Aya Gold & Silver Inc. Advances Zgounder Silver Mine Expansion with Full Financial Completion

Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) announced on 20 January 2026 that it has achieved financial completion under its US$100 million project loan with the European Bank for Reconstruction and Development (EBRD). The milestone confirms that all financial conditions have been satisfied and that the company has secured the necessary credit lines to proceed with the expansion of its flagship Zgounder Silver Mine in Morocco.

Key Financial Milestones

  • Full Credit Unlock – The EBRD has released the entire tranche of the loan, enabling Aya to fund capital expenditures and operational costs associated with the mine’s expansion.
  • Cost Control – The loan terms have been negotiated to include flexible repayment schedules and interest rate adjustments that align with project cash‑flow profiles, thereby mitigating financing risk.
  • Strategic Alignment – The funding arrangement positions Aya to capitalize on the current upward trajectory of silver prices, which are nearing the $95 USD per ounce threshold, as noted by market analysts.

Expansion Rationale and Project Scope

The Zgounder expansion is designed to:

  1. Increase Production Capacity – By extending the mine’s infrastructure, Aya intends to raise annual silver output by an estimated 25 % over the next three years.
  2. Enhance Recovery Rates – Advanced drilling and assay programs, detailed in the year‑end 2025 exploration update, have identified high‑grade ore zones that justify the capital investment.
  3. Strengthen Supply Chain – The project will incorporate modern processing equipment and logistics improvements, reducing operational bottlenecks.

Aya’s 2025 exploration update, released concurrently with the financial completion news, summarized the results of drilling programs at the Zgounder site. The data confirmed the presence of substantial silver mineralization and provided a robust resource estimate that underpins the expansion plan.

Market Context

The announcement arrived amid a broader positive sentiment for Canadian materials stocks. On 22 January 2026, the TSX Composite Index recorded a significant uptick, reflecting investors’ growing confidence in the mining sector. Analysts note that rising commodity prices, coupled with favorable macroeconomic conditions, create an optimal environment for mining companies to secure financing and expand operations.

Forward‑Looking Perspective

With the financial framework now in place, Aya Gold & Silver is positioned to:

  • Accelerate Development – Deploy capital into drilling, exploration, and infrastructure upgrades without delay.
  • Capture Market Share – Leverage the projected increase in silver supply to strengthen its competitive standing in the global silver market.
  • Deliver Shareholder Value – Anticipate a gradual improvement in earnings and cash flow as the expanded mine reaches full production capacity.

In summary, Aya Gold & Silver’s successful navigation of the EBRD financing process and its comprehensive exploration insights lay a solid foundation for the Zgounder expansion, signaling a decisive step forward in its strategy to become a leading player in the Moroccan silver sector.