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Aya Gold & Silver closes $100M project financing facility for Zgounder expansion

Vladimir Basov

Kitco News

(Kitco News) - Aya Gold & Silver (TSX: AYA) announced today that the company has closed the US$100 million project financing facility to support construction of the Zgounder silver mine expansion in the Kingdom of Morocco.

The company said that, as announced in the news release dated October 25, 2022, the project financing facility consists of a US$92 million loan provided by the European Bank for Reconstruction and Development ("EBRD") and a US$8 million tranche (pari-passu with the EBRD) by the Climate Investment Funds through its Clean Technology Fund.

"This project financing, along with the recently completed and very successful equity offering, corroborates our positive view on Morocco and provides Aya financial flexibility as we continue with the Zgounder silver mine expansion," said Benoit La Salle, President and CEO. "For this, we would like to thank our funding partners, who have worked diligently to close this facility, and we look forward to delivering value for all stakeholders and achieving the operational and ESG milestones set out by this partnership."

Aya Gold & Silver is a 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.

Aya's Moroccan mining assets are complemented by its Tijirit gold project in Mauritania, which is being advanced to feasibility.

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By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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