Slide 1: Advancing a District-Scale, Low-Cost, Precious Metals Growth Opportunity
Advancing a District-Scale, Low-Cost, Precious Metals Growth Opportunity Boumadine PEA PRESENTATION NOVEMBER 4, 2025 TSX: AYA | OTCQX: AYASF 1
Slide 2: Agenda
AGENDA Benoit La Salle, FCPA, MBA Raphaël Beaudoin Patrick Pérez President & CEO Vice-President, Director Technical Services Operations PEA Results & Overview Project Development & Economics Mine Design Q&A period Ugo Landry-Tolszczuk David Lalonde Sebastian Humphrey Chief Financial Officer Vice-Pre
Slide 3: 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 4: Important Information
IMPORTANT INFORMATION (ii) Qualified Persons (v) Non-IFRS and Other Financial Measures The scientific and technical information contained in this presentation has been reviewed and approved by David This presentation includes certain performance measures commonly used in the mining industry that are
Slide 5: PEA Results & Overview
PEA RESULTS & OVERVIEW Benoit La Salle, FCPA, MBA President & CEO TSX: AYA | OTCQX: AYASF 5
Slide 6: Summary Results
Boumadine PEA Ι 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 PRE-TAX POST-TAX exploration 400 NPV5% $2.2B $1.5B 300 200 NPV:Capex 5:1 3:1 100 0 yr 1 yr 2
Slide 7: Significant Leverage to Precious Metal Prices
Boumadine PEA Ι Significant Leverage to Precious Metal Prices Base Case Spot Pricing Upside case Upside case (M. Oliver)1 (P.Lassonde) 1 GOLD/SILVER PRICE $2,800/$30 $4,000/$48 $7,000/$80 $17,250/$200 Pre-tax Post-tax Pre-tax Post-tax Post-tax Post-tax NPV(5%) $2.2B $1.5B $4.5B $3.0B $6.3B $18.1B IR
Slide 8: 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 9: Boumadine PEA Footprint
Boumadine PEA / Footprint The Boumadine 339 km2 Property is located Land Package in the Province of Errachidia, in the 600 km2 Anti-Atlas Mountains Exploration Authorization in the Kingdom of Morocco, ~220 km 31 Permits and Licenses east of the City of Ouarzazate and 70 km southwest of BASIS FOR CUR
Slide 10: Project Strategy and Development 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 11: Flexible Funding Strategy
Boumadine PEA | Flexible Funding Strategy FUNDING FLEXIBILITY $114M* Capital raise completed in June 2025 In cash (Q2-25) Positive cash flow generation from Zgounder Strengthened Balance Sheet EBRD as a partner through Equity Interest from off-takers for prepayment agreements Raise and Healthy Cash
Slide 12: Project Development & Economics
PROJECT DEVELOPMENT & ECONOMICS Raphaël Beaudoin Vice-President, Operations TSX: AYA | OTCQX: AYASF 12
Slide 13: Based on 2025 Mineral Resource Estimate
Boumadine PEA | Based on 2025 Mineral Resource Estimate 2025 Mineral Resource Estimate1,2,3,4 Average Grade² Contained Metal² Cutoff Tonnes Au Ag Zn Pb AgEq AuEq Au Ag Zn Pb AgEq AuEq NSR US$/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 14: Continued Upside to Mineral Resource
Boumadine PEA | Continued Upside to Mineral Resource FEBRUARY 2025 MRE UP OVER 2024 ESTIMATE Contained Metal in koz AgEq February 2025 Updated Mireral Resource 74 433 Estimate Excludes 2025 33 832 377 686 Indicated Up +120% drilling campaign of 318 141 Inferred Up +19% 140,000 m 2024 MRE 2025 MRE In
Slide 15: 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 16: 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 TSX: AYA | OT
Slide 17: 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 18: 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 19: Mill Flowsheet
Boumadine PEA / Mill Flowsheet GRINDING CYCLONES JAW CRUSHER SAG MILL BALL MILL CRUSHED ROCK STOCKPILE LEAD FLOTATION ZINC FLOTATION PYRITE FLOTATION TAILINGS THICKENER LEAD ZINC TAILINGS STORAGE PYRITE CONCENTRATE CONCENTRATE FACILITY CONCENTRATE THICKENER THICKENER THICKENER LEAD ZINC PYRITE CONCE
Slide 20: Processing 3D Rendering
Boumadine PEA / Processing 3D Rendering TSX: AYA | OTCQX: AYASF 20
Slide 21: 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 22: 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 23: Highly Capital Efficient Project
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 24: Industry Leading Operating Costs
Industry Leading Operating Costs LOW AISC $1,021/oz AuEq Cash Cost Breakdown 1% (LOM AVG.) 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 25: 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 26: Robust Base Case Project Economics
Boumadine Economics | Robust Base Case Project Economics Revenue by metal Project Economics1 Units Base Case 5% 13% Pre-tax Post-tax Gold Price $/oz 2,800 2,800 Silver price $/oz 30 30 21% 61% Lead Price $/lb 1.00 1.00 Zinc Price $/lb 1.20 1.20 Au Ag Zn Pb NPV5%2 $ billions 2.2 1.5 IRR % 69% 47% Lif
Slide 27: Sensitivity to Precious Metal Prices
Economic Analysis | Sensitivity to Precious Metal Prices Parameter Upside Commodity Price Sensitivity Units Downside Base Case Spot Prices1 M.Oliver2 P.Lassonde2 Gold Price $/oz 2,000 2,800 4,000 7,000 17,250 Silver Price $/oz 20 30 48 80 200 NPV5% Pre-Tax $M 803 2,224 4,479 9,581 27,451 NPV5% Post-
Slide 28: Free Cash Flow
Economic Analysis | Free Cash Flow1 800 4 000 LOM after tax FCF 600 3 000 Cumulative Free Cash Flow ($M) Annual Free Cash Flow ($M) 400 2 000 $2.0 Billion Base case 200 1 000 Gold Price of $2,800 0 0 -yr 1 yr 0 yr 1 yr 2 yr 3 yr 4 yr 5 yr 6 yr 7 yr 8 yr 9 yr 10 yr 11 Increasing to $3.8B -200 -1 000
Slide 29: Study Team and Expertise
Boumadine PEA | Study Team and Expertise CONSULTING FIRMS AREA OF RESPONSIBILITY Metallurgy, processing plant design, processing and infrastructure capital and operating Lycopodium Minerals Canada Ltd. cost estimates, study integration, G&A cost estimates and financial analysis SGS – Canada – Lakefi
Slide 30: Project Timeline / Next Steps
Project Timeline | Next Steps 2025 2026 2027 2028 2029 2030 2031 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PEA ESIA Drilliing / Update Resource FS Pre-Work Feasibility Study FEED Long Lead Procurement Early Works Construction Commi- ssioning Ramp-up Commerci
Slide 31: Roaster Update
Processing & Metallurgy | Roaster Update ROASTING UPDATE The flotation route demonstrates strong recoveries and concentrates quality, supporting a robust development scenario for the project, centered on direct concentrate sales. Complementary roaster and leaching testwork on the pyrite concentrate,
Slide 32: Beyond the PEA Boundaries
Boumadine Opportunities | Beyond the PEA Boundaries PEA Covers Only a Subset: Current assessment represents a portion of the permitted area; mineralization extends beyond the PEA boundary • Significant Exploration Upside: Existing Boumadine deposits remain open in all directions. • Additional Target
Slide 33: Design Overview
DESIGN OVERVIEW Patrick Pérez Director Technical Services TSX: AYA | OTCQX: AYASF 33
Slide 34: Q&A Period
Q&A PERIOD Benoit La Salle, FCPA, MBA Raphaël Beaudoin Patrick Pérez President & CEO Vice-President, Director Technical Services Operations Ugo Landry-Tolszczuk David Lalonde Sebastian Humphrey Chief Financial Officer Vice-President Exploration Project Manager & Qualified Person TSX: AYA | OTCQX: AY
Slide 35: Silver Producer Benchmarking
Aya | Silver Producer Benchmarking 2025E PRODUCTION(1) (MOZ AGEQ) & MARKET CAP (US$M) $20,644 $14,651 $11,363 $1,420 $8,281 $1,420 $6,080 $2,441 $2,270 $1,336 $1,420 119 100 58 42 40 36 31 31 (2) 37 (3) 16 31 12 5 5 5 Fresnillo Pan American Coeur Aya Hecla Aya First Majestic Fortuna Endeavour Silver
Slide 36: 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 1,4x 1,4x 1,0x 0,9x 0,8x 0,2x Oko Wes t Novador Stibni
Slide 37: 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 38: 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