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Aya Gold

Silver company, with a project stated to be in Morocco.

NoneMorocco — as stated on the recordings

silver NoneMorocco
May 2026Covered
4 of 10Topics on record
1 executiveNamed on the record
Primary commodity
Silver
Jurisdiction
Morocco
Deposit
silver mine
Latest appearance
22 May 2026
On record
1 interview · 16 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
6 million oz producer
Management-stated Benoit La Salle May 2026
Capital needed
440 million
Management-stated Benoit La Salle May 2026
What happens next
starting at the end of this year, next year and 2028
Management-stated Benoit La Salle May 2026
The main open question
Material on financing, dilution, and permitting risks is absent.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
1 independent voice on record — 1 constructive
Francis Hunt
Outside voices

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Aya Gold's own claims across 1 interview — most-covered theme first.

What outside voices pick up on

1 independent voice — people who do not speak for the company — across 1 mention.

1 constructive
  • Francis Hunt “Says it has an upside HVF and looks very good among selected miners.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says Aya owns Africa's largest silver mine in production (Imiter) and is developing Boumadine, a 37 million oz/year silver project with $440 million CAPEX producing 400,000 oz gold equivalent for 11 years at $900/oz…

What it rests on
Evidence: 3 moments from 1 interview
Read the full case

Management says Aya owns Africa's largest silver mine in production (Imiter) and is developing Boumadine, a 37 million oz/year silver project with $440 million CAPEX producing 400,000 oz gold equivalent for 11 years at $900/oz AISC—targeting 2029 production. An outside investor noted the company has upside and looks very good among selected miners.

▼ Bear case

Material on financing, dilution, and permitting risks is absent.

Read the full case

Material on financing, dilution, and permitting risks is absent. The claim of $200–2,300 million free cash this year lacks detail, and the path from current production to Boumadine's ramp lacks clarity on execution and capital requirements beyond the $440 million stated.

◆ Watch next

Completion of Boumadine's revised PA and feasibility study; construction start end of 2024, 2025, and 2028; delivery of 240,000 m drilling programs in 2024 and 2027 on $60 million budgets each; achievement of 2029 production target.

What it rests on
Evidence: 3 moments from 1 interview
Read the full case

Completion of Boumadine's revised PA and feasibility study; construction start end of 2024, 2025, and 2028; delivery of 240,000 m drilling programs in 2024 and 2027 on $60 million budgets each; achievement of 2029 production target.

Each moment links to the exact point in the source recording.

Not our view. These cases are assembled from what was said in the interviews below — management's own claims, and the sentiment of independent speakers as expressed in those transcripts. They are a summary of statements on the record, not TranscriptAgent's assessment of the company, not a rating or price target, and not investment advice.

Project 7 statements

The deposit 6

Key takeaway. At the company's silver mine in May 2026, management reported a resource of more than 600 million oz of silver equivalent and described the operation as a 6 million oz producer with 37 million oz of silver of production per year.

Read the full summary

The CEO highlighted exploration upside along a 5 km structure that he said is "much, much bigger," and noted a discovery cost of 10 cents.

What was actually said
deposit type
silver mine
“We have the largest silver silver mine in Africa called Imiter, which is in production”
Benoit La Salle· 22 May 2026·
exploration upside
discovery cost of 10 cents
“We have the lowest discovery cost of the industry. So far, we've discovered a bit of more than 600 million oz of silver equivalent, and our discovery cost is 10 cents.”
Benoit La Salle· 22 May 2026·
exploration upside
5 km of a structure that is much, much bigger
“And that is 5 km of a structure that is much, much bigger than this, which we will keep drilling.”
Benoit La Salle· 22 May 2026·
Show the other 3 statements
reserve size
6 million oz producer
“Séguala is a 6 million oz producer”
Benoit La Salle· 22 May 2026·
reserve size
37 million oz of silver of production per year
“Boumadine will be 37 million oz of silver of production per year”
Benoit La Salle· 22 May 2026·
resource size
more than 600 million oz of silver equivalent
“So far, we've discovered a bit of more than 600 million oz of silver equivalent”
Benoit La Salle· 22 May 2026·

Jurisdiction 1

What was actually said
country
Morocco
“Aya is a little bit a copy of Semafo. It has first-mover advantage. When we went to Burkina Faso, the first permit we obtained was number three. Uh Aya in Morocco”
Benoit La Salle· 22 May 2026·

Economics 4 statements

Economics 4

Key takeaway. Regarding project economics, management reported an all-in sustaining cost of $900, capital expenditure of $440 million, and a price assumption of 400,000 ounces of gold for 11 years, all stated in May 2026.

Read the full summary

The company also mentioned an operating cost of $200 to $2,300 million this year of free cash, though the wide range and unclear phrasing may reflect an imprecise statement or a different metric.

What was actually said
aisc
$900
“for 11 years with an ASIC of $900”
Benoit La Salle· 22 May 2026·
capex
440 million
“Where do you have a project with a CAPEX or capital expenditure of 440 million that will produce”
Benoit La Salle· 22 May 2026·
operating cost
200 to 2300 million this year of free cash
“it's got one mine in production generating 200 to 2300 million this year of free cash”
Benoit La Salle· 22 May 2026·
Show the other 1 statement
price assumption
400,000 oz of gold for 11 years
“a CAPEX or capital expenditure of 440 million that will produce in gold equivalent 400,000 oz of gold for 11 years”
Benoit La Salle· 22 May 2026·

Timeline 5 statements

Timeline 5

Key takeaway. Regarding Aya Gold's timeline, management stated in May 2026 that it plans to drill 240,000 m this year with a $60 million budget and a similar program in 2027.

Read the full summary

The company also said construction will start at the end of this year, next year and 2028, with first production targeted for 2029. Additionally, management noted it is completing the revised PA and feasibility study for Boumadine.

What was actually said
construction start
starting at the end of this year, next year and 2028
“we are in construction starting at the end of this year, next year and 2028 for production”
Benoit La Salle· 22 May 2026·
first production
2029
“strong project of this industry in development and in construction to be ready by 2029”
Benoit La Salle· 22 May 2026·
milestone
completing the revised PA and feasibility study for Boumadine
“the second project, called Boumadine, we are completing the uh revised PA, and we're completing a feasibility study.”
Benoit La Salle· 22 May 2026·
Show the other 2 statements
milestone
drilling 240,000 m in 2027 with similar budget
“And next year, in 2027, we will drill another 240,000 m uh for a similar budget.”
Benoit La Salle· 22 May 2026·
milestone
drilling 240,000 m this year with $60 million budget
“This year, we will be drilling approximately 240,000 m, which is a $60 million budget.”
Benoit La Salle· 22 May 2026·

Outside views 1 mention

1 mention by people who do not speak for the company — 1 constructive, 0 cautious, 0 neutral. These are their views, not the company's.

Not our view. Constructive / cautious / neutral is a classification of the sentiment expressed in the transcript of a specific recording on a specific date — nothing more. It is not TranscriptAgent's opinion of the company, not a rating, not a recommendation, and not a statement of fact about the company or the speaker. Speakers may hold positions, may have changed their minds since, and may have been mis-transcribed. Read the quote, then watch the source.

Francis Hunt
bullish
Says it has an upside HVF and looks very good among selected miners.
Wise Metals Investor· 04 Jun 2026·

Sources 1 interview

Every interview 1

DateChannelInterviewStatements
22 May 2026 Rule Investment Media Benoit La Salle, Pres. & CEO of Aya Gold & Silver Inc. | Rule Symposium 2026: Rick Rule interviews 16

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

boumadine 1
endeavour 1
imiter 1
morocco 1
seguela 1
semafo 1
silj 1

Questions people ask

What is Aya Gold's project and where is it?

Aya Gold is a resource silver company, with a project stated to be in Morocco. Everything here is drawn from its executives' own interviews.

Which interviews mention Aya Gold?

We track 1 interview mentioning Aya Gold, across 1 channel (Rule Investment Media).

What are investors saying about Aya Gold?

1 independent voice — people who do not speak for the company — are on record discussing it (1 bullish). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Aya Gold cover?

The most-discussed topics on record are the deposit, timeline, economics, jurisdiction — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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