Aya Gold & Silver Reports High-Grade Drill Exploration Results at Boumadine
PRESS RELEASE
Aya Gold & Silver Reports High-Grade Drill Exploration
Results at Boumadine
Montreal, Quebec, September 22, 2026 - Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the
“Company”) is pleased to report new high-grade drill exploration results at the Boumadine Project
(“Boumadine” or the “Project”) from its ongoing infill drill program in the Kingdom of Morocco. These
results confirm strong high-grade continuity along the Boumadine Main Trend and support the potential
for continued resource growth.
Highlights1
Boumadine Main Trend (5.4km)
• Multiple additional high-grade intercepts:
• BOU-DD26-848 intercepted 392 grams per tonne (“g/t”) silver equivalent (“AgEq”) over 24.3 metres (“m”)
(0.61 g/t gold (“Au”), 239 g/t silver (“Ag”), 2.6% zinc (“Zn”), and 1.9% lead (“Pb”), including 776 g/t AgEq over
10.0m (1.08 g/t Au, 488 g/t Ag, 5.2% Zn, and 3.9% Pb).
• BOU-DD26-883 intercepted 593 g/t AgEq over 15.2m (1.05 g/t Au, 319 g/t Ag, 5.3% Zn and 3.5% Pb),
including 1,038 g/t AgEq over 4.2m (1.81 g/t Au, 586g/t Ag, 8.1% Zn and 6.2% Pb).
• BOU-DD26-0950 intercepted 299 g/t AgEq over 15.1m (1.70 g/t Au, 98 g/t Ag, 1.7% Zn and 0.6% Pb).
• BOU-DD26-861 intercepted 1,030 g/t AgEq over 4.1m (1.06 g/t Au, 794 g/t Ag, 4.2% Zn, and 1.8% Pb)
including 2,827 g/t AgEq over 1.0m (1.90 g/t Au, 2,477g/t Ag, 3.4% Zn and 3.2% Pb).
• BOU-DD26-834 intercepted 696 g/t AgEq over 5.7m (2.70 g/t Au, 342 g/t Ag, 3.8% Zn and 1.3% Pb) and 277
g/t AgEq over 6.9m (0.56 g/t Au, 151g/t Ag, 2.1% Zn and 1.4% Pb).
• Exploration Update:
• 145,719m drilled at Boumadine year-to-date.
• 38.6% of the 360,000m infill program, to be carried out over 2026 and 2027, has been completed.
"Today's high-grade results continue to demonstrate the continuity, width and potential at Boumadine,"
said Benoit La Salle, President & CEO . "With over 145,000 metres drilled year-to-date and 14 drills
currently turning, we are aggressively advancing the 2026–2027 infill and expansion program ahead of
the updated Feasibility Study expected next year."
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Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)
DDH No. From To Au Ag Length* Cu Pb Zn Mo Ag Eq2
(m) (m) (g/t) (g/t) (m) (%) (%) (%) (g/t) (g/t)
BOU-DD26-807 458.8 467.7 0.65 92 8.9 0.0 1.4 2.6 92 231
BOU-DD26-814 213.5 226.6 0.63 145 13.1 0.0 1.4 1.7 61 267
BOU-DD26-817 237.2 247.0 0.73 168 9.8 0.0 0.9 1.2 103 278
Including 238.2 241.5 1.66 408 3.3 0.0 2.5 2.7 196 664
BOU-DD26-823 79.5 84.7 0.39 407 5.2 0.0 4.7 3.1 14 596
Including 79.5 82.7 0.44 595 3.2 0.0 5.7 4.1 16 829
BOU-DD26-834 367.6 373.3 2.70 342 5.7 0.1 1.3 3.8 292 696
BOU-DD26-834 375.3 382.2 0.56 151 6.9 0.0 1.4 2.1 190 277
BOU-DD26-838 230.3 235.3 1.45 356 5.0 0.0 2.9 3.3 694 622
Including 231.3 233.3 3.00 835 2.0 0.1 6.8 7.4 1,558 1,413
BOU-DD26-839 309.0 314.6 1.27 138 5.6 0.0 1.5 2.4 46 333
BOU-DD26-847 193.4 201.6 0.47 246 8.2 0.0 3.6 2.3 352 410
Including 194.3 195.6 2.15 1,155 1.3 0.1 16.4 5.7 680 1,789
BOU-DD26-847 204.2 209.0 0.61 242 4.8 0.0 3.1 4.5 292 454
Including 205.8 208.0 1.08 438 2.2 0.1 6.1 8.2 389 827
BOU-DD26-848 259.7 284.0 0.61 239 24.3 0.1 1.9 2.6 296 392
Including 265.6 275.6 1.08 488 10.0 0.1 3.9 5.2 170 776
BOU-DD26-861 213.8 217.9 1.06 794 4.1 0.1 1.8 4.2 605 1,030
Including 216.0 217.0 1.90 2,477 1.0 0.4 3.2 3.4 997 2,827
BOU-DD26-883 249.0 264.2 1.05 319 15.2 0.0 3.5 5.3 153 593
Including 249.8 254.0 1.81 586 4.2 0.1 6.2 8.1 128 1,038
BOU-DD26-900 253.0 267.0 1.00 85 14.0 0.1 0.8 3.2 135 268
BOU-DD26-901 446.8 467.5 0.55 54 20.7 0.0 0.7 1.9 32 160
BOU-DD26-920 215.5 223.5 0.51 204 8.0 0.0 2.9 3.3 199 378
BOU-DD26-0926 124.1 134.0 0.45 173 9.9 0.0 0.7 1.7 16 265
Including 128.0 131.0 1.02 423 3.0 0.1 1.0 3.3 13 608
BOU-DD26-0929 41.7 53.5 1.76 50 11.8 0.1 0.5 0.5 3 234
Including 47.9 51.7 3.89 116 3.8 0.2 0.5 0.8 4 506
BOU-DD26-0950 19.0 34.1 1.70 98 15.1 0.0 0.6 1.7 64 299
BOU-DD26-0961 278.3 294.4 1.51 14 16.1 0.1 0.0 0.0 8 156
BOU-DD26-0969 207.4 218.0 2.37 29 10.6 0.1 0.1 0.3 8 260
BOU-DD26-0973 62.0 70.6 0.74 47 8.6 0.1 0.8 7.3 20 280
Including 65.9 69.0 1.14 88 3.1 0.1 1.8 17.3 25 585
BOU-DD26-0976 152.0 154.0 0.03 1,867 2.0 0.0 0.6 0.9 8 1,902
BOU-DD26-0979 221.0 226.5 3.55 64 5.5 0.1 0.3 0.1 21 397
BOU-DD26-1005 16.2 28.2 1.36 47 12.0 0.0 0.2 0.0 67 175
BOU-DD26-1018 136.9 147.0 2.26 20 10.1 0.0 0.7 0.5 13 248
1. Ag equivalent is based on a silver price of US$30/oz with a process recovery of 96%, a gold price of US$2,800/oz with a process recovery of
96%, a zinc price of US$1.20/lb with a process recovery of 75%, a lead price of US$1.00/lb with a process recovery of 82%, and a copper price
of US$4.60/lb with a process recovery of 75% resulting in the following ratios: 1g/t Au: 89.7g/t Ag; 1% Cu: 78.6 g/t Ag; 1% Pb: 18.7 g/t Ag; and
1% Zn: 20.4 g/t Ag.
2. True width remains undetermined at this stage; all values are uncut.
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Figure 1: Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2026 Drill Holes
2026 Exploration Results
This year, 406 diamond drill holes (“DDH”), totaling 145,719m have been completed at Boumadine (Figure
1 and Appendix 2). Drilling was done on strike along the Main Trend, Tizi and Imariren. All results have
been received for drill holes up to BOU-DD26-1028 (Table 1, Figure 2, Figure 3 and Appendix 1).
Today’s results, including BOU-DD26-848 and BOU-DD26-883, confirm the high-grade nature and
continuity of the Boumadine Main Trend, which remains open in all directions.
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Mineralization within the Boumadine Main Trend measures up to 4m wide (locally reaching over a 10m
width) and is N340-oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive
sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and
chalcopyrite. Tizi and Imariren share the same characteristics except for their N000 orientation.
Figure 2 – Surface Plan of Boumadine South Zone with New DDH Results
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Figure 3 – Surface Plan of Boumadine North Zone with New DDH Results
Next Steps
Infill drilling, following the latest positive preliminary economic assessment (“PEA”) , will be ongoing for
the next 15 months with a drill program of approximately 360,000m planned.
Significant potential exists to expand the Boumadine Main Trend (currently 5.4 km), the Tizi Zone (2.0 km)
and the Imariren Zone (1.2 km), with all three trends open in all directions. Follow-up drilling is also
planned on the 8 km Asirem trend for later this year.
Most drilling will continue to focus on the Main Trend, Imariren and Tizi to extend known mineralization
along strike and at depth, while infilling key areas to advance the Project toward a Feasibility Study (“FS”).
The balance of the 2026 program (~20,000m) will target Asirem follow-up and greenfield exploration,
testing geological hypotheses and targets generated over the past four years. Ongoing geological work
will guide additional development priorities.
Technical Information
Aya has implemented a quality control program to comply with best practices in sampling and analysis of
drill core and RC chips. For core drilling, all individual samples represent approximately one metre in
length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for
preparation and assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech,
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Morocco. For drilling using RC, all individual samples represent 1.0m in length and a representative
portion is kept for every metre in some chip trays stored on site. A split samples representing 1/16th,
ranging from 2 to 4 kilogram is sent for preparation and assaying to African Laboratory for Mining and
Environment (“Afrilab”) in Marrakech, Morocco.
All samples are analyzed for silver, copper, iron, lead, zinc, tin, and molybdenum using Aqua regia and
finished by atomic absorption spectroscopy (“AAS”). Samples grading above 200 g/t Ag are reanalyzed
using fire assaying. Gold is assayed by fire assaying. Standards of different grades and blanks were
inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.
Qualified Person
The scientific and technical information contained in this press release have been reviewed by David
Lalonde, B. Sc, P. Geo, Executive Vice-President Exploration, who is a “Qualified Person” as defined under
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), for accuracy and
compliance with NI 43-101.
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, and which 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
Alex Ball
EVP, Capital Markets
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
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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 potential for continued
mineral resource growth and further expansion of mineralization along the Boumadine Main Trend in all
directions; the Boumadine 2026 and 2027 exploration program; the expected completion date and
content of the Boumadine feasibility study; the next steps with respect to the development and
exploration of the Boumadine project, including infill drilling over the next 15 months, a drill program of
approximately 360,000 m, follow-up drilling on the 8 km Asirem trend, testing and geological work.
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 Company 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 Company’s forward-looking information is based include without
limitation, assumptions regarding development and exploration activities; the Company’s ability to
execute its business plans and objectives; the ability to commence and successfully execute planned
drilling and exploration activities; the accuracy of the Company’s geological interpretations and the
continuity of mineralization in areas targeted for exploration; the continued validity and good standing of
the mining titles necessary to conduct the planned exploration activities; the timely receipt of necessary
approvals or permits; the ability to obtain timely financing on reasonable terms when required; future
social, economic and political conditions remaining consistent with those currently prevailing; the
availability of qualified contractors, consultants, suppliers, equipment, materials and labour on
commercially reasonable terms; the cooperation of government authorities, municipalities and other
stakeholders; future drilling results being generally consistent with the Company’s expectations and
current geological interpretations; the ability to complete planned infill and exploration drilling
substantially in accordance with the anticipated scope and timelines; the availability and reliability of the
technical, geological, metallurgical, engineering, environmental and economic information required to
complete the feasibility study within the scope currently contemplated; and the successful completion of
the required studies and the feasibility study within the anticipated timeframe.
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
Company’s business, any of which could have a material adverse effect on the Company’s business,
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financial condition, results of operations and growth prospects. Some of the risks the Company faces and
the uncertainties that could cause actual results to differ materially from those expressed in the forward-
looking statements include, among others: Aya’s ability to execute on its plans relating to the Boumadine
Project, including the timing thereof; the speculative nature of mineral exploration and development; the
inherent risks involved in the exploration and development of mineral properties; the risk that exploration,
drilling, testing and geological work may not result in the discovery of additional mineralization or the
expansion or conversion of mineral resources as anticipated; the risk that future drilling results may not
be consistent with the Company’s expectations or current geological interpretations; the risk that the
continuity, grade and extent of mineralization may differ from current interpretations and estimates; risks
and uncertainties relating to the timing, scope, completion and results of the Company’s planned
exploration and drilling programs; risks and uncertainties relating to the timing, scope, assumptions,
conclusions and results of the feasibility study; the risk that geological, metallurgical, engineering,
environmental and other technical information required to complete the feasibility study may be
unavailable, incomplete or unreliable; risks and hazards associated with the business of mineral
exploration, development and mining, including environmental hazards, industrial accidents and unusual
or unexpected geological or structural formations; risks related to Aya’s operations in Morocco; Aya’s
ability to obtain and renew necessary permits and licences; restrictions on mining and changes in laws
and regulations governing exploration and development activities in the jurisdictions in which Aya
operates; inadequate or unreliable infrastructure; Aya’s ability to attract and retain qualified employees
and contractors and the availability of qualified contractors, consultants, suppliers, equipment and
materials; Aya’s ability to obtain financing when required on acceptable terms; unforeseen expenses and
cost increases; disruptions to Aya’s business operations; third-party risks; occupational health and safety
risks; climate change and weather disruptions; general economic conditions; competition risk; force
majeure; and other risks described in the Company’s documents filed with Canadian and U.S. securities
regulatory authorities.
In addition, readers are directed to carefully review the detailed risk discussion in the Company’s Annual
Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed
on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a
fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
Although the Company 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.
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