Aya Gold & Silver Files Updated Preliminary Economic Assessment Technical Report for Boumadine Project
Original announcement by jmn on
- Company
- Aya Gold & Silver Inc.
- Ticker
- AYA
- Exchange
- TSX
- Region
- Morocco
- Primary commodity
- Gold
- Secondary commodities
- Silver, Zinc, Lead
- Document categories
- Other, Resource update
- Extracted
- 2026-10-21 12:34:44 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Aya Gold & Silver has filed an updated Preliminary Economic Assessment (PEA) for the Boumadine Polymetallic Project in Morocco. The update features a significantly improved economic profile with an after-tax NPV of $3.5B and a 93% IRR, supported by an expanded mineral resource estimate.
Reasoning: The updated PEA shows massive improvements in project economics (NPV and IRR) and a significantly larger mineral resource compared to the 2025 PEA.
Positive factors
- NPV 5% more than doubled to $3.5B
- IRR of 93%
- Mine life extended from 11 to 14 years
- Significant MRE growth (91% total growth)
- Strong capital efficiency ratio increase
Negative factors
- Preliminary nature of PEA
Facts used in scoring: 2
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The report is explicitly stated to be prepared in accordance with NI 43-101 standards.
Evidence · text
“N.I. 43-101 Report Morocco”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document presents an updated Mineral Resource Estimate (2026 MRE) superseding the 2025 PEA.
Evidence · text
“The updated Mineral Resource Estimate ("MRE" or "2026 MRE") contained in the 2026 PEA was prepared by independent Qualified Person”
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Resource Estimates (2)
indicatedBoumadine · goldTonnes: 8600000Contained Metal: 1.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Boumadine
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Guy Dishaw
- Resource group id
- resource:00c55cdb0a85d9007aad
- Mining method
- combined
Resource Data
- Category
- indicated
- Tonnes
- 8600000
- Contained Metal
- 1.1
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Metal Eq. Grade
- 4.02
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Indicated resource shows significant growth in contained metal compared to the prior estimate.
Positive factors
- 34% increase in contained metal vs prior
Evidence · text
“Indicated: 8.6 Mt at 4.02 g/t AuEq containing 1.1 Moz AuEq, up 34%”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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
inferredBoumadine · goldTonnes: 45400000Contained Metal: 4.3Contained Unit: mozView all detailsHide details
Identity
- Project
- Boumadine
- Commodity
- gold
- Region
- morocco
- Reported Region
- Morocco
- Ticker
- AYA
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Guy Dishaw
- Resource group id
- resource:ad81c5f5ca84a7bebaa0
- Mining method
- combined
Resource Data
- Category
- inferred
- Tonnes
- 45400000
- Contained Metal
- 4.3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-02-28
Metal Equivalent
- Metal Eq. Grade
- 2.92
- Metal Eq. Unit
- g/t AuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Large inferred resource component provides significant scale but lower geological confidence.
Positive factors
- 1% increase in contained metal
Evidence · text
“Inferred: 45.4 Mt at 2.92 g/t AuEq, containing 4.3 Moz AuEq, up 1%”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
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.