Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) announced third quarter financial and operational results for the three-month period ended September 30, 2025. All amounts are in US dollars, unless otherwise stated.

Q3-2025 Highlights

Operational

• Record silver production of 1.35 million ounces up 278% vs. the prior year driven by the new Zgounder plant; and up 29% increase quarter-over-quarter, driven by record throughput and improved grades.
• Ore processed averaged 3,326 tonnes per day (tpd), up 11% QoQ, with high mill availability of 96%.
• Mill average feed grade of 146 grams per tonne (“g/t”) Ag, showing improvement QoQ driven by higher-grade underground ore.
• Silver recovery averaged 92.5% in Q3-2025.

Financial

• Record revenue of $54.3M, up five-fold driven by higher ounces sold from ramp-up and a higher average net realized silver price of $39.85/oz; revenue rose 41% QoQ, supported by increased silver sales and stronger pricing.
• Cash costs⁽¹⁾ per silver ounce sold of $20.79.
• Record net income of $12.4M; diluted EPS of $0.09.
• Strong operating cash flow of $22.4M ($38.1M year-to-date) ending the quarter with $129M in cash providing the flexibility to advance our Boumadine development-stage asset.

 Development and Exploration

• Announced positive Preliminary Economic Assessment results for Boumadine (November 4, 2025), demonstrating a robust, low-capital-intensity project with attractive scale and cost profile.
• Drilled 29,524 metres at Boumadine, confirming continuity of the Main and Tizi zones and extending Imariren to 1.2 kilometer. Results returned high-grade intercepts (up to 369 g/t) over 9.0 m) and confirmed a new gold discovery at Asirem.
• Drilled 9,770 m at Zgounder on near-mine and regional targets, confirming high-grade mineralization beyond the current resource boundary and advancing regional exploration.

“We are executing on all fronts. The ramp-up at Zgounder is nearly complete, and the mill is now running at a steady state. We are seeing improvements and continue to make targeted improvements to the mine plan, with a focus on optimizing grade control and minimizing dilution. This quarter’s strong cash flow reflects solid production volumes and robust margins,” said Benoit La Salle, President & CEO.

“We are equally excited about the significant potential of our Boumadine project, underscored by the recently announced PEA results. The study highlight industry-leading capital efficiency and operating costs. The scale of Boumadine, is expected to be about six times Zgounder’s current silver-equivalent production run rate. Looking ahead, we are well positioned to deliver long-term value for our shareholders.”

Operational Review

In Q3-2025, throughput ramped up to a record 3,326 tpd, up 11% QoQ, with mill availability of 96% driving silver production of 1.35 M oz. A total of 305,964 tonnes were processed during the quarter, up 12% QoQ, at an average grade of 146 g/t Ag and recovery of 92.5%. Record performance was achieved through optimized blending, circuit improvements, and increased tailings-pumping capacity.

In Q3-2025, underground mining reached steady-state operations, averaging 1,276 tpd at 159 g/t Ag, as mining accessed more continuous mineralized zones, improving overall mined grade. Open-pit activities focused on stripping in the northeast section, yielding 1,066 tpd of ore at 123 g/t Ag, positioning the mine for continued production growth. Total ore mined averaged 2,341 tpd. Additional mobile equipment arriving in Q4-2025 is expected to lift open-pit output above 2,000 tpd by Q1-2026, with enhanced grade control and ore recovery through blast-movement tracking and bench-by-bench modeling.

The operation continues to improve, with the mill currently running above 3,700 tpd and recoveries exceeding 90%. With 158,546 tonnes of stockpiled ore, Zgounder is well positioned for a strong finish to 2025.

Operational Highlights  

Financial Review

Revenue from silver sales totaled $54.3M in Q3-2025, increasing 393% YoY, reflecting successful start of commercial production of the new Zgounder plant on December 29, 2024 and a higher average net realized silver price per oz of $39.85, up 46% vs. the prior year period. Sales rose 41% QoQ driven by higher volume (+20%) and net realized silver price (+18%).

Cash costs⁽¹⁾ per ounce sold decreased 11% YoY, and 2% QoQ reflecting the benefits of scale as production ramps up, alongside improving grade dilution as mining progresses into later-stage stopes and more advanced open-pit sequencing.

Record net income of $12.4M, or diluted EPS of $0.09, was recorded in Q3-2025 compared to a net loss of $0.3M or diluted EPS of $(0.00) in Q3-2024.

The Corporation generated $22.4M in cash flow from operating activities in Q3-2025. Capital expenditures during the quarter included $10.5M of investments mostly related to the Zgounder plant, advancing key growth initiatives, including near-completion of the ‘Super Pit’ project, progress on second phase of the TSF, increased milling capacity and continued underground development toward deeper levels. A total of $14.1M was directed toward exploration and evaluation assets.

As at November 10, 2025, the Corporation had common shares issued and outstanding of 141,900,422. We ended the quarter in a strong financial position, with $129.2 million in cash.

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

Recent Developments

In November 2025, Aya announced robust PEA results for its Boumadine project, highlighting a post-tax NPV_5% of $1.5 billion, a 47% IRR, and a 2.1-year payback at Base Case prices ($2,800/oz Au and $30/oz Ag). At Spot Prices ($4,000/oz Au and $48/oz Ag), the project delivers a post-tax NPV_5% of $3.0 billion, a 77% IRR, and a 1.2-year payback.

The study outlines a large-scale, capital-efficient operation with average annual production of 401 koz AuEq (37.5 Moz AgEq) over the first five years and low initial capital costs of $446 million, including $96 million in contingency. The project is expected to deliver industry-leading economics, with life-of-mine AISC of $1,021/oz AuEq and a post-tax NPV-to-Capex ratio of 3.3:1 at Base Case prices and 6.6:1 at Spot Prices. The PEA envisions a combined open pit and underground mining operation supported by an 8,000 tpd conventional flotation plant producing three silver- and gold-bearing payable concentrates. The Corporation holds an existing mining license for Boumadine and targets completion of a feasibility study by late 2027. For additional details, please see our press release dated November 4, 2025, and the replay of our Boumadine PEA webinar, available on our website at www.ayagoldsilver.com.

Exploration Review

Zgounder Near Mine and Regional

In Q3-2025, Zgounder exploration advanced both near-mine and regional programs, with 9,770 m of drilling in the quarter, bringing year-to-date totals to 19,659 m, on track to meet the full-year target of 20,000–25,000 m. Near-mine results confirmed continuity beyond the current resource, highlighted by high-grade intercepts of 1,164 g/t Ag over 3.0 m and 1,080 g/t Ag over 3.0 m, while exploration surface drilling returned 167 g/t Ag over 2.0 m within a broader 19.0 m anomalous zone north of the current open pit. Regional drilling targeted geochemical and structural anomalies at Zgounder Far East, and detailed mapping on the Tourchkal and Far East permits generated multiple new drill targets, supporting ongoing resource expansion.

Boumadine

In Q3-2025, Boumadine exploration progressed with 29,524 m of combined DDH and RC drilling, confirming continuity across the Boumadine deposit and Tizi Zone and extending the Imariren Zone strike to 1.2 km. Year-to-date drilling reached 109,240 m, already within the full-year 2025 program target of 100,000–140,000 m. High-grade silver-equivalent intercepts included 369 g/t AgEq over 9.0 m on the main trend and 272 g/t AgEq over 4.6 m in Tizi, supporting resource expansion. Drilling also tested 2024-mapped targets, leading to the discovery of the Asirem gold zone with significant gold intercepts, further underpinning the project’s growth potential.

Environmental, Social and Governance

Aya continued to strengthen its health, safety, and environmental management systems during Q3 2025, delivering 6,636 hours of training and achieving a reduced TRIFR of 13.4, down from 16.2 in Q3 2024. No significant environmental incidents were reported, and the Corporation remains focused on proactive risk management, contractor engagement, and ongoing improvements to its Environmental and Social Management System “ESMS”, including progress toward ISO 14001 certification.

Outlook

We continue to deliver strong operational execution with ramp-up near completion. Looking ahead, we expect milling throughput to remain strong with recoveries continuing to exceed feasibility study rate. We remain fully committed to achieving our 2025 production goals and continue to advance targeted initiatives to optimize grade control and our cost profile. Margins remain strong, above our plan, supporting healthy cash generation from operations. We look forward to providing an updated technical report on our Zgounder operation in our fourth quarter. With Zgounder ramping up, Boumadine advancing, and district-scale exploration underway, Aya is executing on its strategy to grow production, expand resources, and deliver long-term value. Leveraging a strong balance sheet, positive cash flow, and a significant portfolio, we are well positioned to strengthen Aya’s position as a leading high-grade silver producer.

Qualified Person

The scientific and technical information contained in this press release have 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.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective Anti-Atlas Fault, several of which have hosted past-producing mines and historical resources.

Aya’s management team has been focused on maximizing shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.