Casablanca – Canadian mining company Aya Gold & Silver Inc. has completed a major financing round, securing approximately $105 million to support its silver mining and exploration operations in Morocco. The successful equity raise significantly strengthens the company’s financial position and paves the way for expanded development at its flagship Moroccan sites.

The fundraising was conducted through a public offering of 9.363 million common shares at a price of $9.80 per share. The amount includes the full exercise of the 15% over-allotment option, triggered by high investor demand. The offering was managed by Desjardins Capital Markets, acting as the sole bookrunner, with National Bank Financial and BMO Capital Markets as co-leads. Other participating institutions included CIBC World Markets, Raymond James, Stifel Nicolaus, Scotia Capital, Beacon Securities, and INFOR Financial.

High investor confidence

The strong response from institutional investors reflects growing confidence in Aya’s performance and future prospects, especially in Morocco, where it operates two major assets: the Zgounder Silver Mine and the Boumadine polymetallic project.

“This capital gives us the flexibility to fully unlock the potential of Boumadine, while continuing to improve our performance at Zgounder. Our goal is to maximize cash flow and build long-term value for shareholders,” said Benoit La Salle, President and CEO of Aya Gold & Silver.

According to the company, the net proceeds will be used primarily to fund exploration and development activities at both Boumadine and the Zgounder Regional project. A portion will also go toward working capital and general corporate expenses.

Strong performance in Zgounder

Aya’s Zgounder Silver Mine continues to perform strongly following its recent expansion. In the first quarter of 2025, the mine produced over one million ounces of silver, marking a 192% increase compared to the same period in 2024. This led to a record quarterly revenue of $33.8 million, net income of $7 million, and free cash flow of $8 million—despite ongoing early-stage production costs.

The company expects silver production to rise to 1.5 million ounces per quarter by the end of 2025, reaching between 6 and 6.5 million ounces annually. Efforts are now focused on optimizing plant operations and reducing production costs to support continued profitability.

“Our goal is clear: strengthen operational efficiency and generate consistent free cash flow. That’s the key to long-term growth,” La Salle said in an interview earlier this month.

Boumadine: Unlocking new potential

In parallel, Aya is ramping up exploration at the Boumadine project, a historically mined site in eastern Morocco with strong geological potential. The new funding will allow for deeper drilling campaigns and resource delineation across the property. Boumadine is seen as a critical part of the company’s long-term growth plan, offering potential for both silver and base metal production.

Aya’s commitment to Morocco is reinforced by its partnership with the Moroccan government through ONHYM (Office National des Hydrocarbures et des Mines), which co-owns the Zgounder mine. This collaboration has facilitated regulatory approvals and operational support as the company scales up.

Outlook

Aya Gold & Silver has positioned itself as a key player in Morocco’s growing mining sector. With production accelerating, exploration expanding, and strong financial backing, the company is entering a new phase of development.

“This is a transformational moment for us,” said La Salle. “We’re not just funding exploration—we’re building a platform for sustained growth, profitability, and value creation in one of the world’s most promising mining regions.”

As global silver demand continues to rise, Aya’s focus on operational excellence and resource expansion could make it one of the standout performers in the sector over the next several years.