The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to US$ 25 million to Aya Gold & Silver Inc to support the company’s exploration programme at the Boumadine mine in the Drâa-Tafilalet region of southern Morocco. The Boumadine polymetallic mine is emerging as one of the most important in Morocco and North Africa. It has strategic importance for Aya, to diversify its portfolio and expand production capabilities beyond the established Zgounder silver mine.

This financing will support an exploration programme consisting of drilling, engineering, updating the mine plan and preparing a preliminary economic assessment study, allowing the project to advance to large-scale development and potentially making Boumadine a world-class deposit. The financing also positions the EBRD as a premier financing partner for Aya when the time comes to fund construction of the mine.

In addition, the financing will strengthen Aya Gold & Silver’s capacity building in the Drâa-Tafilalet region by delivering new vocational programmes and adapting university curricula for local students. These activities will foster the readiness of the workforce to meet evolving needs in the mining industry. Aya will also back an EBRD-led awareness-raising and advocacy campaign to promote women’s employment in the Moroccan mining sector. The EBRD’s investment will also pave the way to launching advisory support in relation to Aya’s value chain, contributing to resource management, energy efficiency and decarbonisation of the firm’s suppliers.