Aya Gold & Silver Q2 2026 Earnings Call - Record Production and Cash Flow Drive Strong Half-Year Results

Operator: We will now turn the call over to Elisabeth Hamaoui, Aya Gold & Silver’s Director of Corporate and Financial Communications. Please go ahead.

Elisabeth Hamaoui, Director of Corporate and Financial Communications, Aya Gold & Silver: Thank you, operator, and welcome to Aya’s second quarter 2026 earnings conference call. Joining me today are Benoit La Salle, President and CEO, Ugo Landry-Tolszczuk, Chief Financial Officer, Elias Elias, Chief Legal and Sustainability Officer, Raphaël Beaudoin, Vice President of Operations, and David Lalonde, Vice President of Exploration. We will refer to a presentation available via the webcast and on our website. As we will be making forward-looking statements during the call, please refer to the cautionary notes in the presentation, news release, and MD&A, as well as the risk factors in our annual information form. Technical information in the presentation has been reviewed and approved by Raphaël Beaudoin, Aya’s Vice President of Operations, and David Lalonde, Aya’s Vice President of Exploration, both qualified persons as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects. Following the presentation, we will have a Q&A session.

I would now like to turn the call over to Benoit La Salle. Benoit?

Benoit La Salle, President and CEO, Aya Gold & Silver: Elisabeth, thank you very much. Welcome, everyone, to our Q2 2026 conference call. It is another very strong quarter for Aya. We have pre-released the production results for the quarter. You recall that the production for Q2 is 1.7 million ounces of silver equivalent, which is a 61% increase year-over-year, and it is a 12% increase quarter-over-quarter. That translated into very strong financial results. Our revenue for the second quarter of 2026 stands at $97 million, which is an increase of 151% year-over-year. Our net income for Q2 is at $35 million, which is also a very strong increase from the previous year. Our cash flow is at 48 million USD, which is a 522% increase from the previous year, Q2 2025. So we had a very strong quarter in revenue, strong quarter in profit, strong quarter in cash flow.

This, as we all know, due to the seasonality in Morocco, Q1 is always a little bit lighter because of the weather. Q2 comes out of the winter and is a stronger quarter. Q3 is stronger than Q2, and Q4 has been historically our strongest quarter. We are very pleased with the first half of the year as we will review some of the numbers. Now for the KPI, the key performance indicator of the mine. The Zgounder mine has performed extremely well. The mining rate continues to improve, and it is up 7% quarter-over-quarter. I am pleased to say that the mining rate on a daily basis achieved 4,900 tons a day.

You recall that the plant was designed for 2,700 tons a day, and one of the key elements was to make sure that the mining rate was going to be aligned with the nameplate of the plant, which was supposed to be 2,700. We know now it is a lot higher, but the mining rate is at 4,900 tons a day. We had record performance achieved from the underground and the open pit. We are extremely pleased with the outcome. The grade through the plant was 141 grams per ton, which is right where we wanted it to be. Another element which is important is because we are mining more than we are processing, we have an ore stockpile of 374,000 tons. That is extremely important.

It is the buffer that is there if we reduce mining rates for more development, especially on the underground where we want to go to the lower levels. We have 374,000 tons of ore stockpiled. At the plant, we have record milling rate in Q2, which again reflects our strong execution. Q2 average is 3,900 tons a day compared to the previous quarter at 3,600 tons a day, and to last year, same quarter-over-quarter, was 3,000 tons a day, and that we know the nameplate was 2,700. We have moved in the ramp-up from 2,700 to 3,000 last year, started the year this year at 3,600 tons a day and are now at 3,900 tons a day and expect this to grow up a little bit again for Q3 and Q4. Strong recoveries as well at the plant and other KPI, above 90% recoveries and above 90% availability.

All of our KPIs are green. We manage them on a daily basis, on a weekly basis, on a monthly basis. Currently, everything is in the green. We have also brought in a temporary crushing contractor to improve the throughput, and we are adding a new crushing section to the plant, and that should be ready by the beginning of 2027. Moving to the next slide, which is the selling price throughout the quarter. You recall that Q1 was exceptional as silver reached $120 per ounce in January. Of course, since then, we have seen a strong correction. For Zgounder, the average selling price for Q2 2026 is $68.29. It is $15 less than Q1, but it is very close to the average of the quarter. You understand that the average of the quarter is very hard to meet in a decreasing price environment because you do not sell every day.

In a decreasing price environment, you are a little bit below the average. The average for the quarter is a little bit above 70, and we are at 68.29. We were above the average in Q1 because it was increasing at the time. That was a little bit easier to be above the average. It is still an extremely good selling price, knowing that Q4 last year, we were all very happy with 59.23. Again, a strong selling price in Q2 for Zgounder. The selling price at Boumadine, for some reason, was a little bit better at $70 an ounce, but we have a payability there of 50%. The selling price was net at 35. You remember, Boumadine, we are selling tailings, which has a lot of difficult elements.

When you look at the cash cost, we were expecting cash cost to come down at Zgounder because we are now on a steady rate, increasing actually the throughput, but on a steady rate. Yes, we are very pleased that for Q2 2026, the cash cost at Zgounder is at $17.69. That is something, coming from $18.64 in the previous quarter and $20 in Q4 of 2025. Again, these are small details, better efficiency, and we are working on cash costs. At $17.69, knowing that this is a brand-new plant, the development cost, the additional cost, sustaining cost are extremely low at Zgounder. It is probably $3 an ounce maximum. It is not even that in Q1 and in Q2. You are looking at a cash cost of $17.69, which is a very good position to be in.

To the next slide at Boumadine, just quickly, Boumadine is a bit of an add-on to Zgounder. We are processing the old tailings. It is a reclamation operation. It had no CapEx, very low cash cost at $10.58 an ounce. It just generates cash flow. We are a little bit lower on the production front, and we knew Q1 again. When you have a lot of rain in tailings, of course, it is a bit more complicated because it is slushy. Q1 and Q2 were a little bit lower. We knew Q3, Q4 are going to be a lot higher. But we still managed to produce 187,000 ounces of silver equivalent, and we made a margin of $20. As I said, we sold it for $35 an ounce. Our cash cost at Boumadine is $10.58. We made $20 an ounce, so 20 times 185,000 ounces of production.

It is still $3.6 million of free cash flow coming to Boumadine to pay for the operation and for the drilling. It is a very nice add-on to Zgounder, which we have in operation and accelerating in Q3 and Q4. Looking at the next slide is the cash position at quarter end. We started the year on January 1st. We had $136 million in the bank of free cash. We always have $16 million of restricted cash, which is part of the EBRD loan package. But we started with 136, and in the first six months of the year, we generated $119 million of operating cash flow. So 136, we add to that 119 of operating cash flow. We have $38 million of exploration and sustaining CapEx, $38 million. We paid down $33 million of EBRD in the first six months.

We had one payment. We also paid down a $15 million short-term debt that we took last year on Boumadine. It was available, and we took it on. That was paid back. So we paid $33 million back. We have invested $38 million in exploration and sustaining CapEx. We finished the quarter with $183 million. Of course, we report in U.S. dollars. So $183 million, and we have $16 million in restricted cash, which technically gets applied to the EBRD loan at the end if we want that. So we had a strong cash flow H1. We have limited CapEx as we know. We have a large exploration program, but that is part of our value creation strategy.

We did an early repayment of the $15 million to EBRD. We are left with $183 million that is ready to go to the development of Boumadine, which will start towards the end of this year. So very strong quarter. On the next slide, just a summary of the first six months. If you look at the operational performance, as a company, we produced 3.2 million ounces of silver equivalent, at a consolidated cash cost for silver equivalent of $17.59. Zgounder did 2.8 million, and Boumadine did half a million. We will talk about the guidance, but we are already half year and half the way to the guidance. So we are totally aligned with the guidance that we presented to you at the beginning of the year. We are totally aligned with the guidance. Zgounder has a cash cost for the first six months of $18.18.

Boumadine has a cash cost of $10.85 per ounce. So we are fully aligned, and we will review the guidance in a minute, but we are half the way into the year, and we are half the way into our guidance. The revenue for six months stands at $205 million U.S. The net income is $84 million U.S. The basic EPS is at $0.58, and the operating cash flow for six months stands at $119 million U.S. The guidance, which you have on the next slide, was presented to you at the beginning of the year. Our production guidance is 5.2 million to 5.8 million at Zgounder, and at midyear, Zgounder is at 2.8 million. So you see that we are tracking right on our Zgounder production guidance. Boumadine is at 1 million.

We are at half a million right now, or 400,000, but we know that Q3 and Q4 for Boumadine are going to be a lot easier. No rain, and much easier, warm weather. Boumadine currently is between 40 and 50 degrees some days, so it is very dry, so easy to work on tailings. The Zgounder average cash cost, we had guided at $21.50. We knew that Q1, Q2 would be a bit lower because of the strip in the pit, and the strip has a direct effect on our cash costs, so we are not changing our guidance there. On Boumadine, we were at $10.10, we are at $10.40, so we are very close. The sustaining and growth CapEx is at $36 million. It is about half and half. Half is sustaining, half is growth. New crusher, new installation, an ore sorter.

There are different things that we are putting in which are really growth CapEx, and sustaining is the development of the underground. Exploration expenditure is at $60 million. That has not changed. Maybe a little bit more due to the new assets that we have acquired, the new permits, which I will review in 1 minute. The guidance is confirmed. We are well into it at the midyear point, and we continue to be very positive about what is coming in Q3 and in Q4. Going forward on the strategy and the operational priorities at Boumadine, which is the main now leg of value creation for Aya, all the independent consultant firms have been engaged on all key feasibility work stream. Metallurgy, energy, water supply, logistics, TSF location, feasibility study, all of that is now ongoing and will be ready next year, feasibility study.

At the same time, the updated PEA is being completed as we speak, and will be ready for publication early in September as we all come back from Labor Day weekend. We are into it right now. We are into the mine plan. We are into the financial model for the PEA review. At the same time, feasibility is being completed, and we have already started the RFP process on mining, on construction, on electricity. All of that is ongoing. The investment decision has been made. The project is extremely profitable. We will also confirm CapEx in the revised PEA, which will be available in 1 month. Boumadine is a strategic project for us, and we are working on this thoroughly, and to come with the revised PEA in September. At Zgounder, you saw its optimization of the Zgounder mine. It is working well.

The open pit, the underground, the grade control, all of that is going extremely well. We have put in additional ventilation. We have put in additional safety equipment. We had to complete the first phase of the TSF because we were putting through more material in the tailings due to the fact that we went from 2,700 tons per day planned in the feasibility study to today, 3,900 tons a day, even 4,000 tons a day. Of course, the direct effect of that is the TSF gets filled much sooner than expected. We have completed the first phase of the new TSF, which is the same one, but just with bigger capacity. That has been done. We actually did it on time and below budget. The new crusher expansion is being installed. It is going to get commissioned this fall, and it will be ready for early 2027.

On the exploration front, and that is slide 12. On the exploration front, we do spend $60 million a year. We are drilling 200,000 meters at Boumadine. We are drilling 30,000 meters at Zgounder. As of now, the drilling at Boumadine is at 93,000 meters. We know that the first half of the year, again, winter, Ramadan, is a little bit slower. We have a third contractor coming in with three machines or three drills. We are going to be up to 15, 16 drills turning at Boumadine, and we expect to complete the 200,000-meter program as we have, and if everything goes well, maybe a little bit more. The big highlight of the quarter was the new zone that we discovered parallel to the main zone, where we had an intercept of 51 meters at 890 gram per ton silver equivalent.

That is clearly not currently in the resource model. There is additional drilling that will be done this year on this, but this is a significant discovery parallel to the main zone. We have also continued to drill the main zone and the TZ zone, and we have increased the length of the structure now to 5.4 kilometers. That keeps increasing. We have many other targets where we are doing mapping, we are doing prospecting to support future drilling programs on the Boumadine large project, which is over 1,000 square kilometers of ground under the exploration license and the reconnaissance license of 600 square kilometers. We have a very large land package at Boumadine, and we keep increasing the land package. At Zgounder, there is 30,000 meters. As of now, we have done 10,000 meters. You saw some results in June. There will be more results coming out in September. Zgounder is steady state.

Drilling is giving us always very good results. We continue to see the high-grade mineralization. The structure is much wider than originally anticipated. Originally, when we came in, we thought it was a 20-meter-wide structure. It is not. It is much wider. We are now pushing to the west to see under the fault. We are going to be drilling there in the next few weeks, few months, to see if it is continuing under the west fault. We are also drilling to the northeast. It is a very strong project. Geology is getting to be better understood. We are using AI extensively to understand the regional play, and there will be some regional drilling ongoing this fall and we are going to be looking, hopefully, for some very positive results. To close, I would just like to talk about the acquisition that we have announced. Last week, we have announced the acquisition of 259 square kilometers.

We have already always been saying that in Morocco, there is tremendous potential. Some families have grounds, some families have many projects, and they have done very little exploration. They have walked the ground a little bit, done very little exploration. Mainly have done a lot of the infrastructure work, but did not have the expertise to do the exploration work. We were able to acquire from two families a 259-kilometer portfolio, a district called Zagora, which has the potential for copper, lead, zinc, and silver. Agadir-Melloul, which is copper, silver, and gold, and some probably rare earth as well. Guelmim, which is lead, copper, gold, and silver. Those are very good projects. You should know that we look at projects every week. People come to us, show us ground. We are very selective. Very selective, because we already have over 1,000 square kilometers of ground between Zgounder and Boumadine.

This is something, when we showed that to the team, they said, "No, this is very interesting and we should move and acquire this." We have acquired this for 10 million dirhams, so $1 million. The budget is about $800,000 this year to do what we always do, which is satellite imagery, spectral, stream sediment. We will see if we do some geophysics a bit later. But this is low-cost acquisition, low-cost exploration. We have a team. There was already a team, and we have some of our team is available to do this. We are not taking anybody away from Zgounder or anybody away from Boumadine because we will have in total 18 to 20 drills turning. We will be producing 240,000 samples. It is something that we are not taking away from these two assets to go and do the exploration on this new ground.

This will have its own team. It reinforces our first-mover advantage in Morocco. We are, with Managem and of course, ONHYM, the largest player in the country. These are all district scale exploration footprint. They are all put together very large packages of permits. For us, it just creates a pipeline of opportunities for the future. You will see us acquire additional ground, very similar, some close to Zgounder, others close to Boumadine, but we are always looking at assets because we really believe that Morocco is underexplored. We know it is underexplored. We believe that there is more Zgounder, there is more Boumadine, there is more Imiter, which is owned by Managem, which is a world-class silver asset. There is more of that.

There are copper deposits, there are more silver deposits, and we have our first-mover advantage, and you will see us continue, making small acquisitions, like very small, but some very good ground that we liked. This completes the formal part of the presentation. I will turn it over to you, operator, for the Q&A period.

Operator: Thank you. If you would like to ask a question at this time, please press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 1 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Bryce Adams with Desjardins.

Bryce Adams, Analyst, Desjardins: Hey, Ben. Bryce Adams. Good morning. Thanks for taking my questions. I just wanted to ask a couple of questions on the Zgounder outlook. In the disclosure, it talks to increased strip ratios in the back half of this year. The question is, what do you think those strip ratios increase to for Q3 and Q4? The same question for next year as well, for 2027. Is that an accelerated stripping campaign next year? Just similar on some of the outlook, you talked to slower mining rates in the underground. What are the expectations there? Thanks.

Benoit La Salle, President and CEO, Aya Gold & Silver: Yeah. Thank you, Bryce. Raph is with us this morning. As you know, he’s our VP Operations, so I will let him answer this. The strip ratio for quarter three and four, the life of mine strip ratio, and why we believe there will be a slower throughput in the underground over the next few quarters. Raph?

Raphaël Beaudoin, Vice President of Operations, Aya Gold & Silver: Hi, Bryce. Yes, happy to comment on that. Let’s start with the open pit. On the year to date, in the open pit, we’re around a strip of 10, and we’re quite aligned with our 43-101 in the long term. We expect the strip to increase to around 16 in the next six months, and we expect to end the year closer to 13, which is quite aligned with our long-term expectation for the open pit. As for the pushback, we have several pushback plans through the life of mine for the open pit, and we have one coming towards end of year, that is in our mine plan this year. We might push it earlier next year. We’re taking our time to assess what is the best path forward. So the open pit is quite under control to the point that we have options.

We can do it this year, we can do it a bit later, the start of next year. That is yet to be finalized, depending on how things continue to progress. So the open pit on long term, we expect a 13 strip ratio. Some months closer to eight, like we had in the beginning of the year, some months closer to 16, depending on where we at and what’s the best way to mine it as we go on the detailed planning on our rolling three-month plan. As for the underground, I want to nuance that is, we are focusing on new zones, and we want to really focus on continuing to develop the infrastructures for the lower levels. We’re on plan. We are closer to the 1750 level as we speak, and we need to go all the way down to 1625. We have a healthy stockpile.

We’re mobilizing extra crushing capacity that for the meantime, it’s compensated by a crushing contractor. So we want to be comfortable underground. We are right now comfortable. We worked a lot in the last two years to get to that point, and we want to keep it. We want to keep it like that. So right now, underground, we have about 1,200 to 1,500 ton per day rate, which is fine. The reason why we would prefer to slow it down is because we have that option in hand, and we want to really focus on developing the sub levels to open more stopes and to be in this comfortable position. As the open pit continues to sustain essentially a solid portion of the mill throughput. With the extra crushing coming on hand, we have an ore sorter also coming that we want to commission later this year.

On the underground, it is not so much that we will reduce the throughput. A little bit, yes, but it is really sustain and even, I would say, accelerate the infrastructure development for the sublevels.

Bryce Adams, Analyst, Desjardins: Okay. Thanks for all of that, Rafa. I understand that you are still putting together the 2027 open-pit mine plan. At the minute, my model has a strip ratio of 20:1 for next year. Do you think that that is too conservative?

Raphaël Beaudoin, Vice President of Operations, Aya Gold & Silver: Yeah. We are not planning for a 20:1 strip ratio for next year.

Bryce Adams, Analyst, Desjardins: All right. Thanks. Yeah. We can adjust for that. That should help our numbers. Then last question from me is just on silver sales. Sales lagged production a little bit in Q2. Benoit, is that a catch-up for Q3? Has it already been caught up in July? Do you think that that is a tailwind for the next set of financial results?

Benoit La Salle, President and CEO, Aya Gold & Silver: Yeah. Thanks, Bryce, for this question because I think that was something that the market was kind of puzzled with, is the selling price. I will let Ugo, who runs treasury and sales with the team, answer. He is with us. Because I think the market needs to have a clear understanding of why our selling price, for some of you, was a bit lower and maybe, Ugo, you want to go at it?

Ugo Landry-Tolszczuk, Chief Financial Officer, Aya Gold & Silver: Yeah. Sure. The average sale price of silver, if you will, the LBMA average sale price for the quarter was $23. We were a bit over $22.68 at Zgounder. We also have to look at the timing. If you look at June specifically, price fell quite precipitously from over $23 to below $20 at the end of the quarter. When we produce, we have to produce and then sell. For sure, a third of our quarterly production was sold quite low compared to the average of the quarter. That impacted the revenue slightly. We are 6.4% under on average of the LBMA average price. On volumes, there are a few things. Zgounder, we had a little bit of inventory, and we can see it in inventory.

On Boumadine, we sold less than if you take our about 1 million ounces and you divide that by four quarters. We sold less in Q2, but that is definitely going to be caught up here in Q3 and Q4. Things are going very, very well. The remaining of the inventory that we had at Zgounder has been sold in July. So, yeah, I think Q3 is looking good, especially at Boumadine. We will see a significant catch-up from the first half. We were learning. It is our first time doing this reclaim, but I think now we have hit the wind at our sails now. So I think that will be caught up here in Q3 and Q4.

Bryce Adams, Analyst, Desjardins: Okay, perfect.

Benoit La Salle, President and CEO, Aya Gold & Silver: And-

Bryce Adams, Analyst, Desjardins: Thank you very much. Sorry?

Benoit La Salle, President and CEO, Aya Gold & Silver: Yeah. Thanks, Bryce. Maybe I can add to what Ugo just said, is we can see the whole sector did not like the price in June. There was a lot of waiting. Because we looked at other companies the way they’ve done it, we all kind of got caught with that very quick deceleration or reduction of price. Hence, the average selling at $68 at Zgounder and $70 at Boumadine is a little bit below the average of the quarter. But in a decreasing market, it’s very difficult to be on the average because you keep coming down as you sell, it’s much easier to be up the average on an increasing market. But again, as I mentioned in my little presentation, we’re very happy with $68 and $70. We preferred $82 in Q1, but

Bryce Adams, Analyst, Desjardins: Yeah

Benoit La Salle, President and CEO, Aya Gold & Silver: with the cash cost at $18 or $16 and AISC plus 3 or 4, we’re still very happy. Look, in 6 months, we generated $119 million of operating cash flow. We like the silver price. We like where it is. We will prefer it in Q3 and Q4 to be much higher. But look, time will tell.

Bryce Adams, Analyst, Desjardins: Yeah, for sure. Thanks, Benoit. Great color. I know we’re focused on the details here, but at a higher level, it’s a very healthy market and strong results from Aya. Thanks for taking my questions.

Benoit La Salle, President and CEO, Aya Gold & Silver: Thanks, Bryce.

Operator: Reminder, if you would like to ask a question at this time, please press *11 on your touchtone phone. Our next question comes from Justin Chan with SCP Resource Finance.

Justin Chan, Analyst, SCP Resource Finance: Hi, guys. Congratulations. Good to see the cash flow, especially compared to what the initial CapEx was. My first one is on, you mentioned adding a crusher at Zgounder. Just curious if you think that in the long run, what type of throughput that could enable, or is it more just to maintain upper 3,000 to 4,000 tons a day?

Benoit La Salle, President and CEO, Aya Gold & Silver: Thanks, Justin, and I am going to pass it over to Raph, but I just want to highlight your comment. You are absolutely right. $119 million of operating cash flow on a CapEx of $140 million. I forgot to mention that in the presentation. Thank you so much. I think we have the best return on investment of the whole industry. Boumadine is going to look similar. Thank you for highlighting this. It is appreciated.

Raphaël Beaudoin, Vice President of Operations, Aya Gold & Silver: Hi, Justin. This is Raphaël. Happy to have a word on the crusher. To be clear, to start, we are not missing a crusher at Zgounder, right? The nameplate capacity is our 2,700. Plan is well designed. Now we are pushing it. The easiest way to push it is to add some crushing capacity, because that can be done afterwards, and it is quite different from another ball mill, for example. We often have a bit of rain in the beginning of the year, which makes it difficult to push the mill as high as it can go. Now, if we go back to our 43-101 we published, we committed to increase throughput from, say, 3,600 to 3,800. We are already there with the help of the mobile contractor. The idea with the crusher addition is to be independent. Now we have the help of a contractor, he is doing a great job.

Costs are very reasonable for the gain we get from it. The idea is to add a tertiary crusher to sustain our current throughput. Who knows, maybe even increase it a bit. That is to be seen. Quarter on quarter, almost every quarter except for one over the last six quarters, we have increased throughput at the mill. I do not think we are at the end of that, but we are certainly getting a bit close. The next two quarters will tell us up to where we can continue to push it. We see days comfortably above 4,000. That has not materialized yet as an average over the quarter. We are trying to get there. Hopefully, we will get there. To answer your question directly, the tertiary crusher was part of our commitment to stabilize the mill at 3,850 tons per day, and we are already there.

I do not think it is a stretch to think we can beat that, and that is what we are trying to do.

Justin Chan, Analyst, SCP Resource Finance: Got you. Thanks, Raph. Looking ahead to the Boumadine updated PEA, are there any changes in scope that you are considering, perhaps on the throughput side, on the open pit underground split side of things? Is it primarily an updated CapEx estimate, and maybe we will see changes on payabilities?

Raphaël Beaudoin, Vice President of Operations, Aya Gold & Silver: The updated PEA is what it is. It is an updated PEA, so we have a new resource. There is new ways to calculate the NSR. There are payables that are changing. But materially, the project remains quite a bit the same. I would expect some changes on the open pit side, on the underground side. We have done quite a bit of drilling since our previous resource, but the PEA is mostly focused on the resource, Justin. Any other large change, if there would be, would be closer in the feasibility study.

Justin Chan, Analyst, SCP Resource Finance: Okay, got you. Thanks. Just one last one. I think we had a big rainy season or I guess wet season this year. I guess that positions you really well for the second half in terms of water supply. Just kind of clarifying, given in Europe it has been very dry, but I think this year was good in Morocco.

Raphaël Beaudoin, Vice President of Operations, Aya Gold & Silver: We are already in August. We are halfway or even past the halfway point of the dry season. Our water reservoirs are full. So we are very comfortable in that end. We just completed the phase 2 of our tailings facility, which also allows for a little bit of water storage. As we speak, the river flow of Zgounder and we are continuing to fill a bit or to keep full, I should say, our water storage. Water is not something we are concerned with in the short and the medium term.

Justin Chan, Analyst, SCP Resource Finance: Okay, perfect. Thanks, guys. Really appreciate your time, and I will free up the line.

Raphaël Beaudoin, Vice President of Operations, Aya Gold & Silver: Thank you, Justin.

Operator: Ladies and gentlemen, that concludes our Q&A period. I would now like to turn the call back over to Benoit for closing remarks.

Benoit La Salle, President and CEO, Aya Gold & Silver: Thank you, operator. Thank you for all the questions. Look, it was a very strong quarter. We are very pleased with Zgounder, with the team. Boumadine, as Raph indicated, the study will be ready in a couple of weeks. It is mainly a new resource model and introduction of the new payability of the metal. Some people were questioning historically, metallurgy. Well, there is no metallurgy issue as we are sending all of the concentrate to a smelter. So metallurgy is not an issue. Payability is important, and we will have the new payability numbers in the PEA. A big catalyst coming, or the catalyst that arrived in Q2, we did not mention this, but the U.S. listing has been a tremendous success. The Nasdaq listing, it did increase our G&A this quarter. Some of you may have seen it.

It was a little bump in the road of our G&A, but that is being taken care of. But the U.S. listing in Q2 is a major success. Our volume has gone up. New funds became shareholders. Some became shareholders between 5% and 8% of the company. It has really changed our distribution and our shareholder list. So we are very pleased with the listing.

That was a major catalyst in Q2. Of course, drilling, we had great results in Q2. What to expect going forward is the Boumadine study, which will be in early September. That is important because that is also the base for the feasibility study that will be done for H1 of next year. At the end, we are starting Boumadine. We are going to break ground at the end of the year, for electricity, the power line, for water, for the camp, for location and all that. It is an ongoing construction project. Raph has built a team in Canada. We have a team in Morocco that has also been put together, the construction team and all of that. It is really shaping up to be the big project for 2027, 2028, for us, and it is continuing to grow. The drilling is ongoing at Zgounder.

The drilling is ongoing at Boumadine. David will have updated results available in September. We are going to see many of you at Beaver Creek or at the Denver Gold Forum. We will have updated results from Boumadine and from Zgounder. Also, you can expect more acquisition of ground. Morocco is becoming a very, very good jurisdiction when you compare that to a lot of Africa and South America. Morocco is a key jurisdiction for mining, and we do see some people coming in, but we have a first-mover advantage. We will be acquiring more ground and ground that David and his team like and believe that there is tremendous potential. Just on closing, you remember we always talk about the three pillars of the organization, geology, people, and jurisdiction.

I think every quarter that we see every increase in commodity price, it just tells us that we are in the right jurisdiction with the right mining code, with the right people, with the right government supporting mining. The geology is exceptional, absolutely exceptional. We will continue to show you that there is more Zgounder and more Boumadine and more Imiter bis in Morocco. The talent pool that we have is just expanding at all time. People are very happy to come and join Aya in Canada or in Morocco. It is a recipe for success. We have done very well so far. Since we took over six years ago, this has been a tremendous success, but we believe that there is a lot more to come.

I would say the best is yet to come, and that is a lot of pressure on David and in geology, but I think the best is yet to come. Jurisdiction is great. Look, we will see you for the Q3 call. We will see many of you before in Denver. We are really looking forward to a strong third quarter, very good geological results and production results and financial results in Q3. Thank you very much. Thank you for being there today and your support, and we will see you in a few weeks in Colorado. Thank you.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.