- Aya Gold & Silver (TSX:AYA) published a preliminary economic assessment for its Boumadine project in Morocco detailing a post-tax net present value (discounted at 5 per cent) of US$1.5 billion
- Aya Gold & Silver is a high-growth silver producer active in Morocco and the only pure-play silver company listed on the TSX
- Aya Gold & Silver stock has added 367 per cent since November 2020
Aya Gold & Silver (TSX:AYA) published a preliminary economic assessment for its Boumadine project in Morocco detailing a post-tax net present value (discounted at 5 per cent) of US$1.5 billion, initial capital costs of US$446 million and a payback period of only 2.1 years at base-case prices of US$2,800 per ounce of gold and US$30 per ounce of silver, each of which is heavily discounted to current spot prices.
The combined open-pit and underground operation is estimated to generate about 2.3 million ounces of gold and 69.8 million ounces of silver over an 11-year mine life, in addition to almost 1 billion pounds of zinc and almost 400 million pounds of lead. Total cash costs stand at US$928 per ounce of gold equivalent, with all-in sustaining costs of US$1,021 per ounce of gold equivalent.
The PEA does not include 140,000 metres of drilling from the ongoing 2025 campaign, potentially adding resources to supply future off-take agreements, three of which are currently in place for the project’s concentrates.
With estimated annual production of 30.6 million ounces of silver equivalent, Boumadine represents an exponential leap from Aya’s current output at its flagship Zgounder mine, which generated just over 1.6 million ounces of silver in 2024.
According to Tuesday’s news release, Aya leadership is aiming to complete a feasibility study at Boumadine by late 2027 backed by 360,000 m in additional drilling planned over the next two years.
Management commentary
“The Boumadine PEA confirms a highly robust, capital-efficient project that is already significantly de-risked given its conventional flowsheet and high-value concentrates,” Benoit La Salle, president and chief executive officer of Aya Gold & Silver, said in a statement. “With industry-leading low initial capex of US$446 million, a post-tax NPV of US$3 billion at spot prices and US$1.5 billion under our base-case prices, both delivering industry-leading returns on invested capital, Boumadine ranks among the most attractive undeveloped precious metal projects globally. Importantly, this PEA includes only the known mineralized zones on the Boumadine mining license, which represents a small portion of our total land package. With Boumadine‘s mining license already in place, we are advancing development while continuing to drill, unlocking the broader district-scale potential.”
About Aya Gold & Silver
Aya Gold & Silver is a high-growth silver producer active in Morocco and the only pure-play silver company listed on the TSX. The company’s portfolio includes its flagship Zgounder mine and exploration properties along the prospective Anti-Atlas fault.
Aya Gold & Silver stock (TSX:AYA) last traded at C$15.47. The stock has added 367 per cent since November 2020.
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