TORONTO, April 16, 2025 (GLOBE NEWSWIRE) — Mx2 Mining Inc. (“Mx2” or the “Company”) is pleased to announce the completion of the previously announced transaction with Aya Gold & Silver Inc. (“Aya”), including the acquisition of a 100% interest in the Amizmiz Gold Project (“Amizmiz”) located in the Kingdom of Morocco (the “Transaction”).
HIGHLIGHTS
- Mx2 completes its formation, including acquisition of the Amizmiz Gold Project
- Historic Inferred Mineral Resource: 819,769 tonnes at 12.98 g/t for 342,094 oz (see “Historical Resource” below)
- Strong shareholder backing following completion of C$16M financing
- Aya subscribed C$1M to the financing and in combination with the Transaction, owns 42.3%
- Directors and officers own 10.0%
- Institutional investors own 23.0%
- Benoit La Salle and Ugo Landry-Tolszczuk have been appointed to the board of directors as representatives of Aya
- Exploration and operating team established in Morocco, positioning Mx2 to aggressively expand its portfolio
- Multiple opportunities under evaluation and application in Morocco and Mauritania
“We’re very pleased to have completed the Transaction to formally launch Mx2. Over the past several months, we’ve worked hard to build a strong presence in Morocco, assemble a high-caliber team, and lay the groundwork for long-term success,” commented Adam Spencer, President & CEO of Mx2. “With extensive experience in the gold sector, a history of success in Africa and the strong support of Aya, we believe Mx2 is uniquely positioned to pursue high-impact exploration opportunities across Morocco and North Africa.”
DETAILS
Completion of Transaction with Aya
As of April 15, 2025, Mx2 has successfully completed the acquisition of the Amizmiz Gold Project from Aya and has entered into an investor rights agreement between Aya, Mx2, Mr. Richard Clark and Mr. Adam Spencer (the “IRA”).
In connection with the Transaction, the Company completed a brokered private placement in November 2024 (the “Offering”) of common shares of the Company (the “Common Shares”) and subscription receipts of the Company (the “Subscription Receipts”, and together with the Common Shares, the “Offered Securities”) for total gross proceeds of C$16.0 million, priced at C$0.50 per Offered Security (see Mx2 news release dated November 20, 2024). Concurrent with the closing of the Transaction, the Subscription Receipts have been converted on a 1:1 basis into 28,680,000 Common Shares and the net escrowed funds have been released to the Company.
As consideration for the Transaction, Aya has been issued 20,000,000 Common Shares and the Company now has a total of 52,000,001 Common Shares issued and outstanding as at the date of this release.
Aya now owns a total of 22,000,000 Common Shares, representing 42.3% of the Common Shares of Mx2. Pursuant to the IRA, Aya and Messrs. Clark and Spencer have agreed to a mutual shareholder lock-up for a period of two years from the closing of the Offering, which extends to November 14, 2026.
Establishing in Morocco
As part of its commitment to building a strong operational presence in Morocco, Mx2 has established an office in Marrakech, located less than an hour from the Company’s Amizmiz property and adjacent to Aya Gold & Silver’s local office. This strategic location enables close coordination with Mx2’s on-the-ground partners and provides a central base to support exploration activities.
Mx2 is also pleased to announce key leadership appointments that strengthen the team’s capabilities and technical depth.
Abdellatif Kissami has joined Mx2 as Directeur Général Adjoint. In a career that spans over 20 years and a former senior executive at Managem, Mr. Kissami brings deep experience across ESG, sustainability, and government relations, along with strong relationships throughout the Moroccan mining sector. He is leading the establishment of Mx2’s local team and supporting the Company’s broader regional objectives, including future initiatives in Mauritania.
Liam McDonnell has been appointed Vice President, Exploration. He brings a successful track record in a 15+ year career in gold exploration across Africa, most recently serving as Exploration Manager of Montage Gold Corp., where he was a key contributor in discovering the +5Moz Koné Gold Project. Before joining Montage Gold Corp., Mr. McDonnell also played an integral role in the discovery and development of the 3.34Moz Meyas Sands Gold Project in Sudan, owned by Orca Gold Inc. (now Perseus Mining).
Ema Abanyin has been appointed Exploration Manager. Mr. Abanyin joins the Company from Perseus Mining and brings over 20 years of exploration experience across Africa. He played a key role in the Meyas Sands Gold Project in Sudan and previously served as Senior Geologist at Red Back Mining’s Tasiast Gold Mine in Mauritania.
These appointments reflect Mx2’s commitment to building a best-in-class exploration and operational team with the regional expertise and technical capability to drive long-term value. The Company is actively advancing its evaluation of regional opportunities and is focused on building a strong pipeline of high-potential gold targets.
ABOUT Mx2 MINING INC.
Mx2 Mining Inc. (“Mx2”) is a gold exploration and development company focused on North Africa. The leadership group at Mx2 includes key personnel responsible for the success of several African precious metals companies, including Red Back Mining, Aya Gold & Silver, Orca Gold and Montage Gold. Mx2’s assets include the Amizmiz Gold Project in the Kingdom of Morocco, containing a Historic Inferred Mineral Resource of 819,769 tonnes grading 12.98 g/t for 342,094 ounces.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking information” (also referred to herein as “forward-looking statements”) under the provisions of applicable Canadian securities legislation regarding the potential future operations and assets of forward-looking statements can typically be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking statements herein include, but are not limited to, those in respect of the use of proceeds from the Offering and certain statements related to the Transaction. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Mx2 to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: future global financial conditions being materially worse than current conditions; uncertainties, costs and risks related to carrying on business in foreign countries; filing to obtain necessary additional financing; the costs of complying with environmental laws and policies; title disputes and defects and other matters relating to failing to obtain or revocation of permits and licenses; failure of equipment or processes to operate as anticipated; lower than expected future prices, market, demand, supply and/or uses of precious metals; adverse currency fluctuations; unexpected costs related to and delays in the integration of acquisitions; accidents; labour disputes; failure to retain key personnel; delays in obtaining governmental approvals; and other risks relating to the mining industry.
Forward-looking statements also include, but are not limited to, factors and assumptions in respect of: the future price, market, demand, supply and/or uses of precious metals being as expected. Although Mx2 has attempted to identify important factors, risks and assumptions that could cause actual results to differ materially from those contained in forward-looking statements, there may be others that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans. Mx2 does not intend or undertake to update any forward-looking statements that are included in this press release, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
HISTORICAL RESOURCE
Scientific and technical information, and in particular the historical resource estimate, contained in this press release related to the Amizmiz property is based on the technical report entitled “Technical Report and Recommendations The Au Amizmiz Property, Marrakech Province, Kingdom of Morocco” dated December 21, 2010 prepared by Mr. Luc Lamarche (BSc., P.Geo.) a non-independent consultant for Aya Gold and Silver Inc. and Dr. Michel Boily (PhD., P. Geo) and independent qualified person Aya Gold and Silver Inc. (the “Amizmiz Technical Report”), which is available on the SEDAR+ profile Aya Gold and Silver Inc. at www.sedarplus.ca.
| Amizmiz Historic Inferred Resource Estimate | ||||
| Zone | Tonnes | Au (g/t) | Au (oz) | Au Before Dilution (g/t) |
| Az5 | 410,944 | 9.06 | 119,702 | 21.78 |
| AzSB | 11,625 | 7.97 | 2,979 | 10.66 |
| AzS | 51,300 | 10.66 | 17,582 | 8.24 |
| TRNA | 232,500 | 22.25 | 166,320 | 24.2 |
| TRNC | 113,400 | 9.74 | 35,511 | 9.74 |
| TOTAL | 819,769 | 12.98 | 342,094 | |
- Refer to the Amizmiz Technical Report for the key assumptions underlying the Amizmiz historical mineral resource estimate.
- Data Verification: Neither Mx2 nor any qualified person of Mx2 has verified the data herein. The steps taken by the qualified person that prepared these mineral resource estimates are set out in the Amizmiz Technical Report. See below regarding the treatment of the mineral resource estimates as historical estimates and the work that Mx2 will be required to complete in order to treat them as current resource estimates.
The mineral resources estimate for the Amizmiz project in this press release is considered to be an “historical estimate” as defined under NI 43-101. This historical estimate is reported using the categories of mineral resources as defined by the 2005 CIM Definition Standards on Mineral Resources and Mineral Reserves, and is derived from the Amizmiz Technical Report. This “historical estimate” is based on the assumptions, methods and parameters set out below and in the Amizmiz Technical Report but is not considered by Mx2 to be current. A qualified person has not done sufficient work for Mx2 to classify the historical estimate as a current mineral resource, and Mx2 is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the potential of the properties but may not be representative of expected results. A thorough review of all the resource information and drill data by a qualified person, along with the incorporation of subsequent exploration work and results from confirmatory drilling, would be required in order to verify the Amizmiz property historical estimate as a current mineral resource.
CONTACT: CONTACT INFORMATION Adam Spencer President & CEO investors@mx2mining.com
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