Aya tables PEA for Morocco gold project
Aya Gold & Silver Inc. [AYA-TSX] has announced the results of a preliminary economic assessment (PEA) for its Boumadine project in Morocco, where a feasibility study is targeted for completion in late 2027.
The company said the PEA points to robust economics based on an 11-year mine life with average annual production of 401,000 ounces of gold equivalent (AuEq) in years one to five and 328,000 ounces over the life of the mine.
On a silver equivalent (AgEq) basis, this corresponds to an average annual production of approximately 37.5 million ounces in years one to five and 30.6 million ounces over the mine life.
The study pegs the initial capital cost at $446 million, including a $96 million contingency. It envisages an 8,000 tonne-per-day conventional flotation plant, producing three gold and silver bearing concentrates, zinc, lead and pyrite.
However, the study does not include results of an ongoing 140,000 metre-drill program.
“The Boumadine PEA confirms a highly robust, capital-efficient project that is already significantly de-risked given its conventional flowsheet and high-value concentrates,’’ said Aya President and CEO Benoit La Salle. “Importantly, the PEA includes only the known mineralized zones on the Boumandine mining license, which represents a small portion of our total land package,’’ he said.
“With Boumadine’s mining license already in place, we are advancing development while continuing to drill, unlocking the broader district-scale potential.”
On Tuesday, Aya shares eased 1.5% or $0.23 to $14.69, and trade in a 52-weekrange of $19.68 and $8.52.
Aya operates mining and milling facilities at its Zgounder Silver Mine, an 85%/15% joint venture between an Aya subsidiary and the Office National de Hydrocarbures et des Mines of the Kingdom of Morocco (ONHYM).
In a press release on October 15, 2025, the company announced record quarterly production, recoveries, and throughput at the Zgounder mine. In the three months ended September 30, 2025, Zgounder produced 1.35 million ounces of silver, a 29% increase over the second quarter of 2025.
Aside from Boumadine and Zgounder, the company is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past producing mines and historical resources. The company’s Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being advanced to feasibility.
The Boumadine polymetallic deposit is located in the Anti-Atlas Mountains of Eastern Morocco. This project is also held in a joint venture with ONHYM, with Aya retaining an 85% ownership stake.
On February 22, 2022, Aya announced positive results from a feasibility study which examined a proposed expansion of Zgounder from 700 to 2,700 tonnes per day. The expansion outlined a combined open pit and underground mining operation over the projected 11-year life of mine period.
The company said the study was supported by an initial proven and probable reserve estimate of 8.59 million tonnes grading 257 g/t silver or 71 million ounces.