Garrett Goggin and Benoit LaSalle are Live ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
 Golen Portfolio is hosting a livestream with Aya Gold & Silver CEO
Benoit LaSalle, Streaming Live Now. Aya stock was hit today for about 20% falling to $9.25 per share. Short selling firm Blue Orca Capital issued an erroneous short report on Aya claiming Zgounder’s resource is overstated by 50%. Blue Orca was founded by Soren Aandahl in 2018 and based in Austin, Texas. Aandahl has a history of publishing conspiracy reports about many companies. There’s no doubt Aya is struggling at Zgounder where its Mill was just expanded to 3.2K t/d from 700 t/d. Aya is having trouble with ore development to feed the 4X sized Mill. It’s a common problem that many miners experience as they increase tonnage from a mine, not fraud. Aya will figure it out and has already taken steps along the way to mine more efficiently.. 100% pure Silver mine Zgounder sees about $100 mil FCF in 2025 from 7 mil Silver ounce production at $20/oz AISC and $35/oz Silver price. Zgounder’s NAV value is about $700 mil. But get this, Aya has another monster asset Boumadine that’s been overlooked by most analysts. Boumadine holds 29 mil tonnes of inferred ore containing 4 mil GEO’s at a very high 4.3 g/t open pit average grade. Boumadine’s 1st economic study is due to be released in the next few weeks. GP expects the economic report to show a monster Gold mine that will produce an average of 482K GEO’s/year at $1,002/oz AISC and generate $889 mil after-tax FCF at $3,500/oz Gold over a long 20 year+ mine life. Boumadine is worth a NAV value of $7,622 mil which is more than 10X Zgounder’s value. The short seller believes they are targeting a small scale silver miner overpriced at $1,151 mil Enterprise Value, when in fact, they are playing with fire. Boumadine is one of the world’s most impressive unknown Gold districts in the world, and Aya owns the entire district. Boumadine’s value will become apparent in a few weeks when the economic report is published. At just 30% of Boumadine’s NAV value, Aya is valued at $2,286 mil which is double Aya’s current valuation. Aya could write Zgounder off to zero (which isn’t going to happen), and the stock is still underpriced by half.
Best, Garrett Goggin CFA, CMT
Lead Analyst and Founder, Golden Portfolio
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