The Amizmiz Gold Project in Morocco has a historical resource estimate of 342,000oz at a grade of 12.98 grams per tonne (g/t). Md Tanjil Hasnat/Shutterstock.

Aya Gold & Silver has signed non-binding term sheets for spinning off its Amizmiz Gold Project in Morocco and granting an option on its Tijirit Project in Mauritania to Mx2 Mining (Mx2), a newly established gold growth company focused on North Africa.

The Tijirit Gold Project in Mauritania has measured and indicated mineral resources amounting to 292,600oz at a grade of 2.19g/t gold, along with an inferred mineral resource of 533,200oz at a grade of 1.63g/t.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Mx2 can retain the option by meeting the minimum expenditure requirements over a three-year period.

In relation to the spin-off, Aya will transfer its rights to the Amizmiz Property, held through a subsidiary, to Mx2. Concurrently, Mx2 will secure a minimum of C$7.5m ($5.52m), with Aya committing to invest C$1m of this amount.

The Amizmiz Gold Project in Morocco has an historical resource estimate of 342,000oz at a grade of 12.98g/t gold. The mining permit for the project is valid until 2029 and is renewable.

Following the spin-off and the associated financing, Aya will become the majority shareholder of Mx2 and will appoint two representatives to the Board of Directors to provide support to the team moving forward.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The deal is contingent upon confirmatory due diligence and the fulfilment of customary closing conditions.

Aya president and CEO Benoit La Salle said: “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.

“Additionally, Mx2 will have the opportunity to exercise its option on Tijirit, potentially unlocking significant value from this promising project in the mining-friendly jurisdiction of Mauritania.

“This transaction is expected to create substantial shareholder value by leveraging our strong Mx2 exposure to these outstanding assets and its seasoned management team, while allowing us to focus on advancing Boumadine and Zgounder, and other strategic growth initiatives.”

In February this year, Aya Gold & Silver announced a bought deal with Eight Capital and National Bank Financial to sell 6,586,000 common shares.