Super. Thank you. Hi, everyone. For those who don't know Aya, we're a Canadian company based in Montreal. Our assets are all in Morocco. We have one producing asset, a silver asset called Zgounder, and we have a polymetallic gold, silver, lead, zinc project in development called Boumadine, and I'll talk to those. Quickly on the team, for those who don't know, Benoit La Salle is our CEO. He's also the founder of SEMAFO, and several of us worked with Benoit at SEMAFO since 2011, and a lot of this team has been together since 2014, and Mustapha joined us when we took over this company in 2020, and before that, Mustapha was the Deputy GM of OCP, which is the third largest phosphate producer in the world.
The board, Benoit is there, Yves, his business partner, Robert, our chairman, owns about 7% of the company. Jürgen Hambrecht was CEO of BASF for many years and on the advisory board of Daimler, and Nikolaos Sofronis represents several of our large family offices that own the stock in Europe. This company has owned Zgounder and Boumadine for several years. In 2020, the board decided to make a management change, and that is when Benoit and I and the team joined together to do this. Share structure today, 130 million shares outstanding, between $1.5 billion and $1.9 billion market cap, $100 million of cash and $100 million of debt. That debt comes from the European Bank for Reconstruction and Development.
So it's quite a bit cheap loan, and there's a portion of that loan that is ESG-linked, and on that portion of that debt today, we pay 1% all in. Board and management, we own 15%. Family offices, a lot of them in Europe, own about 30%, and then institutionals and retail make up the difference. One of the unique positions about Aya today is we are the only company where 100% of our revenue, and this will continue for a long time, comes from silver only. So we don't have a silver equivalent or sell gold or zinc or lead or anything else. So we just produce silver and sell silver. Morocco, we're one of the only producing TSX-listed companies in Morocco.
OCP is there, third largest phosphate producer in the world, third or fourth, depending on the year. Managem, the King's company, is there as well, and a lot of small, private, miners are there as well. So there's copper, cobalt, tungsten, phosphate, gold, silver, and then there's us as well that is there. Mining is a significant part of the GDP, but is not, it's far from the only part of the GDP. It is very easy to operate, a lot of qualified work, a lot of qualified contractors. We can build things in Morocco, like we've shown at Zgounder, for reasonable pricing. Permitting is done in months, not in years. People want these jobs. The government wants these jobs in rural areas. The infrastructure is excellent. All of our projects are connected to the grid.
I have less power outages at the mine in the middle of the Atlas Mountains than I do at home in Montreal. So for us, Morocco is our jurisdiction. It's where we focus. The mining code is very simple. We follow general taxes. There's a 3% royalty on the state-owned developer that we pay to, and then the mining licenses are 10 years, but to renew the mining license is very simple. You'll write a letter to the government, you show them you still have reserves, and they extend it to you for another 10 years. So there's really no major legal issues or anything like that. We can repatriate our funds, no problem. So there's a bit of process, but things are very, very simple in Morocco. There's lots of industry. Mining is just one of them.
Along this fault is where the Atlas and Anti-Atlas Mountains are, and that's where the majority of the of the mines are found. Our Zgounder mine is found right here, about 45 km bird's-eye from Marrakech. The Imiter mine, which is owned by Managem, has produced between 5 million ounces and 12 million ounces of silver for the past 30 years, and then just to the east of that, our other project, Boumadine. Just a quick one here, just for news purposes. This morning, we also announced we had a few other small gold assets, one in Mauritania called Tijirit, and an interesting project in Morocco called Amizmiz.
We've spun that out today and put that in the hands of two gentlemen who we think that can bring these projects forward in our priority list, and so we're quite happy. We've contributed. We're still gonna be a shareholder, big shareholder. They're raising some capital. This is gonna stay private for a while, and once we have good results, we'll be IPO-ing this in the next few years. I'm not gonna talk too much about our quarter. What's really made the success of Aya since we're there is we have been able to drill and discover ounces. That was true when we started at Zgounder. When we came in twenty twenty, there was 10 million ounces-20 million ounces of basically unclassified ounces.
Today, we're at about a hundred million ounces of resources and seventy million ounces of reserves. Same with Boumadine. When we came in, there was basically nothing, and today, after one drill campaign, we're at three hundred and fifty million ounces of silver equivalent. Some of the best intercepts in the industry in the last few years. On the back of that resource, for us, when we came in, it was really important to, you know, it was a producer of four hundred thousand ounces of silver. It was really important for us to drill the property on the back of that, build a resource, build a reserve, build a feasibility study, and build a plant and a mining.
Site that was of value, and then that's what we've done today, and we're almost done construction. As we speak, we should be in commercial operation in the next few months. This is just an example. So we took the assets that were there, producing about 400,000 ounces, and with those same assets today, last year and this year, producing just under 2 million ounces. The feasibility study, this is what we're building to, to be producing between 5.5 million ounces and 8 million ounces of silver annually. This is an image of our site. This is our mountain of silver, if you will. We have the open pits. This one is gonna be finished in a few years.
Now, we have a few benches, but we do mine this. So we have an open pit, and we have an underground mine. We have our small cyanidation plant that's at the bottom of the valley. We come up here, we have our current flotation plant that's here, and then the new processing plant that we're currently finalising. We are almost completed. We're about 98% completed today when we sit. We are on budget, and we should be in commercial production by the end of the year. Another aspect, and coming back to Morocco, we were able to connect our plant to the grid. We were before, and now we've built a new power line.
We've also signed a power purchase agreement with the largest wind developer in Morocco, and now 96% of our power comes from wind, making us one of the lowest emission producers of silver. If we go back. That's the operations. We're continuing to execute that. We brought the current assets up to par. We're building the new plant, and that's going well, but really now focusing on what's driven value for Aya and for our shareholders, it's exploration. This year in Morocco, 160,000 meters planned at Zgounder, Boumadine, and around our projects. If we go at Zgounder specifically, of that 160,000, we've got 30,000 meters planned. When we arrived, we didn't know anything, and all the infrastructure was built inside the mine and inside the mineralization itself.
So we really focused on what we were able to attain from surface and from within the mine. Now that our infrastructure is built outside of the mineral deposit, we're able to reach deeper and come test mineralization at this contact. There aren't a lot of analogues to this project. Imiter, which I spoke to, is one of them, and one of the things that they saw is that this contact between the sedimentary rock and the granophyre, there was accumulation. We're starting to get results, and we seem to be seeing the same thing. So 30,000 this year of our 160 program is focused on Zgounder and the package that we know.
Again, in 2020, we only had one tiny permit around Zgounder, a four-by-four-kilometer block, and there was no known geology, and so for us, this has been really greenfield. Unlike Boumadine, which we'll speak to, this had very little geology, and it doesn't really respond well to geophysics, so we've had to do it the old-fashioned way: walking the ground, mapping, stream sediments, geochem. And so now, after a few years of doing that, we're finally in a position where we can try to start looking and have good drill targets to find the next Zgounder. Again, like Imiter, what made their project is they had four or five Zgounder side by side. We hope to find the same thing.
We're developing our knowledge of the area, the genesis of what brought silver to Zgounder, the signature of Zgounder, and so that's what we're working on right now, and we have 12,000 meters planned here. If we go to Boumadine, in 2022, we had these two 4-by-4-kilometer blocks, and we knew nothing about it. We had a few drill holes drilled in every which way, and we were actually gonna sell this pretty cheap to a Chinese company. David, our geo, was like: "Guys, I just, this. The alteration here is too impressive. Please give me a little bit of money to do some geophysics and drill this out a little bit." We did the geophysics, lit up like a Christmas tree. We said: "Okay, we'll give you a little bit of budget to do some drilling." He did.
In 2022 and 2023, we did 94,000 meters of drilling, strike length of 4.8 km, and we put out a resource at the beginning of this year, 350 million ounces of silver equivalent at about 500 gram tonne. It's polymetallic. 50% of the value comes from the gold, 25% comes from silver, 25% comes from zinc, and lead pays for transport costs, penalties, and that type of thing. It's 60% open pit, 40% kind of underground. On the back of that, we said, "Okay, let's double down here," and so we're planning 120,000 meters this year. Sitting here today, we're about halfway done. Half of those are to continue extensions.
Today, we're at about five point four kilometers of strike length, and the other half is to test as we gain more and more knowledge, as we work this ground, as our geologists walk the ground, test some new hypotheses. But only four point two times four point four kilometers is not enough of a land package to make a district-scale project, and so we've gone through, and we did over 13,000 km lines of geophysics this year, all around our property, regardless if the permits were owned by us or not. And so what we've found. And so we've also quadrupled this year our land package. So here in white is our initial 350 million ounces of silver equivalent.
We had a good inkling that it would continue to the south, and we kinda see that in the geophysics. We had a good idea of Tizi, that zone. Some of the infill is going here. What we didn't know, though, is that we have about five kilometers away, a zone that's significantly larger and has a much higher conductive response than what we've been drilling at Boumadine. And so this is super exciting for us, and we're gonna start drilling just here this year. In October, we're gonna start drilling here. So that's been super exciting for us, and I have just another slide, so we did the inversions as well, and we can't see it very well, but these little parts here are what we drilled.
Here, a little bit here, are what we drilled to get to that initial three hundred and fifty million ounces. We didn't know anything about these deeper anomalies here and here, and we didn't know about this magnetics that, if we go back to the previous slide, correlates pretty well with this. And so our guys are super excited. So we're gonna be putting drill holes in all these deep areas later this year as well. So I think plan is complete our drill program by the end of this year, and about similar time next year as this year update the resource that we've had and continue to grow this, continue to grow our land package. We have a lot of information with the geophysics.
Piece by piece, we're buying the permits that interest us. We're gonna grow this land package, continue to drill, and then once we have a good idea of the type of size we're talking about, then we'll work on technical studies. I talked a little bit about this, but for sure, part of our strategy is low carbon emissions. For us, in Morocco, it's a w ater is the biggest resource, so we're very, very conscientious about water. It's true at Zgounder, it's true at Boumadine, so we're very careful with that.
Health and safety, I would say that's one of the biggest challenges for us in Morocco, is to bring a Canadian view of health and safety, of zero accidents, of being proactive, and so that's something that we put a lot of effort in as well. And as I said, the vast majority of our employees are immediately within the mines areas or within Morocco. We have very, very few expats. We have high-quality talent in Morocco that are ready to work. Just to finish off, I think as well, I think it's important, management, our pay is also attached to some of these objectives, and we think that's important, and that's part of what makes us successful as well. So I have a few seconds left.
I'm happy to take some questions if you guys have any. Where do you get your water from? Yeah. So at Zgounder, historically, this mine has operated on and off since the 1970s. There's been a well higher up in the mountains. We're at about 2000 meters. At about 3400 meters, there's been a natural spring that provides us water. We've also dammed. We have a river in that valley. We've also dammed that river so that when 'Cause there's rain, we take about 2% of the rain that passes by, except it all passes over, like, three rainy periods. So over three weeks, we get all the water that's gonna come through there.
So what we've done is we've built two dams, and we've built about 600,000 cubic meters of water basins. And so when the water passes, we catch it, and we pump it. So that's at Zgounder. So we have no real water issues. We just have to make sure that our pumps are ready when the rain comes. At Boumadine, it's a bit different. It's more desert. For exploration today, it's not a big deal. We have well water, and that's more than sufficient. Oh, okay. And so that's it, but we can talk about it after. But water won't be an issue.
Yep, and thank you very much, Ugo.
Thank you.