Aya Gold & Silver has announced the spinout of its Amizmiz Gold Project in Morocco, partnering with Mx2 Mining.
Aya will transfer its Amizmiz Gold Project rights to Mx2 Mining, which will raise at least USD 7.5 million, with Aya investing USD 1 million.
The transaction positions Aya as a majority shareholder of Mx2, providing two board members to guide future growth.
Mx2 will focus on unlocking value in North Africa, beginning with Amizmiz, which has a historic resource of 342,000 ounces at 12.98 g/t gold.
A 2,400-meter drill program is underway, aiming to confirm Amizmiz’s potential of over 1 million ounces of gold.
Mx2 will also have the option to acquire the Tijirit Gold Project in Mauritania, with combined resources exceeding 800,000 ounces.
The non-brokered private placement of USD 7.5 million will fund exploration at both Amizmiz and Tijirit, alongside corporate operations.
Aya expects to crystallize USD 10 million in share consideration from Mx2, enhancing shareholder value through this strategic transaction.
Aya CEO Benoit La Salle emphasized that the spinout aligns with the company’s growth initiatives, while Mx2 will drive new opportunities in North Africa.
Richard Clark, Executive Chairman of Mx2, stated that this collaboration with Aya represents a significant growth opportunity in the region’s gold sector.
Aya will continue to focus on its other core assets, including Boumadine and Zgounder, while benefiting from its majority stake in Mx2.
David Lalonde, VP Exploration at Aya, has reviewed the transaction for accuracy, ensuring compliance with National Instrument 43-101 standards.