Aya Gold & Silver Reports High-Grade Silver Results at Zgounder Extends Mineralization Near Western Fault
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PRESS RELEASE
Aya Gold & Silver Reports High-Grade Silver Results at Zgounder
Extends Mineralization Near Western Fault
Montreal, Quebec, February 18, 2026 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”)
is pleased to announce 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-25-853 intercepted 781 grams per tonne (“g/t”) silver (“Ag”) over 9.0 metres (“m”), including
1,295 g/t Ag over 5.0m
• Hole ZG-RC-25-855 intercepted 1,454 g/t Ag over 3.0m
• Intersections at Depth Near the Western Fault contact:
• Hole ZG-SF-25-340 intercepted 336 g/t Ag over 5.5m
• Hole ZG-SF-25-350 intercepted 2,198 g/t Ag over 1.0m
• Intersections in the Central Area:
• Hole ZG-SF-25-347 intercepted 3,581 g/t Ag over 4.5m, including 5,893 g/t Ag over 2.5m
• Hole ZG-SF-25-347 intercepted 1,729 g/t Ag over 4.1m, including 4,480 g/t Ag over 1.5m
• Hole T28-26-1072 intercepted 6,223 g/t Ag over 3.6m
• Hole T28-26-1104 intercepted 4,489 g/t Ag over 6.0m
• 3,117m or 10.3% of the 2026 exploration program has been drilled year to date.
“Today’s high-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-25-340 extends mineralization further west, continuing to push the boundary
of our current resource model.”
This release contains results from 256 holes, which include 13 surface diamond drill holes (“DDH”), 69 underground
DDH, 41 reverse circulation drill hole (“RC”), 101 T28 and 32 YAK holes (T28 and YAK: percussion drilling using an air-
compressed hammer). For a full summary of today’s results, refer to Appendix 1.
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Table 1 – Best Intercepts at Zgounder in 2025 (core lengths)
Hole ID From To Ag Length* Ag x width
(g/t) (m)
Underground DDH
ZG-SF-25-339 251.5 253.0 1 733 1.5 2 600
ZG-SF-25-340 254.4 259.9 336 5.5 1 848
ZG-SF-25-341 341.0 345.0 1 075 4.0 4 300
Including 342.0 344.0 1 928 2.0 3 856
ZG-SF-25-342 282.5 286.0 652 3.5 2 282
ZG-SF-25-343 284.5 289.0 3 581 4.5 16 116
Including 284.5 287.0 5 893 2.5 14 732
ZG-SF-25-347 40.4 44.5 1 729 4.1 7 089
Including 43.0 44.5 4 480 1.5 6 720
ZG-SF-25-347 65.0 66.5 1 535 1.5 2 302
ZG-SF-25-347 127.0 128.5 1 228 1.5 1 842
ZG-SF-26-348 63.5 65.0 2 025 1.5 3 038
ZG-SF-26-348 129.0 133.5 1 366 4.5 6 149
ZG-SF-26-350 257.5 258.5 2 198 1.0 2 198
DZG-SF-25-776 43.0 48.5 1 138 5.5 6 260
Including 45.0 47.0 2 766 2.0 5 532
DZG-SF-25-777 53.5 58.0 844 4.5 3 798
Including 53.5 55.5 1 597 2.0 3 194
Surface RC
ZG-RC-25-853 103.0 112.0 781 9.0 7 029
Including 106.0 111.0 1 295 5.0 6 474
ZG-RC-25-854 114.0 116.0 895 2.0 1 789
ZG-RC-25-855 85.0 88.0 1 454 3.0 4 362
Underground T28
T28-25-1047 0.0 12.0 155 12.0 1 865
T28-25-1049 2.4 8.4 476 6.0 2 858
T28-25-1059 22.8 26.4 6 223 3.6 22 404
T28-26-1072 9.6 14.4 961 4.8 4 612
Including 9.6 12.0 1 790 2.4 4 296
T28-26-1075 0.0 4.8 2 934 4.8 14 083
Including 0.0 2.4 5 725 2.4 13 740
T28-26-1103 24.0 26.4 988 2.4 2 371
T28-26-1104 19.2 25.2 4 489 6.0 26 933
T28-26-1119 8.4 13.2 285 4.8 1 368
T28-26-1127 19.2 25.2 273 6.0 1 637
T28-26-1130 7.2 12.0 373 4.8 1 790
Underground YAK
YAK-25-408 3.6 4.8 6 060 1.2 7 272
* True widths are undetermined; all values are uncut.
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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.
David Lalonde, B.Sc. P. Geo, Vice-President Exploration, is Aya Gold & Silver’s Qualified Person and has reviewed this
press release for accuracy and compliance with National Instrument 43-101.
About Aya Gold & Silver Inc.
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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 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 “aim”, “anticipate”, “assume”,
“believe”, “estimate”, “expect”, “goal”, “intend”, “objectiv e”, “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 forwa rd-looking information. Specific forward-
looking statements in this press release include, but are not limited to, statements and information with respect to the
potential to confirm continuity of mineralization and extent mineralization to the west and other assumptions and
factors generally associated with the mining industry..
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 limitat ion, the Corporation’s ability to timely receive any requisite
approvals, permits or licences; the Corporation’s ability to import goods and machinery; 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); the Corporation’s
ability to meet or achieve estimates, projections and forecasts; assumptions regarding development and exploration
activities; the timing, extent, duration and economic viability of such explorations activities; the price of silver; the price
of gold; exchange rates; taxation levels; fuel and energy costs; future economic 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; estimate future production; the current and future social,
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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 (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 b eing 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; (7) production and cost
of sales forecasts meeting expectations; (8) the accuracy of the current mineral resource estimates of the Corporation;
(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+, which
discussions are incorporated by reference in this presentation, 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.
Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)
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Hole ID From To Ag
(g/t)
Length (m)* Ag x width
Surface DDH
ZG-25-167 520.2 521.2 212 1.0 212
ZG-25-170 212.0 212.5 92 0.5 46
ZG-25-170 216.0 216.5 128 0.5 64
ZG-25-170 220.5 221.0 84 0.5 42
ZG-25-172 181.0 182.5 177 1.5 266
ZG-25-172 202.0 203.0 76 1.0 76
ZG-25-173 23.5 29.5 101 6.0 606
ZG-25-173 34.0 35.5 320 1.5 480
ZG-25-178 229.5 230.2 86 0.7 60
ZG-26-180 209.5 211.0 240 1.5 359
Underground DDH
ZG-SF-25-339 251.5 253.0 1 733 1.5 2 600
ZG-SF-25-339 261.0 264.0 164 3.0 492
ZG-SF-25-340 254.4 259.9 336 5.5 1 848
ZG-SF-25-340 262.9 264.9 264 2.0 528
ZG-SF-25-341 286.0 287.0 372 1.0 372
ZG-SF-25-341 341.0 345.0 1 075 4.0 4 300
Including 342.0 344.0 1 928 2.0 3 856
ZG-SF-25-342 260.0 262.0 133 2.0 267
ZG-SF-25-342 282.5 286.0 652 3.5 2 282
ZG-SF-25-342 360.5 362.0 76 1.5 114
ZG-SF-25-342 366.0 370.0 77 4.0 308
ZG-SF-25-342 381.0 382.5 92 1.5 138
ZG-SF-25-342 391.0 392.5 156 1.5 234
ZG-SF-25-343 284.5 289.0 3 581 4.5 16 116
Including 284.5 287.0 5 893 2.5 14 732
ZG-SF-25-344 302.5 303.4 916 0.9 824
ZG-SF-25-344 313.5 315.0 216 1.5 324
ZG-SF-25-344 318.0 319.5 104 1.5 156
ZG-SF-25-346 276.5 279.5 384 3.0 1 152
ZG-SF-25-347 40.4 44.5 1 729 4.1 7 089
Including 43.0 44.5 4 480 1.5 6 720
ZG-SF-25-347 65.0 66.5 1 535 1.5 2 302
ZG-SF-25-347 119.5 121.0 152 1.5 228
ZG-SF-25-347 127.0 128.5 1 228 1.5 1 842
ZG-SF-26-348 63.5 65.0 2 025 1.5 3 038
ZG-SF-26-348 129.0 133.5 1 366 4.5 6 149
ZG-SF-26-349 143.0 144.0 89 1.0 89
ZG-SF-26-349 157.0 158.0 76 1.0 76
ZG-SF-26-349 186.0 188.5 215 2.5 538
ZG-SF-26-350 257.5 258.5 2 198 1.0 2 198
ZG-SF-26-350 308.2 309.2 88 1.0 88
DZG-SF-25-747 85.0 85.6 272 0.6 163
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DZG-SF-25-772 12.5 14.0 240 1.5 360
DZG-SF-25-772 51.5 52.0 2 000 0.5 1 000
DZG-SF-25-776 43.0 48.5 1 138 5.5 6 260
Including 45.0 47.0 2 766 2.0 5 532
DZG-SF-25-777 48.0 50.0 163 2.0 326
DZG-SF-25-777 53.5 58.0 844 4.5 3 798
Including 53.5 55.5 1 597 2.0 3 194
DZG-SF-25-778 7.5 11.3 310 3.8 1 178
DZG-SF-25-780 48.0 49.0 175 1.0 175
DZG-SF-25-780 59.0 60.5 82 1.5 123
DZG-SF-25-828 3.7 5.7 92 2.0 184
DZG-SF-25-840 32.0 35.5 143 3.5 499
DZG-SF-25-844 12.0 13.5 76 1.5 114
DZG-SF-26-832 18.9 20.5 146 1.6 234
DZG-SF-26-833 13.0 15.0 112 2.0 224
DZG-SF-26-858 102.0 103.5 155 1.5 232
DZG-SF-26-858 134.5 136.0 96 1.5 144
Surface RC
ZG-RC-25-849 104.0 105.0 503 1.0 503
ZG-RC-25-850 113.0 114.0 87 1.0 87
ZG-RC-25-852 98.0 99.0 95 1.0 95
ZG-RC-25-853 92.0 95.0 332 3.0 995
ZG-RC-25-853 101.0 102.0 124 1.0 124
ZG-RC-25-853 103.0 112.0 781 9.0 7 029
Including 106.0 111.0 1 295 5.0 6 474
ZG-RC-25-853 134.0 135.0 83 1.0 83
ZG-RC-25-853 137.0 138.0 93 1.0 93
ZG-RC-25-854 9.0 10.0 110 1.0 110
ZG-RC-25-854 17.0 18.0 119 1.0 119
ZG-RC-25-854 114.0 116.0 895 2.0 1 789
ZG-RC-25-855 10.0 11.0 167 1.0 167
ZG-RC-25-855 77.0 78.0 86 1.0 86
ZG-RC-25-855 85.0 88.0 1 454 3.0 4 362
ZG-RC-25-855 97.0 100.0 139 3.0 416
ZG-RC-25-855 102.0 103.0 86 1.0 86
ZG-RC-25-857 49.0 51.0 184 2.0 367
ZG-RC-25-857 77.0 78.0 89 1.0 89
ZG-RC-25-857 91.0 92.0 159 1.0 159
ZG-RC-26-753 54.0 55.0 79 1.0 79
ZG-RC-26-806 10.0 11.0 85 1.0 85
ZG-RC-26-841 42.0 43.0 180 1.0 180
ZG-RC-26-841 70.0 71.0 192 1.0 192
ZG-RC-26-841 92.0 93.0 102 1.0 102
ZG-RC-26-920 57.0 58.0 80 1.0 80
Underground T28
T28-25-965 9.6 10.8 556 1.2 667
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T28-25-970 9.6 12.0 99 2.4 238
T28-25-970 18.0 19.2 119 1.2 143
T28-25-971 3.6 6.0 390 2.4 935
T28-25-973 6.0 9.6 146 3.6 526
T28-25-977 3.6 6.0 114 2.4 272
T28-25-985 16.8 18.0 201 1.2 241
T28-25-987 22.8 26.4 132 3.6 474
T28-25-991 24.0 26.4 142 2.4 341
T28-25-998 2.4 3.6 93 1.2 112
T28-25-1000 16.8 18.0 188 1.2 226
T28-25-1001 2.4 3.6 94 1.2 113
T28-25-1040 9.6 12.0 192 2.4 461
T28-25-1046 10.8 12.0 82 1.2 98
T28-25-1047 0.0 12.0 155 12.0 1 865
T28-25-1047 14.4 15.6 113 1.2 136
T28-25-1048 0.0 2.4 118 2.4 283
T28-25-1048 7.2 8.4 91 1.2 109
T28-25-1048 9.6 10.8 101 1.2 121
T28-25-1049 2.4 8.4 476 6.0 2 858
T28-25-1049 18.0 19.2 76 1.2 91
T28-25-1050 20.4 22.8 211 2.4 505
T28-25-1055 14.4 15.6 113 1.2 136
T28-25-1057 10.8 12.0 216 1.2 259
T28-25-1057 14.4 18.0 180 3.6 647
T28-25-1059 22.8 26.4 6 223 3.6 22 404
T28-25-1062 24.0 25.2 91 1.2 109
T28-26-1066 3.6 4.8 203 1.2 244
T28-26-1070 7.2 8.4 94 1.2 113
T28-26-1072 9.6 14.4 961 4.8 4 612
Including 9.6 12.0 1 790 2.4 4 296
T28-26-1074 0.0 2.4 108 2.4 259
T28-26-1075 0.0 4.8 2 934 4.8 14 083
Including 0.0 2.4 5 725 2.4 13 740
T28-26-1101 2.4 6.0 105 3.6 379
T28-26-1103 24.0 26.4 988 2.4 2371
T28-26-1104 19.2 25.2 4 489 6.0 26 933
T28-26-1119 8.4 13.2 285 4.8 1 368
T28-26-1127 19.2 25.2 273 6.0 1 637
T28-26-1128 15.6 19.2 128 3.6 461
T28-26-1130 7.2 12.0 373 4.8 1 790
T28-26-1131 10.8 15.6 100 4.8 480
Underground YAK
YAK-25-408 3.6 4.8 6 060 1.2 7 272
YAK-25-408 27.6 28.8 146 1.2 175
YAK-25-414 20.4 21.6 448 1.2 538
YAK-25-414 36.0 37.2 488 1.2 586