A concession, mined metal and a token are three different objects
Most of the confusion in this area comes from one habit: treating three separate objects as one. A mining concession is a permission attached to a piece of ground. Metal already extracted is movable property with a weight. A token is a record of a claim. They have different holders, different documents and different ways of going wrong. Sorting them apart is not pedantry — it is what tells you which paper answers which question.
| Object | What it is | Who holds it | Document that answers questions about it |
|---|---|---|---|
| The concession | A permission to extract in a defined area | Minerales San Hilario S.C.R.L. | INGEMMET record #070011405; RUC 20606465255 |
| Metal already extracted | Movable property, with a weight | The operation, until it is sold | Production and distribution reporting |
| Your participation | A recorded position in the programme | You, through your own keys | Contract events on Ethereum; CertiK and PeckShield reviews |
| PAXG | A claim on metal in the issuer’s vault | You, in your wallet | The issuer’s disclosures; the token contract |
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.
The concession: a permission, not a stockpile
INGEMMET concession #070011405 is a licence to work a defined area in Madre de Dios, held by Minerales San Hilario S.C.R.L. (RUC 20606465255, incorporated 17 August 2023). It is an administrative record and it can be looked up. What it establishes is the right to extract; what it does not establish is any quantity of metal. Participation in the AYNI Gold programme grants no ownership of it — that is stated plainly, and it is the single most misread sentence in this whole subject.
Metal already extracted: a different object, with a weight
The moment gravel becomes grams the object changes. It has a mass, it is sold to authorised buyers, and the money from that sale is what the reward arithmetic works on. This is the only one of the three that can be counted: the May 2026 pilot produced 13,434.8 grams, and $307,000 was distributed from it. You do not own this object either — participation is not a claim on a quantity of metal sitting in Peru.
The token: a record of a claim on other metal entirely
PAXG, the token rewards arrive in, is a claim on metal held by Paxos Trust — not on the Peruvian operation, not on the concession, and not on the pilot's 13,434.8 grams. It is a third object, from a different vault, and it is the one that ends up in your wallet. Separately, the programme's own contract on Ethereum, 0x9d70baE2944Ffa477F37Bae227fd981E6eB31982, records issuance, locks and distributions: it is a register of events, not a title to metal.
Which paper answers which question
Before asking whether something is verified, decide which of the three you are asking about, then ask for the document that belongs to it. A concession question is answered by the public mining record. A production question is answered by operating and distribution reporting. A token question is answered by the issuer's disclosures and by the chain itself. A contract question is answered by the CertiK and PeckShield reviews. Mix them up and you get an argument in which everyone is right about a different object.
Why the three objects get merged, and what it costs
The merge happens because one word — gold — is doing duty for a permission, a quantity of metal, and a token. In casual writing that is harmless. In a question about what you own it is not, because each of the three has a different holder and a different document, and an answer attached to the wrong object is not an answer at all.
The practical habit is simple: name the object first, then ask for its paper. Concession — the public mining record. Extracted metal — production and distribution reporting. The token — the issuer's disclosures. Your own position — events against the contract on Ethereum, and the CertiK and PeckShield reviews of that contract.
FAQ
- Do I own part of the concession?
- No. Participation grants no ownership of the mining concession, of gold in the ground, or of equity in the operating company. The concession is held by Minerales San Hilario S.C.R.L. under INGEMMET record #070011405.
- Is the token backed by the gold from the Peruvian operation?
- No, and it matters to keep them apart. Rewards are paid in PAXG, which is a claim on metal held by its issuer, Paxos. The Peruvian operation is the source of the money that funds distributions, not the backing of the token.
- Which document should I ask for about production?
- For the licence, the INGEMMET concession record #070011405 and the operator's RUC 20606465255. For output, the programme's distribution reporting, including the May 2026 pilot of 13,434.8 grams and $307,000. For the contract, the CertiK and PeckShield reviews.
- What does the on-chain record actually prove?
- That issuance, lock and distribution events happened, when, and in what amounts. It proves nothing about the ground in Peru — that is what the concession record and the operating reports are for.