Aya Gold & Silver (AYA) Mining Forum Europe 2026 summary

Market and jurisdiction insights

• Morocco is emerging as a top global mining jurisdiction, offering zero royalties, zero free carried interest, and a 32% tax rate, with permitting processes as short as two weeks to three months.

• The country’s infrastructure is highly developed, and it is attracting significant international attention, including hosting the 2030 World Cup.

• Morocco’s mining code and regulatory environment are considered highly favorable compared to West Africa, where taxes and royalties have increased significantly.

• The jurisdiction ranks among the top three to five globally for mining investment attractiveness.

Company structure and management

• The board and management team have extensive experience, having built multiple mines in Africa and maintaining a strong ownership stake of 40-46%.

• The company maintains a clean capital structure with 143 million shares and strong institutional support.

• The only debt is a $100 million ESG loan from EBRD, with a focus on social responsibility and community engagement.

Operations and production profile

• Current operations are 100% leveraged to silver, with production increasing from five million ounces last year to an expected seven million ounces this year.

• Daily silver production is around 17,000 ounces, with strong profitability and margins exceeding $60 per ounce in Q1.

• The first mine is a six million-ounce producer with $16 cash cost and $19 AISC, and ongoing exploration aims to extend mine life and increase output.