The European Bank for Reconstruction and Development (EBRD) is lending up to $25 million to Canadian mining company Aya Gold & Silver Inc. to support the ongoing exploration of the Boumadine polymetallic mine in the Drâa-Tafilalet region, Southeastern Morocco.
Emerging as one of the most significant mining assets in Morocco and North Africa, the Boumadine project plays a key role in Aya’s strategy to diversify its portfolio and expand beyond its Zgounder silver mine near Oujda, Northeastern Morocco.
The financing will fund an exploration program that includes drilling, engineering work, updates to the mine plan, and a preliminary economic assessment—key steps toward large-scale development and potentially positioning Boumadine as a world-class deposit.
The investment will additionally help launch advisory support to improve Aya’s value chain—enhancing resource management, energy efficiency, and efforts to decarbonise its supplier network.
This marks the third round of financing between the EBRD and Aya Gold & Silver, reinforcing its role as a long-term partner for Aya, laying the groundwork for future financing of the mine’s construction.
Beyond exploration, the funding aims to deliver broader local impact. Aya plans to introduce new vocational training programs and work with universities to tailor curricula to meet the mining industry’s evolving needs in the Drâa-Tafilalet region. The company will also partner with the EBRD on a campaign to promote women’s employment in Morocco’s mining sector.
The company had announced earlier this year that it plans to invest an additional $50 million in Morocco over the upcoming years. In the first quarter of 2025, it achieved record production at its Zgounder silver mine, producing 1,068,652 ounces of silver—a 192% increase compared to the same period in 2024.
Established in 2007, the company operates the Zgounder silver mine and is expanding its activities with projects such as Boumadine, which contains several metals including silver, gold, zinc, and lead. Aya Gold & Silver Inc. has stated its intention to follow responsible mining practices, including minimizing environmental impact through efficient resource management, such as water conservation measures and efforts to reduce energy consumption.
