Aya Gold & Silver Inc. · TSX:AYA
Aya Gold & Silver — Q1 2026 Earnings Presentation
59 slides from Aya Gold & Silver's earnings presentation, May 14, 2026
Slide 1: Unlocking Silver Value in Morocco
Unlocking Silver Value in Morocco INVESTOR PRESENTATION MAY 2026 TSX: AYA | NASDAQ: AYA 1
Slide 2: Important Information
IMPORTANT INFORMATION (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 inform
Slide 3: Important Information
IMPORTANT INFORMATION Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Corporation’s business plans, financial performance and condition and may not be appropriate for other purposes. The forward-looking statements contained herein
Slide 4: Important Information
IMPORTANT INFORMATION (v) Non-IFRS and Other Financial Measures This presentation 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 u
Slide 5: Success Drivers
Success Drivers ~ SUCCESS DRIVERS | Jurisdiction — ‘ A
Slide 6: Experienced Board of Directors
Aya Gold & Silver | Experienced Board of Directors Benoit La Salle, FCPA, MBA Robert Taub Annie Torkia Lagacé Yves Grou, CPA, CA President & CEO, Director Chair (Independent) Director (Independent) Director (Independent) Benoit has over 25 years of experience as a corporate Robert is an entrepreneur
Slide 7: Proven Management Team
Aya Gold & Silver | Proven Management Team Benoit La Salle, FCPA, MBA Mustapha Elouafi Ugo Landry-Tolszczuk Elias J. Elias President & CEO President-Managing Director, Morocco Chief Financial Officer Chief Legal and Sustainability Officer and Benoit is a mining veteran with 30 years of experience as
Slide 8: Capital Structure | Strong Balance Sheet
Capital Structure | Strong Balance Sheet Analyst Coverage Market Data and Capital Structure Ownership All data in USD - unless otherwise noted Beacon Securities Exchanges TSX: AYA | NASDAQ: AYA Board & management 8% BMO Capital Markets Shares – Basic (May 13, 2026) 143.3M Cantor Fitzgerald Shares –
Slide 9: Aya | Our History
Aya | Our History Imiter bis, Amizmiz, Azegour projects acquired Construction of Zgounder expansion / Extensive drilling program completed Zgounder flotation 2009–2011 plant commissioned bringing production capacity to 700tpd 2022-2024 2019 Boumadine acquired 2013 Nasdaq listing May 2026 2012 2020 2
Slide 10: Value Opportunity | Only TSX-Listed Pure-Play Silver Producer
Value Opportunity | Only TSX-Listed Pure-Play Silver Producer P / NAV (Consensus | x) Revenue by Metal (2026E Consensus) First Majestic 2.30x 64% Silver Gold Other Transaction 100% SilverCrest 1.92x Multiple Fresnillo 1.88x 55% 80% Transaction Gatos Silver 1.77x Multiple 60% Hecla Mining 1.71x 71% T
Slide 11: Morocco | Top Mining Jurisdiction
Morocco | Top Mining Jurisdiction Morocco: #15 Globally By the numbers (#2 in Africa) by Silver Phosphate Barite Investment 1st 1st producer in Africa, 1st 1st 1st producer in Africa, 1st producer in Africa, Attractiveness1 z 15th worldwide 4th worldwide 3rd worldwide Inhabitants of Morocco’s 10% GD
Slide 12: First Mover Advantage in Morocco
Aya Gold & Silver | First Mover Advantage in Morocco 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 relat
Slide 13: Our Assets | Morocco-Focused, Quality Growth Portfolio
Our Assets | Morocco-Focused, Quality Growth Portfolio PRODUCTION DEVELOPMENT EXPLORATION UPSIDE ZGOUNDER SILVER MINE BOUMADINE POLYMETALLIC MULTIPLE PATHWAYS 4.8Moz Ag produced in 2025 PROJECT 37Moz AgEq production (Y1-Y5)3,4 TO GROWTH In Moz Ag In Moz AgEq • Zgounder Regional Measured • Boumadine
Slide 14: Industry-Low Discovery Costs
Industry-Low Discovery Costs • Ag resource as a unit of total shares In Moz AgEq 384.1 382.2 outstanding up >8x to 557Moz AgEq 4.25 M&I and Reserves (Zgounder + Boumadine) 3.92 since Q2-2020 3.45 318.1 Inferred (Zgounder + Boumadine) • Industry-low discovery cost of $0.10 and industry-high AgEq per
Slide 15: Zgounder Silver Mine | Reserve & Resource Update
Zgounder Silver Mine | Reserve & Resource Update1 Strengthening the Geological Model and Mine Plan Key Highlights Exploration Success Delivered Reserve Replacement And Net Resource Growth ü P&P Reserves +4% Ag ounces vs. prior estimate (net of depletion) ü 120% reserve replacement: 13 Moz added vs.
Slide 16: Zgounder Silver Mine | Updated LOM Plan (2025)
Zgounder Silver Mine | Updated LOM Plan (2025) 73Moz Zgounder Production Profile1 P&P reserves In Million Silver Ounces 6 Moz Ag - LOM Average 6Moz 7.0 6.0 5.2-5.8 Avg. annual Ag production 5.0 4.8 4.0 $16.26/oz 3.0 Cash costs (LOM) 1.6 2.0 1.0 0.7 11-year 0.0 2020 2021 2022 2023 2024 2025 2026E 202
Slide 17: Q1-2026 | Execution and Price Environment Drives Record Results
Q1-2026 | Execution and Price Environment Drives Record Results Record Revenues, Net Income and Operating Cash Flow PRODUCTION driven by ramp-up of the Zgounder Silver Mine and strong silver price In Moz AgEq Boumad ine reclaim production Zgounder production $M 1.54 1.49 117 0.17 Zgounder 0.23 $0.34
Slide 18: Q1-2026 | Zgounder Silver Mine
Q1-2026 | Zgounder Silver Mine MILLING OPERATIONS IN Q1 IMPACTED BY Q1-2026 RECORD QUARTERLY MINING TONNAGE ADVERSE WEATHER CONDITIONS WITH RUN-RATES NORMALIZING IN Q2 4.6 4.2 3.8 3.6 412 385 2.8 2.2 349 327 250 195 Q1-25 Q4-25 Q1-26 Q1-25 Q4-25 Q1-26 Ore mined (kt) Mining rate (ktpd) Ore processed
Slide 19: Q1-2026 | Boumadine Pyrite Reclaim Operation
Q1-2026 | Boumadine Pyrite Reclaim Operation Multiple benefits to the Boumadine Q1 Highlights pyrite reclaim operation1 Silver produced 127,406 oz ü Minimal capital Gold produced 1,757 oz ü Minimal cash costs Silver equivalent produced2 227,802 oz ü Low incremental capital intensity Silver equivalen
Slide 20: Q1-2026 | Financial Highlights
Q1-2026 | Financial Highlights AVG. NET REALIZED SILVER PRICE PER OZ REVENUES ($M) Q1-2026 Record Revenues AND CASH COST* PER OZ +247% YoY Higher silver price/oz (+158% YoY) Higher oz sold (+34% YoY) +56% QoQ Higher silver price/oz (+41% QoQ) Higher oz sold (+11% QoQ) NET INCOME ($M) Continued execu
Slide 21: Strong Balance Sheet | Provides Flexibility
Strong Balance Sheet | Provides Flexibility Key Highlights Q1-26 Cash from operations after WC change 70 $172M Cash position Q1-2026 Capital expenditures 4 Exploration & evaluation 14 Strengthened Cash position 172 Balance Sheet through Entered 2026 with strong momentum: Strong Cash ü Record financi
Slide 22: Zgounder Silver Mine
Zgounder Silver Mine Open Pit TSF & Water Storage Facility Portal Entrance Camp Process Plant Overview Site Access 22
Slide 23: 2026 Guidance
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 cost2 $/oz Ag 21.50 Boumadine avg cash cost1,2 $/oz AgEq 10.10 Sustaining and growth capital investments $M 36 Exploration expenditures $M 60
Slide 24: Zgounder Silver Mine
Zgounder Silver Mine Leach Tank Ball Mill Ball Mill Drill Rigs 24
Slide 25: AYA | Silver Producer Benchmarking
AYA | Silver Producer Benchmarking 2026E PRODUCTION(1) (MOZ AGEQ) & MARKET CAP (US$M) $2,846 $3,255 $3,346 $3,321 $11,666 $13,864 $2,846 $26,312 $37,167 $20,483 %)*" %)$" %)&" Re-rating opportunity (#" (2) &'" #%" &$" (3) #$" %!" %%" !" !" !"#A% ./M1,-2E-P 4*H,#1EF- 5E-SF*# 5/-7SA8#9,7S/2 :,2M# !"#A
Slide 26: Exploration | Zgounder and Regional
Exploration | Zgounder and Regional 2026 Program ZOUNDER 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,
Slide 27: 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 Elizabet h Hill, 3 85,450 80,762 Filo del Sol, 4 top 50 global silver intersections of 2020-2024 YTD¹ La Colorada, 5 Breccia, 6 69,147 65,930 77,683 Diablillos, 7 64,287
Slide 28: 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. Recent Drilling Highlights2 4,489 g/t Ag over 6m 6,223 g/t Ag over
Slide 29: 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 wi
Slide 30: Boumadine PEA | Overview
Boumadine PEA | Overview District scale potential and low initial capital expenditures Strong early production profile focused on higher-grade material Mining permit in hand% Strong economics based on production of three marketable concentrates with total average payable of AuEq of 75% 73% Revenue d
Slide 31: Boumadine PEA | Summary Results
Boumadine PEA | Summary Results Base Case Metal Prices: LOM Production Profile – 11-YR MINE LIFE $2,800/oz gold, $30/oz silver 600 Potential long term Production, AuEq ('000 oz/y) production upside from 500 exploration PRE-TAX POST-TAX 400 NPV5% $2.2B $1.5B 300 200 NPV:Capex 5:1 3:1 100 IRR 69% 47%
Slide 32: Boumadine PEA | Significant Leverage to Precious Metal Prices
Boumadine PEA | Significant Leverage to Precious Metal Prices Downside Base Case Spot Pricing Feb. 12, 2026 GOLD/SILVER PRICE $2,000/$20 $2,800/$30 $5,070/$83 Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax NPV(5%) $803M $490M $2.2B $1.5B $7.3B $4.8B IRR 36% 22% 69% 47% 148% 108% Payback (years)
Slide 33: Boumadine PEA / Footprint
Boumadine PEA / Footprint The Boumadine 341 km2 Property is located Land Package in the Province of Errachidia, in the 600 km2 Anti-Atlas Exploration Authorization Mountains in the Kingdom of 31 Permits and Licenses Morocco, ~220 km east of the City of Ouarzazate and BASIS FOR CURRENT PEA 70 km sout
Slide 34: Boumadine PEA / Based on 2025 Mineral Resource Estimate
Boumadine PEA / Based on 2025 Mineral Resource Estimate 2025 Mineral Resource Estimate1,2,3,4 Average Grade² Contained Metal² Cutoff Tonnes Au Ag Zn Pb AgEq AuEq Au Ag Zn Pb AgEq AuEq NSR US$/t (kt) (g/t) (g/t) (%) (%) (g/t) (g/t) (koz) (koz) (kt) (kt) (koz) (koz) Pit-constrained 95 3,920 2.99 94 2.
Slide 35: Boumadine | 2025 Mineral Resource Estimate
Boumadine | 2025 Mineral Resource Estimate 35
Slide 36: Boumadine PEA | Mine Design
Boumadine PEA | Mine Design North Pits South Pit #1 South Pit #2 Center Pit • Open pit mining includes 6 pits • UG – longitudinal modified avoca long hole stoping • Mining sequence: High grade material processed Y1-Y5 • Open pit strip ratio 21:1 • Underground production: Starting in Y2 36
Slide 37: Boumadine PEA | Mill Flowsheet
Boumadine PEA | Mill Flowsheet GRINDING CYCLONES Processing of mineralized JAW CRUSHER material using conventional crushing, BALL MILL grinding, and flotation to SAG MILL CRUSHED ROCK produce separate Lead, STOCKPILE Zinc, and Pyrite LEAD FLOTATION ZINC FLOTATION PYRITE FLOTATION concentrates TAILIN
Slide 38: Boumadine PEA | Processing 3D Rendering
Boumadine PEA | Processing 3D Rendering 38
Slide 39: Boumadine PEA | Metallurgy
Boumadine PEA | Metallurgy Flotation plant 2018 – 2019 design based on Preliminary testwork confirming three-stage flotation plant and pyrite treatment options. comprehensive metallurgical Gold Silver Zinc Lead testwork completed 2021 – 2022 Grade g/t g/t % % Extensive flotation tests, including loc
Slide 40: Processing & Metallurgy | Roaster Update
Processing & Metallurgy | Roaster Update ROASTING UPDATE The flotation route demonstrates strong recoveries and concentrates quality, supporting a robust development scenario for the project, centered on direct concentrate sales. Complementary roaster and leaching testwork on the pyrite concentrate,
Slide 41: Infrastructure | Building on Established Strengths
Infrastructure | Building on Established Strengths Port de Tanger Port de Nador West Major infrastructure requirements Location: Accessible via Errachidia International Airport (to Casablanca) identified, benefiting from strong existing and road from Marrakech (~420 km) infrastructure within the reg
Slide 42: Boumadine PEA | Revenue Model (Concentrates)
Boumadine PEA | Revenue Model (Concentrates) Revenue based on production Strong Market Interest and Payables Established of three gold- and silver- Multiple traders have expressed firm interest in purchasing lead, zinc, and pyrite concentrates. bearing concentrates: Based on received offers, the fol
Slide 43: Highly Capital Efficient Project | 3:1 NPV 5% to Capex Ratio
Highly Capital Efficient Project | 3:1 NPV5% to Capex Ratio LOW INITIAL CAPEX Capital Expenditures ($M) Initial Sustaining Total of $446M Direct Costs 288 340 628 Open Pit Mining 54 58 112 Underground Mining - 250 250 Processing Plant 167 - 167 Shipping Infrastructure 11 - 11 Electrical Line 17 - 17
Slide 44: Industry Leading Operating Costs
Industry Leading Operating Costs LOW AISC $1,021/oz AuEq Cash Cost Breakdown (LOM AVG.) 1% 5% Operating Costs Year 1-5 LOM Cost per tonne milled Mining (underground and open pit) $/t milled 48.93 42.83 16% Processing $/t milled 17.28 17.28 G&A $/t milled 5.43 5.58 33% TSF and Water $/t milled 0.46 0
Slide 45: Project Timeline | Next Steps
Project Timeline | Next Steps 2025 2026 2027 2028 2029 2030 2031 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PEA ESIA Drilliing / Update Resource FS Pre-Work Feasibility Study FEED Long Lead Procurement Early Works Construction Commi- ssioning Ramp-up Commerci
Slide 46: 2026 | Focused on Execution
2026 | Focused on Execution ACCELERATE BOUMADINE DEVELOPMENT CONTINUOUS OPTIMIZATION OF ZGOUNDER SILVER MINE Fast-track Feasibility Study • Feasibility-level fieldwork Optimizing Mining Operations • ESIA and trade-off optimization New open-pit and underground access, below 1900m and continue • Metal
Slide 47: Upcoming Catalysts
Upcoming Catalysts Zgounder, Boumadine drill results 2026 Nasdaq listing Q2 2026 Quarterly financial / production 2026 updates Boumadine technical report update H2 2026 In-country consolidation 2026 47
Slide 48: 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 48
Slide 49: Contact
1320 GRAHAM, SUITE 132 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 | NASDAQ: AYA TSX: AYA | NASDAQ: AYA 49
Slide 50: Benchmarking / 2025 AISC Cost Curve
Benchmarking / 2025 AISC Cost Curve GOLD $8,000 AISC (US$/oz AuEq) $6,000 Spot Gold: US$4,000/oz $4,000 $2,000 Boumadine(1) AISC: US$1,021 $-- -- 10,957 21,914 32,872 43,829 54,787 Cumulative Gold Produced (Koz) SILVER $ 50 Spot Silver: US$48/oz $ 40 AISC (US$/oz AgEq) $ 30 $ 20 $ 10 Boumadine(2) AI
Slide 51: Boumadine PEA / Mining Plan
Boumadine PEA / Mining Plan Mined Mineralized Material - 11 Year LOM (kt) The Boumadine Project considers several 5.0 open-pit and underground mines Mineralized Material Mined (Mt/y) 4.0 • 6 open pits over 5.7km strike, <350m from surface 3.0 • Average strip ratio: 21:1; deposits with high-grade, 2.
Slide 52: Boumadine PEA / Processing
Boumadine PEA / Processing Processing of mineralized material using conventional crushing, grinding, and flotation to produce separate Lead, Zinc, and Pyrite concentrates: Select Processing Metrics Operating Criteria Units Value • SAB grinding circuit with SAG and ball mill Processing Throughput Mt/
Slide 53: Boumadine | Development Stage Benchmarking
Boumadine | Development Stage Benchmarking AVG. ANNUAL PROD. (KOZ AUEQ) AFTER-TAX NPV/CAPEX 479 3.3x 432 2.8x 401 358 350 2.4x 340 328 Average: 322 2.2x 2.2x 305 303 303 302 295 294 2.0x 1.9x 1.8x 292 287 255 255 Average: 1.6x 223 1.5x 1.5x 1.5x 1.… 1.4x 1.0x 0.9x 0.8x 0.2x Oko Wes t Novador Boumadi
Slide 54: Boumadine | Production Stage Benchmarking
Boumadine | Production Stage Benchmarking 2025E PRODUCTION (KOZ AUEQ) 722 578 560 533 508 425 401 Average: 384 379 363 328 255 240 221 212 210 175 Kibali Loulo Boddington Fekola Fruta Del Morelos Boumad ine Cote Buritica (2) Boumad ine Brucejack Greenstone Obuasi (2) King of the Blackwater Lamaque G
Slide 55: Implementation of High Governance Standards
Aya | Implementation of High Governance Standards Achieved in the last three Alignment of executive pay to performance Increased transparency years since arrival of new and shareholder interests of ESG disclosure management team in support of the below Other frameworks: 38% Women board members Marke
Slide 56: Achieving Sustainability Leadership
Aya | Achieving Sustainability Leadership Low-Carbon Strategy and Embedding a Health Supporting our Social Environmental Commitment and Safety Culture License Priorities: reduce energy and water use, Priorities: zero fatalities, lower LTIFR and TRIFR, Priorities: increase female headcount, reduce bi
Slide 57: Zgounder Silver Mine | Mineral Resources and Reserves
Zgounder Silver Mine | Mineral Resources and Reserves Mineral Reserve estimate for Zgounder operation, as of September 30th 2025 Notes: 1. Mineral Reserves have been estimated by Aya Gold & Silver Technical Service team, under the Cut-off Ag (g/t) Classification Tonnes (kt) Ag (g/t) Metal (koz) supe
Slide 58: Boumadine Project – Mineral Resources
Boumadine Project – Mineral Resources Average Grade² Contained Metal² Cutoff Tonnes Au Ag Zn Pb AgEq AuEq Au Ag Zn Pb AgEq AuEq NSR US$/t (kt) (g/t) (g/t) (%) (%) (g/t) (g/t) (koz) (koz) (kt) (kt) (koz) (koz) Pit-constrained Indicated 95 3,920 2.99 94 2.95 0.84 476 5.30 377 11,881 116 33 60,051 667
Slide 59: Contact
1320 GRAHAM, SUITE 132 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 | NASDAQ: AYA TSX: AYA | NASDAQ: AYA 59