Notice of Q4-2025 and Full Year 2025 Financial Release Date
Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce the commencement of a work program designed to support a Feasibility-level Study (“FS”) for the Boumadine Project (“Boumadine”), representing the next key milestone in advancing the Boumadine polymetallic project in the Kingdom of Morocco. This follows the positive Preliminary Economic Assessment (“PEA”) announced on November 4, 2025, and the related technical report filed on December 18, 2025.
The feasibility-level work program is intended to optimize project design and refine capital and operating cost estimates. In addition to internal resources, the program is being advanced by a multidisciplinary team of Qualified Persons from established engineering and technical firms, including Lycopodium Minerals Canada (“Lycopodium”), SRK Consulting (UK) Limited (“SRK”), SGS Canada Inc. (“SGS”), Epoch Resources (Pty) Ltd (“Epoch”) and SLR Consulting France SAS (“SLR”), which have been retained by the Corporation. Discussions are ongoing with additional expert firms to support other workstreams.
“We are accelerating development at Boumadine as it enters the feasibility stage,” said Benoit La Salle, President & CEO. “With the mining permit in place, we are advancing multiple workstreams in parallel to fast-track the next phase of development while maintaining the highest technical standards, supported by leading engineering firms and specialists. In parallel, ten drill rigs are advancing an aggressive infill program, with nearly 20% of our 2026 drilling objective already completed.”
This next phase of analysis and review will build upon the development concept outlined in the 2025 PEA. Boumadine is a district-scale project combining open-pit and underground mining with a conventional flotation plant designed to produce separate zinc, lead and pyrite concentrates. Project revenues are largely driven by precious metals, with an estimated contribution of approximately 61% gold, 21% silver, 13% zinc and 5% lead. The 2025 PEA outlined a potential scalable 11-year mine plan, which the FS is intended to further optimize and de-risk. As part of our ongoing studies, and with potential resource growth, the Corporation will evaluate options that may support higher plant throughput.
The following provides an update on advancement on key workstreams. Based on the current work plan, the Corporation is planning to complete the FS by H2-2027.
Feasibility-Study Update
Infill Drilling
Approximately 38,000 metres (“m”) have been completed to date as part of the Corporation’s 360,000 m infill drilling campaign (as of March 10, 2026), which includes a targeted 180,000 m objective for the current year. The program supports mineral resource conversion and provides the geological confidence required for reserve estimation as part of the FS. Drilling includes infill work to convert inferred resources to indicated, alongside targeted step-out drilling to expand mineralization across the Main, Tizi and Imariren trends, all of which remain open in all directions. Supporting technical programs — including detailed geological mapping, core scanning and metallurgical sampling — are advancing in parallel to further refine the resource model and advance mine planning. Core scanning will also be used to analyze the presence of additional metals that are not typically assayed systematically, such as antimony, cobalt, and tin.
Mineral Resource Estimate
An updated technical report is targeted for the second half of 2026 and is expected to incorporate an updated mineral resource estimate (“MRE”) informed by the 2025–2026 drilling program. SRK has been selected to update the MRE.
Metallurgical Testwork
SGS is retained to lead the metallurgical testwork program. The ongoing program is designed to further optimize process parameters, define variability within the deposit and support final process design criteria. Results will inform FS engineering, plant configuration and concentrate specifications.
Process Engineering
Lycopodium is retained to lead process engineering and plant design studies for Boumadine. Process engineering work includes flowsheet optimization, equipment sizing, trade-off studies, site layout and preparation of feasibility-level capital and operating cost estimates, building on the configuration outlined in the PEA.
Geotechnical Studies
RockEng Inc. (“RockEng”) is retained to advance feasibility-level investigations supporting both open-pit and underground mine design. The program will include geotechnical drilling, structural mapping, laboratory testing and rock mass characterization to refine pit slope parameters across the six planned open pits and to confirm ground support and stope design criteria for the North, Central and South underground zones. This work should further de-risk mine design assumptions and optimize long-term stability.
ESIA
SLR is retained to lead the Environmental and Social Impact Assessment (“ESIA”) process. The ESIA work completed to date forms the foundation for the detailed assessment being advanced in parallel with the FS. Ongoing baseline activities include environmental monitoring and seasonal field campaigns, including bird surveys, to inform impact assessment, mitigation planning and regulatory submissions.
Hydrogeology
Capion Consulting (“Capion”) in collaboration with SLR, is retained to conduct hydrogeological investigations in support of the FS. Work in progress includes groundwater characterization, aquifer testing and modelling to assess dewatering requirements, potential operational impacts and long-term water management strategies, including interaction with the TSF.
Water Supply
Aya has retained Groupement des Consultants et Ingenieurs du Maroc (“GCIM”) to advance water supply studies. Water sourcing is expected to include a combination of nearby municipal supply and local water wells, with treated city wastewater from regional treatment plants to be pumped to site for use in mineral processing. Several water dams are present in the region, and assessment has begun for the potential addition of a pipeline connection to one of these dams as a secondary supply source. Surface water assessments and hydrological studies are advancing to further define sustainable supply capacity and long-term water management requirements.
TSF
Aya is advancing feasibility-level engineering of the Tailings Storage Facility (“TSF”) and has selected Epoch to begin this work by doing a site-and-technology selection study based on Global Industry Standard on Tailings Management (“GISTM”) standards. As part of the 2025 PEA, the TSF has been designed as a fully lined valley-storage facility with downstream phased construction in accordance with the GISTM standards and is expected to accommodate approximately 18.5 million tones (“Mt”) of flotation tailings over the life of mine. The phased design supports optimized capital deployment, operational flexibility and process water reclaim to reduce freshwater consumption. Ongoing studies will further refine the design as part of the FS.
Access Road and Infrastructure
Aya has initiated a bid process for detailed engineering of site access roads and supporting surface infrastructure. Work will refine road alignment, construction requirements and capital estimates in preparation for potential concentrate transport by road to port facilities. In parallel, the advancement of electrical infrastructure planning — including the proposed transmission line and substation connection — will support reliable grid power supply for the Project.
Roaster Optionality
Hatch Ltd. (“Hatch”) is retained to evaluate the optionality of a roaster facility for further treatment of the pyrite concentrate, and to review metallurgical testwork for pyrite oxidative treatment as part of ongoing project optimization studies. Additional testwork will be performed in 2026 to optimize the circuit design.
Technical Report
The complete NI 43-101 Technical Report pertaining to the PEA was filed on December 18, 2025 and is available on Aya’s website and on SEDAR+ (www.sedarplus.ca).
The PEA is preliminary in nature, and it includes 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 PEA results will be realized.
Q4-2025 Earnings Notice
Aya will release its fourth-quarter and full-year 2025 results on Tuesday, March 31, 2026 before market opens. Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation’s financial and operational results.
Participants may join the conference call via webcast or by dialing-in as follows: https://edge.media-server.com/mmc/p/qs9262uf
Webcast link: Instructions for obtaining conference call dial-in numbers:
1. Click on the following call link and complete the online registration form
https://register-conf.media-server.com/register/BId539ee66fcc640f9bc13771002b5fab5
2. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
3. Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number.
The webcast replay will be archived and will be available for replay following the live call. Presentation slides that will accompany the conference call will also be posted on Aya’s website.
Qualified Person
The scientific and technical information contained in this press release have been reviewed and approved by David Lalonde, B. Sc, P. Geo, Vice-President Exploration of Aya, and Raphaël Beaudoin, P.Eng, Vice-President, Operations of Aya, both “Qualified Persons” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
