Aya Gold & Silver Announces Commencement of Boumadine Feasibility Study and Accelerates Project Development Notice of Q4-2025 and Full Year 2025 Financial Release Date
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PRESS RELEASE
Aya Gold & Silver Announces Commencement of Boumadine
Feasibility Study and Accelerates Project Development
Notice of Q4-2025 and Full Year 2025 Financial Release Date
Montreal, Quebec, March 12, 2026 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is
pleased to announce the commencement of a work program designed to support a Feasibility-level Study (“FS”) for
the Boumadine Project (“Boumadine”), representing the next key milestone in advancing the Boumadine polymetallic
project in the Kingdom of Morocco. This follows the positive Preliminary Economic Assessment (“PEA”) announced
on November 4, 2025, and the related technical report filed on December 18, 2025.
The feasibility-level work program is intended to optimize project design and refine capital and operating cost
estimates. In addition to internal resources, the program is being advanced by a multidisciplinary team of Qualified
Persons from established engineering and technical firms, including Lycopodium Minerals Canada (“Lycopodium”),
SRK Consulting (UK) Limited (“SRK”), SGS Canada Inc. (“SGS”), Epoch Resources (Pty) Ltd (“Epoch”) and SLR
Consulting France SAS (“SLR”), which have been retained by the Corporation. Discussions are ongoing with additional
expert firms to support other workstreams.
“We are accelerating development at Boumadine as it enters the feasibility stage, ” said Benoit La Salle, President &
CEO. “With the mining permit in place, we are advancing multiple workstreams in parallel to fast-track the next
phase of development while maintaining the highest technical standards, supported by leading engineering firms
and specialists. In parallel, ten drill rigs are advancing an aggressive infill program, with nearly 20% of our 2026
drilling objective already completed. ”
This next phase of analysis and review will build upon the development concept outlined in the 2025 PEA. Boumadine
is a district-scale project combining open-pit and underground mining with a conventional flotation plant designed to
produce separate zinc, lead and pyrite concentrates. Project revenues are largely driven by precious metals, with an
estimated contribution of approximately 61% gold, 21% silver, 13% zinc and 5% lead. The 2025 PEA outlined a potential
scalable 11-year mine plan, which the FS is intended to further optimize and de-risk. As part of our ongoing studies,
and with potential resource growth, the Corporation will evaluate options that may support higher plant throughput.
The following provides an update on advancement on key workstreams. Based on the current work plan, the
Corporation is planning to complete the FS by H2-2027.
Feasibility-Study Update
Infill Drilling
Approximately 38,000 metres (“m”) have been completed to date as part of the Corporation’s 360,000 m infill drilling
campaign (as of March 10, 2026), which includes a targeted 180,000 m objective for the current year. The program
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supports mineral resource conversion and provides the geological confidence required for reserve estimation as part
of the FS. Drilling includes infill work to convert inferred resources to indicated, alongside targeted step-out drilling to
expand mineralization across the Main, Tizi and Imariren trends, all of which remain open in all directions. Supporting
technical programs — including detailed geological mapping, core scanning and metallur gical sampling — are
advancing in parallel to further refine the resource model and advance mine planning. Core scanning will also be used
to analyze the presence of additional metals that are not typically assayed systematically, such as antimony, cobalt,
and tin.
Mineral Resource Estimate
An updated technical report is targeted for the second half of 2026 and is expected to incorporate an updated mineral
resource estimate (“MRE”) informed by the 2025–2026 drilling program. SRK has been selected to update the MRE.
Metallurgical Testwork
SGS is retained to lead the metallurgical testwork program. The ongoing program is designed to further optimize
process parameters, define variability within the deposit and support final process design criteria. Results will inform
FS engineering, plant configuration and concentrate specifications.
Process Engineering
Lycopodium is retained to lead process engineering and plant design studies for Boumadine. Process engineering
work includes flowsheet optimization, equipment sizing, trade-off studies, site layout and preparation of feasibility-
level capital and operating cost estimates, building on the configuration outlined in the PEA.
Geotechnical Studies
RockEng Inc. (“RockEng”) is retained to advance feasibility-level investigations supporting both open-pit and
underground mine design. The program will include geotechnical drilling, structural mapping, laboratory testing and
rock mass characterization to refine pit slope parameters across the six planned open pits and to confirm ground
support and stope design criteria for the North, Central and South underground zones. This work should further de-
risk mine design assumptions and optimize long-term stability.
ESIA
SLR is retained to lead the Environmental and Social Impact Assessment (“ESIA”) process. The ESIA work completed
to date forms the foundation for the detailed assessment being advanced in parallel with the FS. Ongoing baseline
activities include environmental monitoring and seasonal field campaigns, including bird surveys, to inform impact
assessment, mitigation planning and regulatory submissions.
Hydrogeology
Capion Consulting (“Capion”) in collaboration with SLR, is retained to conduct hydrogeological investigations in
support of the FS. Work in progress includes groundwater characterization, aquifer testing and modelling to assess
dewatering requirements, potential operational impacts and long -term water management strategies, including
interaction with the TSF .
Water Supply
Aya has retained Groupement des Consultants et Ingenieurs du Maroc (“GCIM”) to advance water supply studies.
Water sourcing is expected to include a combination of nearby municipal supply and local water wells, with treated
city wastewater from regional treatment plants to be pumped to site for use in mineral processing. Several water
dams are present in the region, and assessment has begun for the potential addition of a pipeline connection to one
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of these dams as a secondary supply source. Surface water assessments and hydrological studies are advancing to
further define sustainable supply capacity and long-term water management requirements.
TSF
Aya is advancing feasibility-level engineering of the Tailings Storage Facility (“TSF”) and has selected Epoch to begin
this work by doing a site-and-technology selection study based on Global Industry Standard on Tailings Management
(“GISTM”) standards. As part of the 2025 PEA, the TSF has been designed as a fully lined valley-storage facility with
downstream phased construction in accordance with the GISTM standards and is expected to accommodate
approximately 18.5 million tones (“Mt”) of flotation tailings over the life of mine. The phased design supports
optimized capital deployment, operational flexibility and process water reclaim to reduce freshwater consumption.
Ongoing studies will further refine the design as part of the FS.
Access Road and Infrastructure
Aya has initiated a bid process for detailed engineering of site access roads and supporting surface infrastructure.
Work will refine road alignment, construction requirements and capital estimates in preparation for potential
concentrate transport by road to port facilities. In parallel, the advancement of electrical infrastructure planning —
including the proposed transmission line and substation connection — will support reliable grid power supply for the
Project.
Roaster Optionality
Hatch Ltd. (“Hatch”) is retained to evaluate the optionality of a roaster facility for further treatment of the pyrite
concentrate, and to review metallurgical testwork for pyrite oxidative treatment as part of ongoing project optimization
studies. Additional testwork will be performed in 2026 to optimize the circuit design.
Technical Report
The complete NI 43-101 Technical Report pertaining to the PEA was filed on December 18, 2025 and is available on
Aya's website and on SEDAR+ (www.sedarplus.ca).
The PEA is preliminary in nature, and it 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 PEA results will be realized.
Q4-2025 Earnings Notice
Aya will release its fourth-quarter and full-year 2025 results on Tuesday, March 31, 2026 before market opens.
Management will host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation’s financial
and operational results.
Participants may join the conference call via webcast or by dialing-in as follows: https:/ /edge.media-
server.com/mmc/p/qs9262uf
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/BId539ee66fcc640f9bc13771002b5fab5
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.
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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.
The webcast replay will be archived and will be available for replay following the live call. Presentation slides that will
accompany the conference call will also be posted on Aya’s website.
Qualified Person
The scientific and technical information contained in this press release have been reviewed and approved by David
Lalonde, B. Sc, P . Geo, Vice-President Exploration of Aya, and Raphaël Beaudoin, P .Eng, Vice-President, Operations of
Aya, both “Qualified Persons” as defined under National Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
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 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 newly expanded processing facility.
Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The
project hosts a substantial mineral resource, 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.
For additional information, please visit Aya’s website at www.ayagoldsilver.com.
Or contact
Benoit La Salle, FCP A, MBA
President & CEO
Alex Ball
VP , Corporate Development & IR
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 Gold &
Silver Inc.’s (the “Corporation”) 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 Corporation’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”, “intend”, “objective”, “plan”, “potential”, “strategy”, “target”, a nd similar
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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. Specific forward
looking statements in this press release include, but are not limited to, statements and information with respect to the
anticipated development, advancement, and growth of the Boumadine project; the expected completion of an updated
MRE in 2026 and a FS in 2027, including the scope, timing, and anticipated outcomes thereof; the various ongoing
and planned workstreams undertaken in connection with the foregoing objectives; and the anticipated results,
benefits, and other consequences arising from or related to such activities and workstreams.
Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could
cause the actual results, performance or achievements of the Corporation to be materially different from future results,
performance or achievements expressed or implied by such information or statements. There can be no assurance
that such information or statements will prove to be accurate. Key assumptions upon which the Corporation’s forward
looking information is based include, without limitation, the Corporation’s ability to timely receive any requisite
approvals, permits or licences; the Corporation’s ability to import goods and machinery without material delay,
restriction, or additional cost, including as a result of changes in trade policies, tariffs, or customs regulations; the
Corporation’s ability to engage and retain all necessary personnel in order to operate its business properly and without
interruption; the accuracy and reliability of estimates, projections, forecasts, studies and assessments, including the
mineral reserve and mineral resource estimates (including, but not limited to, ore tonnage and ore grade estimates)
prepared in accordance with NI 43-101; the accuracy and completeness of the information available to the Corporation
in connection with the Boumadine project, including geological, hydrological, metallurgical, and geotechnical data; the
Corporation’s ability to meet or achieve estimates, projections and forecasts, including those relating to the updated
MRE and FS; assumptions regarding development and exploration activities, including the availability and suitability
of equipment, contractors, and infrastructure; the timing, extent, duration and economic viability of development and
exploration activities; the price of silver, gold and of base metals and other commodities relevant to the Corporation's
operations; exchange rates; taxation levels; fuel and energy costs; future economic conditions, including the absence
of any material adverse change in general economic, market, or business conditions; the Corporation’s ability to meet
current and future obligations; the Corporation’s ability to obtain timely financing on reasonable terms when required;
anticipated future estimates of free cash flow; estimated future production; the current and future social, economic
and political conditions and environment in which the Corporation operates; and other assumptions and factors
generally associated with the mining industry.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been
used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation’s business, any
of which could have a material adverse effect on the Corporation’s business, financial condition, results of operations
and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results
to differ materially from those expressed in the forward-looking statements include, among others: the inherent risks
involved in exploration and development of mineral properties, including, but not limited to, (1) there being no
significant disruptions affecting the operations of the Corporation whether due to artisanal miners, access to water,
extreme weather events and other or related natural disasters, labour disruptions, supply disruptions, power
disruptions, damage to equipment or otherwise; (2) permitting, development, operations and production from the
Project being consistent with the Corporation’s expectations; (3) political and legal developments in the Kingdom of
Morocco being consistent with its current expectations; (4) the exchange rate between the U.S. dollar and the
Moroccan Dirham being approximately consistent with current levels; (5) certain price assumptions for gold and silver;
(6) prices for diesel, process reagents, fuel oil, electricity and other key supplies being approximately consistent with
current levels, including the absence of material supply chain disruptions or inflationary pressures that could increase
costs beyond budgeted levels; (7) production and cost of sales forecasts meeting expectations; (8) the accuracy of
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the current mineral resource estimates of the Corporation and the assumptions underlying such estimates with
respect to geology, grade continuity, metallurgical recovery, and geotechnical conditions; (9) labour and materials
costs increasing on a basis consistent with the Corporation’s current expectations; and (10) asset impairment (or
reversal) potential, being consistent with the Corporation’s current expectations.
In addition, readers are directed to carefully review the detailed risk discussion in the Corporation’s Annual Information
Form and Management’s Discussion & Analysis for the year ended December 31, 2024, filed on SEDAR+, for a fuller
understanding of the risks and uncertainties that affect the Corporation’s business and operations.
Although the Corporation believes its expectations are based upon reasonable assumptions and has attempted to
identify important factors that could cause actual actions, events or results to differ materially from those described
in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such information. As such, these risks are
not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual
results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks,
uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on
forward-looking statements.
Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding
the Corporation’s business plans, financial performance and condition and may not be appropriate for other purposes.
The forward-looking statements contained herein are made only as of the date hereof. The Corporation disclaims any
intention or obligation to update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except to the extent required by applicable law. The Corporation qualifies all of its forward-
looking statements by these cautionary statements.
Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities.
All references to Aya include its subsidiaries unless the context requires otherwise.