# Aya Gold & Silver Announces Updated PEA for Boumadine: After-Tax NPV Doubles to $3.5B with 93% IRR Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193 Original source: https://www.globenewswire.com/news-release/2026/09/09/3358494/0/en/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5b-with-93-irr.html Publisher: globenewswire Original announcement: 2026-09-09T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Significant increase in NPV and IRR - Positive factor: Extended mine life - Positive factor: Substantial growth in Indicated and Inferred resource tonnes - Positive factor: Increase in contained metal for both Indicated and Inferred categories - Positive factor: High metallurgical recoveries for gold and silver - Positive factor: Low initial capital expenditure relative to project economics - Positive factor: NI 43-101 compliant and QP signed off - Negative factor: Decline in average AuEq grade for both Indicated and Inferred resources - Negative factor: PEA is preliminary in nature - Negative factor: Zinc recovery is weak, and lead recovery is moderate - Negative factor: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 Growth** Polarity: positive Definition: 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 Upgrade** Polarity: positive Definition: 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 Decline** Polarity: negative Definition: 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 Growth** Polarity: positive Definition: 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 Disclosed** Polarity: positive Definition: 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 Recovery** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: 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 Complete** Polarity: positive Definition: 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 Ore** Polarity: negative Definition: 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 Route** Polarity: neutral Definition: 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 Route** Polarity: neutral Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-0) Boumadine Project · silver #### 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 factor: Significant tonnage growth in Indicated category - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 115.5 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-1) Boumadine Project · gold #### 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 factor: Significant tonnage growth in Indicated category - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 2.17 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-2) Boumadine Project · copper #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 0.10 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-3) Boumadine Project · lead #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 0.96 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-4) Boumadine Project · zinc #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 2.21 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-5) Boumadine Project · gold\_equivalent #### 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 factor: Significant tonnage growth in Indicated category - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 4.20 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-6) Boumadine Project · silver #### 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 factor: Significant tonnage growth in Inferred category - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 57.8 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-7) Boumadine Project · gold #### 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 factor: Significant tonnage growth in Inferred category - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 2.04 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-8) Boumadine Project · copper #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.07 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-9) Boumadine Project · lead #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.62 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-10) Boumadine Project · zinc #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.54 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-11) Boumadine Project · gold\_equivalent #### 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 factor: Significant tonnage growth in Inferred category - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.21 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-12) Boumadine Project · silver #### 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 factor: High grade for silver - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 143.0 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-13) Boumadine Project · gold #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 1.11 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-14) Boumadine Project · copper #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 0.06 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-15) Boumadine Project · lead #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 1.19 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-16) Boumadine Project · zinc #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 2.11 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-17) Boumadine Project · gold\_equivalent #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 3.43 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-18) Boumadine Project · silver #### 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 factor: Significant tonnage growth in Inferred category - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 56.0 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-19) Boumadine Project · gold #### 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 factor: Significant tonnage growth in Inferred category - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.65 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-20) Boumadine Project · copper #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.08 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-21) Boumadine Project · lead #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.56 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-22) Boumadine Project · zinc #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.17 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-23) Boumadine Project · gold\_equivalent #### 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 factor: Significant tonnage growth in Inferred category - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 2.70 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-24) Boumadine Project · silver #### 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 factor: Significant tonnage growth in Indicated category \(+66%\) - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 121.7 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 8582000 against 5169000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-25) Boumadine Project · gold #### 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 factor: Significant tonnage growth in Indicated category \(+66%\) - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 1.93 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 8582000 against 5169000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-26) Boumadine Project · copper #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 0.09 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 8582000 against 5169000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-27) Boumadine Project · lead #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 1.01 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 8582000 against 5169000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-28) Boumadine Project · zinc #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off Evidence · table > 2.19 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 8582000 against 5169000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-29) Boumadine Project · gold\_equivalent #### 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 factor: Significant tonnage growth in Indicated category \(+66%\) - Positive factor: Contained metal growth \(+34%\) - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Grade decline \(-19%\) Evidence · table > 4.02 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 8582000 against 5169000 previously **Grade Decline** Polarity: negative Definition: 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 Growth** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-30) Boumadine Project · silver #### 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 factor: Significant tonnage growth in Inferred category \(+55%\) - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 56.8 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 45365000 against 29196000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-31) Boumadine Project · gold #### 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 factor: Significant tonnage growth in Inferred category \(+55%\) - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.82 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 45365000 against 29196000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-32) Boumadine Project · copper #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.08 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 45365000 against 29196000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-33) Boumadine Project · lead #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.58 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 45365000 against 29196000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-34) Boumadine Project · zinc #### 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 factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.33 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 45365000 against 29196000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-35) Boumadine Project · gold\_equivalent #### 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 factor: Significant tonnage growth in Inferred category \(+55%\) - Positive factor: Contained metal growth \(+1%\) - Positive factor: High confidence reporting standard \(NI 43-101\) - Positive factor: QP sign-off - Negative factor: Grade decline \(-35%\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 2.92 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 45365000 against 29196000 previously **Grade Decline** Polarity: negative Definition: 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 Growth** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 37 [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-42) Boumadine Project · gold #### 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 factor: Significant LOM gold production - Positive factor: Extended mine life - Positive factor: Competitive cash costs and AISC - Positive factor: Low initial capital expenditure - Negative factor: LOM processed grade decline compared to prior PEA Evidence · table > 2,254 Context: Gold #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 38 [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-43) Boumadine Project · silver #### 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 factor: Very high LOM silver production - Positive factor: Extended mine life - Positive factor: Competitive cash costs and AISC - Positive factor: Low initial capital expenditure - Negative factor: LOM processed grade decline compared to prior PEA Evidence · table > 81,167 Context: Silver #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 39 [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-44) Boumadine Project · zinc #### 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 factor: Significant LOM zinc production - Positive factor: Extended mine life - Positive factor: Competitive cash costs and AISC - Positive factor: Low initial capital expenditure - Negative factor: LOM processed grade decline compared to prior PEA Evidence · table > 931 Context: Zinc #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 40 [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-45) Boumadine Project · lead #### 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 factor: Significant LOM lead production - Positive factor: Extended mine life - Positive factor: Competitive cash costs and AISC - Positive factor: Low initial capital expenditure - Negative factor: LOM processed grade decline compared to prior PEA Evidence · table > 431 Context: Lead #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 41 [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-resource-facts-46) Boumadine Project · gold\_equivalent #### 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 factor: Significant LOM gold equivalent production \(+7% vs Prior PEA\) - Positive factor: Extended mine life - Positive factor: Competitive cash costs and AISC - Positive factor: Low initial capital expenditure - Negative factor: LOM processed grade decline \(-19% vs Prior PEA\) Evidence · table > 3,889 Context: AuEq #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-metallurgical-facts-36) Boumadine Project · gold #### 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 factor: Exceptional recovery for gold via flotation - Positive factor: Extensive testwork completed by reputable lab \(SGS Lakefield\) - Positive factor: Confirmed conventional flowsheet Evidence · table > 96.1 Context: Gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: 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 \(95%\) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-metallurgical-facts-37) Boumadine Project · silver #### 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 factor: Exceptional recovery for silver via flotation - Positive factor: Extensive testwork completed by reputable lab \(SGS Lakefield\) - Positive factor: Confirmed conventional flowsheet Evidence · table > 96.4 Context: Silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: 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 \(90%\) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-metallurgical-facts-38) Boumadine Project · zinc #### 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 factor: Extensive testwork completed by reputable lab \(SGS Lakefield\) - Positive factor: Confirmed conventional flowsheet - Negative factor: Weak recovery for zinc via flotation Evidence · table > 74.7 Context: Zinc #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-metallurgical-facts-39) Boumadine Project · lead #### 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 factor: Extensive testwork completed by reputable lab \(SGS Lakefield\) - Positive factor: Confirmed conventional flowsheet Evidence · table > 82.0 Context: Lead #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### lab scale roasting and leaching [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-metallurgical-facts-40) Boumadine Project · gold #### 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 factor: Good recovery for refractory gold - Positive factor: Identifies potential for future value from pyrite concentrate - Positive factor: Testwork by reputable lab \(SGS Lakefield\) - Negative factor: Lab scale only, not yet pilot scale - Negative factor: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: processing\_route matches the pox\_biox signal **Low Recovery** Polarity: negative Definition: 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 leaching [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--f11ec093-8185-4bef-b482-f2c53ec37193#fact-metallurgical-facts-41) Boumadine Project · silver #### 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 factor: Good recovery for refractory silver - Positive factor: Identifies potential for future value from pyrite concentrate - Positive factor: Testwork by reputable lab \(SGS Lakefield\) - Negative factor: Lab scale only, not yet pilot scale - Negative factor: Roaster option excluded from current PEA Evidence · text > up to 79% for gold and 85% for silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **POX/BIOX Route** Polarity: neutral Definition: 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.