AYANasdaqGold and Silver OresUS GAAP · USD

Aya Gold & Silver Inc.

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.

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Business

Share of revenue
Silver production70 %

Silver doré output from the Zgounder mine and related processing activities.

Mine development15 %

Development work tied to expanding and optimizing the Zgounder operating footprint.

Exploration and evaluation15 %

Drilling, geological work, and study expenses tied to new mineral discoveries.

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

Buy silver doré from the mine and place it into the bullion supply chain.

Refiners and smelters

Purchase doré or intermediate product for metal recovery and refining.

Institutional precious metals investors

Buy Aya equity exposure for leverage to silver production and discovery upside.

Future project offtakers

Potential buyers of output from Boumadine once the project advances to production.

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 baseShort term

The producing mine is the core cash-generating asset and anchors the company.

Advance Boumadine toward developmentMedium term

A second project can diversify future output and extend growth beyond one mine.

Expand exploration and resource baseLong term

Longer mine life and new discoveries reduce dependence on a single deposit.

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.

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.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Silver price volatility1Operational disruption at the mine2Exploration and development uncertainty3Country and regulatory concentration4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Silver price volatilityImpact: HighLikelihood: High

    Revenue and investment returns depend heavily on the market price of silver.

    Exposure: Zgounder silver output

  2. Operational disruption at the mineImpact: HighLikelihood: Medium

    Production depends on consistent mining, milling, and processing performance.

    Exposure: Zgounder mine and new processing facility

  3. Exploration and development uncertaintyImpact: HighLikelihood: Medium

    Boumadine may require further studies, capital, and drilling success before output.

    Exposure: Boumadine polymetallic project

  4. Country and regulatory concentrationImpact: MediumLikelihood: Medium

    All major operating assets are in Morocco, increasing exposure to local policy and permitting.

    Exposure: Morocco

Accounting

Judgemental items
Mineral reserves and asset lives

Reserve estimates influence depreciation, depletion, and impairment tests.

Impact: Changes in reserve life can move both earnings and carrying values.

Exploration and evaluation accounting

Mining projects often require judgment on whether costs are capitalized or expensed.

Impact: Affects reported operating expense and asset base.

Fair value of option contracts

Derivative-like instruments must be marked to fair value.

Impact: Can introduce non-cash earnings volatility.

Share-based compensation

PSU and other equity awards require model-based valuation and forfeiture assumptions.

Impact: Affects operating expenses and equity reserves.

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Last updated: 28/09/2026