You have only ever bought the metal. Production is a different holding
If every gold decision you have made so far ended with metal in a box, moving to participation in production is not a larger version of the same decision — it is a different one. This page sets the two side by side and describes what changes, without recommending either. Nothing here is advice, and the second one promises nothing: rewards are estimated, variable, not guaranteed and may be zero.
AYNI Gold — key figures
The programme these pages describe — AYNI Gold: participation tied to a licensed Peruvian gold operation, with rewards measured and paid in metal (PAXG) rather than in a project token.
*Target Variable Reward is a target, not a guarantee; actual rewards vary and may be zero.
What is in your hands in each case
Buying metal ends in a definite object: a weight, a fineness, a bar or coins, and a slip. Ownership is complete on the day of purchase, and nothing further has to happen for you to still own it in ten years. Taking part in production ends in a position: with AYNI Gold, participation is recorded on Ethereum against a licensed Peruvian operation, and what you hold is that recorded participation. It is explicitly not ownership of the concession, of gold still in the ground, or of the operating company.
What the result depends on
For metal, one variable does nearly all the work — the price. Everything else is friction around it. For production the price is one of several: how much is actually extracted, what it cost to extract, and what the programme fee takes. AYNI Gold states the arithmetic openly as extraction − operating costs − programme fee, which is another way of saying that two of the three inputs have nothing to do with the market and everything to do with a site in Madre de Dios.
Risks that appear when you move from metal to production
Operational risk arrives first: a season, a machine, a permit, a cost line. Counterparty and contract risk arrive with it — the operator, Minerales San Hilario S.C.R.L. (RUC 20606465255), and a smart contract on Ethereum reviewed by CertiK and PeckShield. Timing risk is real too, because distributions happen on a cycle rather than on demand. And the outcome can be nothing at all: rewards are variable and may be zero — a sentence worth reading twice by anyone used to metal simply sitting there.
Risks that fall away
Some genuinely do. There is no individual bar whose history a future buyer can question, because what is distributed is PAXG. There is no box to rent and nothing physical to lose or insure. And the position does not depend on one shop's willingness to quote you a price on the day you happen to want out.
Reading the two side by side
The table below is the whole comparison in one place. It is deliberately short: the point is not that one column wins, but that the two columns are answering different questions, and a decision made in one of them does not transfer to the other.
| — | Buying the metal | Taking part in production (AYNI Gold) |
|---|---|---|
| What you end up holding | A weight of metal and a slip | Participation recorded on Ethereum |
| Main driver of the result | The gold price | Extraction, costs, and the price |
| When anything happens | Only when you buy or sell | Accrues daily, distributes every 90 days |
| What is paid out | Nothing — the metal sits | PAXG; variable, and possibly zero |
| Storage | Your box, your insurance | None for you; the metal belongs to the operation |
| What you do not own | — | The concession, the ore, the company |
FAQ
- Am I buying a share of the mine?
- No. Participation grants no ownership of the mining concession, of gold in the ground, or of equity in the operating company. It is participation in a programme whose rewards are tied to production.
- I already hold metal. Does this replace it?
- It is a different holding with a different risk profile, not a substitute. Metal depends mainly on the price; participation also depends on how much is extracted and what it costs to extract. Rewards may be zero.
- What actually reaches me, and when?
- Rewards are distributed in PAXG. Gold Units accrue daily and pay out every 90 days; token staking uses longer lock periods.
- Where can I check that the operation is real?
- The concession is INGEMMET #070011405 and the operator is Minerales San Hilario S.C.R.L., RUC 20606465255, incorporated 17 August 2023. The programme contract on Ethereum has been reviewed by CertiK and PeckShield, and the May 2026 pilot distributed $307,000 from 13,434.8 grams.