Aya Gold & Silver Reports High-Grade Exploration Drill Results at Boumadine
Aya Gold & Silver Reports High-Grade Exploration
Drill Results at Boumadine
Montreal, Quebec, May 20, 2026 - Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Corporation”)
is pleased to report new drill 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 and scale.
Highlights1
Boumadine Main Trend (5.4km)
• Multiple additional high-grade intercepts:
• BOU-DD25-745 intercepted 890 grams per tonne (“g/t”) silver equivalent (“AgEq”) over 51.5 metres (“m”) (2.05
g/t gold (“Au”), 535 g/t silver (“Ag”), 3.8% zinc (“Zn”), and 5.9% lead (“Pb”), including 1,504 g/t AgEq over 19.3m
(2.17 g/t Au, 1,032 g/t Ag, 5.3% Zn, and 9.8% Pb).
• BOU-DD25-746 intercepted 665 g/t AgEq over 20.4m (1.63 g/t Au, 410 g/t Ag, 2.8% Zn and 3.4% Pb), including
1,276 g/t AgEq over 5.3m (3.98 g/t Au, 695g/t Ag, 6.1% Zn and 7.2% Pb) and 741 g/t AgEq over 14.5m (5.24 g/
t Au, 204 g/t Ag, 3.9% Zn and 2.2% Pb), including 1,112 g/t AgEq over 8.4m (8.79 g/t Au, 276g/t Ag, 4.5% Zn
and 2.3% Pb).
• BOU-DD26-790 intercepted 746 g/t AgEq over 14.9m (0.62 g/t Au, 586 g/t Ag, 1.9% Zn and 3.7% Pb) including
1,227 g/t AgEq over 6.5m (1.05 g/t Au, 971g/t Ag, 1.9% Zn and 3.7% Pb).
• BOU-DD26-786 intercepted 511 g/t AgEq over 9.4m (0.61 g/t Au, 399 g/t Ag, 1.4% Zn, and 1.0% Pb) including
1,928 g/t AgEq over 1.8m (1.54 g/t Au, 1,708g/t Ag, 2.5% Zn and 1.7% Pb).
• BOU-DD26-792 intercepted 462 g/t AgEq over 8.1m (0.79 g/t Au, 237 g/t Ag, 3.0% Zn and 4.5% Pb) including
1,036 g/t AgEq over 2.2m (1.50 g/t Au, 563g/t Ag, 5.2% Zn and 10.4% Pb).
• Exploration Update:
• 69,209m drilled at Boumadine year-to-date.
• 20% of the planned 360,000m infill drilling program for 2026-2027 completed
“These latest results continue to demonstrate the exceptional grade, width and scale potential emerging
at Boumadine,” said Benoit La Salle, President & CEO. “Intercepts including 890 g/t AgEq over 51.5m in
BOU-DD25-745 — our strongest drill intercept to date at Boumadine on a grade-thickness basis —
located just 70m below the current pit shell, highlights the strong continuity of wide, high-grade
PRESS RELEASE
mineralization along the 5.4-kilometre Boumadine Main Trend, which remains open in all directions.
With over 69,000m drilled year-to-date and 11 rigs currently active, we are aggressively advancing the
2026–2027 infill and expansion program ahead of the updated PEA expected mid-year.”
Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)
DDH No. From To Au Ag Length* Cu Pb Zn Mo Ag Eq**
(m) (m) (g/t) (g/t) (m) (%) (%) (%) (g/t) (g/t)
BOU-DD25-745 214.5 266.0 2.05 535 51.5 0.0 5.9 3.8 30 890
Including 244.1 263.4 2.17 1,032 19.3 0.1 9.8 5.3 21 1,504
BOU-DD25-746 79.0 98.8 2.16 77 19.8 0.0 1.4 3.1 281 345
Including 83.3 85.2 10.92 60 1.9 0.0 1.2 3.4 373 1,024
BOU-DD25-746 107.0 121.5 5.24 204 14.5 0.0 2.2 3.9 32 741
Including 113.1 121.5 8.79 276 8.4 0.0 2.3 4.5 27 1,112
BOU-DD25-746 293.0 313.4 1.63 410 20.4 0.1 3.4 2.8 34 665
Including 298.0 303.0 1.65 848 5.0 0.1 5.7 3.1 61 1,156
Including 306.8 312.1 3.98 695 5.3 0.1 7.2 6.1 28 1,276
BOU-DD25-754 348.8 355.8 0.40 150 7.0 0.0 1.0 2.1 734 257
BOU-DD26-759 255 266.0 0.42 216 11 0.1 1.3 1.9 21 317
Including 255.0 258.1 1.16 552 3.1 0.0 1.8 2.9 43 739
BOU-DD26-759 336.4 342.6 0.58 302 6.2 0.0 1.6 3.8 239 461
Including 336.4 339.9 0.80 447 3.5 0.0 2.1 5.0 238 657
BOU-DD26-766 193.4 198.2 0.89 167 4.8 0.0 0.8 2 7 293
BOU-DD26-767 273.9 281 0.38 85 7.1 0 1.2 3.7 68 215
BOU-DD26-767 373.2 381.5 0.72 191 8.3 0 2 1.9 221 328
Including 374.2 376.9 0.88 467 2.7 0.0 5.1 2.7 618 700
BOU-DD26-773 253.0 255.6 1.18 516 2.6 0.0 2.3 2.8 48 712
BOU-DD26-775 323.5 335.5 0.44 172 12.0 0.0 1.0 2.0 341 272
Including 324.4 326.2 1.76 662 1.8 0.0 2.6 4.7 1,032 966
BOU-DD26-775 338.1 346.3 0.76 184 8.2 0.0 1.5 1.7 1,819 338
Including 338.9 341.4 1.44 428 2.5 0.0 3.8 3.9 2,736 737
BOU-DD26-775 400.0 409.5 0.76 216 9.5 0.0 2.7 4.6 507 429
Including 401.4 407.4 0.94 269 6.0 0.0 3.6 5.6 639 534
BOU-DD26-777 501.2 513.0 0.53 94 11.8 0.0 1.3 3.0 312 226
BOU-DD26-782 184.4 186.3 1.92 478 1.9 0.2 2.4 6.6 74 820
BOU-DD26-783 274.0 289.8 1.10 198 15.8 0.1 2.2 2.6 1,222 405
Including 283.8 287.8 1.75 419 4.0 0.2 4.7 4.5 3,202 805
BOU-DD26-786 403.2 412.6 0.61 399 9.4 0.0 1.0 1.4 922 511
Including 403.2 405.0 1.54 1,708 1.8 0.0 1.7 2.5 691 1,928
BOU-DD26-786 459.2 462.8 1.38 195 3.6 0.1 5.1 3.5 93 481
Including 459.2 461.0 2.38 355 1.8 0.1 9.9 5.0 127 845
BOU-DD26-790 140.5 155.4 0.62 586 14.9 0.0 3.7 1.9 12 746
Including 148.3 154.8 1.05 971 6.5 0.0 6.7 2.1 16 1,227
BOU-DD26-792 297.0 305.1 0.79 237 8.1 0.0 4.5 3.0 835 462
Including 300.9 303.1 1.50 563 2.2 0.0 10.4 5.2 2,891 1,036
BOU-DD26-796 368.4 373.1 0.63 231 4.7 0.0 3.0 2.3 57 387
BOU-DD26-796 378.0 384.1 0.20 117 6.1 0.1 2.6 2.4 0 236
BOU-DD26-799 271.5 276.4 1.05 210 4.9 0.3 2.6 4.5 60 452
True width remains undetermined at this stage; all values are uncut.
1. Ag equivalent is based on a silver price of US$30/oz with a process recovery of 89%, a gold price of US$2,800/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% resulting in the following ratios: 1g/t Au: 79.3g/t Ag; 1% Cu: 68.3 g/t Ag; 1% Pb: 19.4 g/t Ag; and
1% Zn: 19.7 g/t Ag.
Figure 1: Boumadine Mining Licence Surface Plan with Magnetic Data (Residual Total Field) and 2026 Drill Holes
2026 Exploration Results
This year, 160 diamond drill holes (“DDH”), totaling 69,209m 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-DD25-800 (Table 1, Figure 2, and Appendix 1).
Today’s results confirm the high-grade nature and continuity of the Boumadine Main Trend, which remains open in
all directions. In addition, hole BOU-DD25-745 to the south intersected a new mineralized parallel structure 70m
bellow the current resources pit shell (Figure 3). This new structure has the potential to increase both the resources
and the depth of the open-pit and will require follow-up drilling upward and laterally to fully assess its potential.
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
Figure 3 – Section 6575N with Drill Hole BOU-DD25-745 in the South Area of Boumadine with Resources Pit Shell
Next Steps
Infill drilling, following last year’s positive preliminary economic assessment 2 will be ongoing for the next 24 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 as part of advancing Feasibility Study. 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,
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, Vice-President, Exploration, Qualified Person, for accuracy and compliance with
National Instrument 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 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 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
Alex Ball
VP, Corporate Development & IR
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Boumadine project; the 2025 PEA for the Boumadine project; the timing for completion of the updated
Boumadine preliminary economic assessment; the 2026-2027 Boumadine infill drilling and expansion
program and timing thereto; the Corporation's mining assets development, drilling and exploration
program; Boumadine's targets, objectives, priorities, and timing thereto; the timing for completion of the
Boumadine feasibility study; the Corporation's strategy, objectives, targets, and projections with regards
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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 plans relating to its Zgounder
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unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural
formations, pressures, cave-ins, and flooding; risks related to Aya’s operations in Morocco; the
speculative nature of mineral exploration and development; diminishing quantities or grades of mineral
reserves as properties are mined; the inability to determine, with certainty, the production of metals and
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securities regulatory authorities.
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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 Corporation’s business and
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attempted to identify important factors that could cause actual actions, events or results to differ
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