Aya Gold & Silver Reports Record Quarter and Annual Silver Production
PRESS RELEASE
Aya Gold & Silver Reports Record Quarter and Annual Silver Production
Montreal, Quebec, January 10, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the
“Corporation”) is pleased to announce its fourth quarter and annual silver production results at the
Zgounder Silver Mine in the Kingdom of Morocco.
Q4-2022 Quarter Production Highlights
• Silver (“Ag”) production of 661,621 ounces (“oz”) in Q4-2022, a 52.5% increase compared with Q4-
2021
• Processed 63,283 tonnes (“t”) of ore at a head grade of 364 grams per tonne ( “g/t”), a 46.8%
increase in head grade compared with Q4-2021
• Silver recovery of 89.9% in Q4-2022, a 7.5% increase compared with Q4-2021
• Combined mill availability of 88.8% in Q4-2022
• Mine production of 80,426 t of ore in Q4-2022, a 28.4% increase compared with Q4-2021
2022 Annual Production Highlights
• Silver production of 1,880,707 oz in 2022, a 17.5% increase compared with 2021 , slightly above
guidance
• Processed 254,976 t of ore, at 265 g/t in 2022; a 13.6% increase in tonnes processed compared
with 2021
• Combined silver recovery of 86.6% in 2022, a 4.5% increase compared with 2021
• Combined mill availability of 91.7% in 2022
• Mine production of 283,090 t of ore in 2022, a 29.3% increase compared with 2021
“2022 was another record -breaking year at Zgounder with our mining operations perform ing ahead of
guidance in Q4-2022,” said Benoit La Salle, President & CEO . “It was also a significant year for mine
development and infrastructure buildout, which is critical to the Zgounder mine expansion and provided
access to new stopes at the “1950m” mine level. An expanded drill exploration program at both Zgounder
and Bouma dine will be conducted during 2023 with an objective of providing significant growth and
delivering value to all stakeholders.”
Q4-2022 and 2022 Annual Production Update
Key production metrics Q4-2022* FY-2022*
Tonnes processed 63,283 254,976
Average grade (g/t Ag) 364 265
Silver ingots produced (oz) 327,625 855,351
Silver in concentrate for sale produced (oz) 333,996 1,025,356
Total silver produced (oz) 661,621 1,880,707
*2022 numbers are preliminary and are subject to final adjustment.
On-going mine development is providing access to new levels with mill head grade expected to stabilize
in 2023. Nonetheless grade variation on a quarter ly basis is expected, especially in high grade zone s,
which is an intrinsic characteristic of the deposit. In 2022, the annual head grade of 265 g/t was inline
with guidance (264 g/t), which improves confidence in the mine plan moving forward.
Improved mine and mill throughput and silver recovery resulted in record annual production of 1,880,707
oz in 2022, which is ahead of 2022 guidance and a 17.5% increase compared with 2021.
Mill recoveries improved in 2022 and reached 89.9% in Q4 -2022 due to continuous efforts by our
operations team. This achievement by the operations teams adds to our confidence in ramping up the
new processing plant once it is built. The flotation mill was shut down for maintenance for six days during
December 2022 to ensure a solid start to the 2023.
Mine production reached a record of 80,426 t, or 874 tpd for the quarter and 776 tpd for the year. Mine
ramp up is expected to accelerate in Q2 -2023 to build inventory for the expansion as new mining
equipment are expected to be delivered onsite throughout 2023.
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 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 exp loration 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. 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 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 statements include, among others: the
inherent risks involved in exploration and develop ment 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.