Aya Gold & Silver Declares Commercial Production at New Zgounder Silver Mine Processing Plant
PRESS RELEASE
Aya Gold & Silver Declares Commercial Production at
New Zgounder Silver Mine Processing Plant
Montreal, Quebec, December 30, 2024 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or
the “Corporation”) is pleased to announce that it has reached commercial production at its 100%
owned Zgounder Mine located in the Kingdom of Morocco.
The new Zgounder mill first started processing ore on November 4th, 2024. The first silver pour from
Zgounder’s new processing plant was achieved on November 27th, with commercial production
reached on December 29th, less than two months after the mill began processing the first ore.
Over a thirty-day period ending on December 29th, a total of 45,683 tonnes (“t”) of ore were processed
at the new mill. Processing rates averaged 84 tonnes per hour (“tph”), at 75% availability. As such, the
mill processed an average of 1,523 tonnes per day (“tpd”), equivalent to 76% of nameplate capacity.
Silver recovery was 79%.
Recently, between December 19th and 29th, mill throughput averaged 1,834 tpd and reached 2,152 tpd
on December 27th with stable operating conditions. Mill availability and silver recovery were 86% and
79%, respectively, and improving daily.
Commercial production was defined as a period of 30 days of operations during which the new mill
operated at a minimum of 60% of the mill nameplate throughput of 2,000 tpd. This milestone was
reached on December 29th, 45,683t were processed for the period averaging 76% capacity.
“I am proud to announce the start of commercial production of the new mill at Aya’s expanded
Zgounder mine, completed on budget,” said President & CEO Benoit La Salle . “This
transformative milestone reflects the dedication and expertise of our employees and contractors
who built, tested, ramped up and are now processing ore from both Zgounder’s open-pit and
underground operations. With over 600 full-time employees, a fully funded expanded operation
and a strong financial foundation, Aya is well positioned to support its growth while establishing
a new standard for innovative ESG financing in the global mining industry. We remain committed
to our sustainability objectives including our near-term decarbonization targets, as we continue
with ramp up activities. I extend my deepest gratitude to everyone who made this achievement
possible, especially our shareholders, whose unwavering support has been instrumental in
realizing this vision.”
Construction of the new processing plant at Zgounder began in mid-2022 with a target of declaring
commercial production in 2024. Ramp up of the plant in the last two months has progressed to
Company’s expectations. Commercial production has been achieved, and throughput and recovery
are improving. Aya continues to ramp up production to reach nameplate as soon as possible,
targeting Q1-2025.
Raphaël Beaudoin, P.Eng., Vice President, Operations of the Company, is a Qualified Person as
defined by NI 43-101. Mr. Beaudoin has reviewed the technical information in this news release and
approves the written disclosure contained herein.
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, subject to the announcement of September 12, 2024,
will be developed by Mx2 Mining, a new spinout gold-growth company.
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, MBA
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, business prospects and other opportunities. Wherever
possible, words and 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 words such as “strong”, “fully funded”, “growth”, “committed”, “ramp up”, and
other statements and information with respect to delivering Aya’s strong financial foundation, its
positioning to support its ambitious growth strategy, its capacity to deliver sustainable long term
value, its capacity to reach short term and long term objectives including decarbonization targets, the
capacity to generate future cash flows and to ramp up its activities. 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 new plant’s operation
according to expectations and specifications, ramp up of activities continuing as planned, the EPC
contractor meeting its contractual obligations, the ability to obtain any requisite governmental
approvals, 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, 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 reliance on
one EPC provider and its subcontractors in the Zgounder expansion project, 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 2023 Annual Information Form dated March 28, 2024, and in other filings of Aya
with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. 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.