The company, which operates across the full mining value chain in Morocco, said the funding would support efforts to “expand resources and enhance long-term optionality” at both sites, according to a corporate update issued on Jan. 27.
Aya did not provide a project-by-project breakdown but indicated most exploration would focus on Boumadine, where it plans up to 200,000 metres of drilling in 2026.
The company also plans 20,000 metres of drilling at Zgounder, targeting areas near the existing mine.
The company will also maintain sustained capital investments of approximately $36 million to support open-pit and underground development and upgrades to processing facilities.
Operations and growth pipeline
Aya operates Zgounder, a primary silver mine producing silver doré from a recently expanded processing facility, while simultaneously developing Boumadine, a polymetallic project with substantial gold and silver resources, where feasibility study work is currently underway.
In 2025, Zgounder produced 4.82 million ounces of silver, and the company is targeting an average annual output of approximately 6 million ounces through 2036, reflecting potential for operational growth.
Meanwhile, Boumadine’s preliminary economic assessment (PEA), released in November 2025, estimated the project could yield 2.3 million ounces of gold and 69.8 million ounces of silver over an 11-year mine life, alongside zinc and lead as by-products.
2026 Priorities and Strategic Focus
In an official release, Aya outlined its 2026 priorities, which include delivering strong performance at Zgounder, advancing growth at Boumadine, strengthening its development pipeline, expanding its resource base, and creating a clear path for long-term growth.
The company has not disclosed how the 2026 exploration program will be financed but said it maintains a “strong balance sheet” following higher sales volumes at Zgounder.
Gold and Silver Market Context
Gold and silver prices started 2026 strongly, surging sharply from previous years.
Last week, metals reached some of their highest levels in recent memory, with gold trading near $5,178 an ounce and silver above $112 per ounce, up 48% since the start of the year, according to Trading Economics, before pulling back amid market volatility.
More recently, silver has traded around $75–$80 per ounce, while gold is near $4,600–$4,700 per ounce, reflecting ongoing volatility and market corrections following earlier peaks.
Despite these fluctuations, prices remain elevated relative to historical norms, providing Aya with favourable conditions to advance its Moroccan operations and exploration plans.
Regional expansion in West Africa
Beyond Morocco, Aya is also advancing the Tijirit Gold Project in Mauritania, a development-stage asset in the country’s northwest.
The project is being positioned separately from Moroccan operations and is expected to benefit from favourable precious-metal prices.
