Aya Gold & Silver Values Morocco’s Boumadine Project at $3 Billion

Aya Gold & Silver Inc. has revealed a powerful preliminary economic assessment (PEA) for its Boumadine polymetallic project in Morocco, placing an after-tax net present value (NPV) of up to US$3 billion at current gold prices. This milestone confirms Boumadine’s emergence as one of Africa’s most promising gold-silver-zinc assets. The study outlines strong economic fundamentals, including a rapid 1.2-year payback period and a 77 percent internal rate of return (IRR) under the $4,000 per ounce gold scenario. Even under the base case of $2,800 per ounce gold, the project still delivers robust metrics, with a $1.5 billion NPV, 47 percent IRR, and a 2.1-year payback period.

The PEA outlines an 11.1-year mine life, incorporating six open pits and three underground mines that together are expected to sustain an average processing rate of 8,000 tonnes per day. The total initial capital investment is estimated at $446 million, inclusive of a $96 million contingency, and construction is projected to be completed within two years. Once operational, Boumadine is expected to produce at an all-in sustaining cost (AISC) of $1,021 per gold-equivalent ounce, placing it among the lower-cost producers within the global precious metals sector. Aya Gold & Silver holds an 85 percent stake in the project, which is located in Morocco’s Errachidia province, close to the Algerian border, while the remaining interest is held by the Moroccan state-owned mining entity, ONHYM.

The Boumadine project covers 339 square kilometres and sits within a broader exploration package extending over 600 square kilometres, part of Morocco’s geologically rich Anti-Atlas belt. Recent exploration success has already led to a 160 percent increase in indicated resources and a 24 percent rise in inferred resources since 2024. These results provide strong evidence of the area’s exceptional mineralization potential. To build on these gains, Aya has outlined an ambitious 360,000-metre drilling campaign designed to further expand the resource base and support a comprehensive feasibility study expected in 2027.

According to Aya’s CEO, Benoit La Salle, the PEA represents only a fraction of Boumadine’s true potential, with significant upside remaining as exploration continues. The combination of strong economics, rapid capital recovery, and ongoing resource expansion positions Boumadine as a cornerstone project not only for Aya but also for Morocco’s growing mining sector. As the country continues to attract international investment through its stable regulatory framework and strategic focus on critical minerals, Boumadine could play a transformative role in establishing Morocco as a top-tier mining destination in Africa.

Mini-Glossary

• Preliminary Economic Assessment (PEA): An early-stage financial study evaluating a mining project’s economic potential and development feasibility.
• Net Present Value (NPV): The estimated current value of a project’s future cash flows, discounted to reflect risk and time.
• Internal Rate of Return (IRR): A measure of a project’s profitability, indicating the rate of return expected from the investment.
• All-in Sustaining Cost (AISC): The total cost to produce one ounce of metal, including operational, sustaining, and capital expenses.
• Indicated and Inferred Resources: Geological estimates of mineral content, with “indicated” representing higher confidence than “inferred.”
• Contingency: A budget allocation for unexpected costs during project construction or operation.