Aya Gold & Silver Provides Production Guidance and Outlook for 2023
PRESS RELEASE
Aya Gold & Silver Provides Production Guidance and Outlook for 2023
MONTREAL, Quebec, February 9, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF)
(“Aya” or the “Corporation”) is pleased to provide guidance and a corporate outlook for the
Corporation’s activities in the Kingdom of Morocco . All dollars are in U.S. dollars, unless
otherwise stated.
Zgounder Production Guidance and Corporate Outlook
The Corporation’s 2023 outlook outlines annual silver production, an exploration program
for Zgounder, Zgounder Regional and Boumadine, and on-going sustainability initiatives.
• Silver (“Ag”) production of between 1.7 and 1.9 million ounces (“Moz”), in-line with
2022
• Silver cash cost of $14.40/oz1, a temporary increase mainly driven by development
plans related to the Zgounder Mine expansion, mining costs, and additional on-site
health and safety initiatives
• Exploration budget of $14.3 million of which $8.8 million is allocated to Zgounder
o 32,700 met res (“m”) of drilling planned at Zgounder including 26,000m and
6,700m at Zgounder and Zgounder Regional, respectively
o 36,000m of diamond drill hole (“DDH”) drilling at Boumadine to support a new
resource estimate
• Continued mine ramp-up activities to achieve plant expansion requirements. This
includes the beginning of open -pit activities in Q2-2023, the delivery of the ball mill
in Q3-2023 and the completion of over 5,000m of annual development.
“2023 will be an important year for Aya’s trajectory, which sets the stage for a quadrupling
of production over the next 18 months along with substantially lower costs,” said Benoit La
Salle, President & CEO. “We expect to sustain the past record year through 2023 with strong
execution on our production and development plans in addition to an aggressive and
growing drill exploration program, which we believe will deliver growth for stakeholders.”
“Exploration will remain a key focus in 2023, with drilling programs prioritized at Zgounder,
Zgounder Regional and Boumadine. We are especially excited to provide more visibility on
Boumadine’s potential for near -term value creation as we increase drillin g activities to
support a new resource estimate.”
1. The Corporation reports non -GAAP measures, which include cash costs per silver ounce, which are widely used in the
mining industry as a benchmark for performance, but do not have a standardized meaning and the methods used by the
Corporation to calculate such measures may differ from methods used by other companies with similar descriptions.
See “Non-GAAP Measures” on pages 12 and 13 of the Corporation’s Q3-2022 MD&A for a reconciliation of non-GAAP to
GAAP measures.
2023 Zgounder Guidance
Zgounder 2023 Guidance
Silver production (M oz) 1.7 – 1.9
Silver cash cost ($/oz) 14.4
Recovery (%) 86
Tonnes processed (‘000 tonnes) 245
Average grade processed (g/t Ag) 264
Exploration budget (USD$ millions) 14.3
2023 Exploration Program to Focus on Growth
An exploration budget of $14.3 million has been planned for 2023, with Zgounder (26,000m),
Zgounder Regional (6,700m) and Boumadine (36,000m) being the focus.
At Zgounder, 26,000m of the 32,700m DDH program have been designed to expand current
resources at depth , building on the successful 2021 and 2022 drill program s. A total of
6,700m of DDH will be completed on the Zgounder Regional permits to follow up on 20 22
results and test new targets.
At Boumadine, a 36,000m drill exploration program has been established, of which 21,000m
will focus along the main trend and 15,000m is budgeted to continue extending the known
mineralization trend along strike and at depth. New conductive targets identified with the
3D electromagnetic model (from our 2022 airborne survey) will also be tested.
A new mineral resource estimate for Boumadine is expected in 2024, which will incorporate
drilling data from 2018 through 2023. At year -end 2022, drilling at Boumadine totalled
30,411m in 176 drill holes.
2023 Sustainability Outlook
In 2023, the Corporation’s primary sustainability focus will be to solidify its management
processes with the goal of minimizing the environmental and social impacts from current
and expanded operations, while continuously enhancing its safety culture.
2023 Sustainability Highlights
• Continue implementation of the Environmental and Social Management System,
including the Zgounder land acquisition and livelihood restauration plan and the
stakeholder engagement plan as published on the Corporation’s website
• Focus on health and safety at our operating and development sites, including
mine rescue and emergency readiness
• New partnership with the Moroccan forestry services to re-vegetate portions of the
Zgounder property with locally adapted tree species
• Increase data gathering and environmental mon itoring at Zgounder, and perform
Scope 3 GHG emissions estimation
• Continue local initiatives through Aya’s four-pronged community program:
o Health - Regular mobile health clinics in partnership with Moroccan
institutions and community organizations
o Water - Potable water infrastructure projects to provide communities with
access to clean water and resilience to climate change
o Education - Construction and furnishing of a library for Askaoun’s Dar Taleb
(residence for secondary school students)
o Income-generating activities - Training and awareness campaigns on
entrepreneurship and business management
2022 Financial and Operational Results
The Q4-2022 and full year 2022 financial and operational results will be released before
market on March 29, 2023.
David Lalonde, B.Sc, Head of Exploration, designated as a Qualified Person under National
Instrument 43-101, has reviewed and approved the technical information contained in this
press release.
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 is 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 “guidance”, “outlook”,
“temporary”, “plan”, “achieve”, “expects”, “believe”, “potential”, “ expand”, ”continue”,
“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. Specific forward-looking statements in this press
release include, but are not limited to, statements and information with respect to the
capacity of the corporation to meet its guidance namely its capacity to achieve si lver
production of between 1.7 and 1.9 Moz, its capacity to achieve a cash cost of $ 14.40/oz
and for such cost to be temporary, its capacity to execute on its planed e xploration budget
of $14.3 million, its capacity to continue mine ramp-up activities to achieve plant expansion
requirements, to receive the ball -mill on time and complete ramp up as scheduled, its
capacity to sustain past production, the drill program achieving growth for parties, its
capacity to increase resource at Zgounder or establish resources at Boumadine namely
within 2023, its capacity to execute on its sustainability plans and objectives, the exploration
and development potential of Zgounder and the conversion of Inferred M ineral 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 ability to obtain any requisite governmental approvals, the presence of artisanal miners,
obtaining regulatory permits for on site work, imp orting 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 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 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 solicitation to buy or sell Aya
securities. All references to Aya include its subsidiaries unless the context requires
otherwise.