Montreal, Quebec, March 29, 2023 - Aya Gold & Silver Inc. (TSX: AYA, OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce financial and operational results for the fourth quarter and year ended December 31, 2022. All amounts are in US dollars unless otherwise stated.



2022 Annual Highlights

Record operations including silver production, recovery, availability, and ore processed.
Record revenue and sales:
Revenue of $38.2 million, an 11.5% increase from 2021.
Silver sales of 1,935,154 oz, a 28% increase from 2021.
Operating cash flow for the year of $9.6 million, compared to $17.5 million for 2021.
Cash cost per silver ounce sold of $12.6 compared to $12.0 in 2021(1).
Successful 21,645-meter (“m”) drill program at Zgounder which provided 15 of Zgounder’s top 50 intercepts.
Conducted a 4,012m diamond drill hole (“DDH”) program on Zgounder Regional, testing target areas informed by the spectral and prospecting campaigns.
Explored the Corporation’s rich regional portfolio located along the South Atlas Fault:
Boumadine: completed an 18,335m DDH program that extended the strike 23% to 3.2 kilometers (“km”) towards the south and discovered parallel zones along the main trend.
Imiter bis: conducted a 4,754m DDH drill program and an airborne geophysics survey.
Advanced Zgounder Mine expansion:
Completed 4,170m of underground development as of end of January 2023.
Advanced bulk earthworks to near-completion and launched civil works on site.
Commenced construction of the new tailings and water storage facilities on schedule.
Consolidated 100% ownership of Zgounder Mine through the acquisition of 15% interest from the National Office of Hydrocarbons and Mines for approximately $5.2 million.
Contributed to community health and education through renovation of schools and support for both permanent and mobile health clinics.
Solid financial position with $41.8 million of cash, cash equivalents and restricted cash. (²)
Commenced trading on the OTCQX under the ticker symbol “AYASF”.
Ranked 18th on the 2022 TSX30 as a top-performing stock with a 3-year share appreciation of 245%.


2023 Outlook and Year So Far

Successfully completed a C$92 million (US$69 million) bought-deal public offering.
Secured a $100 million debt financing package with the European Bank for Reconstruction and Development (“EBRD”) and Climate Investment Funds’ Clean Technology Fund (“CTF”).
Guidance of between 1.7 and 1.9 million ounces (“oz”) production at cash cost of $14.40/oz. (1)
Provided a path to near-zero Scope 2 emissions in 2024 by signing a renewable power purchase agreement with Energie Éolienne du Maroc.
"2022 was a year of strong execution and strategic momentum," said Benoit La Salle, President and CEO. “2022’s actions allowed us to mobilize almost $200 million in funds in Q1-2023, deliver record results, begin the Zgounder Mine expansion, double the Boumadine drill program, and be recognized as a top-performing stock in Canada for a second consecutive year. We are especially proud of our sustainability progress: the ESG-linked project financing package; the significant steps towards decarbonizing our expanded operations; and the development of a program to align our operations with the goals of the Paris Agreement.

We entered 2023 in a robust financial position and with a strengthened project pipeline that shows significant potential to deliver value for all stakeholders. Our confidence is underpinned by advancement of Zgounder development, a strong balance sheet, alongside increasing sustainability-driven innovation. Together with our committed team, we are well-positioned for continued excellence in execution throughout this buildout year.”

The Corporation reports non-GAAP measures, which include cash costs per silver ounce and free cash flow, 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 20 & 21 of the Corporation’s Q4-2022 MD&A for a reconciliation of non-GAAP to GAAP measures.
Non-GAAP Measures, consisting of cash and cash equivalents of $39,360,138 and restricted cash of $2,489,287.


2022 Operational and Financial Highlights
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https://ayagoldsilver.com/press-release/aya-gold-solid-start-to-2023-with-expanded-exploration-program/