Precious Metals
November 2, 2022

AYA Gold and Silver (TSX: AYA)

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Arrange A Us$100M Debt Facility Financing At Zgounder


Aya Gold & Silver Inc.'s subsidiary, Zgounder Millennium Silver Mining SA (ZMSM), has secured a $100-million (U.S.) debt financing package to support expansion of the Zgounder silver project. The European Bank for Reconstruction and Development (EBRD) has received final board approval to provide a senior debt facility of $92-million (U.S.), while the Climate Investment Funds, through its Clean Technology Fund (CTF), is providing an $8-million (U.S.) tranche, pari passu with the EBRD. Customary documentation is expected to be finalized in the coming weeks.

Highlights -- project finance facility

Key terms of the loan agreement include:

  • $92-million (U.S.) loan provided by the EBRD;
  • $8-million (U.S.) loan provided by the CTF, pari passu with the EBRD loan;
  • CTF interest rate reduction following achievement of three ESG (environmental, social and governance) and operational milestones:
  • Milestone 1: Task Force on Climate-related Financial Disclosures (TCFD) report disclosed by end of 2023;
  • Milestone 2: Investment completion by end of 2024;
  • Milestone 3: Reaching advanced maturity on the TCFD Climate Governance and Strategy recommendation.
  • Six-year maturity:
  • Two-year principal grace period;
  • 24-month availability period.

"We are thrilled to be partnering with the EBRD, who is highly committed to both Morocco and development of the Zgounder silver mine. The infrastructure buildout will serve as a regional catalyst, bringing additional investment, local jobs and procurement, and an array of social and environmental initiatives that benefit both the Kingdom of Morocco and its local communities," said Benoit La Salle, president and chief executive officer. "We have secured a financing package on terms that are competitive and protect the upside for all stakeholders, while adhering to and promoting the ESG priorities that are part of our founding values. The financing process has been a team effort and represents a key milestone for delivering our expansion plan on time and within budget."

About Aya Gold & Silver Inc.

Aya Gold & Silver is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only Toronto Stock Exchange 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.

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