# Aya doubles Boumadine value to $3.5B Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4 Original source: https://www.northernminer.com/news/aya-doubles-boumadine-value-to-3-5b/1003894726/ Publisher: northernminer Original announcement: 2026-09-10T14:15:12.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Aya Gold & Silver - Ticker: AYA - Exchange: Unavailable - Region: Morocco - Primary commodity: Gold - Secondary commodities: Silver, Zinc, Lead, Copper - Document categories: Resource update, Other - Extracted: 2026-09-10 14:48:51 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Aya Gold & Silver has released an updated Preliminary Economic Assessment \(PEA\) for its Boumadine project in Morocco, increasing the after-tax NPV to $3.5 billion. The update is driven by higher gold and silver price assumptions and an extended mine life, although average grades have decreased compared to the 2025 study. Reasoning: The updated PEA shows significantly improved project economics \(NPV/IRR\) driven by higher metal price assumptions, despite a decline in average grades and gold production. - Positive factor: Significant NPV increase to $3.5B - Positive factor: High IRR of 93% - Positive factor: Rapid 0.7-year payback - Positive factor: Expansion of mine life to 14 years - Negative factor: Lower average grades compared to 2025 study - Negative factor: Gold production slips 4% vs previous study Facts used in scoring: 10 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document reports an updated Preliminary Economic Assessment \(PEA\) for the Boumadine project. Evidence · text > The updated preliminary economic assessment issued Wednesday **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the reported resource \(45.4 Mt\) is in the Inferred category. Evidence · text > 45.4 million inferred tonnes **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Resource Estimates (10) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-0) gold #### Identity - Commodity: gold - Ticker: AYA #### Resource Data - Category: indicated - Tonnes: 8600000 - Grade: 1.93 - Grade Unit: g/t - Contained Metal: 532000 - Contained Unit: oz. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Indicated resource component of the updated PEA. Evidence · text > 8.6 million indicated tonnes grading 1.93 grams gold per tonne #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-1) silver #### Identity - Commodity: silver - Ticker: AYA #### Resource Data - Category: indicated - Tonnes: 8600000 - Grade: 121.7 - Grade Unit: g/t - Contained Metal: 33600000 - Contained Unit: oz. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Indicated resource component of the updated PEA. Evidence · text > 121.7 grams silver #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-2) zinc #### Identity - Commodity: zinc - Ticker: AYA #### Resource Data - Category: indicated - Tonnes: 8600000 - Grade: 2.19 - Grade Unit: % - Contained Metal: 188000 - Contained Unit: tonnes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Indicated resource component of the updated PEA. Evidence · text > 2.19% zinc #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-3) lead #### Identity - Commodity: lead - Ticker: AYA #### Resource Data - Category: indicated - Tonnes: 8600000 - Grade: 1.01 - Grade Unit: % - Contained Metal: 87000 - Contained Unit: tonnes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Indicated resource component of the updated PEA. Evidence · text > 1.01% lead #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-4) copper #### Identity - Commodity: copper - Ticker: AYA #### Resource Data - Category: indicated - Tonnes: 8600000 - Grade: 0.09 - Grade Unit: % - Contained Metal: 8000 - Contained Unit: tonnes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Indicated resource component of the updated PEA. Evidence · text > 0.09% copper #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-5) gold #### Identity - Commodity: gold - Ticker: AYA #### Resource Data - Category: inferred - Tonnes: 45400000 - Grade: 1.82 - Grade Unit: g/t - Contained Metal: 2650000 - Contained Unit: oz. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Inferred resource component of the updated PEA. Evidence · text > 45.4 million inferred tonnes grading 1.82 grams gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-6) silver #### Identity - Commodity: silver - Ticker: AYA #### Resource Data - Category: inferred - Tonnes: 45400000 - Grade: 56.8 - Grade Unit: g/t - Contained Metal: 82800000 - Contained Unit: oz. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Inferred resource component of the updated PEA. Evidence · text > 56.8 grams silver #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-7) zinc #### Identity - Commodity: zinc - Ticker: AYA #### Resource Data - Category: inferred - Tonnes: 45400000 - Grade: 1.33 - Grade Unit: % - Contained Metal: 604000 - Contained Unit: tonnes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Inferred resource component of the updated PEA. Evidence · text > 1.33% zinc #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-8) lead Historical result Needs review: historical\_restatement #### Identity - Commodity: lead - Ticker: AYA #### Resource Data - Category: inferred - Tonnes: 45400000 - Grade: 0.58 - Grade Unit: % - Contained Metal: 265000 - Contained Unit: tonnes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Inferred resource component of the updated PEA. Evidence · text > 0.58% lead #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aya-doubles-boumadine-value-to-3-5b--fa199672-51a9-4c47-82e1-c757bb9125c4#fact-resource-facts-9) copper #### Identity - Commodity: copper - Ticker: AYA #### Resource Data - Category: inferred - Tonnes: 45400000 - Grade: 0.08 - Grade Unit: % - Contained Metal: 35000 - Contained Unit: tonnes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-10T00:00:00.000Z Reasoning: Inferred resource component of the updated PEA. Evidence · text > 0.08% copper #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.