Northwire Canada EditionWednesday, July 15, 2026
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SGQ 0.400 +5.3% GMX 1.87 −1.6% ALM 0.310 +0.0% WCU 0.010 +0.0% NTH 0.155 −6.1% GGM 0.035 +0.0% FG 0.035 +0.0% EFR 17.76 −4.5% IVN 10.51 −2.5% MASS 0.090 +0.0% LIF 26.57 −2.3% CPAU 0.155 +0.0% PTX 0.105 −4.5% VENT 0.160 +0.0% ANK 0.278 −4.3% ODV 3.38 +0.3% SGQ 0.400 +5.3% GMX 1.87 −1.6% ALM 0.310 +0.0% WCU 0.010 +0.0% NTH 0.155 −6.1% GGM 0.035 +0.0% FG 0.035 +0.0% EFR 17.76 −4.5% IVN 10.51 −2.5% MASS 0.090 +0.0% LIF 26.57 −2.3% CPAU 0.155 +0.0% PTX 0.105 −4.5% VENT 0.160 +0.0% ANK 0.278 −4.3% ODV 3.38 +0.3%
Technical Study Routine +

Aya Gold & Silver Announces Commencement of Boumadine Feasibility Study and Accelerates Project Development

Aya broadens growth runway in Morocco as Boumadine moves toward feasibility; Zgounder ramp-up achieves scale and generates strong cash flow while exploration expands district-scale potential

By The Northwire Desk — AI Analysis Mar 12, 2026 · 07:00 AYA · 23.65 Aya Gold & Silver Inc.
Executive Summary
  • Most recent news (2026-03-12): Aya Gold & Silver announces the commencement of a feasibility-level study for the Boumadine Project in Morocco and an accelerated development program. The FS is targeted for completion in H2-2027. This follows a multi-threaded work program intended to optimize design and refine capital and operating cost estimates. The company cites ongoing infill and step-out drilling (c. 38,000 m completed in 2025) to convert resources and inform reserve estimation, with several engineering firms engaged (SRK, SGS, Lycopodium, RockEng, SLR, Epoch, Hatch) to cover MRE, metallurgical testwork, process engineering, ESIA, hydrogeology, and water supply. An updated technical report is planned for H2-2026 incorporating 2025–2026 drilling results. This marks a formal move from PEA to FS, signaling deeper development progress for Boumadine.
  • Earlier Boumadine progression (late 2025): The Boumadine PEA (released 2025-11-04) highlighted strong economics (post-tax NPV5% of $1.5B base case; IRR 47%; payback 2.1 years) with open-pit and underground components, $446M initial capex, AISC around $1,021/oz AuEq, and 11+ year mine life. The 2025 updates also underscored district-scale potential with multiple zones (Main Trend, Tizi, Imariren) and a large land package, plus a 360,000 m drilling program planned to advance toward a Feasibility study by 2027.
  • 2026 guidance and strategy context (2026-01-27): Aya outlined 2026 priorities including Zgounder optimization, Boumadine fast-tracking, and a robust exploration program; potential U.S. listing was noted as a strategic objective for liquidity and market access. 2026 guidance emphasizes production at Zgounder and continued Boumadine development, leveraging a strong balance sheet.
  • 2026 exploration and production updates at Zgounder (various 2025-12 to 2026-03 items): Q4-2025 results and Q3-2025 updates show Zgounder delivering record quarterly outputs (silver production, throughputs, recoveries) with continued ramp-up progress. Notably, Q4-2025 results reported record December production and a ramp to ~6 Moz AgEq LOM with 2025 annual guidance, plus ongoing process improvements and sustaining capital investments. The company continued to emphasize a disciplined capital program and a strong cash position to fund Boumadine while expanding Zgounder’s capacity and regional targets.
  • 2025-11 to 2025-10 items (non-RS): A series of positive drill results at Boumadine (discovery of new Asirem zone and parallel structures) reinforced Boumadine’s district-scale potential, with multiple high-grade intercepts reported and a broadening exploration footprint (new permits, expanded land package). The Boumadine drill program and parallel structures suggest upside beyond the PEA’s current scope.
  • Financing and liquidity context (2025-06 to 2025-08): Aya completed a bought-deal equity financing (approximately C$143M in proceeds including over-allotment) and secured a US$25–$100M EBRD facility to support Boumadine development. This financing framework indicates strong investor appetite and bankability for Boumadine, while maintaining liquidity to advance Zgounder and explore regional targets.
  • Corporate governance and insider activity (2025-01 to 2025-04): Board changes (insiders’ secondary market transactions) and addition of independent directors occurred in early 2025, signaling governance adjustments alongside ongoing execution on growth plans. The broader strategic context includes the Amizmiz spinout (Mx2 Mining) completed in 2025, aligning with Aya’s Morocco-focused growth strategy.
Material Impact
  • Materiality of the most recent news: The March 12, 2026 release announcing the Boumadine Feasibility Study commencement and accelerated development represents a meaningful, strategic milestone. It confirms a formal shift into a Feasibility stage with an accelerated timeline (FS targeted by H2-2027) and a broad, parallel workstream approach. While Boumadine economics were already disclosed in the 2025 PEA (with strong post-tax NPV and IRR), initiating the FS and detailing the parallel workstreams provides market-grade visibility into execution risk reduction, capex planning, and timing. This is more than routine drill updates; it signals de-risking and a clear path to capital allocation and potential project financing for Boumadine.
  • Alignment with expectations: The FS kickoff is in line with the previously disclosed trajectory from PEA toward a Feasibility study as Boumadine transitions toward development. The degree of parallel workstreams, including tailings, water supply, ESIA, metallurgy, and process design, is consistent with best practices for a bankable feasibility, especially in a district-scale polymetallic context. That said, the accelerated timing (FS by 2027) depends on continued strong drilling results and approvals, which remains to be tested in subsequent releases.
  • Improvements vs. misses: The news reinforces positive momentum rather than implying a fundamental surprise. It complements prior 2025 disclosures (PBE/FEAS considerations, strong Q4/Q3 production at Zgounder, and health of the balance sheet backed by EBRD facilities and equity financings). The main risk is execution risk and potential capex escalation or schedule slippage; however, the breadth of involved engineers and staged deliverables (updated MRE, ESIA, hydrology, TSF, roaster option study) reduces single-point risk.
AYA · Price
Company Overview
  • Company overview: Aya Gold & Silver is a Canadian mining company focused on silver and associated metals in Morocco. It has progressed the Zgounder Silver Mine toward sustained production with ramp-up to above-nameplate throughput and robust silver recoveries. The Boumadine project represents a district-scale polymetallic asset with a PEA already disclosed and a Feasibility Study now underway to de-risk and optimize capital and operating costs.
  • Flagship project: Zgounder Silver Mine (Morocco) – in production with ramp-up toward steady-state throughput (target around 3,000–3,700+ tpd, with strategic process improvements and mining optimization). Boumadine (Morocco) – Feasibility underway to convert from PEA economics (post-tax NPV around $1.5B base case, IRR around mid-40s to high-60s depending on prices) into a bankable project; district-scale potential with multiple zones and expanding land package. Amizmiz (Mx2 Mining) is a strategic exploration/partition asset activity in Morocco.
Read the original news release →

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