Aya Gold & Silver Inc. · TSX:AYA
Aya Gold & Silver — Q2 2026 Earnings Presentation
18 slides from Aya Gold & Silver's earnings presentation, Aug 14, 2026
Slide 1: Unlocking Silver Value in Morocco
Unlocking Silver Value in Morocco Q2-2026 EARNINGS CONFERENCE CALL AUGUST 14, 2026 TSX: AYA | NASDAQ: AYA 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) Notwithstanding the foregoing, these forward-looking statements and underlying assumptions are inherently subject to significant business, economic and competitive uncertainties and contingencies which means that actual results pe
Slide 4: Forward-Looking Statements: Technical Reports and Qualified Persons
Forward-Looking Statements (ii) Technical Reports The complete National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report pertaining to the Boumadine Project Preliminary Economic Assessment (the "PEA") was filed on December 18, 2025, and is available on
Slide 5: Q2 2026 | Execution and Price Environment Drives Solid Quarter
Q2 2026 | Execution and Price Environment Drives Solid Quarter Strong Revenues, Net Income and Operating Cash Flow SILVER EQUIVALENT PRODUCTION driven by ramp-up of the Zgounder Silver Mine and strong silver price In Moz AgEq Zgounder Silver Mine $M Boumadine Reclaim Operation 1.68 +151% 97 1.49 0.1
Slide 6: Q2-2026 | Zgounder Silver Mine
Q2-2026 | Zgounder Silver Mine Q2-2026 RECORD QUARTERLY MINING TONNAGE RECORD MILLING RATE IN Q2 REFLECTS STRONG EXECUTION 4.9 3.9 4.6 3.6 3.0 444 354 412 327 2.7 273 241 Q2-25 Q1-26 Q2-26 Q2-25 Q1-26 Q2-26 Ore mined (kt) Mining rate (ktpd) Ore processed (kt) Milling rate (in ktpd) • Mining rate con
Slide 7: Q2-2026 | Financial Highlights
Q2-2026 | Financial Highlights ZGOUNDER SILVER MINE ZGOUNDER SILVER MINE HIGHER PRICES AND LOWER COSTS DRIVE MARGIN EXPANSION HIGHER PRODUCTION VOLUMES AT ZGOUNDER DRIVE OPERATING LEVERAGE AND LOWER CASH COSTS PER OZ $83.42 $21.26 $20.79 1.49 $20.50 $18.64 $17.69 $68.29 1.35 1.37 1.27 $59.23 1.04 $3
Slide 8: Q2-26 | Boumadine Pyrite Reclaim Operation
Q2-26 | Boumadine Pyrite Reclaim Operation Q2 HIGHLIGHTS Silver produced 100,721 oz Gold produced 1,414 oz Silver Equivalent produced1 187,784 oz Silver Equivalent sold 184,536 oz Multiple benefits to the Boumadine pyrite reclaim operation3 Minimal capital • Cash cost of $10.58/oz AgEq2 Minimal cash
Slide 9: Strong Balance Sheet | Provides Flexibility
Strong Balance Sheet | Provides Flexibility $183M STRONG H1-2026 CASH GENERATION DRIVES BALANCE-SHEET STRENGTH Include $48M Cash position Q2-2026 from Q2-26 119 Investing Operating cash flow (38) Strong operating cash flow Financing Other 183 (33) (2) Capex in line with plan 136 Early debt repayment
Slide 10: H1-2026 | Financial Highlights
H1-2026 | Financial Highlights H1-26 OPERATIONAL PERFORMANCE H1-26 FINANCIALS CONSOLIDATED 3.2Moz $17.59/oz $205M OF SILVER EQUIVALENT CASH COST PER REVENUES (AGEQ) PRODUCED AGEQ OZ SOLD ZGOUNDER 2.8Moz $18.18/oz $84M / $0.58 OF SILVER PRODUCED CASH COST PER NET INCOME BASIC EPS AG OZ SOLD BOUMADINE
Slide 11: 2026 Guidance
2026 Guidance (In US dollars) Total production Moz AgEq1 6.2 – 6.8 Zgounder production Moz AgEq 5.2 – 5.8 Boumadine pyrite reclaim operation Moz AgEq1 1.0 Zgounder avg cash cost2 $/oz AgEq 21.50 Boumadine avg cash cost1,2 $/oz AgEq 10.10 Sustaining and growth capital investments $M 36 Exploration ex
Slide 12: 2026 Strategic & Operational Priorities | Update
2026 Strategic & Operational Priorities | Update BOUMADINE DEVELOPMENT – YTD-2026 OPTIMIZATION OF ZGOUNDER SILVER MINE – YTD-2026 Feasibility Study Progress • The open pit is now fully operational and integrated into production. • Independent consulting firms engaged across key feasibility workstrea
Slide 13: 2026 Exploration & Development | Update
2026 Exploration & Development | Update BOUMADINE EXPLORATION & EVALUATION ZGOUNDER EXPLORATION 2026 Objective 200,000m (180,000m infill & 20,000m exploration). 2026 Objective 30,000m YTD DRILLING: 93,394 m YTD DRILLING: 10,278 m • Identified a new mineralized parallel structure ~70 m below the • Dr
Slide 14: Expansion of Exploration Portfolio in Morocco
Expansion of Exploration Portfolio in Morocco | Acquisition Additional 259 km² of Prospective Exploration Ground Across Three Distinct Exploration Projects: Zagora: Potential for Ni-Co-Pb- Zn-Ag Agadir Melloul: Potential for Cu-Ag-Au - REE Goulmim: Potential for Pb-Ag-Cu-Au Reinforcing our first-mov
Slide 15: Q&A Period
Q&A Period 15
Slide 16: Upcoming Catalysts
Upcoming Catalysts Zgounder, Boumadine drill results 2026 U.S. exchange listing Q2 2026 Boumadine technical report update Q3 2026 In-country consolidation Ongoing 16
Slide 17: 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 17
Slide 18: 1320 Graham, Suite 132 Mont-Royal, QC H3P 3C8
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 18