• Aya Gold & Silver plans to invest about $60 million in exploration at Zgounder and Boumadine in 2026.

• Most drilling is planned at Boumadine, with 200,000 meters scheduled during the year.

• High silver prices are supporting investment plans and project optimization.

Canadian mining company Aya Gold & Silver plans to spend about $60 million on exploration at its Zgounder and Boumadine gold and silver projects in Morocco in 2026. The funding, announced in a Jan. 27 corporate update, is intended to support ongoing work to “expand resources and enhance long-term optionality” at the two assets.

Aya did not provide a breakdown of the budget by project, but most of the planned exploration work is expected to focus on Boumadine. The company plans a total of 200,000 meters of drilling there over the year, with the aim of increasing resources and strengthening confidence in the site’s mineral potential. At Zgounder, 20,000 meters of drilling are also planned on targets located near the existing mine.

Developing new growth opportunities

Through these initiatives, Aya Gold & Silver aims to support its growth ambitions in Morocco. At Zgounder, where annual production of 4.82 million ounces of silver was reported in 2025, the company still sees upside potential. It is targeting average output of about 6 million ounces per year through 2036. This outlook could be supported by the identification of new promising targets through exploration, opening the way for a possible extension of the mine’s life.

At Boumadine, which Aya aims to advance as its next mine in the kingdom, the group also has larger ambitions. According to a preliminary economic assessment (PEA) published in November 2025, the asset could produce 2.3 million ounces of gold and 69.8 million ounces of silver over 11 years, with zinc and lead as by-products. This potential is already being optimized, notably through a resource update expected in the second half of 2026, which will also serve as the basis for updating the study.

“Our objectives center on continuous optimization at the Zgounder silver mine, including incremental throughput enhancements to maximize cash flow, fast-tracking feasibility work at Boumadine, and executing a bold exploration program. Together these initiatives span the full value chain and are designed to enhance scalability, expand resources, and advance development opportunities,” said Benoit La Salle, president of Aya Gold & Silver.

For now, the company has not detailed how the planned funding will be raised. It noted, however, that it has a “strong balance sheet” following a 2025 marked by higher sales volumes at Zgounder and a sustained rise in silver prices. This momentum has continued into 2026, with silver trading above $105 per ounce, up 48% since the start of the year, according to Trading Economics.

High price levels are giving mining companies a favorable window to accelerate work and refine projects. It remains to be seen how Aya will capitalize on this environment to advance its operations in Morocco.

Aurel Sèdjro Houenou