The Odyssey of an Accountant
Here is the story of Benoît La Salle, CEO of AYA Gold & Silver. In 1994, this Montreal chartered accountant and professor of corporate finance at McGill University found himself in Burkina Faso as part of a trip with a Canadian charitable foundation in which he was involved. The only French speaker on the team, he formed a bond with the country’s president, Blaise Compaoré, who received the group. During a conversation, Compaoré expressed his desire to develop his country’s subsoil, which, while rich in centuries-old artisanal gold mining history, had no modern mines.
“I don’t understand geology, Mr. President, I’m an accountant… But I can come back with a geologist and together we will try to understand why there are no mines in your country.”, replied Mr. La Salle.
With that, Benoît La Salle, driven by the proposed challenge, convinced his accounting partner, Yves Grou, to join the adventure with him. He also managed to find, not without difficulty, a geologist willing to join the small team. La Salle eventually returned to Burkina Faso the following year. He found himself in the archive vaults of the State library, searching through old maps piled at the bottom of large boxes. For hours, on his hands and knees in the archive room, Benoît studied the maps.
SEMAFO
The State granted La Salle 18 gold deposit exploration permits, allowing him to found SEMAFO as early as 1994. The Montreal-based mining company was eventually acquired by Endeavour Mining in 2020. In the meantime, it launched 4 mines and produced more than 3 million ounces of gold. During that period, some shareholders multiplied their initial investment 60-fold, making this first project an immense success. A pioneer, SEMAFO greatly contributed to the growth of the gold mining industry in West Africa (Burkina Faso, Niger and Guinea). In 2009, La Salle also created the SEMAFO Foundation, a charitable organization aimed at supporting mine employees, their families and their communities (CA Magazine, august 2010.
It must be acknowledged that the accountant succeeded remarkably well in a challenging field. Recognized for his interpersonal skills and community values, he applied rigorous business principles while concretely helping local communities wherever he went. It is undoubtedly this winning formula that allowed him to create so much value for his shareholders.
Morocco
After the sale of SEMAFO, Benoît La Salle moved to Morocco and became the new CEO of MAYA Gold and Silver. This mining company had enormous potential but was suffering from inefficient management. Headquarters were relocated to Montreal and La Salle set about restructuring the company, which was then renamed AYA Gold & Silver. It took courage and vision to establish a presence in Morocco, at a time when the country was not yet on the radar of major investors. With this project, the businessman found himself in the same situation as an entrepreneur who had arrived in Texas in 1900 to exploit oil: the ground rich in resources, geological maps already in existence — but no one having yet dared to drill.
Five factors explain Morocco’s delayed mining development :
- There was no technological or knowledge transfer following the end of French colonialism (1912–1956).
- The OCP Group, a Moroccan state-owned company, holds a monopoly on phosphate mining in the country. Its production represents 70% of the world’s reserves. The State has focused all its attention on this industry.
- Until recently, Moroccan geology had not yet been fully mapped. ONHYM only carried out serious surveys beginning in the 2000s–2010s.
- The mining code, archaic and outdated, was only reformed in 2015, until then blocking access to international capital.
- The language barrier (Franco-Arabic) is an obstacle to business relations, while junior mining capital is English-speaking (TSX/TSXV).
AYA’s competitive advantage lies in having arrived first. It opened the door to a Moroccan mining sector that was still in its infancy.
Zgounder & Boumadine
In 2024, AYA launched a major commercial expansion project at the Zgounder silver mine, located in Morocco’s High Atlas. With its transition to open-pit mining and the construction of a new state-of-the-art processing plant, the mine saw its production surge, quickly becoming a world-class silver producer. It produces approximately 6 million ounces of silver per year. Its free cash flow for the first quarter of 2026 was $70 million.
As for the Boumadine project, it is a gold mine already known in Roman times but never truly exploited. Extensive drilling campaigns since 2022 have revealed that the gold reserves in the soil of this vast territory are far greater than expected. In fact, it is likely one of the most significant deposits in the world. Production is expected to begin between 2029 and 2031, and is estimated at 37.5 million ounces of silver per year! What is remarkable is that the profits from Zgounder exclusively finance the Boumadine project. Investors therefore get Boumadine without having to pay for it (Source: Aya Gold & Silver Report – Resource Growth, Production & Discovery Cost Analysis (2020–2026E).
AYA Gold & Silver: “Green” Mine
It is worth noting that AYA Gold & Silver carries the designation of a “green mine.” Indeed, it positions itself as a leader in ESG criteria (environmental, social, and governance). It recovers more than 85% of its water and operates on solar and wind electricity. It has also been selected by the EBRD (European Bank for Reconstruction and Development) for a financial collaboration, which will allow it to further optimize water management and mining waste. Moreover, the vast majority of both employees and executives come from local communities (Source : https://www.youtube.com/watch?v=DG2a-k0849Y)
Blue Orca, September 2025
In September 2025, the AYA Gold & Silver stock, hit by a short-seller report from Blue Orca, temporarily fell from $17.11 to $11.95, before recovering to $17.50 within a few days (Yahoo Finance). Benoît La Salle purchased shares during this correction, sending a strong signal of alignment between the CEO’s interests and those of investors. The stock is currently trading around $28 (May 29, 2026, Yahoo Finance).
Macro Context — A Structural Tailwind
Gold and silver are very likely to continue appreciating significantly in the current context of monetary devaluation. Several converging forces support this thesis:
- Major central banks have collectively issued unprecedented amounts since 2020, eroding the real value of fiat currencies.
- The People’s Bank of China has been accumulating gold for 18 consecutive months (an estimated 74.64 million ounces as of April 30, 2026). At the same time, Gulf sovereign wealth funds are reducing their exposure to US bonds.
- There has been a structural silver deficit for 5 years: industrial demand (solar, electric vehicles, electronics) is growing faster than mining supply.
- The gold/silver ratio is at historical highs: silver represents only 1.6% of the price of gold (versus 6.5% in 1980). It would need to at least double to return to 2011 levels.
- AYA is doubly positioned: silver with Zgounder, and gold with Boumadine.
Conclusion
In summary, AYA Gold & Silver benefits from dual gold/silver exposure at a time when both metals are embarking on what could be their largest rally since the 1970s.
Its CEO Benoît La Salle, this tireless entrepreneur-philanthropist who has achieved repeated success in the industry for over 30 years, surely has more exciting developments in store for AYA’s future.
For more information, we strongly recommend watching this interview with Benoît La Salle on the Matière à profit channel (in French), or the one by Rick Rule (in English)
https://www.youtube.com/watch?v=DG2a-k0849Y in French
https://www.youtube.com/watch?v=f153xdeu5_Y in English
Other sources:
https://www.ayagoldsilver.com/about/who-we-are/
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This information has been prepared by Pascal Charpentier who is a portfolio manager and adviser for iA Private Wealth Inc. and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this text comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.
The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.
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