Aya Gold & Silver Inc. has released an updated Preliminary Economic Assessment for the Boumadine polymetallic project in Morocco, more than doubling its after-tax net present value to $3.5 billion from $1.5 billion in the previous study.

The updated economic model assumes base case prices of $3,500 per ounce for gold and $50 per ounce for silver, alongside $1.37 per pound for zinc and $0.90 per pound for lead. Under these parameters, the project yields an after-tax internal rate of return of 93% and a payback period of 0.7 years. Initial capital expenditure is estimated at $463 million, lifting the capital efficiency ratio to 7.6x from 3.3x.

Operating metrics reflect an expanded resource base and revised mine schedule. Aya holds an 85% ownership stake in Boumadine through a joint venture with the Office National des Hydrocarbures et des Mines of the Kingdom of Morocco. The updated mine plan extends the life of the mine from 11 years to 14 years, processing a total of 41.2 million tonnes of mineralized material at an 8,000-tonne-per-day throughput rate. Average annual production is slated at 348,000 ounces of gold-equivalent for the first five years, and 271,000 ounces per year over the life of the mine.

“Boumadine is a standout precious metals project among its global peers,” said Benoit La Salle, President & CEO of Aya Gold & Silver. “We have more than doubled the after-tax NPV to $3.5B, while keeping capital costs broadly in line with the prior PEA.”

— Benoit La Salle, President & CEO of Aya Gold & Silver

The updated Mineral Resource Estimate incorporates approximately 190,000 metres of additional drilling completed since the previous estimate, bringing total data to 320,000 metres across 453 holes. The deposit now contains 8.6 million tonnes of indicated resources grading 4.02 g/t gold-equivalent for 1.1 million ounces, and 45.4 million tonnes of inferred resources grading 2.92 g/t gold-equivalent for 4.3 million ounces. Indicated tonnage increased by 34% compared with the 2025 resource statement.

Work is advancing concurrently on several fronts. Aya is progressing a 400,000-metre drilling campaign across the property, with completion targeted by the end of 2027. The company is also working toward delivering a feasibility study and an environmental and social impact assessment for Boumadine by the second half of 2027.

Read the full announcement: Aya Gold & Silver Announces Updated PEA for Boumadine: After-Tax NPV Doubles to $3.5B with 93% IRR