Date Closed

January 25, 2023

Lead Office

Montréal

Value

92.00 Million CAD

On January 25, 2023, Aya Gold & Silver closed their upsized offering of 11,151,550 common shares in the capital of the Corporation (the “Shares”), at a price of $8.25 per Share for gross proceeds of approximately C$92,000,000 (the “Offering”) including the full exercise of the over-allotment option in the amount of approximately C$12,000,000. Eight Capital and Desjardins Capital Markets acted as joint bookrunners and co-lead underwriters, with a syndicate of underwriters comprised of BMO Nesbitt Burns Inc., National Bank Financial Inc, Raymond James, Cormark Securities Inc., Sprott Capital Partners L.P. and Stifel Nicolaus Canada Inc. (collectively, the “Underwriters”).

Aya intends to use the net proceeds of the Offering to advance its business objectives including for the funding of the Zgounder expansion project, the advancement of its exploration program namely at Boumadine and Zgounder, and for working capital and general corporate purposes. The Offering was completed by way of a prospectus supplement (the “ Supplement ”) to the short form base shelf prospectus of the Corporation dated January 12, 2023 (the “Base Prospectus”), which Supplement was filed on January 19, 2023.

McCarthy Tétrault advised Eight Capital and Desjardins Capital Markets with a team led by Charles-Antoine Souliere that included Pierre Boivin, Louis-Charles Filiatrault and Jessica Vona (Business).