Aya Gold & Silver Inc. announced that the third drawdown, totaling $25 million, has been completed on its $100 million project financing facility (the Facility) for the expansion of the Zgounder Silver Mine in the Kingdom of Morocco. The Facility is jointly provided by the European Bank for Reconstruction and Development (EBRD) and by the Climate Investment Funds through its Clean Technology Fund (CTF). Expansion Highlights (as of January 31, 2024 unless otherwise specified): Overall construction approximately 83% complete and on budget; The Zgounder expansion is fully funded and on track for commissioning in second quarter 2024; Third facility drawdown of $25 million completed in February 2024 with $85 million disbursed to date; Tailings and water storage facilities complete; Installation of ball mill scheduled for completion at the end of March; Processing plant approximately 77% complete; Electrical infrastructure is 85% completed; Underground development of 8,712 meters ("m") completed, 92% of the initial lateral development program; Approximately 80% of vertical development completed; Mining at the open pit ongoing with more than 110,000 tonnes ("t") stockpiled.
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