Aya Gold & Silver Reports Best Ever Mineral Intercept at Boumadine and Identifies New High-Grade Parallel Structure
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The November 26, 2025, news release announces the best-ever mineral intercept at its Boumadine project in Morocco and the identification of a new high-grade parallel mineralized structure.
Key drill results include: - BOU-MP25-087: 15.0 meters (m) of 2,323 grams per tonne (g/t) silver equivalent (AgEq), representing a record metal factor for the project. - BOU-DD25-623: 47.3m of 0.94 g/t gold (Au), which helped define a new parallel high-grade structure in the southern part of the Main Trend. - BOU-RC25-026: 6.0m of 37.03 g/t Au, located approximately 75m south of the current Central pit shell defined in the recent Preliminary Economic Assessment (PEA).
The company reports that 133,003 meters of a planned 360,000-meter drill program have been completed to date with nine active drill rigs, which is expected to increase to sixteen in Q1 2026. The CEO, Benoit La Salle, stated that these results point to a growing resource, larger ultimate pit extents, and increasing scale for the Boumadine project.
This news is materially positive and builds directly on the exceptional Boumadine PEA released on November 4, 2025. The PEA had already established Boumadine as a potential tier-one asset with a post-tax NPV5% of $1.5 billion (base case). The latest drill results significantly enhance this outlook.
- Expansion Potential Confirmed: The discovery of a new parallel structure and, critically, a very high-grade gold intercept (6.0m of 37.03 g/t Au) outside of the PEA pit shells strongly validates management's thesis that Boumadine is a district-scale asset with substantial upside beyond the current resource. This is not just an infill drill result; it is expansionary and suggests the project's scale and value could materially exceed the already robust PEA figures.
- De-risking Exploration Thesis: The record-breaking intercept within the known zones confirms the high-grade nature of the deposit, while the discovery of new zones de-risks the aggressive 360,000-meter exploration program currently underway. It provides tangible evidence that the exploration budget is being deployed effectively to create significant value.
- Consistency with Projections: During the November 11 conference call, management was extremely bullish on Boumadine, stating it could be "a lot bigger" than the PEA outlined. This news provides the first concrete evidence to support that forward-looking view, demonstrating excellent follow-through.
- Market Catalyst: Coming just weeks after the PEA, these results should reinforce positive market sentiment and provide a strong catalyst. The news directly addresses the primary value driver for the company, which is unlocking the full potential of Boumadine.
The impact is significant. While exploration results require confirmation through updated resource estimates and economic studies, intercepts of this grade and nature provide a clear and compelling indication of future growth. This is a high-quality exploration update that materially strengthens the long-term investment case.
Aya Gold & Silver is a Canadian-based, pure-play silver producer with all its operations and exploration assets located in the Kingdom of Morocco.
- Zgounder Silver Mine (Producing Asset): This is the company's cornerstone operational asset. A major expansion was completed at the end of 2024, increasing nameplate processing capacity to 2,700 tonnes per day (tpd). Throughout 2025, the operation successfully ramped up and is now consistently operating above nameplate capacity (3,300-3,800 tpd), generating significant cash flow.
- Boumadine Project (Development Asset): This is the company's primary growth project and is emerging as a world-class polymetallic (gold, silver, zinc, lead) deposit. A November 2025 PEA highlighted its potential as a highly profitable, large-scale mine. The company is currently engaged in a major drill program to expand the resource and advance the project to a feasibility study.