Aya Gold & Silver Reports High-Grade Drill Exploration Results at Boumadine

Aya Gold & Silver Inc. (AYA) released results on 2026-09-22 detailing further findings from its ongoing infill drill program at the Boumadine polymetallic project in Morocco. The company stated that the data confirms strong high-grade continuity along the Boumadine Main Trend.

As of the report date, the company had drilled 145,719m across 406 diamond drill holes year-to-date at Boumadine. This volume represents 38.6% of the planned 360,000m infill program scheduled for completion over 2026 and 2027. Fourteen drill rigs are currently active, and assays have been received for all holes up to BOU-DD26-1028. Drilling has been conducted on strike along the Main Trend, Tizi, and Imariren.

The release highlighted several headline intercepts based on core lengths, uncut, and silver-equivalent grades:

• BOU-DD26-848: 24.3m at 392 g/t AgEq from 259.7m (0.61 g/t Au, 239 g/t Ag, 2.6% Zn, 1.9% Pb), including 10.0m at 776 g/t AgEq (1.08 g/t Au, 488 g/t Ag, 5.2% Zn, 3.9% Pb)
• BOU-DD26-883: 15.2m at 593 g/t AgEq from 249.0m (1.05 g/t Au, 319 g/t Ag, 5.3% Zn, 3.5% Pb), including 4.2m at 1,038 g/t AgEq (1.81 g/t Au, 586 g/t Ag, 8.1% Zn, 6.2% Pb)
• BOU-DD26-0950: 15.1m at 299 g/t AgEq from 19.0m (1.70 g/t Au, 98 g/t Ag, 1.7% Zn, 0.6% Pb)
• BOU-DD26-861: 4.1m at 1,030 g/t AgEq from 213.8m (1.06 g/t Au, 794 g/t Ag, 4.2% Zn, 1.8% Pb), including 1.0m at 2,827 g/t AgEq
• BOU-DD26-834: 5.7m at 696 g/t AgEq from 367.6m (2.70 g/t Au, 342 g/t Ag, 3.8% Zn, 1.3% Pb) and a separate 6.9m at 277 g/t AgEq from 375.3m

Additional intercepts carried in the summary included BOU-DD26-815 (1.0m at 1,174 g/t AgEq, 981 g/t Ag, 1.0% Cu), BOU-DD26-831 (0.9m at 1,617 g/t AgEq, 13.22 g/t Au), BOU-DD26-960 (0.8m at 1,262 g/t AgEq, 13.01 g/t Au), BOU-DD26-972 (1.2m at 1,447 g/t AgEq, 14.97 g/t Au), BOU-DD26-1018 (10.1m at 248 g/t AgEq including 1.1m at 1,523 g/t AgEq), BOU-DD26-920 (8.0m at 378 g/t AgEq), BOU-DD26-961 (16.1m at 156 g/t AgEq), BOU-DD26-979 (5.5m at 397 g/t AgEq), and BOU-DD26-976 (2.0m at 1,902 g/t AgEq comprising 1,867 g/t Ag and only 0.03 g/t Au).

Geological descriptions provided in the release characterize N340-oriented massive sulphide lenses and veins that sharply dip eastward at greater than 70 degrees. Mineralization is reported to be up to 4m wide, locally exceeding 10m, with massive sulphide content exceeding 80%, consisting mainly of pyrite with variable sphalerite, galena, and chalcopyrite. The Main Trend measures 5.4km, Tizi is 2.0km, Imariren is 1.2km, and Asirem is 8km.

The release explicitly noted that true width remains undetermined, all values are uncut, and no cut-off grade is stated.

Aya Gold & Silver Inc. (AYA) released drill results that serve as context for its producing silver mining operations, which carry a roughly C$5.8B equity value. The company reported Q1-2026 revenue of $117.3M and net income of $48.5M, while FY-2025 revenue stood at $202.1M with net income of $46.3M. As of June 30, 2026, the company held $97M in Q2-2026 revenue, $183M in cash, and $84M in debt.

The latest drill data does not alter the company’s reserves, mine life, or net asset value. The most recent updated mineral resource estimate (MRE) was delivered on 2026-09-09, and no further resource or reserve changes are expected until the next statement.

The latest best intercept from the Main Trend is BOU-DD25-745, which returned 9,526 g.m AgEq. This compares to previous high-grade intercepts, including:

• BOU-DD25-745: 890 g/t AgEq over 51.5m (approx. 45,800 g.m AgEq), published 2026-05-20.
• BOU-DD25-746: Approx. 13,600 g.m AgEq, published 2026-05-20.
• BOU-DD26-790: Approx. 11,100 g.m AgEq, published 2026-05-20.
• BOU-MP25-087: 2,323 g/t AgEq over 15.0m (approx. 34,800 g.m), published 2025-11-26.

The company’s stock price rose from C$23.37 on the date of the anchor release to C$40.24 on 2026-09-21, a 72% gain, leaving the stock 2.5% below its 52-week high. This appreciation was driven by the updated 2026-09-09 Preliminary Economic Assessment (PEA), which showed an after-tax NPV doubling to $3.5B, an IRR of 93%, and a 0.7-year payback period. Additional drivers included record quarterly earnings, the Nasdaq listing, and a strong silver price tape, with Q1-2026 realized prices at $82.22/oz AgEq compared to $31.87/oz a year earlier.

Today’s best intercept of 9,526 g.m AgEq represents 21% of the anchor’s grade-thickness, with grade falling from 890 to 392 g/t AgEq and length decreasing from 51.5m to 24.3m. These holes are infill drilling designed to convert Inferred resources to Indicated and confirm continuity within a defined trend, rather than step-out exploration. Both headline intervals meet or exceed the planned mill-feed grade of 358-443 g/t AgEq, with results of 593 and 392 g/t AgEq respectively.

There is no new zone, depth extent, or intrusive center identified, nor are there changes to tonnes, grade, or NAV. The equity value is primarily driven by the PEA and the eventual feasibility study rather than individual holes in the 406-hole infill campaign, which is 38.6% complete. The expected share-price impact is low single-digit percent at most, potentially indistinguishable from normal daily volatility. The stock trades approximately 1.7M shares a day against 144.0M shares outstanding and has moved 4-9% in a single session repeatedly this year on macro silver moves.

Aya Gold & Silver Inc. is a Canadian precious metals company (TSX: AYA; Nasdaq: AYA since 2026-05-04) anchored in Morocco. Its primary operating asset is the Zgounder silver mine, a rare silver-only operation producing doré from a new processing facility that has been expanded well above its original 700 tpd design.

An updated NI 43-101 technical report dated 2025-12-16 outlines Proven and Probable reserves of 73 moz Ag at 145 g/t (15.7 Mt), representing a 4% increase. Measured and Indicated resources stand at 100 moz Ag at 165 g/t, effective June 30, 2025. The life-of-mine plan extends to 2036, targeting average annual production of about 6 moz Ag, cash costs of $16.26/oz, and sustaining capital of $71M. In 2025, the mine produced 4.83 moz Ag, with 2026 guidance set at 5.2-5.8 moz Ag at approximately $21.50/oz cash cost.

The company’s development asset is the Boumadine polymetallic project in the Errachidia province of the Anti-Atlas. As of 2026-09-09, the resource estimate includes 8.6 Mt Indicated at 4.02 g/t AuEq and 45.4 Mt Inferred at 2.92 g/t AuEq, totaling about 54 Mt. A 2026 updated Preliminary Economic Assessment (PEA) projects an after-tax NPV5% of $3.5B, an IRR of 93%, and a payback period of 0.7 years. The project requires an initial capex of $463M, offers a capital efficiency of 7.6x, and features a 14-year mine life. Production would utilize an 8,000 tpd combined open pit and underground long-hole stoping operation, averaging 348 koz AuEq per year in years 1-5 and 271 koz AuEq over the life of mine.

Under base case pricing of $3,500/oz Au and $50/oz Ag, the project yields a $3.5B NPV. A spot case scenario, using $4,472/oz Au and $66.85/oz Ag, increases the NPV to $5.5B and the IRR to 128%. A feasibility study is targeted for H2-2027, supported by a 360,000m infill program currently under way. Near-term cash flow is expected from reclaiming and selling a historical pyrite stockpile, estimated at about 1.0 moz AgEq in 2026 at roughly $10/oz cash cost, which also supports sulphur market relationships for future concentrate.

Regional exploration covers an expanded Moroccan land package of over 991 km². This includes 2026 acquisitions of 259 km² across Zagora, Agadir-Melloul, and Goulmim for MAD 10M plus royalties, and a 139 km² copper-silver portfolio at Tizi, located about 35 km west of Zgounder, acquired for C$4.0M in shares.

The company’s balance sheet and capital structure, as of June 30, 2026, includes 144.0M basic shares and 153.9M fully diluted shares. Cash stands at $183M with debt at $84M. The Q1-2026 net cash position was $73.5M following the first debt repayment, and the EBRD loan is at financial completion. Ownership is distributed with board and management holding about 8%, family offices about 38%, institutions about 32%, and retail about 22%.