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Aya Gold & Silver — Aya Investor Presentation (company IR deck)
Aya Gold & Silver (AYA) · 58 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AYA deck slides
Slide 1 — Unlocking Silver
INVESTOR PRESENTATION OCTOBER 2026 TSX: AYA | NASDAQ: AYA Unlocking Silver Value in Morocco
Slide 2 — IMPORTANT INFORMATION
Forward-Looking Statements This presentation contains “forward-looking s tatements ” or “forward-looking information” within the meaning of applicable securities laws and other s tatements that are not his torical facts . Forward-looking s tatements are included to provide information about management’s current expectations , es timates and projections regarding Aya’s future growth and business pros pects (including the timing and development of depos its and the s ucces s of exploration activities ) and other opportunities as of the date of this pres entation. All s tatements, other than s tatements of his torical fact included in this pres entation, regarding the Company’s strategy, future operations , technical assessments, pros pects , plans and objectives of management are forward-looking s tatements that involve ris ks and uncertainties . Wherever poss ible, words such as “aim”, “anticipate”, “ass ume”, “believe”, “es timate”, “expect”, "goal", “guidance”, “intend”, “objective”, “plan”, "potential", “s trategy”, "target", and s imilar express ions or statements that certain actions , events or res ults “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 s tatements in this presentation include, but are not limited to, s tatements with respect to: Zgounder production profile and life of mine; 2026 guidance including total production, cash cos t, capital inves tments , and exploration expenditures; production profile and outlook; the Company’s exploration and drilling program; the potential of new mineral zones ; the Company’s as sessment of the level of ris ks of its mining projects, including the Boumadine Project; the Company’s s trategy with respect to financing of its mineral projects ; the Company’s assessment of the quality of the economics of the Boumadine Project; the 2026 PEA, including the results of the 2026 PEA dis cuss ed in this presentation s uch as project economics , financial and operational parameters , which include expected production, cas h costs, all-in s ustaining cos ts (AISC), other cos ts, capital expenditures (CAPEX), NPV, IRR, payback period, revenues , revenues model, EBITDA, LOM, production profile, mine des ign, metallurgy performance, payability, and mill flow s heet; Boumadine's exploration and dis trict potential; the future price of commodities including gold, s ilver, lead, copper and zinc; the es timation of mineral res ources and the realization of mineral res ource es timates ; the firm interes t for the lead, zinc and pyrite concentrates from Boumadine; the compos ition and availability of the infras tructures for the Boumadine project; the Boumadine project timeline, including exploration program, drilling targets, drilling objectives , and accelerating the development; objective of converting inferred minerals res ources into indicated mineral res ources ; s tudies completion and timeline, including the ESIA and the Boumadine feas ibility s tudy; and the expected duration of the Boumadine pyrite reclaim operations ; the Company’s anticipated future free cash flow and growth thereof, including the expected contribution of the Boumadine Project thereto; the anticipated development, ramp-up and achievement of full-rate operations at the Boumadine Project, including the timing thereof; and the planned capital projects and infras tructure at Zgounder, including their s cope and anticipated impact on processing rates . Forward-looking information is based upon certain as sumptions 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 express ed or implied by such information or statements . There can be no ass urance that such information or s tatements will prove to be accurate. Key as sumptions upon which the Company’s forward-looking information is based include without limitation, as s umptions regarding development and exploration activities ; the Company’s ability to execute its business plans and objectives ; the timing, extent, duration and economic viability of such operations , including any mineral res ources or res erves identified thereby; the accuracy and reliability of es timates , projections , forecas ts, s tudies and as sessments , including the 2026 Boumadine PEA; ass umptions with respect to the 2026 Boumadine PEA including CAPEX and other cos ts; the timing for completion of the 2026 PEA and feas ibility s tudy; the Company’s ability to meet or achieve estimates, projections and forecas ts ; the availability and cos t of inputs ; the price and market for outputs ; foreign exchange rates ; taxation levels ; the timely receipt of neces sary approvals or permits ; the ability to meet current and future obligations ; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions ; the availability of qualified contractors , cons ultants , suppliers , equipment, materials and labour on commercially reasonable terms ; the availability of sufficient water and power s upply; the cooperation of government authorities , municipalities , infras tructure providers, port operators , logis tics providers , railway operators, and other s takeholders ; the continued availability and s uitability of trans portation, port and other infras tructure; the Company’s ability to renew and obtain licences and permits; the Company’s ability to conduct its operations in a s afe, res pons ible and s us tainable manner while delivering long-term value to s hareholders , employees and hos t communities ; and other as s umptions and factors generally as s ociated with the mining indus try. Readers are cautioned that the foregoing lis t is not exhaus tive of all factors and as sumptions which may have been used. Forward-looking s tatements are als o subject to ris ks and uncertainties facing the Company’s business, any of which could have a material advers e effect on the Company’s business, financial condition, results of operations and growth pros pects . Some of the risks the Company faces and the uncertainties that could cause actual results to differ materially from those express ed in the forward-looking s tatements include, among others : Aya’s ability to execute on its plans relating to the Zgounder Project and Boumadine Project, including the timing thereof; ris ks and hazards ass ociated with the bus ines s of mineral exploration, development, and mining, including environmental hazards, potential unintended releas es of contaminants , indus trial accidents , unusual or unexpected geological or s tructural formations , pres sures , cave-ins , and flooding; risks related to Aya’s operations in Morocco; the s peculative nature of mineral exploration and development; diminis hing quantities or grades of mineral reserves as properties are mined; the inability to determine, with certainty, the production of metals and cost estimates, or the prices to be received before mineral reserves or mineral resources are actually mined; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward markets for silver and other commodities (such as natural gas, fuel, oil and electricity); availability of gas, fuel, and oil; restrictions on mining in the jurisdictions in which Aya operates; change in laws and regulations governing our operations, exploration, and development activities, including international laws and legal norms, such as those relating to Indigenous peoples and human rights; the Company’s ability to mitigate the risks pertaining to fund repatriation; expectations with respect to any future pandemics or epidemics on our operations; Aya’s ability to attract and retain qualified employees and contractors; Aya’s ability to obtain and renew necessary permits and licenses; inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; 2 IMPORTANT INFORMATION
Slide 3 — IMPORTANT INFORMATION
3 IMPORTANT INFORMATION Aya’s growth strategy; Aya’s ability to obtain and maintain insurance; occupational health and safety risks; adverse publicity risks; third party risks; disruptions to Aya’s business operations; Aya’s reliance on technology and information systems; litigation risks; interest and exchange rates risks; tax risks; unforeseen expenses; public health crises; climate change; weather disruptions; general economic conditions; commodity prices; gold and silver demand; volatility of share price; public company obligations; competition risk; policies and legislation; force majeure; the effectiveness of our internal control over financial reporting; changes in technology; the potential for asset impairment (or reversal); the inherent risks involved in exploration and development of mineral properties; risks associated with the use of artificial intelligence (AI); 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 presentation, 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. Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Company’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 Company 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 Company qualifies all of its forward-looking statements by these cautionary statements. The Company may make decisions to advance the development of its mineral projects prior to the completion of a feasibility study establishing mineral reserves that demonstrate economic and technical viability. The decision to proceed with development in the absence of such a feasibility study involves materially greater technical and economic risks, including increased uncertainty as to mineral recovery, capital and operating costs, production rates, mine design and overall economic viability. There can be no assurance that any project advanced on this basis will ultimately be technically or economically viable or achieve the anticipated results. Third-Party Sources Certain information contained in this presentation has been derived from or refers to research reports prepared by independent third-party analysts, including Desjardins Securities Inc. Such information and the views, estimates, forecasts, opinions and recommendations expressed in such reports are those of the applicable analyst and do not represent the views, estimates, forecasts, opinions or recommendations of the Company. The Company has not independently verified such information and does not adopt, endorse or make any representation or warranty as to its accuracy, completeness or reliability. Analyst reports speak only as of their respective dates and are subject to change without notice. References to such reports are provided for informational purposes only and do not constitute investment advice or a recommendation by the Company to buy, sell or hold any securities. Qualified Persons The scientific and technical information contained in this presentation has been reviewed and approved by David Lalonde, B. Sc, Vice-President Exploration, who is a “Qualified Person” as defined under National Instrument 43- 101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and by Raphaël Beaudoin, P. Eng, Vice-President, Operations, Qualified Person, for accuracy and compliance with NI 43-101. Cautionary Note to Investors Regarding the Use of Mineral Resources and Mineral Reserves Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources will be converted to mineral reserves. Cautionary Note to the United States Investors Concerning Estimates of Mineral Reserves and Resources This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ materially from the requirements of United States securities laws applicable to U.S. companies. Information concerning Aya's mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from SEC requirements applicable to domestic United States issuers. Accordingly, the disclosure in this presentation regarding Aya's mineral properties is not comparable to the disclosure of United States issuers subject to the SEC’s mining disclosure requirements. Non-IFRS and Other Financial Measures as related to the Boumadine PEA Non-IFRS and other financial measures used in this presentation are detailed in appendix to this presentation. They are provided to assist readers in evaluating the Company's performance and should not be considered in isolation or as a substitute for IFRS measures.
Slide 4 — Aya Gold & Silver | Company Overview
Aya Gold & Silver | Company Overview 4 WHO WE ARE A Silver Producer Focused Exclusively on Morocco. • Silver Producer: the Zgounder Silver Mine, one of the world's highest-grade primary silver operations • Polymetallic Asset Development: Boumadine - gold-led (~60% Au / 30% Ag) • First-mover advantage in Morocco - a pro-mining government and a Tier 1 jurisdiction • Proven management team - a multi-decade track record across global mining cycles PRODUCING ASSET Zgounder High-grade silver mine — Anti-Atlas Fault, Morocco DEVELOPMENT ASSET Boumadine Polymetallic (Au-Ag-Zn-Pb) project — Morocco PUBLIC MARKETS Markets Dual-listed on TSX and Nasdaq 2025 Updated LOM – Highilights • ~6 Moz Ag/yr average production through 2036 • $16.26/oz LOM cash cost6 2026 PEA Highlights1,2,3 • 348 / 271 Avg. ann. koz AuEq4 (Y1-Y5) / LOM • LOM production over 14 years • ASIC/oz AuEq5 : $1,105 / $1,300 (Y1-Y5) / LOM • $3.5B after-tax NPV5%, 93% IRR • $463M initial capex, 0.7-yr payback • TSX / Nasdaq: AYA • C$40.27 / US$28.46 share price (Sep 18, 2026) • C$5.8B / US$4.1B market capitalization • 52 wk high/low: C$41.98 - 11.95 • Index/ETF: S&P/TSX Composite; VanEck GDX; iShares Global Silver Miners 1. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. 2. The complete NI 43-101 technical report supporting the 2026 PEA will be filed within 45 days of the Company’s September 9, 2026 press release. 3. Metal price assumptions used in the 2026 Updated PEA are as follows: $3,500/oz gold (prior $2,800), $50.00/oz silver (prior $30), US$1.37/lb Zn (prior $1.20/lb), and US$0.90/lb Pb (prior $1.00/lb). 4. AuEq production is based on the following formula: AuEq (oz) = Au (oz) + Ag (oz)* Ag price ($/oz)/Au price ($/oz) + Pb (t)* (Pb price ($/lb) / Au price ($/oz) )* 2204.62 + Zn (t) * (Zn price ($/lb) / Au price ($/oz))*2204.62 4. 5. See Appendix C - Non-IFRS Measures. 6. Non-GAAP measure, see December 16, 2025 press release for definition.
Slide 5 — Aya Gold & Silver | Proven Management Team
5 Aya Gold & Silver | Proven Management Team Benoit La Salle, FCPA, MBA President & CEO, Director Benoit has over 30 years of experience developing and operating mining projects in West Africa. He founded SEMAFO Inc. in 1995 and grew it into a significant gold producer. He has held leadership, board, investor, and stakeholder roles across mining, energy, and clean-tech companies. Mustapha Elouafi President-Managing Director, Morocco Mustapha is is a mining executive with over 30 years of experience across Morocco and the MENA region. He previously served as Managing Director of OCP S.A. and president of OCP Group affiliates. He holds an engineering degree from the Mohammadia School of Engineering and an Executive MBA from École des Ponts Business School. Ugo Landry-Tolszczuk Chief Financial Officer Ugo is a finance executive with 15 years of experience across the mining, energy, and technology sectors. He previously served as President and COO of SRG Mining. He is a CFA and holds a BASc in Computer Engineering from the University of Waterloo. Elias J. Elias Chief Legal and Sustainability Officer and Corporate Secretary Elias is a legal executive with extensive experience advising mining and energy companies in West Africa. He previously held senior legal roles at SRG Mining, Sama Resources, and Windiga Energy. He has been a member of the Barreau du Québec since 2007. David Lalonde Executive Vice President, Exploration & Qualified Person David is a geologist with over 24 years of experience in exploration and project development. He has worked across Canada, Russia, West Africa, and Oman, primarily in precious metals. He previously served as Head of Exploration at MDO and held senior roles with SEMAFO and Kinross Gold. He is a Qualified Person under NI 43-101 standards. Meryem Baroudi Dir, HR & General Affairs Meryem is a human resources executive with extensive mining industry experience. Prior to joining Aya, she worked as an independent HR consultant and held several leadership roles at OCP S.A., where she began her career as an operations engineer. She holds a degree in Civil Engineering from École Hassania des Travaux Publics, Morocco. Raphaël Beaudoin Executive Vice-President, Operations & Qualified Person Raphaël is a mining engineer with over 15 years of experience in mineral processing, operations, metallurgy, maintenance, and power generation across West Africa and Canada. He previously held senior roles at SRG Mining and Sama Resources. He holds a Materials Engineering degree from McGill University and is a Qualified Person under NI 43-101 standards. Alex Ball Executive Vice President, Capital Markets Alex is a corporate finance and capital markets executive with over 15 years of mining industry experience. He has held senior roles with UBS Canada, CIBC, BMO, and OMERS. He previously served as Executive Vice-President, Finance & Corporate Development at Algold Resources and holds an MBA from the University of Toronto.
Slide 6 — Capital Structure | Strong Balance Sheet
Australia & ROW 3% Canada 21% Europe 16% USA 60% Ownership Market Data and Capital Structure All data in USD - unless otherwise noted Exchanges TSX: AYA | NASDAQ: AYA Shares – Basic (Aug 13, 2026) 144.0M Shares – Fully diluted (Aug 13, 2026) 153.9M Share Price (Oct 23, 2026) C$ $33.29 Market Cap (Oct 23, 2026) C$ $4.8B Shares - 30-Day Avg volume (Oct 23, 2026) 2.2M Cash (June 30, 2026) $183M Debt1 (June 30, 2026) $84M *Affiliated with Aya Board and insiders Institutional holders by geography Analyst Coverage Beacon Securities BMO Capital Markets Cantor Fitzgerald CIBC Capital Markets Desjardins Securities National Bank Financial Raymond James Ltd. Scotiabank SCP Resource Finance Stifel CONSENSUS: C$47.75 (September 18, 2026) 1. Debt includes EBRD loan. Capital Structure | Strong Balance Sheet Institutional 32% Retail 22% Family offices* 38% Board & management 8% 6
Slide 7 — Value Opportunity | Growing Silver Production Profile
Value Opportunity | Growing Silver Production Profile P / NAV (Consensus | x) Revenue by Metal (2026E Consensus) 7 0% 20% 40% 60% 80% 100% Silver Gold Other 2.19x 1.92x 1.77x 1.62x 1.60x 1.50x 1.33x 1.18x 1.08x 1.02x 0.88x 0.77x 63% 71% 53% 31% 94% 30% 68% 77% 5% First Majestic SilverCrest Gatos Silver Hecla Mining MAG Silver Fresnillo Coeur Mining Aya Gold & Silver Pan American Silver Endeavour Silver Silvercorp Fortuna Mining Average: 1.41x Consensus 26E Ag Rev% Transaction Multiple Transaction Multiple Transaction Multiple Note: Revenue by metal content pro forma for Coeur-New Gold Market data as at: 11-August-26 Source: Available Stifel equity research, FactSet and Visible Alpha
Slide 8 — Morocco | Top Mining Jurisdiction
Morocco | Top Mining Jurisdiction Objective to double mining revenues by 2030 z By the numbers Silver 1st producer in Africa, 15th worldwide 1st Phosphate 1st producer in Africa, 4th worldwide 1st Barite 1st producer in Africa, 3rd worldwide 1st GDP (mining sector) 10% Inhabitants (40K Direct jobs in mining) 37M of Morocco’s export value; (mining sector) 21% Morocco: #15 Globally (#2 in Africa) by Investment Attractiveness1 Mining code reform | Moroccan- led sector | State privatization 1. Fraser Institute Annual Survey of Mining Companies, 2025 Developing the Mining Sector 2016 Baseline Mining Code Zgounder Sales Royalty 0-3% Tax rate 22-35% State free-carried interest Nil Foreign ownership permitted Yes Repatriation of profits Yes Mining permit (renewable) 10 years 2016 2022 First mining legislation First modern mines Revision of mining code ONHYM partnerships 2025 1914 1920 1951-1998 2014-2025 Plan Maroc Mine 8
Slide 9 — Aya Gold & Silver | First Mover Advantage in Morocco
MOROCCO MARRAKESH OUARZAZATE RABAT CASABLANCA ALGERIA AGADIR BOUMADINE (AU-AG-PB-ZN) IMITER BIS (AG-AU-PB-ZN-CU) ZGOUNDER (AG) ERRACHIDIA Zagora Agadir Melloul Goulmim Aya has established a strategic first-mover advantage in North Africa’s most prospective precious-metal districts Efficient permitting / Mining-Friendly Jurisdiction Underexplored geologically rich region Skilled Mining Workforce Established relationships in the country Established Infrastructure / International transport hub Competitive Costs / Access to low-cost renewable energy Aya Gold & Silver | First Mover Advantage in Morocco 9
Slide 10 — Our Assets | Morocco-Focused, Quality Growth Portfolio
Our Assets | Morocco-Focused, Quality Growth Portfolio PRODUCTION Boumadine Polymetallic Project Zgounder Silver Mine DEVELOPMENT EXPLORATION UPSIDE Multiple Pathways to Growth 10 • Ownership: 100% • Status: Operating • Mine Type: Open pit and underground • Silver Production: 5.2-5.8 Moz (2026E) • LOM: 11 years • Cash costs6: $21.50/oz (2026E) • Ownership: 85% (15% ONYHM) • Status: PEA level1,2,3 • Mine Type: Open pit and underground • 2026 PEA avg. annual production profile: 348 / 271 koz AuEq4 (Y1–Y5) / LOM • LOM: 14 years • ASIC5/oz AuEq: $1,105 / $1,300 (Y1-Y5)/LOM • Early-stage exploration • Zagora, Agadir-Melloul and Goulmin • Recent Copper-Silver portfolio acquisition • Near-Mine and Regional Exploration • Zgounder near-mine & regional • Boumadine (regional exploration, Asirem, Touda, Elios) 1. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. 2. The complete NI 43-101 technical report supporting the 2026 PEA will be filed within 45 days of the Company’s September 9, 2026 press release. 3. Metal price assumptions used in the 2026 Updated PEA are as follows: $3,500/oz gold (prior $2,800), $50.00/oz silver (prior $30), US$1.37/lb Zn (prior $1.20/lb), and US$0.90/lb Pb (prior $1.00/lb). 4. AuEq production is based on the following formula: AuEq (oz) = Au (oz) + Ag (oz)* Ag price ($/oz)/Au price ($/oz) + Pb (t)* (Pb price ($/lb) / Au price ($/oz) )* 2204.62 + Zn (t) * (Zn price ($/lb) / Au price ($/oz))*2204.62 4. 5. See Appendix C - Non-IFRS Measures. 6. Non-GAAP measure see our March 31, 2026 press release for definitions and guidance assumptions.
Slide 11 — Industry-Low Discovery Cost
10 44 96 130 175 204 6 318 382 401 0.44 0.46 0.98 3.45 3.96 4.20 Q1-2018 Q2-2021 Q1-2022 Q2-2024 Q4-2025 Q3-2026 M&I Resources Inferred Resources Oz/share 11 Industry-Low Discovery Cost RESOURCE GROWTH1,2,3,4 DRIVING OUNCES PER-SHARE Industry-low Discovery Cost Driven by Extensive Drilling and Resource Growth Q2-2020 New management 1. Mesured and Indicated (M&I) Resources are inclusive of Mineral Reserves for Zgounder. 2. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources will be converted to mineral reserves. 3. See slides 29 and Appendix B for details on Mineral Reserves and Resources, including grade and complete notes. Zgounder reports both Mineral Reserves and Resources; Boumadine reports Resources only. 4. Data prior to Q2-2024 include Zgounder resources only; Boumadine resources are included from Q2-2024 onward. $0.10/oz-$0.15/oz Industry-low Discovery Cost M&I up 5x, Inferred +400 Moz AgEq since 2021 ~600,000 metres drilled (2022 to H1-2026)
Slide 12 — Zgounder Silver Mine | Reserve & Resource Update
Key Highlights4 P&P Reserves +4% Ag ounces vs. prior estimate (net of depletion) 120% reserve replacement: 13 Moz added vs. 11 Moz mined M&I Resources: +5% Ag onces increase vs. prior estimate Reserves now 78% open pit with underground reserves focused on deeper levels Stronger geological model supported by extensive drilling (~275,000 m of drilling since 2021) 1. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that mineral resources will be converted to mineral reserves. 2. Seee Appendix B for detailed Mineral Reserve and Mineral Resource tables for Zgounder including grade, and complete notes. 3. See December 16, 2025 press release for detailed comparison with prior estimates. Zgounder Silver Mine | Reserve & Resource Update Exploration Success Delivered Reserve Replacement And Net Resource Growth1,2, Strengthening the Geological Model and Mine Plan Tonnes (kt) Ag (g/t) Contained Metal (koz Ag) Reserves P&P 15,700 145 73,390 Resources1 (inclusive of reserves) Measured & Indicated 18,934 165 100,222 Inferred 410 340 4,500 12
Slide 13 — Zgounder Silver Mine | Updated LOM Plan (2025)
0.7 1.6 4.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2020 2021 2022 2023 2024 2025 2026E 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Ag Production - Actual Ag Production Fcst Ag Production (LOM) 5.2-5.8 $16.26/oz Cash costs (LOM) 11-year LOM extended to 2036 $71M Sustaining capex 6Moz Avg. annual Ag production 73Moz P&P reserves1 Zgounder Silver Mine | Updated LOM Plan (2025) 1.See Apprendix B for detailed Mineral Reserve and Mineral Resource tables, including grade and complete notes 2.See Aya Gold & Silver’s December 16, 2025 press release. 3.See 2026 Guidance on slide 16. Zgounder Production Profile2 6 Moz Ag - LOM Average In Million Silver Ounces 13 3
Slide 14 — 2.0Moz
Q3-2026 | Production Results Q3 Production Highlights Zgounder Silver produced (oz) 1,497,749 Average grade processed (g/t Ag) 146 Recovery (%) 92.0 Boumadine Silver produced (oz) 244,875 Gold produced (oz) 4,300 Silver equivalent produced1 (oz) 536,879 Average grade processed (g/t Ag) 151 Average grade processed (g/t Au) 2.61 Consolidated Zgounder and Boumadine (oz AgEq) 2,034,628 1. The Company’s AgEq ounces for 2026 guidance at Boumadine are calculated using an 80:1 gold-to-silver (Au:Ag) ratio and assumed commodity prices of $50.00/oz silver and $4,000/oz gold, compared to an average realized ratio of approximately 68:1 during Q3-2026. Had the 80:1 ratio been applied during Q3-2026, reported AgEq production would have been approximately 52,011 ounces higher for the quarter. 2. Announced on November 19, 2025, the Boumadine pyrite reclaim operation is expected to be a limited duration of 20 to 24 months. 2.0Moz Record consolidated production 1.5Moz Record production at Zgounder 4,746tpd Mining processing rate 4,096tpd Record processing rate
Slide 15 — 2026 Guidance
15 2026 Guidance (IN US DOLLARS) Total production (Moz AgEq)1 6.2 – 6.8 Zgounder production Moz 5.2 – 5.8 Boumadine production (Moz AgEq)1 1.0 Zgounder avg cash cost3 $/oz Ag 21.50 Boumadine avg cash cost1,2,3 $/oz AgEq 10.10 Sustaining and growth capital investments $M 36 Exploration expenditures $M 60 PRODUCTION PROFILE AND OUTLOOK – 2020-2026E In Moz AgEq 5.0 6.2-6.8 0.5 1.5 2.5 3.5 4.5 5.5 6.5 2020 2021 2022 2023 2024 2025 2026E Boumadine Zgounder 1. AgEq ounces are at an 80:1 Au:Ag ratio. 2. Boumadine cash cost outlook is based on various assumptions and estimates, including, but not limited to: production volumes, commodity prices (2026 - Ag: $50.00/oz, Au: $4,000/oz) foreign currency exchange rates (2025 - CAD/USD:1.40, MAD/USD:9.00) and operating costs. 3. Non-GAAP measure. See our March 31, 2026 press release including detailed guidance, assumptions and definitions for non-GAAP measures.
Slide 16 — Exploration | Zgounder and Regional
Exploration | Zgounder and Regional 16 MOROCCO MARRAKESH OUARZAZATE RABAT CASABLANCA ALGERIA AGADIR BOUMADINE (AU-AG-PB-ZN) IMITER BIS (AG-AU-PB-ZN-CU) ZGOUNDER (AG) ERRACHIDIA Zagora Agadir Melloul Goulmim 1. See September 16, 2026 press release. 2026 Program ZGOUNDER NEAR-MINE DRILLING TARGET: 20,000 m • Focus: Underground exploration west of the Zgounder Fault and pit-adjacent programs. • Scope: Leverage AI and remote sensing results from 2025 plus detailed near-mine mapping. REGIONAL DRILLING TARGET: 10,000 m • Focus: Satellite deposits at Zgounder East, Iriri, Touchkal and Zgounder North. • Scope: Greenfield drilling, target generation, and regional geological mapping aim to expand the resource base and identify long-term growth opportunities. 2026 YTD Near-Mine Drilling1: 16,271 m (54%)
Slide 17 — Zgounder | At-depth Drilling of Near-Mine Permits
Zgounder | At-depth Drilling of Near-Mine Permits Discovery of a new mineralized zone located north of the current open-pit1 Drilling confirmed mineralization at depth at the granite contact outside of the current resource boundary. 4,489 g/t Ag over 6m 6,223 g/t Ag over 3.6m 3,794 g/t Ag over 10m 2,425 g/t Ag over 17m including 6,311 g/t Ag over 5.0m 1,001 g/t Ag over 28.0m including 2,787 g/t Ag over 7.0 m. 3,279 g/t Ag over 8.0m including 6,425 g/t Ag over 4.0m 5,297 g/t Ag over 4m 1. Refer to Aya’s news release dated January 7, 2025, January 26, 2026 and February 18, 2026. Recent Drilling Highlights2 17
Slide 18 — Zgounder Regional
Zgounder Regional Zgounder Regional1 Increased prospectivity of the Zgounder Regional Project. • 6 new permits acquired (Zgounder Nord) totaling 48km2 expand footprint to 378.8km², strengthening exploration pipeline. • Grab sample results have identified some high- grade grab Ag-Cu, and Au, along with many precious metal anomalies, indicating a strong mineralization potential within 20km from the Zgounder deposit • Ag-Cu anomalies in the northern and eastern regions are associated with intermediate to mafic units, while Au anomalies in the southwest correlate with strongly altered rocks Figure: Surface Map of Zgounder Property with New Exploration Licenses 1. Refer to Aya Gold & Silver’s June 26, 2025, and May 21, 2025. 2. Refer to Aya Gold & Silver’s June 29, 2023, and August 17, 2023 press releases. 18
Slide 19 — Low-Risk
19 Boumadine PEA | Compelling Development Opportunity Low-Risk Standalone Model based on Three Payable Concentrates Exceptional Economics Low-Capital Intensity and Rapid Payback Self-funded and Access to Non-dilutive Financing District-Scale Tier-1 Precious Metals Asset Significant Resource Growth Potential Proven Track Record in the Region Permitted with Mining License in Hand
Slide 20 — $3.5B
20 Boumadine PEA | Standing out on Value, Return & Capital Efficiency 1. Metal price assumptions used in the 2026 Updated PEA are as follows: $3,500/oz gold (prior $2,800), $50.00/oz silver (prior $30), US$1.37/lb Zn (prior $1.20/lb), and US$0.90/lb Pb (prior $1.00/lb). 2. AuEq production is based on the following formula: AuEq (oz) = Au (oz) + Ag (oz)* Ag price ($/oz)/Au price ($/oz) + Pb (t)* (Pb price ($/lb) / Au price ($/oz) )* 2204.62 + Zn (t) * (Zn price ($/lb) / Au price ($/oz))*2204.62 3. After-tax NPV to initial capex ratio. Refer to the “Non-IFRS and Other Financial Measures” in our September 9, 2026 press release. 4. Life of mine of 14 years. After-Tax IRR $3.5B After-Tax NPV5% 93% 7.6x Capital Efficiency Ratio3 $463M Initial Capex 348/271 koz AuEq1,2 Avg. annual production (yrs 1-5) / LOM 3.9 Moz AuEq LOM4 production $11.0B LOM Revenues $4.7B LOM Free cash flow
Slide 21 — Boumadine PEA | Significant Leverage to Precious Metal Prices
Boumadine PEA | Significant Leverage to Precious Metal Prices 1. NPV5% / Initial Capex 2. Refer to the “Non-IFRS and Other Financial Measures” section for more information, or in the Important Information section of this document. 3. Gold and silver prices at which NPV5% - After-Tax is equal to $0M. 4. Assumed Spot Prices as of September 3, 2026 21 AFTER-TAX UNITS BREAK-EVEN3 -25% BASE CASE SPOT PRICE4 UPSIDE Gold / Silver price $1,704 / $24 $2,625 / $38 $3,500 / $50 $4,472 / $67 $5,250 / $75 NPV5% $B - 1.8 3.5 5.5 6.7 IRR % - 57% 93% 128% 146% Payback yrs - 1.3 0.7 0.5 0.4 Capital Efficiency Ratio1,2 - - 3.9 7.6 11.9 14.6 Revenue (LOM) $B 5.4 8.2 11.0 14.2 16.2 EBITDA (LOM)2 $B 0.9 3.5 6.1 9.2 11.1 FCF-Unlevered (LOM)2 $B - 2.5 4.7 7.3 8.8
Slide 22 — Boumadine PEA | Production Profile
Boumadine PEA | Production Profile 1. Metal price assumptions used in the 2026 Updated PEA are as follows: $3,500/oz gold (prior $2,800), $50.00/oz silver (prior $30), US$1.37/lb Zn (prior $1.20/lb), and US$0.90/lb Pb (prior $1.00/lb). 2. AuEq production is based on the following formula: AuEq (oz) = Au (oz) + Ag (oz)* Ag price ($/oz)/Au price ($/oz) + Pb (t)* (Pb price ($/lb) / Au price ($/oz) )* 2204.62 + Zn (t) * (Zn price ($/lb) / Au price ($/oz))*2204.62 3. Refer to Appendix C - Non-IFRS and Other Financial Measures” in our September 9, 2026 press release. 22 0 100 200 300 400 500 600 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Production, Au-Eq ('000 oz/y) Year Au Ag Zn Pb Longer mine life, higher production and strong head grades, underpinned by industry-low AISC3 Avg. grade: 4.11 g/t AuEq (Y1-Y5) Avg. grade: 3.10 g/t AuEq (LOM) 1,740 koz / 3,889 koz Total Production (AuEq koz)1,2 Yrs 1-5 / LOM 348 koz / 271 koz Avg. Annual Production (AuEq koz)1,2 Yrs 1-5 / LOM $998 / $1,169 Cash Costs3 $/oz AuEq Yrs 1-5 / LOM $1,105 / $1,300 AISC3 $/oz AuEq Yrs 1-5 / LOM
Slide 23 — Boumadine PEA / District Land Position
The Boumadine Property is located in the Province of Errachidia, in the Anti-Atlas Mountains in the Kingdom of Morocco, ~220 km east of the City of Ouarzazate and 70 km southwest of the City of Errachidia Boumadine PEA / District Land Position Land Package 339 km2 31 Permits and Licenses 32 km2 of Land 1 Mining License BASIS FOR CURRENT PEA The PEA captures only a portion of Boumadine’s main trend Exploration Authorization 600 km2 23
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Slide 28 — Boumadine PEA | 2026 Mineral Resource Estimate
Cutoff NSR US$/t Tonnes (kt) Average Grade Contained Metal Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) AuEq (g/t) Ag (koz) Au (koz) Cu (kt) Pb (kt) Zn (kt) AuEq (koz) Pit-constrained Indicated 60 6,639 115.5 2.2 0.10 0.96 2.21 4.2 24,653 463 6 64 147 896 Inferred 60 19,497 57.8 2.0 0.07 0.62 1.54 3.2 36,218 1,280 14 120 301 2,011 Underground Indicated 110 1,943 143.0 1.1 0.06 1.19 2.11 3.4 8,931 69 1 23 41 214 Inferred 110 25,868 56.0 1.6 0.08 0.56 1.17 2.7 46,605 1,372 21 145 303 2,249 Total Indicated 60/110 8,582 121.7 1.9 0.09 1.01 2.19 4.0 33,585 532 8 87 188 1,110 Inferred 60/110 45,365 56.8 1.8 0.08 0.58 1.33 2.9 82,823 2,653 35 265 604 4,260 Boumadine PEA | 2026 Mineral Resource Estimate Mineral Resource Statement for the Boumadine Project, Morocco, as at an effective date of February 28, 2026 (1-13) 1. The Mineral Resources have an effective date of February 28, 2026. Mr. Guy Dishaw, P.Geo., is the Qualified Person (“QP”) responsible for the Mineral Resource Estimate in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves (2014) and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mr. Dishaw is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan. 2. The Mineral Resource Estimate was prepared by a team of consultants from SRK under the supervision of the QP. 3. Mineral Resources are reported in situ and undiluted and are constrained within the Boumadine Mining Licence. 4. Mineral Resources have been depleted to reflect SRK's current understanding of historical underground mining completed up to mine closure in 1992 and surface artisanal workings. 5. Commodity prices of US$2,800/oz Au, US$30/oz Ag, US$4.60/lb Cu, US$1.00/lb Pb and US$1.20/lb Zn were used to establish reasonable prospects for eventual economic extraction. 6. The NSR was calculated as: NSR (US$/t) = (Pb (%) × 12.87) + (Zn (%) × 14.12) + (Au (g/t) × 70.27) + (Ag (g/t) × 0.75) + (Cu (%) × 66.95) −6.75. 7. Gold equivalent (AuEq) grades are based solely on metal prices and metallurgical recoveries and do not incorporate the full range of factors included in the NSR calculation, including treatment charges, payabilities, penalties, royalties and other smelter charges. Consequently, equivalent grades were not used for optimization or application of reporting cut-offs and are provided for reference only. 8. AuEq = Au (g/t) + (Ag (g/t) × Ag price/gram × Ag recovery) / (Au price/gram × Au recovery) + Zn (%) × Zn price/lb × Zn recovery / (Au price/gram × Au recovery) × 685.7147973 + Pb (%) × Pb price/lb × Pb recovery / (Au price/gram × Au recovery) × 685.7147973 + Cu (%) × Cu price/lb × Cu recovery / (Au price/gram × Au recovery) × 685.7147973. 9. Open-pit Mineral Resources are reported within an optimized pit shell using a rounded NSR cut-off value of US$60/t. The optimization and reporting assumptions include ore mining costs of US$2.0/t, waste mining costs of US$1.5/t, drilling and blasting costs (grade control) US$1.1/t, US$2.0/t surface haulage and rehandling costs, processing and shipping costs of US$49/t, G&A costs of US$6/t and an overall pit slope angle of 47°. 10. Underground Mineral Resources are reported using a rounded NSR cut-off value of US$110/t, based on total underground mining costs of US$55.6/t, processing and shipping costs of US$48.9/t and G&A costs of US$6.7/t. The underground Mineral Resources demonstrate sufficient continuity and reasonable prospects for eventual economic extraction using long-hole underground mining methods. Reporting shapes apply a minimum true mining width of 1.5 m, with isolated or discontinuous volumes considered unlikely to support potential underground extraction excluded from the reported Mineral Resource. 11. 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. 12. The QP is unaware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that could materially affect the Mineral Resource Estimate. 13. Tonnages are reported in metric units and grades are reported in grams per tonne (g/t) for Au and Ag and percent (%) for Cu, Pb and Zn. Tonnages, grades and contained metal quantities have been rounded appropriately. Rounding may result in apparent differences between totals and the sums of individual values; such differences are not considered material.
Slide 29 — Boumadine PEA | Updated 2026 Mineral Resource
3.7 4.2 4.3 0.4 0.8 1.1 2024 MRE 2025 MRE 2026 MRE Inferred Indicated Boumadine PEA | Updated 2026 Mineral Resource 29 February 2025 Updated Mireral Resource Estimate Excludes 2025 drilling campaign of 140,000 m Contained Metal in Moz AuEq INDICATED +68% 2-YR CAGR 1. The 2024 MRE: Effective date April 16, 20 2. The 2025 MRE: Effective date February 24, 225 3. The 2026 MRE: Effective date February 28, 2026 4. AuEq = Au (g/t) + (Ag (g/t) × Ag price/gram × Ag recovery) / (Au price/gram × Au recovery) + Zn (%) × Zn price/lb × Zn recovery / (Au price/gram × Au recovery) × 685.7147973 + Pb (%) × Pb price/lb × Pb recovery / (Au price/gram × Au recovery) × 685.7147973 + Cu (%) × Cu price/lb × Cu recovery / (Au price/gram × Au recovery) × 685.7147973. 5. 2024 MRE assumes prices of $1,900/oz Au, $21/oz Ag, $1.20/lb Zn, $1.00/lb Pb, and $4.00/lb Cu 6. 2025 MRE assumes prices of $2,200/oz Au, $24/oz Ag, $1.20/lb Zn, $1.00/lb Pb, and $4.00/lb Cu 7. 2026 MRE assumes prices of $2,800/oz Au, $30/oz Ag, $1.20/lb Zn, $1.00/lb Pb, and $4.60/lb Cu. MRE GROWTH & CONVERSION TO M&I RESOURCES 2026 MRE includes 320,000 m to date 1,4,5 2,4,6 3,4,7 The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized.
Slide 30 — Boumadine PEA | Mine Design
Boumadine PEA | Mine Design • Open pit 54% / Underground 46% • Open pit mining includes 6 pits • Mining sequence: High grade material processed Y1-Y5 • Open pit strip ratio 21:1 • Underground production: Starting in Y3 South Pit Center Pit North Pits 30
Slide 31 — Highly Capital Efficient Project | Capex Intensity Ratio of 7.6
Highly Capital Efficient Project | Capex Intensity Ratio of 7.6 HIGHLIGHTS / KEY ASSUMPTIONS • Initial capital invested over two years, including stripping of open pit • Underground spend included in growth/sustaining capex in Years 2–3 post-production. • Conservative contingency of 27% of direct & indirect initial CAPEX LOW INITIAL CAPEX of $463M 1. FX assumptions: 1 USD = 1.35 CAD, 1 USD = 9.5 MAD, and 1 USD = 0.87 EUR. 31 Capital Expenditures ($M) Initial Sustaining Total Direct Costs 299 507 806 Open Pit Mining 52 59 112 Underground Mining 0 407 407 Processing Plant 175 0 175 Shipping Infrastructure 11 0 11 Electrical Line 18 0 18 Raw Water Supply 33 0 33 Tailings Storage Facility 9 30 40 TSF Closure Costs 0 11 11 Indirect Costs 65 0 65 Subtotal 364 507 871 Contingency 99 0 99 Total 463 507 970
Slide 32 — Industry Leading Operating Costs
Industry Leading Operating Costs Operating Costs Year 1-5 LOM Cost per tonne milled Mining (underground and open pit) $/t milled 51 44 Processing $/t milled 18 18 G&A $/t milled 6 5 TSF and Water $/t milled 0.5 0.5 Total On-site Operating Costs $/t milled 76 68 Product shipping $/t milled 39 34 Royalties $/t milled 11 8 Mining Tax $/t milled 0.3 0.3 Total Cash Cost $/t milled 125 110 OP Sustaining Capital $/t milled 3 1 UG Sustaining Capital $/t milled 9 10 TSF Sustaining Capital $/t milled 1 1 Total Costs including Sustaining $/t milled 139 123 Operating Cost per Ounce Total Cash Costs1,2 $/oz AuEq 998 1,169 Total AISC1,2 $/oz AuEq 1,105 1,300 1. Refer to the “Non-IFRS and Other Financial Measures” section for more information. LOW AISC $1,300/oz AuEq (LOM AVG.) Cash Cost Breakdown 32 Mining 40% Process Plant 16% G&A 5% TSF & Water 1% Transportation 31% Royalties 7% Mining Tax 0.3%
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Slide 34 — Boumadine PEA | Mill Flowsheet
Boumadine PEA | Mill Flowsheet ZINC FLOTATION LEAD FLOTATION PYRITE FLOTATION SAG MILL BALL MILL TAILINGS THICKENER PYRITE CONCENTRATE THICKENER ZINC CONCENTRATE THICKENER LEAD CONCENTRATE THICKENER GRINDING CYCLONES TAILINGS STORAGE FACILITY JAW CRUSHER CRUSHED ROCK STOCKPILE LEAD CONCENTRATE FILTER ZINC CONCENTRATE FILTER PYRITE CONCENTRATE FILTERS LEAD CONCENTRATE ZINC CONCENTRATE PYRITE CONCENTRATE Processing of mineralized material using conventional crushing, grinding, and flotation to produce separate Lead, Zinc, and Pyrite concentrates 34
Slide 35 — Boumadine PEA | Metallurgy & Processing
Simple, scalable processing flowsheet Crushing, grinding and three flotations circuits to produce separate, salable concentrates of zinc, lead, and pyrite Prioritizing higher feed grades to the mill during the initial years Production during the first five years averages approx. 348 koz AuEq annually. Excellent metallurgical performance Extensive test work (2018–2025) confirm excellent flotation recoveries Flotation demonstrates strong recoveries and concentrates quality Complementary roaster opportunity Boumadine PEA | Metallurgy & Processing 35 Gold (g/t) Silver (g/t) Zinc (%) Lead (%) AuEq LOM Average (g/t) Grade Year 1-5 2.05 101.6 2.04 0.87 4.11 Grade LOM 1.77 63.5 1.37 0.58 3.10 Recovery (%) 96.1 96.4 74.7 82.0 n.a. Select Processing Metrics Processing Throughput (LOM) Mt/y 2.9 Avg. Processing Rate tpd 8,000 Total Tonnes Milled (LOM) Mt 41.2 High recoveries, conventional processing, and multiple commercialization pathways positions Boumadine as a technically sound and highly economic development project
Slide 36 — Boumadine PEA | Revenue Model (Concentrates)
Boumadine PEA | Revenue Model (Concentrates) Revenue based on production of three gold- and silver- bearing concentrates: Lead, Zinc and Pyrite Favorable market fundamentals for saleable concentrate Strong Market Interest and Payables Established Multiple traders have expressed firm interest in purchasing lead, zinc, and pyrite concentrates. Based on received offers, the following payables have been set for the PEA financial model. 36 2026 PEA Payability 2025 PEA Payability Change Gold Equivalent 83% 73% 10 pts Total payable in AuEq equivalent of 83%, +10 pts vs. 2025 PEA
Slide 37 — Infrastructure | Building on Established Strengths
Bouarfa Taourirte Boumadine Oujda Marrakech Railway Road Production sites Transshipment hub Potential export ports Meknès Agadir Port Safi Atlantique Port Tanger Port Casablanca Port Jorf Lasfar Port Nador West Port Boumadie Reclaim Operation Infrastructure | Building on Established Strengths Strong existing infrastructure within the region • Water Supply: Study completed, with supply plan in place. Construction of pumping stations and pipeline required. • Power Supply: National grid available; utility confirmed capacity, with 72 km powerline to be constructed. • Logistics: Multiple options assessed, including road and rail to Boumadine; base case assumes contractor-operated road haulage to Nador-West Port. • Tailings Facility: ~24 Mt capacity, fully lined and phased downstream construction, aligned with GISTM. • On-site construction: New plant, workshops, warehouses, offices, and infrastructure. Location: Accessible via Errachidia International Airport (to Casablanca) and road from Marrakech (~420 km). 37
Slide 38 — Project Timeline | Next Steps
Project Timeline | Next Steps • Exploration Program: A 400,000 m drilling campaign is underway, planned to be completed by the end of 2027. With 360,000 m focused on Mineral Resource definition, with the objective of converting inferred Mineral Resources into indicated Mineral Resources required for the feasibility study and 40,000 m for step out drilling and exploration. • Advancing Feasibility Study: The study is well underway, with all the main engineering contracts in place, with a targeted completion and public disclosure by H2-2027. • Environmental and Social Assessment Work on the Environment and Social Impact Assessment (“ESIA”) continues to advance, with the ESIA expected to be completed along with the feasibility study. 38
Slide 39 — 200,000m target (part of a 400,000m multi-year drill program)
39 2026 | Focused on Execution ACCELERATING BOUMADINE DEVELOPMENT Early earthworks, late 2026–Q1 2027 — ahead of H2 FS, scale-up from base case • Finalize offtake agreements (payabilities) • Finalize ESIA & trade-off optimization • Finalize mining, processing & water studies • Finalize logistics 2026 DRILLING OBJECTIVE 200,000m target (part of a 400,000m multi-year drill program) • 102,111m YTD of 200,000m (51% complete) • In-fill 180,000m — converting inferred →M&I & reserves / growing the MRE • Regional Drill Program: 20,000m, in addition to adjacent permits and land acquisition opportunities
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Slide 41 — Boumadine PEA | Key Takeaways
41 Boumadine PEA | Key Takeaways $3.5B / 93% $1,105 / $1,300 $463M 7.6x NPV:Capex BY YE 2026 Early works H2-2027 Updated FS 7 yrs Exploration to production Mining license in hand 1. Base case metal price assumptions used in the 2026 Updated PEA are as follows: $3,500/oz gold (prior $2,800), $50.00/oz silver (prior $30), US$1.37/lb Zn (prior $1.20/lb), and US$0.90/lb Pb (prior $1.00/lb). 2. AuEq production is based on the following formula: AuEq (oz) = Au (oz) + Ag (oz)* Ag price ($/oz)/Au price ($/oz) + Pb (t)* (Pb price ($/lb) / Au price ($/oz) )* 2204.62 + Zn (t) * (Zn price ($/lb) / Au price ($/oz))*2204.62 3. See Appendix C - Non-IFRS and Other Financial Measures. DISTRICT-SCALE PRECIOUS METALS OPPORTUNITY WITH STRONGER ECONOMICS, REDUCED EXECUTION RISK AND A CLEAR PATH TO PRODUCTION. ACCELERATING PROJECT DEVELOPMENT DELIVERED UPDATED PEA1 Permitting Yrs 1-5 / LOM AISC ($/OZ AuEq)3 INITIAL CAPEX AVG. ANNUAL PRODUCTION (AuEq)2 348 / 271 Koz Yrs 1-5 / LOM AFTER-TAX NPV5% / IRR
Slide 42 — Investment Opportunity & Path Forward
2026E Avg. '30–34E Zgounder Boumadine $268 $1,108 $853 $255 4.1x Boumadine adds ~US$853M of average annual FCF at full run-rate 1. Based on an implied market capitalization of ~US$4.4Bn, derived from 2026E FCF of US$268M at the 6.11% FCF yield disclosed at a share price of C$40.27. FCF yield calculated as levered FCF divided by market capitalization; assumes no change in shares outstanding or market capitalization. 2. FCF adjusted for 2025A corporate costs of US$26M. Boumadine FCF based on the latest available technical report at spot prices of US$4,500/oz Au and US$66.90/oz Ag, reflecting the average of Years 1-5. Zgounder FCF estimated using technical report payable silver production and the margin between US$66.90/oz Ag and 2025A AISC. CAGR calculated to 2032E, the midpoint of the 2030-2034E period. Source: Desjardins Capital Markets, FactSet and company filings as of September 18, 2026; company disclosure, March and July 2026. Please refer to the “Third-Party Sources” section of our Forward-Looking Information section for qualifying language regarding information provided by third parties. Investment Opportunity & Path Forward Boumadine's ramp-up takes Group free cash flow from US$268M to US$1.1B — a step-change not reflected in the current market capitalization 42 25.3% '30–34E FCF Yield on Current Market Cap¹ 4.1x FCF Growth 2026E →Avg. '30–34E From single-asset silver producer to a premier precious metals platform in Morocco FCF TRAJECTORY AT SPOT PRICE (US$M)² 5.4% 10.2% Current: 6.11% Aya Peer INVESTMENT HIGHLIGHTS 1 Two-Asset Growth Platform 2 De-Risked Morocco Base 3 Resource Growth Optionality PEER 2027E FCF YIELD(1)(2)
Slide 43 — 1320 GRAHAM, SUITE 132
TSX: AYA | NASDAQ: AYA 43 1320 GRAHAM, SUITE 132 MONT-ROYAL, QC H3P 3C8 BENOIT LA SALLE: [email protected] ALEX BALL: [email protected] www.ayagoldsilver.com | [email protected] TSX: AYA | NASDAQ: AYA
Slide 44 — Supplementary Slides
TSX: AYA | NASDAQ: AYA 44 Supplementary Slides
Slide 45 — Boumadine | Production Stage Benchmarking
644 580 500 435 414 405 348 344 298 278 271 266 263 260 193 185 180 Average: 350 Kibali Boddington Fruta Del Norte Morelos Cote Fekola Complex Boumadine (Year 1-5) Loulo Gounkoto Buritica Blackwater Boumadine LOM Obuasi Greenstone Brucejack Lamaque Goose King of the Hills $590 $975 $1,105 $1,140 $1,260 $1,300 $1,400 $1,630 $1,850 $1,950 $1,951 $2,026 $2,050 $2,085 $2,745 $2,770 $2,820 Average: $1,816 Buritica Blackwater Boumadine (Year 1-5) Fruta Del Norte Lamaque Boumadine LOM Kibali Boddington Cote Greenstone King of the Hills Obuasi Morelos Brucejack Fekola Complex Loulo Gounkoto Goose (3) Boumadine | Production Stage Benchmarking 1. Production is oz Au; AISC is presented on a by-product basis 2. Metal produced in concentrate 3. 2025A 4. 2026A 5. 2026E AISC sourced from S&P Capital IQ 2026E PRODUCTION (KOZ AUEQ) 2026E CO-PRODUCT AISC (US$/OZ AUEQ) Note: AuEq calculated using metal prices of US$3,500/oz Au, US$50.00/oz Ag, US$4.60/lb Cu, US$1.37/lb Zn and US$0.90/lb Pb Note: All figures shown on a 100% basis, per company guidance Note: Averages exclude Boumadine Source: FactSet and company filings, as of August 31, 2026 (5) (3) (1) (1) (4) (4) (2) (1) (3) (2)
Slide 46 — Boumadine | Development Stage Benchmarking
351 350 348 340 320 303 296 273 271 251 223 217 190 148 Average: 272 Omai Oko West Boumadine (Year 1-5) Rogue Eskay Creek Spring Valley Stibnite Tower Boumadine LOM Troilus Kone Coffee Cariboo Diablillos $687 $833 $844 $998 $1,103 $1,105 $1,123 $1,157 $1,300 $1,321 $1,386 $1,399 $1,537 $1,608 Average: $1,166 Eskay Creek Stibnite Rogue Kone Spring Valley Boumadine (Year 1-5) Oko West Cariboo Boumadine LOM Troilus Coffee Diablillos Tower Omai Boumadine | Development Stage Benchmarking 1. Metal produced in concentrate 2. Production is oz Au; AISC is presented on a by-product basis 3. Average over the first 21 years Note: AuEq calculated using metal prices of US$3,500/oz Au, US$50.00/oz Ag, US$4.60/lb Cu, US$1.37/lb Zn and US$0.90/lb Pb LOM AVERAGE ANNUAL PRODUCTION (KOZ AUEQ) LOM AVERAGE ANNUAL CO-PRODUCT AISC (US$/OZ AUEQ) Note: All figures shown on a 100% basis, per latest available technical report Note: Averages exclude Boumadine Source: FactSet and company filings, as of August 31, 2026 (2) (2) (1) (2)(3) (2)(3) (1)
Slide 47 — Boumadine | Development Stage Benchmarking
7.6x 4.2x 3.0x 2.8x 2.8x 2.2x 2.1x 2.0x 1.8x 1.5x 1.3x 1.1x 0.7x Average: 2.1x Boumadine Diablillos Coffee Omai Eskay Creek Troilus Oko West Rogue Spring Valley Kone Stibnite Cariboo Tower 20.6x 14.7x 10.0x 7.4x 7.2x 6.6x 6.3x 6.2x 5.6x 4.4x 4.2x 3.6x 3.3x Average: 6.6x Boumadine Diablillos Eskay Creek Rogue Troilus Coffee Stibnite Kone Spring Valley Omai Oko West Cariboo Tower Boumadine | Development Stage Benchmarking Note: All figures shown on a 100% basis, per latest available technical report Note: Averages exclude Boumadine Source: FactSet and company filings, as of August 31, 2026 NPV/CAPEX LOM/POST-TAX PAYBACK PERIOD
Slide 48 — Boumadine | Development Stage Benchmarking
Boumadine | Development Stage Benchmarking 1. Metal produced in concentrate Note: AuEq calculated using metal prices of US$3,500/oz Au, US$50.00/oz Ag, US$4.60/lb Cu, US$1.37/lb Zn and US$0.90/lb Pb Note: All figures shown on a 100% basis, per latest available technical report Source: FactSet and company filings, as of August 31, 2026 AVERAGE ANNUAL PRODUCTION (KOZ AUEQ) VS. CAPITAL INTENSITY (US$/OZ AUEQ) Initial CapEx US$400M US$2B Stibnite Kone Boumadine(1) (Yr 1-5) Oko West Coffee Cariboo Tower Troilus Rogue Eskay Creek Spring Valley Omai Diablillos Boumadine(1) LOM $-- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 100 150 200 250 300 350 400 Capex (US$) / Avg. Annual prod. (oz AuEq) Average Annual Production (Koz AuEq)
Slide 49 — Aya Gold & Silver | Experienced Board of Directors
49 Aya Gold & Silver | Experienced Board of Directors Benoit La Salle, FCPA, MBA President & CEO, Director Benoit has over 30 years of experience developing and operating mining projects in West Africa. He founded SEMAFO Inc. in 1995 and grew it into a significant gold producer. He has held leadership, board, investor, and stakeholder roles across mining, energy, and clean-tech companies. Ghislane Guedira Chair and Director (Independent) Ghislane is a finance executive with experience across energy, mining, and advisory. She is currently the CEO of A.P. Moller Capital Morocco. She previously held senior roles at OCP Group, including CFO. She is Founder of Amplitude Conseil and has held leadership roles at Al Mada, Winxo, and Arthur Andersen. Annie Torkia Lagacé Director (Independent) Annie is a senior executive with over 20 years of legal and financial experience in mining and industrial sectors. She serves as Chief Legal Officer of IAMGOLD and previously held executive roles at Bombardier and Stornoway Diamonds. She holds law degrees and an EMBA. Yves Grou, CPA, CA Director (Independent) Yves is a finance executive with over 40 years of experience. He co-founded GLA in 1980 and, as partner led numerous transactions across multiple sectors. He holds a Bachelor of Commerce from McGill University and is a member of the Québec Institute of Chartered Professional Accountants. Eloïse Martin Director (Independent) Eloïse is a finance executive with over 15 years of experience in capital structuring across energy and natural resources. Currently, Ms. Martin is the Head of Project Finance for Ivanhoe Mines Ltd. Prior she was advising metals and mining companies on M&A and corporate finance. John Burzynski Director (Independent) John is a geologist with over 35 years of global mining experience. He currently serves as Chairman and Director of Osisko Metals. He is a co-founder of Osisko Mining, where he led the discovery, development, and sale of the Windfall Gold Project and other major transactions. He is a registered Québec P.Geo. Krystal Ramsden Director (Independent) Krystal is a mining engineer and investment professional with a PhD in International Affairs and 20 years of experience in metals, mining, and energy. She is Founding Partner and Head of Research at Extract Capital, where she led capital markets analysis of mining and energy investments. Yves Bonin Director (Independent) Yves is a finance and audit executive with over 30 years of experience. He is Executive Vice-President and CFO of COFOMO and a former PwC Partner (1998–2024). He has extensive expertise in IFRS, M&A, and financial reporting and holds senior advisory and board roles across multiple industries.
Slide 50 — 2020
Aya | Our History 2012 Zgounder mining permit filed 2014 Zgounder first silver pour 2020 New management appointed Operational turnaround announced +2,000 tpd Zgounder expansion feasibility study launched Imiter bis, Amizmiz, Azegour projects acquired 2009–2011 Boumadine acquired 2013 Zgounder flotation plant commissioned bringing production capacity to 700tpd 2019 Construction of Zgounder expansion / Extensive drilling program completed 2022-2024 2025 Zgounder: ramp-up completed / updated MRE and mine plant published Boumadine: initial PEA published TR = Technical report 50 Nasdaq listing May 2026
Slide 51 — Zgounder | Top Silver Intercepts Globally
Zgounder reported 3 out of the top 10 and 15 out of the top 50 global silver intersections of 2020-2024 YTD¹ • 21.6m @ 3,956 g/t Ag • 14.4m @ 4,101 g/t Ag • 9.6m @ 5,691 g/t Ag • 14.4m @ 3,043 g/t Ag • 27.0m @ 1,611 g/t Ag 1. Source: Desjardins Capital Markets, S&P Global Market Intelligence Zgounder | Top Silver Intercepts Globally 118,399 85,450 80,762 77,683 69,147 65,930 64,287 61,298 59,054 54,634 53,875 51,188 45,575 44,599 44,219 43,819 43,497 42,343 42,309 41,841 41,421 41,276 40,028 39,010 38,915 37,766 37,384 37,350 35,904 35,597 35,572 35,498 34,240 33,864 33,771 33,618 32,981 31,846 31,549 31,293 30,763 30,660 30,150 30,102 29,457 29,329 29,265 29,038 29,004 28,753 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 130,000 Los Ricos, 1 Zgounder, 2 Elizabeth Hill, 3 Filo del Sol, 4 La Colorada, 5 Breccia, 6 Diablillos, 7 Diablillos, 8 Zgounder, 9 Zgounder, 10 KSK, 11 Greater Cobalt, 12 Hycroft, 13 Diablillos, 14 La Colorada, 15 Zgounder, 16 Zgounder, 17 Diablillos, 18 Galena Complex, 19 Zgounder, 20 La Colorada, 21 Keno Hill, 22 Diablillos, 23 Los Ricos, 24 Filo del Sol, 25 Zgounder, 26 Zgounder, 27 Zgounder, 28 Zgounder, 29 Zgounder, 30 Conserrat, 31 Kliyul, 32 Keno Hill, 33 Elizabeth Hill, 34 Elizabeth Hill, 35 Carangas, 36 Los Ricos, 37 Castle, 38 Las Chispas, 39 San Marcial, 40 Zgounder, 41 Diablillos, 42 Zgounder, 43 Diablillos, 44 Carangas, 45 Silver Sand, 46 Los Ricos, 47 Castle, 48 Zgounder, 49 Diablillos, 50 Intercept grade-thickness (Ag gram-metres) Top 50 global primary silver intercepts 2020-2024 YTD, ranked by Ag grade- thickness1 51
Slide 52 — Boumadine PEA | Strong Project Economics
Boumadine PEA | Strong Project Economics 1. Metal price assumptions used in the 2026 Updated PEA are as follows: $3,500/oz gold (prior $2,800), $50.00/oz silver (prior $30), US$1.37/lb Zn (prior $1.20/lb), and US$0.90/lb Pb (prior $1.00/lb). 2. AuEq production is based on the following formula: AuEq (oz) = Au (oz) + Ag (oz)* Ag price ($/oz)/Au price ($/oz) + Pb (t)* (Pb price ($/lb) / Au price ($/oz) )* 2204.62 + Zn (t) * (Zn price ($/lb) / Au price ($/oz))*2204.62 3. After-tax NPV to initial capex ratio. Refer Appendix C - Non-IFRS and Other Financial Measures. 52 AFTER-TAX UNITS 2026 PEA 2025 PEA CHANGE Gold / Silver price $3,500 / $50 $2,800 / $30 NPV5% $B 3.5 1.5 140% IRR % 93% 47% 46 pts Payback yrs 0.7 2.1 -1.4 Capex yrs 463 446 4% Capital Efficiency Ratio3 7.6 3.3 4.3 Processed Tonnage Mt 41.2 31.1 33% LOM processed grade g/t AuEq 3.10 3.85 -19% Mine Life yrs 14 11 3 LOM AuEq production 1,2 Moz 3.9 3.6 7% LOM Ag production Moz 81.2 69.9 16% LOM Au production Moz 2.3 2.3 -4% LOM average metal payability % 83% 73% 10 pts 2026 PEA Highlights Updated metal price assumptions Higher payable metal production Extended mine life to 14 year 16% higher silver production over life of mine
Slide 53 — Boumadine PEA | Mine Schedule
Boumadine PEA | Mine Schedule 53 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 OP Mined tonnage (kt) UG Mined tonnage (kt) Yr-0 Yr-1 Yr-2 Yr-3 Yr-4 Yr-5 Yr-6 Yr-7 Yr-8 Yr-9 Yr-10 Yr-11 Yr-12 Yr-13 Yr-14 Yr-15 OP Mined tonnage (kt) 1,333 2,504 1,811 2,258 3,426 1,978 2,383 853 1,208 2,726 1,874 Open Pit Mined grade (AuEq (g/t)) 3.82 4.67 2.92 3.96 4.84 2.84 3.07 2.08 2.37 3.16 4.68 UG Mined tonnage (kt) 567 825 1,472 1,518 1,875 1,845 2,000 1,936 2,000 2,000 2,000 857 UG mined grade (AuEq (g/t)) 3.30 2.99 2.68 2.42 2.37 2.44 2.46 2.06 2.25 2.30 2.22 2.12 0 Mill Feed tonnage (kt) 2,190 2,920 2,920 2,920 2,920 2,920 2,920 2,920 2,920 2,920 2,920 2,920 2,920 2,920 1,099 Mill Feed grade (AuEq (g/t)) 5.33 3.28 3.73 5.09 3.44 3.32 2.28 2.45 3.42 3.95 2.08 2.10 2.02 1.90 1.87 AuEq production (oz) 354 292 333 454 307 295 203 217 303 351 185 186 179 167 62
Slide 54 — Appendix
TSX: AYA | NASDAQ: AYA 54 Appendix
Slide 55 — Appendix A | Technical Reports
55 Boumadine Project The 2026 PEA is based on the updated Mineral Resource Estimate for the Project, effective February 28, 2026. The complete NI 43-101 technical report supporting the 2026 PEA will be filed within 45 days of the Company’s September 9, 2026 press release, and will be available on Aya's website, on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.com). The 2025 PEA was based on the updated mineral resource estimate for the Project, effective as of February 24, 2025, disclosed in a technical report titled “Preliminary Economic Assessment for the Boumadine Polymetalic Project, Kingdom of Morocco” with an effective date November 4, 2025, and filed on SEDAR+ on December 18, 2025. The key assumptions, parameters and methods used to estimate the mineral resource estimate for the Boumadine Project 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 reports. The preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. Zgounder Silver Mine The Zgounder technical report for the Zgounder project titled “Technical Report – Updated Mineral Resource and Mineral Reserves Estimate of the Zgounder Silver Mine Operation, Kingdom of Morocco” dated as of December 16, 2025, and filed on SEDAR+ as of such date, is based on a mineral resource estimate as of June 30, 2025, and a mineral reserve estimate as of September 30, 2025. The key assumptions, parameters and methods used to estimate the mineral 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. Appendix A | Technical Reports
Slide 56 — Appendix B | Zgounder Mineral Resources and Reserves
56 Appendix B | Zgounder Mineral Resources and Reserves Mineral Reserve estimate for Zgounder operation, as of September 30, 2025 Cut-off Ag (g/t) Classification Tonnes (kt) Ag (g/t) Metal (koz) Stockpile N/A Proven 160 134 690 In-Pit Reserves 40 Proven 11,750 137 51,800 40 Probable 1,220 133 5,200 UG Reserves 90 Proven 180 207 1,200 90 Probable 2,390 189 14,500 Total 40/90 Proven 12,090 138 53,690 40/90 Probable 3,610 170 19,700 Total P&P 40/90 P&P 15,700 145 73,390 Mineral Resource Estimate for the Zgounder deposit as of June 30, 2025. RPEEE Cut-off Ag (g/t) Classification Tonnes (kt) Ag (g/t) Metal (koz) Pit Constrained 40 Measured 13,820 144 64,140 40 Indicated 2,150 131 9,070 40 Inferred 56 190 350 Out-of-Pit 90 Measured 324 280 2,912 90 Indicated 2,640 284 24,100 90 Inferred 360 360 4,200 Total 40/90 Measured 14,150 147 67,050 40/90 Indicated 4,790 216 33,200 40/90 Inferred 410 340 4,500 Notes: 1. Mineral Reserves have been estimated by Aya Gold & Silver Technical Service team, under the supervision of Patrick Pérez, P.Eng, full-time employee of Aya Gold & Silver and Qualified Person as defined by National Instrument 43-101. The estimate conforms to the CIM Definition Standards for Mineral Resources and Mineral Reserves. 2. Mineral Reserves have been estimated using metal price assumption of $26/oz for silver 3. Open-pit Mineral Reserves are reported at a cut-off grade of 40 g/t Ag, and underground Mineral Reserves are reported at a cut-off grade of 90 g/t Ag. 4. Cut-off calculations assume a processing and general & administration cost of $25.25/t, a metallurgical recovery of 90%, throughput of 1.4Mt per year, open-pit ore mining cost of $4.19/t, underground mining cost of $40/t, and an exchange rate of 9.5 MAD:US. 5. Numbers may not add-up due to rounding Notes: 1. Mineral Resource Estimate for Zgounder as at June 30, 2025. 2. The Mineral Resource is reported in compliance with NI 43-101 and classified in accordance with CIM guidelines. 3. 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, sociopolitical, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves. 4. Mineral Resources are reported inclusive of Mineral Reserves. 5. A silver price of $28/oz with a process recovery of 90%, and a rock processing cost of $25/t inclusive of G&A were assumed. 6. The constraining pit optimization parameters were 50º pit slopes with a 40 g/t Ag cut-off. 7. The out-of-pit Mineral Resource grade blocks were quantified above a 90 g/t Ag cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the cut-and-fill underground mining method. 8. Mining costs are estimated at $2.00/t of waste and $6.80/t of ore, with a mining dilution factor of 5%. 9. The Mineral Resource is reported at an in-pit cut-off of 40 g/t Ag and an out of pit cut-off of 90 g/t Ag. 10.A 3% royalty applies. 11.Mineral Resources have been rounded to reflect their confidence. 12.Totals may vary due to rounding. The information below refers to the Zgounder technical report for the Zgounder project titled “Technical Report – Updated Mineral Resource and Mineral Reserves Estimate of the Zgounder Silver Mine Operation, Kingdom of Morocco” dated as of December 16, 2025, and filed on SEDAR+ as of such date, is based on a mineral resource estimate as of June 30, 2025, and a mineral reserve estimate as of September 30, 2025.
Slide 57 — Appendix C | Non-IFRS Measures and Other Financial Measures
57 This document includes certain performance measures commonly used in the mining industry that are not defined under IFRS. These measures do not have any standardized meaning under IFRS and may not be comparable to similar measures used by other companies. They are provided to assist readers in evaluating the Company's performance and should not be considered in isolation or as a substitute for IFRS measures. The non-IFRS financial measures and non-IFRS financial ratios used in this document and common to the mining industry are defined below: All-in Sustaining Costs and All-in Sustaining Costs Per Ounce-of-Gold-Equivalent Produced AISC is a non-IFRS financial measure. AISC reported in the 2026 PEA is calculated as Cash Costs (as described below) plus sustaining capital expenditures, including closure costs, divided by the quantity of ounces equivalent produced, but excludes corporate general and administrative costs, income taxes, and financing costs. AISC presented on a per-ounce-of-gold-equivalent- produced basis is a non-IFRS financial ratio and is based on the metal prices assumed in the 2026 PEA. These measures capture the important components of the Project's anticipated production and related costs and are used to indicate anticipated cost performance of the Project's operations. Cash Costs, Cash Costs Per Tonne Milled and Cash Costs Per Ounce-of-Gold-Equivalent Produced Cash costs is a non-IFRS financial measure which includes mine-site operating costs such as mining, processing, direct site G&A, and tailings, environmental and water management costs, as well as product shipping, royalties and mining taxes. Cash costs exclude sustaining capital, corporate G&A, exploration, reclamation, and financing costs. Cash costs presented on a per-tonne- milled basis, or on a per-ounce-of-gold-equivalent-produced basis, are non-IFRS financial ratios, calculated as cash costs divided by tonnes milled, or by anticipated production expressed in ounces of gold equivalent, respectively. These measures capture the important components of the Project's anticipated production and related costs and are used to indicate anticipated cost performance of the Project's operations. EBITDA EBITDA is a non-IFRS financial measure which is calculated as net income before interest, taxes, depreciation, and amortization, and is an alternate measure of profitability to net income. This measure is used by the Company to show anticipated operating performance by eliminating the impact of non-operational or non-cash items. Free Cash Flow FCF is a non-IFRS financial measure defined as revenue, less on-site and off-site operating costs (including royalties and mining taxes), less initial and sustaining capital expenditures, less income taxes. This measure is used by the Company to measure the anticipated cash flow available to the Company. Capital Efficiency Ratio Capital efficiency ratio is a non-IFRS financial ratio calculated as NPV5% After-Tax divided by initial capital expenditures. This measure is used by the Company to indicate the anticipated return generated by the Project relative to the upfront capital required to build it. Reconciliation As the Project is not currently in production, the Company does not have historical operating results for the Project against which to compare these non-IFRS measures, and cannot perform a reconciliation with historical measures. Rounding: Individual calculations in tables and totals throughout this press release may not sum due to rounding of original numbers. Appendix C | Non-IFRS Measures and Other Financial Measures BoumadinePEA - Non-IFRS Measures and Other Financial Measures
Slide 58 — Aya Gold & Silver | Why Invest
Aya Gold & Silver | Why Invest Exceptional underexplored geology District-scale potential Robust Assets Extensive Exploration Track-Record Mining Friendly Deep Talent Pool 58