Aya Gold & Silver Inc. (TSX:AYA) entered into a binding term sheet to acquire Algold Resources Ltd. (TSXV:ALG.H) on February 19, 2021. The final exchange ratio is 0.010601 of an Aya common share for each Algold share. Following the close of the Algold acquisition, Aya controls 100% of Algold and is the 75% owner-operator of Tijirit, with the remaining 15% owned by the Government of Mauritania and 10% by Wafa Mining & Petroleum. The closing of the Transaction is subject to a number of Conditions Precedent, including and not limited to: - The approval of Algold's Proposal by its creditors; - The authorization and filing of a corporate reorganization of the capital structure of Algold, to the entire satisfaction of Aya, in accordance with section 191 of the Canada Business Corporations Act (the “CBCA”); - The issuance of an approval order by the Court, in form and substance satisfactory to Aya, approving the Proposal under sections 50, 59(4) and 66(1.4) of the Bankruptcy and Insolvency Act, which order shall include provisions regarding the CBCA Reorganization amongst others, and which shall not have been stayed and no appeal therefrom is outstanding; and - The Toronto Stock Exchange (TSX) approving the issuances of Aya shares provided hereunder. The Aya shares to be issued under the Proposal and the Transaction will be subject to a hold period expiring on the date that is four (4) months and one day from the issuance of such shares. The agreement is unanimously approved by the independent members of the Board of Directors of Algold. The Transaction has also been unanimously approved by the independent non conflicted members of the Board of Directors of Aya. The Transaction is expected to close on or around April 15, 2021. Dentons Canada LLP is acting as Aya's legal advisor. Lapointe Rosenstein Marchand Melançon LLP is acting as legal advisor to Algold. Raymond Chabot Inc. is acting as the Proposal Trustee for Algold.

Aya Gold & Silver Inc. (TSX:AYA) completed the acquisition of Algold Resources Ltd. (TSXV:ALG.H) on June 10, 2021.