Zgounder 2026 silver production guidance narrowed to 5.6–5.8 million ounces, raising the low end of the prior 5.2–5.8 million ounce range

Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) announced its financial and operational results for the third quarter ended September 30, 2026. All amounts are in U.S. dollars unless otherwise noted.

Q3-2026 Highlights

Financial Highlights

• Revenue of $103M, up 90% year-over-year, on 1.7 million silver equivalent ounces sold, reflecting a higher average net realized AgEq price and higher ounces sold. Ounces produced exceeded ounces sold due to the timing of sales.
• Average net realized price of $69.32 per Ag oz at Zgounder and $34.72 per AgEq oz at the Boumadine pyrite reclaim operation¹ ($59.50/oz on a consolidated basis, up 49% YoY).
• Net income of $35M, up 182% YoY.
• Operating cash flow of $48M, up 115% YoY on higher net income, partially offset by working capital investments, mainly related to inventories (ore stockpiles, silver in circuit and silver ingots).
• Silver inventory from the Zgounder operation represented 383,757 oz at quarter-end, compared to 212,516 oz at the end of Q2-2026, reflecting the timing of sales.
• Cash and cash equivalents of $184M, compared to $136M as at December 31, 2025. This excludes $16M of restricted cash.

Operational Highlights

• Consolidated production of 2.0 Moz AgEq, up 51% YoY, including 1.5 Moz Ag and 0.5 Moz AgEq² respectively from the Zgounder Silver Mine and the Boumadine pyrite reclaim operation.
• Cash costs⁴ of $17.53/oz Ag sold at Zgounder, down 16% YoY on operational efficiencies and optimization, and $10.42/oz AgEq^2,4 from the Boumadine pyrite reclaim operation ($15.51/oz AgEq sold on a consolidated basis, down 25% YoY and down 8% quarter-over-quarter (“QoQ”)).
• Record processing rate at Zgounder averaging 4,096 tonnes per day (“tpd”), representing a 23% increase YoY and 5% increase QoQ; combined mill recovery averaged 92.0%.
• Mining rate averaging 4,746 tpd for the combined open pit and underground operations.
• Production guidance: Consolidated 2026 silver equivalent production is expected to be 6.6-6.8 million ounces (“Moz”) including 5.6-5.8 Moz from Zgounder, with the low end raised compared to prior Zgounder guidance of 5.2-5.8 Moz³. Full-year cash costs at the Zgounder Silver Mine are expected to remain below guidance of $21.50/oz.

Corporate Highlights

• Aya expanded its exploration footprint in Morocco by about 50% to over 1,200 km² with the addition of the Anti-Atlas exploration portfolio and the Tizi copper-silver portfolio near Zgounder, broadening its exposure to precious, base and critical metals.
• 2026 infill drilling target at Boumadine achieved ahead of year-end, with 181,685 m completed to date; full-year drilling now expected to exceed plan.
• Announced an updated Mineral Resource Estimate (“MRE”) and Preliminary Economic Assessment for the Boumadine Project⁵ (the “2026 PEA”) outlining an after-tax Net Present Value discounted at 5% (“NPV_5%”) of $3.5B, a 93% after-tax internal rate of return (“IRR”) and a mine life of 14 years.

Cautionary statement: Readers are cautioned that the 2026 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2026 PEA will be realized.

“Q3 was another record quarter for Aya, with Zgounder and the Boumadine reclaim operation each achieving their highest production to date,” said Benoit La Salle, President & CEO. “Our optimization initiatives are paying off, delivering more scale, lower cash costs and solid cash flow. On the strength of year-to-date performance, we are raising the low end of our 2026 production guidance at Zgounder to 5.6–5.8 million ounces of silver, up from 5.2–5.8 million ounces, and we are set for a strong finish to the year.”

“We also advanced our growth strategy. The updated MRE and PEA for Boumadine show stronger economics and a longer mine life, and we announced several transactions to expand and optimize our Moroccan portfolio. Together, these achievements demonstrate our ability to execute across all pillars of our strategy — development, exploration and production — strengthening our platform for continued growth and long-term value creation.”

Financial Review

Revenue totaled $103M in Q3-2026, up 90% YoY, reflecting a higher average net realized price of $59.50/oz AgEq (up 49%), and higher consolidated ounces sold of 1.7 Moz AgEq (up 27%), primarily driven by the Boumadine reclaim operation. Combined with lower consolidated cash costs of $15.51/oz AgEq (down 25% YoY), this resulted in operating income of $59M, an increase of 292% YoY. General and administrative expenses increased compared to Q3-2025, reflecting higher professional fees related to the previously disclosed litigation⁶ as well as costs associated with the Company’s U.S. listing and reporting requirements.

Net income increased to $35M, up 182%. Net income attributable to Aya shareholders was $33.5M (basic EPS of $0.23; diluted EPS of $0.22).

Aya generated $48M in cash flow from operating activities in the third quarter including $54M before changes in working capital. Exploration expenditures of $18M focused on the infill drilling program to support the Boumadine feasibility study, and $6M was invested in capital projects at Zgounder. These projects included completion of the Zgounder Tailings Storage Facility (“TSF”), which became fully operational in the quarter. Underground development also continued to advance: completion of the Level 1825 exploration drift during the quarter advanced access for exploration at depth of the current resource and west of the Zgounder Fault. Drilling from the drift began in early October 2026 on the eastern portion, with drilling west of the Zgounder Fault to follow. The quarter ended in a strong financial position, including $184M in cash and cash equivalents and $16M of restricted cash.

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

*net of treatment, smelting, and refining costs
NM – Not Meaningful

Operational Review

Consolidated silver equivalent production reached 2.0 Moz AgEq, up 51% YoY, including 1.5 Moz of silver from Zgounder and 0.5 Moz AgEq² from the Boumadine stockpile reclaim operation. Consolidated production was up 21% QoQ.

Zgounder Silver Mine

Zgounder produced 1.5 Moz of silver in Q3-2026, an increase of 11% YoY, mainly driven by higher mill throughput from continued optimization initiatives, including the additional crushing capacity provided by a contractor. Reported production excludes 138,100 oz of silver cement in inventory not yet smelted at quarter-end. Cash costs per silver ounce sold⁴ of $17.53 decreased 16% from Q3-2025, driven by higher mill throughput and efficiencies from optimization initiatives.

During the quarter, the mill processed 376,863 tonnes of ore (4,096 tpd), while maintaining strong mill availability and metallurgical recovery. The total mining rate for the quarter averaged 4,746 tpd, for a total of 436,632 tonnes of ore mined, growing the stockpile 16% QoQ to 434,538 t and providing flexibility to sustain mill feed through planned open-pit pushbacks starting toward the end of 2026 and continuing through 2027, as well as underground development.

With the TSF completed in early Q3-2026, waste haulage has returned to normal operations, allowing the strip ratio to return to planned levels.

Boumadine Pyrite Reclaim Operation

During Q3-2026, the material reclaimed contained 4,300 oz of gold and 244,875 oz of silver, representing 536,879 oz AgEq (Au:Ag ratio of 68:1)². Material reclaimed and crushed totaled 49,890 t, up 191% QoQ, reflecting a more normalized operating run rate, following weather-related disruptions in the first half of the year. Bulk shipments of pyrite were introduced in the quarter as planned and accounted for most sales, with containerized shipments continuing. Pyrite sales remain on track to meet guidance.

The reclamation and sale of the historical pyrite stockpile at Boumadine, announced on November 19, 2025, is expected to be of limited duration, lasting approximately 20 to 24 months from that date, or until the stockpile is depleted. The overall Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial production.

Operational Highlights

NM – Not Meaningful

2026 Development and Exploration

Zgounder

At Zgounder, Aya drilled 7,580 m in Q3-2026, bringing year-to-date drilling to 17,858 m, about 60% of the 2026 plan. Near-mine drilling continued to confirm strong continuity of high-grade silver mineralization, with intercepts including 3,501 g/t Ag over 3.5 m in the central area, as reported in the Company’s September 16, 2026 press release. Following completion of the Level 1825 exploration drift, drilling of the eastern portion began in early October 2026, with drilling west of the Zgounder Fault to follow.

Boumadine

As of October 31, 2026, drilling at Boumadine reached 181,685 m, exceeding the 2026 infill drilling target of 180,000 m. Drilling continued to confirm the continuity and high-grade nature of the Boumadine Main Trend. This trend is the backbone of the deposit that forms the foundation of the 2026 PEA. Notable drill results during the quarter include 392 g/t AgEq over 24.3 m (BOU-DD26-848) and 593 g/t AgEq over 15.2 m (BOU-DD26-883), as reported in the Company’s September 22, 2026 press release.

Corporate Developments and Subsequent Events

During and subsequent to the quarter, Aya continued to execute on its strategy to expand its footprint across Morocco’s most prospective mineral belts. In August, the Company acquired a 259 km² exploration portfolio comprising three projects in the Anti-Atlas region, adding exposure to precious, base and critical metals. On October 16, 2026, Aya completed the acquisition of a copper-silver portfolio of exploration permits and a mining license covering approximately 139 km² in the Tizi area, about 35 km west of the Zgounder Silver Mine. Together, these transactions strengthen Aya’s position around its core assets and broaden its exploration pipeline.

As part of optimizing its portfolio and focusing on core priorities, on November 4, 2026, Aya entered into a term sheet with Sama Resources Inc. (“Sama”) for the proposed sale of its Azegour project and the grant of a non-exclusive, perpetual license to certain geological and exploration data relating to its Moroccan properties, in exchange for an equity interest of approximately 19.11% in Sama.

For additional information, please refer to Aya’s press releases dated August 6, September 1, and November 5, 2026.

Qualified Persons

The scientific and technical information contained in this press release has been reviewed and approved by David Lalonde, B.Sc., P.Geo., Executive Vice-President, Exploration, and Raphaël Beaudoin, P.Eng., Executive Vice-President, Operations of Aya, each of whom is a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The NI 43-101 technical reports referenced herein are available under the Company’s profile on SEDAR+, on EDGAR, and on the Company’s website. For more information on the technical reports referenced herein, you may refer to the section “Technical Reports” below.

Technical Reports

The complete NI 43-101 Technical Report entitled “Updated Preliminary Economic Assessment for the Boumadine Polymetallic Project, Kingdom of Morocco” is available on Aya’s website, on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov).

The 2026 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and, as such, there is no certainty that the 2026 PEA results will be realized.

Cautionary Note to Investors Regarding the Use of Mineral Resources and Mineral Reserves

The 2026 PEA is based on the updated mineral resource estimate for the Project, effective as of February 28, 2026, disclosed in a technical report titled “Updated Preliminary Economic Assessment for the Boumadine Polymetallic Project, Kingdom of Morocco” with an effective date of September 9, 2026, and filed on SEDAR+ and EDGAR on October 20, 2026.

The key assumptions, parameters and methods used to estimate the mineral resource estimate for the Boumadine project and the identification of known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources are described in such technical reports.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that mineral resources will be converted to mineral reserves.

Cautionary Note to the United States Investors Concerning Estimates of Mineral Reserves and Resources

This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ materially from the requirements of United States securities laws applicable to U.S. companies, including subpart 1300 of SEC Regulation S-K. Information concerning Aya’s mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from SEC requirements applicable to domestic United States issuers. Accordingly, the disclosure in this press release regarding Aya’s mineral properties is not comparable to the disclosure of United States issuers subject to the SEC’s mining disclosure requirements.

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 Company 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, and which hosts a sizable mineralized footprint, with potential for further discovery.

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