Mining Press Roundup: Aya's Boumadine Doubles to $3.5 Billion as Morocco Emerges a Precious-Metals Powerhouse

The biggest number in mining today wasn't a spot price — it was a net present value. Aya Gold & Silver's updated economic study on its Boumadine project in Morocco more than doubled the mine's estimated after-tax value to $3.5 billion, a jump so large it reframes how investors should think about undeveloped precious-metals assets. It's a fitting story for a session in which junior and mid-tier developers, not the majors, delivered the day's most consequential headlines — from Quebec to Greece to the Australian outback.

Aya Gold & Silver: Boumadine's Value Doubles to $3.5 Billion

Aya Gold & Silver's updated Preliminary Economic Assessment for its Boumadine polymetallic project in Morocco landed like a thunderclap. The base case now carries an after-tax net present value of US$3.5 billion at a 5% discount rate, up from US$1.5 billion in November 2025. The after-tax internal rate of return climbs to 93% from 47%, and payback shortens to 0.7 years from 2.1.

The improved economics reflect more than just friendlier commodity assumptions. Those economics rest on $3,500 per ounce gold, and $50 per ounce silver, an increase of 25% and 67%, respectively, from the gold and silver prices used in the prior study. But Aya also extended the runway of the mine itself: the plan now processes 41.2 million tonnes over 14 years, against 31.1 million tonnes and 11 years previously, at average head grades of 1.77 g/t gold, and 63.5 g/t silver. Design-wise, little has changed — the design has changed very little, with the plan calling for an open pit and underground operation feeding an 8,000 tonne per day mill.

CEO Benoit La Salle struck an ambitious tone, telling investors "Boumadine is a standout precious metals project among its global peers," adding "We have more than doubled the after-tax NPV to $3.5B, while keeping capital costs broadly in line with the prior PEA." A feasibility study is targeted for the second half of 2027, with an environmental assessment expected to wrap up alongside it. Notably, the company intends to avoid heavy shareholder dilution: "We intend to fund Boumadine through existing cash flow and external debt, consistent with our long-term strategy to minimize dilution and deliver superior returns for all shareholders," La Salle said in a release.

Wall Street's reception was mixed. Desjardins Securities called it a "strong positive," with analyst Bryce Adams noting the combination of a 93% IRR, modest capital, rapid payback and roughly 4 million gold-equivalent oz. of production places Boumadine among the more attractive undeveloped precious-metals projects globally. Shares initially popped but gave back gains the next day, as weaker gold and silver prices and some investor caution over the PEA's lower grades offset Wednesday's initial enthusiasm. With gold trading at $4,394/oz and silver at $67.19/oz today, according to market data, Boumadine's underlying price assumptions no longer look aggressive — they look conservative.

Troilus Mining: Quebec Copper-Gold Project Triples in Value to $3.2 Billion

Not to be outdone, Troilus Mining delivered its own blockbuster economic update for its namesake copper-gold project in north-central Quebec. Following completion of detailed engineering, the Technical Report outlines a large-scale, approximately 26-year mine life with an after-tax NPV5% of $3.2 billion, after-tax IRR of 22% and 3.6-year payback period.

The scale here is substantial: Life-of-mine payable production is estimated at 5.63 million ounces of gold, 472 million pounds of copper and 10.88 million ounces of silver, reinforcing Troilus' position as one of Canada's largest undeveloped gold-copper projects. Unlike many preliminary studies, this one carries unusually high confidence — approximately 90% of the pricing inputs have been validated against current market quotations, including firm pricing for key equipment, with the resulting estimate meeting AACE Class 3 accuracy standards (+15%/-10%) across the full Project scope.

Sitting on a site with a storied mining past — the site lies about 120 kilometres north of Chibougamau in north-central Quebec, occupying ground where a previous operation yielded approximately 2 million ounces of gold and nearly 70,000 tonnes of copper from 1996 to 2010 — Troilus is now racing toward a construction decision. CEO Justin Reid indicated the update is designed to finalize financing, telling The Northern Miner the report is "kind of our cleansing statement as we go into putting the final pieces on our financing, and that's going to be over the next two to three weeks." Company guidance points to construction anticipated to start next year, with first ore targeted for September 2029 and commercial production in March 2030.

Eldorado Gold: First Copper-Gold Concentrate Flows at Skouries

After years of delays, Eldorado Gold has finally produced first concentrate at its long-awaited Skouries copper-gold project in northern Greece — a milestone that had eluded the company for the better part of a decade. According to the company's announcement, first copper-gold concentrate has been produced at its wholly owned Skouries Project in northern Greece, marking a significant milestone in the transition of the project from construction to operations and a major step toward commercial production which is expected to be achieved in the fourth quarter of 2026.

The stockpile backing the ramp-up is substantial: the current ore stockpile contains more than 4.6 million tonnes above reserve grade, supporting over seven months of processing and concentrate output during the ramp-up period. CEO George Burns called it a turning point for the company, saying "This is a defining moment for Eldorado. First concentrate at Skouries represents the culmination of years of development, construction and partnership and marks the beginning of a new chapter for our company. Skouries is not only a transformational asset for Eldorado but also one of the most significant investments in Greece and one of Europe's largest copper-gold projects."

Paired with the company's McIlvenna Bay project in Saskatchewan, Burns framed Skouries as a company-defining pivot: "Together with McIlvenna Bay in Saskatchewan, Skouries is expected to transform Eldorado into a larger, more diversified precious metals and critical minerals producer with a stronger production base, meaningful copper and silver exposure and enhanced free cash flow generation."

Osisko Metals: 4.7% Copper Hit Beneath Gaspé's Old Workings

Osisko Metals added another strong data point to its ongoing revival of the historic Gaspé Copper mine in eastern Quebec, reporting high-grade intercepts from beneath old underground workings. Drilled through a pillar of the B Zone underground workings, one hole cut one continuous mineralized interval, from near surface, that returned 257.5 metres averaging 0.39% Cu and 3.60 g/t Ag. A separate hole, 30-1225, cut about 6 metres grading 1.19% copper and 6.1 grams silver from 260 metres depth.

Analysts see the results as reinforcing an already-strong resource growth story. Canaccord Genuity noted "the results continue to demonstrate the potential for resource growth and higher-grade mineralization beyond the current Gaspé resource," adding "we view the results as supportive of further resource growth while increasing confidence in the continuity and grade of the southern Gaspé system." Scotia Capital's Eric Winmill echoed the sentiment, saying "the result indicates potential for higher-grade mineralization within residual pillars, between the historical zones and at depth."

Gaspé is a genuinely large-scale ambition: the project aims to revive one of Canada's historic mines into a modern large-scale operation in time for surging new-energy demand for copper, supporting throughput of up to 160,000 tonnes per day, placing it among Canada's largest operations. Osisko picked up the asset from a major in 2023 — Osisko acquired all of the property from Glencore (LSE: GLEN) in July 2023 and has since focused on rebuilding the mineral resource through drilling — and management says the assay pipeline is only accelerating, with CEO Robert Wares noting "with new assay results now coming in at a faster pace, Osisko expects to provide continuous drilling updates throughout the fall."

Agnico Eagle & Vizsla Copper: A Capital-Light Alaska Play

Agnico Eagle Mines structured a creative deal to offload two Alaska exploration assets while retaining significant upside. Vizsla Copper agreed to acquire Delta, a polymetallic sulphide project 60 km southwest of Tok and roughly 700 km northwest of Juneau, Alaska's capital, and Helm Bay, a gold project 35 km north of Ketchikan — with Agnico taking equity instead of cash.

The arrangement leaves Agnico as Vizsla's controlling shareholder: Agnico would own 19.9% of Vizsla at closing and 22% after disinterested shareholders approve the creation of Agnico as a new control person, with that vote due Nov. 18. The structure is a case study in risk transfer — it gives Agnico continuing exposure to the projects through its Vizsla stake, warrants, royalties and as much as $20 million in milestone payments, while shifting most of the exploration spending and development risk to the junior, and Vizsla, in turn, adds the properties without paying cash, although the share consideration dilutes existing investors.

Vizsla's chairman and CEO Craig Parry framed the deal in strategic terms, saying "Delta and Helm Bay add two new assets to our portfolio and expand our presence in Alaska and the U.S., where domestic sources of critical minerals remain a strategic focus." The Delta project itself carries a legacy resource of note: a historical inferred resource estimate from 2006 of 15.4 million tonnes grading 0.6% copper, 1.6% lead, 3.8% zinc, 62 grams of silver per tonne, and 1.7 grams of gold.

Rio Tinto: Aboriginal Consent Clears Path for Winu Copper Mine

Rio Tinto cleared a critical social and regulatory hurdle for its Winu copper-gold project in Western Australia, securing formal consent from Traditional Owners. The Nyangumarta Warrarn Aboriginal Corporation (NWAC) and Rio Tinto have signed a project agreement governing the proposed mine and associated infrastructure on Nyangumarta Country.

The agreement follows years of engagement: Nyangumarta Elder Margaret (Nyaparu) Rose noted the decision came "following more than five years of detailed discussions." Rio Tinto Copper chief executive Katie Jackson called it a pivotal step, saying "The signing of this Agreement is an important step forward in advancing Winu towards first copper by 2030."

Winu remains Rio Tinto's flagship greenfield copper bet. Rio Tinto owns 70% of Winu in a joint venture with Sumitomo Metal Mining (TYO: 5713) and is targeting first copper production by 2030, subject to final regulatory approvals and a final investment decision. The mine, located in Western Australia's Great Sandy Desert, approximately 300 km south of Broome, is expected to become the first mine developed on Nyangumarta Country. Coming just two days after Rio Tinto's Aurukun bauxite acquisition, today's consent underscores how the company is simultaneously buying scale and de-risking its greenfield copper pipeline — a dual-track strategy as global majors chase copper wherever they can find it.

Sibanye-Stillwater: Squeezed on Two Continents as BMI Cuts PGM Forecasts

It wasn't all good news. BMI trimmed its price forecasts for platinum and palladium, citing weaker automotive demand and recovering South African supply — a backdrop against which Sibanye-Stillwater is fighting fires on two fronts. In Montana, about 750 United Steelworkers members walked out at Sibanye-Stillwater's Stillwater East mine and Columbus smelter on September 3 after four months of contract talks failed. Those US operations are not trivial to the global market: they are the largest primary palladium producer outside Russia and South Africa, and produced 137,930 ounces of palladium and platinum in the first half.

Back home, the company is restructuring an unprofitable shaft. Sibanye-Stillwater said it will restructure the Kwezi shaft at its South African PGM operations, putting 1,114 jobs at risk, after a project to reach shallower reserves and extend the shaft's life ran into objections and permitting delays. The shaft's finances tell the story: the shaft lost R299 million over 2024 and 2025 and is forecast to lose money again in the second half of this year despite stronger prices.

BMI's broader read on the sector is structurally bearish for mined supply even as it flags near-term deficits: even after the supply upgrades, BMI has platinum 204,000 ounces short this year and palladium 102,000 ounces short. The agency expects South African output to keep shrinking, since South African mines are among the oldest, deepest and most capital-intensive in the world, costs keep climbing, and producers have chosen to return cash rather than build new capacity, so mined volumes will trend lower on falling grades while refined output struggles with rising power costs in Limpopo and Gauteng.

What It Means

Today's biggest theme wasn't a discovery — it was re-rating. Aya and Troilus both delivered updated technical studies that transformed years-old projects into multi-billion-dollar assets almost overnight, purely on the back of higher metal-price assumptions and more advanced engineering. With gold at $4,394/oz and silver at $67.19/oz, according to market data, and COPX (the copper miners' ETF) up 0.9% to $95.27, per Polygon data, the market is rewarding development-stage companies willing to run their economics at today's prices rather than yesterday's discounts. Meanwhile, Eldorado's first concentrate at Skouries and Rio Tinto's Winu consent show that even after years of delay, permitting and construction bottlenecks eventually clear — a reminder to investors that patience with jurisdictionally complex projects can pay off. The one sour note came from the PGM complex, where BMI's forecast cuts and Sibanye-Stillwater's twin labor and shaft troubles in Montana and South Africa show that not every corner of the metals market is riding the same wave of optimism as gold, silver and copper.

This roundup covers press releases published on September 10, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.