Aya Gold & Silver Inc. · TSX:AYA
Aya Gold & Silver — Investor Presentation (August 2025)
39 slides from Aya Gold & Silver's investor presentation, Aug 18, 2025
Slide 1: Unlocking silver growth in Morocco
Unlocking silver growth in Morocco INVESTOR PRESENTATION AUGUST 2025 TSX: AYA | OTCQX: AYASF
Slide 2: Forward-Looking Statements
Forward-Looking Statements The Zgounder Expansion Feasibility Study (“FS”) is based on a technical report entitled “NI43-101 expected timelines, including the expected timeline for the Corporation to produce new resources TECHNICAL REPORT – FEASIBILITY STUDY ZGOUNDER EXPANSION PROJECT”, originally d
Slide 3: Aya Overview, Zgounder Silver Mine, Exploration
AYA Aya Overview Zgounder Silver Mine Exploration TSX: AYA | OTCQX: AYASF 3
Slide 4: Aya / Proven Management Team
Aya / Proven Management Team Benoit La Salle, FCPA, MBA Mustapha Elouafi Ugo Landry-Tolszczuk Elias Elias President & CEO President-Managing Director, Morocco Chief Financial Officer Chief Legal and Sustainability Officer Benoit is a mining veteran with 30 years of experience as Mustapha is an estab
Slide 5: Aya / Experienced Board of Directors
Aya / Experienced Board of Directors Benoit La Salle, FCPA, MBA Robert Taub Annie Torkia Lagacé Yves Grou, CPA, CA President & CEO, Director Chair Director Director Benoit has over 25 years of experience as a corporate Robert is an entrepreneur in life sciences and investor in several Annie brings o
Slide 6: Capital Structure / Robust Balance Sheet
Capital Structure / Robust Balance Sheet Institutional Shareholder Breakdown1 60% USA 13% Board & management 16% Europe 32% Family offices2 21% Canada 33% Institutional 3% Australia & ROW 22% Retail 1. Based on 42.5M shares institutional ownership 2. Affiliated with Aya Board and insiders Exchanges
Slide 7: Aya / Our History
Aya / Our History Imiter bis, Amizmiz, Azegour projects acquired +700 tpd mill capacity achieved at Zgounder Zgounder flotation Construction start for Zgounder expansion 2009–2011 plant commissioned bringing production capacity to 700tpd 2022 2019 Boumadine acquired 2013 2012 2020 2024 Zgounder mini
Slide 8: Value Opportunity with the Only TSX-Listed Pure-Play Silver Producer
Value Opportunity with the Only TSX-Listed Pure-Play Silver Producer P / NAV (Consensus | x) Revenue by Metal (2025E Consensus) SilverCrest 1.92x Transaction 100% Multiple Fresnillo 1.90x 46% First Majestic 1.87x 54% 80% Transaction Gatos Silver 1.77x Multiple Transaction MAG Silver 1.60x Multiple 6
Slide 9: Morocco / Top Mining Jurisdiction
Morocco / Top Mining Jurisdiction By the numbers #18 Investment Attractiveness Global Index Phosphate – #28 Policy Perception Global Index 1st producer Fraser Institute Annual Survey of Mining Companies, 2024 in Africa, 4th worldwide Barite – 1st producer 710,850 km2 in Africa, 3rd worldwide Fluorit
Slide 10: Morocco / Developing the Mining Sector
Morocco / Developing the Mining Sector Mainly Moroccan miners: First modern OCP, SOMIFER, SAMINE, SACEM, Revision of 2016 Baseline Mining Code mines SMI, CTT & ONA (now Managem) mining code Zgounder 1920 1951–1995 2016 Royalty 3% of sales Tax rate 32% State free-carried Nil interest 1951 1995–1998 2
Slide 11: Our Assets / Morocco-Focused, Quality Growth Portfolio
Our Assets / Morocco-Focused, Quality Growth Portfolio Zgounder Silver Mine – Cornerstone of Aya’s Growth • H1 2025 production of 2,110,970 oz of silver1 • 96M oz M&I resources at 306 g/t Ag2 Aya Development Upside • Boumadine – gold, silver, lead, zinc • 74M oz AgEq indicated resources at 448 g/t A
Slide 12: Industry-Low Discovery Costs
Industry-Low Discovery Costs In Moz AgEq • Ag resource as a unit of total shares outstanding up >8x to 554Moz AgEq since Q2-2020 4.25 M&I and Reserves (Zgounder + Boumadine) 3.45 384.1 • Industry-low discovery cost of $0.10 and industry- Inferred (Zgounder + Boumadine) high AgEq per share growth 318
Slide 13: Zgounder / Top Silver Intercepts Globally
Zgounder / Top Silver Intercepts Globally Los Ricos, 1 118,399 Zgounder reported 3 out of the top 10 and 15 out of the Zgounder, 2 Elizabeth Hill, 3 85,450 80,762 Filo del Sol, 4 top 50 global silver intersections of 2020-2024 YTD¹ 77,683 La Colorada, 5 69,147 Breccia, 6 65,930 Diablillos, 7 64,287
Slide 14: Zgounder / Strong Operational Execution and Efficiencies
Zgounder / Strong Operational Execution and Efficiencies Solid operational standard reached in 2021 by: 1,200,000 100 • Switch to cut-and-fill mining method • Implementation of operating best practices 1,000,000 90 • Capital infrastructure & equipment upgrades • Recruitment of key personnel 800,000
Slide 15: Zgounder / Mineral Reserves
Zgounder / Mineral Reserves Silver Reserves On a 100% basis. M&I resources shown inclusive of reserves.¹ • The reserves include drilling carried out between Tonnes (K) Ag (G/T) Content (Ag K Oz) January and September 2021 Proven Reserves 2,100 288 28,748 • Reserves include 29% open-pit and 71% Proba
Slide 16: Zgounder / Expansion Feasibility Study Highlights
Zgounder / Expansion Feasibility Study Highlights 71Moz $373M P&P reserves Post-tax NAV5% LOM Production Profile* ($22/oz) 10,000,000 350 9,000,000 $139.4M $9.58 8,000,000 300 Growth capex AISC (LOM) 7,000,000 250 6,000,000 200 5,000,000 11-year 48% 4,000,000 150 LOM Post-tax IRR 3,000,000 100 2,000
Slide 17: Zgounder Silver Mine / Q2-2025 Solid Operational Execution
Zgounder Silver Mine / Q2-2025 → Solid Operational Execution ORE PROCESSED AND MILLING RATE RECOVERY RATE AVAILABILITY RATE 3.0 2.8 98.0% 86.5% 91.0% 82.4% 273 0.9 250 Early 81 Ramp-Up Q2-24 Q1-25 Ore processed (K tonnes) Q2-25 Milling (in Ktpd) Q1-25 Q2-25 Q1-25 Q2-25 Execution Focused and Ore proc
Slide 18: Zgounder Silver Mine / Q2-2025 Mining Activities
Zgounder Silver Mine / Q2-2025 Mining Activities ORE MINED (kt) AVERAGE SILVER GRADE MINED (g/t Ag) 241 195 176 151 138 114 Q2-24 Q1-25 Q2-25 Q2-24 Q1-25 Q2-25 Ramp-up in line with plan Ramp-up impacting grade • Mined ore + 112% YoY • Not a metallurgical issue • Mined ore + 24% QoQ • Addressing issu
Slide 19: Q2-2025 / Financial Highlights
Q2-2025 / Financial Highlights AVG. NET REALIZED SILVER PRICE PER OZ AND CASH COST* PER OZ REVENUES ($M) 38.6 $33.86 33.8 Record Revenues $31.87 +182% YoY 13.7 + 14% QoQ $26.20 Driven by ramp-up and higher Q2-24 Q1-25 Q2-25 silver price/oz $21.26 $17.85 $18.93 NET INCOME ($M) 8.6 Ramp-up phase 6.8 6
Slide 20: Strong Balance Sheet / Provides Flexibility
Strong Balance Sheet / Provides Flexibility Key Highlights Q2-2025 Cash from operations Capex & exploration 13 8 $114M In cash at quarter end Cash position 114 Undrawn facility* 25 Strengthened Q2-2025 Highlights Balance Sheet • Stronger cash from operations +41% vs YoY • Capex & exploration activit
Slide 21: Zgounder Silver Mine / Expanded Operations
Zgounder Silver Mine / Expanded Operations TSX: AYA | OTCQX: AYASF 21
Slide 22: Outlook / Committed to Our 2025 Guidance
Outlook / Committed to Our 2025 Guidance 2025 Guidance • We expect milling throughput to remain Silver production (Moz Ag) 5.0 – 5.3 strong with recoveries continuing to Silver cash cost ($/oz) 15.00 – 17.50 exceed feasibility study rate Recovery (%) 84 – 88 • Silver cash cost per ounce trended abov
Slide 23: 2025 Exploration / Zgounder and Regional
2025 Exploration / Zgounder and Regional Zgounder Silver Mine (10,000m-15,000m) • 4,704m drilled on near-mine targets, focusing west (7,619m YTD)1 • Drilling results outlined significant down-plunge extensions through thick high-grade interceptions and confirmed the continuity of high-grade minerali
Slide 24: Zgounder / At-depth Drilling of Near-Mine Permits
Zgounder / At-depth Drilling of Near-Mine Permits Drilled 7,619m year-to-date1 Drilling confirmed mineralization at depth at the granite contact outside of the current resource boundary. Recent Drilling Highlights2 2,425 g/t Ag 1,356 g/t Ag 5,696 g/t Ag over 17m, over 20.0m, over 2.5m including 6,31
Slide 25: Zgounder Regional & Tirzzit
Zgounder Regional & Tirzzit Zgounder Regional1 • Six new licenses (totalling 48km2) acquired; significantly increases the prospectivity of the Zgounder Regional Project. • Drill test surrounding permits – some near Zgounder mine regional targets • Grab sample results have identified some high-grade
Slide 26: Zgounder Regional / Regional Mapping and Prospecting
Zgounder Regional / Regional Mapping and Prospecting Figure: Surface Map of Zgounder Far East with Simplified Figure: Surface Map of Zgounder Far East with Simplified Figure: Surface Map of Zgounder Far East with Geology and Ag Grab Samples Geology and Cu Grab Samples Simplified Geology and Au Grab
Slide 27: 2025 Exploration / Boumadine
2025 Exploration / Boumadine Boumadine (100,000m – 140,000m) • 33,510m of drilling completed (DDH an RC) (79,716m YTD) 1 • Results from the Main Trend, Tizi, and Imariren zones confirmed mineralization continuity and extended known strike lengths • In addition, surface work identified a new prospect
Slide 28: Boumadine / 2025 Updated MRE (Ag, Au, Cu, Pb, Zn)
Boumadine / 2025 Updated MRE (Ag, Au, Cu, Pb, Zn) Highlights¹ Indicated resources of 5.2Mt at 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1 Moz of Ag, 449 koz of Au, 145 kt of Zn and 44 kt of Pb, representing 74.4 Moz AgEq, a 120% increase over April 2024 MRE. Inferred re
Slide 29: Boumadine / Updated Mineral Resource Estimate
Boumadine / Updated Mineral Resource Estimate¹,²,³ (AuEq, AgEq, Cu, Pb, Zn) Potential to increase deposit in all directions Average Grade² Contained Metal² Cutoff Tonnes Ag Au Cu Pb Zn AgEq AuEq Ag Au Cu Pb Zn AgEq AuEq NSR (kt) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (koz) (koz) (kt) (kt) (kt) (koz) (k
Slide 30: Boumadine (Au, Ag, Pb, Zn) / Development
Boumadine (Au, Ag, Pb, Zn) / Development • Acquired 1 mining license and 3 exploration permits totaling 42.9km2 in the Boumadine area → expanded the Boumadine exploration footprint by 15.7% to over 314.5km2* * Refer to Aya Gold & Silver’s June 5, 2025 press release. TSX: AYA | OTCQX: AYASF 30
Slide 31: Boumadine / 2025 Accelerated Development
Boumadine / 2025 Accelerated Development (Au, Ag, Pb, Zn) Drilling¹ • 79,716m of 100,000 - 140,000m drill program completed YTD2 • Drilling confirmed high-grade continuity of Boumadine Main Trend and extended the strike length of the Imariren Zone to 1.0km. • Drilling also confirmed the continuity o
Slide 32: Boumadine / Regional Mapping and Prospecting
Boumadine / Regional Mapping and Prospecting Figure: Surface Map of Boumadine Property with Simplified Geology and Figure: Surface Map of Boumadine Property with Simplified Geology and Au Grab Results Cu Grab Results Strong gold and copper results helped identify the new Asirem high-grade mineraliza
Slide 33: Boumadine / Expanded Footprint, Multiple New Conductive Anomalies
Boumadine / Expanded Footprint, Multiple New Conductive Anomalies Figure – Preliminary Results – Section L2100 Passing through Boumadine – Apparent Conductivity with Drill Holes (target in dashed red) Preliminary Results – Total Magnetic Intensity (w/ mineralization trace at surface in red) Figure –
Slide 34: Mx2 Mining Transaction / Unlocking Value from Non-Core Gold Projects
Mx2 Mining Transaction / Unlocking Value from Non-Core Gold Projects Creation of Mx2 Mining, a North African- dedicated gold growth company backed by Aya¹ Amizmiz Gold Project (Morocco): • Mx2 acquired 100% interest in Amizmiz • Historic resource of 342,000 oz at 12.98 g/t Au • 2,800m drill program
Slide 35: Zgounder / Near-term Decarbonization Objectives
Zgounder / Near-term Decarbonization Objectives Estimated total GHG emissions for the Zgounder Silver Mine 88% Reduction in overall emissions targeted in 2025¹ ¹ Compared to base year of 2021. Objective does not include Scope 3 emissions. TSX: AYA | OTCQX: AYASF 35
Slide 36: Aya / Implementation of High Governance Standards
Aya / Implementation of High Governance Standards Achieved in the last three Alignment of executive pay to performance and Increased transparency years since arrival of new shareholder interests of ESG disclosure management team in support of the below Other frameworks: 38% Women board members Marke
Slide 37: Aya / Achieving Sustainability Leadership
Aya / Achieving Sustainability Leadership Low-Carbon Strategy and Embedding a Health and Supporting our Social Environmental Commitment Safety Culture License Priorities: reduce energy and water use, Priorities: zero fatalities, lower LTIFR and TRIFR, Priorities: increase female headcount, reduce bi
Slide 38: 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 Provide mid-year update on H2 2025 Boumadine metallurgy and PEA Publish updated Zgounder Q4 2025 technical report TSX: AYA | OTCQX: AYASF
Slide 39: TSX: AYA | OTCQX: AYASF
1320 GRAHAM, SUITE 132 1320 GRAHAM, SUITE 132 VILLE MONT-ROYAL, QC H3P 3C8 VILLE MONT-ROYAL, QC H3P 3C8 BENOIT LA SALLE: Benoit.Lasalle@ayagoldsilver.com BENOIT LA SALLE: Benoit.Lasalle@ayagoldsilver.com ALEX BALL: Alex.Ball@ayagoldsilver.com ALEX BALL: Alex.Ball@ayagoldsilver.com www.ayagoldsilver.
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