Aya Gold & Silver Inc. (TSX: AYA) (NASDAQ: AYA) announced its financial and operational results for the first quarter ended March 31, 2026. All amounts are in U.S. dollars unless otherwise noted.

Q1 2026 Highlights

Financial Highlights

• Revenue of $117M, up 247% year-over-year and up 56% quarter-over-quarter, driven by higher average net realized silver equivalent prices and more AgEq ounces sold, totaling 1.4M.
• Average net realized silver equivalent price of $82.22/oz, up 158% YoY and 41% QoQ.
• Net income of $49M (basic EPS of $0.34 and diluted EPS of $0.33), up 600% YoY from net income of $7M (basic and diluted EPS of $0.05) in Q1-2025 and from $18M (basic EPS of $0.13 and diluted EPS of 0.12) in Q4-2025.
• Operating cash flow of $70M, up 785% YoY and up 107% QoQ, driven by higher AgEq pricing and lower cash costs.
• Cash and cash equivalents of $172M supporting the development of the Boumadine Project (“Boumadine”)¹.

Operational Highlights

• Consolidated production of 1.5 Moz AgEq, up 40% YoY, including 1.3 Moz Ag and 0.2 Moz AgEq² respectively from Zgounder and Boumadine pyrite reclaim operation3. Production at Zgounder was down 8% QoQ, as a result of weather-related disruptions, which reduced milling rates and recovery at Zgounder. Production has since normalized.
• Cash costs⁴ of $18.40/oz AgEq down 8% QoQ driven by a lower strip ratio, reflecting a focus on ore-rich zones in response to weather conditions and ongoing TSF construction.
• Silver recovery averaged 89.4% during the quarter and is expected to stabilize in Q2.
• Record open-pit and underground and mining rate totaling 4,575 tonnes per day.

Development and Exploration

• Drilling program update: Completed appr oximately 42,827 metres (“m”) of drilling at Boumadine and 5,838m at Zgounder in Q1-2026. At Boumadine, drilling confirmed continuity along the Main Trend and identified a new parallel mineralized structure, highlighting expansion potential. At Zgounder, near-mine drilling delivered high-grade silver results and confirmed extensions of mineralization beyond current resource boundaries.

Board Renewal

• Following previously announced Board retirements, Aya proposed the appointment of current director Ms. Ghislane Guedira as Chair of the Board, a seasoned mining executive based in Morocco, and nominated Ms. Krystal Ramsden, BASc, and Mr. Yves Bonin, FCPA, FCA, as independent directors subject to their election at the upcoming annual general meeting of shareholders.

“Our exceptional financial performance in Q1 reflects both the strength of disciplined execution and market conditions. We delivered record margins, supported by higher precious metal prices and lower cash costs,” said Benoit La Salle, President & CEO. “Despite challenging weather conditions we delivered strong production, record mining rates and cash flow, highlighting the strength and resilience of our operations.

“Importantly, this performance translated into expanded margins and significant cash flow generation, strengthening our balance sheet and supporting the advancement of our district-scale project Boumadine, where feasibility work is progressing well alongside an updated PEA expected midyear.

“We were also pleased to complete our recent Nasdaq listing, a significant milestone that enhances our visibility and access to global capital markets as we advance into our next phase of growth. We remain confident in our outl ook, reiterate our full-year guidance with momentum into Q2 and a strong H2 2026.”

Financial Review

Revenue totaled $117M in Q1-2026, up 247% YoY, driven by higher average net realized price of $82.22/oz AgEq (up 158%), and increased consolidated ounces sold, of 1.4 Moz AgEq (up 34%). Revenue increased 56% QoQ, driven primarily by higher realized prices and more ounces sold.

Net income of $49M (basic EPS of $0.34 and diluted EPS of $0.33) increased from $7M (basic and diluted EPS of $0.05) in the prior year, which included an FX gain of approximately $10M. The increase was driven by stronger operating income, partly offset by a higher effective tax rate. Net income increased 165% QoQ from $18M in Q4-2025 (basic EPS of $0.13 and diluted EPS of $0.12).

Aya generated $70M in cash flow from operating activities in the first quarter including $64M before changes in worki ng capital. Exploration expenditures of $14M were focused on infill drilling program to support the Boumadine feasibility study, and $4M was invested in capital projects at Zgounder.

The quarter ended in a strong financial position, including $172M in cash and cash equivalents and total debt of $98M down from $112M as at December 31, 2025, following the first principal repayment of the Corporation’s European Bank for Reconstruction and Development Zgounder loan.

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

Operational Review

Consolidated silver equivalent production reached 1.5 Moz AgEq, up 40% YoY, and included 1.3 Moz of silver from Zgounder and 0.2 Moz AgEq from the Boumadine stockpile reclaim operation launched in Q4-2025. Consolidated production was down 3% QoQ, with cash costs averaging $18.40/oz AgEq sold.

Zgounder Silver Mine

Zgounder produced 1.3 Moz of silver in Q1-2026, an increase of 18% YoY reflecting the expansion of mining and milling operations. Silver production decreased 8% QoQ due to weather-related disruptions that slowed crushing operations, and reduced throughput. Production has since normalized.

Cash costs averaged $18.64/oz AgEq sold, down 9% QoQ driven by a lower strip ratio as discussed further.

The mill processed 0.3 million tonnes of ore (3,633 tpd) in Q1-2025, up 31% YoY, at an average grade of 140 g/t Ag. While mill availability remained strong at 99%, severe winter conditions, including heavy precipitation, impacted crushing operations for much of the period. Despite intermittent milling disruptions, metallurgical performance remained within expectations, with silver recovery of 89.4% for the quarter. To mitigate the lower crushing rate, a temporary crushing contractor was mobilized, resulting in observable improvement in the second quarter to date.

Mining operations achieved a record quarter in Q1-2026, with an average mining rate of 4,575 tpd at 135 g/t Ag, reflecting strong performance across both underground and open-pit operations. Open-pit mining reached 2,967 tpd at a strip ratio of 9, while underground contributed 1,608 tpd. During the quarter, a portion of open-pit waste was redirected to support construction of the tailings storage facility (TSF). Given longer haul distances and heavy rain a nd snow, mining was optimized by focusing on ore-rich zones, leading to a low strip ratio of 9. The construction of the second phase of the TSF is expected to be completed in Q3-2026, supporting a return to normal open-pit operations and a gradual increase in strip ratios toward the annual mine plan ratio of 16.

The stockpile increased by 44% QoQ to 280,824 t, in line with the Corporation’s objective of building a three-months inventory.

Boumadine

In late 2025, Aya commenced the reclaiming and sale of its historical pyrite stockpile at the Boumadine site. During Q1-2026, the operation produced 227,802 oz AgEq (Ag:Au ratio of 57:1), up 32% QoQ. Material reclaimed and crushed totaled 21,814 t at average grades of 181 g/t Ag and 2.50 g/t Au.

While tonnage increased 62% QoQ, the operation is still in ramp-up phase and has not yet reached its estimated steady-state capacity of 10,000 t per month. Additionally, during the quarter, heavy rainfall and flooding in northern Morocco temporarily disrupted logistics, including port access and shipping activities. Pyrite transport is expected to accelerate in Q2-2026, with steady-state operations anticipated in H2-2026.

The reclamation and sale of the historical pyrite stockpile at Boumadine is expected to last 20 to 24 months. The overall Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial production.

Operational Highlights

* Revenues / Silver Equivalent Sold Consolidated (oz)

2026 Development and Exploration

Zgounder

• In Q1-2026, 5,838m of near-mine drilling was completed at Zgounder, with results confirming continuity of high-grade silver mineralization beyond current resource boundaries and highlighting potential for further resource expansion across multiple zones. Regional drilling and target testing are expected to commence in Q2-2026 following ongoing geological mapping and target generation activities. The 2026 exploration pr ogram includes 30,000m of drilling focused on extending near-mine high-grade mineralization, supporting future resource updates and testing regional satellite targets to identify additional growth opportunities.

Boumadine

• 42,827m of drilling was completed in Q1-2026, confirming continuity along the 5.4 km Main Trend. A new, parallel mineralized structure, was discovered highlighting the potential to expand the mineralized system. The 2026 program targets 200,000m of drilling, including 180,000m focused on converting inferred resources into measured and indicated categories and 20,000m dedicated to regional exploration.

Board Renewal

Aya recognizes the final year of service of two long-standing directors whose leadership has been instrumental to the Corporation’s tra nsformation: Mr. Robert Taub, Chair since 2020, and Dr. Jürgen Hambrecht, director since 2019 and Lead Independent Director. Aya thanks them for their dedicated service.

To support continued governance and operational oversight, the Corporation is pleased to announce its intention to appoint Ms. Ghislane Guedira as Chair of the Board, subject to her election at the upcoming annual general meeting of shareholders. Ms. Guedira is a seasoned mining executive with extensive experience in Morocco. She is currently the CEO of A.P. Moller Capital Morocco and has previously served as CFO of OCP Group, a leading global phosphate producer based in Morocco. She brings audit, financial, operational, and governance expertise.

Aya has also nominated Ms. Krystal Ramsden, BASc, and Mr. Yves Bonin, FCPA, FCA, for election to the Board of Directors. Ms. Ramsden is a mining engineer and investment professional with 20 years of experience in the metals, mining, and energy sectors. She has extensive experience in deal sourcing and structuring across public and private equity investments, and in evaluating opportunities across commodities and jurisdictions through a technical, financial, and geopolitical risk lens. Mr. Yves Bonin is a seasoned audit and finance executive with more than 30 years of experience in assurance, financial reporting, and corporate advisory roles. He brings extensive expertise in financial reporting, including International Financial Reporting Standards (IFRS), audit, merger and acquisitions, and corporate governance, including as a former PwC Partner. Mr. Bonin has been a Chartered Professional Accountant (CPA) since 1988, and a Fellow of the Ordre des CPA du Québec (FCPA) since 2019.

2026 Operation Outlook

2026 guidance remains unchanged from the outlook disclosed in the Corporation’s March 31, 2026 news release.

With the ramp-up of the Zgounder silver mine complete, Aya’s focus has shifted toward operational optimization. Aya is targeting sustained plant throughput of 3,650 tpd and evaluating the potential to increase throughput up to 3,850 tpd. Optimization initiatives currently under evaluation includes the addition of a crushing unit within the existing circuit to support higher throughput rates. In addition, construction of the second phase of the TSF is progressing well and is expected to be completed in Q3-2026.

Following the positive Preliminary Economic Assessment for the Boumadine project, Aya remains focused on advancing feasibility work on an accelerated timeline. Since the beginning of the year, Aya has selected and engaged independent consulting firms across multiple workstreams, and initiated feasibility-level work related to metallurgical testing, energy, water supply, logistics scenarios and TSF location assessment. An updated PEA, including updated mineral resources, is planned for the second half of the year. The PEA and exploration work completed to date continue to highlight Boumadine’s potential scale and significant resource expansion upside.

Supported by a strong balance sheet and a supportive price environment, Aya is well positioned to invest in its future through strong cash flow generation, disciplined capital allocation and continued exploration investment, with a continued focus on delivering long-term value for all stakeholders.

Qualified Person

The technical information contained in this press release has been reviewed and approved by David Lalonde, B. Sc, Vice-President, 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 wit h NI 43-101.

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

About Aya Gold & Silver Inc.

Aya Gold & Silver is a 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 resour ce, 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 committed to delivering sustainable value for shareholders, employees and host communities.