Marrakech – Aya Gold & Silver, a Canadian mining company listed on the Toronto and Nasdaq stock exchanges, is preparing a major expansion in Morocco with a $500 million investment program through 2030. The plan aims to boost silver output and launch gold production for the first time.
CEO Benoit La Salle confirmed the investment targets in an exclusive interview with Asharq Business. The company has already poured roughly $400 million into Morocco and intends to begin gold production by 2029, diversifying its revenue base beyond silver.
Aya operates the Zgounder silver mine, located in the Anti-Atlas mountains of central Morocco. It is the country’s second-largest silver mine after Imiter, owned by Moroccan mining giant Managem.
The company also holds an 85% stake in the Boumadine polymetallic project in eastern Morocco, currently in the feasibility study phase. The remaining 15% belongs to the state-owned National Office of Hydrocarbons and Minerals (ONHYM).
Silver production at Zgounder reached approximately 5 million ounces in 2025. The company expects output to rise to between 6.2 million and 6.8 million ounces this year. The mine holds estimated reserves of around 70 million ounces of silver, with an estimated productive life of 11 years. Reserves at Boumadine remain under evaluation.
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The production ramp-up, combined with surging silver prices, drove a sharp improvement in Aya’s first-quarter financials. Revenue jumped 247% year-on-year to $117 million. Net profit reached $49 million, up from $7 million a year earlier – a 600% increase. The gains were fueled by an average silver price of $82.22 per ounce during the quarter, a 158% rise on a yearly basis.
Aya sells its entire output to a refinery in Switzerland without long-term contracts, relying fully on spot market prices. That exposes the company’s results directly to silver price swings. La Salle told Asharq Business that global demand for silver is expected to persist, potentially pushing prices to $120 per ounce this year.
On the Toronto Stock Exchange, Aya’s shares traded at C$22 (approximately US$16) on Wednesday, marking a 16% gain since the start of the year.
The company is also considering a dual listing on the Casablanca Stock Exchange following its recent Nasdaq debut earlier this month. “We are always evaluating potential listings, and choosing Morocco’s stock exchange would be a very natural step,” La Salle said.
Aya Gold & Silver has stated that its strategy remains focused exclusively on Morocco, with no plans to expand operations outside the kingdom.