Aya Gold & Silver Inc. · TSX:AYA
Aya Gold & Silver — Investor Presentation (July 2023)
37 slides from Aya Gold & Silver's investor presentation, July 2023
Slide 1: Building the Largest Pure-Play Silver Producer Globally
Investor Presentation July 2023 Building the Largest Pure-Play Silver TSX: AYA | OTCQX: AYASF Producer Globally
Slide 2: Forward-Looking Statement
Forward-Looking Statement The Zgounder Expansion Feasibility Study (“FS”) is based on a technical report entitled “NI43-101 produce new resources estimates, and exploration results, including deposit size, quantities, grades TECHNICAL REPORT – FEASIBILITY STUDY ZGOUNDER EXPANSION PROJECT”, originall
Slide 3: AYA
AYA 1 AYA 2 Zgounder Silver Mine 3 Exploration 4 Catalysts TSX: AYA; OTCQX: AYASF 3
Slide 4: AYA – Africa’s Dominant Silver Producer
AYA – Africa’s Dominant Silver Producer Morocco- Significant Upside Climate Financial and focused growth profile optionality change management Producing, developing Expanding Zgounder Large mineral resource leadership strength and exploring in an Silver Mine to an base and aggressive Clear, near-ter
Slide 5: AYA – Proven Management Team
AYA – Proven Management Team Benoit La Salle, FCPA, MBA Mustapha Elouafi Ugo Landry-Tolszczuk Elias Elias President & CEO President-Managing Director, Chief Financial Officer Vice-President, Legal & Morocco Corporate Secretary Benoit has over 25 years of experience as a corporate Mustapha is an esta
Slide 6: AYA – Board of Directors
AYA –Board of Directors Benoit La Salle, FCPA, MBA Robert Taub Natacha Garoute, CPA, CA Yves Grou, CPA, CA President & CEO, Director Chair Director Director Benoit has over 25 years of experience as a corporate Robert is an entrepreneur in life sciences and investor in Natacha has more than 20 years
Slide 7: AYA – Our History
AYA – Our History New management appointed Imiter bis, Amizmiz, Zgounder Millennium Silver Operational turnaround announced Azegour projects Mining (ZMSM) created Zgounder updated +2,000 tpd expansion acquired Boumadine acquired NI 43-101 & PEA filed FS launched for Zgounder 2009–2011 2013 2018 2020
Slide 8: Morocco – Top Mining Jurisdiction
Morocco – Top Mining Jurisdiction By the numbers Phosphate – 1st producer in Africa, 4th worldwide 36.6M 1st Barite – 1st producer in Africa, 3rd worldwide inhabitants silver producer in Africa; 15th worldwide Fluorite – 2nd producer in Africa, 7th worldwide 2022 silver production (6 million oz) Cob
Slide 9: Morocco – Developing the Mining Sector
Morocco – Developing the Mining Sector Mainly Moroccan miners: 2016 Baseline Mining Code Zgounder OCP, SOMIFER, SAMINE, SACEM, SMI, CTT & ONA Royalty 3% of sales First modern mines (now Managem) Revision of mining code 1920 1951–1995 2016 Tax rate* 25% State free-carried interest Nil Foreign ownersh
Slide 10: Zgounder Silver Mine – Cornerstone of Aya’s Growth Story
Zgounder Silver Mine – Cornerstone of Aya’s Growth Story ▪ 2022 production of 1.88M oz ▪ 2023 guidance of 1.7M – 1.9M oz ▪ 2024 production of ~7.9M oz, +394% (based on FS) ▪ 96M oz M&I resources at 306 g/t Ag RABAT Development Upside CASABLANCA ▪ Boumadine MARRAKECH ▪ Tijirit – FS 85% complete, pend
Slide 11: AYA – The Only TSX-Listed Pure Silver Producer
AYA – The Only TSX-Listed Pure Silver Producer 100% 80% 60% Other Gold Silver 40% 20% 0% Aya Endeavour Excellon *GoGold Silvercorp *SilverCrest *MAG Fresnillo First Hecla Americas Coeur Pan Fortuna SSR Mining Majestic American Source: Desjardins Capital Markets, company reports. *Developer, for whic
Slide 12: Capital Structure – Robust Balance Sheet
Capital Structure – Robust Balance Sheet Institutional Shareholder Breakdown1 60% USA 20% Board & Insiders 16% Europe 32% Family offices2 21% Canada 33% Institutional 3% Australia & ROW 15% Retail 1 Based on 42.5M shares outstanding (institutional ownership) 2 Affiliated with Board and insiders Exch
Slide 13: Zgounder Silver Mine
Zgounder Silver Mine 1 AYA 2 Zgounder Silver Mine 3 Exploration 4 Catalysts TSX: AYA; OTCQX: AYASF 13
Slide 14: Zgounder – Strong Execution and Operational Efficiencies
Zgounder – Strong Execution and Operational Efficiencies Solid operational standard reached in 2021 via: 700,000 89.9% 100 ▪ Switch to cut-and-fill mining method 82.8% 87.9% 86.2% 87.1 ▪ Implementation of operating best practices 600,000 90 78.9% 82% 81% 82.4% 80.4% ▪ Capital infrastructure & equipm
Slide 15: Zgounder – Industry-Low Discovery Costs
Zgounder – Industry – Low Discovery Costs ▪ Resources as a unit of total shares outstanding up >630% to 96.1M oz since management In Moz Ag 96.1M oz change in 2020 (0.124, 0.423, 0.915 from 2020- 2022) Proven & probable reserves 25.2 ▪ Industry-low discovery cost of $0.18 with only M&I resources $15
Slide 16: Zgounder – Top Silver Intercepts Globally
Zgounder – Top Silver Intercepts Globally Los Ricos, 1 118,399 Zgounder, 2 85,450 Elizabeth Hill, 3 80,762 Zgounder reported 3 out of the top 10 and 15 Filo del Sol, 4 La Colorada, 5 69,147 65,930 77,683 out of the top 50 global silver intersections Breccia, 6 Diablillos, 7 64,287 Diablillos, 8 61,2
Slide 17: Zgounder – Top Silver Intercepts
Zgounder – Top Silver Intercepts 1 3,956g/t over 21.6m 2 4,101g/t over 14.4m 3 5,691g/t over 9.6m 2020-2023 drill exploration program returned 4 5 3,043g/t over 14.4m 6,437g/t over 6.5m 9,346g/t over 4.0m 44 of the top 50 Zgounder intercepts¹ 6 7 4,980g/t over 7.5m 8 7,480g/t over 4.8m 9 4,944g/t ov
Slide 18: Zgounder – Mineral Reserves
Zgounder – Mineral Reserves Silver Reserves On a 100% basis. M&I resources shown inclusive of reserves. ¹ ² ▪ The reserves include drilling carried out between January and September 2021 Tonnes Ag Content (K) (G/T) (Ag K Oz) ▪ Reserves include 29% open-pit and 71% Proven Reserves 2,100 288 28,748 un
Slide 19: Zgounder – Expansion Feasibility Study Highlights
Zgounder – Expansion Feasibility Study Highlights 71Moz $373M LOM Production Profile* P&P reserves Post-tax NAV5% Total Ag oz produced Ag grade processed ($22/oz) 10,000,000 350 9,000,000 300 $139.4M $9.58 8,000,000 Growth capex AISC (LOM) 250 Ag grade (g/t) 7,000,000 Ag oz 6,000,000 200 5,000,000 1
Slide 20: Expanded operations will combine flotation-CIP and flotation-cyanidation plants
Expanded operations will combine: ▪ 2,000 tpd flotation-CIP plant and 700 tpd flotation-cyanidation plant ▪ Open-pit & UG operations
Slide 21: Construction of Zgounder new processing plant, April 2023
Zgounder : . << flotation plant —>—-- === Crushing sin = platforms = Milling orm ROM pad Ore'silo | a ee platform Be | wo Emergency ——~ process water pond Merrill-Crowe & silver room platforms Os = = CONSTRUCTION 0 OF ZGOUNDER NEW PROCESSING PLANT | April 2023 : i 2) =a »
Slide 22: Zgounder – Expansion on Budget
Zgounder – Expansion on Budget 2022 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Feasibility study (100%) FEED (100%) Long-lead purchasing (100%) EPC offer (100%) Detailed engineering (95%) Earth & civil works (70%) Construction (35%) Commissioning (0%) First silver pour (0%) % completed Production
Slide 23: AYA – Achieving Sustainability Leadership
AYA – Achieving Sustainability Leadership Low-Carbon Strategy and Environmental Commitment Priorities: water, tailings management and clean energy. Near-zero Scope 2 emissions in 2024. 61% Ongoing 20-year 88%¹ Water Global Industry Standard wind PPA Reduction in Scope 2 recycled on Tailings Manageme
Slide 24: AYA – High Governance Standards
AYA – High Governance Standards Achieved in the last three years since arrival of new management team Increased transparency of ESG disclosure in support of the below frameworks 37% 63% 52% Women Director Board & management holdings board members independence (As of April 12, 2023) Alignment of exec
Slide 25: Exploration
Exploration 1 AYA 2 Zgounder Silver Mine 3 Exploration 4 Catalysts TSX: AYA; OTCQX: AYASF 25
Slide 26: AYA – 2023 Drill Exploration Program of 68,700M
AYA – 2023 Drill Exploration Program of 68,700M Growth Pipeline Includes Three Priority Projects Zgounder Silver Mine RABAT ▪ 26,000m budgeted for near-mine drilling ▪ Expand resource oz at depth CASABLANCA Boumadine (Development) MARRAKECH ▪ 36,000m budgeted (85% complete); +100% over 2022 budget I
Slide 27: Zgounder – Near-Mine Drill Exploration Program (Ag)
Zgounder – Near-Mine Drill Exploration Program (Ag) M&I Mineral Resources with 2023 Initial Surface and Underground Drill Holes TSX | AYA 27
Slide 28: Zgounder Regional – Drill Exploration Program (Ag, Au, Cu)
Zgounder Regional – Drill Exploration Program (Ag, Au, Cu) 2023 Drill Program ▪ 6,700m of DDH will be completed before year-end 2023 ▪ Focus on following up 2022 results and testing new targets ▪ Prospective package for epithermal Ag, Au or Cu-Au vein mineralization ▪ Identification of five target a
Slide 29: Zgounder Regional – Zgounder Far West, Tala, and Izza Areas
Zgounder Regional – Zgounder Far West, Tala, and Izza Areas ▪ Grab samples from the Tala and Izza areas returned high-grade Ag, Cu and Au, associated with a very strong spectral alteration signature ▪ Zgounder Far West returned anomalous Ag grab results ▪ 2023 priority drill areas Tala Area with Mag
Slide 30: Boumadine – Drill Exploration Program Doubled
Boumadine – Drill Exploration Program Doubled (Au, Ag, Pb, Cu, Zn) 36,000m DDH Drill Program in 2023 ▪ 5 rigs drilling and ~85% complete , extending strike length by >40% from 2.7 kilometres to 3.8km (6km hydrothermal system) ▪ Definition of a new high-grade mineralized stockwork area that expands t
Slide 31: Boumadine – 2022 Drill Exploration Program
Boumadine – 2022 Drill Exploration Program 18,335m Drill Program in 2022 ▪ Confirmed mineralization of the main trend and extended strike by 20% to 3.2km towards the south Drill Exploration Results ▪ 1,039 g/t AgEq over 32.8m including 1,416 g/t AgEq over 12m (4.64 g/t Au, 236 g/t Ag, 11.0% Zn, 4.3%
Slide 32: Boumadine – Interpreted 3D Conductor and Simplified Geology
Boumadine – Interpreted 3D Conductor and Simplified Geology 32
Slide 33: Imiter Bis – Potential District (Au, Ag, Cu, Pb, Zn)
Imiter Bis – Potential District (Au, Ag, Cu, Pb, Zn) 4km potential at-surface polymetallic structure on Morocco’s sub-Atlas range, 5km south of the world-class Imiter Silver Mine 4,754m DDH exploration program completed in 2022 ▪ Low-sulphidation epithermal system ▪ 4,754m of DDH (phase I) completed
Slide 34: Tirzzit – Historic Copper Mine & Potential New District (Cu, Ag)
Tirzzit – Historic Copper Mine & Potential New District (Cu, Ag) Collection of 7 permits including the historical Tirzzit Copper Mine on Morocco’s anti-Atlas range, 25 km south of the Zgounder Silver Mine Through the pending transaction announced in June 2023, Aya acquires: ▪ Historical copper mine
Slide 35: Catalysts
Catalysts 1 AYA 2 Zgounder Silver Mine 3 Exploration 4 Catalysts TSX: AYA; OTCQX: AYASF 35
Slide 36: Aya Catalysts – 2023 Milestones
Aya Catalysts – 2023 Milestones 32,700m drilling at Zgounder and Zgounder Regional to increase resources Complete drill exploration programs on priority regional properties: ▪ 36,000m exploration drilling at Boumadine (85% complete) ▪ 25,000m drill program at Tijirit (Mauritania) √ Completed Continu
Slide 37: Benoit La Salle : Benoit.Lasalle@ayagoldsilver.com Alex Ball : Alex.Ball@ayagoldsilver.com
1320 Graham, suite 132 Ville Mont-Royal, QC H3P 3C8 Benoit La Salle : Benoit.Lasalle@ayagoldsilver.com Alex Ball : Alex.Ball@ayagoldsilver.com www.ayagoldsilver.com | info@ayagoldsilver.com TSX | AYA; OTCQX | AYASF
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