Aya Gold & Silver Closes US$100 Million Project Financing Facility for Zgounder Silver Mine Expansion
PRESS RELEASE
Aya Gold & Silver Closes US$100 Million Project Financing Facility for Zgounder
Silver Mine Expansion
MONTREAL, Quebec, February 7, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya”
or the “ Corporation”) is pleased to announce the Corporation has closed the US$100 million project
financing facility (the “Facility”) to support construction of the Zgounder Silver Mine expansion in the
Kingdom of Morocco.
As announced in the news release dated October 25, 2022, the Facility consists of a US$92 million loan
provided by the European Bank for Reconstruction and Development (“EBRD”) and a US$8 million
tranche (pari-passu with the EBRD) by the Climate Investment Funds through its Clean Technology Fund
(“CTF”).
Key terms of the loan agreement remain unchanged and include:
• US$92 million loan provided by EBRD
• US$8 million loan provided by CTF. Interest rate is equal to the all -in rate at the time of signing
reduced following achievement of three milestones:
o Milestone 1: Task Force on Climate -related Financial Disclosures (“TCFD”) report
disclosed by end of 2023 will result in a 25% rate reduction;
o Milestone 2: Completion of certain capital expenditure set out in the TCFD report and in
the development plan by end of 2024 will result in a 50% rate reduction;
o Milestone 3: Reaching “advanced” maturity on the TCFD’s Climate Governance and
Strategy recommendation will result in reduction of interest to an all-in rate of 1.00%.
• 6-year maturity
o 2-year principal grace period
o 24-month availability period
• 6-month SOFR (0% floor) + 5.00%
o CTF tranche can reduce to all -in rate of 1.00% following certain actions (see milestones
above)
o Interest and capital paid twice yearly
o Commitment fee representing 30% of margin for undrawn amounts during the availability
period
• Cost overrun account of US$18 million funded prior to first drawdown , debt service reserve
account of US$16.3 million funded at the end of the grace period
• Drawdowns available upon satisfaction of certain customary conditions precedent
• No mandatory silver hedging, offtakes, production-linked payments or equity issuances as part of
its structure
“This project financing , along with the recently completed and very successful equity offering,
corroborates our positive view on Morocco and provides Aya financial flexibility as we continue with the
Zgounder Silver Mine expansion,” said Benoit La Salle, President and CEO. “For this, we would like to
thank our funding partners, who have worked diligently to close this Facility , and we look forward to
delivering value for all stakeholders and achieving the operational and ESG milestones set out by this
partnership.”
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 Sout h-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 maximizing 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”, “objective”, “significant”, “deliver”, “plan”, “scheduled”,
“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. S pecific 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 connection 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 st atements 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 inp uts, 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 a nd 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 available 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 solic itation to buy or sell Aya securities. All references to Aya include its
subsidiaries unless the context requires otherwise.