Record Revenue, Net Income and Cash Flow from Operations

Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) announced its financial and operational results for the fourth quarter and full year ended December 31, 2025. All amounts are in U.S. dollars unless otherwise noted.

Full Year and Q4 2025 Highlights

Financial Highlights

• Full-year revenue of $202M in 2025, up five-fold, year-over-year, on 4.9 million silver equivalent ounces sold, (up 223%), at a higher average net realized AgEq price of $41.61/oz (up 60%).
• Q4-2025 revenue of $75M, up 39% quarter-over-quarter, driven by a higher average net realized AgEq price of $58.39/oz (up 47% QoQ and 111% YoY), as well as initial sales of the Boumadine pyrite reclaim operation⁽¹⁾.
• Net income of $46M in 2025, including $18M from Q4-2025. Diluted EPS of $0.32 in 2025 (up 288% YoY), including $0.12 in Q4-2025 (up 160% YoY).
• Operating cash flow of $72M for the full year, with $136M in cash and cash equivalents at year-end, supporting the development of the Boumadine Project ⁽²⁾.

Operational Highlights

• Full-year consolidated production of 5.0 Moz AgEq in 2025, tripled YoY, driven by the successful ramp-up of the Zgounder Silver Mine. Q4‑2025 accounted for 1.54 Moz AgEq, of which 0.17 Moz⁽³⁾ came from the Boumadine pyrite reclaim operation. Cash costs⁽⁴⁾ of $20.25/oz and $19.91/oz AgEq sold for full-year 2025 and Q4-2025, respectively.
• Full-year Zgounder production of 4.83 Moz Ag in 2025, including 1.37 Moz Ag in Q4-2025, up 2% QoQ, driven by record milling throughput.
• Q4-2025 mining rate of 4,187 tonnes per day exceeding milling throughput of 3,796 tpd, positioning the operation to meet or exceed 2026 processing targets of 3,650 tpd and sustain steady-state performance.

Development and Exploration

• Boumadine Project: Delivered a Preliminary Economic Assessment⁽⁵⁾ outlining district-scale potential, with a base-case (assuming $2,800/oz gold and $30/oz silver)⁽⁶⁾ post-tax net present value⁽⁷⁾ (“NPV_5%“) and internal rate of return⁽⁷⁾ of $1.5 B and 47%, respectively, and estimated total production of 340 Moz AgEq, over an 11-year life of mine.
• Zgounder Silver Mine: Updated post-construction technical report estimating Measured and Indicated resources of 100 Moz Ag at 165 g/t and an extended LOM to 2036 with 6 Moz Ag/year at $16.26/oz cash cost⁽⁸⁾.
• 2025 Drilling Above Plan: Exceeded the high-end of drilling targets at Boumadine and Zgounder, completing 150,325 metres and 28,281 m, respectively , with results at Boumadine extending mineralization across the Tizi and Imariren zones, confirming continuity and identifying a new parallel structure east of the Main Trend, while at Zgounder confirming high-grade silver mineralization at depth and along strike and reinforcing continuity in the open pit.

“2025 was a defining year for Aya, with record financial performance driven by strong execution at Zgounder and continued advancement at Boumadine,” said Benoit La Salle, President & CEO. “With Zgounder now operating at steady state, we are entering a phase of significant cash flow generation, further supported by a strong silver price environment. Cash flow underpinned by the newly extended mine plan, is driving meaningful cash accumulation and providing the financial flexibility to accelerate development at Boumadine. We thank our team, our local partners and communities for their continued support and commitment t o Aya’s success.”

Financial Review

Revenues totaled $202M in 2025, up 417% YoY, driven by increased consolidated AgEq ounces sold, of 4.9 Moz, up 223%, and higher average net realized price of $41.61/oz up 60% YoY. In Q4-2025, revenue totaled $75.3M, up 39% QoQ, driven by higher net realized price of $58.39/oz AgEq, up 47%, and the contribution of ounces sold from the start of the Boumadine pyrite reclaim operation.

Net income for 2025 was $46M (diluted EPS of $0.32) including a gain and impairment recovery of $5.8M from the Mx2 Mining Inc. transaction. In Q4-2025, net income was $18M (diluted EPS of $0.12). This compares to 2024 full-year net loss of $26M (diluted loss per share of $0.17)⁽⁹⁾ for the year and $30M (diluted loss per share of $0.20)⁽⁹⁾ in Q4-2024, both primarily due to the Tijirit project write-down of $27M. Aya’s successful Zg ounder ramp-up, strong operational performance, and higher average net realized prices all contributed to achieving profitability.

The Corporation generated $72M in cash flow from operating activities in 2025, and $34M from Q4-2025. In 2025, capital expenditures of $33M were invested to complete the Zgounder mine expansion and $42M on exploration and evaluation, mainly at Boumadine.

The quarter ended in a strong financial position, with $136.3 million in cash and cash equivalents and total debt of $112M.

Financial Highlights (in thousands of US$, except per share amounts)

Operational Review

2025 consolidated production reached 5.0 Moz AgEq, including 1.54 Moz AgEq in Q4-2025, of which 0.17 Moz came from Boumadine stockpile reclaim launched in the fourth quarter. Full-year cash costs⁽⁴⁾ of $20.25/oz AgEq sold, reflect the ramp-up of Zgounder through the year and the addition of ounces from Boumadine in the final quarter.

Zgounder Silver Mine

In 2025, Zgounder produced a total of 4.83 Moz of silver, a significant increase from 2024, reflecting the expansion of mining and milling operations. Production increased steadily through the year, with cash costs⁽⁴⁾ averaging $20.41/oz AgEq sold, benefiting from higher scale and plant efficiencies, while depreciation rose in line with expanded operations. During Q4 2025, Zgounder produced 1.37 Moz of silver, a 2% QoQ increase, reflecting the completion of ramp-up. Cash costs⁽⁴⁾ in Q4 were $20.50/oz AgEq sold, slightly below $20.79/oz in Q3 2025. For reference, the cash cost⁽⁴⁾ in Q4 2024 was $26.57/oz AgEq, or $21.51/oz on an adjusted basis excluding ramp-up costs; the 2024 figures for the full year and quarter are not directly comparable due to difference in production scale.

The mill processed 1.18 million tonnes of ore (3,229 tpd) in 2025, up 228% YoY, at an average grade of 145 g/t Ag, supported by strong recover ies and process improvements allowing for steadier, higher-rate milling as the year progressed. Over the year, mining activities averaged 2,840 tpd⁽¹¹⁾ at an average grade of 139 g/t Ag, with 62% of production from open-pit operations, in line with the strategy announced in March 2025. As such, Aya’s latest mine plan targets a one-third underground / two-thirds open-pit split, expanding the open-pit operation while focusing underground mining on deeper levels. This approach aims to improve ore recovery and grade predictability. In addition, several initiatives were implemented in H2-2025 to maximize ore recovery and minimize external dilution.

In Q4-2025, the mill processed 349,242t of ore at an average grade of 134 g/t Ag, with throughput averaging 3,796 tpd, mill availability of 99%, and silver recovery of 91.2%. Mining activities averaged 4,187 tpd during the quarter, at an average grade of 130 g/t Ag. This exceeded milling capacity, marking a key milestone in the transition to steady-state operations, positioning the operation to sustain a processing target of approximately 3,650 tpd going forward. As a result, the stockpile increased by 24% QoQ to 194,521t, in line with the Corporation’s objective to build inventory ahead of 2026 throughput.

Operational Highlights

* Revenues / Silver Equivalent Sold Consolidated (oz)

2025 Development and Exploration

Zgounder

• Drilling: Aya completed 28,281 m of drilling at Zgounder in 2025, exceeding the upper end of its 25,000-metre target. Near-mine drilling confirmed high-grade silver mineralization at depth and along strike, while drilling in the open-pit area reinforced mineralization continuity.
• Expanded Footprint: Aya also expanded its regional footprint with six new exploration permits, increasing the total land package to 378 km² and supporting its strategy to grow resources and ad vance long-term development.
• Net Reserve and Resource growth: Following a multi-year drilling program, the Corporation updated its Mineral Resource and Reserve estimates, incorporating approximately 275,000 m of drilling since 2021. Proven and Probable (“P&P”) reserves increased 4% to 73 Moz Ag at 145 g/t Ag, and M&I resources (inclusive of reserves) increased 5% to 100 Moz Ag at 165 g/t Ag. Note that silver prices of $26/oz and $28/oz were assumed for Reserves and Resources, respectively.
• Updated Mine Plan with LOM Extending to 2036: Average annual production of 6 Moz Ag, or an estimated total of 66 Moz Ag over the 11-year LOM with an average cash cost of $16.26/oz Ag.

Boumadine

• Drilling: In 2025, the Corporation completed 150,325 m of drilling at Boumadine, exceeding its annual target and extending mineralization across the Tizi and Imariren zones. Drilling results confirmed continuity of the deposit and identified new parallel structure east of the Main Trend, highlighting the project’s strong expansion potential.
• Expanded Footprint: The Corporation continued to expand its regional footprint, adding new permits and increasing the exploration area to 341 km², with further targets identified for 2026.
• Updated Resources: The February 2025 Mineral Resource Estimate outlined Indicated resources of 74 Moz AgEq¹² at 448 g/t and Inferred resources of 378 Moz AgEq¹² at 402 g/t, up 120% and 19%, respectively, excluding most of the 2025 drilling, underscoring additional upside p otential.
• Preliminary Economic Assessment: During the year, Aya completed a PEA for Boumadine, outlining a district-scale, precious metals-rich project with mineralization open in all directions. The PEA’s base-case (assuming $2,800/oz gold and $30/oz silver)⁶ economic analysis estimates a post-tax NPV_5% and IRR of $1.5 B and 47%, respectively, potential total production of 340 Moz AgEq over an 11-year mine life (average annual production 30.6 Moz AgEq). The project includes the production of three marketable concentrates: zinc, lead, and pyrite, with revenue largely driven by precious metals, low capital intensity, competitive operating costs and a flexible open-pit and underground mining design. The associated NI 43-101 technical report was filed on Sedar+ on December 18, 2025, and feasibility-level work is currently underway.

Environmental, Social and Governance

The Corporation continued to advance its sustainability and health and safety performance in 2025, with a focus on proactive risk management, contractor engagement, and training, totaling 21,240 hours. Total Recordable Injury Frequency Rate (“TRIFR”) improved to 11.24 in Q4-2025 from 19.56 in Q4-2024. In Q4‑2025, Aya continued to support local communities through education, health, and cultural programs, while continuing to implement its ESMS and working towards ISO 14001 certification. The Corporation did not report any significant environmental incidents for the three months ended on December 31, 2025.

2025 Guidance Review

Aya met its overall 2025 production guidance (5.0-5.3 Moz Ag), delivering 5.0 Moz AgEq, including 0.17 Moz AgEq from the Boumadine pyrite reclaim operation (not included in original guidance). The average processed grade of 145 g/t Ag was below guidance (170-200 g/t Ag), reflecting the ramp-up blend of open-pit, underground, and stockpiled ore, as well as higher-than-expected dilution. The technical report filed on December 16, 2025, includes an updated mine plan and updated Mineral Reserve and Resource Estimate, incorporating revised grade expectations based on extensive drilling, refined geological interpretation, and current mining practices. Metallurgical performance slightly above the upper end of the guided range (84-88%), with 88.4% silver recovery for the year, including a 91.8% average in the second half. These strong throughput and recovery levels partially offset the impact of lower grades on cash costs per AgEq oz, which averaged $20.41 at Zgounder ($20.25/oz AgEq on a consolidated basis), above guidance ($15.00-$17.50/oz). In 2025, total exploration and development expenditures across the Corporation’s projects reached approximately $41 million, exceeding the guidance range of $25-30 million, refle cting the extended scope of work at Boumadine.

2026 Operation Outlook

Building on the operational and exploration achievements of 2025, Aya expects 2026 to be a year of strong execution, focused on operations and advancing exploration and development initiatives. Based on the current mine plan and operating assumptions, the Corporation reiterates the following 2026 outlook as follows:

• Total Production: between 6.2 and 6.8 Moz AgEq.
• Zgounder Silver Mine: production of 5.2 to 5.8 Moz Ag, at an average cash cost⁽⁴⁾ of approximately $21.50/oz AgEq.
• Boumadine pyrite stockpile reclaim operation: production of approximately 1.0 Moz AgEq at a cash cost of approximately $10/oz AgEq.
• Planned capital and exploration expenditures are $36M and $60M, respectively, and remain subject to ongoing review and market conditions.

Looking ahead, management believes that the current industry landscape, together with expectations for a supportive silver price environment, is expected to support strong margins and operating cash flow, providing confidence in Aya’s strategy to pursue opportunities across its portfolio. Following a positive Preliminary Economic Assessment, Aya remains focused on executing the Boumadine feasibility-level study and associated technical programs to advance the project toward development. The PEA and Aya’s work to date, highlights Boumadine’s potential for meaningful scale with significant resource expansion upside. Supported by a strong balance sheet, Aya is well positioned to invest in its future through disciplined capital allocatio n and continued exploration investment, with a continued focus on delivering long-term value for all stakeholders.

Outlook Assumptions

1. AgEq ounces are at an 80:1 Au:Ag ratio
2. Cash costs per silver equivalent outlook is based on various assumptions and estimates, including, but not limited to: production volumes, commodity prices (2026 – Ag: $50.00/oz, Au: $4,000/oz), foreign currency exchange rates (2025 – CAD/USD:1.40, MAD/USD:9.00) and operating costs.

Qualified Person

The technical information contained in this press release has been reviewed and approved by David Lalonde, B. Sc, Vice-President of Exploration, and by Raphael Beaudoin, P. Eng, Vice-President, Operations, both of whom are each a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, for accuracy and compliance with NI 43-101.

The NI 43-101 technical reports referenced herein are available under the Corporation’s profile on SEDAR+ and on the Corporation’s website.

About Aya Gold & Silver Inc.

Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, an extensive mineralized footprint, and significant potential for further discovery.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is com mitted to delivering sustainable value for shareholders, employees and host communities.