Aya Gold & Silver Reports High-Grade Silver Results at Zgounder
1
PRESS RELEASE
Aya Gold & Silver Reports High-Grade Silver Results at Zgounder
Montreal, Quebec, December 9, 2025 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”)
is pleased to announce additional high-grade silver drill results from its at-depth drill exploration program at the
Zgounder Silver Mine in the Kingdom of Morocco.
Highlights
(all intersections are in core lengths)
• Intersections in the open-pit area:
• Hole ZG-RC-25-478 intercepted 677 grams per tonne (“g/t”) silver (“Ag”) over 15.0 metres (“m”), including
2,138 g/t Ag over 3.0m
• Hole DZG-SF-25-715 intercepted 1,972 g/t Ag over 3.2m
• Hole ZG-RC-25-462 intercepted 502 g/t Ag over 11.0m
• Intersections at Depth Near the Western Fault contact:
• Hole ZG-SF-25-336 intercepted 2,718 g/t Ag over 1.3m
• Intersections in the Central Area:
• Hole T28-25-904 intercepted 1,631 g/t Ag over 7.2m, including 3,100 g/t Ag over 3.6m
• Hole T28-25-942 intercepted 1,947 g/t Ag over 6.0m, including 2,359 g/t Ag over 4.8m
• Hole T28-25-894 intercepted 1,339 g/t Ag over 6.0m
• Exploration Update:
• 21,314m or 85% of the 2025 exploration program has been drilled year to date.
“To d a y ’s h i g h-grade results once again confirm the strong continuity of silver mineralization both at depth and
around the open-pit area, ” said Benoit La Salle, President & CEO. “Moreover, the new intersection at depth near
the Western Fault contact in hole ZG -SF-25-336 extends mineralization further west, continuing to push the
limits of our current resource model. ”
This release contains results from 169 holes, which include 54 underground diamond drill holes (“DDH”), five surface
DDH, 48 reverse circulation drill hole (“RC”), 40 T28 and 22 YAK holes (T28 and YAK: percussion drilling using an air-
compressed hammer). For a full summary of today’s results, refer to Appendix 1.
2
Table 1 – Significant Intercepts from Drilling at Zgounder (Core Lengths)
Hole ID From To Ag Length Ag x width
(g/t) (m)
Underground DDH
ZG-SF-25-336 389.0 390.3 2,718 1.3 3,533
DZG-SF-25-715 3.8 7.0 1,972 3.2 6,311
DZG-SF-25-792 4.0 6.5 1,449 2.5 3,622
Surface RC
ZG-RC-25-462 11.0 22.0 502 11.0 5,527
ZG-RC-25-478 3.0 18.0 677 15.0 10,155
Including 3.0 6.0 2,138 3.0 6,415
ZG-RC-25-813 48.0 51.0 1,500 3.0 4,499
ZG-RC-25-816 20.0 25.0 925 5.0 4,627
Including 20.0 22.0 2,188 2.0 4,375
ZG-RC-25-827 5.0 8.0 1,386 3.0 4,158
ZG-RC-25-831 6.0 9.0 1,537 3.0 4,610
ZG-RC-25-866 29.0 45.0 277 16.0 4,428
ZG-RC-25-867 9.0 23.0 340 14.0 4,766
Underground T28
T28-25-846 13.2 14.4 3,870 1.2 4,644
T28-25-871 0.0 3.6 1,010 3.6 3,637
T28-25-894 7.2 13.2 1,339 6.0 8,035
T28-25-899 8.4 14.4 885 6.0 5,312
Including 12.0 14.4 1,848 2.4 4,434
T28-25-904 8.4 15.6 1,631 7.2 11,744
Including 8.4 12.0 3,100 3.6 11,160
T28-25-942 20.4 26.4 1,947 6.0 11,682
Including 21.6 26.4 2,359 4.8 11,324
T28-25-946 12.0 21.6 561 9.6 5,383
Including 12.0 14.4 1,650 2.4 3,960
T28-25-961 9.6 12.0 2,465 2.4 5,916
Underground YAK
YAK-25-384 10.8 24.0 400 13.2 5,275
Including 10.8 13.2 1,473 2.4 3,534
YAK-25-385 21.6 28.8 885 7.2 6,372
Including 21.6 24.0 1,693 2.4 4,062
YAK-25-386 9.6 15.6 2,021 6.0 12,127
Including 13.2 15.6 4,880 2.4 11,712
YAK-25-392 10.8 16.8 738 6.0 4,428
YAK-25-393 20.4 30.0 458 9.6 4,398
* True width remains undetermined at this stage; all values are uncut.
3
Figure 1: Location of Drill Results at Zgounder
Quality Assurance
For core drilling, all individual samples represent approximately one meter 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 or to ALS Laboratory at the Zgounder Mine site. All
samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption
spectroscopy (“AAS”). Samples grading above 200 g/t Ag are reanalyzed by fire assay.
For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling equipment, all
individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine laboratory or at Afrilab. All
samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading
above 200 g/t Ag are reanalyzed by fire assay. Rigorous quality controls (QaQc) are applied at both locations.
Qualified Person
The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc,
P. G e o , V i c e-President Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.
About Aya Gold & Silver Inc.
Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.
4
The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its
properties along the prospective Anti-Atlas Fault, several of which have hosted past -producing mines and historical
resources.
Aya’s management team has been focused on maximizing shareholder value by anchoring sustainability at the heart
of its operations, governance, and financial growth plans.
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 certain statements that constitute forward-looking information within the meaning
of applicable securities laws (“forward-looking statements”), which reflects management’s expectations
regarding Aya’s future growth and business prospects (including the timing and development of new deposits and the
success of exploration activities) and other opportunities. Wherever possible, words such as “potential”, “plan”,
“additional”, “grow”, “significant”, 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. Specific forward-looking statements in this press release include, but are not limited to,
statements and information with respect to the continuity of the mineralization and its grade, the potential to
meaningfully grow near-mine resources, to follow up aggressively with additional drilling , to execute on planned
drilling in the area through the remainder of 2025, the potential to significantly increase high-grade ounces within and
near the open pit area, expanding open-pit operations in the near term, enhancing the resource and better
understanding the deposit as well as exploration results in the open-pit and underground areas. Although the forward-
looking information contained in this press release reflect management’s current beliefs based upon information
currently available to management and based upon what management believes to be reasonable assumptions, Aya
cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking
statements are based upon assumptions, opinions and analysis made by management in light of its experience,
current conditions, and its expectations of future developments that management believe to be reasonable and
relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any
requisite governmental approvals, obtaining regulatory permits for on-site work, importing goods and machinery and
employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to,
ore tonnage and ore grade estimates), the price of silver, the price of gold, exchange rates, fuel and energy costs,
future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you
not to place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks
involved in exploration and development of mineral properties, including government approvals and permitting,
changes in economic conditions, changes in the worldwide price of silver gold and other key inputs, changes in mine
plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and
other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks
and uncertainties which are more fully described in Aya’s 2024 Annual Information Form dated March 31, 2025, and
5
in other filings of Aya with securities and regulatory authorities which are available on SEDAR+ at www.sedarplus.ca.
Aya does not undertake any obligation to update forward-looking statements should assumptions related to these
plans, estimates, projections, beliefs, and opinions change. 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.
Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)
Hole ID From To Ag Length (m)* Ag x width
(g/t)
Surface DDH
ZG-25-159 300.5 301.0 84 0.5 42
ZG-25-161 275.5 277.0 100 1.5 150
ZG-25-162 235.7 236.7 95 1.0 95
ZG-25-165 223.0 224.5 221 1.5 332
ZG-25-167 373.8 374.5 608 0.7 426
Underground DDH
ZG-SF-24-199 129.5 131.5 395 2.0 790
ZG-SF-25-321 224.5 226.0 931 1.5 1,397
ZG-SF-25-321 277.0 278.5 432 1.5 648
ZG-SF-25-321 307.3 309.7 219 2.4 526
ZG-SF-25-321 319.0 320.5 799 1.5 1,199
ZG-SF-25-321 330.5 331.5 542 1.0 542
ZG-SF-25-321 344.2 345.2 443 1.0 443
ZG-SF-25-321 388.6 392.3 199 3.7 736
ZG-SF-25-324 226.4 227.5 210 1.1 231
ZG-SF-25-324 268.0 270.3 1,350 2.3 3,106
ZG-SF-25-324 326.0 328.2 118 2.2 260
ZG-SF-25-324 350.0 350.5 269 0.5 135
ZG-SF-25-324 355.3 359.2 206 3.9 802
ZG-SF-25-325 272.0 273.5 77 1.5 116
ZG-SF-25-325 276.0 280.1 358 4.1 1,469
ZG-SF-25-325 295.0 296.0 110 1.0 110
ZG-SF-25-325 302.0 306.0 127 4.0 508
ZG-SF-25-325 335.0 336.5 86 1.5 129
ZG-SF-25-328 121.0 122.0 1,235 1.0 1,235
ZG-SF-25-330 82.8 84.0 183 1.2 220
ZG-SF-25-330 125.0 126.0 166 1.0 166
ZG-SF-25-335 122.0 122.5 306 0.5 153
ZG-SF-25-335 122.0 123.0 285 1.0 285
ZG-SF-25-335 218.5 220.0 922 1.5 1,383
ZG-SF-25-335 281.5 282.5 89 1.0 89
ZG-SF-25-336 333.0 334.0 181 1.0 181
ZG-SF-25-336 382.5 383.5 230 1.0 230
ZG-SF-25-336 389.0 390.3 2,718 1.3 3,533
6
ZG-SF-25-337 321.7 323.7 98 2.0 196
ZG-SF-25-338 260.1 261.2 92 1.1 101
ZG-SF-25-338 265.5 267.0 92 1.5 138
ZG-SF-25-339 250.5 253.0 988 2.5 2,470
ZG-SF-25-339 261.0 264.0 168 3.0 504
ZG-SF-25-339 282.0 286.5 200 4.5 900
ZG-SF-25-339 305.0 305.5 1,536 0.5 768
DZG-SF-25-634 37.5 39.0 174 1.5 261
DZG-SF-25-636 24.5 25.2 126 0.7 88
DZG-SF-25-636 55.0 55.5 170 0.5 85
DZG-SF-25-636 56.5 59.0 334 2.5 835
DZG-SF-25-668 36.4 37.5 94 1.1 103
DZG-SF-25-669 35.1 37.5 440 2.4 1,055
DZG-SF-25-670 15.0 17.0 1,400 2.0 2,800
DZG-SF-25-670 21.5 27.0 368 5.5 2,022
DZG-SF-25-671 39.0 40.0 142 1.0 142
DZG-SF-25-674 13.5 16.0 656 2.5 1,641
DZG-SF-25-674 19.0 20.5 85 1.5 128
DZG-SF-25-675 12.0 15.0 442 3.0 1,326
DZG-SF-25-675 22.0 22.5 160 0.5 80
DZG-SF-25-676 27.0 30.0 212 3.0 635
DZG-SF-25-676 38.0 39.0 223 1.0 223
DZG-SF-25-678 8.9 19.8 125 10.9 1,362
DZG-SF-25-681 59.2 60.6 80 1.4 112
DZG-SF-25-682 28.5 29.5 147 1.0 147
DZG-SF-25-682 37.0 37.7 116 0.7 81
DZG-SF-25-683 4.7 5.4 110 0.7 77
DZG-SF-25-683 8.0 10.0 519 2.0 1,038
DZG-SF-25-684 40.0 41.0 608 1.0 608
DZG-SF-25-684 45.0 47.0 152 2.0 304
DZG-SF-25-688 14.0 15.0 1,830 1.0 1,830
DZG-SF-25-688 18.0 19.5 151 1.5 227
DZG-SF-25-710 8.2 9.0 180 0.8 144
DZG-SF-25-710 36.0 37.5 150 1.5 225
DZG-SF-25-711 6.6 7.2 152 0.6 91
DZG-SF-25-711 13.9 14.5 84 0.6 50
DZG-SF-25-712 4.3 5.5 183 1.2 220
DZG-SF-25-713 13.5 19.2 159 5.7 906
DZG-SF-25-713 30.2 30.4 150 0.2 30
DZG-SF-25-714 16.7 19.0 257 2.3 592
DZG-SF-25-715 3.8 7.0 1,972 3.2 6,311
DZG-SF-25-715 21.0 22.0 90 1.0 90
DZG-SF-25-729 5.2 6.5 152 1.3 198
DZG-SF-25-729 43.0 44.1 252 1.1 277
DZG-SF-25-730 38.1 39.0 415 0.9 373
7
DZG-SF-25-730 42.5 43.0 108 0.5 54
DZG-SF-25-730 58.0 59.4 102 1.4 143
DZG-SF-25-732 14.5 15.6 148 1.1 163
DZG-SF-25-752 38.3 39.0 115 0.7 81
DZG-SF-25-752 40.4 41.8 76 1.4 106
DZG-SF-25-754 24.8 29.4 159 4.6 731
DZG-SF-25-755 24.0 25.0 402 1.0 402
DZG-SF-25-755 26.1 26.6 164 0.5 82
DZG-SF-25-755 53.5 56.0 202 2.5 506
DZG-SF-25-758 68.0 69.0 126 1.0 126
DZG-SF-25-759 48.0 48.8 114 0.8 91
DZG-SF-25-761 14.5 15.5 81 1.0 81
DZG-SF-25-762 10.5 12.0 203 1.5 305
DZG-SF-25-762 38.0 41.0 496 3.0 1,488
DZG-SF-25-765 44.0 45.0 1,550 1.0 1,550
DZG-SF-25-782 30.0 31.5 94 1.5 141
DZG-SF-25-783 6.0 7.5 148 1.5 222
DZG-SF-25-786 64.0 67.2 935 3.2 2,993
DZG-SF-25-787 25.5 27.0 88 1.5 132
DZG-SF-25-790 8.5 10.0 776 1.5 1,164
DZG-SF-25-790 31.1 31.6 144 0.5 72
DZG-SF-25-790 59.5 62.0 163 2.5 408
DZG-SF-25-790 83.5 86.5 122 3.0 366
DZG-SF-25-791 7.5 8.0 131 0.5 66
DZG-SF-25-791 90.0 91.0 532 1.0 532
DZG-SF-25-792 4.0 6.5 1,449 2.5 3,622
DZG-SF-25-793 4.5 6.0 112 1.5 168
DZG-SF-25-799 51.0 54.0 118 3.0 354
DZG-SF-25-819 26.8 29.3 280 2.5 700
DZG-SF-25-838 11.0 13.0 278 2.0 555
Surface RC
ZG-RC-25-458 3.0 4.0 133 1.0 133
ZG-RC-25-458 37.0 38.0 95 1.0 95
ZG-RC-25-460 25.0 26.0 118 1.0 118
ZG-RC-25-462 1.0 5.0 546 4.0 2,185
ZG-RC-25-462 11.0 22.0 502 11.0 5,527
Including 14.0 16.0 1,105 2.0 2,210
ZG-RC-25-462 48.0 49.0 113 1.0 113
ZG-RC-25-462 63.0 69.0 322 6.0 1,930
ZG-RC-25-474 47.0 57.0 190 10.0 1,902
ZG-RC-25-478 3.0 18.0 677 15.0 10,155
Including 3.0 6.0 2,138 3.0 6,415
ZG-RC-25-478 51.0 54.0 402 3.0 1,205
ZG-RC-25-492 0.0 1.0 89 1.0 89
ZG-RC-25-492 5.0 7.0 141 2.0 282
8
ZG-RC-25-492 20.0 21.0 103 1.0 103
ZG-RC-25-492 40.0 42.0 146 2.0 291
ZG-RC-25-506 10.0 11.0 79 1.0 79
ZG-RC-25-506 12.0 14.0 107 2.0 214
ZG-RC-25-506 20.0 21.0 81 1.0 81
ZG-RC-25-506 23.0 24.0 94 1.0 94
ZG-RC-25-517 15.0 16.0 89 1.0 89
ZG-RC-25-517 18.0 23.0 271 5.0 1,357
ZG-RC-25-558 0.0 3.0 167 3.0 501
ZG-RC-25-558 13.0 14.0 256 1.0 256
ZG-RC-25-714 4.0 5.0 185 1.0 185
ZG-RC-25-726 0.0 2.0 126 2.0 252
ZG-RC-25-745 1.0 4.0 308 3.0 924
ZG-RC-25-746 5.0 6.0 397 1.0 397
ZG-RC-25-746 47.0 48.0 133 1.0 133
ZG-RC-25-757 3.0 4.0 198 1.0 198
ZG-RC-25-757 16.0 17.0 362 1.0 362
ZG-RC-25-758 2.0 5.0 97 3.0 290
ZG-RC-25-758 24.0 26.0 1,339 2.0 2,678
ZG-RC-25-759 0.0 1.0 101 1.0 101
ZG-RC-25-759 3.0 4.0 142 1.0 142
ZG-RC-25-759 29.0 31.0 358 2.0 715
ZG-RC-25-759 39.0 40.0 77 1.0 77
ZG-RC-25-759 46.0 47.0 156 1.0 156
ZG-RC-25-759 56.0 59.0 257 3.0 772
ZG-RC-25-760 11.0 12.0 289 1.0 289
ZG-RC-25-760 23.0 24.0 84 1.0 84
ZG-RC-25-772 1.0 2.0 381 1.0 381
ZG-RC-25-801 4.0 6.0 566 2.0 1,132
ZG-RC-25-807 14.0 15.0 334 1.0 334
ZG-RC-25-807 33.0 34.0 127 1.0 127
ZG-RC-25-807 40.0 42.0 167 2.0 334
ZG-RC-25-808 5.0 6.0 391 1.0 391
ZG-RC-25-809 0.0 1.0 112 1.0 112
ZG-RC-25-809 8.0 11.0 678 3.0 2,035
ZG-RC-25-813 42.0 43.0 779 1.0 779
ZG-RC-25-813 48.0 51.0 1,500 3.0 4,499
ZG-RC-25-814 5.0 6.0 1,595 1.0 1,595
ZG-RC-25-814 22.0 24.0 259 2.0 517
ZG-RC-25-814 31.0 33.0 116 2.0 231
ZG-RC-25-815 52.0 53.0 90 1.0 90
ZG-RC-25-816 3.0 4.0 99 1.0 99
ZG-RC-25-816 20.0 25.0 925 5.0 4,627
Including 20.0 22.0 2,188 2.0 4,375
ZG-RC-25-816 48.0 50.0 564 2.0 1,128