Aya Gold & Silver Exceeds 2023 Production Guidance
PRESS RELEASE
Aya Gold & Silver Exceeds 2023 Production Guidance
Montreal, Quebec, January 11, 2024 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the
“Corporation”) is pleased to announce production of 1,970,646 ounces of silver at its Zgounder Silver
Mine in 2023.
Q4-2023 Production Highlights
• Silver (“Ag”) production of 450,046 ounces (“oz”) in Q4-2023.
• Processed 66,449 tonnes (“t”) of ore at a head grade of 239 grams per tonne (“g/t”) of silver.
• Silver recovery of 86.7% in Q4-2023.
• Combined mill availability of 91.3% in Q4-2023, a 2.6% increase compared to Q4-2022.
• Mine production of 180,726t of ore in Q4 -2023, 124.7% increase compared to Q4 -2022 as per
mine ramp up plan.
Safely Delivering on our Commitments and Guidance
• 240% year-on-year increase in health and safety training hours.
• 86% reduction in accident frequency rates compared with 2022.
• Silver production of 1,970,646 oz in 2023, a 4.8% increase compared with 2022 and beating 2023
production guidance of between 1.7 and 1.9 million (“M”) oz.
• Processed 281,634t of ore at 250 g/t Ag in 2023, a 10.5% increase in ore processed compared
with 2022.
• Combined silver recovery of 86.9% in 2023, a 0.3% increase compared with 2022.
• Combined mill availability of 93.6% in 2023, a 1.8% increase compared with 2022.
• Mine production of 505,989t of ore in 2023, a 78.7% increase compared with 2022, in line with our
mine ramp up plan.
“I am extremely proud of our operations team who delivered another year of production outperformance
at Zgounder” said Benoit La Salle, President & CEO . “Not only did we beat production guidance for the
third year in a row, but 2023 was a record year, with silver production of almost 2 million ounces. This
important milestone was achieved during a transitional year as we complete our Zgounder mine
expansion to quadruple production and continue to drill at both Zgounder and Boumadine. We remain on
time and on budget with commissioning in Q2-2024 and full ramp up by Q4-2024.”
Q4-2023 and 2023 Annual Production Update
Key production metrics Q4-2023* FY-2023*
Tonnes processed 66,449 281,634
Average grade (g/t Ag) 239 250
Silver ingots produced (oz) 173,117 740,236
Silver in concentrate for sale produced (oz) 276,929 1,230,410
Total silver produced (oz) 450,046 1,970,646
*2023 numbers are preliminary and are subject to final adjustment.
In 2023, operation of the Zgounder open pit began. The planned production rate of 500 tonnes per day
(“tpd”) was reached in October. Production of the underground mine accelerated to 1,300 tpd in
November. In December, the combined mining rate from both underground and open pit mines exceeded
2,300 tpd. This progressive increase in mining rate is consistent with our mine ramp-up plan.
Higher mill throughput, especially at the flotation plant , resulted in the processing of 281kt in 2023
compared to the 245kt guided. Sustained recoveries and mill availabilities resulted in total production of
1.97M oz, exceeding the 1.7 to 1.9M oz guided. Furthermore, t he flotation mill was shut down for
maintenance for six days during December 2023 to ensure a solid start to 2024 operations.
Q4-2023 Financial and Operational Results
Aya will release its 2023 year-end and fourth quarter financial and operational results before market open
on March 28, 2024 and will host a conference call shortly afterwards. Details of the call will be released
at a later date.
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”,
“trends”, “indicatio ns”, “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 condi tions,
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 2022 Annual Information Form dated March 31, 2023, 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.