Aya Gold rejects allegations by short-seller

Mr. Benoit La Salle reports AYA GOLD & SILVER CATEGORICALLY REJECTS THE ERRONEOUS AND MISLEADING ALLEGATIONS MADE AGAINST THE COMPANY Aya Gold & Silver Inc. has strongly refuted the misleading and inaccurate claims contained in the short-seller report. The report contains numerous inaccuracies and mischaracterizations, including about Aya's current management team, operations and resource base, which the corporation believes are intentionally misleading and are intended to benefit the short-seller, which has itself disclosed that it stands to profit in the event that the corporation's share price declines, at the expense of Aya shareholders. Key facts Reliability of resource model confirmed by silver ounces mined since 2021: Since 2020, Aya has produced over 10 million ounces of silver, with mined ounces consistently reconciling against the published resource estimate. Silver production continues to align with reserve estimates, reinforcing the strength, reliability and credibility of Aya's resource base. Extensive drilling strengthens resource model and confidence: The March, 2021, resource model was supported by 76,000 metres of drilling, which expanded to 121,500 m by December, 2021 (45,500 m). This robust data set formed the foundation of the current Zgounder resource model. From December, 2021, to June, 2025, Aya completed an additional 231,000 m of drilling, significantly increasing confidence in the resource base. Drilling continues to identify extensions of mineralization at Zgounder and regional targets, highlighting strong exploration upside and growth potential beyond the current mine footprint. This substantial, continuing drilling program provides the critical data underpinning the coming resource update. Independent, third party verified resource estimates: Zgounder's mineral resource estimate was prepared and verified by independent qualified persons at P&E Mining Consultants Inc. in compliance with the standards set forth in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and has been confirmed through rigorous third party review. Before providing a construction loan for the Zgounder expansion project, European Bank for Reconstruction and Development hired an independent technical adviser, who confirmed the existing resource, reflecting its confidence in Aya's estimates and operating credibility. Updated Zgounder technical report on track for fourth quarter 2025: Aya is in the process of completing an updated technical report for Zgounder. The updated technical report includes an updated, independently modelled resource, along with a new mine plan, which will incorporate both open-pit and underground operations. As planned and previously communicated to the market, this updated technical report, expected to be published before year-end, will demonstrate the strength and longevity of the asset. Strong cash flow and balance sheet: Aya has a robust balance sheet with approximately $115-million (U.S.) in cash and generates operating cash flow from Zgounder. This financial strength allows Aya to self-finance growth and invest in Boumadine. A preliminary economic assessment for Boumadine remains on track for release before year-end. "The allegations made against Aya are categorically false. Zgounder's mined ounces reconcile as expected, our mining methods and operating practices continue to improve, and we are finalizing an updated technical report that will integrate both open-pit and underground operations," said Benoit La Salle, president and chief executive officer. "Recent drilling continues to confirm extensions at Zgounder while Boumadine is advancing rapidly as a Tier 1 growth asset. 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." While short reports may make provocative claims, Aya rejects irresponsible speculation and stands by its technical, operational and disclosure integrity. The corporation urges all investors to consider the full body of public evidence, historical drill record and independent documentation before drawing conclusions. Aya remains committed to unlocking the full value of Zgounder and delivering long-term value for shareholders. While Aya's primary focus remains on delivering operational performance and transparent disclosure, the corporation will not hesitate to pursue appropriate remedies should it determine that false or misleading information has been disseminated in a manner that harms its shareholders or operations. Qualified person The scientific and technical information contained in this press release has been reviewed and approved by Raphael Beaudoin, PEng, vice-president, operations, who is a qualified person as defined under National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and by David Lalonde, BSc, PGeo, vice-president, exploration, qualified person, for accuracy and compliance with National Instrument 43-101. About Aya Gold & Silver Inc. Aya is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco. The only Toronto Stock Exchange-listed pure silver mining company, Aya operates the high-grade Zgounder silver mine and is exploring its properties along the prospective Anti-Atlas fault, several of which have hosted past-producing mines and historical resources. Aya's management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance and financial growth plans. 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