Aya Gold & Silver Delivers Robust Boumadine PEA Highlighting High Return, Rapid Payback and a Capital- Efficient Project
1
PRESS RELEASE
Aya Gold & Silver Delivers Robust Boumadine PEA
Highlighting High Return, Rapid Payback and a Capital-
Efficient Project
Montreal, Quebec, November 4, 2025 - 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
AISC1 $/oz AuEq $1,021 $1,021 $1,068
Net Present Value (NPV5%)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 informatio n, 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: NPV5% 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 NPV5%, 77% IRR, and 1.2 years payback at Spot Prices.
• On a pre-tax basis: NPV5% of $2.2 billion, IRR of 69%, and payback period of 1.3 years under the Base Case prices,
increasing to $4.5 billion NPV5%, 107% IRR, and 0.7 years payback at Spot Prices.
2
• 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 NPV5% 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.
Ta
ble 2: General Project Parameters
Units Year 1-5 LOM
General
Mine Life Years - 11.1
Open Pit Strip Ratio1 - 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 .
3
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.
4
Figure 1: Map of Boumadine Mining Permits Overlaid with Apparent Conductivity at 175Hz
5
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 To n n e s
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
To t a l
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
To t a l
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 wi th 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 b y 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+ a s of suc h 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*A g
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*A u
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 f or 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 constrainin g
mineralized wireframes. Out –of-pit minera l 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/m3 was used.
12. 1.0 m composites were used during grade estimation.
6
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 min ing 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 pit s, 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 c ontractor, while mineralized inventory mining
activities will be carried out by Aya.
7
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
0,0
1,0
2,0
3,0
4,0
5,0
6,0
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
1 2 3 4 5 6 7 8 9 10 11
Au-Eq (g/t)
Mill Feed Rate (Mt/y)
Year
Open Pit Underground Head Grade
0
100
200
300
400
500
600
yr 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yr 10 yr 11
Production, AuEq ('000 oz/y)
Year
Au Ag Zn Pb
Potential long term production
upside from exploration
8
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 a n 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 P80 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