Aya Gold & Silver Inc. press release

Aya Gold & Silver Reports Q2-2026 Results and Delivers Record Operational Performance

2026-08-13

TSX - Toronto Stock Exchange · Silver · Gold · Zinc · Lead · Copper · Canada · Corporate Finance

MONTREAL, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc.(TSX: AYA; NASDAQ: AYA) (“Aya” or the “Company”) today announced its financial and operational results for the second quarter ended June 30, 2026. All amounts are in U.S. dollars unless otherwise noted.

Q2-2026 Highlights

Financial Highlights

Revenue of $97M, up 151% year-over-year ("YoY") reflecting a higher average net realized silver equivalent ("AgEq") price and higher ounces ("oz") sold. Average net realized silver equivalent priceof $64.22/oz, up 90% YoY. Net incomeof $35M (basic EPS of $0.24 and diluted EPS of $0.23), up 305% YoY from net income of $9M (basic EPS of $0.07 and diluted EPS of $0.06) in Q2-2025. Operating cash flowof $48M, up 522% YoY driven by stronger production, higher realized AgEq prices and lower cash costs. Cash and cash equivalentsof $183M supporting the development of the Boumadine Project ("Boumadine")1 compared to $136M as of December 31, 2025. This excludes $16M of restricted cash.

Operational Highlights

Consolidated productionof 1.7 million ounces ("Moz") AgEq, up 61% YoY, including 1.5 Moz Ag and 0.2 Moz AgEq2respectively from the Zgounder Mine ("Zgounder") and the Boumadine pyrite reclaim operation3. Production at Zgounder was up 18% quarter-over-quarter ("QoQ"). Cash costs2,4 of $16.82/oz AgEq, a 9% decrease QoQ driven by increased consolidated ounces sold. Record processing rateaveraging 3,889 tonnes per day (“tpd”), representing a 7% increase QoQ; combined mill recovery averaged 91.2%. Record mining rateaveraging 4,880 tpd for the combined open pit and underground operations.

Development and Exploration

Completed approximately 50,567 metres ("m") of drilling at Boumadine and 4,440 m at Zgounder in Q2-2026. At Boumadine, drilling intersected a new mineralized parallel structure below the current resource pit shell, while results at Zgounder continued to confirm strong continuity and extensions of high-grade silver mineralization beyond current resource boundaries.

Corporate Highlights

Aya listed on the Nasdaq under the ticker AYA (May 4, 2026). Aya was added to the VanEck Gold Miners ETF ("GDX") (June 16, 2026). Shareholders elected two new independent directors at the 2026 Annual General Meeting: Ms. Krystal Ramsden, BASc (Mineral Engineering), MA, PhD and Mr. Yves Bonin, FCPA, FCA. The Board appointed Ms. Ghislane Guedira, a seasoned mining executive based in Morocco, as Chair of the Board. Women now comprise 50% of Board members and all Board members, except for the CEO, are independent.

“Q2 was a record operating quarter for Aya. Zgounder delivered record mining and processing rates, demonstrating the plant’s ability to operate at sustained rates well above the nameplate capacity and in line with the updated Zgounder Technical Report. This strong operational performance is translating into lower cash costs, increased operating leverage and strong cash flow generation, while keeping us firmly on track to deliver our 2026 guidance.” said Benoit La Salle President & CEO.

"At the same time, we continue to advance our district-scale Boumadine project, including infill drilling ahead of an updated MRE and PEA. These achievements reflect the strength of our assets and the execution capabilities of our team, positioning Aya for continued growth and long-term value creation."

Financial Review

Revenue totaled $97M in Q2-2026, up 151% YoY, driven by higher average net realized price of $64.22/oz AgEq (up 90%), and increased consolidated ounces sold, of 1.5 Moz AgEq (up 32%).

Net income of $35M (basic EPS of $0.24 and diluted EPS of $0.23) increased from $9M (basic EPS of $0.07 and diluted EPS of $0.06) in the prior year. The increase was driven by stronger operating income, partly offset by a higher effective tax rate. Included in Q2-2026 net income are approximately $5M of costs, primarily related to professional fees incurred in connection with the Company's previously disclosed litigation with Duro Felguera S.A. ("DF")5, which remains ongoing, and costs associated with the Company's Nasdaq listing.

Aya generated $48M in cash flow from operating activities in the second quarter including $45M before changes in working capital. Exploration expenditures of $11M were focused on infill drilling program to support the Boumadine feasibility study, and $11M was invested in capital projects at Zgounder. Capital expenditures remained focused on mine infrastructure development and other site optimization projects to support higher throughput. Phase 2 of the tailings storage facility (TSF) was completed in early Q3-2026, as planned. Underground development continued with decline advancement and infrastructure improvements to enhance mine access, ventilation and safety, while supporting underground production and exploration at depth. The open pit is now fully operational and integrated into production.

The quarter ended in a strong financial position, including $183M in cash and cash equivalents and $16M of restricted cash. During the quarter, the Company reimbursed $15M to EBRD for the facility it had engaged and announced on May 12, 2025. The facility is now fully repaid, ahead of maturity.

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

| | Q2-2026 | Q2-2025 | Change Q2 vs Q2 | YTD 2026 | YTD 2025 | Change YTD | | | | Revenue - Silver (D)* | 90,321 | 38,615 | 134 | % | 205,095 | 72,446 | 183 | % | | Revenue - Pyrite (E) | 6,473 | - | NM | 8,973 | - | NM | | | | Revenues (F) | 96,794 | 38,615 | 151 | % | 214,068 | 72,446 | 195 | % | | Cost of Sales | 33,381 | 29,673 | 12 | % | 66,894 | 53,257 | 26 | % | | Gross Profit | 63,413 | 8,942 | 609 | % | 147,174 | 19,189 | 667 | % | | Operating Income | 53,155 | 7,669 | 593 | % | 130,742 | 10,995 | 1,089 | % | | Income before Income Taxes | 56,509 | 10,443 | 441 | % | 132,801 | 21,106 | 529 | % | | Net Income | 35,038 | 8,641 | 305 | % | 83,567 | 15,571 | 437 | % | | Operating Cash Flow | 48,402 | 7,787 | 522 | % | 118,573 | 15,706 | 655 | % | | Cash and cash equivalents | 182,808 | 113,832 | 61 | % | 182,808 | 113,832 | 61 | % | | Total Assets | 702,294 | 565,774 | 24 | % | 702,294 | 565,774 | 24 | % | | Total Non-Current Financial Liabilities | 57,107 | 83,976 | (32) | % | 57,107 | 83,976 | (32) | % | | Working Capital6 | 144,771 | 88,403 | 64 | % | 144,771 | 88,403 | 64 | % | | EPS | | | | | | | | | | Income Per Share (EPS) - Basic | 0.24 | 0.07 | 243 | % | 0.58 | 0.12 | 383 | % | | Income Per Share (EPS) - Diluted | 0.23 | 0.06 | 283 | % | 0.56 | 0.11 | 409 | % |

_*NM – Not Meaningful_

Operational Review

Consolidated silver equivalent production reached 1.7 Moz AgEq, up 61% YoY, and included 1.5 Moz of silver from Zgounder and 0.2 Moz AgEq2from the Boumadine stockpile reclaim operation launched in Q4-2025. Consolidated production was up 12% QoQ, with cash costs averaging $16.82/oz AgEq sold4.

Zgounder Silver Mine

Zgounder produced 1.5 Moz of silver in Q2-2026, an increase of 43% YoY reflecting the ramp-up of mining and milling operations. Silver production increased 18% QoQ reflecting continued operational improvements and a rebound from the seasonally lower first quarter.

Cash costs per silver ounce sold4of $17.69 decreased 17% and 5%, respectively, from Q2-2025 and Q1-2026, driven in both cases by higher throughput, increased production volumes and efficiencies from optimization initiatives. Unit costs in the quarter also benefited from a strip ratio of 10, reflecting continued mining of ore-rich zones.

During the quarter, the mill processed 353,888 tonnes ("t") of ore (3,889 tpd), while maintaining strong mill availability and metallurgical recovery. Mining operations achieved record production rates across both underground and open-pit operations during the quarter. The Company advanced phase 2 of the tailings storage facility during the second quarter, with construction completed shortly after quarter-end. Zgounder now has approximately three years of tailings storage capacity.

The ore stockpile increased to 373,884 t during the quarter.

Boumadine Pyrite Reclaim Operation

During Q2-2026, the pyrite reclaim operation produced 187,784 oz AgEq (Au:Ag ratio of 61:1)1,2. At the end of Q2-2026, crushed inventory stood at 298,977 oz AgEq equivalent, located at various ports, awaiting shipment. Reclaimed pyrite inventory is increasing in preparation for bulk shipments in H2-2026, in addition to ongoing containerized shipments.

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

| | Q2-2026 | Q1-2026 | Change Q2 vs Q1 | Q2-2025 | Change Q2 vs Q2 | YTD 2026 | YTD 2025 | Change YTD | | | | | | | | | | Zgounder | | | | | | | | | | | | | | | | | | Ore Mined (tonnes) | 444,106 | | 411,766 | | 8 | % | 241,288 | | 84 | % | 855,872 | | 435,949 | | 96 | % | | Average Grade Mined (g/t Ag) | 137 | | 135 | | 1 | % | 138 | | (1) | % | 136 | | 144 | | (6) | % | | Ore Processed (tonnes) | 353,888 | | 326,949 | | 8 | % | 273,471 | | 29 | % | 680,837 | | 523,214 | | 30 | % | | Average Grade Processed (g/t Ag) | 141 | | 140 | | 1 | % | 140 | | 1 | % | 141 | | 151 | | (7) | % | | Combined Mill Recovery (%) | 91.2 | % | 89.4 | % | 1.8 | % | 86.5 | % | 4.7 | % | 90.3 | % | 84.4 | % | 5.9 | % | | Milling Operations (tpd) | 3,889 | | 3,633 | | 7 | % | 3,005 | | 29 | % | 3,762 | | 2,891 | | 30 | % | | Silver Produced (oz) | 1,489,526 | | 1,265,012 | | 18 | % | 1,042,317 | | 43 | % | 2,754,538 | | 2,110,970 | | 30 | % | | Silver Sold (oz) (A) | 1,322,585 | | 1,375,930 | | (4) | % | 1,140,452 | | 16 | % | 2,698,515 | | 2,202,017 | | 23 | % | | Cash Costs per Silver Ounce Sold4 | 17.69 | | 18.64 | | (5) | % | 21.26 | | (17) | % | 18.18 | | 20.14 | | (10) | % | | Production Costs per Tonne Processed4 | 55.61 | | 65.89 | | (16) | % | 82.41 | | (33) | % | 60.55 | | 78.16 | | (23) | % | | Average Net Realized Silver Price ($/oz) (D/A) | 68.29 | | 83.42 | | (18) | % | 33.86 | | 102 | % | 76.00 | | 32.90 | | 131 | % | | Boumadine Reclaim Operations | | | | | | | | | | | | | | | | | | Ore Processed (tonnes) | 17,153 | | 21,814 | | (21) | % | - | | NM | 38,967 | | - | | NM | | | | Average Grade Processed (g/t Ag) | 179 | | 181 | | (1) | % | - | | NM | 180 | | - | | NM | | | | Average Grade Processed (g/t Au) | 2.43 | | 2.50 | | (3) | % | - | | NM | 2.47 | | - | | NM | | | | Silver Produced (oz) | 100,721 | | 127,406 | | (21) | % | - | | NM | 228,127 | | - | | NM | | | | Gold Produced (oz) | 1,414 | | 1,757 | | (20) | % | - | | NM | 3,171 | | - | | NM | | | | Silver Equivalent Produced (oz) | 187,784 | | 227,802 | | (18) | % | - | | NM | 415,586 | | - | | NM | | | | Silver Equivalent Sold (oz) (B) | 184,536 | | 50,431 | | 266 | % | - | | NM | 234,967 | | - | | NM | | | | Cash Costs per Silver Equivalent Ounce Sold2,4 | 10.58 | | 11.86 | | (11) | % | - | | NM | 10.85 | | - | | NM | | | | Average Net Realized Silver Equivalent Price ($/oz) (E/B) | 35.08 | | 49.57 | | (29) | % | - | | NM | 38.19 | | - | | NM | | | | Consolidated Operations | | | | | | | | | | | | | | | | | | Silver Equivalent Produced Consolidated (oz) | 1,677,310 | | 1,492,814 | | 12 | % | 1,042,317 | | 61 | % | 3,170,124 | | 2,110,970 | | 50 | % | | Silver Equivalent Sold Consolidated (oz) (C) | 1,507,121 | | 1,426,361 | | 6 | % | 1,140,452 | | 32 | % | 2,933,482 | | 2,202,017 | | 33 | % | | Average Net Realized Silver Equivalent Price ($/oz) (C/F) | 64.22 | | 82.22 | | (22) | % | 33.86 | | 90 | % | 72.97 | | 32.90 | | 122 | % | | Cash Costs per Silver Equivalent Ounce Sold2,4 | 16.82 | | 18.40 | | (9) | % | 21.26 | | (21) | % | 17.59 | | 20.14 | | (13) | % |

_*NM – Not Meaningful_

2026 Development and Exploration

Zgounder

In Q2-2026, Aya completed 4,440 m of diamond drilling, bringing year-to-date drilling to 10,278 m advancing approximately 34% of its 2026 exploration program. Drilling continued to intersect high-grade silver mineralization across key near-mine targets, including previously reported intercepts of up to 1,867 g/t Ag over 6.0 m (Hole ZG-RC-26-946). Development of the 1,825-metre exploration drift advanced during the quarter, supporting H2-2026 drilling beyond the Western Fault, while regional exploration commenced at North Zgounder targeting silver-gold-copper anomalies.

Boumadine

In Q2-2026, 50,567 m of diamond drilling was completed at Boumadine, bringing year-to-date drilling to 93,394 m and advancing approximately 47% of its 2026 program. Drilling continued to confirm the continuity and high-grade nature of the Boumadine Main Trend, while identifying new parallel mineralized structures with potential to expand Mineral Resources and extend the open pit at depth. Previously reported highlights included hole BOU-DD25-745, which intersected 890 g/t AgEq over 51.5 m, along with additional high-grade intercepts.

Corporate Highlights

During the quarter, Aya achieved several corporate milestones, including the commencement of trading of its common shares on Nasdaq while maintaining its listing on the TSX. Aya was subsequently included in the VanEck Gold Miners ETF (GDX), increasing the Company’s exposure to a broader global investor base. At the 2026 Annual General Meeting, shareholders elected the Company’s Board of Directors, including new independent directors Ms. Krystal Ramsden and Mr. Yves Bonin, bringing additional expertise and perspectives to the Board. The Board also appointed Ms. Ghislane Guedira as Chair, leveraging her extensive mining, financial, and Morocco-based experience as Aya advances its growth strategy. With these appointments, women now represent 50% of Aya’s Board of Directors.

2026 Outlook

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

Recent Developments

On August 6, 2026, Aya announced the completion of its acquisition of a strategic exploration portfolio comprising three mining licenses and 18 exploration permits covering approximately 259 km² across three distinct exploration projects in Morocco: Zagora, Agadir-Melloul and Goulmim. The portfolio is located within highly prospective and underexplored mineral belts in Morocco. The total consideration for the acquisition was MAD 10 million, with additional contingent payments that may become payable to the sellers, as described in the Company’s June 30, 2026 Management's Discussion and Analysis ("MD&A"). Certain customary post-closing administrative formalities in Morocco remain. For further details regarding the acquisition and the terms of the transaction, please refer to the Company’s press release dated August 6, 2026, and the Company's Q2-2026 MD&A, available on the Company's website, SEDAR+ and EDGAR.

Q2-2026 Conference Call Details

Aya will release its second quarter 2026 financial results on Thursday, August 13, 2026, after market close. Management will host a conference call on Friday, August 14, at 10 a.m. ET to discuss the results and provide a corporate update.

Participants may join the conference call via webcast or by dialing-in as follows: https://edge.media-server.com/mmc/p/dxfp7nfq

Webcast link: Instructions for obtaining conference call dial-in numbers:

1. Click on the following call link and complete the online registration form https://register-conf.media-server.com/register/BIbcd8c09fafbf44cc9a50b203d18e179d 2. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. 3. Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number.

Qualified Person

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

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 section "Technical Reports" below.

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. The project hosts a sizable mineralized footprint, and 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.

For additional information, please visit Aya’s website at www.ayagoldsilver.com.

Or contact

| Benoit La Salle, FCPA, MBA President & CEO benoit.lasalle@ayagoldsilver.com | Alex Ball VP, Corporate Development & IR alex.ball@ayagoldsilver.com |

Forward-Looking Statements

This press release contains “forward-looking statements” or “forward looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations, estimates and projections regarding Aya’s future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Company’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as “aim”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, "goal", “guidance”, “intend”, “objective”, “plan”, "potential", “strategy”, "target", and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the average net silver equivalent ("AgEQ") price estimates; cash costs estimates; the development of the Company's mining assets; the potential for expansion and extension of the Company's mining assets; the 2026 guidance and operation outlook; the Company achieving its 2026 guidance; the Company's vision; the Company's expectations that cash and cash equivalents will support the development of Boumadine; the Company's commitment to delivering sustainable value for shareholders, employees and host communities; the Company's key priorities, strategies and objectives for 2026; the Company's estimate on tailings storage capacity for Zgounder; Aya's growth strategy; the updated Boumadine preliminary economic assessment (including update of the mineral resource estimate), content and timing thereof; the 2025 PEA; the Boumadine feasibility study and timing thereof; the Company's assessment of the strength of its mining assets; Boumadine operational targets, goals and timing thereof, including timing for shipment in bulk of pyrite inventory in H2-2026 and the duration of the pyrite reclaim initiative to be 20-24 months; the Company's 2026 exploration program and future drilling targets; the potential of any new mineralized structure; the completion of the post-closing formalities in Morocco following the acquisition of the portfolio of mining licences and exploration permits in Zagora, Agadir-Melloul and Goulmim; commodity prices; and the Company’s future operating results, economic performance, and objectives.