Aya Gold & Silver Announces Nasdaq Listing

• Aya Gold & Silver Inc. has commenced trading on the Nasdaq Stock Market under the ticker symbol "AYA".
• Shares continue to trade on the Toronto Stock Exchange (TSX) under the same symbol.
• Trading on the OTCQX under symbol "AYASF" has ceased following the listing.
• The company announced its first quarter 2026 financial and operational results will be released on May 14, 2026.
• Management views this as a milestone to increase visibility of shares and expand shareholder base while executing development plans.

• Expectation vs. Reality: The Nasdaq listing was explicitly targeted in the January 27, 2026 outlook ("targeting a U.S. listing in H1-2026"). Execution on May 4 aligns with previous guidance rather than surprising the market.
• Liquidity Impact: Moving from OTCQX to Nasdaq improves liquidity and access to institutional investors, which is positive for valuation multiples but does not fundamentally alter the company's asset base or production profile immediately.
• Capital Strategy: The listing supports the stated strategy of broadening investor access without immediate dilution needs, as management has indicated Boumadine can be funded internally from cash flow ($136M unrestricted cash at FY2025 end).
• Market Sentiment: The move is viewed positively by management but priced in given the trajectory since the January outlook announcement. It confirms execution capability rather than introducing new risk or reward variables.

• Company: Aya Gold & Silver Inc., a Canadian-based precious metals producer focused on Morocco.
• Flagship Project (Zgounder): Operating silver mine in Morocco; FY2025 production reached 4.83 Moz Ag, ramped to >3,800 tpd throughput (40% above nameplate).
• Development Project (Boumadine): Polymetallic project with PEA showing $1.5B NPV and 47% IRR; currently in Feasibility Study phase targeting H2-2027 completion.
• Operations: Zgounder is cash-flow positive, generating operating cash flow of $72M for FY2025. Boumadine includes a pyrite reclaim operation contributing ~1 Moz AgEq annually at low cost ($10/oz).