Aya Gold & Silver Drill Results Confirm High-Grade Continuity at Boumadine; New Permits Secured

Aya Gold & Silver Inc. (AYA) reported new infill drill results from its Boumadine polymetallic project and announced three additional exploration permits surrounding the Boumadine mining licence, bringing the total project area to 357 km². The company stated that 181,685 metres have been drilled year-to-date across 524 diamond holes and 15 RC holes, representing 51% of the two-year 360,000-metre infill programme, with assays received through hole BOU-DD26-1080.

The main highlighted intercepts, all reported as core length and uncut, are: - BOU-DD26-1076: 11.9 m at 269 g/t AgEq (1.56 g/t Au, 28 g/t Ag, 3.3% Zn, 1.3% Pb), including 2.6 m at 635 g/t AgEq. - BOU-DD26-1072: 17.0 m at 239 g/t AgEq (1.69 g/t Au, 36 g/t Ag, 1.7% Zn, 0.3% Pb), including 1.7 m at 953 g/t AgEq. - BOU-DD26-1078: 9.1 m at 331 g/t AgEq (1.96 g/t Au, 31 g/t Ag, 4.5% Zn, 1.5% Pb). - BOU-DD26-1071: 3.7 m at 621 g/t AgEq (5.53 g/t Au, 68 g/t Ag, 1.7% Zn, 0.1% Pb), including 2.4 m at 862 g/t AgEq. - BOU-DD26-1034: 4.7 m at 442 g/t AgEq (3.20 g/t Au, 77 g/t Ag, 2.9% Zn, 0.4% Pb), including 2.6 m at 645 g/t AgEq.

Additional table intervals include BOU-DD26-1053: 4.5 m at 269 g/t AgEq; BOU-DD26-1060: 2.8 m at 342 g/t AgEq; BOU-DD26-1038: 6.7 m at 245 g/t AgEq; BOU-DD26-1043: 5.6 m at 239 g/t AgEq; and BOU-DD26-1052: 5.7 m at 216 g/t AgEq. The release states true width remains undetermined, all values are uncut, and no cutoff grade is disclosed.

The detailed Table 1 in the full release is materially different from two figures in the supplied condensed summary: BOU-DD26-1056 is 0.9 m at 569 g/t AgEq in the full table, not 15.6 m; BOU-DD26-1047 is 0.5 m at 974 g/t AgEq, not 12.5 m.

Aya Gold & Silver Inc. (AYA) operates as a producing silver miner with a significant development project. Its Zgounder asset generates cash flow, while the Boumadine project features a 2026 Preliminary Economic Assessment (PEA) projecting a $3.5 billion after-tax net present value (NPV) at base-case prices, a 93% internal rate of return (IRR), $463 million in initial capital expenditure, and a 14-year mine life. The company’s current equity value already incorporates a successful Boumadine development case, or at least a high probability of its success. Infill drilling at or above resource grade supports this outlook but does not independently change the resource, mine plan, or net asset value (NAV).

The stock has seen substantial movement, rising from a 52-week low of C$13.22 in November 2025 to C$32.28 recently, with a high of C$42.68 recorded in September 2026. A high-grade anchor published in May 2026 was released when the stock traded around C$23. Since then, the equity has risen, supported by Zgounder cash flow, the Boumadine PEA, and the company’s listing on the Nasdaq. The latest results are not being delivered into an unvalued story but serve as confirmation drilling within a system the market already values.

New permits represent a minor positive development. They fill gaps around the mining licence and increase the project area to 357 square kilometres, though no tonnes, grades, or drill targets are added in this release. These changes do not alter the near-term valuation. The release supports the Boumadine continuity story and the feasibility programme without resetting market expectations.

Aya Gold & Silver Inc. (AYA) is a Morocco-focused precious metals company dual-listed on the TSX and Nasdaq. Its primary operating asset is the Zgounder silver mine, a rare silver-only operation producing silver doré. The company’s growth asset is the Boumadine polymetallic project, which is 85% owned by Aya with the remaining 15% held by ONYHM, where feasibility work is currently underway.

According to the December 2025 technical report, Zgounder holds proven and probable reserves of approximately 73 moz Ag at a grade of 145 g/t, alongside measured and indicated resources of about 100 moz Ag at 165 g/t. The mine’s 2026 plan targets roughly 6 moz Ag per year over an 11-year life.

Boumadine’s February 2026 mineral resource estimate (MRE) contains 8.6 Mt indicated at 4.02 g/t AuEq for 1.1 moz AuEq and 45.4 Mt inferred at 2.92 g/t AuEq for 4.3 moz AuEq. A 2026 preliminary economic assessment (PEA) for the project outlines a $3.5B after-tax NPV5%, 93% IRR, $463M initial capex, and a 14-year mine life, based on gold and silver prices of $3,500/oz and $50/oz, respectively.

In prior-period financial results not disclosed in today’s release, Aya reported Q1-2026 revenue of $117.3M, net income of $48.5M, operating cash flow of $70.2M, and cash holdings of $171.7M. Q2-2026, as reported in an August release, showed revenue of $97M, net income of $35M, and cash of $183M. The company also operates a limited-duration Boumadine pyrite reclaim project, expected to last 20–24 months from November 2025.