Aya Gold & Silver (TSX: AYA) has already made the decision to move Boumadine toward construction, even though its feasibility study is not expected until the second half of 2027.
The latest PEA values Boumadine at US$3.5 billion after tax, more than double the previous study, while initial capital barely moved at US$463 million. But a large part of that increase comes from higher gold and silver assumptions. At the same time, grades fell, strip ratios worsened, AISC increased 27%, and roughly four out of every five tonnes in the current mine plan remain inferred.
In this video, we break down what actually improved, what got worse, how much of the new valuation comes from precious-metal prices, and why Aya is moving ahead before the study normally used to justify a construction decision is complete.
