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Benoit La Salle, Pres. & CEO of Aya Gold & Silver Inc. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 22, 2026

Summary

Aya Gold & Silver's Gunda mine, described as Africa's largest silver mine, generated $17 million of free cash flow in Q1 alone.

The Boumadin project needs $440 million for 400,000 gold-equivalent ounces over 11 years at an AISC (All-In Sustaining Cost) of $900 per ounce.

Management targets $200-300 million of free cash flow this year, funding growth from cash with no planned equity raise and little debt.

A 2025 short-seller report alleging weak reserves and misused funds cut the shares from $18 to $11; third-party audits refuted it.

Management points to Morocco's pro-mining rules and an underexplored 1,600-kilometer belt it is drilling with $60 million this year.

Key points on Endeavour Mining

  • The guest says Endeavour Mining bought his West African company, Samapho, in 2019, and that the Mana mine acquired in that deal was still in operation at the time of the interview.
  • He frames the Endeavour transaction as the exit for the earlier discovery, saying shareholders made up to 60 times their money, while noting the share price moved through several cycles on the way.

Key points on Aya Gold & Silver

  • The guest argues the second project, Boumadin, is the main source of upside: about $440 million of capital spending for roughly 400,000 ounces of gold equivalent a year over 11 years at an all-in sustaining cost near $900, on a structure he says is far larger than the 5 km drilled so far.
  • He says Boumadin would produce about 37 million ounces of silver a year against about 6 million ounces at the producing mine, roughly six times the output, with construction starting at the end of 2026 and first production targeted for 2029, and he counters the analyst view that buying Aya today means paying full price for Gunda and getting Boumadin free.
  • He describes Gunda, in production, as the largest silver mine in Africa and says Q1 2026 results published the week of the interview showed $17 million of free cash flow for the quarter, with $200-300 million expected for the full year.
  • He says the drilling budget is expanding: 200,000 metres on a $45 million budget in 2025, roughly 240,000 metres on $60 million this year, and another 240,000 metres in 2027, with more than 600 million ounces of silver equivalent found so far at a stated discovery cost of 10 cents an ounce, though he notes infill drilling this year will cost more than that.
  • He says there is no further dilution risk because the company does not need to raise money, has very little debt to be paid off this year and next, and holds cash and silver in the vault; he also says the stock fell from about $18 to $11 during a 2025 short-seller attack and was back near $29 on the night before the interview.

Benoit La Salle's takeaways

  • Top takeaway His central case is that the second project, Boumadin, is unusually large for its cost: about $440 million of capital spending for roughly 400,000 ounces of gold equivalent a year for 11 years at an all-in sustaining cost near $900, with construction starting at the end of 2026 and production targeted for 2029.
  • He says the producing mine, Gunda, is the largest silver mine in Africa and generated $17 million of free cash flow in Q1 2026 with $200-300 million expected for the year, and that Boumadin would add about 37 million ounces of silver a year on top of roughly 6 million ounces from Gunda.
  • He describes a rising exploration budget of about 240,000 metres on $60 million this year and the same again in 2027, after 200,000 metres on $45 million in 2025, and claims more than 600 million ounces of silver equivalent has been discovered at a 10-cent discovery cost, with infill work costing more.
  • He says the company does not need to raise money, carries very little debt that will be paid off this year and next, and has cash and silver in the vault, so he expects no further dilution; he also says the stock dropped from about $18 to $11 during a 2025 short-seller attack and was back near $29 the night before the interview.
  • He traces his track record to a 1994 pro bono trip to Burkina Faso that led to a two-person exploration company with 18 permits and $60,000, which discovered the country's gold belt, grew to a $3.5 billion market capitalisation and about 2,000 employees, built four of six mines and was sold to Endeavour in 2019; he credits the results to strict, disciplined accounting with money.

Rick Rule's takeaways

  • Top takeaway He frames the forward test he puts to the guest as whether the company makes deposits bigger, expands production and makes the projects more certain over the next two years, and he says his goal for the audience is that they make money.
  • He argues the symposium vets every public-company exhibitor, that exhibitors are on the floor only if the sponsors own the shares, that more exhibitors are turned down each year than admitted, and that a money-back tuition guarantee has been in place for 30 years with only about one-tenth of one percent of tuition refunded.