Aya Gold & Silver Announces Updated PEA for Boumadine: After-Tax NPV Doubles to $3.5B with 93% IRR

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Statistical analysis and variography were completed for the estimation domains, and the resulting models were used to estimate thickness and grade accumulation within each mineralized vein using Ordinary Kriging (“OK”).

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The 2026 MRE was depleted for historical underground mining and surface artisanal workings.

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For the 2026 MRE the density was estimated using Inverse Distance Weighting Squared (“IDW²”) from a single composite (across strike intersection). The 2026 estimation dataset comprised measured dry in situ density values supplemented, where required, by proxy density values derived from a regression relationship between measured dry in situ density and calculated total sulphide content.

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The MRE uses a marginal NSR cut off of US$60/t and US$110/t, for open pit and underground mining scenarios respectively. Grade shells were generated to define realistic underground mining targets using the underground NSR cut-off assuming a minimum 1.5 m minimum mining width. For mineralized zones less than 1.5 m, an NSR × thickness criterion was applied.  Isolated areas of mineralization were excluded from reporting.

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The MRE has an effective date of February 28, 2026 and was prepared by Mr Guy Dishaw, P.Geo of SRK Consulting UK, an independent Qualified Person, in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves incorporated by reference into National Instrument 43-101 (“NI 43-101”).

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The MRE comprises:

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The equivalent calculations are detailed in Table 3, footnotes 7 and 8.

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Comparison with the Previous Mineral Resource Estimate

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The 2025 MRE reported 5.2 Mt Indicated Mineral Resources containing 827 koz AuEq and 29.2 Mt Inferred resource containing 4.2 Moz AuEq.

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The 2026 MRE reports 8.6 Mt Indicated Mineral Resources containing 1.1 Moz AuEq, an increase of 34%, and 45.4 Mt Inferred Mineral Resource containing 4.3 Moz AuEq, an increase of 1%.

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The changes between the two estimates reflect a combination of factors and should therefore not be interpreted as resulting solely from the additional drilling. These factors include approximately 190,000 m of additional drilling from 453 drill holes, increased drill density and geological confidence, revised geological interpretation and mineralized wireframes, updated estimation domains, the change from fixed-length composites and conventional grade estimation to a two-dimensional true-thickness and grade-accumulation methodology, and revised economic assumptions, NSR reporting criteria, density estimation and depletion approach.

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Resource-Supporting Information

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Geology and Geological Interpretation

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The Boumadine Project is located within the Anti-Atlas belt, on the northwest side of the Ougnat Massif. The geology of the Ougnat Inlier is formed by late-Precambrian (PIII) predominantly calc-alkaline volcanic and intrusive rocks. Mineralization is hosted within polymetallic massive Au-Ag-Cu-Pb-Zn sulphide vein systems-oriented northwest-southeast and north-south which are steeply dipping (>70°) to sub vertical. The sulphide mineralization is composed predominantly of pyrite, with lesser amounts of arsenopyrite, sphalerite, galena and traces of chalcopyrite with thickness generally varying from 1 m to 5 m: locally reaching over 10 m.

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The orientations and geometries of the individual mineralization wireframes were guided by a combination of satellite imagery, surface and underground geological mapping, historical as-built depletion surveys, drill hole geological and structural logging data, logged mineralization style (including massive and semi-massive sulphides), assay data, Aya previous wireframes and an interpreted total sulphide content (derived using stoichiometric relationships).

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Sampling and Sub-Sampling Techniques

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Both DDH and RC samples were used for the Boumadine deposit MRE. RC drilling was primarily used to pre-collar diamond drill holes. RC samples, averaging approximately 4.7 kg, were collected in the field through a cyclone and riffle splitter system. DDH core was cut and sampled at nominal 1 m intervals, with sample lengths adjusted where necessary to honour geological boundaries. Sampling was conducted continuously along the drilled intervals. DDH samples typically weighed approximately 2–4 kg. Both RC and DDH samples were submitted to the laboratory for sample preparation and analysis.

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Sample Analysis Method

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Samples were prepared by African Laboratory for Mining and Environment (“Afrilab”) at its Boumadine prep-laboratory facility or at its Zgounder prep-lab. A total of 250 grams (“g”) of pulverized sample material was then submitted for analysis to Afrilab Marrakech. Inductively Coupled Plasma (“ICP”) spectrometry was used for Ag, Zn, Pb, Cu, Samples returning Cu, Fe, Pb or Zn grades greater than 1% were routinely reanalyzed by atomic absorption spectrometry (“AAS”) Fire assaying was conducted for Au and Ag results above 200 g/t.

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QA/QC samples were inserted at a 5% rate. For a batch of 25 samples: one certified reference material, one blank and one drill core duplicate were inserted by Aya.  Coarser rejects and umpire samples are also analyzed though fewer of these samples have been analyzed.

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Regular reviews of the sampling and QA/QC protocols were carried out by Aya’s project geologist under the supervision of Aya’s Executive Vice President of Exploration, to ensure all procedures were followed and best industry practices carried out. Monitoring of results of duplicates, blanks and certified reference materials was conducted by the database administrator each time an assay batch was imported in the Geotic database.

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Drilling Techniques

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DDH Drilling was carried out by Geosond Maroc SARL using CT20 and CS140 drill rigs; and by FTE Drilling (“FTE”) using Versadrill and Marcotte rigs. DDH were drilled with HQ and NQ diameters. Down-hole surveys were completed in each hole with a first reading at 12.5m and then every 25m by reflex Ez-shot and Devico-deviflex. All drill hole collars were surveyed by a DGPS.

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RC precollar drilling was completed by FTE using a truck-mounted TW3 drill rig.

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Drill and Data Spacing

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Drill hole spacing is variable across the Project. However, the majority of the modern drilling used in the MRE was initially completed on nominal 100-200 m-spaced inclined drill fences, with subsequent infill drilling undertaken on approximately 50 m spacing.

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Mineral Resource and Estimation Methodology

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Data were composited to the full length of each mineralized interval selection. Top cuts were applied to Au, Ag, Zn, Pb, and Cu.

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Wireframe modelling and Mineral Resource estimation were completed using Seequent Leapfrog Geo™. Statistical analysis and variography were completed using Datamine Supervisor software. A two-dimensional accumulation estimation approach, based on true vein thickness and grade accumulation, was applied using Maptek Vulcan software.

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Open-pit optimization was completed using GEOVIA Whittle™ software. Underground constrained shells were generated in Leapfrog Geo™.

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Density

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Density determinations were undertaken using the Archimedes water displacement method, with the resulting measurements recorded within the Project database.

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The frequency of density measurements varied according to the lithology encountered. Within waste rock, density measurements were generally completed at approximately 10 m intervals. As massive sulphide mineralization was approached, additional density measurements were completed immediately prior to entering the mineralized zone, with measurements subsequently undertaken at approximately 1 m intervals throughout the massive sulphide intervals. However, density measurements within disseminated or apparently weakly mineralized zones were completed at a lower frequency.

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Qualified Persons

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The scientific and technical information contained in this press release has been reviewed for accuracy and compliance with National Instrument 43-101, and approved by Preetham Nayak P.Eng, Senior Study Manager for Lycopodium (Americas) Ltd, Paul Gauthier, P.Eng, Lead Mining Engineer for CCE, Guy Dishaw, BSc, P.Geo from SRK, Raphael Beaudoin, P.Eng, Executive Vice-President, Operations of the Company (non-independent), and by David Lalonde, B. Sc, P.Geo, Executive Vice-President Exploration of the Company (non-independent), each a Qualified Person as defined in NI 43-101.

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The independent Qualified Persons for the 2026 PEA, as defined by NI 43-101, are:

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Technical Reports

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The complete NI 43-101 Technical Report pertaining to the 2026 PEA will be filed within 45 days and will be available on Aya’s website, on SEDAR+ (www.sedarplus.ca) and on EDGAR.

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The 2026 PEA is preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the 2026 PEA results will be realized.

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Cautionary Note to Investors Regarding the Use of Mineral Resources and Mineral Reserves

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The 2026 PEA is based on the updated mineral resource estimate for the Project, effective as of February 28, 2026.

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The 2025 PEA was based on the updated mineral resource estimate for the Project, effective as of February 24, 2025, disclosed in a technical report titled “Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco” with an effective date November 4, 2025, and filed on SEDAR+ on December 18, 2025. The key assumptions, parameters and methods used to estimate the mineral resource estimate for the Project and the identification of known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources are described in such technical report.

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Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that mineral resources will be converted to mineral reserves.

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Cautionary Note to the United States Investors Concerning Estimates of Mineral Reserves and Resources

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This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ materially from the requirements of United States securities laws applicable to U.S. companies. Information concerning Aya’s mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from SEC requirements applicable to domestic United States issuers. Accordingly, the disclosure in this press release regarding Aya’s mineral properties is not comparable to the disclosure of United States issuers subject to the SEC’s mining disclosure requirements.

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About Aya Gold & Silver Inc.

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Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Company has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-friendly regions.

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Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a sizable mineralized footprint, and potential for further discovery.

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Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

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Forward-Looking Statement 

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This press release contains “forward-looking statements” or “forward looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations, estimates and projections regarding Aya’s future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

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All statements, other than statements of historical fact included in this press release, regarding the Company’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as “aim”, “anticipate”, “assume”, “believe”, “estimate”, “expect”,  “goal”, “guidance”, “intend”, “objective”, “plan”, “potential”, “strategy”, “target”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the 2026 PEA, notably those under “2026 PEA – Economic Highlights”, and the results of the 2026 PEA discussed in this press release, including, without limitation, project economics, financial and operational parameters such as expected throughput, production, processing methods, cash costs, all-in sustaining costs, other costs, capital expenditures, free cash flow, NPV, IRR, payback period and LOM, upside potential, opportunities for growth and expected next steps in the development of the Project; the mine design; the timing of the feasibility study; the timing of the ESIA; the release date and content of the technical report pertaining to the 2026 PEA; the future price of gold and silver; the estimation of mineral resources and the realization of mineral resource estimates; Boumadine’s exploration potential; and the off-take proposals for the concentrates from Boumadine.

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Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Company’s forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the Company’s ability to execute its business plans and objectives; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the timing for completion of the 2026 PEA and feasibility study; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; the availability of qualified contractors, consultants, suppliers, equipment, materials and labour on commercially reasonable terms; the availability of sufficient water and power supply; the cooperation of government authorities, municipalities, infrastructure providers, port operators, logistics providers, railway operators, and other stakeholders; the continued availability and suitability of transportation, port and other infrastructure required for the development of the Boumadine Project; the Company’s ability to conduct its operations in a safe, responsible and sustainable manner while delivering long-term value to shareholders, employees and host communities; and other assumptions and factors generally associated with the mining industry.

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Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, any of which could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: Aya’s ability to execute on its plans relating to the Zgounder Project and Boumadine Project, including the timing thereof; risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins, and flooding; risks related to Aya’s operations in Morocco; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; the inability to determine, with certainty, the production of metals and cost estimates, or the prices to be received before mineral reserves or mineral resources are actually mined; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward markets for silver and other commodities (such as natural gas, fuel, oil and electricity); availability of gas, fuel, and oil; restrictions on mining in the jurisdictions in which Aya operates; change in laws and regulations governing our operations, exploration, and development activities, including international laws and legal norms, such as those relating to Indigenous peoples and human rights; the Company’s ability to mitigate the risks pertaining to fund repatriation; expectations with respect to any future pandemics on our operations, and assumptions related thereto; Aya’s ability to attract and retain qualified employees and contractors; Aya’s ability to obtain and renew necessary permits and licenses; inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; Aya’s growth strategy; Aya’s ability to obtain and maintain insurance; occupational health and safety risks; adverse publicity risks; third party risks; disruptions to Aya’s business operations; Aya’s reliance on technology and information systems; litigation risks; interest and exchange rates risks; tax risks; unforeseen expenses; public health crises; climate change; weather disruptions; general economic conditions; commodity prices; gold and silver demand; volatility of share price; public company obligations; competition risk; policies and legislation; force majeure; the effectiveness of our internal control over financial reporting; changes in technology; the potential for asset impairment (or reversal); the inherent risks involved in exploration and development of mineral properties; risks associated with the use of artificial intelligence (AI); and other risks described in the Company’s documents filed with Canadian and U.S. securities regulatory authorities.

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In addition, readers are directed to carefully review the detailed risk discussion in the Company’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.

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Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

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Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company’s business plans, financial performance and condition and may not be appropriate for other purposes.

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The forward-looking statements contained herein are made only as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Company qualifies all of its forward-looking statements by these cautionary statements.

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The Company may make decisions to advance the development of its mineral projects prior to the completion of a feasibility study establishing mineral reserves that demonstrate economic and technical viability. The decision to proceed with development in the absence of such a feasibility study involves materially greater technical and economic risks, including increased uncertainty as to mineral recovery, capital and operating costs, production rates, mine design and overall economic viability. There can be no assurance that any project advanced on this basis will ultimately be technically or economically viable or achieve the anticipated results.

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Non-IFRS and Other Financial Measures

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This press release includes certain performance measures commonly used in the mining industry that are not defined under IFRS. These measures do not have any standardized meaning under IFRS and may not be comparable to similar measures used by other companies. They are provided to assist readers in evaluating the Company’s performance and should not be considered in isolation or as a substitute for IFRS measures.

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The non-IFRS financial measures and non-IFRS financial ratios used in this press release and common to the mining industry are defined below:

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All-in Sustaining Costs and All-in Sustaining Costs Per Ounce-of-Gold-Equivalent Produced

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AISC is a non-IFRS financial measure. AISC reported in the 2026 PEA is calculated as Cash Costs (as described below) plus sustaining capital expenditures, including closure costs, divided by the quantity of ounces equivalent produced, but excludes corporate general and administrative costs, income taxes, and financing costs. AISC presented on a per-ounce-of-gold-equivalent-produced basis is a non-IFRS financial ratio and is based on the metal prices assumed in the 2026 PEA. These measures capture the important components of the Project’s anticipated production and related costs and are used to indicate anticipated cost performance of the Project’s operations.

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Cash Costs, Cash Costs Per Tonne Milled and Cash Costs Per Ounce-of-Gold-Equivalent Produced

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Cash costs is a non-IFRS financial measure which includes mine-site operating costs such as mining, processing, direct site G&A, and tailings, environmental and water management costs, as well as product shipping, royalties and mining taxes. Cash costs exclude sustaining capital, corporate G&A, exploration, reclamation, and financing costs. Cash costs presented on a per-tonne-milled basis, or on a per-ounce-of-gold-equivalent-produced basis, are non-IFRS financial ratios, calculated as cash costs divided by tonnes milled, or by anticipated production expressed in ounces of gold equivalent, respectively. These measures capture the important components of the Project’s anticipated production and related costs and are used to indicate anticipated cost performance of the Project’s operations.

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EBITDA

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EBITDA is a non-IFRS financial measure which is calculated as net income before interest, taxes, depreciation, and amortization, and is an alternate measure of profitability to net income. This measure is used by the Company to show anticipated operating performance by eliminating the impact of non-operational or non-cash items.

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Free Cash Flow

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FCF is a non-IFRS financial measure defined as revenue, less on-site and off-site operating costs (including royalties and mining taxes), less initial and sustaining capital expenditures, less income taxes. This measure is used by the Company to measure the anticipated cash flow available to the Company.

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Capital Efficiency Ratio

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Capital efficiency ratio is a non-IFRS financial ratio calculated as NPV5% After-Tax divided by initial capital expenditures. This measure is used by the Company to indicate the anticipated return generated by the Project relative to the upfront capital required to build it.

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Reconciliation

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As the Project is not currently in production, the Company does not have historical operating results for the Project against which to compare these non-IFRS measures, and cannot perform a reconciliation with historical measures.

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Rounding

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Individual calculations in tables and totals throughout this press release may not sum due to rounding of original numbers.

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