Aya Gold & Silver Announces Updated PEA for Boumadine: After-Tax NPV Doubles to $3.5B with 93% IRR
Original announcement by globenewswire on
- Company
- Aya Gold & Silver Inc.
- Ticker
- AYA
- Exchange
- Unavailable
- Region
- Morocco
- Primary commodity
- Gold
- Secondary commodities
- Silver, Zinc, Lead, Copper
- Document categories
- Resource update, Metallurgy, Production
- Extracted
- 2026-09-12 00:49:29 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Aya Gold & Silver announced an updated Preliminary Economic Assessment (PEA) for its Boumadine polymetallic project in Morocco, reporting a doubled after-tax NPV of $3.5 billion and a 93% IRR. The updated PEA outlines a 14-year mine life, supported by a larger Mineral Resource Estimate (MRE) with a 66% increase in Indicated tonnes and a 55% increase in Inferred tonnes. The project is expected to produce 3.9 Moz AuEq over its life, with strong metallurgical recoveries for gold, silver, zinc, and lead.
Reasoning: The updated PEA for the Boumadine project demonstrates significantly improved economics with a doubled after-tax NPV and a high IRR, supported by a larger resource base and extended mine life. While average grades have declined, the overall increase in contained metal and project scale is highly positive, positioning the project as a strong development asset.
Positive factors
- Doubled after-tax NPV to $3.5 billion
- High after-tax IRR of 93%
- Extended mine life to 14 years
- Significant increase in Indicated and Inferred MRE tonnes
- Strong metallurgical recoveries for all key metals
- Project is permitted with existing mining license
Negative factors
- Decline in average MRE grades (AuEq) for both Indicated and Inferred categories
- Decline in LOM processed grade (AuEq)
- PEA is preliminary in nature and includes inferred mineral resources
- Large proportion of the resource remains in the Inferred category
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 42
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The 2026 PEA and MRE were prepared in accordance with National Instrument 43-101 and approved by independent Qualified Persons.
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 Signedpositive
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: Multiple Qualified Persons (QPs) are named and approved the scientific and technical information, including the MRE.
Evidence · text
“The scientific and technical information contained in this press release has been reviewed for accuracy and compliance with National Instrument 43-101, and approved by Preetham Nayak P.Eng, Senior Study Manager for Lycopodium (Americas) Ltd, Paul Gauthier, P.Eng, Lead Mining Engineer for CCE Mining, Guy Dishaw, BSc, P.Geo from SRK, Raphael Beaudoin, P.Eng, Executive Vice-President, Operations of the Company (non-independent), and by David Lalonde, B. Sc, P.Geo, Executive Vice-President Exploration of the Company (non-independent), each a Qualified Person as defined in NI 43-101.”
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The additional drilling and updated geological model supported the conversion of a portion of the Inferred Mineral Resource to the Indicated category.
Evidence · text
“This additional data has materially increased drill density in key areas, strengthening geological confidence and supported the conversion of a portion of the Inferred Mineral Resource to the Indicated category.”
Tonnage Growthpositive
Tonnage increase reaching the strong tier 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 estimate.
Evidence · table
“66”
Context: MRE tonnes - Indicated
Contained Metal Growthpositive
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% compared to the prior estimate.
Evidence · table
“34”
Context: MRE contained metal - Indicated
Grade Declinenegative
Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: MRE grade (AuEq) for Indicated resources declined by 19% and for Inferred resources by 35% compared to the prior estimate.
Evidence · table
“-19”
Context: MRE - grade Indicated
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: Despite significant tonnage increases in Inferred resources (55%), the contained metal (AuEq) only increased by 1%, indicating a dilutive effect from lower grades.
Evidence · table
“1”
Context: MRE contained metal - Inferred
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the total resource (45.4 Mt) remains in the Inferred category, which is considered speculative.
Evidence · table
“45,365”
Context: MRE tonnes - Inferred
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: The resource estimate is part of a Preliminary Economic Assessment (PEA).
Evidence · text
“Aya Gold & Silver Announces Updated PEA for Boumadine”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents an updated Mineral Resource Estimate (MRE) for the project.
Evidence · text
“Updated Mineral Resource Estimate as of February 28, 2026, with enhanced confidence”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Gold recovery of 96.1% and silver recovery of 96.4% are exceptional for flotation processing.
Evidence · table
“96.1”
Context: Gold
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: The processing flowsheet is based on flotation, which is a mill-based route.
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.”
Bench Scale Onlynegative
Only preliminary bench tests completed — no locked-cycle or pilot work.
Why it applies: The roasting and leaching testwork on pyrite concentrate was conducted at lab scale, indicating preliminary stage.
Evidence · text
“Lab scale roasting and subsequent leaching test results showed a total processing recovery”
Heap Leach Routeneutral
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 Routeneutral
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: 42. Some facts used in scoring do not have a stored record.
Resource Estimates (36)
indicatedBoumadine Project · silverTonnes: 6639000Grade: 115.5Grade Unit: g/tContained Metal: 24653Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:94fb1c741233e41b3bfe
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 115.5
- Grade Unit
- g/t
- Contained Metal
- 24653
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated pit-constrained silver resource contributes significantly to the overall project economics and is part of a substantially improved PEA.
Positive factors
- Significant indicated resource in pit-constrained area
- High silver grade for open pit mining
- Part of an updated PEA with strong economics
Evidence · table
“115.5”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · goldTonnes: 6639000Grade: 2.17Grade Unit: g/tContained Metal: 463Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:94fb1c741233e41b3bfe
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 2.17
- Grade Unit
- g/t
- Contained Metal
- 463
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated pit-constrained gold resource contributes significantly to the overall project economics and is part of a substantially improved PEA.
Positive factors
- Significant indicated resource in pit-constrained area
- Good gold grade for open pit mining
- Part of an updated PEA with strong economics
Evidence · table
“2.17”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · copperTonnes: 6639000Grade: 0.1Grade Unit: %Contained Metal: 6Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:94fb1c741233e41b3bfe
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 0.1
- Grade Unit
- %
- Contained Metal
- 6
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated pit-constrained copper resource, while lower grade, contributes to the polymetallic nature of the project and is part of a substantially improved PEA.
Positive factors
- Indicated resource in pit-constrained area
- Part of an updated PEA with strong economics
Evidence · table
“0.10”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · leadTonnes: 6639000Grade: 0.96Grade Unit: %Contained Metal: 64Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:94fb1c741233e41b3bfe
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 0.96
- Grade Unit
- %
- Contained Metal
- 64
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated pit-constrained lead resource contributes to the polymetallic nature of the project and is part of a substantially improved PEA.
Positive factors
- Significant indicated resource in pit-constrained area
- Good lead grade for open pit mining
- Part of an updated PEA with strong economics
Evidence · table
“0.96”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · zincTonnes: 6639000Grade: 2.21Grade Unit: %Contained Metal: 147Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:94fb1c741233e41b3bfe
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Grade
- 2.21
- Grade Unit
- %
- Contained Metal
- 147
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated pit-constrained zinc resource contributes significantly to the overall project economics and is part of a substantially improved PEA.
Positive factors
- Significant indicated resource in pit-constrained area
- Good zinc grade for open pit mining
- Part of an updated PEA with strong economics
Evidence · table
“2.21”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · goldTonnes: 6639000Contained Metal: 896Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-28T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:91e4b465732b1a4ad259
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 6639000
- Contained Metal
- 896
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
- Prior Tonnes
- 5169000
- Prior Grade
- 4.98
- Prior Contained Metal
- 827
Metal Equivalent
- Metal Eq. Grade
- 4.2
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The indicated pit-constrained AuEq resource shows substantial growth in tonnes and contained metal, despite a grade decline, contributing significantly to the improved PEA economics.
Positive factors
- Significant increase in indicated tonnes (66%) compared to prior estimate
- Increase in contained metal (34%) compared to prior estimate
- Part of an updated PEA with strong economics
Negative factors
- Decline in grade (19%) compared to prior estimate
Evidence · table
“4.20”
Context: 6,639
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 6639000 against 5169000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 896 against 827 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · silverTonnes: 19497000Grade: 57.8Grade Unit: g/tContained Metal: 36218Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:0f0d8d13e3eec1350e92
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 57.8
- Grade Unit
- g/t
- Contained Metal
- 36218
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred pit-constrained silver resource adds significant potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large inferred resource in pit-constrained area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“57.8”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · goldTonnes: 19497000Grade: 2.04Grade Unit: g/tContained Metal: 1280Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:0f0d8d13e3eec1350e92
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 2.04
- Grade Unit
- g/t
- Contained Metal
- 1280
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred pit-constrained gold resource adds significant potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large inferred resource in pit-constrained area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“2.04”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · copperTonnes: 19497000Grade: 0.07Grade Unit: %Contained Metal: 14Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:0f0d8d13e3eec1350e92
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 0.07
- Grade Unit
- %
- Contained Metal
- 14
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred pit-constrained copper resource, while low grade and speculative, contributes to the polymetallic nature of the project.
Positive factors
- Inferred resource in pit-constrained area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
- Low copper grade
Evidence · table
“0.07”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · leadTonnes: 19497000Grade: 0.62Grade Unit: %Contained Metal: 120Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:0f0d8d13e3eec1350e92
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 0.62
- Grade Unit
- %
- Contained Metal
- 120
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred pit-constrained lead resource adds potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large inferred resource in pit-constrained area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.62”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · zincTonnes: 19497000Grade: 1.54Grade Unit: %Contained Metal: 301Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:0f0d8d13e3eec1350e92
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Grade
- 1.54
- Grade Unit
- %
- Contained Metal
- 301
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred pit-constrained zinc resource adds significant potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large inferred resource in pit-constrained area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.54”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · goldTonnes: 19497000Contained Metal: 2011Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-28T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:89ffcabea264f93d94ff
- Deposit or zone
- Pit-Constrained
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 19497000
- Contained Metal
- 2011
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
- Prior Tonnes
- 29196000
- Prior Grade
- 4.47
- Prior Contained Metal
- 4198
Metal Equivalent
- Metal Eq. Grade
- 3.21
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The inferred pit-constrained AuEq resource shows a large increase in tonnes but a significant grade decline, resulting in only a marginal increase in contained metal, which is a concern for resource quality.
Positive factors
- Significant inferred resource in pit-constrained area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
- Decline in grade (35%) compared to prior estimate
- Contained metal increase (1%) is marginal despite tonnage increase (55%)
Evidence · table
“3.21”
Context: 19,497
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 19497000 against 29196000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 2011 against 4198 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · silverTonnes: 1943000Grade: 143Grade Unit: g/tContained Metal: 8931Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:77ebd8590dfb6f1367a0
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 143
- Grade Unit
- g/t
- Contained Metal
- 8931
- Contained Unit
- koz
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated underground silver resource provides high-grade material for the project and is part of a substantially improved PEA.
Positive factors
- Indicated resource in underground area
- High silver grade for underground mining
- Part of an updated PEA with strong economics
Evidence · table
“143.0”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · goldTonnes: 1943000Grade: 1.11Grade Unit: g/tContained Metal: 69Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:77ebd8590dfb6f1367a0
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 1.11
- Grade Unit
- g/t
- Contained Metal
- 69
- Contained Unit
- koz
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated underground gold resource contributes to the project's high-grade potential and is part of a substantially improved PEA.
Positive factors
- Indicated resource in underground area
- Part of an updated PEA with strong economics
Evidence · table
“1.11”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · copperTonnes: 1943000Grade: 0.06Grade Unit: %Contained Metal: 1Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:77ebd8590dfb6f1367a0
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 0.06
- Grade Unit
- %
- Contained Metal
- 1
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated underground copper resource, while low grade, contributes to the polymetallic nature of the project and is part of a substantially improved PEA.
Positive factors
- Indicated resource in underground area
- Part of an updated PEA with strong economics
Negative factors
- Low copper grade
Evidence · table
“0.06”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · leadTonnes: 1943000Grade: 1.19Grade Unit: %Contained Metal: 23Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:77ebd8590dfb6f1367a0
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 1.19
- Grade Unit
- %
- Contained Metal
- 23
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated underground lead resource contributes to the polymetallic nature of the project and is part of a substantially improved PEA.
Positive factors
- Indicated resource in underground area
- Good lead grade for underground mining
- Part of an updated PEA with strong economics
Evidence · table
“1.19”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · zincTonnes: 1943000Grade: 2.11Grade Unit: %Contained Metal: 41Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:77ebd8590dfb6f1367a0
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Grade
- 2.11
- Grade Unit
- %
- Contained Metal
- 41
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated underground zinc resource provides high-grade material for the project and is part of a substantially improved PEA.
Positive factors
- Indicated resource in underground area
- Good zinc grade for underground mining
- Part of an updated PEA with strong economics
Evidence · table
“2.11”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · goldTonnes: 1943000Contained Metal: 214Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-28T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:2bf014932d1f00046c43
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 1943000
- Contained Metal
- 214
- Contained Unit
- koz
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
- Prior Tonnes
- 5169000
- Prior Grade
- 4.98
- Prior Contained Metal
- 827
Metal Equivalent
- Metal Eq. Grade
- 3.43
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This indicated underground AuEq resource contributes to the project's high-grade potential and is part of a substantially improved PEA, though it shows a grade decline from the prior estimate.
Positive factors
- Indicated resource in underground area
- Part of an updated PEA with strong economics
Negative factors
- Decline in grade (19%) compared to prior estimate
Evidence · table
“3.43”
Context: 1,943
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 1943000 against 5169000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 214 against 827 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · silverTonnes: 25868000Grade: 56Grade Unit: g/tContained Metal: 46605Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:d1f7833a5f451d8d38d4
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 56
- Grade Unit
- g/t
- Contained Metal
- 46605
- Contained Unit
- koz
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred underground silver resource adds significant potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large inferred resource in underground area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“56.0”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · goldTonnes: 25868000Grade: 1.65Grade Unit: g/tContained Metal: 1372Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:d1f7833a5f451d8d38d4
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 1.65
- Grade Unit
- g/t
- Contained Metal
- 1372
- Contained Unit
- koz
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred underground gold resource adds significant potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large inferred resource in underground area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.65”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · copperTonnes: 25868000Grade: 0.08Grade Unit: %Contained Metal: 21Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:d1f7833a5f451d8d38d4
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 0.08
- Grade Unit
- %
- Contained Metal
- 21
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred underground copper resource, while low grade and speculative, contributes to the polymetallic nature of the project.
Positive factors
- Inferred resource in underground area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
- Low copper grade
Evidence · table
“0.08”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · leadTonnes: 25868000Grade: 0.56Grade Unit: %Contained Metal: 145Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:d1f7833a5f451d8d38d4
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 0.56
- Grade Unit
- %
- Contained Metal
- 145
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred underground lead resource adds potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large inferred resource in underground area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.56”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · zincTonnes: 25868000Grade: 1.17Grade Unit: %Contained Metal: 303Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:d1f7833a5f451d8d38d4
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Grade
- 1.17
- Grade Unit
- %
- Contained Metal
- 303
- Contained Unit
- kt
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This inferred underground zinc resource adds significant potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large inferred resource in underground area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.17”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · goldTonnes: 25868000Contained Metal: 2249Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-28T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:cf70f611151c90d211d1
- Deposit or zone
- Underground
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 25868000
- Contained Metal
- 2249
- Contained Unit
- koz
- Cutoff Grade
- 110
- Cutoff Unit
- US$/t NSR
Prior Estimate
- Resource Date
- 2026-02-28
- Prior Tonnes
- 29196000
- Prior Grade
- 4.47
- Prior Contained Metal
- 4198
Metal Equivalent
- Metal Eq. Grade
- 2.7
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The inferred underground AuEq resource shows a large increase in tonnes but a significant grade decline, resulting in only a marginal increase in contained metal, which is a concern for resource quality.
Positive factors
- Significant inferred resource in underground area
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
- Decline in grade (35%) compared to prior estimate
- Contained metal increase (1%) is marginal despite tonnage increase (55%)
Evidence · table
“2.70”
Context: 25,868
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 25868000 against 29196000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 2249 against 4198 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · silverTonnes: 8582000Grade: 121.7Grade Unit: g/tContained Metal: 33585Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:16718add3b3432de0522
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 121.7
- Grade Unit
- g/t
- Contained Metal
- 33585
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total indicated silver resource provides a strong base for the project and is part of a substantially improved PEA.
Positive factors
- Significant total indicated resource
- High silver grade
- Part of an updated PEA with strong economics
Evidence · table
“121.7”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · goldTonnes: 8582000Grade: 1.93Grade Unit: g/tContained Metal: 532Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:16718add3b3432de0522
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 1.93
- Grade Unit
- g/t
- Contained Metal
- 532
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total indicated gold resource provides a strong base for the project and is part of a substantially improved PEA.
Positive factors
- Significant total indicated resource
- Good gold grade
- Part of an updated PEA with strong economics
Evidence · table
“1.93”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · copperTonnes: 8582000Grade: 0.09Grade Unit: %Contained Metal: 8Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:16718add3b3432de0522
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 0.09
- Grade Unit
- %
- Contained Metal
- 8
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total indicated copper resource, while lower grade, contributes to the polymetallic nature of the project and is part of a substantially improved PEA.
Positive factors
- Total indicated resource
- Part of an updated PEA with strong economics
Negative factors
- Low copper grade
Evidence · table
“0.09”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · leadTonnes: 8582000Grade: 1.01Grade Unit: %Contained Metal: 87Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:16718add3b3432de0522
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 1.01
- Grade Unit
- %
- Contained Metal
- 87
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total indicated lead resource contributes to the polymetallic nature of the project and is part of a substantially improved PEA.
Positive factors
- Significant total indicated resource
- Good lead grade
- Part of an updated PEA with strong economics
Evidence · table
“1.01”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · zincTonnes: 8582000Grade: 2.19Grade Unit: %Contained Metal: 188Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:16718add3b3432de0522
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Grade
- 2.19
- Grade Unit
- %
- Contained Metal
- 188
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total indicated zinc resource provides a strong base for the project and is part of a substantially improved PEA.
Positive factors
- Significant total indicated resource
- Good zinc grade
- Part of an updated PEA with strong economics
Evidence · table
“2.19”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
indicatedBoumadine Project · goldTonnes: 8582000Contained Metal: 1110Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-28T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:ca6e94a38e94937b44b1
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 8582000
- Contained Metal
- 1110
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
- Prior Tonnes
- 5169000
- Prior Grade
- 4.98
- Prior Contained Metal
- 827
Metal Equivalent
- Metal Eq. Grade
- 4.02
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total indicated AuEq resource shows substantial growth in tonnes and contained metal, despite a grade decline, contributing significantly to the improved PEA economics.
Positive factors
- Significant increase in indicated tonnes (66%) compared to prior estimate
- Increase in contained metal (34%) compared to prior estimate
- Part of an updated PEA with strong economics
Negative factors
- Decline in grade (19%) compared to prior estimate
Evidence · table
“4.02”
Context: 8,582
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 8582000 against 5169000 previously
Contained Metal Growthpositive
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · silverTonnes: 45365000Grade: 56.8Grade Unit: g/tContained Metal: 82823Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:40823af6307caea285f3
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 56.8
- Grade Unit
- g/t
- Contained Metal
- 82823
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total inferred silver resource adds significant potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large total inferred resource
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“56.8”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · goldTonnes: 45365000Grade: 1.82Grade Unit: g/tContained Metal: 2653Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:40823af6307caea285f3
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 1.82
- Grade Unit
- g/t
- Contained Metal
- 2653
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total inferred gold resource adds significant potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large total inferred resource
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.82”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · copperTonnes: 45365000Grade: 0.08Grade Unit: %Contained Metal: 35Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- copper
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:40823af6307caea285f3
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 0.08
- Grade Unit
- %
- Contained Metal
- 35
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total inferred copper resource, while low grade and speculative, contributes to the polymetallic nature of the project.
Positive factors
- Total inferred resource
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
- Low copper grade
Evidence · table
“0.08”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · leadTonnes: 45365000Grade: 0.58Grade Unit: %Contained Metal: 265Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:40823af6307caea285f3
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 0.58
- Grade Unit
- %
- Contained Metal
- 265
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total inferred lead resource adds potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large total inferred resource
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“0.58”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · zincTonnes: 45365000Grade: 1.33Grade Unit: %Contained Metal: 604Contained Unit: ktView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:40823af6307caea285f3
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Grade
- 1.33
- Grade Unit
- %
- Contained Metal
- 604
- Contained Unit
- kt
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: This total inferred zinc resource adds significant potential to the project, though its speculative nature warrants lower confidence.
Positive factors
- Large total inferred resource
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
Evidence · table
“1.33”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine Project · goldTonnes: 45365000Contained Metal: 4260Contained Unit: kozView all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Effective date
- 2026-02-28T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Preetham Nayak, P.Eng, Paul Gauthier, P.Eng, Guy Dishaw, P.Geo, Ruan Venter, P.Eng, Zuned Shaikh, P.Eng, Alex Pheiffer, PrSciNat, George Papageorgiou, PrEng, James Williams, BSc, MSc, CGeol, FGS, Cortney Palleske, M.A.Sc, P.Eng
- Resource group id
- resource:fc002bb18aaa72e49d92
- Deposit or zone
- Total
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 45365000
- Contained Metal
- 4260
- Contained Unit
- koz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t NSR (60/110)
Prior Estimate
- Resource Date
- 2026-02-28
- Prior Tonnes
- 29196000
- Prior Grade
- 4.47
- Prior Contained Metal
- 4198
Metal Equivalent
- Metal Eq. Grade
- 2.92
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Afrilab
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: The total inferred AuEq resource shows a large increase in tonnes but a significant grade decline, resulting in only a marginal increase in contained metal, which is a concern for resource quality.
Positive factors
- Significant increase in inferred tonnes (55%) compared to prior estimate
- Part of an updated PEA with strong economics
Negative factors
- Inferred category has lower geological confidence
- Decline in grade (35%) compared to prior estimate
- Contained metal increase (1%) is marginal despite tonnage increase
Evidence · table
“2.92”
Context: 45,365
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 45365000 against 29196000 previously
Dilutive Growthnegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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)
flotationBoumadine Project · goldRecovery: 96.1 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- 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 high gold recovery of 96.1% through conventional flotation is a strong positive for the project's economic viability.
Positive factors
- High recovery for gold
- Conventional flotation-based flowsheet
- Extensive testwork completed
Evidence · table
“96.1”
Context: Gold
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
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%)
flotationBoumadine Project · silverRecovery: 96.4 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- 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 high silver recovery of 96.4% through conventional flotation is a strong positive for the project's economic viability, especially given the project's polymetallic nature.
Positive factors
- High recovery for silver
- Conventional flotation-based flowsheet
- Extensive testwork completed
Evidence · table
“96.4”
Context: Silver
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
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%)
flotationBoumadine Project · zincRecovery: 74.7 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- zinc
- Region
- morocco
- Reported Region
- 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 zinc recovery of 74.7% through conventional flotation is a good result for a polymetallic project, contributing positively to the overall economics.
Positive factors
- Good recovery for zinc
- Conventional flotation-based flowsheet
- Extensive testwork completed
Evidence · table
“74.7”
Context: Zinc
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationBoumadine Project · leadRecovery: 82 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- lead
- Region
- morocco
- Reported Region
- 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 lead recovery of 82.0% through conventional flotation is a strong result for a polymetallic project, contributing positively to the overall economics.
Positive factors
- Strong recovery for lead
- Conventional flotation-based flowsheet
- Extensive testwork completed
Evidence · table
“82.0”
Context: Lead
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
roasting and leachingBoumadine Project · goldRecovery: 63 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Test Work
- Program Status
- scoping
- Test Type
- roasting and leaching
- Processing Route
- flotation, roasting and leaching
Recovery
- Recovery
- 63 %
- 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 roasting and leaching testwork on pyrite concentrate shows potential for additional gold recovery, offering future upside, but is not yet incorporated into the PEA.
Positive factors
- Confirms oxidation and precious metal recovery potential from pyrite concentrate
- Suggests a path for future roaster construction
Negative factors
- Lab scale testwork only
- 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 and 85% for silver, with an average recovery of 63% for gold and 80% for silver.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
POX/BIOX Routeneutral
Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.
Why it applies: processing_route matches the pox_biox signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 63% is below the weak band (80%)
roasting and leachingBoumadine Project · silverRecovery: 80 %View all detailsHide details
Identity
- Project
- Boumadine Project
- Commodity
- silver
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Test Work
- Program Status
- scoping
- Test Type
- roasting and leaching
- Processing Route
- flotation, roasting and leaching
Recovery
- Recovery
- 80 %
- 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 roasting and leaching testwork on pyrite concentrate shows potential for additional silver recovery, offering future upside, but is not yet incorporated into the PEA.
Positive factors
- Confirms oxidation and precious metal recovery potential from pyrite concentrate
- Suggests a path for future roaster construction
Negative factors
- Lab scale testwork only
- 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 and 85% for silver, with an average recovery of 63% for gold and 80% for silver.”
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
POX/BIOX Routeneutral
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.