The Boumadine mine could generate nearly US$11 billion in revenues over fourteen years. The Moroccan gold, silver, zinc and lead project has just seen its economic outlook significantly upgraded by Aya Gold & Silver.
The Canadian group published a new preliminary economic assessment of the project on September 9, 2026. It now estimates Boumadine’s cumulative revenues at US$10.995 billion, up from US$6.991 billion in the previous study.
Boumadine mine: revenues rise sharply
The new study marks a clear improvement in the project’s economic outlook.
Aya Gold & Silver now extends the envisaged mine life to 14 years, compared with 11 years in the previous study. This change is accompanied by a substantial increase in projected revenues.
The group also estimates the project’s after-tax net present value at roughly US$3.5 billion in the base-case scenario. The internal rate of return reaches 93%.
These figures, however, derive from a preliminary economic assessment. They do not guarantee the mine’s future results.
A Moroccan project focused on multiple metals
The Boumadine mine is a polymetallic project located in Morocco.
Its model is based mainly on gold and silver, but also on zinc and lead. Aya plans both open-pit and underground mining as well as a conventional flotation plant.
The project is expected to produce three marketable concentrates: zinc, lead and pyrite. According to Aya, gold would account for 57% of revenues and silver 30%. Zinc and lead would make up the remainder.
US$463 million initial capital investment
Developing Boumadine also requires a significant upfront investment.
Aya Gold & Silver estimates initial capital expenditures at about US$463 million. The company plans a processing capacity of 2.9 million tonnes per year.
The project also shows a particularly short payback period in the current economic study.
Aya indicates a capital payback period of 0.7 years in its base-case after-tax scenario. These projections remain dependent on the study’s underlying assumptions.
A study that significantly revalues Boumadine
The new assessment far exceeds the figures in the previous study.
In 2025, Aya estimated the mine life at 11 years and valued the project’s revenues at around US$7 billion under the earlier financial assumptions. The new PEA accounts for a longer operating life, higher payable production and revised metal price assumptions.
The group also highlights improved commercial recoveries for gold and silver.
Boumadine remains at the development stage
Despite these projections, the Boumadine mine is not yet in production. Aya Gold & Silver is currently advancing work related to the feasibility study, which it aims to complete by the end of 2027.
The project has a mining license covering part of the explored territory. Aya is also continuing drilling campaigns to assess the district’s broader potential.
Between May 2022 and December 2025, the group says it completed 1,078 drill holes, totaling more than 353,000 metres.
Potential beyond the current mine
Aya regards Boumadine as one of the primary development assets in its Moroccan portfolio.
The group holds 85% of the project, while Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) holds the remaining 15%. The area covered by permits and licenses reaches 341 km².
The company believes further exploration work could still increase the district’s resources.
For now, the near-US$11 billion figure therefore corresponds to an economic projection. Realizing that value will depend on the next technical, financial and regulatory steps.
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