Aya Gold & Silver Delivers Robust Boumadine PEA Highlighting High Return, Rapid Payback and a Capital-Efficient Project

Core Insights - Aya Gold & Silver Inc. announced the results of its 2025 Boumadine Preliminary Economic Assessment (PEA), highlighting robust project economics and significant potential for the Boumadine Project in Morocco [1][5]. Economic Highlights - The PEA indicates a post-tax Net Present Value (NPV) of $1.5 billion at base case prices and $3.0 billion at spot prices, with an Internal Rate of Return (IRR) of 47% and 77% respectively [2][50]. - Initial capital expenditures are estimated at $446 million, with a payback period of 2.1 years at base case prices and 1.2 years at spot prices [4][50]. - Average annual production is projected at 401 thousand ounces (koz) of gold-equivalent (AuEq) in the first five years and 328 koz AuEq over the life of the mine (LOM) [4][21]. Project Parameters - The Boumadine Project has an 11-year mine life, with a total of 31 permits and licenses covering an area of 339 km² [6][9]. - The project will utilize a combined open pit and underground mining operation, with a processing capacity of 8,000 tonnes per day (tpd) [16][24]. Production and Processing - The flotation plant will produce three concentrates: zinc, lead, and pyrite, with total flotation recoveries of 96.1% for gold and 96.4% for silver [29][30]. - The average head grade for the first five years is expected to be 4.76 g/t AuEq, decreasing to 3.85 g/t AuEq over the LOM [7][24]. Capital and Operating Costs - The average cash cost is projected at $109 per tonne milled, with an All-in Sustaining Cost (AISC) of $1,021 per ounce AuEq produced [42][44]. - Total capital expenditures over the LOM are estimated at $786 million, including sustaining capital of $340 million [38][39]. Market and Offtake Agreements - Aya has received interest for potential off-take agreements for concentrates, particularly for the pyrite concentrate due to its high sulfur content and rising global demand [46][49]. Exploration Potential - There is significant potential for resource expansion beyond the current PEA study, with a 140,000-meter drilling program underway to explore additional mineralized zones [57][58]. Next Steps - The company plans to commence a feasibility study targeting completion by late 2027, alongside ongoing environmental and social assessments [64].