Aya Gold & Silver Achieves Financial Completion with EBRD for Zgounder Silver Mine Expansion
Aya De-Risks Zgounder as EBRD Sign-Off Frees Cash; Focus Shifts to Boumadine Build
On January 20, 2026, Aya Gold & Silver announced it achieved "financial completion" for its US$100 million project loan with the European Bank for Reconstruction and Development (EBRD). This follows the successful expansion of the Zgounder Silver Mine in Morocco. Key outcomes include: - Validation of the mine’s transition to commercial production and compliance with all financial and Environmental and Social Action Plan (ESAP) covenants. - A reduction in security guarantees previously required by the lender. - A decrease in the debt service recovery account (restricted cash requirements), which improves the company's immediate liquidity. - Confirmation that the mine is performing above its design capacity.
This is a Material - Positive milestone. For a junior-to-mid-tier producer, "financial completion" is the ultimate de-risking event for a debt-funded project. It signifies that a major institutional lender (EBRD) has independently audited the operations and found them technically and financially sound. - Liquidity Boost: As of September 30, 2025, restricted cash stood at $18.16 million. The release or reduction of this requirement provides a non-dilutive boost to working capital. - Validation of Expansion: The Zgounder expansion was the company’s primary "lose money" risk. With the mill hitting 4,107 tpd (41% above nameplate) as of December 2025, the technical risk has been largely retired. - Creditworthiness: Successful completion with EBRD sets a strong precedent for the US$446 million capital requirement identified in the Boumadine PEA.
Aya Gold & Silver is a pure-play silver producer focused on Morocco. - Zgounder Silver Mine (Flagship): Located in the Anti-Atlas Mountains. Recently expanded from 700 tpd to a nameplate 2,700 tpd, though it is currently outperforming at >3,700 tpd. It has an 11-year mine life with average annual production of ~6 Moz Ag. - Boumadine (Growth): A massive polymetallic project (Ag, Au, Zn, Pb). A 2025 PEA outlined a $1.5B NPV and 47% IRR, with a 401 koz AuEq annual production profile in the first five years.