Aya Gold & Silver Files Updated Technical Report for the Zgounder Silver Mine
Aya Gold & Silver Files Updated Technical Report for the Zgounder Silver Mine
MONTREAL, Dec. 16, 2025 -- Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to
announce the filing of an updated NI 43-101 Technical Report for the Zgounder Deposit (“Zgounder”) (the “Technical Report”).
The Technical Report includes updated Proven & Probable Mineral Reserves (“P&P Reserves”), and Mineral Resource
Estimate (“MRE” or “Mineral Resource Estimate”), along with an accompanying updated Life of Mine (“LOM”) plan.
The Mineral Resource Estimate contained in the Technical Report was prepared by RSC Consulting Ltd. (“RSC”), while the
remainder of the Technical Report, including the Mineral Reserve, was prepared by Aya. All financial figures in this press
release are expressed in United States dollars unless otherwise noted.
Key Highlights
• Updated LOM Plan
• Average Annual Silver Production: 6 million ounces (“Moz”) of silver (“Ag”) over the next 11 years, totaling
~66 Moz Ag over the LOM.
• Average LOM Operating Costs: Cash cost 1 of $16.26/oz and $69.47 per tonne of ore (“t”) processed over the
LOM.
• Sustaining Capital Expenditures: $71 million (“M”) over the LOM.
• Extended LOM to 2036 : The updated mine plan is based on a capital-efficient open-pit strategy, with targeted
underground zones, extending the mine life to 2036 and supported by net reserve growth.
• Net Reserve and Resource Growth
• P&P Reserves: 73 Moz Ag at 145 g/t (15.7 million tonnes (“Mt”)), a 4% increase in Ag ounces from the prior
estimate, net of depletion, with reserves estimated using a silver price assumption of $26 per oz (“oz”).
• Reserve Replacement: P&P Reserves include additions of 13 Moz, exceeding the 11 Moz mined since the
prior estimate (December 31, 2021), resulting in a reserve-replacement ratio of 120%.
• Open-Pit Weighted Reserves: Reserves are now largely open-pit (78%), with underground reserves (22%)
focused on deeper levels.
• Measured & Indicated Resources (“M&I Resources”)2: 100 Moz Ag at 165 g/t Ag (18.9 Mt), a 5% increase in
total Ag ounces from the prior estimate, net of depletion, with resources estimated using a silver price
assumption of $28/oz.
• Stronger Geological Model Supported by Extensive Drilling
• The updated interpretation incorporates ~275,000 metres (“m”) of drilling since 2021 (64% of all drilling on the
property), and structural studies of the deposit, enhancing confidence in the resource model and the mine plan.
1. Cash-cost is non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards
(“IFRS”) and may not be comparable to similar measures used by other issuers. Refer to “Non-IFRS and Other
Financial Measures” for more information, including a detailed description of this measure.
2. Mineral Resources are inclusive of Mineral Reserves.
“The updated mine plan supports annual silver production of ~6 Moz over the next 11 years, with a disciplined,
capital-efficient, open-pit focused strategy extending mine life to 2036 ,” said Benoit La Salle, President & CEO.
“The update reinforces the resource model and strength of the project. Extensive drilling, operational experience,
and a deeper geological understanding have improved the reliability of the model and mine plan. We are pleased
that exploration over the past several years has replenished reserves and contributed to net growth, providing a
solid foundation to advance execution. The reserve estimate includes mining dilution in line with current
operations.
“With the ramp-up phase complete and a favorable market landscape, we are well positioned to execute the plan
and support Aya’s future growth. Zgounder remains open to the west, offering potential for long-term mine-life
extension, and we will continue to evaluate opportunities for optimization and production increases as part of our
commitment to long-term value creation.”
Mineral Resources
The June 30, 2025 Mineral Resource Estimate was prepared by RSC using Leapfrog Geo. Geological modelling was
conducted using the interval selection and the vein system tools to create a geological model, consisting of a lithological
model and a simplified structural model. Estimation domains using indicator radial basis function (RBF) interpolants were
constrained at three different modelling grade cut-offs: 10.0 g/t Ag for low-grade mineralization (LG10), 60.0 g/t Ag for medium
grade (MG60) and 150.0 g/t Ag for high grade (HG150). Grades were interpolated using ordinary kriging for the LG10 and
MG60 domains and residual indicator kriging (RIK) for the HG150 domain.
The open pit Mineral Resource estimates are pit-constrained and reported above a 40 g/t Ag cut-off; the out-of-pit Mineral
Resource estimates are reported above a 90 g/t Ag cut-off. The Mineral Resource estimates and metal content as of June 30,
2025, are detailed in Table 1.
Table 1: Mineral Resource Estimate for Zgounder as of June 30, 20251
RPEEE Cut-off Ag (g/t) Classification Tonnes (kt) Ag (g/t) Contained Metal (koz)
Pit
Constrained
40 Measured 13,820 144 64,140
40 Indicated 2,150 131 9,070
40 Inferred 56 190 350
Out-of-Pit
90 Measured 324 280 2,912
90 Indicated 2,640 284 24,100
90 Inferred 360 360 4,200
Total
40/90 Measured 14,150 147 67,050
40/90 Indicated 4,790 216 33,200
40/90 Inferred 410 340 4,500
Notes:
1. Mineral Resource Estimate for Zgounder as at June 30, 2025.
2. The Mineral Resource is reported in compliance with National Instrument 43-101- Standards of Disclosure for Mineral
Projects (“NI 43-101") and CIM definition Standards (May 2014).
3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral
Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or
other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.
4. Mineral Resources are reported inclusive of Mineral Reserves.
5. A silver price of $28/oz with a process recovery of 90%, and a rock processing cost of $25/t inclusive of G&A were
assumed.
6. The constraining pit optimization parameters were 50º pit slopes with a 40 g/t Ag cut-off.
7. The out-of-pit Mineral Resource grade blocks were quantified above a 90 g/t Ag cut-off, below the constraining pit shell
and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable
potential for extraction by the cut-and-fill underground mining method.
8. Mining costs are estimated at $2.00/t of waste and $6.80/t of ore, with a mining dilution factor of 5%.
9. The Mineral Resource is reported at an in-pit cut-off of 40 g/t Ag and an out of pit cut-off of 90 g/t Ag.
10. A 3% royalty applies.
11. Mineral Resources have been rounded to reflect their confidence.
12. Totals may vary due to rounding.
Mineral Reserves
The Mineral Reserves are supported by LOM designs, underground development plans, production schedules, and cost
estimates (including both operating and capital expenditures) prepared as part of Zgounder’s LOM update. All Inferred Mineral
Resources within the mine designs have been classified as waste.
The Mineral Reserves tonnes and grades are stated at mill feed reference point, accounting for dilution and mining recovery,
and reflect mine depletion as of September 30, 2025. The estimated Mineral Reserves and contained metal for Zgounder as of
September 30, 2025, are detailed in Table 2 below.
Table 2: Mineral Reserve estimate for Zgounder, as of September 30, 20251
Cut-off Ag (g/t) Classification Tonnes (kt) Ag (g/t) Contained Metal (koz)
Stockpile N/A Proven 160 134 690
In-Pit Reserves 40 Proven 11,750 137 51,800
40 Probable 1,220 133 5,200
UG Reserves 90 Proven 180 207 1,200
90 Probable 2,390 189 14,500
Total 40/90 Proven 12,090 138 53,690
40/90 Probable 3,610 170 19,700
Total P&P 40/90 P&P 15,700 145 73,390
Notes:
1. Mineral Reserves have been estimated by Aya Gold & Silver Technical Service team, under the supervision of Patrick
Pérez, P.Eng, full-time employee of Aya Gold & Silver and Qualified Person as defined by NI 43-101. The estimate
conforms to the CIM Definition Standards for Mineral Resources and Mineral Reserves.
2. Mineral Reserves have been estimated using metal price assumption of $26/oz for silver.
3. Open-pit Mineral Reserves are reported at a cut-off grade of 40 g/t Ag, and underground Mineral Reserves are reported
at a cut-off grade of 90 g/t Ag.
4. Cut-off calculations assume a processing and general & administration cost of $25.25/t, a metallurgical recovery of
90%, throughput of 1.4Mt per year, open-pit ore mining cost of $4.19/t, underground mining cost of $40/t, and an
exchange rate of 9.5 MAD:US.
5. Numbers may not add-up due to rounding.
Comparison with Previous Estimates
Table 3 provides a comparison between the previous MRE and P&P Reserves for the Zgounder Deposit, as reported in the
Corporation’s previous technical report originally dated March 31, 2022, and amended on June 16, 2022, with an effective date
of December 31, 2021, and this updated Technical Report, respectively.
Table 3: Zgounder Mineral Resources and Mineral Reserves1 – Comparison Summary
Updated Technical Report December 31, 2021
Technical Report
Tonnes
(kt)
Grade
(g/t Ag)
Contained
Metal
(koz Ag)
Tonnes
(kt)
Grade
(g/t Ag)
Contained
Metal
(koz Ag)
Change in
Contained
Metal
(koz Ag)
P&P Reserves (open pit) 12,970 137 57,000 2,200 253 17,800 39,200
P&P Reserves
(underground) 2,570 190 15,700 6,100 267 52,300 (36,600)
P&P Reserves (stockpile /
tailings) 160 134 690 300 77 800 (110)
Total P&P Reserves 15,700 145 73,390 8,600 257 70,900 2,490
M&I Resources (open pit) 15,970 143 73,210 514 357 5,898 67,312
M&I Resources
(underground) 2,964 283 27,012 8,979 309 89,337 (62,325)
Total M&I Resources 18,934 165 100,222 9,493 312 95,235 4,987
Inferred Resources 410 340 4,500 542 367 6,395 (1,895)
Notes:
1. M&I Resources are inclusive of Mineral Reserves.
2. Updated Technical Report Mineral Resources are reported assuming a silver price of $28/oz, and Mineral Reserves are
reported assuming a silver price of $26/oz, and accounting for mine depletion until September 30th, 2025.
3. December 31, 2021 Mineral Resources are reported assuming a silver price of $22.5/oz, and Mineral Reserves are
reported assuming a silver price of $20/oz.
Compared with the previous estimate, the updated P&P Reserves show a net increase of approximately 2.5 Moz Ag, and the
M&I Resources (inclusive of reserves) show an overall increase of 5.0 Moz, after accounting for all material mined from 2022
through Q3-2025. Open-pit Mineral Reserves have increased, while underground Reserves have decreased, reflecting Aya’s
strategy to expand the open-pit operation while focusing underground mining on deeper levels. Reported grades are lower,
primarily due to the integration of extensive new drilling, improved geological interpretation, and updated estimation methods
better suited to the deposit’s complex ore distribution. The updated P&P Reserves also incorporate dilution assumptions
informed by current mining practices and benefits from enhanced geological and structural interpretations resulting in a more
accurate representation of the deposit’s geometry and grade profile.
Approximately 275,000m of drilling have been completed since the previous estimate, representing 64% of all drilling
conducted on the property to date. With this extensive drilling, enhanced understanding of the resource, and an independent
third-party review, the updated MRE provides a clearer and more representative view of the deposit.
Figure 1: Mineral Reserves estimate comparison between 2021 and Q3-2025
Life of Mine Plan
The LOM plan for Zgounder incorporates both open-pit and underground mining, alongside the reclamation of surface
stockpiles, with all the ore processed at the Zgounder mill. Based on the 2025 Mineral Reserves, the mine life is projected to
run until 2036, with average production of approximately 6.2 Moz from 2026 through 2036. Key aspects of the LOM plan
include:
• Mining Methods : A mix of cut-and-fill and longhole stope mining is planned though the LOM, with a gradual shift
towards greater reliance on longhole mining and reduced cut-and-fill.
• Underground Sequencing : Cut-and-fill mining will continue through 2031, while longhole mining will start in 2026 and
run through 2032.
• Open-Pit Mining : Open-pit mining will continue until 2036, with mining rates averaging at 45 thousand tonnes per day
(“ktpd”) of material (ore and waste) until 2030, moderating to 22 ktpd until 2033, and 12-14 ktpd for the remainder of the
LOM.
• Processing: The processing plant is expected to operate at a rate of 3,650 ktpd through 2026 and then at 3,850 ktpd
through the end of the LOM.
• Development : A total of 8,340m of lateral development and 2,402m of vertical development are planned by 2029.
• Metallurgy : Silver recovery is estimated at 91.5%
• LOM Operating Costs: Average operating costs of $69.47/t processed for a cash cost of $16.26/oz.
• Sustaining Capital Expenditures: $71M over the LOM.
Table 4 provides a summary of the production profile, operating costs and capital costs from 2026 through the end of the LOM.
Table 4: Zgounder LOM Plan Summary and Key Metrics
Production 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total
Open pit waste Mt 14.4 14.5 15.5 13.7 15.5 5.7 7.7 3.2 3.3 3.9 1.6 99.1
Open pit ore Mt 0.9 0.9 1.3 1.2 1.5 1.2 1.4 1.2 1.2 1.3 0.6 12.7
Underground ore Mt 0.5 0.4 0.3 0.3 0.4 0.4 0.2 - - - - 2.5
Processed ore Mt 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 15.4
Silver produced Moz 5.8 6.2 6.3 6.4 6.3 6.4 6.2 6.1 6.0 5.9 4.0 65.6
Operating costs
Open pit production $M 39.7 39.8 44.0 39.2 45.1 19.4 25.5 13.5 13.7 15.5 6.6 302.0
Underground prod. $M 29.8 27.2 20.3 21.3 25.0 24.6 11.6 - - - - 159.8
Processing $M 28.3 29.7 29.7 29.7 29.7 29.7 29.7 29,7 29.7 29.7 29.4 325.1
G/A* $M 25.3 25.8 26.1 26.1 26.1 26.1 25.9 25.7 25.5 25.4 22.6 280.5
Total $M 123.2 122.5 120.1 116.3 125.9 99.8 92.8 68.8 68.9 70.6 58.7 1,067.5
Cash cost1 $/oz 21.21 19.78 18.94 18.26 19.91 15.70 14.96 11.23 11.44 11.94 14.70 16.26
*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.
Royalties are 3% of revenues, and mining tax is 30MAD per tonne of ore mined. MAD/USD conversion rate used of 9.37.
Silver price of $28 was used for royalty calculation.
Capital cost
Lat. Declined Dev. $M 9.4 4.4 2.9 0.9 - - - - - - - 17.6
Vertical Dev. $M 1.8 0.5 0.2 0.7 - - - - - - - 3.2
Mining Equipment $M 2.2 1.2 0.9 1.3 0.7 0.1 0.1 0.1 0.1 - - 6.6
Mining Services $M 1.3 1.2 1.1 0.3 - - - 0.2 - - - 4.1
Tailing Facility $M 7.4 - - 7.4 - - 7.0 - 3.0 - - 24.8
Closure Costs $M - - - - - - - - - 2.0 2.0 4.1
Process Plant $M 6.0 5.0 - - - - - - - - - 11.0
Total $M 28.1 12.3 5.1 10.6 0.7 0.1 7.1 0.2 3.1 2.0 2.0 71.4
1. Cash-cost is non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards
(“IFRS”) and may not be comparable to similar measures used by other issuers. Refer to “Non-IFRS and Other
Financial Measures” for more information, including a detailed description of each measure.
Qualified Persons
The scientific and technical information contained in this press release has been reviewed for accuracy and compliance with NI
43-101, and approved by Olivier Bertoli M.Eng, General Manager Resources & Reserves for RSC Consulting Ltd, Patrick
Perez, P.Eng, Director Technical Services, Raphael Beaudoin, P. Eng, Vice-President, Operations, and by David Lalonde, B.
Sc, P.Geo, Vice-President Exploration, each a Qualified Person as defined in NI 43-101.
The independent Qualified Persons for the Updated Technical Report, as defined by NI 43-101, are:
• Olivier Bertoli, M.Eng., Principal Geostatistician for RSC Consulting Ltd
• Abraham Whaanga, B.Sc., Sr Resource Geologist for RSC Consulting Ltd
• Honza Catchpole, PhD, P.Geo., Sr Exploration Geologist for RSC Consulting Ltd
Technical Report
The complete NI 43-101 Technical Report supporting the updated Mineral Resource and Mineral Reserve estimates has been
filed today and is available on Aya’s website and on SEDAR+.
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 Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.
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, MBA
President & CEO
Alex Ball
VP, Corporate Development & IR
Forward-Looking Statements
This press release contains “forward-looking statements” or “forward looking information” within the meaning of applicable
securities laws and other statements that are not historical facts. Forward-looking statements are included to provide
information about management’s current expectations, estimates and projections regarding Aya’s future growth and business
prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities
as of the date of this press release.
All statements, other than statements of historical fact included in this press release, regarding the Corporation’s strategy,
future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that
involve risks and uncertainties. Wherever possible, words such as “aim”, “anticipate”, “assume”, “believe”, “estimate”, “expect”,
“guidance”, “goal”, “intend”, “objective”, “plan”, “potential”, “strategy”, “target”, 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. Forward-looking statements in this press release include, but are not
limited to, statements with respect to: certain results and interpretations derived from the technical report discussed in this
press release including without limitation, Zgounder project economics, financial and operational parameters such as expected
throughput, production, grade, sustaining capital expenditures and operating costs, allocation of production between open-pit
and underground, production sequencing, mining rate, mine development activities, silver recovery, cash costs, mining costs,
life of mine, updated mine plan, mine design, mining methods and mine sequencing, and processing rates of the processing
plant; the future price of gold and silver; development opportunities; the estimation of mineral resources and mineral reserve
and the realization of such estimates; and requirements for additional capital.
Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the
actual results, performance or achievements of the Corporation to be materially different from future results, performance or
achievements expressed or implied by such information or statements. There can be no assurance that such information or
statements will prove to be accurate. Key assumptions upon which the Corporation’s forward-looking information is based
include without limitation, assumptions regarding development and exploration activities; the timing, extent, duration and
economic viability of such operations, including any mineral resources or mineral reserves identified thereby; the accuracy and
reliability of estimates, projections, forecasts, studies and assessments; the Corporation’s ability to meet or achieve
estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange
rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations;
the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political
conditions; and other assumptions and factors generally associated with the mining industry.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.
Forward-looking statements are also subject to risks and uncertainties facing the Corporation’s business, any of which could
have a material adverse effect on the Corporation’s business, financial condition, results of operations and growth prospects.
Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those
expressed in the forward-looking statements include, among others: the inherent risks involved in exploration and development
of mineral properties, including (1) there being no significant disruptions affecting the operations of the Corporation whether due
to artisanal miners, access to water, extreme weather events and other or related natural disasters, labour disruptions, supply
disruptions, power disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from
the Zgounder project being consistent with the Corporation’s expectations; (3) political and legal developments in the Kingdom
of Morocco being consistent with its current expectations; (4) the exchange rate between the U.S. dollar and the Moroccan
Dirham being approximately consistent with current levels; (5) certain price assumptions for gold and silver; (6) prices for
diesel, process reagents, fuel oil, electricity and other key supplies being approximately consistent with current levels; (7)
production and cost of sales forecasts meeting expectations; (8) the accuracy of the current mineral resources and mineral
reserves estimates of the Corporation; (9) labour and materials costs increasing on a basis consistent with the Corporation’s
current expectations; and (10) asset impairment (or reversal) potential, being consistent with the Corporation’s current
expectations.
In addition, readers are directed to carefully review the detailed risk discussion in the Corporation’s Annual Information Form
and Management’s Discussion & Analysis for the year ended December 31, 2024, filed on SEDAR+, which discussions are
incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect the
Corporation’s business and operations.
Although the Corporation believes its expectations are based upon reasonable assumptions and has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be
considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those
anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in
forward-looking statements, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the
Corporation’s business plans, financial performance and condition and may not be appropriate for other purposes.
The forward-looking statements contained herein are made only as of the date hereof. The Corporation disclaims any intention
or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except to the extent required by applicable law. The Corporation qualifies all of its forward-looking statements by
these cautionary statements.
Notes to Investors Regarding the Use of Mineral Resources and Mineral Reserves
The mineral resources estimate for Zgounder is effective as of June 30, 2025, as disclosed in a technical report titled
“Technical Report – Updated Mineral Resource and Mineral Reserves Estimate of the Zgounder Silver Mine Operation,
Kingdom of Morocco” dated as of December 16, 2025, (the “Technical Report ”), and filed on SEDAR+ as of such date. The
mineral reserves estimate for Zgounder is effective as of September 30, 2025, as disclosed in the Technical Report. The key
assumptions, parameters and methods used to estimate the mineral resources and mineral reserves for Zgounder and the
identification of known legal, political, environmental or other risks that could materially affect the potential development of the
mineral resources and mineral reserves are described in such Technical Report.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other
relevant issues. There is no certainty that mineral resources will be converted to mineral reserves.
Non-IFRS and Other Financial Measures
This press release includes certain performance measures commonly used in the mining industry that are not defined under
IFRS. These measures do not have any standardized meaning under IFRS and may not be comparable to similar measures
used by other companies. They are provided to assist readers in evaluating the Corporation’s performance and should not be
considered in isolation or as a substitute for IFRS measures.
The non-IFRS financial measures and non-IFRS financial ratios used in this press release and common to the mining industry
are defined below:
Cash Costs
Cash costs is a non-IFRS financial measure which includes mine-site operating costs such as mining, processing, and direct
site G&A, product shipping, royalties and mining taxes. Cash costs exclude sustaining capital, corporate G&A, exploration,
reclamation, and financing costs. Cash costs presented on a per-ounce-of-silver produced basis is a non-IFRS financial ratio
which is calculated as cash costs divided by anticipated production expressed in in ounces of silver. This measure captures
the important components of the Corporation’s anticipated production and related costs and are used to indicate anticipated
cost performance of the Corporation’s operations.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5e4eb4e9-6604-4d08-b3af-781c6a8b32ec