Boumadine

Aya 85%-owned (via BGM JV with ONHYM 15%) polymetallic Au-Ag-Zn-Pb-Cu development project at the eastern end of the Anti-Atlas Mountains in Errachidia Province, Morocco. Boumadine Mining License LE-383661 covers 32 km2 and contains the deposit (MRE focus); broader Boumadine Property = 13 mining permits + 19 exploration permits, 355 km2 total, plus a 600 km2 Authorization of Exploration granted Jan 2025. Deposit traced ~5,400 m along strike; 45 mineralized domains grouped into Center, North, South, Imariren and Tizi zones (massive sulphide veins hosted in TTF felsic/mafic tuffs). Updated MRE Feb 24, 2025 (428 holes / 142,268 m). Boumadine PEA Report dated Dec 18, 2025 (effective Nov 4, 2025) prepared by Lycopodium et al. - conventional flotation flowsheet producing lead, zinc and pyrite concentrates; concentrates shipped 641 km to Nador-West Port. 12-year LOM with open pit Y1-Y10 (62.6% of tonnage) plus underground Y3-Y12 (37.4%, modified Avoca longhole stoping). 8,000 tpd plant. Base-case prices Au $2,800/oz, Ag $30/oz, Pb $1.00/lb, Zn $1.20/lb. ONHYM 3% royalty + Aya 2.75% management fee on BGM sales revenue from Y1. Initial capex $446M, LOM sustaining $340M, total $786M. PT NPV5 $2.224B/IRR 69%/payback 1.3 yr; AT NPV5 $1.475B/IRR 47%/payback 2.1 yr. Recommended 2026-2027 work program $101.6M (200,000 m drilling/yr). Mar 2026 announced commencement of feasibility-level study program. 2025 BGM EBRD facility $25M closed Jun 2025 to fund development. Note: Inferred Resources included in PEA economics (preliminary in nature). Pyrite stockpile commercialization started 2025 (172,129 oz AgEq).