Aya Gold & Silver Reports High-Grade Silver Results at Zgounder

Aya Gold & Silver announced additional high-grade silver drill results from its 2025 exploration program at the Zgounder Silver Mine in Morocco on December 9, 2025. The results confirm strong continuity of mineralization both at depth and near the open-pit area.

Key intercepts include: - ZG-RC-25-478: 677 g/t Ag over 15.0 meters (m) - DZG-SF-25-715: 1,972 g/t Ag over 3.2m - T28-25-904: 1,631 g/t Ag over 7.2m - T28-25-942: 1,947 g/t Ag over 6.0m

Notably, hole ZG-SF-25-336 intersected 2,718 g/t Ag over 1.3m at depth near the Western Fault, which the company states extends mineralization further west beyond the current resource model. The company has completed 21,314m, or 85%, of its planned 2025 exploration program at Zgounder.

The drill results are undeniably strong, featuring high grades over respectable widths. This news is positive as it supports resource growth potential and extends the mine life of the company's flagship producing asset, Zgounder. The extension of mineralization to the west is a key positive takeaway, demonstrating that the deposit remains open for expansion.

However, this release must be viewed in the context of a string of highly positive news over the past year. The market has become accustomed to excellent exploration results from both Zgounder and the Boumadine project. The key de-risking events have been: 1. Zgounder Expansion & Ramp-Up: The successful commissioning of the new plant in late 2024 and the subsequent ramp-up to throughput rates exceeding 3,700 tonnes per day (tpd) versus a nameplate of 2,700 tpd is a major operational achievement. This was confirmed in the Q3 results (November 11, 2025). 2. Boumadine PEA: The Preliminary Economic Assessment for Boumadine (November 4, 2025) was a game-changing catalyst, outlining a potential Tier-1 asset with a post-tax NPV5% of US$1.5 billion (base case) to US$3.0 billion (spot prices).

The Q3-2025 conference call confirmed the strong operational performance at the Zgounder mill but also highlighted a key area for improvement: grade control and dilution in the open pit. Management guided for grade improvement in Q1 2026. While cash costs per ounce are decreasing, they remained above the company's target in Q3 at US$20.79/oz.

Therefore, today's drill results, while excellent, are an incremental positive that reinforces the existing investment thesis. They confirm the geological potential that the market has already priced in, as reflected by the stock's appreciation from a low of C$8.53 to a high of C$19.74 over the past year. The news is routine for a company with this exploration track record and does not fundamentally alter the near-term operational and financial picture. The primary focus remains on operational execution at Zgounder, specifically improving open-pit grades and reducing cash costs, and the long-term de-risking of Boumadine.

Aya Gold & Silver Inc. is a Canadian-based, pure-play silver mining company focused on operations and exploration in the Kingdom of Morocco.

• Flagship Project (Producing): The Zgounder Silver Mine. It is Morocco's second most important silver mine. The company recently completed a major expansion project, declaring commercial production in December 2024. The 2025 production guidance is 5.0 to 5.3 million ounces of silver.
• Key Growth Project (Development): The Boumadine Project. This is a large-scale polymetallic deposit (gold, silver, zinc, lead). A November 2025 PEA highlighted its potential to become a Tier-1 asset with a mine life of over 11 years and robust economics.