Aya updates Boumadine PEA, outlining 422kt zinc and 195kt lead production over 14 years

Published: Sep 30, 2026 11:07 (GMT+8)

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Aya Gold & Silver released an updated PEA for its Boumadine project in Morocco. The development-stage polymetallic project is designed to produce payable zinc, lead and pyrite concentrates. At base-case assumptions, the study reports an after-tax NPV₅% of US$3.5 billion, a 93% IRR and US$463 million of initial capex, with mine life extended from 11 years to 14.4 years.

The updated PEA uses an 8,000 tonnes per day processing design and models 41.2 Mt of mineralized material over the life of mine, at average grades of 1.37% zinc and 0.58% lead. It outlines 422kt of zinc and 195kt of lead production, with zinc and lead recoveries of 74.7% and 82.0%, respectively. Feasibility work is underway, with completion targeted for H2 2027; the PEA includes inferred resources and remains preliminary.

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