FULL DISCLOSURE: The Deep Dive is long the equity of Steadright Critical Minerals.
Morocco has climbed to 15th place globally in the latest Investment Attractiveness Index for the mining sector, according to the Fraser Institute’s 2025 Annual Survey of Mining Companies. The North African kingdom’s ascent marks a significant milestone in its strategy to diversify its economy and position itself as a critical hub for global mineral supply chains.
The survey, which evaluates 68 jurisdictions based on both geological endowment and public policy, shows Morocco rising three spots from its 18th-place finish in 2024. With a total score of 78.97 out of 100, a year-on-year increase of 4.27 points, Morocco now trails only Botswana (ranked 10th globally) as the most attractive mining destination on the African continent.
The kingdom’s improved standing was fueled by a sharp increase in its Policy Perception Index, which jumped 6.59 points to reach 25th place globally. This index reflects executive sentiment regarding a country’s regulatory climate, including its legal system, tax regime, and environmental regulations.
“The rise in policy scores underscores growing international confidence in Morocco’s institutional stability and recent regulatory overhauls,” said a mining analyst familiar with the report. “Investors are responding positively to the government’s efforts to streamline permitting and enhance transparency in the extractive industries.”
Morocco also saw gains in its “Best Practices Mineral Potential” ranking, moving from 11th to 9th globally. This metric assesses a region’s geological appeal under the assumption of a “best-case” regulatory environment, highlighting the kingdom’s vast, under-explored mineral wealth beyond its dominant phosphate sector.
Aya Gold & Silver Sets Production Benchmarks
Leading the operational charge is Aya Gold & Silver (TSX: AYA), which has become a primary example of Morocco’s high-grade potential. The company’s flagship Zgounder Silver Mine achieved record production of 5 million silver equivalent ounces in 2025. Benoit La Salle, CEO of Aya Gold & Silver, recently noted that the mine is currently running significantly above nameplate capacity, processing approximately 3,700 tonnes per day.
The company is moving toward a mid-tier producer status, with 2026 production guidance set between 6.2 million and 6.8 million ounces of silver equivalent. Beyond its core operations, Aya is aggressively developing its Boumadine asset, where it expects to produce over 1 million ounces of silver equivalent from historical stockpiles this year alone at an all-in sustaining cost (AISC) of approximately $11 per ounce.
New Entrants Target Rapid Development
While established players expand, new entrants are looking to replicate this success. Steadright Critical Minerals (CSE: SCM) has emerged as a dedicated Morocco play, focusing on speed-to-market for its portfolio of critical and precious metal assets.
“Morocco is one of the best countries in the world to work in, and nobody knows it,” said Matt Lewis, CEO of Steadright, echoing sentiments from industry veterans. The company currently holds four key projects, including Goundafa and Silver Line, which already possess full mining licenses. Steadright is targeting revenue streams as early as the end of the second quarter of 2026 by prioritizing bulk sampling and rapid exploration.
Atrium Research recently initiated coverage on Steadright Critical Minerals with a “Buy” rating and a C$0.50 per share price target. The valuation highlights the company’s unique position as one of the few junior explorers with permitted assets capable of near-term cash flow in the Moroccan jurisdiction.
A Strategic Shift to Critical Minerals
While Morocco remains the world’s largest exporter of phosphates, the government has aggressively pivoted toward “green” and critical minerals. This shift is aimed at capitalizing on the global energy transition, with a focus on cobalt, lithium, and copper—essential components for electric vehicle batteries and renewable energy infrastructure.
In a move to accelerate exploration, the Ministry of Energy Transition and Sustainable Development recently launched a public tender for 361 prospective zones in the Tafilalet and Figuig regions. The tender covers 1.3 million hectares, representing nearly 22% of the region’s total mining surface, and marks a first-of-its-kind opening of these territories to large-scale private investment.
Despite the optimistic trajectory, the Fraser Institute report noted that challenges remain. Industry executives cited the quality of geological databases and the consistency of regulatory enforcement as areas requiring further refinement.
However, Morocco’s logistical advantages continue to set it apart from its continental peers. The proximity to European markets and the expansion of the Tanger-Med port complex provide a robust export infrastructure that reduces “mine-to-market” costs, a factor increasingly weighed by global investors facing inflationary pressures.
Morocco’s performance comes amid a broader reshuffling of African mining attractiveness. While Botswana remains the regional leader, other nations such as Zambia, Tanzania, and Côte d’Ivoire also recorded gains, signaling a competitive race for capital across the continent.
FULL DISCLOSURE: Steadright Critical Minerals is a long investment of Canacom Group, the parent company of The Deep Dive. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
