Silver · Mid-Tier · Producer · Africa
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Aya Gold & Silver Portfolio
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Canadian-domiciled silver-gold producer (TSX:AYA / OTCQX:AYASF) with all material operations in Morocco. Portfolio = (i) Zgounder Silver Mine - 100%-owned operating silver mine (Taroudant province, Anti-Atlas); (ii) Boumadine Project - 85% via BGM with ONHYM 15%, polymetallic Au-Ag-Zn-Pb-Cu PEA-stage development asset in Errachidia province; (iii) Imiter-bis - exploration property in Morocco along the South-Atlas Fault. Also 75% interest in the Tijirit gold project (Mauritania) optioned to Mx2 Mining (Aya holds ~42% of Mx2). 2025 corporate silver production 4,829,151 oz from Zgounder plus 172,129 oz AgEq from Boumadine pyrite stockpile reclaim = 5,001,280 oz AgEq total. Total 2025 sales $202.1M vs $39.1M in 2024. 2026 capital budget $96M ($36M sustaining/growth + $60M exploration & development). Reorganized end-2025 transferring Moroccan subs (BGM, ZMSM) to UAE-based holding entities; ONHYM diluted at BGM with re-subscription right to 15% until Dec 31, 2026.
Portfolio Aggregate
Multiple effective dates
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Operating · 1 project
Zgounder Silver Mine
Asset
Project information
As at 30 September 2025
Description
As at 30 September 2025
100%-owned underground + open-pit silver mine on the western flank of the Siroua Massif (Anti-Atlas), Taroudant Province, Morocco; held through ZMSM (Aya acquired ONHYM's 15% in Dec 2022 for ~US$6.5M). 378 km2 land package (8 mining licenses + 15 exploration permits within 40 km radius); core Zgounder exploitation license LE-393459 covers 16 km2 valid to Oct 2027. ONHYM retains a 3% royalty on revenue from licence LE-393459 (extended to cover 5 newly acquired permits). Open pit + underground (cut & fill plus longhole stoping starting 2026). Three plants centralized into Plant #1 silver extraction circuit: Plant #1 new build (2,000 tpd comminution / 2,500 tpd extraction, cyanide leach + CCD + Merrill-Crowe + refining, commissioned 2024, debottlenecked to 3,650 tpd combined slurry by mid-2025, target 3,850 tpd post-2026 upgrades); Plant #2 flotation (500 tpd) on care & maintenance; Plant #3 cyanidation independent comminution feeding Plant #1 leach. Updated Zgounder Technical Report (Dec 16, 2025) - reserves at $26/oz Ag, recovery 91.5% LOM, cut-offs 40 g/t Ag in-pit and 90 g/t Ag UG, exchange rate 9.5 MAD:USD, process+G&A $25.25/t. LOM 2025-2036 (open pit ends 2036; underground ends mid-2032). Before-tax NPV5 $471M, IRR 57% at $26/oz Ag; After-tax NPV5 $373M, IRR 48%; LOM AISC $9.58/oz Ag; LOM mill production ~67.1Moz Ag; LOM total undiscounted cash flow $522M; payback 1.7 yrs post-expansion. Recommended 2026-2027 exploration program $18.2M, 50,000 m drilling. Q1 2025 commercial production declared at expanded plant; cash cost $18.93/oz in Q1 2025.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
Multiple effective dates
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Development · 1 project
Boumadine
District · Pre-feasibility · Ownership 85%
Project information
As at 24 February 2025
Description
As at 24 February 2025
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).
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 24 February 2025
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Exploration · 2 projects
Imiter-bis
Asset · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
Aya exploration property in Morocco located along the South-Atlas Fault, alongside the Zgounder Silver Mine and Boumadine Project (per AIF Business section: 'The Zgounder Silver Mine, the Boumadine Project and its exploration asset Imiter-bis, are located along the prospective South-Atlas Fault in Morocco'). No reserves, resources, technical report or material drilling results separately disclosed in the 2025 AIF for this property; identity row only.
Mining metrics
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Tijirit
Asset · Pre-feasibility · Ownership 75%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Aya 75%-owned gold exploration project in northwestern Mauritania, held on a 75%-15%-10% basis (Aya 75%, Government of Mauritania 15%, Wafa Mining 10%). On Sep 12, 2024 Aya signed a non-binding term sheet granting Mx2 Mining Inc. an option on the Tijirit gold project (alongside the Amizmiz transfer); on April 16, 2025 the strategic transaction with Mx2 was closed - Amizmiz rights were transferred to Mx2 and Aya took a 42.3% ownership interest in Mx2 with two Mx2 Board nominees. Tijirit remains held by Aya with the Mx2 option in place. Last meaningful drill activity reported in 2023 (Aug 22, 2023 exploration drill results announcement); no current MRE or technical report disclosed in the 2025 AIF for Tijirit.
Mining metrics
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Precious Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Precious metals
- Resources vs Reserves. Resources are geological estimates that could one day be mined; Reserves are the subset with a feasibility study and plausible positive economics. Measured → Indicated → Inferred describe increasing geological uncertainty; Proven → Probable are reserve labels from Measured/Indicated. Inferred resources are not convertible to reserves under most codes.
- Grade (g/t) is the headline number on gold/silver pages. High-grade is often above 5 g/t; >10 g/t is bonanza territory; below 1 g/t is bulk low-grade. Open-pit cut-offs are typically lower than underground.
- AISC (All-In Sustaining Cost) is direct cash costs + sustaining capex + royalties + corporate overhead + reclamation, per ounce produced. C1 strips sustaining capex and corporate overhead. Both are non-GAAP and defined differently across issuers.
- By-product credits. Polymetallic deposits credit by-product value against the main metal cost; negative AISC after credits does not mean the main metal is sold below cash cost.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Silver
Copper
Zinc
Lead
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
This company
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