Good morning, everyone. I will now turn the call over to Elizabeth Hemmway, Aya Golden-Silver's Director of Corporate and Financial Communications. Please go ahead.

Thank you, Operator, and welcome to everyone who has joined Aya's first quarter 2026 earnings conference call. Here with me today, I have Benoit Lassalle, President and CEO, Hugo Landry-Polstra, Chief Financial Officer, Elias Alias, Chief Legal and Sustainability Officer, Raphael Beaudoin, Vice President of Operations, and David Lalonde, Vice President of Exploration. We will be referring to a presentation on this conference call, which is available via the webcast and is also posted on our website. As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release and MD&A, as well as the risk factors included in our annual information form. Technical information in this presentation has been reviewed and approved by Raphael Baudouin, IAS Vice President of Operations, and David Lalonde, IAS Vice President of Exploration, both of whom are IAS qualified persons as defined under National Instruments 43101 Standards of Disclosure for Mineral Projects. I would also like to remind everyone that our presentation will be followed by a Q&A session. With that, I would now like to turn the call over to Benoit Asad.

Thank you, Elizabeth. Good morning, everyone. Thank you for assisting this Q1 2026 conference call. Let me summarize the quarter before we get through the presentation. I think we need to summarize this as Q1 is an exceptional quarter for AYA. It's an exceptional quarter knowing that Q1 is always the most difficult quarter for the company as we are at 2,200 meters above sea level in the mountains with lots of snow and rain and wind. So this year, due to the fact that we lost five days of operation due to weather-related situation, we still delivered an outstanding quarter. I had delivered record revenue, record cash flow, expanding margin, rising silver price, and lower cash costs. So we have a very strong Q1, and when you compare it to Q4 of last year with Q1 of this year, on a per-day basis, the production per day is very similar, approaching 15,000 ounces. The reason the production is a little bit lower in Q1 is due to the fact that we lost an equivalent of about five days of production. But when you look at the highlights, it's record revenue of $117 million, it's record cash flow of $17 million, it's a record net income after tax of $49 million, it's a cash balance at the end of the quarter of unrestricted cash of $172 million. dollars. It's a production of almost 1.5 million ounces for the quarter with record mining rates, you know, really strong quarter. And as we have a record mining rates, we've also increased our stockpiles. So taking you to our presentation that we use, showing you some, you know, graphics, if we go to page four after the forward-looking statement, you see exactly what I've just said. The record revenue in Q1 2026 at $117 million, compare that to last year at $34 million. The net income of $49 million compared to last year of $7 million, with an EPS of $33 fully diluted, $0.33, sorry, fully diluted, and $0.34 on a non-diluted basis. And when you look at Q1 of operating cash flow this year at $70 million compared to last year, $8 million. So very strong quarter. You see it on the right-hand side. We'll show you the production profile as increased from Q1 2025, where we produced a million ounces of silver, to Q1 of 2026, where we're at 1,490,000 ounces. Of course, a little bit lower than Q4 of last year, because Q4 of last year had no weather-related event, whereas Q1 of this year had approximately five days of weather-related events moving on to the page to page 5 of the of the presentation very interesting on the left-hand side the quarterly mining tonnage you know you know we've always been saying that the mining has to follow the plant the plant six expand is is the plants production profile has been you know 30 to 40 percent above main plate capacity but the mine also you know needs to follow the plant. And the mine is actually now exceeding the plant. So you see on the left-hand side, last year, you know, we were running at 2,200 ton a day. In Q4, we were at 4,200 ton a day. And now by Q1, this quarter, we were running at 4,600 ton a day. So absolutely stellar performance from the mine from the open pit and from the underground mine the grade is also you know steady and improving so we're pleased with the outcome of the mining and the grade and the throughput and then on the right hand side you look at the plant well in Q4 the plant was running at 3,800 ton a day in Q1 the plants running as well and it's not sometimes higher but as indicated because of the last days um and if some of you have followed the weather in in morocco it was extremely rare like they had two times the historical average rainfall and and snowfall in in all of morocco i was there uh two weeks ago and the week before that there was snow in Marrakesh, which is absolutely, you know, rare. So this is, in one way, it was a little bit difficult on the actual production, but we now have more than 15 months of inventory of water at site, and the rivers are still running. So, you know, being a little difficult on the production was a great situation for water management and for us and for all the countries. Now, all the water reservoirs have been filled. Some of the reservoirs that had not seen water in many, many, many years are now full. So the water situation globally for the country was extremely good. Moving on to slide number six, a quick word on Boumadzin. You know, at Boumadzin, we are reclaiming the pyrite. The operation is going extremely well. We produced 127,000 ounces of silver and 1,757 ounces of gold, a little bit lower than what we wanted it to be. Again, weather-related because, of course, the bad weather of Zgundaia was also weather-related at Boumadzin. And the other situation with Boumadin is because we are exporting the pyrite tonnage. The port in Morocco were shut down for one month because of weather, because of floods. So, of course, that's why, you know, the silver equivalent sold, when you look at page six, you see the silver equivalent produced of 227,000 ounces and only 50,000 ounces sold. One reason, exporting. is, you know, we produce it, we ship it to port, and then it stayed there because we could not ship it just because of very, very difficult weather. All of that is behind us. It's probably now going to rain next time in November or December. It's all behind us. But the reality was that even at Boumadin, we were a little bit affected, especially on the shipment of the concentrate to Asia but the boom as in project is is really an add-on to school day it's minimal capex you know very very low cash cost it's it's positive cash flow the the grade reconciliation is actually better we have that the gold grade is a little bit better the silver grade is better than what we had in our model so globally it's a very profitable project and which is at the same time an ESG project because we're cleaning all of the of the historical waste that was left there for many many years so it's it's still going on and it's it's it's accelerating now in q2 q3 and q4 we are accelerating the reclamation of the boomed in pirate going to page 7 of the presentation. This, again, coming back to last quarter, this is the most important slide. The one on the left is the margin. Look at the margins from Q1 2025 to Q1 2026. You know, we were working with a $12 margin in Q1 last year and staying at $12 in Q2 of last year. And then margins started going up to $20 in Q3, and then you saw to about $40 in Q4, and now margins right now are like $63 in Q1 of 2026. And obviously, you are following the silver price, and we're seeing that this is a very strong silver price at the moment, and our costs are stable. We are not affected greatly by the war and the increase in fuel price we are cyanide went up a little bit we're going to see that in q2 but it's marginal the main reason is our electricity is from the grid and it's solar and wind so like most companies are affected because they need to generate their own power at zgunberg and it will be the same at bumazin the power is solar and wind so we do not expect cost to increase more than you know maybe $1 an ounce if they do if they increase by that much and the reason is really because of the source of energy on the right hand side you see they look at the growth of revenue and obviously as I said Q1 is at 117 million US dollar of revenue with a net income after tax of 49 million this is a very strong performance of revenue increasing of course it's due to the silver price as you know we understand what the production profile is but that the silver price is it was extremely good into one our highest selling unit or selling price into one at one point we were able to sell close to $120 an ounce so it's it's showing and and now the average of 82 as we as we speak right now the silver price is higher than the average of q1 2026 and the net income well that income after tax of 49 million with an EPS of $33 very and taking us to page 8 a very strong balance sheet we finished a quarter with $172 million US in the bank. And on top of that, we have the restricted cash that we have for the EBRD loan of $16 million US. So when you look at this, it's a very, very strong cash position, a strong balance sheet, only one debt with EBRD, which is now below $100 million dollars and which you know we we we could pay but it's it's a very good and and and not so expensive loan uh with ebrd so there's no point in in in pushing the uh the repayment of that debt when you look at cash from operation at 70 million our capital expenditure program is is 4 million The expiration and evaluation, expiration mainly, is $14 million. We had a very good quarter on expiration, and I'll talk about the drilling. But so all in all, when you look at this with an $18 cash cost and all the capital expenditure behind us, it's a very, very profitable quarter. Moving to page nine, which is our guidance. so our guidance is was was presented to you at the beginning of 2026 we are maintaining our guidance we though we are a little bit below where we want it to be in our production guidance we knew that Q1 is always a little bit the weaker than the rest of the year because of seasonality and we knew that so that That was part of our planning, and we're very comfortable with our guidance of 6.2 to 6.8 million ounces, the Zgunder production between 5.2 and 5.8, the Boumadin at 1 million ounces of silver equivalent, we're very comfortable with that. Now when you look at the Zgunder cash cost at 2150, I understand that we were at 18 this quarter, but it's a question of the strip ratio. And we know that, you know, over time, we're going to be a little bit higher than this. So we're comfortable to say that on the guidance at 2150 is where it should be. The boom at the cash cost at 1010 in Q4, it was six. In Q1 of this year, it's more like 11. We're very close. We are also going to ramp up on quantity. And in ramping up on quantity, obviously, the cash cost per ounce will come down a little bit. On the sustaining and growth capital, sustaining is about half, 18, and growth capital is 18 for a total of 36. The main growth capital is really we're pushing the ramp down all the way down to the granite so that we can go and reach those lower levels where we see high-grade silver. And on the exploration expenditure, well, the budget is $60 million. As you know, as a company, we plan to drill close to 240,000 meters this year. This is ongoing. We have always between 14 and 18 drills starting. David has a team of almost 400 people in exploration, including all the drillers. So it's a large program, but we need that program to convert the resource at Boumadzin from inferred to measured and indicated for the feasibility study of next year. Taking you to slide number 10, where are we going this year and what are the priorities? Well, look, Bumadzin is a top priority. We're very happy and very, you know, in an extremely good position that we can do Bumadzin with no outside debt, no equity financing. We have the money available to push on Bumadzin. So we are pushing on the feasibility study, which we want to be ready for next year, 2027. and also the updated PEA, which will be ready by the end of June, beginning of July. And so we have, you know, we are stepping up on every aspect. I always say every chapter of the study, make it water, TSS, energy, flow sheet, logistics, every chapter is being worked on. And as soon as it's ready, it's being executed. So the feasibility study is ongoing. We have identified the contractors for the open pit. We have identified the contractors for the flow sheet. We will be going into detail engineering shortly. I mean, we are working with our partners on logistics. All of that is moving towards completion of the feasibility next year and beginning of construction. On the drilling front at Boumadin, we drilled in Q1, obviously, 42,000 meters. And, you know, this was the ramp-up, plus it was the one month of Ramadan, which we, during Ramadan, sometimes we do not drill as much, and we do have a week off at the end of Ramadan. So, at 4Q1, we've drilled 42,000 meters. We're stepping up there because the objective is 180,000 meters for the main structure and an additional 20,000 meters on the regional plate. So, that is being done, and we will be delivering on that. At Zegouder, the plan is, well, just, you know, be more efficient, control your costs, Make sure that we maximize our revenue, that the mining is very precise, that there's no dilution. And the key thing at $80 or $90 silver is let's not leave an ounce behind and sterilize those ounces. We take it out. If it's between 50 and 80 grams per ton, we stockpile it. We expense it. It's in the cash cost, but we stockpile it. And if it is between 80 and the deposit grade, we put it through. We have a stockpile, and then we put it through the plant. So it's extremely important for us to maximize what we're mining, the ounces that we're mining. And that's why we're running way above 4,000 ton per day and controlling costs. we've also been working on the tailings facility because originally the tailing was planned for 2,800 ton a day we're now running close to 4,000 ton a day so we've decided to do the first phase of of the tailings construction to increase the tailings capacity and that will be done at this summit we will be all done over the summer. So when you look on page 11 of where we are, we have Zgunder that will be producing life of mine, 6 million ounces a year, life of mine cash costs at $16, ASIC around $19, life of mine, extremely profitable, and that is only from one structure. You will see sure in the coming weeks some more exploration results coming out of Zgunder, because of course at Zgunder there we would like to increase the life of mine from 11 years hopefully to 15 years and and if possible even increase the throughput our development asset we imagine well that is the PA is is being reviewed the resource update will come with the PA as of the end of 2024 we were looking at 450 million ounces of silver equivalent that will be updated because we've drilled more than one year so that will be updated and it will be included in the new PEA but on the right hand side to me that's the most important strategic view of AYA is we are currently a 6 million ounce producer at $19 all in life of mine at Skundere we will add to that by 2029 37 million ounces of silver production equivalent at an all-in cost of fourteen dollars making us a 43 million ounce producer of course silver equivalent and that will have an average ASIC when you look at 20 or 19 for Zgunder and 14 for Boumadzin, you're looking at mid-team for an ASIC. Depending what silver price you want to assume, you can do the math. On top of that, Aya is a major exploration place. We have two districts. We have the Boumadzin district and we have the Zgunder district. So not only do you have two projects, you have two mines. You have the Zgunder mine, and you have the Boumadzin in-development mine. You have the Boumadzin regional play, and that is an extremely large play. We have 800 square kilometers. We will be drilling there 20,000 meters on the regional play. Of course, the 180 on the main zone that is infill, though we are finding new zones. You saw in the last press release, we had identified new zones. But we will be pushing the drilling on the main zone, of course, up to 180,000 meters. And on the exploration on the regional, as we keep telling the team, you know, as soon as you have another structure where you want to really drill it out, just come back to the committee and to the management committee and we will give you more budget. So Boumanzin as an exploration play is very unique. It's got big systems. The main zone is over 5.4 kilometers. You have also a CRM, which is an 8-kilometer-long structure. I mean, we have a very, very, very strong zone. TZ is a parallel zone, and it's also 5.4 kilometers long. So Brumazine is a major regional play. And Zgunder, well, Zgunder is – we've done a lot of work. We've done a lot of geological work. We've used AI. We have many targets. We have new theories and new geological concepts beyond Gunder that we're going to be testing this year. So it is also a very interesting geological play. So, in IAEA, you have all the geological upside of a major, major exploration company drilling 230, 240,000 ounces, 240,000 meters of exploration drilling coming in 2026. And then you have the production coming from Zgunder, and you have the development at Bouman. So, again, to conclude and to go into the Q&A period, very strong quarter. In our weakest quarter, as planned, we are pleased with the production. We are confirming our guidance, and we look forward to a stronger Q2 and much stronger Q4 and Q5 to close the year again. and based on the silver price it should be an extremely profitable year so thank you and I will turn it back to the operator for the Q&A period thank you if you'd like to ask a question please press star one one if your question has been answered and you'd like to remove yourself in the queue please press star one one again our first question comes from the line of Larry Lu with CIBC your

line is open.

Hi, Benoit and team. Thanks for taking my question. I guess I'll start off asking about the severe weather conditions. So, Benoit, can you tell us, you know, what are some of the precautionary measures now that a team have taken? I know you mentioned that this is a very rare event, but are there any precautionary measures you've taken to prevent any further impact to your current operations? And I guess second part of that question is your stockpile did increase by 44% or 15-month worth of production, is there an optimal size of stockpile you're looking for, or should we start to see it gradually decline as the millionth ruplet comes back up again?

Yeah, thank you for your question. I'll pass it over to Ralph, who was at site for all of that period, and we'll tell you what we have done to mitigate the risk of weather-related events and what it does to our production profile, which is only in Q1, by the way, because after that, it's sunshine for the rest of the year.

So we're in the mountain, and as a good mountain climate, when it rains, it pours. So that essentially results into stickiness of the ore and decreases throughput of the crushing circuit. To catch up, and it's something we've been working on for a while to increase the crushing throughput, which is the actual bottleneck in the plant, we did in Q1 3,633 ton per day on average in Q1. And as soon as sunshine came back in April, we're back on track at 4,000 right there in So the worst is behind us for the rest of the year, essentially. But to answer your question, to mitigate that, we gave a small contract to a contractor, a crushing contractor, that is up in an operation now, a bit as a contingency for weather and also to help de-bottleneck the plant a bit on the crushing side. So this contractor will stay there as long as we need it, and we're also contemplating to increase our own crushing capacity within this Gunder plant, and that's something under study that we should be able to make a decision on that soon. But bottom line is we have a contractor that helps us out since maybe a bit less than a month now that can compensate for a bit lower crushing capacity to make sure the plants remain saturated. And the stockpile? Oh, yeah, sorry. So the stockpile, we sit about 300,000 tons right now. It's close to a three-month's worth of production. It's a buffer that I'm personally comfortable with. We've been really pushing over the last year to bring the open pit to steady state. Now we're producing comfortably over 3,000 tons per day in the open pit with peaks much above that. It gives us time to do the pushback if we want to later on this year. It gives us time to shut down upper levels in the underground that will be mined in the open pit. So it's a flexibility that we always believed in that helped us out in many ways. So to answer a question, 300,000 times is probably where we want to be. It gives us the flexibility we need for future pushback and the flexibility to maximize, again, the ore recovery by the open pit. So now that we've reached this capacity and this flexibility, we will look to continue optimizing the underground development, especially on the sub-levels. So we can focus now more our efforts into the lower levels and keep the stockpile around $300,000. I wouldn't be surprised. We see it go down a bit through the year, which is fine. That's where it's there.

Perfect. Sounds good.

Start to push back in the open pit towards the end of the year.

Perfect. Sounds good. I guess, you know, kind of shifting gears away from the Goonder now and walking back to Bumadim. You know, this quarter, there was some commercialization of the pyrite concentrate. We see the cost come in at $11.86 per ounce of silver equivalent. How should we look at it? I know it excludes mining, but how does that compare to your PEA, for example? And would this be a good read-through in terms of costs we should see within the feasibility study coming up?

Well, for the current pirate reclaim, we essentially dig a pirate stockpile, we crush it, and we send it in trucks. So our costs are really low. Our costs will remain for the rest of the operation, but it's tough to make a parallel with that with our future Boumedian project. It has nothing to do with this is a small project. It's going to be reclaimed for the next two years. It gives good cash flow. it's a good exercise to start building a small operating team at Bumazin and to have more presence on our Bumazin site as we go from from PA to feasibility to construction but one is not comparable with another that's it sounds good all right I think that's all the questions I have today thanks Rafael and thanks Ben Juan team for taking my question thank you Thank you.

Thank you. Our next question comes from Justin Chan with SCP Resource Finance. Your line is open.

Hi, guys. Yeah, congrats on a good quarter. Thanks for the update. My first one is just, I guess, on the mine plan for the rest of the year. I guess compared to one, how should we think about strip for the open pit? And then I saw the underground really push tons quite hard. Do you expect that to continue? Or I think you were foreshadowing Maybe you're shifting more to development and into the lower level. So should we expect tons of mine to come down a little bit from that high pace in C1 from the underground?

Justin, yeah, good question, actually. We've been, as you all know, we've been pushing tonnage both in the underground, the open pit. We really wanted to bring back the stockpile where it deserves, show everybody we could have a good throughput as Gunder, both in the open pit, in the underground, in the plant. and I think those discussions are behind us now. So we have full team on the ground. The open pit has showed it can deliver. Now the open pit is wide open. We have room to work. So first for your strip ratio, we expect the long-term strip ratio to be what we published in our latest 43-101. So this strip ratio of nine, it's temporary. We will have months at eight or nine like we have now and we will have months at 20 like we had in the past overall it's between 13 and 16 and this is what we expect and this is what we expect on the longer term can you hear me just then yeah i can hear you well thanks raf okay and so for the underground absolutely we've been you know we've been at a rate of over 1500 ton per day on the ground and we have some of these levels that we want to shut them down because we want to increase the maximum or recovery through the open pit. So to answer your question, yes, there will be a shift in focus in Q2 moving on for the rest of the year to accelerate the ramp down and to transfer some of this production power into stove development and sub-level development. We're comfortable at the underground rate at around 1,000 ton per day is something we're comfortable with because the open pit is well-established now. So you can expect moving on to have the rate of the underground to slightly decrease 1,000 to 1,300 ton per day is probably the sweet spot we need to really focus on those sub-levels for which we also know we have pretty good grade going down.

Okay, gotcha. Thanks, Raf. That's great color. And on the plant, do you think you'll keep the mobile crushers around even when it gets dry? And what would your throughput potential be if that's the case?

So again, what we publish in our feasibility is above 3,600 this year and 3,850 next year. Internally, we're trying to beat that. We have, like, our best days right now are around 4,300 tons per day. Those are punctual, like, best daily performance. I think, Justin, around 3,800 is probably where we'll be comfortably at in the near future. And that will, like, we're really pushing this plant, As you know, the main plate is 2,700. Now we're near 4,000. It's difficult for me to speculate above that because we need to go bottleneck after bottleneck. I think there's a bit of juice left in the plant, but we need extra crushing capacity for that. So 3,800 is probably where we would be. Some good months above that, some bad months around that. But to answer your question, $3,800, including the mobile crusher, that we'll keep as long as we need.

Okay, perfect. Thanks. And I'm not sure who's the best person to ask this question to, but on Bumadin, I guess the ounces that weren't sold this quarter, do you expect to sell them in Q2 or should that become spread through the rest of the year? And also, just given the world being pretty short of sulfur, will there be any noticeable increase in payability, do you think, for Q2 and Q3? Or is it too early to say that?

I just said it to you, though. Yeah, for sales of Boomadzin, it's not that the clients don't want it. I think we get called every week and they said, can we get more material? So especially with what's happening in the sulfur market today. So we are logistics by truck, like we're learning it. so it's going to be spread out throughout the year and we're trying to modify things a little bit to send larger shipments and so that on that I think it's going to be through the year but the 1 million ounces of silver equivalent is still what we're on track and in terms of payability it's not going to change because it's old material that's been there for a long time the sulfur quantity is a lot less than fresh rock from Bumedzin and so the payabilities aren't going to and the volumes are small on the two to 240,000 tons total. And so that we've agreed on a price and on a contract with our traders. And so that's not going to change throughout that stockpile.

So Justin, if I can add on payability, the payability is changing on the bigger project. Yeah, because that has 45% software. As you said, the tailings is a bit worn out. So it's got very good gold and silver content. pyrite is a bit tired, so it's not changing on the small project, but on the bigger project, it is changing in an important way.

Yeah, absolutely. Okay, thanks very much. That's really helpful, Khalil. Thanks, Hugo, and thanks, Benoit, and thanks overall. I'll stay up to the line. Thanks, Justin.

Thank you. Our next question comes from Mike Kozak with Cancer Fitzgerald. Your line is open.

Yeah, good morning, Benoit and team. A few questions from me. First one, Q1, it was the fourth quarter in a row where unit costs at Segunda on a per-ton basis have trended down. I mean, a portion of that is obviously more and more open PIP material. But, I mean, they can settle in around $80 a ton in Q1. You were north of $100 a ton a few quarters ago. Is that $80 a ton a good number going forward? Do you think it's going to continue trending down, or where do you expect to settle out?

I can comment a bit on the ounce unit cost. Our costs have been going down, and we're happy about that. Throughput has been going up, and production has been stabilizing in the open pit and the underground. Now, a lot of that unit cost saving comes from the underground unit cost per ton, as well as the open pit unit cost per ton. And we've also had gains in the plants as we process more throughput and stabilizer cyanide consumption. So we've been winning on all fronts, including site services and surface and utilities. As we're toward being more mature operation, we're happy to see that. Now that being said, there is a lot of cost fluctuation at Gunder Bays on the open pit strip ratio, as you can imagine. So depending on the sequencing, we have months—now this quarter's strip ratio was around nine, which is which is quite exceptional the overall strip ratio of the open pit gets better through the life of mine and again we've made that quite clear in our in our latest 43 101 but it will it it will increase likely this year towards especially towards the end of the year we'll have a bit higher strip ratio in the open pit and and I expect our strip ratio for the year to set between 13 and 16 so so our will continue to improve our overall cost but inherently the open pit will be more expensive in terms of cost per tonne because we'll converge more toward the 13 to 16 strip ratio as opposed to nine and let's not forget on the ground we need to develop new stops now we have lower levels around 1925 that are operating that that costs are good but on the long term the the underground cost of this Gunder mine will slowly creep up as we go deeper and deeper, which is also normal and captured in our projections.

Okay, thank you. That's a good color. Secondly, what do you expect your average, now that you're making so much money, what do you expect your average income tax expense rate to be this year?

You go? Yeah, so income tax rate, so I think five years ago, the government in Morocco when we were back at 20% had put out a new law and said that it was an increase to 35% being 2026 or 35%. Then during COVID, they added a 5% COVID tax, which got converted into a 5% solidarity tax, which is supposed to be temporary. It's been three years now and going on a fourth year of that tax being in existence. We are one of 187 companies in Morocco that pay that tax rate. Everybody else that makes less than 100 million dirhams of profit pays 20%. We know there's the World Cup coming. I think the government, like all governments, needs money. But more and more, we're starting to see companies like ourselves within the 127 that are saying, hey, 40% income tax is simply not competitive. and so I would expect that 27 moving on, at least that 5% falls away and then we'll see what happens with the additional tax rate. But yeah, it's our biggest cost today.

Yeah, got it. And then one more, if you don't mind, cash obviously building at a fast pace. Do you have any options available to you to accelerate repayment of the remaining EBRD debt?

Yeah, so if we want to repay like all debt, there's prepayment penalties. We do have a slight out is that we can do cash sweeps out of the country back to head office and we have a cash sweep of 30%. And with that comes no prepayment. So we have to do that at specific timings when we repay capital in January and July. So assuming things continue like this, I think we're going to be using that option to cash-weave money out of the country and then force a cash-weave and prepay something like that. That's the expectation. But capital costs and cash has to keep going up. But assuming it does, I think that's an option we'll use.

Okay. Very good. That's helpful. That's it for me. I'll jump back in queue. Thanks.

Thank you. Our next question comes from Eric Windmill with Scotiabank. Your line is open.

Oh, hi, everyone.

Thanks for taking my question today uh just wanted to ask quickly about uh the the tailings i know your increasing capacity there can you just remind us uh how long that's going to get you how much runway you'll have once that expansion's done uh sure so we the the first phase was obviously a short one to keep to keep capital cost throughout the uh the initial construction phase two is our biggest raise um so we have we have well we have about two years and a half of storage in it obviously went down because throughput went up quite a bit so we have over two years and a half after which we have another phase that planned okay great thank you very much and maybe just on the Buma Dean so you're coming out with the new PA said sort of May June or Sydney June July timeframe any views on capex there so we expect uh meaningful changes from the last study that you put out well uh ralph is with us today and he's he's in charge of the team that's overseeing the boom edging study so i guess it's the right time to ask him so so uh in the pa we had uh we had a capex with a healthy contingency for uh for that level of the study and at that point uh as we're advancing through this updated PA and also the feasibility study we will we will have some extra costs as we define and detail the project but would also reduce the contingency as the project is well defined so right now we said we said that we don't expect capital to go to go higher than the than the PA or sit in the same range okay great that's really helpful appreciate it you just one more on Segunda as well so you're you're looking to increase a crushing capacity there any updates in terms of you know ordering of long lead time items or critical path items we should be looking at or maybe updates on the status please well the good news is we already have the the the use the process unit the cone crusher we have it so that's that's a that's a relief and once we decide to go ahead with that expansion we're probably looking to a nine months expansion so so yeah it's something that can be done within probably within a year and and it's not really important because in the meantime we have the crushing contractor then then then bridge that gap okay fantastic that's very helpful I appreciate the added color I'll hop back in the queue cheers ladies and gentlemen that concludes our Q&A period I would like to turn the call back over to Ben while for closing remarks thank you operator thank you

for all the question and look what is coming for us now is I mentioned it we'll have some exploration results coming in the next few weeks we'll have a boomed in exploration press release in the next week or two we'll have the same as good there we also are looking at in-country consolidation of ground because Morocco is very interesting it's got fantastic geology and we have a first mover advantage and we will we are taking advantage of this so you can expect some more news from us we will be on the road for the coming two months meeting some of our shareholders in the United States and in Europe as you're fully aware, we started trading a week ago or 10 days ago on NASDAQ. It's going extremely well. We're getting a lot of positive feedback. So we're really pleased with the NASDAQ listing. So globally, and again, I will close on this. AIA is a company that is in Morocco, focusing in Morocco, where the geology is exceptional. You can see it on our discovery cost. There were some slides that were put together by a competitor recently on discovery cost, and we have the lowest discovery cost in our industry because of the geology. The jurisdiction is probably one of the best in the world with the permitting, with the employees, with the people. you you know we are in a country that does not just tolerate mining but in a country where mining is part of their strategic plan and they want it to be very successful and you have it we have a team at I and now which has built many many mines and has shown geological expertise so you have a very strong growth profile with boom as in you know being developed and starting to be built in the next few quarters towards a 37 million ounces of annual production of silver equivalent coming at Boumadzin, which is just from only one structure. So you have beautiful growth profile in the company. You have core assets with two districts, the Boumadzin district and the Zgunder district. and you have a company that will spend $60 million U.S. in exploration drilling over 200,000 meters and over 230,000 meters this year. So major geological upside, strong cash flow, great core assets in one of the best jurisdictions in the world. So look, we will be coming back to follow Morocco in the World Cup of Soccer or what they call football because they have an amazing team and that will be the topic of all the news flow coming out of Morocco for the next couple of months. So again, thank you so much for participating in this conference call. We look forward to seeing you at the Q2 call. And for many of you, we will be seeing you in all the conferences that are starting next week in Vegas and continuing to London the week after and on and on for the rest till the Rick Rule Conference in July in Boca Raton. And then we should take a few weeks off for the summer. So thank you very much. We'll see you in the coming weeks. And otherwise, we'll see you at the Q2 conference call in August.

Thank you for your participation. You may now disconnect. Everyone, have a great day.