Aya Gold rejects allegations by short-seller

Executive Summary

• Aya Gold & Silver refutes short‑seller allegations and reaffirms the accuracy of its resource model, citing over 10 million ounces of silver produced since 2020 that reconcile with published estimates.
• The company highlights extensive drilling (total > 428,500 m to date) that continues to expand confidence in the Zgounder resource and supports an updated technical report slated for Q4 2025.
• Aya reports a strong balance sheet with approximately US$115 million in cash and ongoing operating cash flow from Zgounder, enabling self‑financing of growth projects including Boumadine.

Key Details

• Resource Validation: Over 10 M oz of silver mined since 2020 aligns with the published resource estimate; production consistently matches reserve estimates.
• Drilling Program:
• March 2021 model supported by 76,000 m of drilling; expanded to 121,500 m by Dec 2021 (additional 45,500 m).
• Additional 231,000 m drilled from Dec 2021 to June 2025, further increasing confidence in the Zgounder resource.
• Technical Report Update: An updated Zgounder technical report—including a new independently modelled resource and combined open‑pit/underground mine plan—is on track for release before year‑end 2025.
• Independent Verification: Resource estimate prepared and verified by P&E Mining Consultants Inc. (NI 43‑101 qualified persons). EBRD’s independent technical adviser also confirmed the existing resource prior to granting a construction loan.
• Financial Position: Approximately US$115 million cash on hand; generates operating cash flow from Zgounder operations, allowing self‑financing of growth initiatives.
• Boumadine Project: Preliminary Economic Assessment (PEA) remains on schedule for release before year‑end 2025.
• Leadership Statement: CEO Benoit La Salle emphasizes that “the allegations made against Aya are categorically false,” and reiterates confidence in mining methods, ongoing drilling extensions, and the upcoming technical report.

Notable Quotes

“The allegations made against Aya are categorically false. Zgounder’s mined ounces reconcile as expected… Backed by strong cash flow, rigorous governance, transparency, shareholder alignment and independent third‑party verification, Aya is firmly focused on disciplined execution and long‑term value creation.” – Benoit La Salle, President & CEO

All technical information reviewed and approved by qualified persons Raphael Beaudoin, P.Eng., VP Operations, and David Lalonde, BSc, P.Geo., VP Exploration (NI 43‑101).