Boumadine Updated PEA Doubles After-Tax NPV to $3.5B with 93% IRR
AYA has more than doubled off its 52-week low of $8.59.
Summary
Aya Gold & Silver's updated PEA for Boumadine shows after-tax NPV5% of $3.5B, a 93% IRR, and a 0.7-year payback — more than doubling the prior study's economics while keeping capex flat at $463M.
Key Events · Product Development and Regulatory · AYA
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Updated PEA Doubles NPV to $3.5B
After-tax NPV5% rose 140% to $3.5B from $1.5B in the 2025 PEA, with IRR up 46 points to 93% and payback cut to 0.7 years.
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Capex Held Flat at $463M
Initial capital expenditure of $463M is only 4% higher than the prior PEA, lifting the capital efficiency ratio from 3.3x to 7.6x.
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Mine Life Extended to 14 Years
Life of mine increased from 11 to 14 years; LOM silver production up 16% to 81.2 Moz and LOM AuEq production up 7% to 3.9 Moz.
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Indicated Resources Grow 34%
Updated MRE shows Indicated resources of 8.6 Mt at 4.02 g/t AuEq containing 1.1 Moz AuEq, up 34% from the prior estimate.
Analysis · AYA · Energy & Transportation
The updated Preliminary Economic Assessment for the Boumadine polymetallic project in Morocco delivers dramatically better numbers than the prior study. After-tax NPV5% more than doubled to $3.5 billion, the IRR jumped from 47% to 93%, and the payback period shrank to 0.7 years — all while initial capex stayed essentially flat at $463 million. The mine life extended from 11 to 14 years, silver production over the life of mine rose 16%, and the updated mineral resource estimate grew indicated resources by 34%. For a company with a $4.2 billion market cap, this is a thesis-altering development: Boumadine now looks like a best-in-class precious metals project that could double Aya's silver production. The company says it will fund development through existing cash flow and debt to minimize dilution, and it is already evaluating a plant expansion from 8,000 to 10,000 tonnes per day. The feasibility study is targeted for H2-2027, which is the next major milestone.
How filings like this one have moved
In the 30 days to Sep 12, 2026, 42% of the 479 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.44%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, AYA was trading at $29.50 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $4.2B. The 52-week trading range was $8.59 to $30.24. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.