Aya Gold & Silver Announces Updated PEA for Boumadine: After-Tax NPV Doubles to $3.5B with 93% IRR
Aya’s Boumadine PEA NPV doubles to $3.5 billion on richer prices and payables despite lower grades.
Aya Gold & Silver Inc. (AYA) has released the 2026 Preliminary Economic Assessment (PEA) for its Boumadine polymetallic project in Morocco. The base case scenario reports an after-tax net present value (NPV5%) of $3.5 billion, representing a 140% increase from the $1.5 billion NPV5% recorded in the 2025 PEA. The assessment outlines an after-tax internal rate of return (IRR) of 93%, with a payback period of 0.7 years from first production and initial capital expenditures of $463 million.
Under spot-price economics, the project shows an NPV5% of $5.5 billion, an IRR of 128%, and a payback period of 0.5 years. The base case utilizes metal prices of $3,500/oz for gold, $50/oz for silver, $1.37/lb for zinc, and $0.90/lb for lead, while spot assumptions apply $4,472/oz for gold and $66.85/oz for silver. Over the life of the mine, the project is projected to generate $10.995 billion in revenue, $6.145 billion in EBITDA, and $4.694 billion in free cash flow.
The mine plan spans 14 years, processing 8,000 tonnes per day. Average production is estimated at 348,000 ounces of gold equivalent (AuEq) per year during the first five years, with an average of 271,000 ounces AuEq over the life of the mine. Cash costs are projected at $998/oz AuEq in years 1-5 and $1,169/oz over the life of the mine. All-in sustaining costs (AISC) are estimated at $1,105/oz and $1,300/oz, respectively.
Updated resource estimates include Indicated resources of 8.6 million tonnes at 4.02 g/t AuEq for 1.1 million ounces of AuEq, an increase of 34%. Inferred resources stand at 45.4 million tonnes at 2.92 g/t AuEq for 4.3 million ounces of AuEq, an increase of 1%. The release is company-authored and promotional; the full text is truncated at 40,000 characters, meaning not all details are available.
Aya Gold & Silver Inc. (AYA) released a new Preliminary Economic Assessment (PEA) that shows the headline net present value (NPV) doubling compared to previous estimates. This increase is primarily driven by higher metal price assumptions and improved payability rather than operational improvements alone. Base gold prices rose 25% versus the 2025 PEA base, while silver prices increased by 67%. Additionally, average payable metals rose from 73% to 83%.
The updated valuation remains sensitive to price fluctuations. Under a PEA sensitivity scenario with prices reduced by 25% ($2,625/oz Au, $37.50/oz Ag), the after-tax NPV is $1.8 billion, which is closer to the previous $1.5 billion PEA figure. While the resource base grew in tonnage, grades declined materially. The Indicated AuEq grade dropped 19%, and the Inferred grade fell 35%.
Management had previously guided to an updated PEA in early September, and the stock had already rallied into the print. The company describes the event as a material positive development-stage milestone, though it notes that the PEA is not a feasibility study.
Aya Gold & Silver Inc. is a Canada-based precious metals producer with operations and development projects in Morocco. Its producing asset is the Zgounder Silver Mine, which delivered 4.83 moz Ag in 2025, with 2026 production guidance set at 5.2–5.8 moz Ag. The company is also advancing Boumadine, a large development-stage polymetallic project that is the subject of this preliminary economic assessment. Additionally, Aya holds a growing Moroccan exploration portfolio, including regional permits and recent copper-silver acquisitions. CEO Benoit La Salle previously founded SEMAFO and brings significant West African mining experience to the company.