Aya Gold & Silver, Mx2 Mining ink non-binding term sheets
Aya Gold & Silver has taken strategic steps to optimize its portfolio by spinning off its Amizmiz Gold Project in Morocco and granting an option on its Tijirit Project in Mauritania to Mx2 Mining, a newly formed gold-focused company in North Africa.
Mx2 has the option to acquire the Tijirit Project by meeting certain expenditure requirements over a three-year period. The Tijirit Project holds measured and indicated mineral resources of 292,600 ounces of gold at a grade of 2.19 g/t, with an additional inferred resource of 533,200 ounces at a grade of 1.63 g/t.
Spin-off terms
As part of the spin-off, Aya will transfer its rights to the Amizmiz Property to Mx2. The Amizmiz Project holds a historical resource estimate of 342,000 ounces of gold at a high grade of 12.98 g/t. Mx2 is required to raise a minimum of C$7.5 million, of which Aya will invest C$1 million, and Aya will become the majority shareholder in Mx2. The deal remains subject to confirmatory due diligence and customary closing conditions.
Benoit La Salle, Aya’s president and CEO, emphasized that the spinout would allow Aya to streamline its focus on its core projects like Boumadine and Zgounder, while still benefiting from its majority stake in Mx2. This transaction is seen as an opportunity to unlock significant shareholder value, particularly with the potential of the Tijirit Project in Mauritania.
“We are excited to announce the spinout, which will optimise Aya’s portfolio while ensuring our shareholders continue to benefit from a majority stake in our high-quality gold assets, particularly the highly promising Amizmiz gold project,” said CEO Benoit.
