Aya Gold & Silver (AYA) has filed an updated preliminary economic assessment technical report for its Boumadine polymetallic project in Morocco. Effective September 9, 2026, it replaces the 2025 assessment; its highlights were previously announced. The base case estimates $3,537 million after-tax net present value, discounted at 5%, a 93% internal rate of return and 0.7-year payback. It assumes gold at $3,500/oz and silver at $50/oz; all financial figures are U.S. dollars.
Estimated initial capital is $463 million. The mine plan extends estimated life from 11 to 14 years, with average annual production of 271,000 gold-equivalent ounces over its life. An existing mining license is in place, and feasibility work is underway. The assessment remains preliminary and includes inferred resources. Aya will release Q3 2026 results on November 12, before market opens, with a management call at 10 a.m. ET.
Aya Gold & Silver (AYA) reported record consolidated production of 2.03 million silver-equivalent ounces for the third quarter of 2026. Output rose 51% year over year and 21% quarter over quarter; silver-equivalent ounces combine silver and gold production. Zgounder produced 1,497,749 silver ounces, up 11% year over year, while Boumadine reclaim operations produced 536,879 silver-equivalent ounces, up 186% from Q2.
Zgounder processed 4,096 tonnes daily, with 92.0% silver recovery. Its second-phase tailings storage facility was completed in early Q3. Aya expects its crusher expansion to finish in early 2027 and says it remains on track for 2026 production guidance. Boumadine stockpile reclamation is expected to last approximately 20 to 24 months from November 19, 2025, or until depletion; the broader project remains in exploration and evaluation, not commercial production.
Aya Gold & Silver (AYA) reported new high-grade drill exploration results from its ongoing infill program at the Boumadine Project in Morocco.
Key intercepts on the 5.4km Boumadine Main Trend include hole BOU-DD26-848 with 392 g/t AgEq over 24.3m, including 776 g/t AgEq over 10.0m, and BOU-DD26-883 with 593 g/t AgEq over 15.2m, including 1,038 g/t AgEq over 4.2m. Additional results feature BOU-DD26-861 with 1,030 g/t AgEq over 4.1m, including 2,827 g/t AgEq over 1.0m, and BOU-DD26-834 with 696 g/t AgEq over 5.7m.
Year-to-date, 406 diamond drill holes totaling 145,719m have been completed at Boumadine, representing 38.6% of the planned 360,000m 2026–2027 infill program. The Main Trend, Tizi and Imariren zones all remain open in all directions, and work is being advanced toward an updated Feasibility Study expected next year.
Aya Gold & Silver (AYA) reported high-grade silver drill results from its 2026 exploration program at the Zgounder Silver Mine in Morocco.
Near the open-pit area, surface RC hole ZG-RC-24-155 returned 783 g/t silver over 13.0m, and ZG-RC-24-354 intersected 501 g/t over 11.0m, including 4,000 g/t over 1.0m. In the central underground area, hole DZG-SF-26-945 intercepted 3,501 g/t over 3.5m, including 7,717 g/t over 1.5m, while T28-26-1334 cut 4,770 g/t over 2.4m and T28-26-1404 returned 762 g/t over 12.0m.
Year to date, 16,217m of drilling, or 54.1% of the 2026 exploration program, has been completed. Aya stated that development of an exploration drift at the 1,825-metre level is advancing and is expected to enable drilling west of the fault in Q4.
Aya Gold & Silver (AYA, AYASF) released an updated 2026 PEA for its Boumadine polymetallic project in Morocco, showing after-tax NPV5% rising to $3.5 billion and IRR to 93%, more than double the prior PEA, based on a 14‑year mine life.
The base case assumes prices of $3,500/oz gold and $50/oz silver, delivering a 0.7‑year payback and a capital efficiency ratio of 7.6x on initial capex of $463 million. Life-of-mine revenue is projected at $11.0 billion, EBITDA at $6.1 billion, and free cash flow at $4.7 billion. Average annual production is estimated at 348 koz AuEq in Years 1–5 and 271 koz AuEq over LOM, totaling 3.9 Moz AuEq, including 2.3 Moz Au and 81.2 Moz Ag. An updated MRE supports 8.6 Mt of Indicated resources at 4.02 g/t AuEq and 45.4 Mt of Inferred at 2.92 g/t AuEq, both higher than the prior estimate.
Aya Gold & Silver (TSX/NASDAQ: AYA) has agreed to acquire a 139 km² copper-silver exploration portfolio in Morocco, including a 19 km² mining license about 35 km west of its Zgounder Silver Mine. Total consideration is C$4.0 million, payable in Aya common shares, with closing subject to confirmatory due diligence, Moroccan and Canadian regulatory approvals, and TSX approval. The portfolio, in the Tizi area, hosts multiple mineralization styles, historical trenching of 15 m grading 0.65% Cu and 33 g/t Ag, and high-grade surface samples up to 837 g/t Ag and 4.6% Cu from historical work, alongside Aya grab samples up to 500 g/t Ag and 4.0% Cu.
Aya highlights a principal Cu-Ag horizon over 2 km, district-scale potential with historical workings and copper occurrences, and roughly 20 km of existing road access. Over the next 12–18 months, Aya plans stream sediment geochemistry, hyperspectral studies, airborne geophysics, mapping and prospecting to define the next exploration phase.
Aya Gold & Silver (TSX/NASDAQ: AYA) reported strong Q2-2026 results with revenue of $97M, up 151% year-over-year, driven by a 90% higher average net realized silver equivalent price of $64.22/oz and a 32% increase in consolidated ounces sold.
Net income rose to $35M (basic EPS $0.24) from $9M, while operating cash flow reached $48M, up 522% year-over-year. Consolidated production grew 61% to 1.7 Moz AgEq with cash costs of $16.82/oz AgEq, and Zgounder silver output increased 43% year-over-year to 1.5 Moz.
Aya ended the quarter with $183M in cash and cash equivalents and fully repaid its EBRD facility. The company advanced extensive drilling at Boumadine and Zgounder, listed on Nasdaq, was added to the VanEck GDX ETF, and completed Phase 2 of its tailings storage facility.
Aya Gold & Silver (TSX/NASDAQ: AYA) acquired a strategic Moroccan exploration portfolio comprising three mining licenses and 18 exploration permits totaling approximately 259 km² across the Zagora, Agadir-Melloul and Goulmim projects. The ground is prospective for precious, base and critical metals, including Ni, Co, Pb, Zn, Ag, Au, Cu and rare earth elements.
According to Aya Gold & Silver, the Company’s land package in Morocco increased in 2026 from roughly 732 km² to over 991 km², a 35.4% expansion. The Portfolio was acquired for MAD 10 million in cash and assumed debt, plus milestone payments and a 2% net smelter return royalty, which is partly or fully repurchasable under predefined conditions. A greenfield exploration program over the next 18–24 months will prioritize targets using geochemistry, hyperspectral studies, mapping and prospecting.
Aya Gold & Silver (TSX/NASDAQ: AYA) reported continued progress on the Boumadine Project feasibility study, which began in early 2026 and is advancing as planned. Year-to-date, 102,111m of a planned 360,000m infill drilling campaign have been completed to support resource conversion and reserve estimation.
The company is advancing procurement, having shortlisted mining contractors for an open-pit contract tender expected to conclude in H1-2027, and is running a similar process for the processing plant. Detailed engineering for water and power infrastructure is underway, and metallurgical testwork led by SGS is in its final phase. Aya expects to complete the Boumadine feasibility study by H2-2027 and to publish an Updated PEA in H2-2026. Q2-2026 financial results will be released on August 13, 2026, followed by a conference call on August 14.
Aya Gold & Silver (TSX: AYA; NASDAQ: AYA) reported record Q2-2026 production from its Zgounder mine and Boumadine pyrite reclaim operation in Morocco.
Consolidated output reached 1.68 Moz AgEq, up 61% YoY, with Zgounder silver production of 1.49 Moz and mill recovery of 91.2%.