Aya Gold & Silver raises Boumadine mine valuation to $3.5 billion

Aya Gold & Silver has significantly increased the valuation of its Boumadine polymetallic mine project in Morocco. The company’s updated preliminary economic study estimates the project's net present value (NPV) after taxes at approximately $3.54 billion in its base case scenario, representing more than a doubling of previous assessments.

Under a scenario based on spot prices observed in early September 2026, the NPV could reach $5.5 billion. This valuation uplift is driven by higher metal price assumptions, improved production volume compensation, and an extension of the mine's operational lifespan from 11 to 14 years. The project is expected to produce concentrates of zinc, lead, and pyrite, though gold and silver remain the primary revenue contributors.

The updated study also highlights improved financial metrics, including an internal rate of return of 93% in the base case and a capital payback period of just 0.7 years from the start of production. Despite the increased valuation, initial investment requirements remain stable at approximately $463 million.