# Aya Gold & Silver Reports Strong Q3-2026 Results on Record Production and Lower Cash Costs Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/aya-gold-silver-reports-strong-q3-2026-results-on-record-production-and-lower-ca--ef49fd35-384a-45d3-a27b-c1d796df9732 Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/461-tsx/aya/214669-aya-gold-silver-reports-strong-q3-2026-results-on-record-production-and-lower-cash-costs.html Publisher: jmn Original announcement: 2026-11-12T22:44:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-11-12T13:31:42.348Z Atlas analysis updated: 2026-11-12T13:31:42.348Z - Company: Aya Gold & Silver Inc. - Ticker: AYA - Exchange: TSX - Region: Morocco - Primary commodity: Silver - Secondary commodities: Gold, Pyrite - Document categories: Production, Economic study, Drill results, Permitting, Offtake partnerships - Extracted: 2026-11-12 13:31:42 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Aya Gold & Silver reported strong Q3-2026 results with record silver production and lower cash costs from its Zgounder Silver Mine and Boumadine Pyrite Reclaim Operation. The company raised its 2026 production guidance for Zgounder. An updated Preliminary Economic Assessment for the Boumadine Project outlined strong economics with a high NPV and IRR. Exploration efforts continued to yield high-grade intercepts at both Zgounder and Boumadine, and the company expanded its exploration footprint in Morocco through new acquisitions. Reasoning: The document reports strong Q3-2026 operational and financial results, including record production and lower cash costs, alongside positive exploration updates and a robust PEA for the Boumadine project, indicating significant growth and value creation. However, the preliminary nature of the PEA and undisclosed IRR basis introduce some uncertainty. - Positive factor: Record production and lower cash costs at Zgounder Silver Mine and Boumadine Pyrite Reclaim Operation indicate strong operational performance. - Positive factor: Increased production guidance for Zgounder and consolidated operations suggests positive outlook. - Positive factor: A Preliminary Economic Assessment \(PEA\) for Boumadine shows strong economics with a high IRR and NPV. - Positive factor: High-grade drill results from Zgounder and Boumadine confirm continuity and potential for further resource expansion. - Positive factor: Strategic acquisitions of exploration permits and a mining license expand the company's footprint in Morocco. - Negative factor: The PEA for Boumadine is preliminary and includes inferred mineral resources, which are speculative. - Negative factor: The IRR basis for the Boumadine PEA is undisclosed, limiting comparability. - Negative factor: The Boumadine Pyrite Reclaim Operation is of limited duration, indicating a temporary revenue source. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 30 ## Classification and evidence **Cut-off Undisclosed** Polarity: negative Definition: Reported composited assay intervals omit the cut-off grade used for those intervals. Apply only to actual reported assay intervals in the reviewed scope, not drilling plans or missing extraction fields alone. Why it applies: The source reports the drill intercept '3,501 g/t Ag over 3.5 m' but does not disclose the cut-off grade used for compositing this interval. Evidence · text > intercepts including 3,501 g/t Ag over 3.5 m in the central area **Cut-off Undisclosed** Polarity: negative Definition: Reported composited assay intervals omit the cut-off grade used for those intervals. Apply only to actual reported assay intervals in the reviewed scope, not drilling plans or missing extraction fields alone. Why it applies: The source reports the drill intercept '392 g/t AgEq over 24.3 m \(BOU-DD26-848\)' but does not disclose the cut-off grade used for compositing this interval. Evidence · text > Notable drill results during the quarter include 392 g/t AgEq over 24.3 m \(BOU-DD26-848\) **Cut-off Undisclosed** Polarity: negative Definition: Reported composited assay intervals omit the cut-off grade used for those intervals. Apply only to actual reported assay intervals in the reviewed scope, not drilling plans or missing extraction fields alone. Why it applies: The source reports the drill intercept '593 g/t AgEq over 15.2 m \(BOU-DD26-883\)' but does not disclose the cut-off grade used for compositing this interval. Evidence · text > and 593 g/t AgEq over 15.2 m \(BOU-DD26-883\) **Cut-off Undisclosed** Polarity: negative Definition: Reported composited assay intervals omit the cut-off grade used for those intervals. Apply only to actual reported assay intervals in the reviewed scope, not drilling plans or missing extraction fields alone. Why it applies: The press release reports drill intercepts but does not disclose the cut-off grade used to calculate these composited intervals. The reported drill intercept for Zgounder omits the cut-off grade used. Evidence · text > intercepts including 3,501 g/t Ag over 3.5 m in the central area **Cut-off Undisclosed** Polarity: negative Definition: Reported composited assay intervals omit the cut-off grade used for those intervals. Apply only to actual reported assay intervals in the reviewed scope, not drilling plans or missing extraction fields alone. Why it applies: The press release reports drill intercepts but does not disclose the cut-off grade used to calculate these composited intervals. The reported drill intercepts for Boumadine omit the cut-off grade used. Evidence · text > Notable drill results during the quarter include 392 g/t AgEq over 24.3 m \(BOU-DD26-848\) and 593 g/t AgEq over 15.2 m \(BOU-DD26-883\) **Cut-off Undisclosed** Polarity: negative Definition: Reported composited assay intervals omit the cut-off grade used for those intervals. Apply only to actual reported assay intervals in the reviewed scope, not drilling plans or missing extraction fields alone. Why it applies: The press release reports drill intercepts but does not disclose the cut-off grade used to calculate these composited intervals. The reported drill intercepts for Boumadine omit the cut-off grade used. Evidence · text > Notable drill results during the quarter include 392 g/t AgEq over 24.3 m \(BOU-DD26-848\) and 593 g/t AgEq over 15.2 m \(BOU-DD26-883\) **Bonanza Intercept** Polarity: positive Definition: An exceptionally high-grade reported intercept reaching the exceptional GRADE\_BANDS tier for its commodity and applicable deposit context. Require a disclosed grade and compatible unit; the adjective high-grade alone, a metal-equivalent basket without assumptions, or a planned target does not establish this tag. Why it applies: A silver grade of 3,501 g/t over 3.5 meters is exceptionally high, placing it in the highest tier for silver grades \(500 g/t\) according to the GRADE\_BANDS rubric. Evidence · text > 3,501 g/t Ag over 3.5 m **Bonanza Intercept** Polarity: positive Definition: An exceptionally high-grade reported intercept reaching the exceptional GRADE\_BANDS tier for its commodity and applicable deposit context. Require a disclosed grade and compatible unit; the adjective high-grade alone, a metal-equivalent basket without assumptions, or a planned target does not establish this tag. Why it applies: The reported silver grade of 3,501 g/t over 3.5 meters at Zgounder exceeds the 500 g/t threshold for a bonanza silver intercept. A silver grade of 3,501 g/t over 3.5 meters is exceptionally high, placing it in the highest tier for silver grades \(500 g/t\) according to the GRADE\_BANDS rubric. Evidence · text > 3,501 g/t Ag over 3.5 m **Bonanza Intercept** Polarity: positive Definition: An exceptionally high-grade reported intercept reaching the exceptional GRADE\_BANDS tier for its commodity and applicable deposit context. Require a disclosed grade and compatible unit; the adjective high-grade alone, a metal-equivalent basket without assumptions, or a planned target does not establish this tag. Why it applies: A silver grade of 3,501 g/t over 3.5 meters is exceptionally high, placing it in the highest tier for silver grades \(500 g/t\) according to the GRADE\_BANDS rubric. The reported silver grade is 3,501 g/t over 3.5 meters. Evidence · text > intercepts including 3,501 g/t Ag over 3.5 m in the central area **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release states that the scientific and technical information has been reviewed and approved by a 'Qualified Person' as defined under NI 43-101. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release explicitly names Qualified Persons who reviewed and approved the scientific and technical information. The press release states that the scientific and technical information has been reviewed and approved by a 'Qualified Person' as defined under NI 43-101. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release states that the scientific and technical information has been reviewed and approved by a 'Qualified Person' as defined under NI 43-101. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release explicitly names Qualified Persons who reviewed and approved the scientific and technical information. The press release states that the scientific and technical information has been reviewed and approved by a 'Qualified Person' as defined under NI 43-101. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release states that the scientific and technical information has been reviewed and approved by a 'Qualified Person' as defined under NI 43-101. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release explicitly names Qualified Persons who reviewed and approved the scientific and technical information. The press release states that the scientific and technical information has been reviewed and approved by a 'Qualified Person' as defined under NI 43-101. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\) **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release names specific Qualified Persons who reviewed and approved the scientific and technical information, satisfying the QA/QC disclosure requirement. The document explicitly names the Qualified Persons responsible for reviewing and approving the technical information, which covers the reported drill results. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\). **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release names specific Qualified Persons who reviewed and approved the scientific and technical information, satisfying the QA/QC disclosure requirement. The document explicitly names the Qualified Persons responsible for reviewing and approving the technical information, which covers the reported drill results. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\). **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release names specific Qualified Persons who reviewed and approved the scientific and technical information, satisfying the QA/QC disclosure requirement. The document explicitly names the Qualified Persons responsible for reviewing and approving the technical information, which covers the reported drill results. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\). **PEA Only** Polarity: neutral Definition: Only Class 4 / Initial Assessment economics available. Not bankable. Why it applies: The economic study for Boumadine is explicitly titled a Preliminary Economic Assessment \(PEA\). The economic study for the Boumadine Project is explicitly identified as a Preliminary Economic Assessment \(PEA\), which is a Class 4 study. Evidence · text > Preliminary Economic Assessment for the Boumadine Project5 \(the "2026 PEA"\) **PEA Only** Polarity: neutral Definition: Only Class 4 / Initial Assessment economics available. Not bankable. Why it applies: The economic study for the Boumadine Project is explicitly identified as a Preliminary Economic Assessment \(PEA\), which is a Class 4 study. The study is explicitly referred to as a Preliminary Economic Assessment \(PEA\). Evidence · text > Announced an updated Mineral Resource Estimate \("MRE"\) and Preliminary Economic Assessment for the Boumadine Project5 \(the "2026 PEA"\) **High IRR** Polarity: positive Definition: The disclosed IRR reaches the strong tier or better in IRR\_TIERS on its required basis. If the source omits a basis, follow the rubric's reduced-coverage policy and explicitly retain that qualification; do not silently assume real, post-tax or unlevered conventions or compare a known incompatible basis as equivalent. Why it applies: The disclosed after-tax IRR of 93% is well above the strong tier threshold of 25% for economic studies. Evidence · text > a 93% after-tax internal rate of return \("IRR"\) **High IRR** Polarity: positive Definition: The disclosed IRR reaches the strong tier or better in IRR\_TIERS on its required basis. If the source omits a basis, follow the rubric's reduced-coverage policy and explicitly retain that qualification; do not silently assume real, post-tax or unlevered conventions or compare a known incompatible basis as equivalent. Why it applies: The disclosed after-tax IRR of 93% exceeds the 25% threshold for a strong IRR. The disclosed after-tax IRR of 93% is well above the strong tier threshold of 25% for economic studies. Evidence · text > a 93% after-tax internal rate of return \("IRR"\) **High IRR** Polarity: positive Definition: The disclosed IRR reaches the strong tier or better in IRR\_TIERS on its required basis. If the source omits a basis, follow the rubric's reduced-coverage policy and explicitly retain that qualification; do not silently assume real, post-tax or unlevered conventions or compare a known incompatible basis as equivalent. Why it applies: The disclosed after-tax IRR of 93% is well above the strong tier threshold of 25% for economic studies. Evidence · text > a 93% after-tax internal rate of return \("IRR"\) **High IRR** Polarity: positive Definition: The disclosed IRR reaches the strong tier or better in IRR\_TIERS on its required basis. If the source omits a basis, follow the rubric's reduced-coverage policy and explicitly retain that qualification; do not silently assume real, post-tax or unlevered conventions or compare a known incompatible basis as equivalent. Why it applies: The disclosed after-tax IRR of 93% is well above the strong tier threshold of 25% for economic studies. The after-tax internal rate of return is reported as 93%. Evidence · text > a 93% after-tax internal rate of return \("IRR"\) **IRR Basis Undisclosed** Polarity: negative Definition: Real vs nominal not stated, so the tier is not comparable across studies. Why it applies: The basis for the IRR \(real vs. nominal\) is not stated in the provided text. Evidence · text > a 93% after-tax internal rate of return \("IRR"\) **IRR Basis Undisclosed** Polarity: negative Definition: Real vs nominal not stated, so the tier is not comparable across studies. Why it applies: The text discloses an after-tax IRR but does not specify whether it is on a real or nominal basis. The basis for the IRR \(real vs. nominal\) is not stated in the provided text. Evidence · text > a 93% after-tax internal rate of return \("IRR"\) **IRR Basis Undisclosed** Polarity: negative Definition: Real vs nominal not stated, so the tier is not comparable across studies. Why it applies: The basis for the IRR \(real vs. nominal\) is not stated in the provided text. Evidence · text > a 93% after-tax internal rate of return \("IRR"\) **IRR Basis Undisclosed** Polarity: negative Definition: Real vs nominal not stated, so the tier is not comparable across studies. Why it applies: The basis for the IRR \(real vs. nominal\) is not stated in the provided text. The quotation provides the IRR value but does not specify if it is real or nominal. Evidence · text > a 93% after-tax internal rate of return \("IRR"\) **Metal Equivalent Opaque** Polarity: negative Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: The source reports silver equivalent grades for Boumadine drill results \(e.g., '392 g/t AgEq over 24.3 m' and '593 g/t AgEq over 15.2 m'\) but does not disclose the price, recovery, or payability assumptions used to calculate these equivalents. Evidence · text > Notable drill results during the quarter include 392 g/t AgEq over 24.3 m \(BOU-DD26-848\) and 593 g/t AgEq over 15.2 m \(BOU-DD26-883\) **Apparent Width Only** Polarity: negative Definition: A reported assay interval gives downhole or apparent length without a disclosed true width. It describes geometric uncertainty, not a measured true thickness or proof that the interval is overstated; drill orientation alone is not a true-width measurement. Why it applies: The reported drill intercepts provide downhole lengths \(e.g., '3.5 m', '24.3 m', '15.2 m'\) but do not disclose the true width for any of these intervals. Evidence · text > intercepts including 3,501 g/t Ag over 3.5 m in the central area **Apparent Width Only** Polarity: negative Definition: A reported assay interval gives downhole or apparent length without a disclosed true width. It describes geometric uncertainty, not a measured true thickness or proof that the interval is overstated; drill orientation alone is not a true-width measurement. Why it applies: The reported drill intercepts provide downhole lengths \(e.g., '3.5 m', '24.3 m', '15.2 m'\) but do not disclose the true width for any of these intervals. Evidence · text > Notable drill results during the quarter include 392 g/t AgEq over 24.3 m \(BOU-DD26-848\) and 593 g/t AgEq over 15.2 m \(BOU-DD26-883\) **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The source explicitly states that drilling at Boumadine exceeded the '2026 infill drilling target'. Evidence · text > As of October 31, 2026, drilling at Boumadine reached 181,685 m, exceeding the 2026 infill drilling target of 180,000 m. ### Rejected tags **Inferred Heavy Feed** — Rejected; excluded from scoring Polarity: negative Definition: A disclosed material Inferred share of life-of-mine mill feed is supported under PEA\_INFERRED\_DISCOUNT in the identified study scope. An undisclosed share is unknown, not proof that the feed is Inferred-heavy; do not substitute the project's total resource mix for the mine-plan feed. Reason: The PEA explicitly states that it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Evidence · text > Readers are cautioned that the 2026 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves **Binding Agreement** — Rejected; excluded from scoring Polarity: positive Definition: The identified product-sale agreement or term sheet is legally binding or executed, with agreement\_type binding\_full or binding\_term\_sheet and a supporting quotation. An MOU, LOI, framework, tenement acquisition or an unrelated binding contract is not evidence of binding product offtake. Reason: The text states that the company 'entered into a term sheet' for the sale, implying a binding agreement. Evidence · text > on November 4, 2026, Aya entered into a term sheet with Sama Resources Inc. \("Sama"\) for the proposed sale of its Azegour project and the grant of a non-exclusive, perpetual license to certain geological and exploration data relating to its Moroccan properties, in exchange for an equity interest of approximately 19.11% in Sama. **True Width Disclosed** — Rejected; excluded from scoring Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. **Compositing Transparent** — Rejected; excluded from scoring Polarity: positive Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals. **No QA/QC Disclosure** — Rejected; excluded from scoring Polarity: negative Definition: Assays lack a certified lab, QA/QC methods and named relevant QP/CP responsibility in the full source. Named CP consent in scope counts; headings or old-release references alone do not. Correction approval does not verify unverified historical assays. Missing fields, partial text, plans or non-assay news prove no gap; never claim QA/QC was not performed. **Step-Out Extension** — Rejected; excluded from scoring Polarity: positive Definition: Mineralization extended beyond the previously known limit. **Stale Data Re-release** — Rejected; excluded from scoring Polarity: negative Definition: Results are re-announced unchanged, without new assays or substantive reinterpretation. A material correction, withdrawal or new qualification of their location, ownership or reliability is new information, even without new assays. Historical context in a current announcement does not make it stale. **Deleterious Elements Present** — Rejected; excluded from scoring Polarity: negative Definition: A source-stated penalty, refractory or recovery concern in the fact's scope. Element detection alone, including measured elements explicitly below penalty thresholds, does not trigger this tag. Respect negation and retain a separately stated concern even when another risk is explicitly absent. **Refractory Ore** — Rejected; excluded from scoring Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. **Nearology Play** — Rejected; excluded from scoring Polarity: neutral Definition: The disclosed value premise relies on proximity to another known deposit rather than the issuer's own results. Mere location or along-strike wording in a release that reports its own drilling does not establish this premise. **DFS Bankable** — Rejected; excluded from scoring Polarity: positive Definition: The source reports a completed DFS/BFS or feasibility study within the applicable staleness window. Use STUDY\_ACCURACY\_CLASSES for the disclosed maturity and retain any financing qualifications; an AACE estimate class, a planned study, or the term feasibility alone does not prove that lenders will fund the project. **PFS Complete** — Rejected; excluded from scoring Polarity: positive Definition: A Pre-Feasibility Study is explicitly complete for the identified project, consistent with STUDY\_ACCURACY\_CLASSES. Do not infer completion or an AACE class from a planned PFS, a resource estimate, or an unspecified study. **No Study** — Rejected; excluded from scoring Polarity: negative Definition: The source explicitly establishes that the project economics being discussed have no formal economic study. A news excerpt that omits study details, a missing extracted field or another project's study does not establish this absence. **Stale Study** — Rejected; excluded from scoring Polarity: negative Definition: Beyond the staleness window measured from the estimate base date. **Resource Governance Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: The reviewed study lacks material applicable resource-governance disclosures such as QA/QC, top-cut methodology or QP independence. Identify the actual gap and reviewed scope; do not infer it from a missing extraction field, an abridged news item or a method that is not applicable. Any scoring cap belongs to the rubric, not this tag. **NPV Cut vs Prior Study** — Rejected; excluded from scoring Polarity: negative Definition: A restated study reduces NPV materially against its own predecessor on the same asset. **Low IRR** — Rejected; excluded from scoring Polarity: negative Definition: The disclosed IRR is below the moderate tier in IRR\_TIERS on its required basis. Retain any undisclosed-basis qualification under the rubric's reduced-coverage policy; do not silently normalise a known incompatible basis. **Below Jurisdiction Hurdle** — Rejected; excluded from scoring Polarity: negative Definition: IRR below the greenfield or brownfield hurdle for its jurisdiction tier. **Undervalued PNAV** — Rejected; excluded from scoring Polarity: positive Definition: Funding-adjusted P/NAV in the strong tier or better. **Overvalued PNAV** — Rejected; excluded from scoring Polarity: negative Definition: Funding-adjusted P/NAV in the red-flag tier. **Fast Payback** — Rejected; excluded from scoring Polarity: positive Definition: Disclosed payback reaches the strong tier or better in PAYBACK\_TIERS on its required basis. Preserve the cash-flow, discounting and start-date conventions; a short duration on an unknown or incompatible basis does not alone establish this tag. **Slow Payback** — Rejected; excluded from scoring Polarity: negative Definition: Disclosed payback is in the weak tier or worse in PAYBACK\_TIERS on its required basis. Preserve the cash-flow, discounting and start-date conventions; do not equate discounted, construction-start or unknown-basis payback with the required measure. **Bottom Quartile Cost** — Rejected; excluded from scoring Polarity: positive Definition: A disclosed comparable cost measure falls in the lowest-cost quartile under COST\_CURVE\_PERCENTILE\_BANDS using an applicable dated commodity benchmark and consistent cost basis. A low absolute cost alone does not establish a curve position. **Top Quartile Cost** — Rejected; excluded from scoring Polarity: negative Definition: A disclosed comparable cost measure falls in the highest-cost quartile under COST\_CURVE\_PERCENTILE\_BANDS using an applicable dated commodity benchmark and consistent cost basis. It indicates relative cost exposure, not a forecast that this operation will close first. **Cost Basis Undisclosed** — Rejected; excluded from scoring Polarity: negative Definition: By-product vs co-product not stated, so quartile placement is unreliable. **Low Capital Intensity** — Rejected; excluded from scoring Polarity: positive Definition: Below the benchmark for its project type. **High Capital Intensity** — Rejected; excluded from scoring Polarity: negative Definition: Above the benchmark for its project type. **Conservative Pricing** — Rejected; excluded from scoring Polarity: positive Definition: Conservative on the worst of the spot, 3-year and consensus comparisons. **Aggressive Pricing** — Rejected; excluded from scoring Polarity: negative Definition: The disclosed price deck is aggressive under PRICE\_CONSERVATISM\_BANDS against the applicable dated reference prices. This alone does not prove the project only works at that deck; such a claim needs the study's actual price sensitivities. **No Price Sensitivity** — Rejected; excluded from scoring Polarity: negative Definition: The reviewed economic-study disclosure supplies no applicable commodity-price sensitivity. State the reviewed scope; missing fields or an abridged release do not prove that the underlying study deliberately omitted sensitivity analysis. **No Discount Rate Sensitivity** — Rejected; excluded from scoring Polarity: negative Definition: The reviewed study supplies no disclosed NPV sensitivity across discount rates. This describes a disclosure gap; it does not by itself establish that normalisation is impossible or that the project has poor economics. **Price Deck Unstructured** — Rejected; excluded from scoring Polarity: neutral Definition: The source supplies price-deck information that cannot be captured as structured price\_deck records. A nonempty array of commodity, price and unit records is structured even when real/nominal basis or consensus provenance is undisclosed; do not apply this tag to those separate gaps. This neutral tag describes a representation limitation, not adverse economics. **Long Reserve Life** — Rejected; excluded from scoring Polarity: positive Definition: Reserve life index in the top tier of the single ladder. **Short Reserve Life** — Rejected; excluded from scoring Polarity: negative Definition: Reserve life index in the critical tier. **Resource Life Upside** — Rejected; excluded from scoring Polarity: positive Definition: Wide gap between reserve life and resource life — conversion upside rather than discovery dependence. **Fully Funded** — Rejected; excluded from scoring Polarity: positive Definition: Funding coverage at or above 1.0x counting committed facilities only. **Material Funding Gap** — Rejected; excluded from scoring Polarity: negative Definition: Funding coverage below the substantially-funded band. **Funding Gap Exceeds Market Cap** — Rejected; excluded from scoring Polarity: negative Definition: A disclosed residual project-funding gap exceeds a comparable contemporaneous issuer market capitalisation, on a consistent currency, ownership and date basis. This flags financing scale relative to equity value, not proof that financing or shareholder upside is impossible. **Encumbered by Stream** — Rejected; excluded from scoring Polarity: negative Definition: An existing stream or royalty reduces attributable NAV and restricts future financing. **Stability Agreement** — Rejected; excluded from scoring Polarity: positive Definition: Fiscal terms fixed, with a term covering the mine life. **High Government Take** — Rejected; excluded from scoring Polarity: negative Definition: Source-backed total government take exceeds an applicable comparable fiscal benchmark as a share of pre-tax cash flow. Preserve the regime, date and calculation basis; country or jurisdiction tier alone is not evidence of high government take. **Fully Permitted** — Rejected; excluded from scoring Polarity: positive Definition: The source establishes that all material authorisations required for the stated activity and project stage are effective or validly exempt, applicable conditions and financial guarantees are satisfied, and no unresolved challenge or stay prevents that activity. One or two headline approvals do not establish complete project permission. **Permit Challenge Outstanding** — Rejected; excluded from scoring Polarity: negative Definition: An appeal or legal challenge is unresolved, which can defer first production indefinitely. **No Community Agreement** — Rejected; excluded from scoring Polarity: negative Definition: The source establishes that a community or benefit agreement required for the identified project stage remains unsecured. Do not infer the absence, universal legal necessity or an unsupported production date from source silence or a missing extracted field. **Closure Underprovisioned** — Rejected; excluded from scoring Polarity: negative Definition: A source-backed closure obligation is materially underfunded or below an applicable comparable provision. Identify the obligation, funding basis and supporting evidence; an omitted field or abridged article is not proof of a deficient provision. **Upstream TSF** — Rejected; excluded from scoring Polarity: negative Definition: The source identifies upstream construction for the relevant tailings storage facility. Preserve the specific facility, status and stated risk; the design label alone establishes neither legal prohibition in a jurisdiction nor an actual dam-safety failure. **EIA Approved** — Rejected; excluded from scoring Polarity: positive Definition: Require permit\_type=eia, permit\_status=approved or granted, legal\_effect=effective, and no active/unknown stay. A radiological certificate or other secondary approval alone is not an EIA. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Ratification Pending** — Rejected; excluded from scoring Polarity: negative Definition: Require approval\_route=parliamentary\_ratification, approval\_applicability=required, legal\_basis and legal\_effect=ineffective\_pending\_approval on the same instrument. Executive approval is a different route. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Conditions Outstanding** — Rejected; excluded from scoring Polarity: negative Definition: Require permit\_type=eia or mining\_licence, a granted/approved/granted\_with\_conditions status, conditions\_outstanding=true and conditions\_summary. Pending applications do not qualify. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Permit Refused** — Rejected; excluded from scoring Polarity: negative Definition: Require permit\_type=eia or mining\_licence, permit\_status=refused, legal\_effect=effective and no active/unknown stay. Distinguish withdrawal of an issued permit. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Permit Revoked** — Rejected; excluded from scoring Polarity: negative Definition: Require permit\_status=revoked or withdrawn\_by\_regulator, legal\_effect=effective or revoked, and no active/unknown stay. A threatened revocation or reserved right to challenge is not operative revocation. Require an identified permit/licence/lease, not merely an investment divestment order. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Permit Lapsed** — Rejected; excluded from scoring Polarity: negative Definition: Require permit\_status=lapsed or not\_renewed, legal\_effect=effective and no active/unknown stay. A future expiry date is not current lapse. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Permit Suspended** — Rejected; excluded from scoring Polarity: negative Definition: Require permit\_status=suspended, legal\_effect=effective or suspended and no active/unknown stay. A filed challenge alone is not suspension. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Legal Challenge Live** — Rejected; excluded from scoring Polarity: negative Definition: Require challenge\_outcome=pending and an actual proceeding\_id. A reserved intention to challenge is not a filed proceeding. This tag implies no suspension or invalidity. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Challenge Dismissed** — Rejected; excluded from scoring Polarity: positive Definition: Require challenge\_outcome=dismissed and the identified proceeding\_id. Creates no grant and says nothing about other proceedings. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Blockade Active** — Rejected; excluded from scoring Polarity: negative Definition: Require community\_signal=injunction\_blockade and site\_access\_status documenting the actual obstruction. Exclude threatened or resolved blockades. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Secondary Permit Contested** — Rejected; excluded from scoring Polarity: negative Definition: Require a disclosed permit\_type other than eia, mining\_licence or ratification, and either permit\_status=refused or challenge\_outcome=pending. Includes a heritage, tailings or water approval under administrative appeal. Unlike legal\_challenge\_live, this does not require a proceeding\_id. An approved heritage plan under appeal is contested, not heritage\_clearance\_pending. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Key Dependency Blocked** — Rejected; excluded from scoring Polarity: negative Definition: Descriptive only. Require blocking\_dependency, dependent\_instrument, alternative\_status=explicitly\_unavailable, alternative\_evidence and asserting\_party. Unknown, unmentioned or conflicting alternatives do not qualify. Never apply a numerical cap. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Water Permit Refused** — Rejected; excluded from scoring Polarity: negative Definition: Require permit\_type=water, permit\_status=refused, legal\_effect=effective and no active/unknown stay. Record refusal of that use/source only; no country-based project viability cap. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Water Permit Pending** — Rejected; excluded from scoring Polarity: neutral Definition: Require permit\_type=water and permit\_status=applied, submitted or under\_review. Undisclosed water authorisation or a future plan to apply does not qualify. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Heritage Clearance Pending** — Rejected; excluded from scoring Polarity: neutral Definition: Require permit\_type=heritage and permit\_status=applied, submitted or under\_review. An already approved heritage plan under appeal instead supports secondary\_permit\_contested when the challenge is pending. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Tailings Approval Pending** — Rejected; excluded from scoring Polarity: neutral Definition: Require permit\_type=tailings and permit\_status=applied, submitted or under\_review. A completed tailings approval does not qualify. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Permitting Stalled** — Rejected; excluded from scoring Polarity: negative Definition: Require explicit delay\_evidence and stage\_unchanged=true. Do not infer either from silence or apply a staleness threshold. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Permit Progress Not Assessed** — Rejected; excluded from scoring Polarity: neutral Definition: Require permit\_status=insufficient\_evidence with a source quotation explicitly establishing an assessment gap. Do not invent this from silence or an unapproved confidence floor. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Community Support Documented** — Rejected; excluded from scoring Polarity: positive Definition: Require community\_signal=support, sources\_checked, support\_coverage\_evidence and a non-issuer opposition\_source of press, ngo, court\_docket or regulator\_register. Issuer claims or source silence alone are insufficient. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Benefit Agreement Signed** — Rejected; excluded from scoring Polarity: positive Definition: Require benefit\_agreement\_status=signed or amended and benefit\_enforceability\_evidence. Signature alone is not proof of enforceability; a separate signatory authority dispute may coexist. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Benefit Agreement Negotiating** — Rejected; excluded from scoring Polarity: neutral Definition: Require benefit\_agreement\_status=negotiating. Exclude completed agreements and generic intentions to engage. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Signatory Authority Disputed** — Rejected; excluded from scoring Polarity: negative Definition: Require signatory\_authority\_disputed=true with a direct attributed dispute about authority to sign, not a generic project objection. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Community Opposition** — Rejected; excluded from scoring Polarity: negative Definition: Require community\_signal=opposition and a quote identifying actual opposition by the stated community members/group. Issuer-reported opposition qualifies as attributed evidence, not independent or community-wide verification. Do not infer opposition from consultation, silence, delay, allegations of harm or unresolved complaints alone. A grievance must explicitly oppose the project, activity or approval to support this tag; retain concerns\_raised otherwise. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Grievance Backlog** — Rejected; excluded from scoring Polarity: negative Definition: Require grievance\_evidence documenting actual unresolved complaints. Resolved grievances, general grievance procedures and absence of disclosure do not qualify. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Community Not Assessed** — Rejected; excluded from scoring Polarity: neutral Definition: Require community\_signal=insufficient\_evidence and a source-backed assessment gap. Do not manufacture this from issuer silence or lack of a public-source search. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Foreign Investment Screening** — Rejected; excluded from scoring Polarity: neutral Definition: Require source-backed foreign\_investment\_evidence of an actual foreign-investment review, condition or divestment affecting the identified holder or transaction. The tag records the regulatory process; a routine or pending review alone is not refusal, permit revocation or a negative project outcome. Preserve any stated adverse condition or order in the fact and its evidence. Generic investment risks do not qualify. **Delay vs Norm** — Rejected; excluded from scoring Polarity: negative Definition: Require delay\_evidence and jurisdiction\_norm\_source supporting a comparison for this instrument and regime. A delayed forecast alone is not a measured deviation; no unapproved threshold or numerical score. Every emitted tag needs a short verbatim quotation on the same event; exclude hypothetical or contradicted claims. **Agreement Conditions Outstanding** — Rejected; excluded from scoring Polarity: negative Definition: The source identifies unsatisfied conditions precedent for this product agreement, with conditions\_outstanding true and the remaining conditions retained. Do not infer outstanding conditions from standard boilerplate or future tense alone. **Pricing Undisclosed** — Rejected; excluded from scoring Polarity: neutral Definition: Pricing for the identified product agreement is undisclosed or explicitly confidential, reflected in pricing\_mechanism undisclosed. This is an evidence gap, not evidence of unfavourable pricing; do not infer it from an unassessed excerpt. **Concentrate Terms Undisclosed** — Rejected; excluded from scoring Polarity: neutral Definition: Requires a concentrate-route product\_form with no payables, TC/RC or quotational period disclosed, plus source-scoped absence or redaction evidence for that same agreement/product route. A positive agreement or volume quote alone is insufficient. An evidence gap, not adverse terms. **Qualification Pending** — Rejected; excluded from scoring Polarity: neutral Definition: The buyer's qualification or acceptance process for the identified product remains pending, with qualification\_status pending and supporting source evidence. Pending qualification alone is neither failure nor rejection and implies no automatic economics penalty. **Agreement Terminated** — Rejected; excluded from scoring Polarity: negative Definition: The source states that the identified product agreement was terminated, reflected in agreement\_status or event\_type terminated. Normal expiry, an optional termination right, a threat, or termination of another agreement does not qualify. **Agreement Exit at a Cost** — Rejected; excluded from scoring Polarity: neutral Definition: The identified product agreement has actually been terminated, with agreement\_status or event\_type terminated, and the source states consideration paid or payable for that exit in exit\_consideration\_paid or exit\_consideration\_amount. A fee clause, asset-sale proceeds or an unrelated transaction is not a completed product-agreement exit. The payment does not establish a net loss; removing an onerous commitment can be beneficial. **Delivery Restricted** — Rejected; excluded from scoring Polarity: negative Definition: A source-stated legal, permit, export or sanctions restriction affects deliveries under this particular product agreement, retained in delivery\_restriction\_evidence. Generic jurisdiction risk or an unrelated permit event does not qualify. **QP Exposure Unassessed** — Rejected; excluded from scoring Polarity: neutral Definition: A quotational period for the product is disclosed but whether it matches the issuer's sale/pricing exposure is unknown \(qp\_matched\_to\_sale unknown\). QP here means quotational period, not Qualified Person; missing information alone establishes no mismatch or trading loss. **Counterparty Insolvency** — Rejected; excluded from scoring Polarity: negative Definition: The source identifies insolvency or administration of the contracting entity, reflected in counterparty\_credit\_event. A similarly named affiliate, parent or unrelated group company does not establish insolvency of this counterparty. **Payment or Performance Default** — Rejected; excluded from scoring Polarity: negative Definition: The source identifies a payment or performance default event for this counterparty and agreement. Retain attribution, dates and whether it is alleged, admitted or cured; a cured historical event must not be presented as an ongoing default, and generic default clauses do not qualify. **Credit Evidence Stale** — Rejected; excluded from scoring Polarity: neutral Definition: A disclosed credit rating predates a later disclosed credit event for the same entity. Retain the rating date and event date; this indicates the rating may no longer describe current credit, not proof of a downgrade or default. **Guarantee Disclosed** — Rejected; excluded from scoring Polarity: positive Definition: A parent guarantee is explicitly disclosed for the relevant obligations, with parent\_guarantee true and guarantor\_name identified. This describes an evidenced support arrangement, not proof of guarantor strength, unlimited coverage or full collectability. **Guarantee Scope Unknown** — Rejected; excluded from scoring Polarity: neutral Definition: A guarantee is explicitly disclosed but its covered obligations or extent are not established, with parent\_guarantee true and guarantee\_scope missing. Do not infer an unlimited guarantee or an absent guarantee from missing scope. **MOU Unconfirmed** — Rejected; excluded from scoring Polarity: neutral Definition: An identified non-binding MOU, LOI or framework has confirmation\_status unconfirmed in the supplied evidence. This records lack of confirmation, not legal lapse, termination or an adverse score. **MOU Recently Confirmed** — Rejected; excluded from scoring Polarity: neutral Definition: The source expressly reaffirms an identified non-binding MOU, LOI or framework, with confirmation\_status recently\_confirmed. Confirmation does not make it binding or satisfy its conditions. **Prepayment Present** — Rejected; excluded from scoring Polarity: neutral Definition: The product agreement contains a disclosed prepayment amount or prepayment facility, reflected in prepayment\_amount, prepayment\_usd or linked\_facility\_type prepayment. Ordinary payment on delivery, an unrelated lender or a proposed facility without an evidenced agreement does not establish buyer prepayment. It is not a quality bonus. **Offtaker Is Financier** — Rejected; excluded from scoring Polarity: neutral Definition: The named product buyer also supplies debt, a prepayment, a stream, a royalty investment or equity funding to the issuer/project. Require offtaker\_is\_financier true and source-backed offtaker\_financing\_evidence linking that same buyer to the financing; retain the financing type and identity when disclosed. A boolean alone, an unrelated lender, ordinary purchase payments, or a royalty paid to an asset vendor is insufficient. This neutral relationship tag is not a financing-quality score. **Market Route Unclear** — Rejected; excluded from scoring Polarity: neutral Definition: The source explicitly describes an unresolved route to market or buyer access for the product, retained in market\_route\_evidence. Do not substitute the model's uncertainty or absence of a buyer name for source evidence of an unresolved route. **Coverage Basis Undisclosed** — Rejected; excluded from scoring Polarity: neutral Definition: The agreement discloses a coverage percentage but not the production scope or period to which it applies, with coverage\_percent present and coverage\_basis undisclosed. The percentage alone does not establish life-of-mine coverage or inadequate coverage. **Coverage Overlap** — Rejected; excluded from scoring Polarity: neutral Definition: The source establishes overlapping committed product volumes or coverage between identified agreements, retained in volume\_overlap\_evidence. Multiple agreements or percentages alone do not prove double commitment. **Product Assay Unavailable** — Rejected; excluded from scoring Polarity: neutral Definition: Payable terms are disclosed for a concentrate-route product but the saleable-product assay needed to interpret them is not supplied. This is an information limitation, not proof of unacceptable product quality or poor realised pricing. **Benchmark Unavailable** — Rejected; excluded from scoring Polarity: neutral Definition: Payables or TC/RC terms are disclosed but an applicable matched benchmark is not maintained for comparison. This describes the comparison limit of the knowledge base, not missing issuer disclosure or evidence that the commercial terms are below market. ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Drill Results (3) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-reports-strong-q3-2026-results-on-record-production-and-lower-ca--ef49fd35-384a-45d3-a27b-c1d796df9732#fact-drill-facts-24) Zgounder · silver Needs review: drill\_no\_hole\_id #### Identity - Project: Zgounder - Commodity: silver - Region: morocco - Reported Region: morocco - Ticker: AYA #### Geometry - Grade: 3501 - Grade Unit: g/t - Intercept: 3.5 m #### Classification - Sample Type: drill #### Location - Location: central area - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-11-12T00:00:00.000Z Reasoning: This is an exceptionally high-grade silver intercept that confirms strong continuity of mineralization at Zgounder, indicating significant potential, with high confidence due to QP sign-off. - Positive factor: The intercept of 3,501 g/t Ag over 3.5 m is an exceptionally high-grade silver result. - Positive factor: The result confirms strong continuity of high-grade silver mineralization in the central area of Zgounder. - Positive factor: The QP has signed off on the technical information, adding credibility. Evidence · text > intercepts including 3,501 g/t Ag over 3.5 m in the central area #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: Reported composited assay intervals omit the cut-off grade used for those intervals. Apply only to actual reported assay intervals in the reviewed scope, not drilling plans or missing extraction fields alone. Why it applies: The press release reports drill intercepts but does not disclose the cut-off grade used to calculate these composited intervals. The reported drill intercept for Zgounder omits the cut-off grade used. Evidence · text > intercepts including 3,501 g/t Ag over 3.5 m in the central area **Bonanza Intercept** Polarity: positive Definition: An exceptionally high-grade reported intercept reaching the exceptional GRADE\_BANDS tier for its commodity and applicable deposit context. Require a disclosed grade and compatible unit; the adjective high-grade alone, a metal-equivalent basket without assumptions, or a planned target does not establish this tag. Why it applies: A silver grade of 3,501 g/t over 3.5 meters is exceptionally high, placing it in the highest tier for silver grades \(500 g/t\) according to the GRADE\_BANDS rubric. Evidence · text > 3,501 g/t Ag over 3.5 m **Bonanza Intercept** Polarity: positive Definition: An exceptionally high-grade reported intercept reaching the exceptional GRADE\_BANDS tier for its commodity and applicable deposit context. Require a disclosed grade and compatible unit; the adjective high-grade alone, a metal-equivalent basket without assumptions, or a planned target does not establish this tag. Why it applies: A silver grade of 3,501 g/t over 3.5 meters is exceptionally high, placing it in the highest tier for silver grades \(500 g/t\) according to the GRADE\_BANDS rubric. The reported silver grade is 3,501 g/t over 3.5 meters. Evidence · text > intercepts including 3,501 g/t Ag over 3.5 m in the central area **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release names specific Qualified Persons who reviewed and approved the scientific and technical information, satisfying the QA/QC disclosure requirement. The document explicitly names the Qualified Persons responsible for reviewing and approving the technical information, which covers the reported drill results. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\). ### BOU-DD26-848 [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-reports-strong-q3-2026-results-on-record-production-and-lower-ca--ef49fd35-384a-45d3-a27b-c1d796df9732#fact-drill-facts-25) Boumadine · silver\_equivalent #### Identity - Hole ID: BOU-DD26-848 - Project: Boumadine - Commodity: silver\_equivalent - Region: morocco - Reported Region: morocco - Ticker: AYA #### Geometry - Grade: 392 - Grade Unit: g/t - Intercept: 24.3 m #### Classification - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-11-12T00:00:00.000Z Reasoning: This is a strong silver equivalent intercept over a substantial width, confirming the high-grade continuity at Boumadine, with high confidence due to QP sign-off. - Positive factor: The intercept of 392 g/t AgEq over 24.3 m is a strong silver equivalent grade over a significant width. - Positive factor: This result confirms the continuity and high-grade nature of the Boumadine Main Trend. - Positive factor: The QP has signed off on the technical information, adding credibility. Evidence · text > Notable drill results during the quarter include 392 g/t AgEq over 24.3 m \(BOU-DD26-848\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: Reported composited assay intervals omit the cut-off grade used for those intervals. Apply only to actual reported assay intervals in the reviewed scope, not drilling plans or missing extraction fields alone. Why it applies: The press release reports drill intercepts but does not disclose the cut-off grade used to calculate these composited intervals. The reported drill intercepts for Boumadine omit the cut-off grade used. Evidence · text > Notable drill results during the quarter include 392 g/t AgEq over 24.3 m \(BOU-DD26-848\) and 593 g/t AgEq over 15.2 m \(BOU-DD26-883\) **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release names specific Qualified Persons who reviewed and approved the scientific and technical information, satisfying the QA/QC disclosure requirement. The document explicitly names the Qualified Persons responsible for reviewing and approving the technical information, which covers the reported drill results. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\). ### BOU-DD26-883 [Link to this fact](https://atlas-extractions.minestarters.com/news/aya-gold-silver-reports-strong-q3-2026-results-on-record-production-and-lower-ca--ef49fd35-384a-45d3-a27b-c1d796df9732#fact-drill-facts-26) Boumadine · silver\_equivalent #### Identity - Hole ID: BOU-DD26-883 - Project: Boumadine - Commodity: silver\_equivalent - Region: morocco - Reported Region: morocco - Ticker: AYA #### Geometry - Grade: 593 - Grade Unit: g/t - Intercept: 15.2 m #### Classification - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-11-12T00:00:00.000Z Reasoning: This is a strong silver equivalent intercept over a good width, further confirming the high-grade continuity at Boumadine, with high confidence due to QP sign-off. - Positive factor: The intercept of 593 g/t AgEq over 15.2 m is a strong silver equivalent grade over a good width. - Positive factor: This result further confirms the continuity and high-grade nature of the Boumadine Main Trend. - Positive factor: The QP has signed off on the technical information, adding credibility. Evidence · text > and 593 g/t AgEq over 15.2 m \(BOU-DD26-883\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: Reported composited assay intervals omit the cut-off grade used for those intervals. Apply only to actual reported assay intervals in the reviewed scope, not drilling plans or missing extraction fields alone. Why it applies: The press release reports drill intercepts but does not disclose the cut-off grade used to calculate these composited intervals. The reported drill intercepts for Boumadine omit the cut-off grade used. Evidence · text > Notable drill results during the quarter include 392 g/t AgEq over 24.3 m \(BOU-DD26-848\) and 593 g/t AgEq over 15.2 m \(BOU-DD26-883\) **QA/QC Disclosed** Polarity: positive Definition: Reported assays have a certified laboratory, actual QA/QC methods, or named QP/CP responsibility. Generic CP boilerplate, old-release references, plans and unrelated work are insufficient. Approval of a correction does not verify expressly unverified historical assays; assay accuracy is not guaranteed. Why it applies: The press release names specific Qualified Persons who reviewed and approved the scientific and technical information, satisfying the QA/QC disclosure requirement. The document explicitly names the Qualified Persons responsible for reviewing and approving the technical information, which covers the reported drill results. Evidence · text > The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\). ## 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.