# Aya Gold & Silver Announces Updated PEA for Boumadine: After-Tax NPV Doubles to $3.5B with 93% IRR Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1 Original source: https://www.globenewswire.com/news-release/2026/09/09/3358494/0/en/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5b-with-93-irr.html Publisher: globenewswire Original announcement: 2026-09-09T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Doubled after-tax NPV to $3.5 billion - Positive factor: High after-tax IRR of 93% - Positive factor: Extended mine life to 14 years - Positive factor: Significant increase in Indicated and Inferred MRE tonnes - Positive factor: Strong metallurgical recoveries for all key metals - Positive factor: Project is permitted with existing mining license - Negative factor: Decline in average MRE grades \(AuEq\) for both Indicated and Inferred categories - Negative factor: Decline in LOM processed grade \(AuEq\) - Negative factor: PEA is preliminary in nature and includes inferred mineral resources - Negative factor: 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 Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Upgrade** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Decline** Polarity: negative Definition: 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 Growth** Polarity: negative Definition: 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 Resource** Polarity: negative Definition: 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-Supporting** Polarity: neutral Definition: 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 Update** Polarity: neutral Definition: 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 Recovery** Polarity: positive Definition: 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 Route** Polarity: neutral Definition: 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 Only** Polarity: negative Definition: 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 Route** Polarity: neutral Definition: 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 Route** Polarity: neutral Definition: 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) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-0) Boumadine Project · silver #### 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 factor: Significant indicated resource in pit-constrained area - Positive factor: High silver grade for open pit mining - Positive factor: Part of an updated PEA with strong economics Evidence · table > 115.5 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-1) Boumadine Project · gold #### 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 factor: Significant indicated resource in pit-constrained area - Positive factor: Good gold grade for open pit mining - Positive factor: Part of an updated PEA with strong economics Evidence · table > 2.17 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-2) Boumadine Project · copper #### 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 factor: Indicated resource in pit-constrained area - Positive factor: Part of an updated PEA with strong economics Evidence · table > 0.10 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-3) Boumadine Project · lead #### 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 factor: Significant indicated resource in pit-constrained area - Positive factor: Good lead grade for open pit mining - Positive factor: Part of an updated PEA with strong economics Evidence · table > 0.96 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-4) Boumadine Project · zinc #### 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 factor: Significant indicated resource in pit-constrained area - Positive factor: Good zinc grade for open pit mining - Positive factor: Part of an updated PEA with strong economics Evidence · table > 2.21 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-5) Boumadine Project · gold #### 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 factor: Significant increase in indicated tonnes \(66%\) compared to prior estimate - Positive factor: Increase in contained metal \(34%\) compared to prior estimate - Positive factor: Part of an updated PEA with strong economics - Negative factor: Decline in grade \(19%\) compared to prior estimate Evidence · table > 4.20 Context: 6,639 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 6639000 against 5169000 previously **Contained Metal Growth** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-6) Boumadine Project · silver #### 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 factor: Large inferred resource in pit-constrained area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 57.8 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-7) Boumadine Project · gold #### 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 factor: Large inferred resource in pit-constrained area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 2.04 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-8) Boumadine Project · copper #### 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 factor: Inferred resource in pit-constrained area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence - Negative factor: Low copper grade Evidence · table > 0.07 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-9) Boumadine Project · lead #### 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 factor: Large inferred resource in pit-constrained area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.62 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-10) Boumadine Project · zinc #### 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 factor: Large inferred resource in pit-constrained area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.54 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-11) Boumadine Project · gold #### 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 factor: Significant inferred resource in pit-constrained area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence - Negative factor: Decline in grade \(35%\) compared to prior estimate - Negative factor: Contained metal increase \(1%\) is marginal despite tonnage increase \(55%\) Evidence · table > 3.21 Context: 19,497 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 2011 against 4198 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-12) Boumadine Project · silver #### 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 factor: Indicated resource in underground area - Positive factor: High silver grade for underground mining - Positive factor: Part of an updated PEA with strong economics Evidence · table > 143.0 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-13) Boumadine Project · gold #### 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 factor: Indicated resource in underground area - Positive factor: Part of an updated PEA with strong economics Evidence · table > 1.11 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-14) Boumadine Project · copper #### 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 factor: Indicated resource in underground area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Low copper grade Evidence · table > 0.06 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-15) Boumadine Project · lead #### 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 factor: Indicated resource in underground area - Positive factor: Good lead grade for underground mining - Positive factor: Part of an updated PEA with strong economics Evidence · table > 1.19 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-16) Boumadine Project · zinc #### 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 factor: Indicated resource in underground area - Positive factor: Good zinc grade for underground mining - Positive factor: Part of an updated PEA with strong economics Evidence · table > 2.11 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-17) Boumadine Project · gold #### 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 factor: Indicated resource in underground area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Decline in grade \(19%\) compared to prior estimate Evidence · table > 3.43 Context: 1,943 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 214 against 827 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-18) Boumadine Project · silver #### 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 factor: Large inferred resource in underground area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 56.0 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-19) Boumadine Project · gold #### 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 factor: Large inferred resource in underground area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.65 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-20) Boumadine Project · copper #### 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 factor: Inferred resource in underground area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence - Negative factor: Low copper grade Evidence · table > 0.08 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-21) Boumadine Project · lead #### 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 factor: Large inferred resource in underground area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.56 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-22) Boumadine Project · zinc #### 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 factor: Large inferred resource in underground area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.17 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-23) Boumadine Project · gold #### 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 factor: Significant inferred resource in underground area - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence - Negative factor: Decline in grade \(35%\) compared to prior estimate - Negative factor: Contained metal increase \(1%\) is marginal despite tonnage increase \(55%\) Evidence · table > 2.70 Context: 25,868 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 2249 against 4198 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-24) Boumadine Project · silver #### 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 factor: Significant total indicated resource - Positive factor: High silver grade - Positive factor: Part of an updated PEA with strong economics Evidence · table > 121.7 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-25) Boumadine Project · gold #### 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 factor: Significant total indicated resource - Positive factor: Good gold grade - Positive factor: Part of an updated PEA with strong economics Evidence · table > 1.93 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-26) Boumadine Project · copper #### 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 factor: Total indicated resource - Positive factor: Part of an updated PEA with strong economics - Negative factor: Low copper grade Evidence · table > 0.09 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-27) Boumadine Project · lead #### 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 factor: Significant total indicated resource - Positive factor: Good lead grade - Positive factor: Part of an updated PEA with strong economics Evidence · table > 1.01 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-28) Boumadine Project · zinc #### 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 factor: Significant total indicated resource - Positive factor: Good zinc grade - Positive factor: Part of an updated PEA with strong economics Evidence · table > 2.19 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-29) Boumadine Project · gold #### 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 factor: Significant increase in indicated tonnes \(66%\) compared to prior estimate - Positive factor: Increase in contained metal \(34%\) compared to prior estimate - Positive factor: Part of an updated PEA with strong economics - Negative factor: Decline in grade \(19%\) compared to prior estimate Evidence · table > 4.02 Context: 8,582 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 8582000 against 5169000 previously **Contained Metal Growth** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-30) Boumadine Project · silver #### 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 factor: Large total inferred resource - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 56.8 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-31) Boumadine Project · gold #### 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 factor: Large total inferred resource - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.82 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-32) Boumadine Project · copper #### 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 factor: Total inferred resource - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence - Negative factor: Low copper grade Evidence · table > 0.08 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-33) Boumadine Project · lead #### 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 factor: Large total inferred resource - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.58 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-34) Boumadine Project · zinc #### 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 factor: Large total inferred resource - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.33 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-resource-facts-35) Boumadine Project · gold #### 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 factor: Significant increase in inferred tonnes \(55%\) compared to prior estimate - Positive factor: Part of an updated PEA with strong economics - Negative factor: Inferred category has lower geological confidence - Negative factor: Decline in grade \(35%\) compared to prior estimate - Negative factor: Contained metal increase \(1%\) is marginal despite tonnage increase Evidence · table > 2.92 Context: 45,365 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: 45365000 against 29196000 previously **Dilutive Growth** Polarity: negative Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: 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) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-metallurgical-facts-36) Boumadine Project · gold #### 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 factor: High recovery for gold - Positive factor: Conventional flotation-based flowsheet - Positive factor: Extensive testwork completed Evidence · table > 96.1 Context: Gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: 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 \(95%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-metallurgical-facts-37) Boumadine Project · silver #### 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 factor: High recovery for silver - Positive factor: Conventional flotation-based flowsheet - Positive factor: Extensive testwork completed Evidence · table > 96.4 Context: Silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **High Recovery** Polarity: positive Definition: 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 \(90%\) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-metallurgical-facts-38) Boumadine Project · zinc #### 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 factor: Good recovery for zinc - Positive factor: Conventional flotation-based flowsheet - Positive factor: Extensive testwork completed Evidence · table > 74.7 Context: Zinc #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-metallurgical-facts-39) Boumadine Project · lead #### 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 factor: Strong recovery for lead - Positive factor: Conventional flotation-based flowsheet - Positive factor: Extensive testwork completed Evidence · table > 82.0 Context: Lead #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### roasting and leaching [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-metallurgical-facts-40) Boumadine Project · gold #### 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 factor: Confirms oxidation and precious metal recovery potential from pyrite concentrate - Positive factor: Suggests a path for future roaster construction - Negative factor: Lab scale testwork only - Negative factor: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: processing\_route matches the pox\_biox signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 63% is below the weak band \(80%\) ### roasting and leaching [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-announces-updated-pea-for-boumadine-after-tax-npv-doubles-to-3-5--ab3abe35-a7fb-454c-bc67-cc349858c2d1#fact-metallurgical-facts-41) Boumadine Project · silver #### 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 factor: Confirms oxidation and precious metal recovery potential from pyrite concentrate - Positive factor: Suggests a path for future roaster construction - Negative factor: Lab scale testwork only - Negative factor: 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 Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **POX/BIOX Route** Polarity: neutral Definition: 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.