Aya Gold & Silver Unlocks Near-Term Value and Advances Environmental Remediation with Sale of Precious Metals from Legacy Boumadine Stockpile

On November 19, 2025, Aya Gold & Silver announced it has begun commercial production and sale of precious metals from a historical flotation stockpile at its Boumadine Project in Morocco. The company has entered into an offtake agreement for the pyrite concentrate, with monthly shipments estimated at 10,000 tonnes over a 20-24 month period. This initiative is expected to produce a total of 2.5 million silver-equivalent ounces. The CEO, Benoit La Salle, highlighted the dual benefits of this project: unlocking near-term value from a legacy asset and advancing environmental remediation by removing acid-generating material from the site.

The decision to monetize the historical Boumadine stockpile is a materially positive development. While not a game-changer on the scale of the recent Boumadine PEA, it is an intelligent and opportunistic move that provides several key benefits.

Reviewing the company's progress, Aya has been executing on two primary fronts: the operational ramp-up of the Zgounder Silver Mine expansion and the exploration and de-risking of the Boumadine project.

• Zgounder Operations: Throughout 2025, news releases have consistently shown a successful ramp-up at Zgounder. Production volumes have steadily increased from Q1 (1.07M oz Ag) to Q2 (1.04M oz Ag) and a record Q3 (1.35M oz Ag). The plant is outperforming its nameplate capacity, with Q3 throughput averaging 3,326 tpd against a 2,700 tpd design. The Q3 earnings call transcript confirmed the plant is touching 4,000 tpd. While cash costs in Q3 were slightly elevated at $20.79/oz due to challenges with open-pit grade control (a point of focus for management), the mine is generating significant operating cash flow ($22.4M in Q3).

• Boumadine Advancement: Boumadine has transformed from an exploration concept into a tier-one asset in 2025. This was driven by a significantly expanded resource estimate in February and culminating in the November 4 Preliminary Economic Assessment (PEA). The PEA outlined exceptional economics, including a post-tax NPV5% of $1.5 billion (base case) and an IRR of 47%, for a relatively low initial capital cost of $446 million.

Against this backdrop, the November 19 news fits perfectly into the strategy of de-risking Boumadine and generating shareholder value. - Incremental Cash Flow: The sale will generate an estimated 125,000 AgEq ounces per month. At current robust precious metals prices, this represents a meaningful, low-cost revenue stream that was not previously factored into analyst models. This additional cash flow can be used to fund the extensive ongoing drill program at Boumadine without drawing down the company's strong treasury ($129M in cash as of Sept 30, 2025). - De-risking Future Offtake: As stated by the CEO, this establishes commercial relationships with potential future offtakers for the main Boumadine operation. Proving the marketability of the pyrite concentrate now reduces a key risk for the future mine. - Capital Discipline: This initiative demonstrates management's focus on capital efficiency by monetizing an existing asset rather than leaving it as a liability on the balance sheet.

The news is consistent with management's track record of disciplined execution. While the Zgounder ramp-up faced grade control issues, which management acknowledged in the earnings call, they have systematically addressed operational challenges, with underground mining now performing well. This stockpile sale is another step in building confidence that management can deliver on the much larger Boumadine project.

Aya Gold & Silver is a TSX-listed, pure-play silver producer with all its operating assets and development projects located in the Kingdom of Morocco. - Flagship Asset: The Zgounder Silver Mine. The mine recently completed a major expansion, including a new 2,000 tpd processing plant (now operating well above nameplate capacity), which achieved commercial production at the end of 2024. The expansion is transitioning Zgounder into a large-scale, long-life silver producer. - Primary Growth Project: The Boumadine Project. A polymetallic (gold, silver, zinc, lead) deposit which is rapidly being advanced. The November 2025 PEA established it as a potential world-class asset with an 11.1-year mine life and significant exploration upside across a district-scale land package.