• Aya Gold & Silver plans to invest $446 million in its Boumadine gold-silver project.
• The mine could yield 2.3 million ounces of gold and 69.8 million ounces of silver over 11 years.
• A feasibility study is expected by 2027 following an expanded drilling program.

Canadian mining company Aya Gold & Silver estimates the construction of its planned gold and silver mine at Boumadine, Morocco, will cost $446 million, according to a preliminary economic assessment (PEA) published on November 4, 2025. The company expects to recover this investment in just 2.1 years after production begins.

The study projects a mine life of 11 years, during which the site could produce 2.3 million ounces of gold and 69.8 million ounces of silver, along with zinc and lead by-products. Based on a consensus gold price of $2,800 per ounce, Aya reported an after-tax net present value (NPV) of $1.5 billion and an internal rate of return (IRR) of 47%.

Aya Gold & Silver President Benoit La Salle said the results confirm “the strength and profitability of the Boumadine project,” noting that the risks are already mitigated by a conventional processing design and high-value concentrates. However, the PEA remains an early-stage assessment, and its parameters will be refined in a feasibility study scheduled for completion by the end of 2027.

To prepare for that stage, the company plans a 360,000-meter drilling program over the next two years to expand and upgrade Boumadine’s resources from inferred to measured and proven categories.

Progress on the project will also depend on obtaining mining permits from Moroccan authorities. Once developed, Boumadine would bolster Aya’s operations in Morocco, where it already runs the Zgounder silver mine, one of the country’s largest primary silver producers.