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Aya lifts Boumadine project value to $3.5 billion after updated study
Aya Gold & Silver says the Boumadine update increases mine life to 14 years and targets a 0.7-year payback based on $3,500 gold and $50 silver assumptions.
Aya Gold & Silver said it has more than doubled the after tax net present value of its Boumadine project in Morocco to $3.5 billion, according to an updated preliminary economic assessment.
The study uses $3,500 per ounce for gold and $50 per ounce for silver and points to a 93% internal rate of return and a 0.7 year payback. Aya also estimated initial capital at $463 million, up from $446 million in its 2025 study, and said mine life would expand to 14 years from 11.
Aya plans to fund Boumadine through existing cash flow and external debt, aiming to limit shareholder dilution. The company said it is advancing toward a feasibility study in the second half of 2027 and is running a 400,000 metre drill program through the end of next year to convert inferred resources to indicated categories required for that work.
The company attributed the stronger economics partly to higher metal price assumptions and improved payability. At Sept. 3 spot prices of $4,472 per ounce gold and $66.85 per ounce silver, Aya calculated an after tax NPV of $5.5 billion, a 128% IRR and a half year payback, while BMO Capital Markets described the PEA as mixed because improved payabilities and longer mine life were offset by lower grades.
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