Aya Gold & Silver Announces US$100 Million Project Financing Facility for Zgounder Silver Mine Expansion
PRESS RELEASE
Aya Gold & Silver Announces US$100 Million Project Financing Facility for
Zgounder Silver Mine Expansion
Montreal, Quebec, October 25, 2022 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the
“Corporation”) is pleased to report that its subsidiary, Zgounder Millennium Silver Mining SA (“ZMSM”)
has secured a US$100 million debt financing package to support expansion of the Zgounder Silver
Project. The European Bank for Reconstruction and Development (“EBRD”) h as received final board
approval to provide a Senior Debt Facility of US$92 million, while the Climate Investment Funds, through
its Clean Technology Fund (“CTF”) , is providing a US$8 million tranche, pari -passu with the EBRD.
Customary documentation is expected to be finalized in the coming weeks.
Highlights – Project Finance Facility
Key terms of the loan agreement include:
• US$92 million loan provided by the EBRD
• US$8 million loan provided by the CTF, pari-passu with the EBRD loan
• CTF interest rate reduction following achievement of three ESG and operational milestones:
o Milestone 1: Task Force on Climate-related Financial Disclosures (“TCFD”) report
disclosed by end of 2023
o Milestone 2: Investment completion by end of 2024
o Milestone 3: Reaching “advanced” maturity on the TCFD Climate Governance and Strategy
recommendation
• 6-year maturity
o 2-year principal grace period
o 24-month availability period
“We are thrilled to be partnering with the EBRD, who is highly committed to both Morocco and
development of the Zgounder Silver Mine . The infrastructure build-out will serve as a regional catalyst,
bringing additional investment, local jobs and procurement, and an array of social and environmental
initiatives that benefit both the Kingdom of Morocco and its local communities ,” said Benoit La Salle,
President & CEO. “We have secured a financing package on terms that are competitive and protect the
upside for all stakeholders, while adhering to and promoting the ESG priorities that are part of our
founding values. The financing process has been a team effort and represents a key milestone for
delivering our expansion plan on time and within budget.”
About Aya Gold & Silver Inc.
Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom
of Morocco.
The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and
is exploring its properties along the prospective South -Atlas Fault, several of which have hosted past -
producing mines and historical resources. Aya’s Moroccan mining assets are complemented by its Tijirit
Gold Project in Mauritania, which is being advanced to feasibility.
Aya’s management team has been focused on maximising shareholder value by anchoring sustainability
at the heart of its operations, governance, and financial growth plans.
For additional information, please visit Aya’s website at www.ayagoldsilver.com.
Or contact
Benoit La Salle, FCPA FCA
President & CEO
Alex Ball
VP, Corporate Development & IR
Forward-Looking Statements
This press release contains certain statements that constitute forward -looking information within the
meaning of applicable securities laws (“forward -looking statements”), which reflects management's
expectations regarding Aya’s future growth and business prospects (including the timing and
development of new deposits and the success of exploration activities) and other opportunities.
Wherever possible, words such as “plans”, “expects”, “does not expect”, “deliver”, “plan”, “scheduled”,
“secured”, “trends”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “does not
anticipate”, “believe”, “intend”, “ability to” and similar expressions or statements that certain actions,
events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved,
have been used to identify such forward-looking information. Specific forward-looking statements in this
press release include, but are not limited to, statements and information with respect to the exploration
and development potential of Zgounder and the conversion of Inferred Mineral Resources into Measured
and Indicated Mineral Resources, future opportunities for enhancing development at Zgounder, and
timing for the release of the Company's disclosure in conn ection with the foregoing. Although the
forward-looking information contained in this press release reflect management's current beliefs based
upon information currently available to management and based upon what management believes to be
reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-
looking information. Such forward -looking statements are based upon assumptions, opinions and
analysis made by management in light of its experience, current conditions, and its expectations of future
developments that management believe to be reasonable and relevant but that may prove to be incorrect.
These assumptions include, among other things, the closing and timing of financing, the ability to obtain
any requisite governmental approvals, the presence of artisanal miners, obtaining regulatory permits for
on site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve
and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the
price of silver, the price of gold , exchange rates, fuel and energy costs, future economic conditions,
anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue
reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward -looking statements include, among others: the
inherent risks involved in exploration and development of mineral properties, including government
approvals and permitting, changes in economic conditions, changes in the worldwide price of silver gold
and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being
affected by metallurgical characteristics) and other factors, such as project execution delays, many of
which are beyond the control of Aya, as well as other risks and uncertainties which are more fully
described in Aya's 2021 Annual Information Form dated June 16, 2022, and in other filings of Aya with
securities and regulatory authorities which are availa ble on SEDAR at www.sedar.com. Aya does not
undertake any obligation to update forward -looking statements should assumptions related to these
plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be
construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya
include its subsidiaries unless the context requires otherwise.