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Aya Gold and Silver

Company.

Feb 2026Covered
7 of 10Topics on record
1 executiveNamed on the record
Latest appearance
21 Feb 2026
On record
1 interview · 26 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
11-year mine life based on 2% of property
Management-stated Benoit La Salle Feb 2026
Grade
between 100 and 160 for regular ore; between 40 and 80 for lower grade material
Management-stated Benoit La Salle Feb 2026
Capital needed
36 million for 2026
Management-stated Benoit La Salle Feb 2026
What happens next
Q1 production coming in April
Management-stated Benoit La Salle Feb 2026
The main open question
The plant runs 30% above nameplate capacity (3,700 vs 2,700 ton/day), relying on 96% availability and 92% recovery to sustain target production — a technical assumption rarely held flawlessly at scale.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
4 independent voices on record — 5 constructive, 2 neutral
Unknown speaker, Guy Goulet, Nomi Prins, Peter Krauth
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 and Silver's own claims across 1 interview — most-covered theme first.

What outside voices pick up on

4 independent voices — people who do not speak for the company — across 7 mentions.

5 constructive 2 neutral
  • Unknown speaker “CEO claims ~5x re-rate in 2.5 years driven by Lassonde curve recovery and Boumadine entering valuation; currently trades at 10x EB…”
  • Guy Goulet “Referenced only as Boulanger's prior success story (~$4B market cap) to establish his track record; not a current recommendation.”
  • Nomi Prins “Cited alongside First Majestic as a pure-play, low-cost silver producer with strong regional demand.”
  • Peter Krauth “He specifically highlights Aya as a favorite due to Morocco assets, expansion, and Nasdaq/GDX inclusion.”

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

Gundere is producing 5.8 million ounces of silver on 2% of the property with an 11-year mine life, running 30% above nameplate capacity at $19 all-in cost.

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

Gundere is producing 5.8 million ounces of silver on 2% of the property with an 11-year mine life, running 30% above nameplate capacity at $19 all-in cost. Management projects $70 per ounce margin at $90 silver, funded by $36 million capex in 2026, with near-term cash flow from Bumadin stockpile (3–4 million USD monthly profit) and exploration upside to expand production to 8–10 million ounces. Two bullish voices cited Morocco assets, expansion, and NASDAQ/GDX inclusion as catalysts.

▼ Bear case

The plant runs 30% above nameplate capacity (3,700 vs 2,700 ton/day), relying on 96% availability and 92% recovery to sustain target production — a technical assumption rarely held flawlessly at scale.

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

The plant runs 30% above nameplate capacity (3,700 vs 2,700 ton/day), relying on 96% availability and 92% recovery to sustain target production — a technical assumption rarely held flawlessly at scale. Grade dilution from mining method changes and silver price sensitivity mean reported resource figures at $28 silver may not translate to reserves at lower prices. Outside view is sparse: no independent voice has scrutinized the operation or cost structure, and the two cited analysts only reference Morocco assets and NASDAQ as reasons, not deposit quality.

◆ Watch next

Q4 2024 financials and year-end results due end of March; Q1 2025 production report in April; drill results from 18 active drills at Gundere and regional program ongoing; NASDAQ listing filing and listing targeted for Q2 2025.

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

Q4 2024 financials and year-end results due end of March; Q1 2025 production report in April; drill results from 18 active drills at Gundere and regional program ongoing; NASDAQ listing filing and listing targeted for Q2 2025. Production roadmap shows step-ups to 5.8–6.4 million ounces through 2026, with Bumadin stockpile contributing 1–1.2 million ounces at $11 ASIC in 2026.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 12 statements

The deposit 9

Key takeaway. Management describes the deposit as a loaf-shaped structure 200 meters wide, 700 meters deep and 1.4 kilometers in extent, with multiple zones grading from 180g to 230g silver (Feb 2026).

Read the full summary

The company reports an 11-year mine life based on just 2% of its property, and notes that between 1 and 1.2 million ounces of silver are expected from the Bumadin stockpile in 2026 (Feb 2026). On the exploration side, management says 20,000 meters of drilling are planned for near-mine and deposit extensions, plus 10,000 meters regionally, and that 14 targets close to the mine share the same signature as the main structure; the company intends to find another similar structure to lift production from 6 million ounces per year toward 8 to 10 million ounces (Feb 2026).

What was actually said
deposit type
200 meter wide, 700 meter deep, 1.4 kilometer extent loaf of bread structure with multiple zones ranging from 230g to 180g silver
“Gundare is not a silver vein. It's not like you mind the silver vein and that's all you have. It's it's a piece. It's a loaf of bread. It's like 200 meter wide. It's 700 meter deep. It's a 1.4 kilometer. And once you're out of the structures that are 230 g, you get into hallows of 180 and we took it all this year”
Benoit La Salle· 21 Feb 2026·
exploration upside
14 targets close to the mine with same signature as main structure, intent to find another structure like the main deposit to increase production from 6 to 8 to 10 million ounces
“we have about 14 targets close to the mind that have the same signature. Sometimes they're a bit deeper. They're at surface. So, we're going to be doing 20,000 mters of the current deposit extension and nearby extension and we would like to find another structure like that and hopefully increase production from 6 to 8 to 10 million ounces.”
Benoit La Salle· 21 Feb 2026·
exploration upside
20,000 meters of drilling planned for near-mine and current deposit extension; 10,000 meters for regional exploration
“we're going to be doing 20,000 mters of the current deposit extension and nearby extension in in other geological trap and then there's 10,000 for the greater district”
Benoit La Salle· 21 Feb 2026·
Show the other 6 statements
grade
between 100 and 160 for regular ore; between 40 and 80 for lower grade material
“We have our regular ore which is between I would say 100 and 160 which we have you know our stockpile and then we have run run run of the planter and run in the middle so which currently runs between 150 and 160. So it's really grain management but the lower grain material for now is being taken out. you know, we keep it and we and we will with the additional capacity and we're doing a few analysis on it see how we're going to be treating it, but it's there and there's like 500,000 ton of that material which has gone through the P&L and is sitting uh at site.”
Benoit La Salle· 21 Feb 2026·
grade
180g silver and 2g gold from Bumadin residue stockpile
“it's like 180 g silver, 2 g gold, and a little bit of, you know, other things.”
Benoit La Salle· 21 Feb 2026·
reserve size
11-year mine life based on 2% of property
“an 11-year mine life which is based on 2% of our property.”
Benoit La Salle· 21 Feb 2026·
reserve size
500,000 ton of lower grade stockpile material (40-80g) at Gundere
“there's like 500,000 ton of that material which has gone through the P&L and is sitting uh at site.”
Benoit La Salle· 21 Feb 2026·
reserve size
Between 1 and 1.2 million ounces of silver from Bumadin stockpile in 2026
“this year uh you know we we will be one point between 1 million and 1.2 million ounces of silver coming out of the stockpile at an ASIC of $11.”
Benoit La Salle· 21 Feb 2026·
resource size
6 million ounces of production per year on average
“an 11-year mine life which is based on 2% of our property. 11-year mine life with 6 million ounces of production per year on average.”
Benoit La Salle· 21 Feb 2026·

Technical risk 3

Key takeaway. Management highlighted two key technical risks for the project.

Read the full summary

First, the feasibility study assumes plant availability of 96%, plant recovery of 92%, plant throughput of 3,700 tonnes per day, and mine throughput of about 4,500 tonnes per day — noting that the plant is currently running 30% above its nameplate capacity of 2,700 tonnes per day. Second, the company identified grade dilution from mining method changes as a risk, stating that which material is extracted needs to be managed based on silver price signals.

What was actually said
key assumption
Plant nameplate capacity 2,700 ton per day; currently running at 3,700 ton per day (30% above nameplate)
“the name plate capacity of of the complex is 2,700 ton a day and now we're running at 3,700 ton a day. So we're already like almost 30% above name plate capacity.”
Benoit La Salle· 21 Feb 2026·
key assumption
plant availability 96%, plant recovery 92%, plant throughput 3,700 ton per day, mine throughput about 4,500 ton per day
“Last year at Gundere we produced 4.8 8 million and this year ads gundere will produce 5.8 million ounces. So you know all the KPIs that you need to manage in a in a ramp up plant availability is is impeccable at 96% plant recovery is 92% 90% again very very good mine throughput I plant throughput is 3,700 and mine throughput is about 4,500.”
Benoit La Salle· 21 Feb 2026·
stated risk
Grade dilution from mining method changes; need to manage which material is extracted based on silver price signals
“the grade is is is affected by by your mining method. So you do your reserve and your resource at $28 silver. But when you mine and the mine captain calls you and he says, "Hey, I just hit 60 meter of 100 gram, I leave it there or and I back fill or I take it out."”
Benoit La Salle· 21 Feb 2026·

Economics 5 statements

Economics 4

Key takeaway. Management provided several project economics figures.

Read the full summary

In February 2026, they reported a cash cost range of $16 to $25 and an AISC of about $19 in one instance, while also stating AISC of $11 in another. Additionally, they said the Bumadin stockpile would generate an operating profit of 3 to 4 million USD per month.

What was actually said
aisc
about $19
“with a a cash cost of $1625 and an ASIC of about $19.”
Benoit La Salle· 21 Feb 2026·
aisc
$11
“one point between 1 million and 1.2 million ounces of silver coming out of the stockpile at an ASIC of $11.”
Benoit La Salle· 21 Feb 2026·
cash cost
$16 to $25
“with a a cash cost of $1625 and an ASIC of about $19.”
Benoit La Salle· 21 Feb 2026·
Show the other 1 statement
operating cost
3 to 4 million USD per month profit from Bumadin stockpile
“we're making between three and four million US uh a month of profit”
Benoit La Salle· 21 Feb 2026·

Financing 1

What was actually said
capex
36 million for 2026
“you've also announced capbacks of 36 million for 2026.”
Benoit La Salle· 21 Feb 2026·

Timeline 8 statements

Timeline 6

Key takeaway. Management provided several near-term milestones during February 2026.

Read the full summary

The company reports that Bumadin stockpile shipping started in November, moving 10,000 tons every month for 24 months. It targets 5 million silver equivalent ounces of production in 2025, 5.8 million in 2026, and progressing to 6.2 and then 6.4 million ounces. A NASDAQ listing is expected in Q2, Q1 2025 is described as "looking very good," Q4 and year-end financial results are due at the end of March, and Q1 production figures are coming in April.

What was actually said
milestone
Q1 production coming in April
“Uh after that you'll have the Q1 production coming in April.”
Benoit La Salle· 21 Feb 2026·
milestone
Q1 2025 looking very good
“now we're executing. So that that thing is done. It was built below budget and um approximately on time and now it's running very well. and uh yeah now we're executing. So that that thing is done.”
Benoit La Salle· 21 Feb 2026·
milestone
Q4 financial and year end financial at end of March
“Uh at the end of March, you'll have the Q4 financial and the year end financial.”
Benoit La Salle· 21 Feb 2026·
Show the other 3 statements
milestone
Bumadin stockpile shipping started in November, 10,000 ton every month for 24 months
“we are so we we are you know shipping this uh 10,000 ton uh every every month for two years for 24 months and we're making between three and four million US uh a month of profit”
Benoit La Salle· 21 Feb 2026·
milestone
NASDAQ listing in Q2
“we have our New York listing that's coming in our NASDAQ listing that should be coming in uh in in in Q2.”
Benoit La Salle· 21 Feb 2026·
milestone
Production 2025: 5 million silver equivalent ounces; 2026: 5.8 million; progressing to 6.2 and 6.4 million
“This year it will be 5.8, next year 6.2. It goes to 6.4, 4, but it's pretty flat with an ASIC of with a a cash cost of $1625 and an ASIC of about $19.”
Benoit La Salle· 21 Feb 2026·

Catalysts 2

Key takeaway. Management says the company expects to file for and complete a NASDAQ listing in Q2, and that drill results from 18 drills currently turning at Gundere and its regional program are expected in February 2026.

What was actually said
upcoming decision
NASDAQ listing filing and listing in Q2
“we have our New York listing that's coming in our NASDAQ listing that should be coming in uh in in in Q2. we will file with the we we were just waiting for the fresh financial statements.”
Benoit La Salle· 21 Feb 2026·
upcoming result
Drill results from 18 drills turning at Gundere and regional program
“you'll have uh drill results because we have 18 drills turning. So you have drill results coming out from Zundere and the whole program and drill results coming out from Bumadin.”
Benoit La Salle· 21 Feb 2026·

Corporate 1 statement

Market 1

What was actually said
cost curve position
$19 all-in cost on life of mine at Gundere with $90 silver selling price assumption gives $70 margin
“our all-in cost will be on on life of mind at at Gundere, the all-in cost will be like $19. Well, if you know the selling price is uh 90 for simplicity, less 19 or less 20, you have a $70 margin.”
Benoit La Salle· 21 Feb 2026·

Outside views 7 mentions

7 mentions by people who do not speak for the company — 5 constructive, 0 cautious, 2 neutral. These are their views, not the company's.

Unknown speaker
bullish
CEO claims ~5x re-rate in 2.5 years driven by Lassonde curve recovery and Boumadine entering valuation; currently trades at 10x EBITDA with second project valued at zero; tight share structure, no dilution, fully funded.
Natural Resource Stocks· 21 Jul 2026·
Unknown speaker
bullish
LaSalle frames it as a cash-generating, internally funded growth story with a large rerating gap if Boumadine comes online.
In it to Win it· 17 Jul 2026·
Guy Goulet
neutral
Referenced only as Boulanger's prior success story (~$4B market cap) to establish his track record; not a current recommendation.
In it to Win it· 13 Jul 2026·
Nomi Prins
bullish
Cited alongside First Majestic as a pure-play, low-cost silver producer with strong regional demand.
In it to Win it· 11 Jul 2026·
Show the other 3 mentions
Peter Krauth
bullish
He specifically highlights Aya as a favorite due to Morocco assets, expansion, and Nasdaq/GDX inclusion.
Natural Resource Stocks· 18 Jun 2026·
Peter Krauth
bullish
Producer with a rare pure silver mine in Morocco; tremendous growth and lots of upside left.
VRIC Media· 03 Mar 2026·
Guy Goulet
neutral
Mentioned only as Goulet's track record — he founded it and it grew to $1.8B market cap. Not a current recommendation.
In it to Win it· 01 Aug 2025·

Sources 1 interview

Every interview 1

DateChannelInterviewStatements
21 Feb 2026 Jimmy Connor Aya Gold and Silver | Benoit La Salle and Jimmy Connor 26

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.

gold 1
silver 1

Questions people ask

Which interviews mention Aya Gold and Silver?

We track 1 interview mentioning Aya Gold and Silver, across 1 channel (Jimmy Connor).

What are investors saying about Aya Gold and Silver?

7 independent voices — people who do not speak for the company — are on record discussing it (5 bullish, 2 neutral). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Aya Gold and Silver cover?

The most-discussed topics on record are the deposit, timeline, economics, technical risk — 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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