Aya Gold & Silver digs silver out of Moroccan mines, turning rock into refined metal for industrial and investment buyers. Think of it as a silver-focused mining operation with several active sites.
Silver sales drive revenue, with gross margins around 61% and net margins near 33% on recent quarters. The business earns recurring income from ongoing mining operations, not one-off deals.
Silver deposits are scarce, and Aya's Moroccan assets give it a cost edge over larger miners like Fresnillo and Pan American Silver. However, the moat is eroding as ore grades decline and extraction costs rise, squeezing margins.
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