The PEA outlines a highly economic project with a very short payback period, but it relies heavily on Inferred Resources (45.4 Mt vs 8.6 Mt Indicated). The key catalyst is the pending mining licence renewal — a denial would materially impact the project. Monitor for the licence renewal decision and the start of a feasibility study, which would convert Inferred resources to reserves and de-risk the project.
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Executive Summary
Aya Gold & Silver filed an updated NI 43-101 Preliminary Economic Assessment (PEA) for its Boumadine polymetallic project in Morocco, reporting a significant resource upgrade and robust economics. The PEA outlines a combined open-pit and underground mine with a 15-year life, processing 41.2 Mt of mineralized material. The after-tax NPV (5% discount) is $3.5B with a 93% IRR and a 0.7-year payback, based on base-case metal prices of $3,500/oz Au and $50/oz Ag. The updated Mineral Resource Estimate (MRE) shows 8.6 Mt Indicated at 121.7 g/t Ag and 1.9 g/t Au, and 45.4 Mt Inferred at 56.8 g/t Ag and 1.8 g/t Au. The mining licence expired in May 2026 and is under renewal.
Key Facts
- Updated PEA for Boumadine polymetallic project shows after-tax NPV5% of $3.5B, IRR of 93%, and payback of 0.7 years.
- Life-of-mine plan: 41.2 Mt of mineralized material at average NSR of US$193/t over 15 years (2029-2043).
- Total initial capital cost estimated at $463M, with LOM sustaining costs of $507M.
- Updated MRE (effective Feb 28, 2026): 8,582 kt Indicated at 121.7 g/t Ag, 1.9 g/t Au, 2.19% Zn; 45,365 kt Inferred at 56.8 g/t Ag, 1.8 g/t Au, 1.33% Zn.
- LOM gold production of 2,254 koz and silver production of 81,167 koz.
- Boumadine Mining Licence (LE-383661) expired in May 2026; renewal for 10 years is in process.
- PEA includes Inferred Mineral Resources; no certainty the PEA will be realized.
Financial Impact
After-tax NPV5% of $3.5B, IRR of 93%, payback of 0.7 years, cumulative after-tax FCF of $4.7B, initial capex of $463M, LOM sustaining capex of $507M.
Risk Factors
- Boumadine Mining Licence expired in May 2026 and is under renewal; failure to renew would halt the project.
- PEA relies on Inferred Mineral Resources (45.4 Mt), which are too speculative to have economic considerations applied to them.
- Metallurgical testwork on pyrite concentrate shows refractory gold/silver; optimal processing route (roast-CIL, POX-CIL, etc.) remains undetermined and could impact recoveries and costs.
- Capital cost estimate is Class 5 (+50%/-30% accuracy); actual costs could vary significantly.
- No site-specific hydrogeological investigation has been completed; groundwater inflows are unestimated.
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-066584 |
| Document: a6k2026oct14pressrelease1.htm | 0001628280-26-066584 |
| Document: 0001628280-26-066584-index-headers.html | 0001628280-26-066584 |
| Document: 0001628280-26-066584-index.html | 0001628280-26-066584 |
| Document: 0001628280-26-066584.txt | 0001628280-26-066584 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 6-K | $26.59 | awaiting T+60 | awaiting T+60 | $24.92 (−6.28%) |
Oct 20, 2026 7d ago | 6-K | $26.59 | awaiting T+60 | awaiting T+60 | $24.92 (−6.28%) |
Oct 19, 2026 8d ago | 6-K | $26.54 | awaiting T+60 | awaiting T+60 | $24.92 (−6.10%) |
Sep 9, 2026 6w ago | 6-K | $29.89 | awaiting T+60 | awaiting T+60 | $24.92 (−16.63%) |
Sep 1, 2026 8w ago | 6-K | $26.37 | awaiting T+60 | awaiting T+60 | $24.92 (−5.50%) |
Aug 26, 2026 8w ago | Institutional Cluster | $29.29 | awaiting T+60 | awaiting T+60 | $24.92 (−14.92%) |
Aug 6, 2026 11w ago | 6-K | $25.20 | awaiting T+60 | awaiting T+60 | $24.92 (−1.11%) |
Jul 15, 2026 14w ago | 6-K | $19.75 $26.32 | ▲ +33.27% | ▲ +30.73% | $24.92 (+26.18%) |
Jul 15, 2026 14w ago | Press Release | $19.75 $26.32 | ▲ +33.27% | ▲ +30.73% | $24.92 (+26.18%) |
Jul 8, 2026 15w ago | 6-K | $19.12 $26.91 | ▲ +40.74% | ▲ +38.25% | $24.92 (+30.33%) |
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