Aya Gold & Silver Delivers Robust Boumadine PEA Highlighting High Return, Rapid Payback and a Capital-Efficient Project

2025-11-04

NYSE - New York Stock Exchange · Copper · Gold · Silver · Zinc · Lead · Nickel · Cobalt · Platinum · Palladium · Vanadium · United States

MONTREAL, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce the results of its 2025 Boumadine Preliminary Economic Assessment (the “PEA” or the “Study”) for the Boumadine Project (the “Project” or “Boumadine”) located in the Kingdom of Morocco. The PEA was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by independent Qualified Persons, notably Lycopodium Minerals Canada Ltd and WSP Canada Inc. Please note that all financial figures in this press release are expressed in United States dollars, unless otherwise noted.

2025 PEA Highlights

Table 1 : Boumadine Economic Highlights

| | | | | Base Case | | Spot Prices 2 | | | | | | Project Economics | Units | Pre-tax | | Post-tax | | Post-tax | | | | | | Gold Price | $/oz | $2,800 | | $2,800 | | $4,000 | | | | | | Silver Price | $/oz | $30 | | $30 | | $48 | | | | | | Initial Capital Expenditures | $M | $446 | | $446 | | $446 | | | | | | AISC 1 | $/oz AuEq | $1,021 | | $1,021 | | $1,068 | | | | | | Net Present Value (NPV 5% ) 1 | $B | | 2.2 | | | 1.5 | | | 3.0 | | | Internal Rate of Return (“IRR”) | % | | 69% | | | 47% | | | 77% | | | Payback | Years | | 1.3 | | | 2.1 | | | 1.2 | | | NPV:Capex 3 | - | | 5.0 | | | 3.3 | | | 6.6 | | | Revenue | $B | | 7.0 | | | 7.0 | | | 10.1 | | | Free Cash Flow (FCF) 1 | $B | | 2.8 | | | 2.0 | | | 3.8 | | | 1. AISC and FCF are non-IFRS financial measures and have no standardized meaning under IFRS Accounting Standards (“IFRS”) and may not be comparable to similar measures used by other issuers. Refer to “Non-IFRS and Other Financial Measures” for more information, including a detailed description of each measure. 2. Assumed Spot Prices as of 31/10/2025. 3. NPV:Capex ratio is the ratio of Net Present Values, discounted at 5%, to the initial capital expenditure. | | | | | | | | | | | | | | | | | | | | | | |

Robust Project Economics based on an 11-year mine life:

On a post-tax basis: NPV 5% of $1.5 billion, an IRR of 47%, and a payback period of 2.1 years at Base Case prices, increasing to $3.0 billion NPV 5% , 77% IRR, and 1.2 years payback at Spot Prices. On a pre-tax basis: NPV 5% of $2.2 billion, IRR of 69%, and payback period of 1.3 years under the Base Case prices, increasing to $4.5 billion NPV 5% , 107% IRR, and 0.7 years payback at Spot Prices. Attractive Scale, High Grade, Low Capex and Competitive All-in Sustaining Costs (“AISC”): Attractive scale with average annual production of 401 thousand ounces (“koz”) gold-equivalent (“AuEq”) in years 1 to 5 and 328 koz AuEq per year over the life-of-mine (“LOM”). On a silver-equivalent (“AgEq”) basis, this corresponds to an average annual production of approximately 37.5 million ounces (“Moz”) AgEq , in years 1 to 5 and 30.6 Moz AgEq over the LOM. Low initial capital cost of $446 million, including $96 million in contingency Highly efficient capital project with a post-tax NPV 5% to Capex ratio of 3.3:1 (Base Case prices); and NPV 5% to Capex ratio of 6.6:1 at Spot Prices. LOM total cash costs of $928/oz AuEq and AISC of $1,021/oz AuEq. Processing: 8,000 tpd conventional flotation plant producing three gold- and silver-bearing concentrates – zinc, lead, and pyrite. Year 1 to 5 average head grade of 4.76 g/t AuEq, or 443 g/t AgEq. LOM average head grade of 3.85 g/t AuEq, or 358 g/t AgEq. This study does not include 140,000 metres (“m”) 2025 ongoing drilling campaign. Existing mining license on the property; feasibility study targeted for completion in late 2027.

“The Boumadine PEA confirms a highly robust, capital-efficient project that is already significantly de-risked given its conventional flowsheet and high-value concentrates,” said Benoit La Salle, President and CEO. “With industry-leading low initial capex of $446 million, a post-tax NPV of $3.0 billion at spot prices and $1.5 billion under our base case prices, both delivering industry-leading returns on invested capital, Boumadine ranks among the most attractive undeveloped precious metal projects globally. Importantly, this PEA includes only the known mineralized zones on the Boumadine mining license, which represents a small portion of our total land package. With Boumadine‘s mining license already in place, we are advancing development while continuing to drill, unlocking the broader district-scale potential,” said Benoit La Salle, President & CEO.

Table 2 : General Project Parameters

| | Units | Year 1-5 | LOM | | | General | | | | | | Mine Life | Years | - | 11.1 | | | Open Pit Strip Ratio 1 | - | 19.4 | 20.9 | | | Throughput Capacity | tpd | 8,000 | 8,000 | | | Total Tonnes Processed | Mt | 13.9 | 31.1 | | | Open-pit | Mt | 10.4 | 19.4 | | | Underground | Mt | 3.5 | 11.6 | | | 1. Strip Ratio is the ratio of waste to mineralized material in open pit production. | | | | | | | | | | |

Table 3 : Processing and Production Highlights

| | Units | Year 1-5 | LOM | | | Processed Grade | | | | | | Gold | g/t | 3.15 | 2.43 | | | Silver | g/t | 85.8 | 72.5 | | | Zinc | % | 2.05 | 1.91 | | | Lead | % | 0.66 | 0.70 | | | AuEq | g/t | 4.76 | 3.85 | | | AgEq | g/t | 443 | 358 | | | Production | | | | | | Gold | koz | 1,351 | 2,337 | | | Silver | koz | 36,894 | 69,874 | | | Zinc | Mlbs | 468 | 975 | | | Lead | Mlbs | 166 | 392 | | | AuEq | koz | 2,006 | 3,643 | | | AgEq | koz | 187,261 | 340,038 | | | Avg. Annual AuEq Production | koz/y | 401 | 328 | | | Avg. Annual AgEq Production | koz/y | 37,452 | 30,611 | | | Recoveries | | | | | | Gold | % | 96.1% | 96.1% | | | Silver | % | 96.4% | 96.4% | | | Zinc | % | 74.7% | 74.7% | | | Lead | % | 82.0% | 82.0% | | | | | | | |

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

PEA Overview

Project Location

The Boumadine property is located in the Province of Errachidia, Kingdom of Morocco, approximately 220 kilometer (“km”) east of the City of Ouarzazate and 70 km southwest of the City of Errachidia. Boumadine’s land package covers 339 km², with an additional 600 km² under exploration authorization, for a total area encompassing 31 permits and licenses. The Mineral Resource estimate (“MRE”) underpinning this PEA is derived from an area of 32 km² within a single mining license, as illustrated in Figure 1.

Figure 1 : Map of Boumadine Mining Permits Overlaid with Apparent Conductivity at 175Hz

Mineral Resource Estimate

The MRE in the PEA is based on the "Technical Report and Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom Of Morocco", published on March 31, 2025, which includes 142,268 m of drilling. Since then, Aya has completed approximately 130,000 m of drilling, which is not included in this MRE.

Table 4 : Boumadine MRE, as of February 24, 2025 (1-12)

| | Cutoff | Tonnes | Average Grade | Contained Metal | | | | | | | | | | | | | | Ag | Au | Cu | Pb | Zn | AgEq | AuEq | Ag | Au | Cu | Pb | Zn | AgEq | AuEq | | | | | NSR US$/t | (kt) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | (g/t) | (koz) | (koz) | (kt) | (kt) | (kt) | (koz) | (koz) | | | Pit-constrained Indicated | 95 | 3,920 | 94 | 2.99 | 0.13 | 0.84 | 2.95 | 476 | 5.30 | 11,881 | 377 | 5 | 33 | 116 | 60,051 | 667 | | Pit-constrained Inferred | 95 | 14,258 | 90 | 2.89 | 0.10 | 0.81 | 2.38 | 450 | 5.00 | 41,135 | 1,325 | 14 | 115 | 339 | 206,29 | 2,293 | | Out-of-pit Indicated | 125 | 1,249 | 80 | 2.11 | 0.08 | 0.87 | 2.32 | 358 | 3.98 | 3,216 | 85 | 1 | 11 | 29 | 14,382 | 160 | | Out-of-pit Inferred | 125 | 14,938 | 74 | 2.39 | 0.07 | 0.82 | 1.85 | 357 | 3.97 | 35,669 | 1,148 | 10 | 122 | 276 | 171,39 | 1,905 | | Total Indicated | 95/ 125 | 5,169 | 91 | 2.78 | 0.12 | 0.85 | 2.80 | 448 | 4.98 | 15,097 | 462 | 6 | 44 | 145 | 74,433 | 827 | | Total Inferred | 95/ 125 | 29,196 | 82 | 2.63 | 0.08 | 0.82 | 2.11 | 402 | 4.47 | 76,804 | 2,469 | 25 | 237 | 615 | 377,68 | 4,198 | | 1. 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. 2. The inferred mineral resource in this estimate has a lower level of confidence than that applied to an indicated mineral resources and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the inferred mineral resource could be upgraded to an indicated mineral resource with continued exploration. 3. The mineral resources in this press release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council, as may be amended from time to time. The MRE with an effective date of February 24, 2025 is disclosed in a technical report for the Project dated as of March 31, 2025 and filed on SEDAR+ as of such date. The key assumptions, parameters and methods used to estimate the MRE 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 report. 4. A silver price of US$24/oz with a process recovery of 89%, a gold price of US$2,200/oz with a process recovery of 85%, a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of 85%, and a copper price of US$4.00/lb with a process recovery of 75% were used in establishing the MRE. 5. AgEq = Ag(g/t) + (Au(g/t) *Au price/oz*Au recovery)/(Ag price/oz*Ag recovery) + Zn(%)*Zn price/lb* Zn recovery/(Ag price/oz*Ag recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Ag price/oz*Ag recovery)*685.7147973 + Cu(%)*Cu price/lb* Cu recovery/(Ag price/oz*Ag recovery)*685.7147973. 6. AuEq = Au(g/t) + (Ag(g/t) *Ag price/oz*Ag recovery)/(Au price/oz*Au recovery) + Zn(%)*Zn price/lb* Zn recovery/(Au price/oz*Au recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Au price/oz*Au recovery)*685.7147973 + Cu(%)*Cu price/lb* Cu recovery/(Au price/oz*Au recovery)*685.7147973. 7. The constraining pit optimization parameters were US$3.5/t for mineralized material mining. US$2/t for waste mining US$89/t for processing and US$6/t for G&A totalling US$95/t for a cut-off and 50-degree pit slopes. 8. The out-of-pit parameters used a US$30/t mining cost, US$89/t processing cost and US$6/t G&A totalling US$125/t for a cut-off. The out-of-pit mineral resource grade blocks were quantified above the US$125 NSR cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit mineral resources exhibit continuity and reasonable potential for extraction by the long hole underground mining method. 9. Individual calculations in tables and totals may not sum due to rounding of original numbers. 10. Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade estimation. 11. Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m 3 determined from drill core samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m 3 was used. 12. 1.0 m composites were used during grade estimation. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Mining Operations

The PEA envisions a combined open pit and underground mining operation. The Boumadine LOM plan will consist of the simultaneous mining of several open pits in Central, North and South zones concurrent with underground operations that are scheduled between Year 2 and Year 11. The overall strategy is to achieve an average production rate to maintain a processing throughput of 8,000 tpd over the LOM.

The mine plan is shown in Figure 2 below.

Figure 2 : 3D Plan of the open pit and UG stopes

The open pit mineral resource used in the LOM plan is contained within six (6) open pits (two in the south, three in the north, and one in the central area) over a strike length of 6 km and is mainly located above 350 m depth from surface. The open pit mining activity, including drill and blast, loading, and haulage is based on a contract-mining operation, with a mining capacity of 50 million tonnes (“Mt”) of total material moved per year. Approximately 20 Mt of pre-stripping is expected during construction to ensure the ramp-up.

Underground mining will begin in year two of operations. Three distinct underground mines will be operated: the North, Central and South zones. The North and Central underground mines are independent from the open pits, with dedicated declines which will be developed from surface to access high-grade areas of the North and Central areas early in the LOM. The underground mining method will be longitudinal modified avoca long hole stoping. It is contemplated that all development will be executed by a mining contractor, while mineralized inventory mining activities will be carried out by Aya.

Figure 3 : Boumadine Mill Feed by Mining Source

An average of 401 koz AuEq per year over the first 5 years of operations will be produced, with the majority of mineralized inventory coming from the open pits. Significant drilling has been completed since February 24, 2025, the effective date of the MRE, which is expected to contribute to resource upside to support higher levels of production towards the end of the expected mine life and to extend the overall LOM.

Figure 4 : Boumadine Annual Production Profile

Processing

The flotation plant will process 8,000 tpd, for an annual throughput capacity of 2.9 Mt per year. The mine plan prioritizes strong feed grades to the mill during the initial years of production. During Years 1 to 5, high-grade material is processed, with an average grade of 4.76 g/t AuEq. From Year 8 onward, lower-grade, stockpiled material will be processed. Production during the first five years averages approximately 401koz AuEq annually.

A conventional flotation plant is planned for processing, with crushing, grinding and three flotations circuits to produce separate, saleable concentrates of zinc, lead, and pyrite. All three concentrates contain payable silver and gold. The comminution circuit consists of a primary jaw crusher, stockpile, and a semi-autogeneous (“SAG”) mill and ball mill (“SAB”) grinding circuit. The 6.1 MW SAG mill and 6.1 MW ball mill in closed circuit with hydrocyclones will produce a ground material with a P 80 of 58 microns (µm).

Both the lead and zinc circuits consist of rougher flotation, classification, regrinding, and cleaner flotation to produce high value concentrates. The pyrite flotation circuit includes a rougher flotation circuit. All concentrates require thickening and filtration for transportation. The lead concentrate will be shipped in big bags while the zinc and pyrite concentrates will be shipped in bulk. Flotation tailings will be thickened and stored in a tailings storage facility.

Figure 5 : Simplified Processing Flowsheet

Figure 6 : 3D rendering of proposed processing plant

Metallurgy

Extensive metallurgical testwork, led by SGS Lakefield between 2018 and 2025, is the foundation of the PEA and confirms a conventional flotation-based flowsheet with excellent metallurgical performance. The program included composite and variability samples, locked-cycle flotation tests, and comprehensive crushing and grinding studies, which validated the process efficiency and repeatability across mineralized domains. Total flotation recoveries are: 96.1% for gold, 96.4% for silver, 74.7% for zinc and 82.0% for lead.

Flotation demonstrates strong recoveries and concentrates quality, supporting a robust development scenario centered on concentrate sales. Complementary roaster and leaching testwork on the pyrite concentrate, conducted over several years, has also confirmed oxidation and precious metal recovery potential, suggesting a path for a roaster expansion in the future. Lab scale test results showed a total processing recovery (lead and zinc flotation, then pyrite flotation, roasting and leaching) up to 79% for gold and 85% for silver, with an average recovery of 63% for gold and 80% for silver.

The combination of high recoveries, conventional processing, and multiple commercialization pathways positions Boumadine as a technically sound and highly economic development project with significant long-term upside.

Tailings Management

The tailings storage facility (“TSF”) is designed to accommodate approximately 18.5 Mt of flotation tailings generated over the LOM. The TSF is expected to be a valley-storage facility, utilizing the natural topography of the area and will be formed by a single earth-filled embankment, with a total footprint including the tailings deposition area of 70 ha. The TSF will be fully lined and contained with downstream phased construction, as per international standards, reiterating our commitment to the Global International Standards on Tailing Management (“GISTM”).

The design contemplates a five-phase staged construction approach, with each phase expanding the facility every two years. This approach reduces initial capital requirements, optimizes sustaining capital expenditures over the LOM, and enhances operational flexibility and environmental performance. The design also considers water management strategies for both the operational and closure phases. Process water from the TSF will be reclaimed and recycled to the plant to minimize freshwater consumption. Ongoing technical studies and field investigations will inform future refinement the design.

Infrastructure

A comprehensive logistics assessment was conducted in collaboration with a Moroccan based logistics company specializing in bulk transportation. The logistics study evaluated multiple transportation alternatives, including road, and rail to Boumadine. The base case selected for the PEA involves contractor operated road haulage of concentrate on national roadways to the Port of Nador-West, approximately 640 km from Boumadine. Capital costs included in the PEA includes warehousing facilities for concentrate storage at the port.

In addition to the transport network, the Project will require the construction of a dedicated 72-km electrical power line and substation to provide reliable grid power. The cost associated with the electrical infrastructure was evaluated by the state-owned utility, ONEE, and is included in the overall capital cost estimate.

Water supply

Water will be sourced from nearby towns and water wells. Treated city wastewater from several treatment plants will be pumped to the mine to be used for mineral processing. Additionally, several water dams are present in the region and the possibility to add a pipeline to one of these dams as a secondary water source will be evaluated in the feasibility study.

Capital Expenditures

The project capital cost estimate was compiled by Lycopodium, with input from WSP for mining, Epoch for the TSF and local firms for water supply, logistics and power.

Initial capital expenditures are estimated at $446M, including a contingency of $96M. These costs are summarized in Table 5. The total construction period is estimated to be two years. Average annual sustaining capital over the LOM is estimated to be $30M, which includes underground mine development costs.

Table 5 : Capital Expenditures

| Capital Expenditures ($M) | Initial | Sustaining | Total | | | Direct Costs | 288 | 340 | 628 | | | Open Pit Mining | 54 | 58 | 112 | | | Underground Mining | - | 250 | 250 | | | Processing Plant | 167 | - | 167 | | | Shipping Infrastructure | 11 | - | 11 | | | Electrical Line | 17 | - | 17 | | | Raw Water Supply | 30 | - | 30 | | | Tailings Storage Facility | 9 | 22 | 31 | | | TSF Closure Costs | - | 9 | 9 | | | Indirect Costs | 63 | - | 63 | | | Subtotal | 351 | 340 | 691 | | | Contingency | 96 | - | 96 | | | Total | 446 | 340 | 786 | | | | | | | |