# Aya Gold & Silver Files Updated Preliminary Economic Assessment Technical Report for Boumadine Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aya-gold-silver-files-updated-preliminary-economic-assessment-technical-report-f--986ef484-2c16-4e5d-a612-43619c283c9e Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/461-tsx/aya/213286-aya-gold-silver-files-updated-preliminary-economic-assessment-technical-report-for-boumadine-project.html Publisher: jmn Original announcement: 2026-10-21T00:38:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-21T12:34:43.325Z Atlas analysis updated: 2026-10-21T12:34:43.325Z - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: NPV 5% more than doubled to $3.5B - Positive factor: IRR of 93% - Positive factor: Mine life extended from 11 to 14 years - Positive factor: Significant MRE growth \(91% total growth\) - Positive factor: Strong capital efficiency ratio increase - Negative factor: Preliminary nature of PEA Facts used in scoring: 2 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: 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 Update** Polarity: neutral Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aya-gold-silver-files-updated-preliminary-economic-assessment-technical-report-f--986ef484-2c16-4e5d-a612-43619c283c9e#fact-resource-facts-0) Boumadine · gold #### 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 factor: 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 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 **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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-gold-silver-files-updated-preliminary-economic-assessment-technical-report-f--986ef484-2c16-4e5d-a612-43619c283c9e#fact-resource-facts-1) Boumadine · gold #### 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 factor: 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 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 **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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.