# Aya Gold & Silver Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/Aya Gold & Silver Inc.).

## Overview

Aya Gold & Silver Inc. is a Canadian precious metals mining company focused on silver and polymetallic deposits in Morocco. Its business centers on operating the Zgounder Silver Mine and advancing the Boumadine polymetallic project through exploration, development, and mine production.

## Products & services

• Silver doré production from the Zgounder Mine
• Silver mine development and processing operations
• Polymetallic exploration at Boumadine
• Resource expansion and land package development
• Mineral exploration across the Anti-Atlas belt

- **Silver production** (70%) — Silver doré output from the Zgounder mine and related processing activities.
- **Mine development** (15%) — Development work tied to expanding and optimizing the Zgounder operating footprint.
- **Exploration and evaluation** (15%) — Drilling, geological work, and study expenses tied to new mineral discoveries.

- Silver doré production from the Zgounder Mine
- Silver mine development and processing operations
- Polymetallic exploration at Boumadine
- Resource expansion and land package development
- Mineral exploration across the Anti-Atlas belt

## Customers

Aya sells mined precious metals rather than finished consumer products, so its customer base is concentrated in industrial and commodity channels. The main buyers are typically metal traders, refiners, smelters, and bullion market intermediaries that purchase doré or concentrate for further processing and resale. Exploration and development activity does not create external customers in the same way, but it is economically tied to future buyers of silver and polymetallic output.

- **Precious metals marketers and traders** (primary) — Buy silver doré from the mine and place it into the bullion supply chain.
- **Refiners and smelters** (primary) — Purchase doré or intermediate product for metal recovery and refining.
- **Institutional precious metals investors** (secondary) — Buy Aya equity exposure for leverage to silver production and discovery upside.
- **Future project offtakers** (emerging) — Potential buyers of output from Boumadine once the project advances to production.

- Metal traders and off-takers buying silver doré for resale
- Refiners and smelters processing doré into marketable metal
- Institutional precious-metals market participants
- Future industrial buyers of silver-bearing output
- Investors funding exploration and development growth

## Geography

Aya is headquartered in Canada but its operating footprint is centered in Morocco, where its mine and project assets are located. The company’s value creation is therefore driven by Moroccan geology, permitting, infrastructure, and local operating conditions, while its shares trade on Canadian and U.S. exchanges for global investor access.

- **Morocco** (100%) — Operating assets and mining activity are centered in Morocco.

- Headquartered in Canada with corporate functions in Quebec
- Operating assets are concentrated in Morocco
- Zgounder mine and Boumadine project are in the Anti-Atlas region
- Morocco exposure drives permitting, infrastructure, and community risk
- Shares trade on TSX and Nasdaq, broadening investor access

## Strategy

Aya’s strategy is to grow around its Moroccan silver platform by expanding Zgounder, improving operating scale, and advancing Boumadine toward feasibility and eventual development. The company also emphasizes resource expansion, exploration along the Anti-Atlas fault, and responsible mining practices to extend mine life and build long-term production optionality.

- **Expand Zgounder production base** (short-term) — The producing mine is the core cash-generating asset and anchors the company.
- **Advance Boumadine toward development** (medium-term) — A second project can diversify future output and extend growth beyond one mine.
- **Expand exploration and resource base** (long-term) — Longer mine life and new discoveries reduce dependence on a single deposit.

- Expand and optimize the Zgounder silver mine
- Advance Boumadine through feasibility and evaluation work
- Grow the resource base through systematic exploration
- Build land position along the Anti-Atlas fault
- Strengthen operating scale and project pipeline

## Risks

Aya is exposed to the operational and geological risks typical of single-country mining companies, including grade variability, production interruptions, permitting, and capital intensity. Its concentration in Morocco also creates exposure to local tax, royalty, infrastructure, and community obligations, while silver prices and project execution remain key drivers of business performance.

- **Silver price volatility** [high] — Revenue and investment returns depend heavily on the market price of silver.
- **Operational disruption at the mine** [high] — Production depends on consistent mining, milling, and processing performance.
- **Exploration and development uncertainty** [high] — Boumadine may require further studies, capital, and drilling success before output.
- **Country and regulatory concentration** [medium] — All major operating assets are in Morocco, increasing exposure to local policy and permitting.

- Single-country operating concentration in Morocco
- Silver price volatility affects revenue and project economics
- Mining and processing execution risk at Zgounder
- Exploration risk at Boumadine and other targets
- Royalties, taxes, and local obligations can affect returns

## Accounting

Aya’s financial reporting is shaped by mining-specific judgments around mineral properties, exploration and evaluation spending, and asset lives tied to reserve estimates. The company also uses fair value accounting for option contracts and share-based payments, while IFRS-based estimates can materially affect reported earnings and asset values.

- **Mineral reserves and asset lives** — Changes in reserve life can move both earnings and carrying values.
- **Exploration and evaluation accounting** — Affects reported operating expense and asset base.
- **Fair value of option contracts** — Can introduce non-cash earnings volatility.
- **Share-based compensation** — Affects operating expenses and equity reserves.

- Mineral property and reserve estimates affect depreciation and impairment
- Exploration and evaluation costs determine period expense versus capitalization
- Fair value measurement applies to option contracts
- Share-based payments depend on valuation assumptions and vesting estimates
- Mining taxes, royalties, and site obligations can create accrual judgments

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*Last updated: 2026-09-28T11:57:45.532130+00:00*