Aya Gold & Silver Inc.

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Provision of up to USD 25 million loan to Aya Gold & Silver Inc. to support its exploration programme at Boumadine. The transaction presents another opportunity to support the Company, which is an existing client of the EBRD via USD 100 million project finance loan provided for expansion and upgrade of Aya's Zgounder silver mine in Morocco.

Project ID 56465

Status Approved

Location

Morocco

Business Sector

Natural Resources

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Ugo Landry-Tolszczuk
ugo.landry.tolszczuk@ayagoldsilver.com
+1 (647)-919-2227
https://ayagoldsilver.com/
1320 Graham, suite 132 Ville Mont-Royal, QC H3P 3C8

Project ID 56465

Status Approved

Location

Morocco

Business Sector

Natural Resources

Notice Type

Private

Environmental Category

Approval Date

13 May 2025

Disclosure date

13 May 2025

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Project Objectives

The project will enable to support an independent mining company in Morocco to diversify its portfolio and expand its production capabilities beyond the established Zgounder silver mine.

Transition Impact

ETI score:70

Transition Impact of the Project is expected to derive from the following qualities:

(i) Competitive: Through EBRD's SME Finance and Development Advice for Small Businesses team in Morocco, capacity building support and technical advice will be provided to seven of the client's local suppliers with the aim to improve their operational standards related to resource management and use of clean energy. This support will contribute to reducing Aya Gold & Silver's scope 3 emissions.

(ii) Inclusive (Employability): The Project will aim to expand access to crucial skills and training through partnership of the Company with local universities in the Draa-Tafilalet region to introduce new training modules, aligning academic curricula with business-critical skills needs in the growing mining sector, contributing to building a sustainable local talent pipeline for Aya and the broader mining sector, both in the short term (for exploration activities over the next two years) and the longer term (for the Boumadine site development and operations). The initiative will also be implemented with a view to boosting local recruitment and improve employee retention at Aya. These partnerships with universities will aim to align university curricula with industry needs, and to facilitate the launch of an apprenticeship programme, offering hands-on experience at Aya's Boumadine site for local university students.

Client Information

AYA GOLD AND SILVER INC

Aya Gold & Silver Inc. ("Aya" or the "Company") is a TSX-listed Canadian company, focused on operation, acquisition, exploration and development of mineral deposits in Morocco. The Company is focused on producing silver and exploration activities at its flagship Zgounder project, through its 100% ownership of Zgounder Millennium Silver Mine S.A ("ZMSM"), which is the EBRD client. Aya also owns 85% of the Boumadine polymetallic project via Boumadine Global Mining S.A. ("BGM") and is the sole owner of Imiter-bis assets, all located in Morocco.

EBRD Finance Summary

USD 25,000,000.00

USD 25,000,000

Total Project Cost

USD 25,000,000.00

USD 25,000,000

Additionality

Financing structure: EBRD financing of the project will help bridge a financing gap due to adverse market conditions, such as economic and geopolitical uncertainties evolved in 2025.

Risk mitigation: EBRD's long-term relationship with a client provides comfort to the client to be willing to take on more risk and/or finance, enabling outcomes such as innovation or expansion into new markets.

Standard-setting: The client makes use of EBRD expertise on higher inclusion and gender standards.

Environmental and Social Summary

Categorised B (ESP 2024). The use of proceeds for exploratory works at Boumadine has limited Environmental and Social (E&S) impacts and is therefore categorised B. The Bank's engagement in any subsequent mine development would require further E&S Due Diligence.

The ESDD has been conducted by the Bank. The client is known to the Bank from the previous Zgounder mine project with the Bank's engagement resulting in significant improvement of corporate E&S management practices. The ESDD has concluded that the Company has in place appropriate corporate commitments, capacities, resources and experience to manage potential E&S risks and impacts associated with the exploratory programme.

Aya's corporate policies, including those for Human Resources and Health & Safety are applicable to the Boumadine project and contractors are required to align with these. Health and Safety personnel are appointed on site and Emergency Response Plans are in place.

The Company's Boumadine mining license is outside of legally protected areas. The client has engaged consultants to begin scoping studies for an Environmental and Social Impact Assessment (ESIA) in preparation for future mine development. For this project, biodiversity assessments have not identified specific sensitivities requiring further assessment. The scope of project works for drilling and other exploratory works does not have high resource consumption needs and, once drilling works are complete, excavations will be refilled and reinstated. The exploration activities are on public land and leases will not be signed until there are further permits allocated for construction. The area is in an uninhabited desert region and no physical or economic displacement is expected. Stakeholder engagement to date has been appropriate for the scope of works and the Company has regular meetings with local authorities and regional representatives to provide update on activities and to address any concerns.

An Environmental and Social Action Plan (ESAP) focused on limited gaps with EBRD E&S Requirements has been agreed with the Company. Items include further development of worker and community grievance mechanisms.

The Bank will monitor the project through review of Annual Environmental and Social Reports and site visits, if necessary.

Technical Cooperation and Grant Financing

None.

Company Contact Information

Ugo Landry-Tolszczuk
ugo.landry.tolszczuk@ayagoldsilver.com
+1 (647)-919-2227
https://ayagoldsilver.com/
1320 Graham, suite 132 Ville Mont-Royal, QC H3P 3C8

Implementation Summary

PSD Last Updated

13 May 2025

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Aya Gold & Silver Inc.

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Technical Cooperation and Grant Financing

Company Contact Information

Implementation Summary

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)