Aya Gold & Silver Inc. · TSX:AYA
Aya Gold & Silver — Q4 2025 Earnings Presentation
19 slides from Aya Gold & Silver's earnings presentation, Mar 31, 2026
Slide 1: Unlocking silver growth in Morocco
Unlocking silver growth in Morocco Q4-2025 & FY2025 EARNINGS CONFERENCE CALL MARCH 31, 2026 TSX: AYA | OTCQX: AYASF 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: FY 2025 | A Defining Year for Aya Gold & Silver
FY 2025 | A Defining Year for Aya Gold & Silver Record Revenues, Net Income and Operating Cash Flow driven by the successful ramp-up of the Zgounder Silver Mine and a strong silver price environment. $202M FY25 REVENUES UP 5X $M 202 5 Moz FY25 SILVER EQUIVALENT OZ PRODUCED - $0.32 EPS* 72 CONSOLIDAT
Slide 5: Q4-25 | Solid Operational Execution at Zgounder Silver Mine
Q4-25 | Solid Operational Execution at Zgounder Silver Mine Ramp-up completed by YE 2025 as planned MINING TONNAGE ABOVE MILLING IN Q4 Q4 MILLING RATE OF 3.8 KTPD POSITIONS STRONG OPERATIONAL KPI’S SUPPORTING STEADY STATE OPERATIONS AYA TO SUSTAIN OR EXCEED 3.65 KTPD TARGET IN 2026 62% OP in line wi
Slide 6: Q4-2025 | Financial Highlights
Q4-2025 | Financial Highlights Q4-25 Record Revenues AVG. NET REALIZED SILVER PRICE PER OZ REVENUES ($M) up 8x YoY AND CASH COST* PER OZ 75 Higher oz sold (+282% YoY) Higher silver price/oz (+111% YoY) $58,39 54 39 34 +39% QoQ 9 Higher silver price/oz (+47% QQ) $39,85 Lower oz sold (-5% QoQ) $33,86
Slide 7: Strong Balance Sheet | Provides Flexibility
Strong Balance Sheet | Provides Flexibility Key Highlights Q4-25 FY25 Cash from operations before WC change 35 68 $136M In cash at year end Capital expenditures 8 33 Exploration & evaluation 17 42 Strengthened Cash position 136 Balance Sheet Undrawn credit facility1 10 through Entered 2026 with stro
Slide 8: Zgounder Silver Mine | Reserve & Resource Update
Zgounder Silver Mine | Reserve & Resource Update1 (2025) 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 add
Slide 9: Zgounder Silver Mine | Updated LOM Plan
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 10: Boumadine PEA | Summary Results
Boumadine PEA1 | Summary Results Base Case Metal Prices2: 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 11: Boumadine | PEA Completed
Boumadine | PEA Completed (2025) 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% Re
Slide 12: Exploration | Achievements
Exploration | Achievements (2025) ZGOUNDER ZGOUNDER FY25 DRILLING: 28,281m ü Exceeded upper end of annual target of 25,000m ü Near-mine drilling confirmed high-grade silver mineralization at depth and along strike; OP drilling reinforced mineralization continuity. ü Expanded regional footprint with
Slide 13: 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 14: 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 15: 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 16: 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 16
Slide 17: Q&A Period
Q&A Period 17
Slide 18: Upcoming Catalysts
Upcoming Catalysts Zgounder, Boumadine drill results 2026 Quarterly financial / production 2026 updates U.S. exchange listing Q2 2026 Boumadine technical report update H2 2026 In-country consolidation 2026 18
Slide 19: Benoit La Salle
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 | OTCQX: AYASF TSX: AYA | OTCQX: AYASF 19