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Sama Resources Heads to Morocco With C$7.8M All-Share Deal for Aya's Azegour Copper-Tungsten Project

The TSXV-listed nickel explorer plans to rename itself AXA Metals, hand Aya Gold & Silver a 19.11% stake, and its shares jumped 26.7% on the term sheet.

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Sama Resources Heads to Morocco With C$7.8M All-Share Deal for Aya's Azegour Copper-Tungsten Project

Some companies change their name to signal a new direction.

Sama Resources Inc. (TSXV: SME; OTC: SAMMF) is changing its whole map. On November 5, the West Africa-focused nickel-copper explorer signed a term sheet to acquire the Azegour copper-tungsten-molybdenum project in Morocco from Aya Gold & Silver Inc. (TSX: AYA), paying entirely in stock, and proposed renaming itself AXA Metals Corp.

Investors liked the trade. Sama shares closed up C$0.04, or 26.7%, at C$0.19 on the TSX Venture Exchange on November 5, on volume of about 1.43 million shares, roughly C$272,000 worth. That close sits well above the C$0.15 deemed issue price of the deal shares, which matched where the stock finished on November 4, according to Mugglehead.

The terms are simple on paper. Sama would issue 52,000,000 common shares to Aya or an affiliate at a deemed C$0.15 apiece, valuing the deal at C$7.8 million, with no cash changing hands. Aya would end up with about 19.11% of Sama on a non-diluted basis, becoming an insider. In exchange, Sama gets a new Moroccan company holding two exploitation licences, two research permits and pending permit applications, plus related data and certain tangible assets. A 2.5% third-party royalty applies to part of the project. Aya also grants a perpetual, royalty-free licence to its geological data for surrounding Moroccan ground and 12 months of legal, financial, management and geological support.

Azegour sits in the Western High Atlas, about 80 km south-southwest of Marrakech, according to Aya. It is a brownfield skarn system tied to the Azegour granitic intrusion, with a contact-metamorphic halo described as about 1.5 km wide. Mining dates to the 1920s: records cite more than 200 tonnes of concentrate grading about 85% molybdenite in an early period, copper gained importance during the Second World War, and molybdenum production briefly resumed in 1946 and 1947 before operations shifted back to copper and eventually ceased.

Why it matters: Sama gets a past-producing, permitted address in a jurisdiction where its new shareholder already runs a mine, Aya's Zgounder silver operation. Sama CEO Marc-Antoine Audet called the partnership "a constructive entry point" into Morocco. For Aya, CEO Benoit La Salle framed the sale as "a disciplined approach to portfolio management," letting it focus on Zgounder and its Boumadine project while keeping exposure to Azegour through its Sama stake.

The commodity mix is part of the pitch. Moroccan outlet Assahifa noted that copper and tungsten both appear on the European Union and United States critical minerals lists, adding strategic weight to a project that Sama plans to attack with data verification, sampling, geophysics and targeted diamond drilling.

Now the caveats, and there are real ones. This is a term sheet, not a definitive agreement; there is a 60-day exclusivity window to get one signed. Closing needs Moroccan government approval of the title transfer, an NI 43-101 technical report, conditional TSXV approval and a vote of disinterested Sama shareholders, because the deal is non-arm's length: Benoit La Salle is both Sama's Executive Chairman and Aya's President and CEO. Azegour has no current mineral resource or reserve, the historical production figures have not been independently verified, and Sama itself cautions they say nothing about present-day economics. A special meeting is expected in December 2026. The technical disclosure was reviewed by Dr. Marc-Antoine Audet, P.Geo., and independent consultant Dr. Normand Goulet, P.Geo., as Qualified Persons.

Sama keeps its nickel-copper interests in Côte d'Ivoire, where it has run exploration alongside Ivanhoe Electric. Azegour would give the soon-to-be AXA Metals a second continent, a second commodity basket and a well-connected new shareholder.

Sources

  • SAMA Resources Inc. Announces Execution of Term Sheet for the Expansion into Morocco Through the Acquisition of the Azegour Project and Proposed Name Change to AXA Metals Corp. — Sama Resources news release via TradingView, November 5, 2026
  • Aya Gold & Silver Enters Into an Agreement to Sell Azegour to Sama Resources — Aya Gold & Silver news release via Investing News Network, November 5, 2026
  • Sama Resources signs C$7.8M Azegour acquisition term sheet — Mugglehead (Theo Marchetti), November 5, 2026
  • Canada's Sama Resources Moves to Buy Former Copper and Tungsten Mine in Morocco — Assahifa (Fatima Ezzahra Faouzi), November 5, 2026
  • Aya Gold to sell Morocco's Azegour project to Sama Resources — Investing.com, November 5, 2026
  • Sama Resources Inc. and Ivanhoe Electric Inc. Commence 2026 Regional Exploration Program — MarketScreener, 2026
  • TSX Venture Top % Gainers — Investcom, data as of November 5, 2026, 16:45 ET

Disclaimer

Neither the author of this article nor JuniorStocks holds equity, stock options, or any other financial positions in Sama Resources Inc. (TSXV: SME; OTC: SAMMF) or any other companies mentioned in this publication. This content is published by JuniorStocks strictly for informational purposes, was prepared independently without company compensation, and utilized AI assistance for text editing, formatting, and generating accompanying media. While a past-producing copper-tungsten project in Morocco represents a compelling exploration story, this article does not constitute investment or financial advice. Investors are strongly advised to conduct their own thorough, independent due diligence and consult with a qualified financial professional before making any investment decisions.

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