Announcement • Sep 09

Aya Gold & Silver Announces Updated Preliminary Economic Assessment for Boumadine Project

Aya Gold & Silver Inc. announced the results of its updated Preliminary Economic Assessment for the Boumadine Project located in the Kingdom of Morocco. The 2026 Preliminary Economic Assessment outlines a plan to produce three payable concentrates, zinc, lead and pyrite, with revenues largely driven by gold and silver. The updated Mineral Resource Estimate contained in the 2026 Preliminary Economic Assessment was prepared by independent Qualified Person Mr. Guy Dishaw, P.Geo from SRK Consulting UK. The 2026 Preliminary Economic Assessment supersedes the previous Preliminary Economic Assessment. Boumadine is Aya's development-stage polymetallic project. The 2026 Preliminary Economic Assessment outlines a plan to produce three payable concentrates, zinc, lead and pyrite, with revenues largely driven by gold and silver. Significantly improved project economics, reflecting the combined impact of updated metal price assumptions, higher payable metal production and an extended mine life from 11 to 14 years. After-tax (base case): USD 3,500 million net present value (5%), more than doubled from the Prior Preliminary Economic Assessment, with a 93% after-tax internal rate of return, and 0.7 year payback period. After-tax (spot prices): USD 5,500 million net present value (5%), 128% internal rate of return and 0.5-year payback. Increased metal payability: 82% and 85% gold and silver payability, respectively, representing increases of 12% and 8%, from the Prior Preliminary Economic Assessment, reflecting updated market conditions. Strong capital efficiency: USD 463 million of initial capital expenditure - broadly in line with the 2025 Preliminary Economic Assessment, with net present value (5%):capital expenditure ratio increasing to 7.6x, up from 3.3x in the Prior Preliminary Economic Assessment. Base Case assumes prices of USD 3,500/oz gold, USD 50/oz silver, USD 1.37/lb zinc, and USD 0.90/lb lead. Spot Prices case assumes prices of USD 4,472/oz gold, USD 66.85/oz silver, USD 1.77/lb zinc, and USD 0.85/lb lead, as of September 3, 2026. The updated mine plan reflects increased processed tonnage, supported by a larger Mineral Resource Estimate with enhanced confidence, while maintaining strong average head grades. Over the life of mine, silver production increases by approximately 16% while gold production remains broadly consistent with the 2025 Preliminary Economic Assessment, with metallurgical recoveries maintained. Total life of mine gold-equivalent oz increases by 7%. The Project's economic profile is significantly improved reflecting higher commodity price assumptions, stronger metal payability and an extended mine life. The 2026 Preliminary Economic Assessment provides an after-tax net present value (5%) of USD 3,537 million, an internal rate of return of 93% and a payback period of 0.7 years from first production at base case consensus long-term gold price of USD 3,500/oz. The economic model also incorporates price assumptions of USD 50/oz silver, USD 1.37/lb zinc and USD 0.90/lb lead. The flotation plant is unchanged from the 2025 Preliminary Economic Assessment, with crushing, grinding and three flotations circuits to produce separate, salable concentrates of zinc, lead, and pyrite. The mill is designed to process 8,000 tonnes per day, corresponding to an annual throughput capacity of 2.9 million tonnes per year. The updated mine plan prioritizes higher feed grades to the mill during the initial years of production. During Years 1 to 5, high-grade material is processed, with an average grade of 4.11 g/t gold-equivalent. From Year 11 onward, lower-grade, stockpiled material will be processed. Production during the first five years averages approximately 348 thousand ounces gold-equivalent annually. Extensive metallurgical testwork, led by SGS Lakefield between 2018 and 2025, is the foundation of the 2026 Preliminary Economic Assessment and confirms a conventional flotation-based flowsheet with excellent metallurgical performance. Total flotation recoveries are: 96.1% for gold, 96.4% for silver, 74.7% for zinc and 82.0% for lead. Flotation demonstrates strong recoveries and concentrates quality, supporting a robust development scenario centered on concentrate sales. Complementary roaster and leaching testwork on the pyrite concentrate, conducted over several years, has also confirmed oxidation and precious metal recovery potential, suggesting a path for the construction of a roaster in the future, although excluded from this Preliminary Economic Assessment. Lab scale roasting and subsequent leaching test results showed a total processing recovery (lead and zinc flotation, then pyrite flotation, roasting and leaching) up to 79% for gold and 85% for silver, with an average recovery of 63% for gold and 80% for silver. The combination of high recoveries, conventional processing, and multiple commercialization pathways positions Boumadine as a technically sound and highly economic development project with significant long-term upside. Aya has marketed and received several potential off-take proposals for the Boumadine concentrates, providing preliminary terms for lead, zinc, and pyrite. The pyrite concentrate has generated strong attention due to its gold and silver grade and high sulfur content. Proposals received support the payables used in the 2026 Preliminary Economic Assessment financial model, including gold and silver credits across all concentrates. The average payable for all metals is approximately 83% on a gold-equivalent basis (versus 73% on a gold-equivalent basis reported in the 2025 Preliminary Economic Assessment). The tailings storage facility has been updated and designed to accommodate approximately 24 million tonnes of flotation tailings generated over the life of mine. The tailings storage facility has been designed using the same standards as the 2025 Preliminary Economic Assessment and will be fully lined and contained with downstream phased construction, as per international standards.

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