The 2026 PEA establishes Boumadine as one of the highest-return precious metals projects globally. The 93% IRR and 0.7-year payback on modest upfront capital should drive a significant re-rating. Watch for the feasibility study (H2-2027) and progress on the 400,000m drilling program, which could further expand resources and support an eventual throughput increase to 10,000 tpd. Near-term funding via cash flow and debt should limit dilution.
Price Chart
Executive Summary
Aya Gold & Silver released an updated Preliminary Economic Assessment for its Boumadine project, showing after-tax NPV5% more than doubled to $3.5B (from $1.5B) with a 93% IRR and 0.7-year payback. Initial capex stays roughly flat at $463M while mine life extends to 14 years and silver production rises 16% over life-of-mine, confirming Boumadine as a high-return precious metals development asset.
Key Facts
- After-tax NPV5% of $3.537B (base case), up 140% from prior PEA
- After-tax IRR of 93% vs 47% in the prior PEA
- Payback period of 0.7 years (vs 2.1 years prior)
- Initial capital expenditure of $463M, broadly in line with prior PEA
- 14-year mine life (vs 11 years prior)
- Life-of-mine silver production up 16% to 81.2 Moz
- Gold-equivalent production of 3.9 Moz over LOM, up 7%
- Indicated resource tonnes up 66% to 8.6 Mt; contained AuEq up 34% to 1.1 Moz
- Average metal payability improves to 83% (73% prior)
- Feasibility study targeted for H2-2027
Financial Impact
Project NPV of $3.5B on $463M initial capex (7.6x capital efficiency) represents a transformative revaluation vs the $1.5B prior NPV. Annual free cash flow averages $327M over LOM.
Risk Factors
- PEA is preliminary; inferred resources used (too speculative for economic conversion, no reserves yet)
- Commodity price sensitivity: NPV drops to $1.8B at -25% metals prices from base case
- Execution risk: 14-year mine with high strip ratio (22.6:1) and underground development starting in year 3
- Morocco country and permitting risk
- Roaster and expansion optionality not included in base case
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-061028 |
| Document: a6k2026sept09pressreleaseb.htm | 0001628280-26-061028 |
| Document: 0001628280-26-061028-index-headers.html | 0001628280-26-061028 |
| Document: 0001628280-26-061028-index.html | 0001628280-26-061028 |
| Document: 0001628280-26-061028.txt | 0001628280-26-061028 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | 6-K | $29.89 $26.75 | ▼ −10.51% | ▼ −9.85% | $27.12 (−9.27%) |
Sep 1, 2026 4w ago | 6-K | $26.37 $29.89 | ▲ +13.35% | ▲ +13.27% | $27.12 (+2.84%) |
Aug 26, 2026 5w ago | Institutional Cluster | $29.29 $29.82 | ▲ +1.81% | ▲ +1.54% | $27.12 (−7.41%) |
Aug 6, 2026 8w ago | 6-K | $25.20 $26.94 | ▲ +6.90% | ▲ +5.69% | $27.12 (+7.62%) |
Jul 15, 2026 11w ago | 6-K | $19.75 $20.90 | ▲ +5.82% | ▲ +6.80% | $27.12 (+37.32%) |
Jul 15, 2026 11w ago | Press Release | $19.75 $20.90 | ▲ +5.82% | ▲ +6.80% | $27.12 (+37.32%) |
Jul 8, 2026 12w ago | 6-K | $19.12 $20.04 | ▲ +4.81% | ▲ +3.95% | $27.12 (+41.84%) |
Jul 8, 2026 12w ago | Press Release | $19.12 $20.04 | ▲ +4.81% | ▲ +3.95% | $27.12 (+41.84%) |
Jun 16, 2026 15w ago | 6-K | $21.05 $18.21 | ▼ −13.49% | ▼ −11.26% | $27.12 (+28.84%) |
Jun 12, 2026 16w ago | 6-K | $18.71 $19.88 | ▲ +6.25% | ▲ +5.58% | $27.12 (+44.95%) |
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