Aya Gold & Silver Inc. · TSX:AYA
Aya Gold & Silver — Q3 2025 Earnings Presentation
16 slides from Aya Gold & Silver's earnings presentation, Nov 11, 2025
Slide 1: Unlocking silver growth in Morocco
Unlocking silver growth in Morocco Q3-2025 EARNINGS CONFERENCE CALL NOVEMBER 11, 2025 TSX: AYA | OTCQX: AYASF 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements (i) Forward-Looking Statements This presentation contains “forward-looking statements” or “forward looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide i
Slide 3: Forward-Looking Statements (continued)
Forward-Looking Statements (i) Forward-Looking Statements (continued) 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
Slide 4: Q3-2025 Highlights | Delivering across all key pillars of our strategy
Q3-2025 Highlights | Delivering across all key pillars of our strategy Production ESG 1,347koz • Solid operational KPIs • Continued progress and advancing SILVER OZ PRODUCED IN Q3-2025 • Mill plant ramp-up near complete toward ISO 14001 environmental • Ongoing targeted improvements certification to
Slide 5: Zgounder Silver Mine | Solid Operational Execution
Zgounder Silver Mine | Solid Operational Execution ORE PROCESSED AND MILLING RATE MILL RECOVERY AND AVAILABILITY RATE 3.3 3.6 ktpd Sep-2025 milling rate 3.0 2.8 98.0% 96.0% 306 3.7 ktpd current capacity 92.5% 273 86.5% Sustained 250 0.9 83 Ramp-Up Q3-24 Q4-25 Q1-25 Q2-25 Q3-25 Ore processed (K tonne
Slide 6: Zgounder Silver Mine | Addressing Mining Processes
Zgounder Silver Mine | Addressing Mining Processes ORE MINED (In k tonnes) Mining ramp-up in line with plan AND AVERAGE GRADE PROCESSED (g/t Ag) • Underground mine at steady-state, averaging 1.3 ktpd at 159 g/t Ag, as mining accessed more continuous mineralized 161 159 163 140 146 zones, improving o
Slide 7: Q3-2025 | Financial Highlights
Q3-2025 | Financial Highlights AVG. NET REALIZED SILVER PRICE PER OZ REVENUES ($M) 54.3 AND CASH COST* PER OZ Record Revenues up 5x YoY 38.6 33.8 and $39.85 + 41% QoQ $33.86 $31.87 11.0 Driven by higher volume (+20%) and higher silver price/oz (+18%) $27.29 $27.65 Q3-24 Q4-25 Q1-25 Q2-25 Q3-25 $26.5
Slide 8: Strong Balance Sheet | Provides Flexibility
Strong Balance Sheet | Provides Flexibility Key Highlights Q3-25 Cash from operations 22 $129M Capex & exploration 22 In cash at quarter end EPC - Net compensation 7 (Liquidation damages)1 Strengthened Cash position 129 Balance Sheet Undrawn credit facility2 10 through Strong Cash Generation 1. On A
Slide 9: 2025 Development and Exploration | Zgounder
2025 Development and Exploration | Zgounder Zgounder Near Mine and Regional F25 Goal: 20,000m-25,000m YTD-25: 19,659m drilled • Drilling in Q3 of 9,770m • Near-Mine: High-grade intercepts confirm mineralization continuity beyond current resource — e.g., 1,164 g/t Ag over 3.0 m and 1,080 g/t Ag over
Slide 10: 2025 Development and Exploration | Boumadine
2025 Development and Exploration | Boumadine Boumadine F25 Goal: 100,000m – 140,000m YTD-25: 109,240m drilled • Strong Drilling Pace in Q3 of 29,524m • Drilling confirmed continuity at Boumadine and Tizi zones, extending Imariren Zone strike to 1.2 km. • Notable Intercepts: 369 g/t AgEq over 9.0 m (
Slide 11: 2025 Outlook | Committed to achieving our 2025 guidance
2025 Outlook | Committed to achieving our 2025 guidance 2025 Guidance • Our throughput, recoveries and availability Silver production (Moz Ag) 5.0 – 5.3 KPI’s expected to remain strong through Silver cash cost ($/oz) 15.00 – 17.50 the end of the year and into 2026. Recovery (%) 84 – 88 • We remain f
Slide 12: Boumadine PEA Recap | Summary Results
Boumadine PEA Recap Ι Summary Results Base Case Metal Prices: LOM Production Profile – 11-YR MINE $2,800/oz gold, $30/oz silver LIFE 600 Potential long term Production, AuEq ('000 oz/y) production upside from 500 PRE-TAX POST-TAX exploration 400 NPV5% $2.2B $1.5B 300 200 NPV:Capex 5:1 3:1 100 0 yr 1
Slide 13: Boumadine PEA | Compelling Development Opportunity
Boumadine PEA | Compelling Development Opportunity Proven District-Scale Land Low-Risk Standalone Package Hosting Model based on Three Track Record a Tier-1 Asset Payable Concentrates in the Region Significant Resource Growth Potential Exceptional Mining License Economics Flexible Financing in Hand
Slide 14: Boumadine PEA | Overview
Boumadine PEA | Overview PROJECT STRATEGY Low initial capital expenditures AND DEVELOPMENT Strong early production profile focused on higher-grade material Strong economics based on production of three marketable concentrates with total average payable of AuEq of 73% 73% Revenue driven by precious m
Slide 15: 2025 Catalysts
2025 Catalysts Commenced 2025 drill program 2025 Commenced Boumadine PEA 2025 Reached 3,000tpd processing capacity at Zgounder 2025 ramping up to steady state Provided update on Boumadine H2 2025 metallurgy and PEA Publish updated Zgounder Q4 2025 technical report 15 TSX: AYA | OTCQX: AYASF
Slide 16: Questions?
Questions? 1320 GRAHAM, SUITE 132 VILLE MONT-ROYAL, QC H3P 3C8 BENOIT LA SALLE: Benoit.Lasalle@ayagoldsilver.com ALEX BALL: Alex.Ball@ayagoldsilver.com www.ayagoldsilver.com | info@ayagoldsilver.com TSX: AYA | OTCQX: AYASF TSX: AYA | OTCQX: AYASF 16