Aya Gold & Silver Reports Significant Progress and Updates

Aya Gold & Silver Shares Optimistic Q3 2024 Results

MONTREAL – Aya Gold & Silver Inc. (TSX: AYA, OTCQX: AYASF) has announced promising interim financial and operational results for the third quarter ending September 30, 2024. This report exemplifies the corporation's strategic efforts towards operational effectiveness, showcasing its ongoing performance in the silver mining sector.

Key Highlights for Q3 2024

The third quarter brought forth several accomplishments:

• Expansion of Zgounder Mine: The mine expansion is over 99% complete, with commissioning well underway. Aya is targeting commercial production by late 2024.
• Production Overview: The company achieved silver production of 355,927 ounces. A record ore processing of 83,352 tonnes was established this quarter, along with an average ore mined of 120,985 tonnes.
• Financial Position: Revenue amounted to $11 million, marking a 6% decrease from the previous year while maintaining a robust financial position with $73 million in cash and equivalents.
• Exploration Endeavors: The exploration programs confirmed high-grade mineralization at Zgounder and extended the Boumadine Main Trend to 5.4 kilometers.
• Gold Properties Spinout: Aya announced the spinout of its Amizmiz and Tijirit properties to Mx2 Mining, optimizing its portfolio and capitalizing on non-core assets.

Production Guidance Revision

As a result of the transitional challenges this quarter, Aya has revised its production guidance for 2024 to between 1.6 million to 1.8 million ounces of silver.

Q3 Operational Review

The operational metrics for the period reflect the resilience and adaptability of Aya's strategies:

• Total mining averaged 1,315 tonnes per day, reaching 120,985 tonnes of ore mined at an average grade of 148 g/t Ag.
• Underground and open-pit mining activities yielded a blend of strong production figures alongside strategic improvements in operational efficiencies.
• Despite setbacks due to unanticipated delays such as cement backfill issues, the team remains focused on ramping up to achieve targeted grades through efficient mining practices and project management.

Zgounder Mine Expansion Status

Regarding the Zgounder Mine expansion, the project is making considerable progress:

• The construction of the processing plant and surface infrastructure is nearly finished, and the project is set to promote overall production capabilities significantly.
• Aya has incurred $159 million in growth and sustaining capital expenditures for the project, with expectations of an additional $7 million before completion.

Exploration Programs Set for Success

Aya's exploration efforts continue to drive growth:

• The company successfully conducted thorough drilling programs at Zgounder and Boumadine, resulting in promising mineralization discoveries that ensure the future viability of these sites.

Planning for Future Growth

This quarter’s results reflect Aya's commitment to strategic growth. Ensuring the optimal management of existing resources while pursuing new opportunities allows the corporation to maintain its competitive edge in the silver market.

Conference Call Announcement

The management team will hold a conference call to delve into the financial and operational results, highlighting strategies moving forward. Shareholders and interested parties are invited to engage and gain insight into Aya's trajectory for 2024 and beyond.

Frequently Asked Questions

What were the main achievements reported by Aya Gold & Silver?

Aya reported a 99% completion of the Zgounder Mine expansion, achieving a record production of 355,927 ounces of silver during Q3 2024, and maintaining healthy cash reserves of $73 million.

How has the company adjusted its production guidance?

The company revised its 2024 production guidance to 1.6 million to 1.8 million ounces of silver, reflecting delays in operations.

What significance does the spinout of gold properties hold for Aya?

The spinout allows Aya to streamline its focus on core operations while maximizing the value of its non-core gold assets in a favorable market.

How is Aya addressing operational challenges?

Despite some setbacks, the Aya team has adapted strategies to enhance operational efficiency and ensure that production milestones are met in a timely manner.

What exploration activities are ongoing?

Aya is engaged in extensive drilling programs at Zgounder and Boumadine, resulting in positive indicators for future resource growth.

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