169000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · leadTonnes: 8582000Grade: 1.01Grade Unit: %Contained Metal: 87Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 1.01
- Grade Unit
- %
- Contained Metal
- 87
- Contained Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Indicated lead resource provides a valuable byproduct component to the polymetallic deposit, contributing to the overall contained metal.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“1.01”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 8582000 against 5169000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · zincTonnes: 8582000Grade: 2.19Grade Unit: %Contained Metal: 188Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 2.19
- Grade Unit
- %
- Contained Metal
- 188
- Contained Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Indicated zinc resource provides a significant byproduct component to the polymetallic deposit, contributing to the overall contained metal.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Evidence · table
“2.19”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 8582000 against 5169000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedBoumadine Project · gold_equivalentTonnes: 8582000Grade: 4.02Grade Unit: g/tContained Metal: 1110Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold_equivalent
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 4.02
- Grade Unit
- g/t
- Contained Metal
- 1110
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Indicated gold equivalent resource shows significant tonnage and contained metal growth, enhancing project confidence, despite a notable decline in grade compared to the prior estimate.
Positive factors
- Significant tonnage growth in Indicated category (+66%)
- Contained metal growth (+34%)
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Grade decline (-19%)
Evidence · table
“4.02”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 8582000 against 5169000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 4.02 against 4.98 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 1110 against 827 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · silverTonnes: 45365000Grade: 56.8Grade Unit: g/tContained Metal: 82823Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 56.8
- Grade Unit
- g/t
- Contained Metal
- 82823
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Inferred silver resource shows substantial tonnage growth, adding significant contained metal to the project, but its Inferred classification means lower geological confidence.
Positive factors
- Significant tonnage growth in Inferred category (+55%)
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“56.8”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 45365000 against 29196000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · goldTonnes: 45365000Grade: 1.82Grade Unit: g/tContained Metal: 2653Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 1.82
- Grade Unit
- g/t
- Contained Metal
- 2653
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Inferred gold resource shows substantial tonnage growth, adding significant contained metal to the project, but its Inferred classification means lower geological confidence.
Positive factors
- Significant tonnage growth in Inferred category (+55%)
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.82”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 45365000 against 29196000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · copperTonnes: 45365000Grade: 0.08Grade Unit: %Contained Metal: 35Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 0.08
- Grade Unit
- %
- Contained Metal
- 35
- Contained Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Inferred copper resource is a minor component of the polymetallic deposit, with a low grade and contained metal, and is in the lower confidence category.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.08”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 45365000 against 29196000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · leadTonnes: 45365000Grade: 0.58Grade Unit: %Contained Metal: 265Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 0.58
- Grade Unit
- %
- Contained Metal
- 265
- Contained Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Inferred lead resource provides a valuable byproduct component, but its Inferred classification means lower geological confidence.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.58”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 45365000 against 29196000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · zincTonnes: 45365000Grade: 1.33Grade Unit: %Contained Metal: 604Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 1.33
- Grade Unit
- %
- Contained Metal
- 604
- Contained Unit
- kt
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Inferred zinc resource provides a significant byproduct component, but its Inferred classification means lower geological confidence.
Positive factors
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.33”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 45365000 against 29196000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredBoumadine Project · gold_equivalentTonnes: 45365000Grade: 2.92Grade Unit: g/tContained Metal: 4260Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold_equivalent
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 2.92
- Grade Unit
- g/t
- Contained Metal
- 4260
- Contained Unit
- koz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total Inferred gold equivalent resource shows substantial tonnage growth and a slight increase in contained metal, but a significant decline in grade and its Inferred classification mean lower geological confidence.
Positive factors
- Significant tonnage growth in Inferred category (+55%)
- Contained metal growth (+1%)
- High confidence reporting standard (NI 43-101)
- QP sign-off
Negative factors
- Grade decline (-35%)
- Inferred category has lower geological confidence
Evidence · table
“2.92”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 45365000 against 29196000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.92 against 4.47 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 4260 from 4198
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 37Boumadine Project · goldView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The PEA outlines substantial LOM gold production over an extended mine life, supported by competitive costs and low initial capex, making it a highly attractive project despite a lower processed grade.
Positive factors
- Significant LOM gold production
- Extended mine life
- Competitive cash costs and AISC
- Low initial capital expenditure
Negative factors
- LOM processed grade decline compared to prior PEA
Evidence · table
“2,254”
Context: Gold
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 38Boumadine Project · silverView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The PEA projects very high LOM silver production, significantly increasing from the prior PEA, over an extended mine life with competitive costs, making silver a major value driver for the project.
Positive factors
- Very high LOM silver production
- Extended mine life
- Competitive cash costs and AISC
- Low initial capital expenditure
Negative factors
- LOM processed grade decline compared to prior PEA
Evidence · table
“81,167”
Context: Silver
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 39Boumadine Project · zincView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The PEA outlines substantial LOM zinc production, contributing significantly as a byproduct to the project's overall economics, with competitive costs and low initial capex.
Positive factors
- Significant LOM zinc production
- Extended mine life
- Competitive cash costs and AISC
- Low initial capital expenditure
Negative factors
- LOM processed grade decline compared to prior PEA
Evidence · table
“931”
Context: Zinc
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 40Boumadine Project · leadView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The PEA outlines substantial LOM lead production, contributing significantly as a byproduct to the project's overall economics, with competitive costs and low initial capex.
Positive factors
- Significant LOM lead production
- Extended mine life
- Competitive cash costs and AISC
- Low initial capital expenditure
Negative factors
- LOM processed grade decline compared to prior PEA
Evidence · table
“431”
Context: Lead
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Fact 41Boumadine Project · gold_equivalentView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold_equivalent
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The PEA projects substantial LOM gold equivalent production over an extended mine life, with competitive costs and low initial capex, making it a highly attractive project despite a lower processed grade compared to the prior PEA.
Positive factors
- Significant LOM gold equivalent production (+7% vs Prior PEA)
- Extended mine life
- Competitive cash costs and AISC
- Low initial capital expenditure
Negative factors
- LOM processed grade decline (-19% vs Prior PEA)
Evidence · table
“3,889”
Context: AuEq
Tags used in scoring
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (6)
flotationBoumadine Project · goldRecovery: 96.1 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation
Recovery
- Recovery
- 96.1 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Lakefield
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The 96.1% gold recovery is exceptional for a flotation process, indicating a highly efficient and robust metallurgical pathway for the project's primary commodity.
Positive factors
- Exceptional recovery for gold via flotation
- Extensive testwork completed by reputable lab (SGS Lakefield)
- Confirmed conventional flowsheet
Evidence · table
“96.1”
Context: Gold
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 96.1% is at or above the exceptional band (95%)
flotationBoumadine Project · silverRecovery: 96.4 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation
Recovery
- Recovery
- 96.4 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Lakefield
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The 96.4% silver recovery is exceptional for a flotation process, indicating a highly efficient and robust metallurgical pathway for a key byproduct commodity.
Positive factors
- Exceptional recovery for silver via flotation
- Extensive testwork completed by reputable lab (SGS Lakefield)
- Confirmed conventional flowsheet
Evidence · table
“96.4”
Context: Silver
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 96.4% is at or above the exceptional band (90%)
flotationBoumadine Project · zincRecovery: 74.7 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation
Recovery
- Recovery
- 74.7 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Lakefield
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The 74.7% zinc recovery is at the lower end of expectations for flotation, indicating potential for optimization or a less efficient recovery for this byproduct.
Positive factors
- Extensive testwork completed by reputable lab (SGS Lakefield)
- Confirmed conventional flowsheet
Negative factors
- Weak recovery for zinc via flotation
Evidence · table
“74.7”
Context: Zinc
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationBoumadine Project · leadRecovery: 82 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Test Work
- Program Status
- detailed
- Test Type
- flotation
- Processing Route
- flotation
Recovery
- Recovery
- 82 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Lakefield
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The 82.0% lead recovery is moderate for a flotation process, contributing positively to the overall project economics as a byproduct.
Positive factors
- Extensive testwork completed by reputable lab (SGS Lakefield)
- Confirmed conventional flowsheet
Evidence · table
“82.0”
Context: Lead
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
lab scale roasting and leachingBoumadine Project · goldRecovery: 79 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Test Work
- Program Status
- scoping
- Test Type
- lab scale roasting and leaching
- Processing Route
- pyrite flotation, roasting and leaching
Recovery
- Recovery
- 79 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Lakefield
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Lab scale testwork on the pyrite concentrate shows good gold recovery potential (up to 79%) through roasting and leaching, indicating future upside for refractory material, though this is not yet included in the current PEA.
Positive factors
- Good recovery for refractory gold
- Identifies potential for future value from pyrite concentrate
- Testwork by reputable lab (SGS Lakefield)
Negative factors
- Lab scale only, not yet pilot scale
- Roaster option excluded from current PEA
Evidence · text
“Lab scale roasting and subsequent leaching test results showed a total processing recovery (lead and zinc flotation, then pyrite flotation, roasting and leaching) up to 79% for gold”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
POX/BIOX Routeneutral
Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.
Why it applies: processing_route matches the pox_biox signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 79% is below the weak band (80%)
lab scale roasting and leachingBoumadine Project · silverRecovery: 85 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- kingdom of morocco
- Reported Region
- Kingdom of Morocco
- Ticker
- AYA
Test Work
- Program Status
- scoping
- Test Type
- lab scale roasting and leaching
- Processing Route
- pyrite flotation, roasting and leaching
Recovery
- Recovery
- 85 %
- Recovery Basis
- actual_test
Lab
- Laboratory
- SGS Lakefield
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Lab scale testwork on the pyrite concentrate shows good silver recovery potential (up to 85%) through roasting and leaching, indicating future upside for refractory material, though this is not yet included in the current PEA.
Positive factors
- Good recovery for refractory silver
- Identifies potential for future value from pyrite concentrate
- Testwork by reputable lab (SGS Lakefield)
Negative factors
- Lab scale only, not yet pilot scale
- Roaster option excluded from current PEA
Evidence · text
“up to 79% for gold and 85% for silver”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
POX/BIOX Routeneutral
Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.
Why it applies: processing_route matches the pox_biox signal
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.