Aya Gold & Silver Inc. · TSX:AYA
Aya Gold & Silver — Q1 2026 Earnings Presentation
16 slides from Aya Gold & Silver's earnings presentation, May 14, 2026
Slide 1: Unlocking Silver Value in Morocco
Unlocking Silver Value in Morocco Q1-2026 EARNINGS CONFERENCE CALL MAY 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: 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 4: 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 Boumadine reclaim production Zgounder production $M 1.54 1.49 117 0.17 Zgounder 0.23 $0.34
Slide 5: Q1-26 | Zgounder Silver Mine
Q1-26 | Zgounder Silver Mine MILLING OPERATIONS IN Q1 IMPACTED BY Q1-26 RECORD QUARTERLY MINING TONNAGE ADVERSE WEATHER CONDITIONS WITH RUN-RATES NORMALIZING IN Q2 4.6 4.2 3.8 3.6 412 385 2.8 2.2 349 327 250 195 Q1-25 Q4-25 Q1-26 Q1-25 Q4-25 Q1-26 Ore mined (kt) Mining rate (ktpd) Ore processed (kt)
Slide 6: Q1-26 | Boumadine Pyrite Reclaim Operation
Q1-26 | Boumadine Pyrite Reclaim Operation Multiple benefits to the Boumadine Q1 Highlights pyrite reclaim operation1 Silver produced 127,406 oz ✓ Minimal capital Gold produced 1,757 oz ✓ Minimal cash costs Silver Equivalent produced2 227,802 oz ✓ Low incremental capital intensity Silver Equivalent
Slide 7: Q1-2026 | Financial Highlights
Q1-2026 | Financial Highlights AVG. NET REALIZED SILVER PRICE PER OZ REVENUES ($M) Q1-26 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 executi
Slide 8: 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 ✓ Record financi
Slide 9: 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 10: 2026 Strategic & Operational Priorities | Update
2026 Strategic & Operational Priorities | Update BOUMADINE DEVELOPMENT – YTD-2026 OPTIMIZATION OF ZGOUNDER SILVER MINE – YTD-2026 Feasibility Study Progress • Contractor-operated mobile crushing unit commissioned late April • Ongoing evaluation of an additional crushing unit within the • Independent
Slide 11: Our Assets | Morocco-Focused, Quality Growth Portfolio
Our Assets | Morocco-Focused, Quality Growth Portfolio PRODUCTION DEVELOPMENT PRO FORMA PRODUCTION Long term outlook based on Zgounder LOM and Boumadine PEA (Y1-Y5) Potential annual production approx. 43 Moz AgEq ZGOUNDER SILVER MINE BOUMADINE POLYMETALLIC 4.8Moz Ag produced in 2025 PROJECT 37Moz Ag
Slide 12: 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 30,00m YTD DRILLING: 42,827 m YTD DRILLING: 5,883 m • Identified a new mineralized parallel structure ~500 m east of • Drill
Slide 13: Q&A Period
Q&A Period 13
Slide 14: Upcoming Catalysts
Upcoming Catalysts Zgounder, Boumadine drill results 2026 U.S. exchange listing Q2 2026 Boumadine technical report update H2 2026 In-country consolidation 2026 14
Slide 15: 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 15
Slide 16: Contact details
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 16