# EDGAR Filing Document

**Accession Number:** 0001826836
**File Stem:** 0001628280-26-024934
**Filing Date:** 2026-4
**Character Count:** 2135499
**Document Hash:** 6a0a02c9c0fad711018944f3f3e6ab4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-024934.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001628280-26-024934

**CONFORMED SUBMISSION TYPE**: 40FR12B/A

**PUBLIC DOCUMENT COUNT**: 444

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260413

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aya Gold & Silver Inc.
- **CENTRAL INDEX KEY:** 0001826836
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43230
- **FILM NUMBER:** 26858457

**BUSINESS ADDRESS:**
- **STREET 1:** 1320 BOULEVARD GRAHAM
- **STREET 2:** BUREAU 132
- **CITY:** MONT-ROYAL, QUEBEC
- **STATE:** Z4
- **ZIP:** H3P 3C8
- **BUSINESS PHONE:** (514) 951-4411

**MAIL ADDRESS:**
- **STREET 1:** 1320 BOULEVARD GRAHAM
- **STREET 2:** BUREAU 132
- **CITY:** MONT-ROYAL, QUEBEC
- **STATE:** Z4
- **ZIP:** H3P 3C8

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 40-F/A (Amendment No. 1)**

⌧ **Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934**

**or**

□ **Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934**

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| | |
|:---|:---|
| **For the fiscal year ended**  | **Commission File Number**  |

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**Aya Gold & Silver Inc.**

**(Exact name of Registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Canada** | **1040** | **&nbsp;&nbsp;&nbsp;&nbsp;N/A&nbsp;&nbsp;&nbsp;&nbsp;**  |
| **(Province or other jurisdiction of<br>incorporation or organization)** | **(Primary Standard Industrial<br>Classification Code Number)** | **(I.R.S. Employer <br>Identification Number)** |

---

**1320 boulevard Graham, suite 132**

**Mont-Royal, Quebec, Canada, H3P 3C8**

**(514) 342-1220)**

**(Address and telephone number of Registrant's principal executive offices)**

**Cogency Global Inc.**

**122 E. 42nd Street, 18th Floor**

**New York, New York 10168**

**(212) 947-7200**

**(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)**

**Copies to:**

**Steven I. Suzzan**

**Norton Rose Fulbright US LLP**

**1301 Avenue of the Americas**

**New York, NY 10019**

**(212) 318-3000**

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which <br>registered** |
| Common Shares, no par value | AYA | The Nasdaq Stock Market LLC |

---

Securities registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this Form:

☐ Annual information form

☐ Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: **N/A**

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ◻ No ⌧

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ◻ No ◻

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ⌧

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ◻

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

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**EXPLANATORY NOTE**

Aya Gold & Silver Inc. (the "Registrant") is a Canadian issuer whose common shares are listed or quoted on the Toronto Stock Exchange ("TSX") and the OTCQX Best Market and is eligible to file its registration statement pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on Form 40-F pursuant to the U.S.-Canadian Multijurisdictional Disclosure System. The Registrant is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. Equity securities of the Registrant are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3.

The Registrant is filing this Amendment No. 1 to the Registration Statement to include additional exhibits, each of which is being incorporated by reference in the Registration Statement. Other than as expressly set forth herein, this Amendment No. 1 does not, and does not purport to, amend, update, or restate the information in any item of the Registration Statement or reflect any events occurring.

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**FORWARD LOOKING STATEMENTS**

The Exhibits incorporated by reference into this Registration Statement of the Registrant contain or refer to certain forward-looking statements and forward-looking information as defined in applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements can often be identified by words such as "plan", "aim" "expect", "budget", "strategy", "scheduled", "estimate", "forecast", "target", "future", "guide", "likely", "anticipate", "believe", "intend", "intention", "assume", "commitment", "potential", "project", "schedule", "track", "pursuit", "goal", "continue", "ongoing" and similar expressions or statements to the effect that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. All statements included in the Exhibits, other than statements regarding historical fact that addresses activities, events or developments that the Registrant believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements do not constitute historical fact but reflect the expectations of the Registrant regarding future results or events based on information that was available at the time the forward-looking statements were made. Forward-looking statements in the Exhibits include, but are not limited to, statements with respect to the Registrant's future growth; results of operations (including, without limitation, past and expected future production and capital expenditures); anticipated financial and operational performance and results; business prospects and opportunities (including the timing and development of new deposits and the success of exploration activities); the Registrant's expectation regarding its ability to raise capital and grow its business; anticipated trends and challenges in Registrant's business and the industry in which it operates; estimated exploration expenditures and budgets; strategic plans; potential acquisitions; market price and demand for gold and silver; permitting or other timelines; government regulations and relations; the estimates of expected or anticipated results and economic returns from mining projects and operations at the Zgounder Silver Mine; Zgounder Expansion project cash flows and economic viability estimates; mineral reserve and mineral resources estimates; plans relating to the Zgounder Silver Mine, including potential exploration activities and related expenditures; the estimated costs of the recommended work program at Zgounder and the expected phases and timelines; plans relating to the Boumadine Deposit, including potential exploration activities and related expenditures; the estimated costs of the recommended work program at the Boumadine Property and the expected phases and timelines; the Registrant's guidance and corporate outlook; preliminary results from exploration programs; the intended use of the proceeds of public offerings; the objectives and ability of the Registrant to implement responsible mining and climate change initiatives in Morocco; the resiliency of the Zgounder Silver Mine to climate impacts; the Registrant's ability to conduct business in a way that safeguards public health and the environment; the Registrant's ability to receive and maintain licenses and permits from appropriate governmental authorities; laws and regulations, including those pertaining to environment, health and safety; exchange rates; the estimated project cash flows and economic viability of exploration and expansion projects; the sufficiency of the water and storage facilities at the Zgounder Silver Mine; and capital and operating costs required over the LOM of the Zgounder Silver Mine.

By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Such forward-looking statements speak only as of the date when made in each such Exhibit. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors include, without limitation, the Registrant's ability to raise additional financing when needed and on reasonable terms; the Registrant's ability to achieve current exploration, development and other objectives concerning the Registrant's properties; the Registrant's expectation that the current price and demand for gold and silver and other commodities will be sustained or will improve; the Registrant's ability to obtain and maintain requisite licenses and necessary governmental approvals; Aya's ability to attract and retain key personnel; and general business and economic conditions, including competitive conditions, in the market in which the Registrant operates.

Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Registrant and its subsidiaries may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. Some of the risks the Registrant faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant's ability to execute plans relating to its Zgounder Project and Boumadine Project, including the timing thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;• risks and hazards associated with the business of mineral exploration, development, and mining, including environmental

&nbsp;&nbsp;&nbsp;&nbsp;• hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or

&nbsp;&nbsp;&nbsp;&nbsp;• structural formations, pressures, cave-ins, and flooding;

&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the Registrant's operations in Morocco;

&nbsp;&nbsp;&nbsp;&nbsp;• the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as

&nbsp;&nbsp;&nbsp;&nbsp;• properties are mined; the inability to determine, with certainty, the production of metals and cost estimates, or the prices to be received before

&nbsp;&nbsp;&nbsp;&nbsp;• mineral reserves or mineral resources are actually mined;

&nbsp;&nbsp;&nbsp;&nbsp;• inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward

&nbsp;&nbsp;&nbsp;&nbsp;• markets for silver and other commodities (such as natural gas, fuel oil and electricity); restrictions on mining in the

&nbsp;&nbsp;&nbsp;&nbsp;• jurisdictions in which the Registrant operates;

&nbsp;&nbsp;&nbsp;&nbsp;• change of laws and regulations governing our operation, exploration, and development activities, including international

&nbsp;&nbsp;&nbsp;&nbsp;• laws and legal norms, such as those relating to Indigenous peoples and human rights; the Corporation's ability to mitigate

&nbsp;&nbsp;&nbsp;&nbsp;• the risks pertaining to fund repatriation;

&nbsp;&nbsp;&nbsp;&nbsp;• expectations with respect to any future pandemics on our operations, and assumptions related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant's ability to attract and retain qualified employees and contractors;

&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant's ability to obtain necessary permits and licenses; inherent risks associated with tailings facilities and heap leach

&nbsp;&nbsp;&nbsp;&nbsp;• operations, including failure or leakages;

&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant's growth strategy;

&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant's ability to obtain insurance;

&nbsp;&nbsp;&nbsp;&nbsp;• occupational health and safety risks;

&nbsp;&nbsp;&nbsp;&nbsp;• adverse publicity risks;

&nbsp;&nbsp;&nbsp;&nbsp;• third party risks;

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&nbsp;&nbsp;&nbsp;&nbsp;• disruptions to the Registrant's business operations;

&nbsp;&nbsp;&nbsp;&nbsp;• the Registrant's reliance on technology and information systems;

&nbsp;&nbsp;&nbsp;&nbsp;• litigation risks;

&nbsp;&nbsp;&nbsp;&nbsp;• interest and exchange rates risks;

&nbsp;&nbsp;&nbsp;&nbsp;• tax risks;

&nbsp;&nbsp;&nbsp;&nbsp;• unforeseen expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• public health crises;

&nbsp;&nbsp;&nbsp;&nbsp;• climate change;

&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;• commodity prices and exchange rate risks;

&nbsp;&nbsp;&nbsp;&nbsp;• gold and silver demand;

&nbsp;&nbsp;&nbsp;&nbsp;• volatility of share price;

&nbsp;&nbsp;&nbsp;&nbsp;• public company obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• competition risk;

&nbsp;&nbsp;&nbsp;&nbsp;• policies and legislation;

&nbsp;&nbsp;&nbsp;&nbsp;• force majeure;

&nbsp;&nbsp;&nbsp;&nbsp;• climate risks;

&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;• risks related to competition in the mining industry;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in technology; and

&nbsp;&nbsp;&nbsp;&nbsp;• other risks generally associated with the mining industry.

A description of assumptions used to develop such forward-looking statements and a description of additional risk factors that may cause actual results to differ materially from forward-looking statements can be found in the Registrant's disclosure documents on the SEDAR+ website at www.sedarplus.ca, such as the Registrant's Annual Information Form for the year ended December 31, 2025, filed on March 30, 2026, which is attached hereto as Exhibit 99.102, and the Registrant's Management's Discussion and Analysis for the Year and Quarter ended December 31, 2025, which is attached hereto as Exhibit 99.103. Although the Registrant has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. While the Registrant believes that the assumptions inherent in any forward-looking statements are reasonable, forward-looking statements are not guarantees of future events or performance, and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Registrant does not undertake any obligation to update or revise any forward-looking statements, except as required by law.

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**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant prepares its financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, and the financial statements have been subject to an audit performed under Canadian generally accepted auditing standards. IFRS differs in certain respects from United States generally accepted accounting principles ("US GAAP") and from practices prescribed by the Securities and Exchange Commission (the "SEC"). Therefore, the Registrant's financial statements filed with this registration statement may not be comparable to financial statements prepared in accordance with US GAAP.

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**RESOURCE AND RESERVE ESTIMATES**

The information included or incorporated by reference into this Registration Statement regarding mineral deposits has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements of United States securities laws. The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - *CIM Definition Standards on Mineral Resources and Mineral Reserves*, adopted by the CIM Council, as amended. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The definitions of these differ from the definitions of such terms for purposes of the disclosure the requirements of the SEC.

Accordingly, information contained and incorporated by reference into this Registration Statement that describes the Registrant's mineral deposits may not be comparable to similar information made public by issuers subject to the SEC's reporting and disclosure requirements applicable to domestic United States issuers.

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**PRINCIPAL DOCUMENTS**

In accordance with General Instruction B.(1) of Form 40-F, the Registrant hereby incorporates by reference Exhibits 99.1 through 99.106, inclusive, as set forth in the Exhibit Index attached hereto.

In accordance with General Instruction D.(9) of Form 40-F, the Registrant has filed the written consents of the independent auditor and other experts named in the foregoing Exhibits as Exhibits 99.107 through 99.127, inclusive, as set forth in the Exhibit Index attached hereto.

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**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this registration statement on Form 40-F.

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**DESCRIPTION OF COMMON SHARES**

The required disclosure is included under the heading "Capital Structure" in the Registrant's Annual Information Form for the Year Ended December 31, 2025, attached hereto as Exhibit 99.102.

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**CURRENCY**

Unless otherwise indicated, all dollar amounts in this Registration Statement on Form 40-F are in United States dollars.

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**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant does not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on the Registrant's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements, or capital resources, other than commitments, contingent liabilities and interest, as disclosed in the Registrant's Management's Discussion and Analysis for the Year and Quarter ended December 31, 2025, which is attached hereto as Exhibit 99.103 and the Registrant's Audited Consolidated Financial Statements for the Years Ended December 31, 2025 and 2024, which is attached hereto as Exhibit 99.104.

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**NASDAQ CORPORATE GOVERNANCE PRACTICES**

The Registrant is a "foreign private issuer" as defined in Rule 3b-4 under Exchange Act and the Registrant's common shares are listed on the TSX and are expected to be listed on The Nasdaq Stock Market LLC ("Nasdaq"). Rule 5615(a)(3) of the listing rules of the Nasdaq (the "Nasdaq Stock Market Rules") permits foreign private issuers to follow home country practices in lieu of certain provisions of Nasdaq Stock Market Rules. A foreign private issuer that follows home country practices in lieu of certain provisions of the Nasdaq Stock Market Rules must disclose in its registration statement or on its website each requirement of the Nasdaq Stock Market Rules that it does not follow and describe the home country practice followed in lieu of such requirements.

A description of the ways in which the Registrant's governance practices differ from those followed by domestic companies pursuant to Nasdaq standards are as follows:

**Compensation Committee Charter**: The Registrant does not follow Nasdaq Stock Market Rule 5605(d)(1), which requires companies to adopt a formal written compensation committee charter and have a compensation committee review and reassess the adequacy of the charter on an annual basis. In lieu of following Nasdaq Stock Market Rule 5605(d)(1), the Registrant follows the applicable rules of TSX and Canadian securities laws.

**Compensation Committee Composition**: The Registrant does not follow Nasdaq Stock Market Rule 5605(d)(2), which requires companies to have, a compensation committee of at least two members, with each member being an "Independent Director", as defined under Nasdaq Stock Market Rule 5605(a)(2). In lieu of following Nasdaq Stock Market Rule 5605(d)(2), the Registrant follows the applicable rules of TSX and Canadian securities laws.

**Compensation Committee Responsibility and Authority**: The Registrant does not follow Nasdaq Stock Market Rule 5605(d)(3), which requires companies to adopt a formal written compensation committee charter that specifies, among other things, the specific compensation committee responsibilities and authority set forth in Rule 5605(d)(3). In lieu of following Nasdaq Stock Market Rule 5605(d)(3), the Registrant follows the applicable rules of TSX and Canadian securities laws.

I**ndependent Director Oversight of Director Nominations**: The Registrant does not follow Nasdaq Stock Market Rule 5605(e)(1), which requires that subject to a limited exception, director nominees must either be selected, or recommended for the board of directors' selection, either by: (a) independent directors (as defined in Nasdaq Stock Market Rule 5605(a)(2)) constituting a majority of the board of directors' independent directors in a vote in which only independent directors participate, or (b) a nominations committee comprised solely of independent directors.. In lieu of following Nasdaq Stock Market Rule 5605(e)(1), the Registrant follows the applicable rules of TSX and Canadian securities laws.

**Code of Conduct**: The Registrant does not follow Nasdaq Stock Market Rule 5610, which requires companies to adopt a Code of Conduct applicable to all directors, officers and employees, which comply with the definition of a "code of ethics" set out in Section 406(c) of the Sarbanes-Oxley Act of 2002 and any regulations promulgated thereunder. In lieu of following Nasdaq Stock Market Rule 5610, the Registrant follows the applicable rules of TSX and the Canadian Securities laws.

**Shareholder Meeting Quorum Requirements**: The Registrant does not follow Nasdaq Stock Market Rule 5620(c) which requires that the minimum quorum requirement for a meeting of shareholders be 33 1/3 % of the outstanding common voting shares. In lieu of following Nasdaq Stock Market Rule 5620(c), the Registrant follows the applicable rules of TSX and the Canadian securities laws.

**Third-Party Director and Nominee Compensation Disclosure:** The Registrant does not follow Nasdaq Stock Market Rule 5250(b)(3), which requires certain disclosures of third-party compensation arrangements with directors and nominees for director. In lieu of following Nasdaq Stock Market Rule 5250(b)(3), the Registrant follows the applicable rules of TSX and the Canadian securities laws.

**Shareholder Approval**: The Registrant does not follow Nasdaq Stock Market Rules 5635(a) through (d), which require companies to obtain shareholder approval prior to certain issuances of securities, including (i) the acquisition of the stock or assets of another company; (ii) a change of control; (iii) equity-based compensation of officers, directors, employees or consultants; and (iv) private placements. this rule. In lieu of following Nasdaq Stock Market Rules 5635(a) through (d), the Registrant follows the applicable rules of TSX and the Canadian securities laws.

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The foregoing is consistent with applicable laws, customs and practices in Canada.

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**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

*A. Undertaking*. The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

*B. Consent to Service of Process*. The Registrant has concurrently filed a Form F-X in connection with the class of securities to which this Registration Statement relates. Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Registrant.

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**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Amendment No. 1 to the Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized.

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| | |
|:---|:---|
| AYA GOLD & SILVER INC. |  |
| By: | /s/ Ugo Landry-Tolszczuk |
|  | Name: Ugo Landry-Tolszczuk |
|  | Title: Chief Financial Officer |

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Date: April 13, 2026

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**EXHIBIT INDEX**

The following documents are being filed with the SEC as Exhibits to the Registration Statement on Form 40-F/A (Amendment No. 1):

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1\*\* | <u>[News Release - dated January 7, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit991-newsreleasexdat.htm)</u> |
| 99.2\*\* | <u>[News Release - dated January 21, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit992-newsreleasexdat.htm)</u> |
| 99.3\*\* | <u>[News Release - dated January 23, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit993-newsreleasexdat.htm)</u> |
| 99.4\*\* | <u>[News Release - dated February 4, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit994-newsreleasexdat.htm)</u> |
| 99.5\*\* | <u>[News Release - dated February 11, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit995-newsreleasexdat.htm)</u> |
| 99.6\*\* | <u>[News Release - dated February 24, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit996-newsreleasexdat.htm)</u> |
| 99.7\*\* | <u>[News Release - dated March 11, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit997-newsreleasexdat.htm)</u> |
| 99.8\*\* | <u>[News Release - dated March 26, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit998-newsreleasexdat.htm)</u> |
| 99.9\*\* | <u>[News Release - dated March 28, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit999-newsreleasexdat.htm)</u> |
| 99.10\*\* | <u>[AB Form 13-501F1 Participation Fee for Year Ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9910-abform13x501f1.htm)</u> |
| 99.11\*\* | <u>[ON Form 13-502F1 Participation Fee for Year Ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9911-onform13x502f1.htm)</u> |
| 99.12\*\* | <u>[52-109F1 - Certification of Annual Filings (CEO) - dated Mar 27, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9912-52x109f1xcerti.htm)</u> |
| 99.13\*\* | <u>[52-109F1 - Certification of Annual Filings (CFO) - dated Mar 27, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9913-52x109f1xcerti.htm)</u> |
| 99.14\*\* | <u>[Audited Consolidated Financial Statements for the Years Ended December 31, 2024 and 2023](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9914-auditedannualf.htm)</u> |
| 99.15\*\* | <u>[Management's Discussion and Analysis for the Year Ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9915-annualmdaxdate.htm)</u> |
| 99.16\*\* | <u>[52-109F1 - Certification of Annual Filings (CEO) - dated March 28, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9916-52x109f1xcerti.htm)</u> |
| 99.17\*\* | <u>[52-109F1 - Certification of Annual Filings (CFO) - dated March 28, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9917-52x109f1xcerti.htm)</u> |
| 99.18\*\* | <u>[Annual Information Form for the Year Ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9918-annualinformat.htm)</u> |
| 99.19\*\* | <u>[52-109F1 - Certification of Annual Filings (CEO) - dated March 31, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9919-52x109f1xcerti.htm)</u> |
| 99.20\*\* | <u>[52-109F1 - Certification of Annual Filings (CFO) - dated March 31, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9920-52x109f1xcerti.htm)</u> |
| 99.21\*\* | <u>[News Release - dated March 31, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9921-newsreleasexda.htm)</u> |
| 99.22\*\* | <u>[NI 43-101 Technical report - Updated Mineral Resource Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco - dated March 31, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9922-technicalrepor.htm)</u> |
| 99.23\*\* | <u>[News Release - dated April 8, 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9923-newsreleasexda.htm)</u> |
| 99.24\*\* | <u>[News Release - dated April 8, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9924-newsreleasexda.htm)</u> |
| 99.25\*\* | <u>[Notice of the Meeting and Record Date - dated April 9, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9925-noticeofthemee.htm)</u> |
| 99.26\*\* | <u>[News Release - dated April 11, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9926-newsreleasexda.htm)</u> |
| 99.27\*\* | <u>[News Release - dated April 14, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9927-newsreleasexda.htm)</u> |
| 99.28\*\* | <u>[News Release - dated April 16, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9928-newsreleasexda.htm)</u> |
| 99.29\*\* | <u>[News Release - dated May 2, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9929-newsreleasexda.htm)</u> |
| 99.30\*\* | <u>[News Release - dated May 9, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9930-newsreleasexda.htm)</u> |
| 99.31\*\* | <u>[News Release - dated May 12, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9931-newsreleasexda.htm)</u> |
| 99.32\*\* | <u>[Management's Discussion and Analysis for the Quarter Ended March 31, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9932-interimmdaxdat.htm)</u> |
| 99.33\*\* | <u>[Unaudited Condensed Interim Consolidated Financial Statements for the Three-Month Period ended March 31, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9933-interimfinanci.htm)</u> |
| 99.34\*\* | <u>[52-109F2 - Certification of Interim Filings (CEO) - dated May 13, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9934-52x109f2xcerti.htm)</u> |
| 99.35\*\* | <u>[52-109F2 - Certification of Interim Filings (CFO) - dated May 13, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9935-52x109f2xcerti.htm)</u> |
| 99.36\*\* | <u>[News Release - date May 13, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9936-newsreleasexda.htm)</u> |
| 99.37\*\* | <u>[News Release - dated May 15, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9937-newsreleasexda.htm)</u> |

---

------

---

| | |
|:---|:---|
| 99.38\*\* | <u>[News Release - dated May 21, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9938-newsreleasexda.htm)</u> |
| 99.39\*\* | <u>[Annual Statement of Payments - Extractive Sector Transparency Measures Act for the Year Ended 2024 Annual Report](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9939-annualstatemen.htm)</u> |
| 99.40\*\* | <u>[News Release - dated June 5, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9940-newsreleasexda.htm)</u> |
| 99.41\*\* | <u>[News Release - dated June 10, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9941-newsreleasexda.htm)</u> |
| 99.42\*\* | <u>[Final Short Form Base Shelf Prospectus - dated June 10, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9942-finalshortform.htm)</u> |
| 99.43\*\* | <u>[Decision Document (Final) from AMF - dated June 10, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9943-decisiondocume.htm)</u> |
| 99.44\*\* | <u>[News Release - dated June 11, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9944-newsreleasexda.htm)</u> |
| 99.45\*\* | <u>[News Release - dated June 12, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9945-newsreleasexda.htm)</u> |
| 99.46\*\* | <u>[Prospectus Supplement - dated June 12, 2025 to the Short Form Base Shelf Prospectus dated June 10, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9946-prospectusnonp.htm)</u> |
| 99.47\*\* | <u>[Underwriting Agreements - dated June 12, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9947-underwritingor.htm)</u> |
| 99.48\*\* | <u>[Preliminary Short Form Prospectus - WKSI Prospectus Exemption Letter to Securities Commissions](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9948-preliminarysho.htm)</u> |
| 99.49\*\* | <u>[Short Form Base Shelf Prospectus Offering Term Sheet](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9949-shortformbases.htm)</u> |
| 99.50\*\* | <u>[Short Form Base Shelf Prospectus Offering Upsize Term Sheet](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9950-shortformbases.htm)</u> |
| 99.51\*\* | <u>[News Release – dated June 18, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9951-newsreleasedat.htm)</u> |
| 99.52\*\* | <u>[News Release - dated June 20, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9952-newsreleasexda.htm)</u> |
| 99.53\*\* | <u>[Form of Proxy with respect to the Annual General Meeting of Shareholders on June 20, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9953-formofproxyxfo.htm)</u> |
| 99.54\*\* | <u>[Management Information Circular with respect to the Annual General Meeting of Shareholders on June 20, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9954-managementinfo.htm)</u> |
| 99.55\*\* | <u>[Voting Instruction Form with respect to the Annual General Meeting of Shareholders on June 20, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9955-otherxvotingin.htm)</u> |
| 99.56\*\* | <u>[Results of Voting Results for the Annual General Meeting of Shareholders on June 20, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9956-reportofvoting.htm)</u> |
| 99.57\*\* | <u>[News Release - dated June 23, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9957-newsreleasexda.htm)</u> |
| 99.58\*\* | <u>[News Release - dated June 25, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9958-newsreleasexda.htm)</u> |
| 99.59\*\* | <u>[News Release - dated June 26, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9959-newsreleasexda.htm)</u> |
| 99.60\*\* | <u>[News Release – dated July 7, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9960-newsreleasedat.htm)</u> |
| 99.61\*\* | <u>[Alternative Monthly Report - dated July 9, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9961-alternativemon.htm)</u> |
| 99.62\*\* | <u>[News Release - dated July 24, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9962-newsreleasexda.htm)</u> |
| 99.63\*\* | <u>[Annual Statement of Payments (Amended) - Extractive Sector Transparency Measures Act - Year Ended 2024 Annual Report](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9963-annualstatemen.htm)</u> |
| 99.64\*\* | <u>[News Release - dated August 7, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9964-newsreleasexda.htm)</u> |
| 99.65\*\* | <u>[Alternative Monthly Report - dated August 8, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9965-alternativemon.htm)</u> |
| 99.66\*\* | <u>[Management's Discussion and Analysis for the Three and Six-Month Periods Ended June 30, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9966-interimmdaxdat.htm)</u> |
| 99.67\*\* | <u>[Unaudited Condensed Interim Consolidated Financial Statements for the Three- and Six-Month Periods ended June 30, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9967-interimfinanci.htm)</u> |
| 99.68\*\* | <u>[News Release - dated August 14, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9968-newsreleasexda.htm)</u> |
| 99.69\*\* | <u>[52-109F2 - Certification of Interim Filings (CEO) - dated August 14, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9969-52x109f2xcerti.htm)</u> |
| 99.70\*\* | <u>[52-109F2 - Certification of Interim Filings (CFO) - dated August 14, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9970-52x109f2xcerti.htm)</u> |
| 99.71\*\* | <u>[News Release - dated September 9, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9971-newsreleasexda.htm)</u> |
| 99.72\*\* | <u>[News Release - dated September 15, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9972-newsreleasexda.htm)</u> |
| 99.73\*\* | <u>[News Release - dated September 25, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9973-newsreleasexda.htm)</u> |
| 99.74\*\* | <u>[News Release - dated October 15, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9974-newsreleasexda.htm)</u> |
| 99.75\*\* | <u>[News Release - dated October 29, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9975-newsreleasexda.htm)</u> |
| 99.76\*\* | <u>[News Release - dated November 4, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9976-newsreleasexda.htm)</u> |
| 99.77\*\* | <u>[Unaudited Condensed Interim Financial Statements for the Three- and Nine-Month Periods ended September 30, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9977-interimfinanci.htm)</u> |

---

------

---

| | |
|:---|:---|
| 99.78\*\* | <u>[Management's Discussion and Analysis for the Three- and Nine-Month Periods Ended September 30, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9978-interimmdaxdat.htm)</u> |
| 99.79\*\* | <u>[52-109F2 - Certification of Interim Filings (CEO) - dated November 11, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9979-52x109f2xcerti.htm)</u> |
| 99.80\*\* | <u>[52-109F2 - Certification of Interim Filings (CFO) - dated November 11, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9980-52x109f2xcerti.htm)</u> |
| 99.81\*\* | <u>[News Release - dated November 11, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9981-newsreleasexda.htm)</u> |
| 99.82\*\* | <u>[News Release - date November 19, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9982-newsreleasexda.htm)</u> |
| 99.83\*\* | <u>[News Release - dated November 26, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9983-newsreleasexda.htm)</u> |
| 99.84\*\* | <u>[News Release - dated December 9, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9984-newsreleasexda.htm)</u> |
| 99.85\*\* | <u>[News Release - dated December 16, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9985-newsreleasexda.htm)</u> |
| 99.86\* | <u>[NI 43-101 Technical Report - Updated Mineral Resources and Mineral Reserves Estimate of the Zgounder Silver Mine Operation, Kingdom of Morocco - dated December 16, 2025](exhibit9986-technicalrepor.htm)</u> |
| 99.87\*\* | <u>[News Release - dated December 18, 2025](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9987-newsreleasexda.htm)</u> |
| 99.88\* | <u>[NI 43-101 Technical Report - Preliminary Economic Assessment for Boumadine Polymetallic Project, Kingdom of Morocco - dated December 18, 2025](exhibit9988-technicalrepor.htm)</u> |
| 99.89\*\* | <u>[Certificate of Amalgamation - dated January 1, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9989-otherxcertific.htm)</u> |
| 99.90\*\* | <u>[News Release - dated January 13, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9990-newsreleasexda.htm)</u> |
| 99.91\*\* | <u>[News Release - dated January 14, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9991-newsreleasexda.htm)</u> |
| 99.92\*\* | <u>[News Release - dated January 20, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9992-newsreleasexda.htm)</u> |
| 99.93\*\* | <u>[News Release - dated January 21, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9993-newsreleasexda.htm)</u> |
| 99.94\*\* | <u>[News Release - dated January 27, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9994-newsreleasexda.htm)</u> |
| 99.95\*\* | <u>[News Release - dated February 18, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9995-newsreleasexda.htm)</u> |
| 99.96\*\* | <u>[News Release - dated February 24, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9996-newsreleasexda.htm)</u> |
| 99.97\*\* | <u>[News Release - dated March 12, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9997-newsreleasexda.htm)</u> |
| 99.98\*\* | <u>[Notice of Meeting and Record Date - dated March 26, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9998-noticeofmeetin.htm)</u> |
| 99.99\*\* | <u>[News Release - dated March 31, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit9999-q42025earnings.htm)</u> |
| 99.100\*\* | <u>[52-109F1 - Certification of Annual Filings (CEO) - dated March 31, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit99100-ayaceoform52x.htm)</u> |
| 99.101\*\* | <u>[52-109F1 - Certification of Annual Filings (CFO) - dated March 31, 2026](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit99101-ayacfoform52x.htm)</u> |
| 99.102\* | <u>[Annual information Form for the Year Ended December 31, 2025](exhibit99102-agsxaifx2025.htm)</u> |
| 99.103\*\* | <u>[Management's Discussion and Analysis for the Year and Quarter Ended December 31, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit99103-annualmdaxdat.htm)</u> |
| 99.104\*\* | <u>[Audited Consolidated Financial Statements for the Years Ended December 31, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit99104-auditedannual.htm)</u> |
| 99.105\* | <u>[AB Form 13-501F1 - Participation Fee for the Year Ended December 31, 2025](exhibit99105-abform13x501f1.htm)</u> |
| 99.106\* | <u>[ON Form 13-502F1 - Participation Fee for the Year Ended December 31, 2025](exhibit99106-onform13x502f1.htm)</u> |
| 99.107\* | <u>[Consent of William Stone](exhibit99107-consentofstone.htm)</u> |
| 99.108\* | <u>[Consent of Antoine Yassa](exhibit99108-consentofyassa.htm)</u> |
| 99.109\* | <u>[Consent of Jarita Barry](exhibit99109-consentofbarry.htm)</u> |
| 99.110\* | <u>[Consent of Fred Brown](exhibit99110-consentofbrown.htm)</u> |
| 99.111\* | <u>[Consent of Eugene Puritch](exhibit99111-consentofpuri.htm)</u> |
| 99.112\* | <u>[Consent of David Lalonde](exhibit99112-consentoflalo.htm)</u> |
| 99.113\* | <u>[Consent of Patrick Pérez](exhibit99113-consentofprez.htm)</u> |
| 99.114\*\* | <u>[Consent of KPMG LLP](https://www.sec.gov/Archives/edgar/data/1826836/000162828026024772/exhibit99114-40xf.htm)</u> |
| 99.115\* | <u>[Consent of Oliver Bertoli](exhibit99115-consentofbert.htm)</u> |
| 99.116\* | <u>[Consent of Abraham Whaanga](exhibit99116-consentofwhaa.htm)</u> |
| 99.117\* | <u>[Consent of Honza Catchpole](exhibit99117-consentofcatc.htm)</u> |
| 99.118\* | <u>[Consent of Raphael Beaudoin](exhibit99118-consentofbeau.htm)</u> |
| 99.119\* | <u>[Consent of Sebastian Humphrey](exhibit99119-consentofhump.htm)</u> |
| 99.120\* | <u>[Consent of David Vilder](exhibit99120-consentofvild.htm)</u> |

---

------

---

| | |
|:---|:---|
| 99.121\* | <u>[Consent of Preetham Nayak](exhibit99121-consentofnayak.htm)</u> |
| 99.122\* | <u>[Consent of Ruan Venter](exhibit99122-consentofvent.htm)</u> |
| 99.123\* | <u>[Consent of Zuned Shaikh](exhibit99123-consentofshai.htm)</u> |
| 99.124\* | <u>[Consent of Benjamin Berson](exhibit99124-consentofqual.htm)</u> |
| 99.125\* | <u>[Consent of Alex Pheiffer](exhibit99125-consentofphei.htm)</u> |
| 99.126\* | <u>[Consent of George Papageorgiou](exhibit99126-consentofpapa.htm)</u> |
| 99.127\* | <u>[Consent of Cortney Palleske](exhibit99127-consentofpall.htm)</u> |

---

_______________________

\*Filed herewith

\*\*Previously Filed

## Exhibit 99.86

![cover_rapportxzgounderx2025a.jpg](cover_rapportxzgounderx2025a.jpg)

**Exhibit 99.86**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| |
|:---|
| **SIGNATURE PAGE**  |
| **AYA GOLD & SILVER INC.** |

---

![aya-rgbxlogo_darkx2024x300a.jpg](aya-rgbxlogo_darkx2024x300a.jpg)

**Aya Gold & Silver inc.**

1320 Graham Boulevard, Suite 132, Mont-Royal,

Québec, Canada, H3P 3C8

**Effective Date: December 16, 2025**

**Signing Date: December 16, 2025**

**QUALIFIED PERSONS**

Prepared by:

---

| | |
|:---|:---|
| *(signed and sealed)* | *[Signed and sealed]* |
| **Olivier Bertoli, FAusIMM, MSc, M.Eng.** | **David Lalonde, P.Geo.** |
| Principal Geostatistician | VP Exploration |
| RSC Consulting Ltd | Aya Gold & Silver inc. |
| *[Signed and sealed]* | *[Signed and sealed]* |
| **Abraham Whaanga, B.Sc., MAusIMM (CP)** | **Raphaël Beaudoin, P.Eng.** |
| Senior Resource Geologist | VP Operations |
| RSC Consulting Ltd | Aya Gold & Silver inc. |
| *[Signed and sealed]* | *[Signed and sealed]* |
| **Honza Catchpole, PhD, P.Geo.** | **Patrick Pérez, P.Eng.** |
| Senior Exploration Geologist | Director, Technical Services |
| RSC Consulting Ltd | Aya Gold & Silver inc. |
|  | *[Signed and sealed]* |
|  | **Sebastian Humphrey, P.Eng.** |
|  | Project Manager |
|  | Aya Gold & Silver inc. |
|  | *[Signed and sealed]* |
|  | **David Vilder, C.Env.** |
|  | Director, ESG |
|  | Aya Gold & Silver inc. |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

**Table of Contents**

---

| | |
|:---|:---|
| **[1.0](#i47866d7d12a84a2583d2958d09c016b1)[EXECUTIVE SUMMARY](#i47866d7d12a84a2583d2958d09c016b1)** | **[1](#i47866d7d12a84a2583d2958d09c016b1)** |
| **[1.1](#i36c1877dc10a42e78f20a116770396ef)[PROPERTY DESCRIPTION AND LOCATION](#i36c1877dc10a42e78f20a116770396ef)** | **[1](#i36c1877dc10a42e78f20a116770396ef)** |
| **[1.2](#i12ff51f67c634134a24f46811c8baa7e)[ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY](#i12ff51f67c634134a24f46811c8baa7e)** | **[1](#i12ff51f67c634134a24f46811c8baa7e)** |
| **[1.3](#i96df423b2ac841839450d7661cca8164)[HISTORY](#i96df423b2ac841839450d7661cca8164)** | **[1](#i96df423b2ac841839450d7661cca8164)** |
| **[1.4](#i8aa829d07f7946ffb0eb343b1697d066)[GEOLOGICAL SETTING, MINERALIZATION, DEPOSIT TYPE](#i8aa829d07f7946ffb0eb343b1697d066)** | **[2](#i8aa829d07f7946ffb0eb343b1697d066)** |
| **[1.5](#i6846029e9e164ed69581730ac3518c26)[EXPLORATION AND DRILLING](#i6846029e9e164ed69581730ac3518c26)** | **[3](#i6846029e9e164ed69581730ac3518c26)** |
| **[1.6](#iaeedc983129043cebae851e399036506)[SAMPLE PREPARATION, ANALYSES AND DATA VERIFICATION](#iaeedc983129043cebae851e399036506)** | **[3](#iaeedc983129043cebae851e399036506)** |
| **[1.7](#idaf2d97db7d0498481bfe92c79f97f20)[MINERAL PROCESSING AND METALLURGICAL TESTING](#idaf2d97db7d0498481bfe92c79f97f20)** | **[4](#idaf2d97db7d0498481bfe92c79f97f20)** |
| **[1.8](#i38d86c1b48c044d3a3cce7ca0005e66e)[MINERAL RESOURCE ESTIMATE](#i38d86c1b48c044d3a3cce7ca0005e66e)** | **[4](#i38d86c1b48c044d3a3cce7ca0005e66e)** |
| **[1.9](#ifbd3ce14b15f4f989f9e7cc33b72799b)[MINERAL RESERVE ESTIMATE](#ifbd3ce14b15f4f989f9e7cc33b72799b)** | **[5](#ifbd3ce14b15f4f989f9e7cc33b72799b)** |
| **[1.10](#i84142d301b774a53a4fdfd8fbc4430dc)[MINING METHODS](#i84142d301b774a53a4fdfd8fbc4430dc)** | **[6](#i84142d301b774a53a4fdfd8fbc4430dc)** |
| **[1.11](#i0bf7aac8b9234e839c4ff63df01a1613)[RECOVERY METHODS](#i0bf7aac8b9234e839c4ff63df01a1613)** | **[7](#i0bf7aac8b9234e839c4ff63df01a1613)** |
| **[1.12](#ie8a335237d3e45caad49199d58bd7604)[PROJECT INFRASTRUCTURE](#ie8a335237d3e45caad49199d58bd7604)** | **[8](#ie8a335237d3e45caad49199d58bd7604)** |
| **[1.13](#ib98ca3621ff346be8d7388016436c85a)[MARKET STUDIES AND CONTRACTS](#ib98ca3621ff346be8d7388016436c85a)** | **[9](#ib98ca3621ff346be8d7388016436c85a)** |
| **[1.14](#i06b4c379cde04463858699fc1666cdfc)[ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT](#i06b4c379cde04463858699fc1666cdfc)** | **[9](#i06b4c379cde04463858699fc1666cdfc)** |
| **[1.15](#i27ab3ca8d9644ff4830a02319dd73481)[CAPITAL AND OPERATING COSTS](#i27ab3ca8d9644ff4830a02319dd73481)** | **[9](#i27ab3ca8d9644ff4830a02319dd73481)** |
| **[1.16](#i752e2d6760cd48eeaa1a758f4b57d699)[CONCLUSIONS AND RECOMMENDATION](#i752e2d6760cd48eeaa1a758f4b57d699)** | **[11](#i752e2d6760cd48eeaa1a758f4b57d699)** |
| **[2.0](#i6926eddaceb24d8fb31021e3ed0dee1a)[INTRODUCTION AND TERMS OF REFERENCE](#i6926eddaceb24d8fb31021e3ed0dee1a)** | **[12](#i6926eddaceb24d8fb31021e3ed0dee1a)** |
| **[2.1](#i56600a6ca6c246ecad0f9b65c05514af)[INTRODUCTION](#i56600a6ca6c246ecad0f9b65c05514af)** | **[12](#i56600a6ca6c246ecad0f9b65c05514af)** |
| **[2.2](#ibeb76253b3fc4cd5aae998d873aa4187)[EFFECTIVE DATES](#ibeb76253b3fc4cd5aae998d873aa4187)** | **[12](#ibeb76253b3fc4cd5aae998d873aa4187)** |
| **[2.3](#i2e21b464b6384b008d8f44cc02ad1d8e)[SOURCES OF INFORMATION](#i2e21b464b6384b008d8f44cc02ad1d8e)** | **[12](#i2e21b464b6384b008d8f44cc02ad1d8e)** |
| **[2.4](#id746ca2004924a1a927c053e664b52d6)[QUALIFIED PERSONS](#id746ca2004924a1a927c053e664b52d6)** | **[12](#id746ca2004924a1a927c053e664b52d6)** |
| **[2.5](#i98eff8f94d4f44278cb5cd71162f6e24)[PERSONAL INSPECTION (SITE VISIT)](#i98eff8f94d4f44278cb5cd71162f6e24)** | **[13](#i98eff8f94d4f44278cb5cd71162f6e24)** |
| **[2.5.1](#i27a0da2329a84af4a867190dc903632b)[INITIAL SITE VISIT](#i27a0da2329a84af4a867190dc903632b)** | **[13](#i27a0da2329a84af4a867190dc903632b)** |
| **[2.5.2](#i5e5407a4f6c24ff39d242581bb37cf8a)[QUALIFIED PERSON'S SITE VISIT](#i5e5407a4f6c24ff39d242581bb37cf8a)** | **[14](#i5e5407a4f6c24ff39d242581bb37cf8a)** |
| **[2.6](#i4d7ef7e9b3924055a7bb97edb182cafc)[UNITS, ACRONYMS AND CURRENCY](#i4d7ef7e9b3924055a7bb97edb182cafc)** | **[14](#i4d7ef7e9b3924055a7bb97edb182cafc)** |
| **[3.0](#i53fcb0c49c414c5184ab9308c4df3e2d)[RELIANCE ON OTHER EXPERTS](#i53fcb0c49c414c5184ab9308c4df3e2d)** | **[20](#i53fcb0c49c414c5184ab9308c4df3e2d)** |
| **[4.0](#id0f8c9e03a7149e883dbffe1e5a4e0de)[PROPERTY DESCRIPTION AND LOCATION](#id0f8c9e03a7149e883dbffe1e5a4e0de)** | **[21](#id0f8c9e03a7149e883dbffe1e5a4e0de)** |
| **[4.1](#i9acd7afc21294b7292026be23f5b4ff5)[LOCATION](#i9acd7afc21294b7292026be23f5b4ff5)** | **[21](#i9acd7afc21294b7292026be23f5b4ff5)** |
| **[4.2](#i83897b49b65c4012916e60debdc3c9b8)[MINERAL TENURE](#i83897b49b65c4012916e60debdc3c9b8)** | **[21](#i83897b49b65c4012916e60debdc3c9b8)** |
| **[4.3](#i0097ac8242644ffb8918474260ab20ad)[SURFACE RIGHTS & PERMITS](#i0097ac8242644ffb8918474260ab20ad)** | **[24](#i0097ac8242644ffb8918474260ab20ad)** |
| **[4.4](#i14bd67aa31294fb2a10ad22754ed1aea)[ACQUISITION AGREEMENT, ROYALTIES & ENCUMBRANCES](#i14bd67aa31294fb2a10ad22754ed1aea)** | **[24](#i14bd67aa31294fb2a10ad22754ed1aea)** |
| **[4.5](#i902f15170655486589b4a77c545df7bd)[ENVIRONMENTAL LIABILITIES AND PERMITTING](#i902f15170655486589b4a77c545df7bd)** | **[24](#i902f15170655486589b4a77c545df7bd)** |
| **[4.6](#i7f490d0468304d7187774eb80e7adfd9)[OTHER SIGNIFICANT FACTORS AND RISKS](#i7f490d0468304d7187774eb80e7adfd9)** | **[24](#i7f490d0468304d7187774eb80e7adfd9)** |
| **[5.0](#id8a78ddef51b4c329b47df4e23308c1d)[ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND](#id8a78ddef51b4c329b47df4e23308c1d)**<br>**[PHYSIOGRAPHY](#id8a78ddef51b4c329b47df4e23308c1d)**<br>| **[25](#id8a78ddef51b4c329b47df4e23308c1d)** |
| **[5.1](#i0c9d368c5b32425d8dbb21ac8bfea729)[ACCESS](#i0c9d368c5b32425d8dbb21ac8bfea729)** | **[25](#i0c9d368c5b32425d8dbb21ac8bfea729)** |
| **[5.2](#i05df485e19094c98a7c7fcaab0ea5480)[CLIMATE](#i05df485e19094c98a7c7fcaab0ea5480)** | **[26](#i05df485e19094c98a7c7fcaab0ea5480)** |
| **[5.3](#id71d57dc913547cb8f00a06985cffa33)[INFRASTRUCTURE](#id71d57dc913547cb8f00a06985cffa33)** | **[28](#id71d57dc913547cb8f00a06985cffa33)** |
| **[5.4](#ia62e488cd37247c294fe79c8f07e3308)[PHYSIOGRAPHY AND VEGETATION](#ia62e488cd37247c294fe79c8f07e3308)** | **[28](#ia62e488cd37247c294fe79c8f07e3308)** |
| **[5.5](#i01642110e0d141d49dc7a5b4f9653cdc)[LOCAL RESOURCES](#i01642110e0d141d49dc7a5b4f9653cdc)** | **[28](#i01642110e0d141d49dc7a5b4f9653cdc)** |
| **[6.0](#i1b5509540cb944e48c71135b9a19fd14)[HISTORY](#i1b5509540cb944e48c71135b9a19fd14)** | **[29](#i1b5509540cb944e48c71135b9a19fd14)** |
| **[6.1](#ibf9121b2951745b5afb814b1be8a00a5)[MINING AND EXPLORATION HISTORY](#ibf9121b2951745b5afb814b1be8a00a5)** | **[29](#ibf9121b2951745b5afb814b1be8a00a5)** |
| **[6.1.1](#ibe00e6447614489b991afdcf35145ac9)[SNAM-BRPM Period (1950 to 1979)](#ibe00e6447614489b991afdcf35145ac9)** | **[29](#ibe00e6447614489b991afdcf35145ac9)** |
| **[6.1.2](#if2d8af167099437c8d8790dc5884af09)[SOMIL Period (1982 to 1989)](#if2d8af167099437c8d8790dc5884af09)** | **[29](#if2d8af167099437c8d8790dc5884af09)** |
| **[6.1.3](#i96c1cf27b4244b26804a12f935364bb6)[BRPM-Icelandic Gold Period (1990 to 1999)](#i96c1cf27b4244b26804a12f935364bb6)** | **[32](#i96c1cf27b4244b26804a12f935364bb6)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[6.1.4](#ie5459d427b1c4e2ca9f9222c79e83808)[CMT Period (2002 to 2004)](#ie5459d427b1c4e2ca9f9222c79e83808)** | **[33](#ie5459d427b1c4e2ca9f9222c79e83808)** |
| **[6.1.5](#ie0d9ff0608664505b61b6d01137d2901)[Maya Period (2012 to 2020)](#ie0d9ff0608664505b61b6d01137d2901)** | **[34](#ie0d9ff0608664505b61b6d01137d2901)** |
| **[6.2](#i3a859e47d1314a58b88e96d7467411d2)[PRODUCTION HISTORY](#i3a859e47d1314a58b88e96d7467411d2)** | **[36](#i3a859e47d1314a58b88e96d7467411d2)** |
| **[6.3](#i7a543212d2eb42768b7ec3c8471ba519)[HISTORICAL MINERAL RESOURCE ESTIMATE](#i7a543212d2eb42768b7ec3c8471ba519)** | **[36](#i7a543212d2eb42768b7ec3c8471ba519)** |
| **[7.0](#id65eb7899afe4ecda2fbf3704335b908)[GEOLOGICAL SETTING AND MINERALIZATION](#id65eb7899afe4ecda2fbf3704335b908)** | **[39](#id65eb7899afe4ecda2fbf3704335b908)** |
| **[7.1](#i1d17bcb3b5c84963aeab2a7dae852a49)[REGIONAL GEOLOGY](#i1d17bcb3b5c84963aeab2a7dae852a49)** | **[39](#i1d17bcb3b5c84963aeab2a7dae852a49)** |
| **[7.2](#i35fbca39ccbc43cfabb33e0a7584c44a)[LOCAL GEOLOGY](#i35fbca39ccbc43cfabb33e0a7584c44a)** | **[39](#i35fbca39ccbc43cfabb33e0a7584c44a)** |
| **[7.3](#ie12eccd7bcb84bc1907286aadbe2b7d2)[PROPERTY GEOLOGY](#ie12eccd7bcb84bc1907286aadbe2b7d2)** | **[42](#ie12eccd7bcb84bc1907286aadbe2b7d2)** |
| **[7.3.1](#i2fce8a95be0545ab92323bb2ace5045c)[STRUCTURAL GEOLOGY](#i2fce8a95be0545ab92323bb2ace5045c)** | **[46](#i2fce8a95be0545ab92323bb2ace5045c)** |
|  | **[46](#ia2f633cdf073451880f445b8f339da01)** |
| **[7.4](#iff38a6feb7e945ac95bb75c9a4f6d224)[MINERALIZATION](#iff38a6feb7e945ac95bb75c9a4f6d224)** | **[47](#iff38a6feb7e945ac95bb75c9a4f6d224)** |
| **[8.0](#i038550ac54f54b8693a000a7719460ce)[DEPOSIT TYPES](#i038550ac54f54b8693a000a7719460ce)** | **[52](#i038550ac54f54b8693a000a7719460ce)** |
| **[9.0](#i198e4d83ca9f4a1ca6fe19bb5b0cdf37)[EXPLORATION](#i198e4d83ca9f4a1ca6fe19bb5b0cdf37)** | **[54](#i198e4d83ca9f4a1ca6fe19bb5b0cdf37)** |
| **[9.1](#i68735188d7734e388d5ec75026abf972)[HYPERSPECTRAL](#i68735188d7734e388d5ec75026abf972)** | **[54](#i68735188d7734e388d5ec75026abf972)** |
| **[9.2](#i0f1f27426826401e8f1dc59426438a0f)[AIRBORNE GEOPHYSICAL SURVEY](#i0f1f27426826401e8f1dc59426438a0f)** | **[56](#i0f1f27426826401e8f1dc59426438a0f)** |
| **[9.3](#ieaff9f00936b4f7f8b4cb1fe2ac2f8a8)[GROUNDBORNE GEOPHYSICAL SURVEYS](#ieaff9f00936b4f7f8b4cb1fe2ac2f8a8)** | **[57](#ieaff9f00936b4f7f8b4cb1fe2ac2f8a8)** |
| **[9.4](#i27dcc2d20cd349e6899fad6fea6effc5)[GEOLOGICAL MAPPING AND SAMPLING](#i27dcc2d20cd349e6899fad6fea6effc5)** | **[61](#i27dcc2d20cd349e6899fad6fea6effc5)** |
| **[9.5](#i4043590275ac4a23954a36f43703a408)[TRENCHING](#i4043590275ac4a23954a36f43703a408)** | **[63](#i4043590275ac4a23954a36f43703a408)** |
| **[9.6](#if7607bdf980141eb9df4486d45880752)[TELEVIEWER](#if7607bdf980141eb9df4486d45880752)** | **[63](#if7607bdf980141eb9df4486d45880752)** |
| **[10.0](#i2e3b360d796143418b759d1a844dab9b)[DRILLING](#i2e3b360d796143418b759d1a844dab9b)** | **[64](#i2e3b360d796143418b759d1a844dab9b)** |
| **[10.1](#i618151a44a204a4da07bb93cd3cff031)[DIAMOND DRILLING](#i618151a44a204a4da07bb93cd3cff031)**  | **[64](#i618151a44a204a4da07bb93cd3cff031)** |
| **[10.1.1](#if0d96680dd054516b711d71c08e949b0)[2022 Diamond Drilling Programs](#if0d96680dd054516b711d71c08e949b0)** | **[65](#if0d96680dd054516b711d71c08e949b0)** |
| **[10.1.2](#i01800316cf8e4a0f81e3e77840e958d2)[2023 Diamond Drilling Programs](#i01800316cf8e4a0f81e3e77840e958d2)** | **[65](#i01800316cf8e4a0f81e3e77840e958d2)** |
| **[10.1.3](#i54b328f922fe4499940ac4e32ba2ec30)[2024 Diamond Drilling Programs](#i54b328f922fe4499940ac4e32ba2ec30)** | **[65](#i54b328f922fe4499940ac4e32ba2ec30)** |
| **[10.1.4](#i45d487f522164581a92d07aa9036d5dc)[2025 Diamond Drilling Programs](#i45d487f522164581a92d07aa9036d5dc)** | **[66](#i45d487f522164581a92d07aa9036d5dc)** |
| **[10.2](#i0d5a1c4b3b3140d4b175ee08c10b962d)[REVERSE CIRCULATION DRILLING](#i0d5a1c4b3b3140d4b175ee08c10b962d)** | **[67](#i0d5a1c4b3b3140d4b175ee08c10b962d)** |
| **[10.3](#i054ba54b93cd4199811174b34984dc39)[PERCUSSION DRILLING](#i054ba54b93cd4199811174b34984dc39)**  | **[68](#i054ba54b93cd4199811174b34984dc39)** |
| **[10.4](#ifaee72d024c4451ead110b3224d8411e)[DRILLING PROCEDURES](#ifaee72d024c4451ead110b3224d8411e)**  | **[69](#ifaee72d024c4451ead110b3224d8411e)** |
| **[10.4.1](#if2fc5981e2eb4b7fb143e1caac7074f6)[DIAMOND DRILLING LOGISTICS AND ORIENTATIONS](#if2fc5981e2eb4b7fb143e1caac7074f6)** | **[69](#if2fc5981e2eb4b7fb143e1caac7074f6)** |
| **[10.4.2](#icc907abaa6da4ccc8c232a10f0d87345)[DIAMOND DRILLING METHODS](#icc907abaa6da4ccc8c232a10f0d87345)** | **[69](#icc907abaa6da4ccc8c232a10f0d87345)** |
| **[10.4.3](#iae455dc6fe62434d9c024f93303d6d10)[RC METHODS](#iae455dc6fe62434d9c024f93303d6d10)** | **[70](#iae455dc6fe62434d9c024f93303d6d10)** |
| **[10.4.4](#i428195daf51040d58c2d0eae3471c5ab)[PERCUSSION DRILLING METHODS](#i428195daf51040d58c2d0eae3471c5ab)** | **[71](#i428195daf51040d58c2d0eae3471c5ab)** |
| **[10.5](#ia45b5300c14d4151be6b269301f1f845)[DRILLING RESULTS](#ia45b5300c14d4151be6b269301f1f845)**  | **[71](#ia45b5300c14d4151be6b269301f1f845)** |
| **[11.0](#i91066e8d4bd5455a9fda1a039eeede64)[SAMPLE PREPARATION, ANALYSIS AND SECURITY](#i91066e8d4bd5455a9fda1a039eeede64)** | **[79](#i91066e8d4bd5455a9fda1a039eeede64)** |
| **[11.1](#i648ed975584a43a88143346574ab7723)[SAMPLE PREPARATION](#i648ed975584a43a88143346574ab7723)** | **[79](#i648ed975584a43a88143346574ab7723)** |
| **[11.1.1](#i2af2975e1e6d4f8d99078caa7a4bb67c)[AYA](#i2af2975e1e6d4f8d99078caa7a4bb67c)** | **[79](#i2af2975e1e6d4f8d99078caa7a4bb67c)** |
| **[11.1.2](#i9bb14d5e802e480082f8e9d7c515e349)[AFRILAB](#i9bb14d5e802e480082f8e9d7c515e349)** | **[79](#i9bb14d5e802e480082f8e9d7c515e349)** |
| **[11.1.3](#ic4a7d40229d248c8b22316d40d85cf28)[ALS](#ic4a7d40229d248c8b22316d40d85cf28)** | **[79](#ic4a7d40229d248c8b22316d40d85cf28)** |
| **[11.1.3.1](#i8417dde240b44e3998e70ff072316e80)[ALS ZGOUNDER LABORATORY](#i8417dde240b44e3998e70ff072316e80)** | **[79](#i8417dde240b44e3998e70ff072316e80)** |
| **[11.1.3.2](#i34c9eb816deb4d9abedf08b4a3465095)[ALS SEVILLE — UMPIRE LABORATORY](#i34c9eb816deb4d9abedf08b4a3465095)** | **[80](#i34c9eb816deb4d9abedf08b4a3465095)** |
| **[11.2](#ib020761b6b484d6f99086980a6bfee28)[ANALYSIS](#ib020761b6b484d6f99086980a6bfee28)** | **[82](#ib020761b6b484d6f99086980a6bfee28)** |
| **[11.2.1](#i2ee5ed6efc784d7f8996ae3fd4d14fca)[AFRILAB](#i2ee5ed6efc784d7f8996ae3fd4d14fca)** | **[82](#i2ee5ed6efc784d7f8996ae3fd4d14fca)** |
| **[11.2.2](#i34013b15c3f74de7ad3a949e5a15bca9)[ALS](#i34013b15c3f74de7ad3a949e5a15bca9)** | **[82](#i34013b15c3f74de7ad3a949e5a15bca9)** |
| **[11.2.2.1](#ifa3da2b9ae264a13b64df31dea855f0e)[ALS ZGOUNDER LABORATORY](#ifa3da2b9ae264a13b64df31dea855f0e)** | **[82](#ifa3da2b9ae264a13b64df31dea855f0e)** |
| **[11.2.2.2](#i046975380c0641e2be0d81a4edb7ed11)[ALS LOUGHREA — UMPIRE LABORATORY](#i046975380c0641e2be0d81a4edb7ed11)** | **[82](#i046975380c0641e2be0d81a4edb7ed11)** |
| **[11.3](#ia516c936916747078f743457a8327fe6)[DENSITY & MOISTURE CONTENT](#ia516c936916747078f743457a8327fe6)** | **[82](#ia516c936916747078f743457a8327fe6)** |
| **[11.4](#ied529fa819134aa4990b5a98ac1acfda)[SECURITY](#ied529fa819134aa4990b5a98ac1acfda)** | **[83](#ied529fa819134aa4990b5a98ac1acfda)** |
| **[11.5](#id5822394f5c44a15b437222a5e63602a)[DATA QUALITY](#id5822394f5c44a15b437222a5e63602a)** | **[83](#id5822394f5c44a15b437222a5e63602a)** |
| **[11.5.1](#i8b4d9f31f39b4a9c8b11de1b1cd45d9c)[DATA QUALITY OBJECTIVE](#i8b4d9f31f39b4a9c8b11de1b1cd45d9c)** | **[83](#i8b4d9f31f39b4a9c8b11de1b1cd45d9c)** |
| **[11.5.2](#i5ff98c1719ed4286aa2aa615d104eb82)[DATA QUALITY SUMMARY](#i5ff98c1719ed4286aa2aa615d104eb82)** | **[84](#i5ff98c1719ed4286aa2aa615d104eb82)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[11.5.3](#i445d518d06ba493b8fb0bf0fe9f8ae84)[QUALITY ASSURANCE](#i445d518d06ba493b8fb0bf0fe9f8ae84)** | **[87](#i445d518d06ba493b8fb0bf0fe9f8ae84)** |
| **[11.5.3.1](#i497b65f228204646a55798221e20d5db)[COLLAR LOCATION](#i497b65f228204646a55798221e20d5db)** | **[89](#i497b65f228204646a55798221e20d5db)** |
| **[11.5.3.2](#i90f50c4d62a34e4fa93a93837d2bba7d)[DOWNHOLE ORIENTATION SURVEY](#i90f50c4d62a34e4fa93a93837d2bba7d)** | **[90](#i90f50c4d62a34e4fa93a93837d2bba7d)** |
| **[11.5.3.3](#i994d65f11c2b4a2b85b8b3ae31cf093a)[PRIMARY SAMPLE & CORE LOGGING](#i994d65f11c2b4a2b85b8b3ae31cf093a)** | **[90](#i994d65f11c2b4a2b85b8b3ae31cf093a)** |
| **[11.5.3.4](#i507c2add61e340df93ce62154aa436c1)[DENSITY](#i507c2add61e340df93ce62154aa436c1)** | **[92](#i507c2add61e340df93ce62154aa436c1)** |
| **[11.5.3.5](#i3631923242054ac8a4c08f40d098cb77)[FIRST SPLIT](#i3631923242054ac8a4c08f40d098cb77)** | **[93](#i3631923242054ac8a4c08f40d098cb77)** |
| **[11.5.3.6](#if6859f1f6e554b6baeedc6d79d7a2666)[AFRILAB — CRUSHING, SECOND SPLIT, PULVERIZATION](#if6859f1f6e554b6baeedc6d79d7a2666)** | **[94](#if6859f1f6e554b6baeedc6d79d7a2666)** |
| **[11.5.3.7](#id1fc3671f2f74614949f0ff19f443c90)[ALS — CRUSHING, SECOND SPLIT, PULVERIZATION, THIRD SPLIT](#id1fc3671f2f74614949f0ff19f443c90)** | **[95](#id1fc3671f2f74614949f0ff19f443c90)** |
| **[11.5.3.8](#i2e27bc4a6e974595a3f4849f068f0c4f)[AFRILAB THIRD SPLIT](#i2e27bc4a6e974595a3f4849f068f0c4f)** | **[96](#i2e27bc4a6e974595a3f4849f068f0c4f)** |
| **[11.5.3.9](#i2cd02a34b78b4f6b9865ae3f5b7a0dd7)[ALS FOURTH SPLIT](#i2cd02a34b78b4f6b9865ae3f5b7a0dd7)** | **[96](#i2cd02a34b78b4f6b9865ae3f5b7a0dd7)** |
| **[11.5.3.10](#ifb9c5de1b32e45998dc9e35924cbe690)[AFRILAB ANALYTICAL](#ifb9c5de1b32e45998dc9e35924cbe690)** | **[96](#ifb9c5de1b32e45998dc9e35924cbe690)** |
| **[11.5.3.11](#i85bab64799d54953bb26913354c80b78)[ALS ANALYTICAL](#i85bab64799d54953bb26913354c80b78)** | **[97](#i85bab64799d54953bb26913354c80b78)** |
| **[11.5.4](#i81ea36ce100c4946be5331f45d546b40)[QUALITY CONTROL](#i81ea36ce100c4946be5331f45d546b40)** | **[97](#i81ea36ce100c4946be5331f45d546b40)** |
| **[11.5.4.1](#i2c3b7f955bd341c3bd99ed09a450565f)[COLLAR LOCATION](#i2c3b7f955bd341c3bd99ed09a450565f)** | **[97](#i2c3b7f955bd341c3bd99ed09a450565f)** |
| **[11.5.4.2](#ifa872ad91f45496b96b0a2e52b25774b)[DOWNHOLE ORIENTATION SURVEY](#ifa872ad91f45496b96b0a2e52b25774b)** | **[97](#ifa872ad91f45496b96b0a2e52b25774b)** |
| **[11.5.4.3](#ie4f52b2c009843b384b92a3ad825c582)[PRIMARY SAMPLE & CORE LOGGING](#ie4f52b2c009843b384b92a3ad825c582)** | **[98](#ie4f52b2c009843b384b92a3ad825c582)** |
| **[11.5.4.4](#i36838372acea44b3a0d58006b0b042b5)[DENSITY](#i36838372acea44b3a0d58006b0b042b5)** | **[100](#i36838372acea44b3a0d58006b0b042b5)** |
| **[11.5.4.5](#ieb6c9331b52c45faadcb439135caa4d6)[FIRST SPLIT](#ieb6c9331b52c45faadcb439135caa4d6)** | **[101](#ieb6c9331b52c45faadcb439135caa4d6)** |
| **[11.5.4.6](#i956131164d724133aad419e730a5edc5)[AFRILAB — CRUSHING, BLANKS, SECOND SPLIT & PULVERIZATION](#i956131164d724133aad419e730a5edc5)** | **[101](#i956131164d724133aad419e730a5edc5)** |
| **[11.5.4.7](#i889e40e971024432bacab2b913d7ee52)[ALS — CRUSHING, BLANKS, SECOND SPLIT & PULVERIZATION](#i889e40e971024432bacab2b913d7ee52)** | **[104](#i889e40e971024432bacab2b913d7ee52)** |
| **[11.5.4.8](#i7ef7cdb2e6f04772b665efd0c0c09aac)[AFRILAB — THIRD SPLIT](#i7ef7cdb2e6f04772b665efd0c0c09aac)** | **[106](#i7ef7cdb2e6f04772b665efd0c0c09aac)** |
| **[11.5.4.9](#iec74b602fd394c52b28f8b10c09a04d8)[ALS — THIRD & FOURTH SPLIT](#iec74b602fd394c52b28f8b10c09a04d8)** | **[107](#iec74b602fd394c52b28f8b10c09a04d8)** |
| **[11.5.4.10](#i687b50dc293f45bca7c4d7a252e7a9b8)[AFRILAB — ANALYTICAL PROCESS](#i687b50dc293f45bca7c4d7a252e7a9b8)** | **[108](#i687b50dc293f45bca7c4d7a252e7a9b8)** |
| **[11.5.4.11](#i57291dc244ce4fa0ab8be9a8943b2dbd)[ALS — ANALYTICAL PROCESS](#i57291dc244ce4fa0ab8be9a8943b2dbd)** | **[116](#i57291dc244ce4fa0ab8be9a8943b2dbd)** |
| **[11.5.5](#ib84b769bacc64a9d9a9f826c31b144fc)[QUALITY ACCEPTANCE TESTING](#ib84b769bacc64a9d9a9f826c31b144fc)** | **[122](#ib84b769bacc64a9d9a9f826c31b144fc)** |
| **[11.5.5.1](#i3f2ac61c5f6e4483b8869885cabf1028)[COLLAR LOCATION & DOWNHOLE ORIENTATION SURVEY](#i3f2ac61c5f6e4483b8869885cabf1028)** | **[122](#i3f2ac61c5f6e4483b8869885cabf1028)** |
| **[11.5.5.2](#i40921b42beb1488d959d311bd5bbdc27)[PRIMARY SAMPLE & CORE LOGGING](#i40921b42beb1488d959d311bd5bbdc27)** | **[123](#i40921b42beb1488d959d311bd5bbdc27)** |
| **[11.5.5.3](#i9ff3c3f7fb834f0281c89ea6084ff0ed)[GEOLOGICAL LOGGING](#i9ff3c3f7fb834f0281c89ea6084ff0ed)** | **[128](#i9ff3c3f7fb834f0281c89ea6084ff0ed)** |
| **[11.5.5.4](#ibf60335d54464162b2d5f5007302a3a2)[DENSITY](#ibf60335d54464162b2d5f5007302a3a2)** | **[128](#ibf60335d54464162b2d5f5007302a3a2)** |
| **[11.5.5.5](#ia4b1a145476a44eb8d2a2e7a6c2ed4cc)[FIRST SPLIT](#ia4b1a145476a44eb8d2a2e7a6c2ed4cc)** | **[129](#ia4b1a145476a44eb8d2a2e7a6c2ed4cc)** |
| **[11.5.5.6](#iee9ea9f69a2948d5bb5e130556a17d5e)[AFRILAB: CRUSHING, BLANKS, SECOND SPLIT & PULVERIZATION](#iee9ea9f69a2948d5bb5e130556a17d5e)** | **[130](#iee9ea9f69a2948d5bb5e130556a17d5e)** |
| **[11.5.5.7](#i8d9977a3f1e34327b12a25e7cdc4a9d6)[ALS: CRUSHING, BLANKS, SECOND SPLIT & PULVERIZATION](#i8d9977a3f1e34327b12a25e7cdc4a9d6)** | **[132](#i8d9977a3f1e34327b12a25e7cdc4a9d6)** |
| **[11.5.5.8](#i37c0a41b964846c2ad4f622856e61010)[AFRILAB: THIRD SPLIT](#i37c0a41b964846c2ad4f622856e61010)** | **[133](#i37c0a41b964846c2ad4f622856e61010)** |
| **[11.5.5.9](#iba26880360254df698a5bb607fc3bc04)[ALS: FOURTH SPLIT](#iba26880360254df698a5bb607fc3bc04)** | **[135](#iba26880360254df698a5bb607fc3bc04)** |
| **[11.5.5.10](#ieee9f6868cd4447ea3378f70ef7b82ff)[AFRILAB: ANALYTICAL PROCESS](#ieee9f6868cd4447ea3378f70ef7b82ff)** | **[137](#ieee9f6868cd4447ea3378f70ef7b82ff)** |
| **[11.5.5.11](#i5214b6f87c054ea7bc71787b2efa40df)[ALS: ANALYTICAL PROCESS](#i5214b6f87c054ea7bc71787b2efa40df)** | **[141](#i5214b6f87c054ea7bc71787b2efa40df)** |
| **[12.0](#i0651228a0a894afd9c20abda36a765d7)[DATA VERIFICATION](#i0651228a0a894afd9c20abda36a765d7)** | **[143](#i0651228a0a894afd9c20abda36a765d7)** |
| **[12.1](#icadc434041c044a088fb921c0e44401c)[DRILL HOLE DATABASE](#icadc434041c044a088fb921c0e44401c)**  | **[143](#icadc434041c044a088fb921c0e44401c)** |
| **[12.1.1](#idaedd5029b5344d38a96dd8c042e6104)[VERIFYING THE DATABASE BY OBSERVATIONS DURING SITE VISITS](#idaedd5029b5344d38a96dd8c042e6104)** | **[143](#idaedd5029b5344d38a96dd8c042e6104)** |
| **[12.1.2](#if1572975b2d14ba78f5e620b79741ebd)[DATABASE INTEGRITY](#if1572975b2d14ba78f5e620b79741ebd)** | **[143](#if1572975b2d14ba78f5e620b79741ebd)** |
| **[12.2](#ia935d33f703340ca83ad00061e9841ea)[GEOLOGICAL LOGGING & SAMPLES](#ia935d33f703340ca83ad00061e9841ea)** | **[145](#ia935d33f703340ca83ad00061e9841ea)** |
| **[12.3](#ic206b1b2b8044037a1cb5fca6c6f0666)[DENSITY](#ic206b1b2b8044037a1cb5fca6c6f0666)** | **[146](#ic206b1b2b8044037a1cb5fca6c6f0666)** |
| **[12.4](#i96f453413599424787ebf49eca9cad89)[REPEAT SAMPLING](#i96f453413599424787ebf49eca9cad89)** | **[146](#i96f453413599424787ebf49eca9cad89)** |
| **[12.5](#i95d30ab959254f2b8be259ea6c0b5ea3)[COLLAR LOCATIONS](#i95d30ab959254f2b8be259ea6c0b5ea3)** | **[148](#i95d30ab959254f2b8be259ea6c0b5ea3)** |
| **[12.6](#i777ba474fe024b14be7de75040f3d459)[SUMMARY](#i777ba474fe024b14be7de75040f3d459)** | **[149](#i777ba474fe024b14be7de75040f3d459)** |
| **[13.0](#ibaea2c3f1199463897b38021fff2d64f)[MINERAL PROCESSING AND METALLURGICAL TESTING](#ibaea2c3f1199463897b38021fff2d64f)** | **[150](#ibaea2c3f1199463897b38021fff2d64f)** |
| **[13.1](#ie90aebf29ef9406089446b2026da1dea)[INTRODUCTION](#ie90aebf29ef9406089446b2026da1dea)** | **[150](#ie90aebf29ef9406089446b2026da1dea)** |
| **[13.1.1](#ib9d0118ffbe849bb8f31a2ee4a961702)[Processing Facilities](#ib9d0118ffbe849bb8f31a2ee4a961702)** | **[150](#ib9d0118ffbe849bb8f31a2ee4a961702)** |
| **[13.2](#i23ce821780b0482cafbe4664a037b1e3)[PREVIOUS TESTWORK (PRIOR TO 2021)](#i23ce821780b0482cafbe4664a037b1e3)** | **[150](#i23ce821780b0482cafbe4664a037b1e3)** |
| **[13.3](#i96b38b75ca0d4a05b59f41ff65d0fed6)[2021 METALLURGICAL TESTWORK](#i96b38b75ca0d4a05b59f41ff65d0fed6)** | **[151](#i96b38b75ca0d4a05b59f41ff65d0fed6)** |
| **[13.3.1](#iaa3a12e1db344597bad9b43ca4611235)[Sample Selection](#iaa3a12e1db344597bad9b43ca4611235)** | **[151](#iaa3a12e1db344597bad9b43ca4611235)** |
| **[13.3.2](#if522e08d537e427282c031161a7198ab)[Chemical Characterization](#if522e08d537e427282c031161a7198ab)** | **[152](#if522e08d537e427282c031161a7198ab)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[13.3.2.1](#ie284d059e6614cc5a5dc96fafba6244f)[Sample Preparation](#ie284d059e6614cc5a5dc96fafba6244f)** | **[152](#ie284d059e6614cc5a5dc96fafba6244f)** |
| **[13.3.2.2](#i228aabb1e08a4f95b2a77b2e2d7a761e)[Mineralogy](#i228aabb1e08a4f95b2a77b2e2d7a761e)** | **[155](#i228aabb1e08a4f95b2a77b2e2d7a761e)** |
| **[13.3.3](#i19a3ebf05e92416c8579daa31504806f)[Comminution Testing](#i19a3ebf05e92416c8579daa31504806f)** | **[157](#i19a3ebf05e92416c8579daa31504806f)** |
| **[13.3.4](#i5a5160a566644e988ae7c5d19c3bf7d7)[Gravity Concentration Tests](#i5a5160a566644e988ae7c5d19c3bf7d7)** | **[157](#i5a5160a566644e988ae7c5d19c3bf7d7)** |
| **[13.3.4.1](#if836f47dd0554403a28a0523349c2a0c)[Knelson/Mozley Testing](#if836f47dd0554403a28a0523349c2a0c)** | **[157](#if836f47dd0554403a28a0523349c2a0c)** |
| **[13.3.4.2](#i6f7f3133a3374b2fbc465dd90a11f60d)[E-GRG Testing](#i6f7f3133a3374b2fbc465dd90a11f60d)** | **[159](#i6f7f3133a3374b2fbc465dd90a11f60d)** |
| **[13.3.5](#ieee1e71dc59f43fd96185b6b3f274cd8)[Flotation Tests](#ieee1e71dc59f43fd96185b6b3f274cd8)** | **[159](#ieee1e71dc59f43fd96185b6b3f274cd8)** |
| **[13.3.5.1](#i1119cf8d69484cdda2df4900f1952ac9)[Whole Ore Rougher Kinetics](#i1119cf8d69484cdda2df4900f1952ac9)** | **[159](#i1119cf8d69484cdda2df4900f1952ac9)** |
| **[13.3.5.2](#i0d19bb7ce0314e5a98050ecea6691353)[Whole Ore Cleaner Flotation](#i0d19bb7ce0314e5a98050ecea6691353)** | **[160](#i0d19bb7ce0314e5a98050ecea6691353)** |
| **[13.3.5.3](#ia627cc9376a843378251528ad28336e1)[Locked Cycle Flotation Testing](#ia627cc9376a843378251528ad28336e1)** | **[160](#ia627cc9376a843378251528ad28336e1)** |
| **[13.3.6](#i45441877680f4d31b0d55b65067e48f4)[Bottle Roll Cyanidation](#i45441877680f4d31b0d55b65067e48f4)** | **[162](#i45441877680f4d31b0d55b65067e48f4)** |
| **[13.3.6.1](#i7740ed8db774457c96879dbbc31dd6db)[Flowsheet 1 – Whole Ore Cyanidation](#i7740ed8db774457c96879dbbc31dd6db)** | **[162](#i7740ed8db774457c96879dbbc31dd6db)** |
| **[13.3.6.2](#i3b2ce3474f984c9a9e4748f7a55376d0)[Flowsheet 2 – Gravity + Gravity tailings cyanidation](#i3b2ce3474f984c9a9e4748f7a55376d0)** | **[164](#i3b2ce3474f984c9a9e4748f7a55376d0)** |
| **[13.3.6.3](#i82a9efc5388e43c99c4cc1bdb52e418f)[Flowsheet 3 – Gravity + Flotation + Cyanidation](#i82a9efc5388e43c99c4cc1bdb52e418f)** | **[165](#i82a9efc5388e43c99c4cc1bdb52e418f)** |
| **[13.3.6.4](#i232ecbde4ac745009abfc61c91af4a76)[Aqua Regia Testing](#i232ecbde4ac745009abfc61c91af4a76)** | **[166](#i232ecbde4ac745009abfc61c91af4a76)** |
| **[13.3.6.5](#i3f628cd371fd451b84946790a7737254)[Variability Testing](#i3f628cd371fd451b84946790a7737254)** | **[166](#i3f628cd371fd451b84946790a7737254)** |
| **[13.3.6.6](#iaddd1d9143964f33ad36294e717eca08)[Zgounder Plant Concentrate](#iaddd1d9143964f33ad36294e717eca08)** | **[168](#iaddd1d9143964f33ad36294e717eca08)** |
| **[13.3.6.7](#i67071e8633c043a1a74cf1ddadd3ba0a)[Zgounder Tailings](#i67071e8633c043a1a74cf1ddadd3ba0a)** | **[168](#i67071e8633c043a1a74cf1ddadd3ba0a)** |
| **[13.3.7](#i9a5d1300e074445d8665e5fc3d8781a3)[Flowsheet Comparison](#i9a5d1300e074445d8665e5fc3d8781a3)** | **[169](#i9a5d1300e074445d8665e5fc3d8781a3)** |
| **[13.3.8](#i21c815f1a5e4494e89f328a3d115a31b)[Merrill-Crowe Cementation Tests](#i21c815f1a5e4494e89f328a3d115a31b)** | **[171](#i21c815f1a5e4494e89f328a3d115a31b)** |
| **[13.3.9](#ifd7273ac184b43b589faf6ac126522ec)[Hydrogen Peroxide Cyanide Destruction](#ifd7273ac184b43b589faf6ac126522ec)** | **[171](#ifd7273ac184b43b589faf6ac126522ec)** |
| **[13.3.10](#i656ad4e904a84a45bb0463c116e48ac5)[Dewatering Tests](#i656ad4e904a84a45bb0463c116e48ac5)** | **[172](#i656ad4e904a84a45bb0463c116e48ac5)** |
| **[13.3.11](#i73eb73b24c4f4cc6893a9e3befde56da)[Deleterious Elements](#i73eb73b24c4f4cc6893a9e3befde56da)** | **[174](#i73eb73b24c4f4cc6893a9e3befde56da)** |
| **[13.4](#ie5bfa8b27cab45f0af304e7222ddf442)[2022-2023 Metallurgical Testwork](#ie5bfa8b27cab45f0af304e7222ddf442)** | **[174](#ie5bfa8b27cab45f0af304e7222ddf442)** |
| **[13.4.1](#i7d3ce5eb113d4aa29ed36b5b22d36912)[Sample](#i7d3ce5eb113d4aa29ed36b5b22d36912)** | **[174](#i7d3ce5eb113d4aa29ed36b5b22d36912)** |
| **[13.4.2](#ib97b61f098154e0a82086480a3949c17)[Chemical Characterization](#ib97b61f098154e0a82086480a3949c17)** | **[175](#ib97b61f098154e0a82086480a3949c17)** |
| **[13.4.3](#idd58f68317334754a7aa011a75e7c65d)[Gravity Concentration Tests](#idd58f68317334754a7aa011a75e7c65d)** | **[176](#idd58f68317334754a7aa011a75e7c65d)** |
| **[13.4.4](#i8e7c63e6ea28441086058ae8c58ac0bb)[Flotation Tests](#i8e7c63e6ea28441086058ae8c58ac0bb)** | **[176](#i8e7c63e6ea28441086058ae8c58ac0bb)** |
| **[13.4.5](#idad5e1250cfe4b4f9ba354dfbd8db6cf)[Bottle Roll Cyanidation](#idad5e1250cfe4b4f9ba354dfbd8db6cf)** | **[177](#idad5e1250cfe4b4f9ba354dfbd8db6cf)** |
| **[13.4.6](#ib222845134c24562b170848066e67e16)[Solid-Liquid Separation](#ib222845134c24562b170848066e67e16)** | **[178](#ib222845134c24562b170848066e67e16)** |
| **[13.5](#i4c6b91a2a54c477d84502cd80fe6b740)[Metso:Outotec Solid/Liquid Separation](#i4c6b91a2a54c477d84502cd80fe6b740)** | **[179](#i4c6b91a2a54c477d84502cd80fe6b740)** |
| **[13.5.1](#ied03eecc9937493a8b9d30de9a301853)[Flocculant Selection](#ied03eecc9937493a8b9d30de9a301853)** | **[179](#ied03eecc9937493a8b9d30de9a301853)** |
| **[13.5.2](#if6ebd7835c104c86bf90630c990e4952)[Dynamic Thickening Tests](#if6ebd7835c104c86bf90630c990e4952)** | **[179](#if6ebd7835c104c86bf90630c990e4952)** |
| **[13.6](#i18e50016baf34109a64a4de7f087766b)[Interpretation of Results](#i18e50016baf34109a64a4de7f087766b)** | **[180](#i18e50016baf34109a64a4de7f087766b)** |
| **[14.0](#i4297f7be92b04dde8fbb420347753a62)[MINERAL RESOURCE ESTIMATE](#i4297f7be92b04dde8fbb420347753a62)** | **[181](#i4297f7be92b04dde8fbb420347753a62)** |
| **[14.1](#i427ad6e5c42c4ed089fd9a92263750f5)[INFORMING DATA](#i427ad6e5c42c4ed089fd9a92263750f5)** | **[181](#i427ad6e5c42c4ed089fd9a92263750f5)** |
| **[14.2](#i928404fcc6a842a5abb91b14492656ba)[INTERPRETATION](#i928404fcc6a842a5abb91b14492656ba)** | **[181](#i928404fcc6a842a5abb91b14492656ba)** |
| **[14.2.1](#i0650d726be7144818812e7b690ee8015)[GEOLOGICAL DOMAINS](#i0650d726be7144818812e7b690ee8015)** | **[181](#i0650d726be7144818812e7b690ee8015)** |
| **[14.2.1.1](#ibfb36b1d56bb4ab595acf12efe9d9b32)[LITHOLOGICAL MODEL](#ibfb36b1d56bb4ab595acf12efe9d9b32)** | **[181](#ibfb36b1d56bb4ab595acf12efe9d9b32)** |
| **[14.2.1.2](#i80ccb483d24a420f8d5dbd15c29d8f4a)[STRUCTURAL MODEL](#i80ccb483d24a420f8d5dbd15c29d8f4a)** | **[182](#i80ccb483d24a420f8d5dbd15c29d8f4a)** |
| **[14.2.2](#i9ff67da429e84acc9155bcde14207198)[ESTIMATION DOMAINS](#i9ff67da429e84acc9155bcde14207198)** | **[183](#i9ff67da429e84acc9155bcde14207198)** |
| **[14.2.2.1](#i803e5913d06e4b89b87156323cc6d5bc)[SILVER](#i803e5913d06e4b89b87156323cc6d5bc)** | **[183](#i803e5913d06e4b89b87156323cc6d5bc)** |
| **[14.2.2.2](#icb6283e03bc04dad96e3fce64bfd407a)[BULK DENSITY](#icb6283e03bc04dad96e3fce64bfd407a)** | **[190](#icb6283e03bc04dad96e3fce64bfd407a)** |
| **[14.2.2.3](#i3e09f3394d944d3a8ecb36a244da207c)[EXTRAPOLATION](#i3e09f3394d944d3a8ecb36a244da207c)** | **[190](#i3e09f3394d944d3a8ecb36a244da207c)** |
| **[14.2.2.4](#i0bb176f026164a1a85e96690bef339cf)[ALTERNATIVE INTERPRETATIONS](#i0bb176f026164a1a85e96690bef339cf)** | **[191](#i0bb176f026164a1a85e96690bef339cf)** |
| **[14.3](#iea244fa9edee4e93a6b2bf5b5997e0d6)[SUMMARY STATISTICS & DATA PREPARATION](#iea244fa9edee4e93a6b2bf5b5997e0d6)** | **[191](#iea244fa9edee4e93a6b2bf5b5997e0d6)** |
| **[14.3.1](#ica69a6398a43497e9a37d97870236426)[SILVER](#ica69a6398a43497e9a37d97870236426)** | **[191](#ica69a6398a43497e9a37d97870236426)** |
| **[14.3.2](#id18d064309c44888947748b874f24d08)[BULK DENSITY](#id18d064309c44888947748b874f24d08)** | **[193](#id18d064309c44888947748b874f24d08)** |
| **[14.4](#idc01ca15e7664eacae491d8a633cd90e)[SPATIAL ANALYSIS & VARIOGRAPHY](#idc01ca15e7664eacae491d8a633cd90e)** | **[194](#idc01ca15e7664eacae491d8a633cd90e)** |
| **[14.4.1](#i91681b3759b244d2a00b660ad60f510d)[SILVER](#i91681b3759b244d2a00b660ad60f510d)** | **[194](#i91681b3759b244d2a00b660ad60f510d)** |
| **[14.4.2](#i92bbe384e7b44a43977cf0e20f94c1d0)[BULK DENSITY](#i92bbe384e7b44a43977cf0e20f94c1d0)** | **[195](#i92bbe384e7b44a43977cf0e20f94c1d0)** |
| **[14.5](#i79f3727aaf88413fa1a9c5dce71c6176)[BLOCK MODEL](#i79f3727aaf88413fa1a9c5dce71c6176)** | **[196](#i79f3727aaf88413fa1a9c5dce71c6176)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[14.6](#i98350445b65443378d442931af68b173)[ESTIMATION](#i98350445b65443378d442931af68b173)** | **[196](#i98350445b65443378d442931af68b173)** |
| **[14.6.1](#i5a32a61a54ae446799003168005bcd33)[SILVER](#i5a32a61a54ae446799003168005bcd33)** | **[196](#i5a32a61a54ae446799003168005bcd33)** |
| **[14.6.2](#i545282e919814822843678ec0229f938)[BULK DENSITY](#i545282e919814822843678ec0229f938)** | **[200](#i545282e919814822843678ec0229f938)** |
| **[14.7](#i3efd28d2c1384d338058df19cb633907)[VALIDATION](#i3efd28d2c1384d338058df19cb633907)** | **[200](#i3efd28d2c1384d338058df19cb633907)** |
| **[14.7.1](#if786a7ab09534a2e9d8a1957fa976d40)[GLOBAL MEAN VALIDATION](#if786a7ab09534a2e9d8a1957fa976d40)** | **[200](#if786a7ab09534a2e9d8a1957fa976d40)** |
| **[14.7.2](#i8968107c5fbe4cbe85852a8281723e7c)[SWATH PLOT VALIDATION](#i8968107c5fbe4cbe85852a8281723e7c)** | **[201](#i8968107c5fbe4cbe85852a8281723e7c)** |
| **[14.7.3](#i9de255de061f4b9482a7d7ec7731e78d)[VISUAL VALIDATION](#i9de255de061f4b9482a7d7ec7731e78d)** | **[202](#i9de255de061f4b9482a7d7ec7731e78d)** |
| **[14.7.4](#i9686e21f8e2842e3b6cfc2da0c559653)[RECONCILIATION VALIDATION](#i9686e21f8e2842e3b6cfc2da0c559653)** | **[203](#i9686e21f8e2842e3b6cfc2da0c559653)** |
| **[14.8](#if81917514def4214ba485c3098589da1)[SENSITIVITY TESTING](#if81917514def4214ba485c3098589da1)** | **[204](#if81917514def4214ba485c3098589da1)** |
| **[14.9](#ic1bf4af5c8ca4c66b584c5741f570d47)[DEPLETION](#ic1bf4af5c8ca4c66b584c5741f570d47)** | **[208](#ic1bf4af5c8ca4c66b584c5741f570d47)** |
| **[14.10](#i221fb7516730428ab7cdc49197187d28)[RESOURCE CLASSIFICATION](#i221fb7516730428ab7cdc49197187d28)** | **[208](#i221fb7516730428ab7cdc49197187d28)** |
| **[14.10.1](#i6f3591d7731d42c9b70c3ce69f47060c)[CLASSIFICATION CRITERIA](#i6f3591d7731d42c9b70c3ce69f47060c)** | **[208](#i6f3591d7731d42c9b70c3ce69f47060c)** |
| **[14.10.2](#ib650e21dfc154305ac8f71fa99fec941)[CUT-OFF GRADE](#ib650e21dfc154305ac8f71fa99fec941)** | **[211](#ib650e21dfc154305ac8f71fa99fec941)** |
| **[14.10.3](#i92641a1ddb8d41ae976d5c8bdcac90a5)[MINING & METALLURGICAL METHODS & PARAMETERS](#i92641a1ddb8d41ae976d5c8bdcac90a5)** | **[211](#i92641a1ddb8d41ae976d5c8bdcac90a5)** |
| **[14.10.4](#id41259b219e241229a230ac3042951bf)[REASONABLE PROSPECTS FOR EVENTUAL ECONOMIC EXTRACTION (RPEEE)](#id41259b219e241229a230ac3042951bf)** | **[211](#id41259b219e241229a230ac3042951bf)** |
| **[14.10.5](#i45d3ba257ba94950bf3031ef7d1b00f1)[COMPARISON WITH HISTORICAL ESTIMATE](#i45d3ba257ba94950bf3031ef7d1b00f1)** | **[212](#i45d3ba257ba94950bf3031ef7d1b00f1)** |
| **[14.11](#i0253cbaf38fe4cb8bb8bd28d3786d961)[RISKS](#i0253cbaf38fe4cb8bb8bd28d3786d961)** | **[212](#i0253cbaf38fe4cb8bb8bd28d3786d961)** |
| **[15.0](#i7e35b3fa3bfc4b0090ecac7e54733bf7)[MINERAL RESERVE ESTIMATES](#i7e35b3fa3bfc4b0090ecac7e54733bf7)** | **[219](#i7e35b3fa3bfc4b0090ecac7e54733bf7)** |
| **[15.1](#ia81ee5ea13184207adfce0bd917d1ef9)[INTRODUCTION](#ia81ee5ea13184207adfce0bd917d1ef9)** | **[219](#ia81ee5ea13184207adfce0bd917d1ef9)** |
| **[15.2](#i6c0965f881b34cc08e64acb6ef57a317)[KEY ASSUMPTIONS](#i6c0965f881b34cc08e64acb6ef57a317)** | **[219](#i6c0965f881b34cc08e64acb6ef57a317)** |
| **[15.2.1](#i9eda49ad4f9340278121227f96bda703)[Block Model and surface / 3D survey](#i9eda49ad4f9340278121227f96bda703)** | **[219](#i9eda49ad4f9340278121227f96bda703)** |
| **[15.2.2](#i83bf45e009224e2b8d06ebbffdce3724)[Mining](#i83bf45e009224e2b8d06ebbffdce3724)** | **[219](#i83bf45e009224e2b8d06ebbffdce3724)** |
| **[15.2.3](#icc94fad19b044e299313afa2e00a3ec6)[Processing](#icc94fad19b044e299313afa2e00a3ec6)** | **[220](#icc94fad19b044e299313afa2e00a3ec6)** |
| **[15.2.4](#i79420dc847e846b6899e7baf0c162769)[Commodity price](#i79420dc847e846b6899e7baf0c162769)** | **[220](#i79420dc847e846b6899e7baf0c162769)** |
| **[15.3](#ib29238b591f84fcbb9fd762ba9738ac7)[OPEN PIT MINERAL RESERVE ESTIMATE](#ib29238b591f84fcbb9fd762ba9738ac7)**  | **[220](#ib29238b591f84fcbb9fd762ba9738ac7)** |
| **[15.3.1](#i2caba8d490e64118a715255805b4b859)[Pit Optimization](#i2caba8d490e64118a715255805b4b859)** | **[220](#i2caba8d490e64118a715255805b4b859)** |
| **[15.3.2](#i0ae242db26744bddafbdd6ad88000a26)[Open Pit Dilution and Recovery](#i0ae242db26744bddafbdd6ad88000a26)** | **[221](#i0ae242db26744bddafbdd6ad88000a26)** |
| **[15.3.3](#i7fd288cf27d84aca841a22d8b4da4cc9)[Open Pit cut-off grade](#i7fd288cf27d84aca841a22d8b4da4cc9)** | **[221](#i7fd288cf27d84aca841a22d8b4da4cc9)** |
| **[15.4](#i016af7ce11a2457cb7db2677e78add13)[UNDERGROUND MINERAL RESERVE ESTIMATE](#i016af7ce11a2457cb7db2677e78add13)**  | **[222](#i016af7ce11a2457cb7db2677e78add13)** |
| **[15.4.1](#i9fc920d6e4bf44c7b6be08d8435cd7cf)[Underground Mineral Reserve Estimation methodology](#i9fc920d6e4bf44c7b6be08d8435cd7cf)** | **[222](#i9fc920d6e4bf44c7b6be08d8435cd7cf)** |
| **[15.4.2](#ia0fc015de8094caba389944cf66cfba6)[Underground dilution and mining recovery](#ia0fc015de8094caba389944cf66cfba6)** | **[222](#ia0fc015de8094caba389944cf66cfba6)** |
| **[15.4.3](#i95b842f2392346c88259e43a02a85ae2)[Underground Cut-off grade](#i95b842f2392346c88259e43a02a85ae2)** | **[223](#i95b842f2392346c88259e43a02a85ae2)** |
| **[15.5](#i5a7c8e12dfa34693ac598f5cf571bcd6)[MINERAL RESERVES STATEMENT](#i5a7c8e12dfa34693ac598f5cf571bcd6)** | **[223](#i5a7c8e12dfa34693ac598f5cf571bcd6)** |
| **[15.6](#i0a74f06a251b4f2ca6fd1c6ca5f9d74b)[FACTORS THAT MAY AFFECT THE MINERAL RESERVES](#i0a74f06a251b4f2ca6fd1c6ca5f9d74b)** | **[224](#i0a74f06a251b4f2ca6fd1c6ca5f9d74b)** |
| **[15.7](#i7bd38b070214455683ab286713054fee)[COMMENTS ON THE MINERAL RESERVE ESTIMATES](#i7bd38b070214455683ab286713054fee)** | **[224](#i7bd38b070214455683ab286713054fee)** |
| **[16.0](#iaef48884cc0b4a79b924602237f6ad55)[MINING METHODS](#iaef48884cc0b4a79b924602237f6ad55)** | **[225](#iaef48884cc0b4a79b924602237f6ad55)** |
| **[16.1](#ia36ede7c002b406c85ce260346f203e2)[INTRODUCTION](#ia36ede7c002b406c85ce260346f203e2)** | **[225](#ia36ede7c002b406c85ce260346f203e2)** |
| **[16.2](#i92b37a2f5cda4e7eb6bc9a6e018e95f1)[GEOTECHNICAL CONSIDERATIONS](#i92b37a2f5cda4e7eb6bc9a6e018e95f1)** | **[225](#i92b37a2f5cda4e7eb6bc9a6e018e95f1)** |
| **[16.2.1](#ic2ef360b491b4d869f9d6515fea485ed)[Open Pit](#ic2ef360b491b4d869f9d6515fea485ed)** | **[225](#ic2ef360b491b4d869f9d6515fea485ed)** |
| **[16.2.1.1](#ifbe6e4e4ae4e4207aa7e3ed8b4ad0561)[O](#ifbe6e4e4ae4e4207aa7e3ed8b4ad0561)** | **[225](#ifbe6e4e4ae4e4207aa7e3ed8b4ad0561)** |
| **[verview](#i630d7b74b3f7465780bad67a864fb331)** | **[225](#i630d7b74b3f7465780bad67a864fb331)** |
| **[16.2.1.2](#i214cf8f0b4784e3e8941a73ee59a6d5c)[Pit Design](#i214cf8f0b4784e3e8941a73ee59a6d5c)** | **[225](#i214cf8f0b4784e3e8941a73ee59a6d5c)** |
| **[16.2.2](#i08d7ad565d904f3b89273a9d10edc743)[Underground](#i08d7ad565d904f3b89273a9d10edc743)** | **[227](#i08d7ad565d904f3b89273a9d10edc743)** |
| **[16.2.2.1](#i109602b3475e4a76b628455a7d458e64)[Geotechnical Characterization](#i109602b3475e4a76b628455a7d458e64)** | **[227](#i109602b3475e4a76b628455a7d458e64)** |
| **[16.2.2.2](#i7ba3451b085945d7ad5c6199723a8325)[Geotechnical Mine Design](#i7ba3451b085945d7ad5c6199723a8325)** | **[230](#i7ba3451b085945d7ad5c6199723a8325)** |
| **[16.3](#i8096eab962ad421383177e430c84994c)[OPEN PIT DESIGN AND OPERATION](#i8096eab962ad421383177e430c84994c)** | **[230](#i8096eab962ad421383177e430c84994c)** |
| **[16.3.1](#i9bedb253454a4680840509bae4d97aed)[Design parameters](#i9bedb253454a4680840509bae4d97aed)** | **[230](#i9bedb253454a4680840509bae4d97aed)** |
| **[16.3.2](#ia2679ca99ed44a458976c6d96cee2afe)[Open pit operation](#ia2679ca99ed44a458976c6d96cee2afe)** | **[231](#ia2679ca99ed44a458976c6d96cee2afe)** |
| **[16.3.3](#i0a3622e42b4044f7b4c25400b1b8dba0)[Void management plan in the Open Pit](#i0a3622e42b4044f7b4c25400b1b8dba0)** | **[232](#i0a3622e42b4044f7b4c25400b1b8dba0)** |
| **[16.3.4](#i42e7839e92ca4707979376195205606a)[Grade control](#i42e7839e92ca4707979376195205606a)** | **[233](#i42e7839e92ca4707979376195205606a)** |
| **[16.4](#i9a5357a7a789490da6605680de4e3a92)[UNDERGROUND MINE DESIGN](#i9a5357a7a789490da6605680de4e3a92)** | **[233](#i9a5357a7a789490da6605680de4e3a92)** |
| **[16.4.1](#ie489ccc8e5584987bd9fdc866a804570)[Historical mine levels](#ie489ccc8e5584987bd9fdc866a804570)** | **[233](#ie489ccc8e5584987bd9fdc866a804570)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[16.4.2](#i9728234a761b4215b1e835b03d7b696c)[Development design](#i9728234a761b4215b1e835b03d7b696c)** | **[233](#i9728234a761b4215b1e835b03d7b696c)** |
| **[16.4.3](#ie646ede6074246d7b8c888cc6f1b5acb)[Stope design](#ie646ede6074246d7b8c888cc6f1b5acb)** | **[235](#ie646ede6074246d7b8c888cc6f1b5acb)** |
| **[16.4.3.1](#id58bf0f4418d49ab905714549fd470de)[Cut and fill](#id58bf0f4418d49ab905714549fd470de)** | **[236](#id58bf0f4418d49ab905714549fd470de)** |
| **[16.4.3.2](#ic52c8f47bcf440aabc4822c6fc79a1fc)[Longhole stoping](#ic52c8f47bcf440aabc4822c6fc79a1fc)** | **[237](#ic52c8f47bcf440aabc4822c6fc79a1fc)** |
| **[16.4.4](#i9a587acfb04e40f883acc6f03cb64d76)[Underground infrastructures and services](#i9a587acfb04e40f883acc6f03cb64d76)** | **[239](#i9a587acfb04e40f883acc6f03cb64d76)** |
| **[16.4.5](#ib6f195fad43d4575910e4a7c2b90fe3c)[Underground mine equipment](#ib6f195fad43d4575910e4a7c2b90fe3c)** | **[241](#ib6f195fad43d4575910e4a7c2b90fe3c)** |
| **[16.5](#ia16180c3391b4ffab2831e57d1a67d69)[COMBINED OPEN PIT AND UNDERGROUND LIFE OF MINE PLAN](#ia16180c3391b4ffab2831e57d1a67d69)** | **[241](#ia16180c3391b4ffab2831e57d1a67d69)** |
| **[17.0](#i5e14f7b891af48f291d84ef57532b6c6)[RECOVERY METHODS](#i5e14f7b891af48f291d84ef57532b6c6)** | **[244](#i5e14f7b891af48f291d84ef57532b6c6)** |
| **[17.1](#i3ec94256e98044bb8ee344cd533affee)[INTRODUCTION](#i3ec94256e98044bb8ee344cd533affee)** | **[244](#i3ec94256e98044bb8ee344cd533affee)** |
| **[17.2](#i33d13104e923489d8af6615cd60d3941)[PRE_EXISTING MINERAL PROCESSING FACILITIES](#i33d13104e923489d8af6615cd60d3941)** | **[244](#i33d13104e923489d8af6615cd60d3941)** |
| **[17.3](#ib60faf3b5c6949a1857763bbbb37da23)[PROCESS FLOWSHEETS](#ib60faf3b5c6949a1857763bbbb37da23)** | **[244](#ib60faf3b5c6949a1857763bbbb37da23)** |
| **[17.3.1](#i6a515a4f852e4886bd6ee78639d87cec)[Design philosophy](#i6a515a4f852e4886bd6ee78639d87cec)** | **[244](#i6a515a4f852e4886bd6ee78639d87cec)** |
| **[17.3.2](#i93c67cdfccde403d89b6607d860a7894)[Selected flowsheet](#i93c67cdfccde403d89b6607d860a7894)** | **[245](#i93c67cdfccde403d89b6607d860a7894)** |
| **[17.4](#i3caf0575f8d44f25992db13758fb4d32)[NEW PROCESS PLANT DESCRIPTION](#i3caf0575f8d44f25992db13758fb4d32)** | **[246](#i3caf0575f8d44f25992db13758fb4d32)** |
| **[17.4.1](#idcfaf089138b47d38afb1fe66e35326d)[Crushing circuit](#idcfaf089138b47d38afb1fe66e35326d)** | **[248](#idcfaf089138b47d38afb1fe66e35326d)** |
| **[17.4.2](#i8e2a4bb8bdd34006870d20e9a9b631eb)[Ore storage and reclaim](#i8e2a4bb8bdd34006870d20e9a9b631eb)** | **[249](#i8e2a4bb8bdd34006870d20e9a9b631eb)** |
| **[17.4.3](#i7e0e55d147c94569bf04f927ac6ebf53)[Grinding & Classification area](#i7e0e55d147c94569bf04f927ac6ebf53)** | **[249](#i7e0e55d147c94569bf04f927ac6ebf53)** |
| **[17.4.3.1](#if3834641877c40c385dfcd9520a9a377)[Ball mill](#if3834641877c40c385dfcd9520a9a377)** | **[249](#if3834641877c40c385dfcd9520a9a377)** |
| **[17.4.3.2](#i4f012388f8cd4f5cb9756fd22820487c)[Classification & trash screen](#i4f012388f8cd4f5cb9756fd22820487c)** | **[249](#i4f012388f8cd4f5cb9756fd22820487c)** |
| **[17.4.3.3](#i08b70380feaa4b23b62d810e7e346944)[Gravity & ILR](#i08b70380feaa4b23b62d810e7e346944)** | **[249](#i08b70380feaa4b23b62d810e7e346944)** |
| **[17.4.4](#i7cda846f45c84096b9065be22af416d5)[Leaching & CCD area](#i7cda846f45c84096b9065be22af416d5)** | **[250](#i7cda846f45c84096b9065be22af416d5)** |
| **[17.4.4.1](#ib5ba051c2d0746588abaacd83bf0787f)[Trash screen & pre-leach](#ib5ba051c2d0746588abaacd83bf0787f)** | **[250](#ib5ba051c2d0746588abaacd83bf0787f)** |
| **[17.4.4.2](#i5382fca752154b4f9596aac62d87f727)[Leaching](#i5382fca752154b4f9596aac62d87f727)** | **[250](#i5382fca752154b4f9596aac62d87f727)** |
| **[17.4.4.3](#i1a5266c246214541970b90da3b3ac0bd)[Counter Current decantation](#i1a5266c246214541970b90da3b3ac0bd)** | **[250](#i1a5266c246214541970b90da3b3ac0bd)** |
| **[17.4.5](#ifcbf6da3c6004bbe9551f1176d2a2b61)[Merrill Crowe & Refining](#ifcbf6da3c6004bbe9551f1176d2a2b61)** | **[251](#ifcbf6da3c6004bbe9551f1176d2a2b61)** |
| **[17.4.5.1](#i1b44fc8a293c44f6aebeb4e612228b05)[Pregnant Solution](#i1b44fc8a293c44f6aebeb4e612228b05)** | **[251](#i1b44fc8a293c44f6aebeb4e612228b05)** |
| **[17.4.5.2](#ib4650fb8d6ff42c994a156890e2d7b53)[Clarification](#ib4650fb8d6ff42c994a156890e2d7b53)** | **[251](#ib4650fb8d6ff42c994a156890e2d7b53)** |
| **[17.4.5.3](#i737665caf0b44724a678bb39ff65eaaf)[Deaeration](#i737665caf0b44724a678bb39ff65eaaf)** | **[251](#i737665caf0b44724a678bb39ff65eaaf)** |
| **[17.4.5.4](#i6631de0372f149648e328c2c2338b8ff)[Precipitation](#i6631de0372f149648e328c2c2338b8ff)** | **[251](#i6631de0372f149648e328c2c2338b8ff)** |
| **[17.4.5.5](#i939f2cb0027b461f9b81fa05222d6e3d)[Barren Solution](#i939f2cb0027b461f9b81fa05222d6e3d)** | **[251](#i939f2cb0027b461f9b81fa05222d6e3d)** |
| **[17.4.5.6](#i87520532a84d4a8c8d7be97c7c505b73)[Refinery](#i87520532a84d4a8c8d7be97c7c505b73)** | **[252](#i87520532a84d4a8c8d7be97c7c505b73)** |
| **[17.4.6](#ib2d70e43e7c94a37a129b0a408a59f30)[Tailings disposal](#ib2d70e43e7c94a37a129b0a408a59f30)** | **[252](#ib2d70e43e7c94a37a129b0a408a59f30)** |
| **[17.4.7](#if803a8cf950447538086299ffe4fb7e3)[Reagents](#if803a8cf950447538086299ffe4fb7e3)** | **[252](#if803a8cf950447538086299ffe4fb7e3)** |
| **[17.4.7.1](#i14d8db94f35540e4874340a645494ff1)[Lime](#i14d8db94f35540e4874340a645494ff1)** | **[252](#i14d8db94f35540e4874340a645494ff1)** |
| **[17.4.7.2](#i7a48ec1c4494437890847f3887b66077)[Sodium Cyanide (NaCN)](#i7a48ec1c4494437890847f3887b66077)** | **[252](#i7a48ec1c4494437890847f3887b66077)** |
| **[17.4.7.3](#i6812d13eb4f2448887b13ac751936b5b)[Caustic (Caustic Soda, Sodium Hydroxide, NaOH)](#i6812d13eb4f2448887b13ac751936b5b)** | **[253](#i6812d13eb4f2448887b13ac751936b5b)** |
| **[17.4.7.4](#idadf5e30ae1a47c69e955db42bddec41)[Flocculant](#idadf5e30ae1a47c69e955db42bddec41)** | **[253](#idadf5e30ae1a47c69e955db42bddec41)** |
| **[17.4.7.5](#i6c4df853203744b78885efa3fec5599d)[Coagulant](#i6c4df853203744b78885efa3fec5599d)** | **[253](#i6c4df853203744b78885efa3fec5599d)** |
| **[17.4.7.6](#i370c79edcdf64d569bd9408e290356af)[Antiscalant](#i370c79edcdf64d569bd9408e290356af)** | **[254](#i370c79edcdf64d569bd9408e290356af)** |
| **[17.4.7.7](#i040cc564d05442839c08352f66acad3b)[Fluxes](#i040cc564d05442839c08352f66acad3b)** | **[254](#i040cc564d05442839c08352f66acad3b)** |
| **[17.4.7.8](#iff59f5dd82a441278ca591689530f24a)[Mill Media](#iff59f5dd82a441278ca591689530f24a)** | **[254](#iff59f5dd82a441278ca591689530f24a)** |
| **[17.4.8](#i7a84803db9fc4b68a3b54b9cb71641f5)[Water Services](#i7a84803db9fc4b68a3b54b9cb71641f5)** | **[254](#i7a84803db9fc4b68a3b54b9cb71641f5)** |
| **[17.4.8.1](#id9d316e4fda546e390dfa1ae94ccc935)[Raw Water](#id9d316e4fda546e390dfa1ae94ccc935)** | **[254](#id9d316e4fda546e390dfa1ae94ccc935)** |
| **[17.4.8.2](#i2a33dcbd92e04996bd4530dccfc2051e)[Filtered and Gland Seal Water](#i2a33dcbd92e04996bd4530dccfc2051e)** | **[254](#i2a33dcbd92e04996bd4530dccfc2051e)** |
| **[17.4.8.3](#ia4ffcfa0e12e436b9f2b43ea4b1896fd)[Fire water](#ia4ffcfa0e12e436b9f2b43ea4b1896fd)** | **[254](#ia4ffcfa0e12e436b9f2b43ea4b1896fd)** |
| **[17.4.8.4](#i5db9d2a5dfa54df5aadd5a09fce8d46a)[Process Water](#i5db9d2a5dfa54df5aadd5a09fce8d46a)** | **[254](#i5db9d2a5dfa54df5aadd5a09fce8d46a)** |
| **[17.4.8.5](#i2c4a4a8d4a1e4aafaa9c3028e9e366ed)[Safety shower Water](#i2c4a4a8d4a1e4aafaa9c3028e9e366ed)** | **[255](#i2c4a4a8d4a1e4aafaa9c3028e9e366ed)** |
| **[17.4.8.6](#i7cb5678315ce43748e8f31d7d090fc4b)[Stormwater / Event pond](#i7cb5678315ce43748e8f31d7d090fc4b)** | **[255](#i7cb5678315ce43748e8f31d7d090fc4b)** |
| **[17.4.9](#i01952e9c1ccd48778a617409af823cb4)[Air Services](#i01952e9c1ccd48778a617409af823cb4)** | **[255](#i01952e9c1ccd48778a617409af823cb4)** |
| **[17.5](#i0da60512fec2451eaf4ede0152a3556c)[CONTROL SYSTEM _ CONTROL PHILOSOPHY](#i0da60512fec2451eaf4ede0152a3556c)** | **[255](#i0da60512fec2451eaf4ede0152a3556c)** |
| **[17.6](#ifb0b8b638abd4576bcc8e711b27b7dec)[COMBINED PROCESSING OPERATIONS](#ifb0b8b638abd4576bcc8e711b27b7dec)** | **[256](#ifb0b8b638abd4576bcc8e711b27b7dec)** |
| **[17.7](#ic6b626684d314dc7bf228125b3c85df7)[METALLURGICAL ACCOUNTING](#ic6b626684d314dc7bf228125b3c85df7)** | **[257](#ic6b626684d314dc7bf228125b3c85df7)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[18.0](#iaecc473a4aa64d67b74cfd753838a600)[PROJECT INFRASTRUCTURE](#iaecc473a4aa64d67b74cfd753838a600)** | **[259](#iaecc473a4aa64d67b74cfd753838a600)** |
| **[18.1](#i21e0b33bc41a479990153228325b194c)[INTRODUCTION](#i21e0b33bc41a479990153228325b194c)** | **[259](#i21e0b33bc41a479990153228325b194c)** |
| **[18.1](#i915b69627fa742b3880cfe2063ff288d)[ROAD CONNECTION AND ACCESSES](#i915b69627fa742b3880cfe2063ff288d)** | **[261](#i915b69627fa742b3880cfe2063ff288d)** |
| **[18.1.1](#i87b380e6bf554a0f90d0000bf5f5c900)[Camp & Plant roads](#i87b380e6bf554a0f90d0000bf5f5c900)** | **[261](#i87b380e6bf554a0f90d0000bf5f5c900)** |
| **[18.1.2](#i8cad2f0b3faf4d8e92e3f6e70ab98b95)[Mine Haul road](#i8cad2f0b3faf4d8e92e3f6e70ab98b95)** | **[261](#i8cad2f0b3faf4d8e92e3f6e70ab98b95)** |
| **[18.2](#i00266f8ee39b447b91698168fe76ce2c)[WATER SUPPLY, AND SURFACE WATER MANAGEMENT](#i00266f8ee39b447b91698168fe76ce2c)** | **[262](#i00266f8ee39b447b91698168fe76ce2c)** |
| **[18.2.1](#i2de9764ef52e43f698f8cf9282dfab16)[Fresh water](#i2de9764ef52e43f698f8cf9282dfab16)** | **[262](#i2de9764ef52e43f698f8cf9282dfab16)** |
| **[18.2.2](#i1b1be1068bdd493fadc84eb5e104d01d)[Raw water](#i1b1be1068bdd493fadc84eb5e104d01d)** | **[262](#i1b1be1068bdd493fadc84eb5e104d01d)** |
| **[18.2.3](#i369e1f9dc5d2402990afb5844b98795b)[Process water](#i369e1f9dc5d2402990afb5844b98795b)** | **[263](#i369e1f9dc5d2402990afb5844b98795b)** |
| **[18.3](#if3dd4f9cb0f04f6c89b4828b355fab6c)[TAILINGS STORAGE FACILITY](#if3dd4f9cb0f04f6c89b4828b355fab6c)** | **[264](#if3dd4f9cb0f04f6c89b4828b355fab6c)** |
| **[18.3.1](#i52cc129f49144f9da20deb875917e9de)[Historical TSF](#i52cc129f49144f9da20deb875917e9de)** | **[264](#i52cc129f49144f9da20deb875917e9de)** |
| **[18.3.2](#ib5fab54ae9374092b6353e95976b815c)[Active Tailings Storage Facility - TSF E](#ib5fab54ae9374092b6353e95976b815c)** | **[265](#ib5fab54ae9374092b6353e95976b815c)** |
| **[18.3.2.1](#i9bfb1cc1cfcc41709d9fcbdd015e7df8)[Site selection](#i9bfb1cc1cfcc41709d9fcbdd015e7df8)** | **[265](#i9bfb1cc1cfcc41709d9fcbdd015e7df8)** |
| **[18.3.2.2](#ib3fe8d80ed5c4da19e3e0ba7289ee771)[Hydrological Conditions of the chosen site.](#ib3fe8d80ed5c4da19e3e0ba7289ee771)** | **[266](#ib3fe8d80ed5c4da19e3e0ba7289ee771)** |
| **[18.3.2.3](#iedc0abf3353742aba08543f90ee14f80)[Design Criteria](#iedc0abf3353742aba08543f90ee14f80)** | **[267](#iedc0abf3353742aba08543f90ee14f80)** |
| **[18.3.2.4](#i5780a58c797f42d6bb1798089bf422c7)[TSF Construction and Phasing](#i5780a58c797f42d6bb1798089bf422c7)** | **[268](#i5780a58c797f42d6bb1798089bf422c7)** |
| **[18.4](#i3e124c9ff3d341b7a8fa209211bc5990)[ELECTRICAL POWER AND DISTRIBUTION](#i3e124c9ff3d341b7a8fa209211bc5990)** | **[272](#i3e124c9ff3d341b7a8fa209211bc5990)** |
| **[18.5](#i5850451f928c4cccb668816353e65311)[FUEL SUPPLY AND STORAGE](#i5850451f928c4cccb668816353e65311)** | **[273](#i5850451f928c4cccb668816353e65311)** |
| **[18.6](#i3a6d048dbb9447ecacd6ee344339b527)[SITE ACCOMMODATION](#i3a6d048dbb9447ecacd6ee344339b527)** | **[273](#i3a6d048dbb9447ecacd6ee344339b527)** |
| **[19.0](#ib259882df8444e8facc970d9cf0c42c5)[MARKET STUDIES AND CONTRACTS](#ib259882df8444e8facc970d9cf0c42c5)** | **[274](#ib259882df8444e8facc970d9cf0c42c5)** |
| **[19.1](#i648863e9ff044fb393f8374cd8b560ab)[INTRODUCTION](#i648863e9ff044fb393f8374cd8b560ab)** | **[274](#i648863e9ff044fb393f8374cd8b560ab)** |
| **[19.2](#i1e2c8023b2744c5ba987c5b88329096a)[MARKET STUDY](#i1e2c8023b2744c5ba987c5b88329096a)** | **[274](#i1e2c8023b2744c5ba987c5b88329096a)** |
| **[19.3](#i8fe87439303a4bc1be3ede46a2bdbafe)[COMMODITY PRICE PROJECTION](#i8fe87439303a4bc1be3ede46a2bdbafe)** | **[274](#i8fe87439303a4bc1be3ede46a2bdbafe)** |
| **[19.4](#i0cbdbb5b665b45d6acee659b00fa4ced)[CONTRACTS](#i0cbdbb5b665b45d6acee659b00fa4ced)** | **[274](#i0cbdbb5b665b45d6acee659b00fa4ced)** |
| **[20.0](#i5e856f2d751e4127b515e99edbc2e847)[ENVIRONMENTAL STUDIES, PERMITS, AND SOCIAL OR COMMUNITY IMPACTS](#i5e856f2d751e4127b515e99edbc2e847)** | **[275](#i5e856f2d751e4127b515e99edbc2e847)** |
| **[20.1](#i85a72688cf754e7c821b5050b93dc11f)[INTRODUCTION](#i85a72688cf754e7c821b5050b93dc11f)** | **[275](#i85a72688cf754e7c821b5050b93dc11f)** |
| **[20.2](#i2e296931118441ee9a93c65bcdaf6061)[PERMITTING](#i2e296931118441ee9a93c65bcdaf6061)** | **[275](#i2e296931118441ee9a93c65bcdaf6061)** |
| **[20.2.1](#i0e178be9d22145e5a0cc3f41cb531dd5)[Introduction](#i0e178be9d22145e5a0cc3f41cb531dd5)** | **[275](#i0e178be9d22145e5a0cc3f41cb531dd5)** |
| **[20.2.2](#i111970884c154a51b71092747779d939)[Permitting of water supply](#i111970884c154a51b71092747779d939)** | **[275](#i111970884c154a51b71092747779d939)** |
| **[20.2.3](#if4415a3a10e44647bcbbe84446f9c51b)[Land acquisition](#if4415a3a10e44647bcbbe84446f9c51b)** | **[275](#if4415a3a10e44647bcbbe84446f9c51b)** |
| **[20.2.4](#i0375cca6369b4bd9b6425e4912786d47)[Regulatory Framework](#i0375cca6369b4bd9b6425e4912786d47)** | **[276](#i0375cca6369b4bd9b6425e4912786d47)** |
| **[20.3](#i28db858567fe4448acb076c9d118ea2b)[ENVIRONMENTAL AND SOCIAL SETTING](#i28db858567fe4448acb076c9d118ea2b)** | **[277](#i28db858567fe4448acb076c9d118ea2b)** |
| **[20.3.1](#i63d3d9bbca0f49fd91d4792eccb79345)[Soils and land capability](#i63d3d9bbca0f49fd91d4792eccb79345)** | **[277](#i63d3d9bbca0f49fd91d4792eccb79345)** |
| **[20.3.2](#i5bb1cc32b54f439b8112f4ea8b2155e5)[Biodiversity](#i5bb1cc32b54f439b8112f4ea8b2155e5)** | **[277](#i5bb1cc32b54f439b8112f4ea8b2155e5)** |
| **[20.3.3](#ic5c49d393081487ea1bdcb4a0aa404d6)[Water resource](#ic5c49d393081487ea1bdcb4a0aa404d6)** | **[278](#ic5c49d393081487ea1bdcb4a0aa404d6)** |
| **[20.3.3.1](#ib17164e4301244faa71ec02b4086892d)[Hydrology](#ib17164e4301244faa71ec02b4086892d)** | **[278](#ib17164e4301244faa71ec02b4086892d)** |
| **[20.3.3.2](#ibf2c52e653504bac8997e4c95bc586be)[Surface water quality](#ibf2c52e653504bac8997e4c95bc586be)** | **[278](#ibf2c52e653504bac8997e4c95bc586be)** |
| **[20.3.3.3](#i6828f68a06a741eea06bab87b77a7654)[Hydrogeology](#i6828f68a06a741eea06bab87b77a7654)** | **[278](#i6828f68a06a741eea06bab87b77a7654)** |
| **[20.3.4](#i9f87687dc9d1434c88fcfa951cd52207)[Air quality](#i9f87687dc9d1434c88fcfa951cd52207)** | **[280](#i9f87687dc9d1434c88fcfa951cd52207)** |
| **[20.3.4.1](#i8964824b7e004b16b529316eceb7425b)[Climate](#i8964824b7e004b16b529316eceb7425b)** | **[280](#i8964824b7e004b16b529316eceb7425b)** |
| **[20.3.4.2](#i6a5c1af21d2b460b960ebb1f67c8a389)[Air quality](#i6a5c1af21d2b460b960ebb1f67c8a389)** | **[280](#i6a5c1af21d2b460b960ebb1f67c8a389)** |
| **[20.3.4.3](#i7f3e8d37016f4b309cc82438de9c30e2)[Environmental noise](#i7f3e8d37016f4b309cc82438de9c30e2)** | **[280](#i7f3e8d37016f4b309cc82438de9c30e2)** |
| **[20.3.5](#i6f9999075fea4f178100d99c976f70b3)[Socioeconomic baseline environment](#i6f9999075fea4f178100d99c976f70b3)** | **[280](#i6f9999075fea4f178100d99c976f70b3)** |
| **[20.4](#icac71077626549f88e760698a5b294c1)[ENVIRONMENTAL AND SOCIAL RISKS AND IMPACTS](#icac71077626549f88e760698a5b294c1)** | **[281](#icac71077626549f88e760698a5b294c1)** |
| **[20.4.1](#i09f4cad48f514f6a806ccb25ddef652c)[General Information concerning existing and new infrastructures description](#i09f4cad48f514f6a806ccb25ddef652c)** | **[281](#i09f4cad48f514f6a806ccb25ddef652c)** |
| **[20.4.2](#ie437ba9e35a94497b00fa66fe9c18ab6)[ENVIRONMENTAL AND SOCIAL RISK](#ie437ba9e35a94497b00fa66fe9c18ab6)** | **[281](#ie437ba9e35a94497b00fa66fe9c18ab6)** |
| **[20.5](#i43c52cac65a54a0f99ddd6d28c1ae307)[GOVERNANCE](#i43c52cac65a54a0f99ddd6d28c1ae307)** | **[282](#i43c52cac65a54a0f99ddd6d28c1ae307)** |
| **[20.5.1](#ied4d7233d28f4230996ed0df6fa5f860)[Sustainability reporting](#ied4d7233d28f4230996ed0df6fa5f860)** | **[282](#ied4d7233d28f4230996ed0df6fa5f860)** |
| **[20.5.2](#i3f50e4ee179546fd8dd81d6d6747a0b6)[Environmental monitoring plan](#i3f50e4ee179546fd8dd81d6d6747a0b6)** | **[282](#i3f50e4ee179546fd8dd81d6d6747a0b6)** |
| **[20.5.3](#i0199a93ce73b46948ac06d143e1565fd)[Environmental issues](#i0199a93ce73b46948ac06d143e1565fd)** | **[283](#i0199a93ce73b46948ac06d143e1565fd)** |
| **[20.6](#i7459bbf87a84473992c592e18c2fa56b)[CONSIDERATION OF SOCIAL AND COMMUNITY IMPACTS](#i7459bbf87a84473992c592e18c2fa56b)** | **[283](#i7459bbf87a84473992c592e18c2fa56b)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[20.6.1](#i0938fb467f774f9e884c8e2260b0f16e)[Community development plan](#i0938fb467f774f9e884c8e2260b0f16e)** | **[283](#i0938fb467f774f9e884c8e2260b0f16e)** |
| **[20.6.2](#i747860c10e1e41c584591080790c2c06)[Stakeholder Engagement plan](#i747860c10e1e41c584591080790c2c06)** | **[283](#i747860c10e1e41c584591080790c2c06)** |
| **[20.7](#i907e53d80a9b4762be14d912736263c0)[CLOSURE PLAN](#i907e53d80a9b4762be14d912736263c0)** | **[284](#i907e53d80a9b4762be14d912736263c0)** |
| **[21.0](#i53bb2de1d9a54dd0b763b1424df9ebde)[CAPITAL AND OPERATING COSTS](#i53bb2de1d9a54dd0b763b1424df9ebde)** | **[285](#i53bb2de1d9a54dd0b763b1424df9ebde)** |
| **[21.1](#i6d4b63e55c444c4d85ff929154f2fd3c)[INTRODUCTION](#i6d4b63e55c444c4d85ff929154f2fd3c)** | **[285](#i6d4b63e55c444c4d85ff929154f2fd3c)** |
| **[21.2](#ib2d10ab08d5740618548cf6fe3783640)[CAPITAL COSTS](#ib2d10ab08d5740618548cf6fe3783640)** | **[285](#ib2d10ab08d5740618548cf6fe3783640)** |
| **[21.3](#i996fc1c252b3415ebf97fee72000982b)[OPERATING COSTS](#i996fc1c252b3415ebf97fee72000982b)** | **[285](#i996fc1c252b3415ebf97fee72000982b)** |
| **[21.3.1](#i5795e3f87a0349fa82e29886ea8536d5)[Open pit mining](#i5795e3f87a0349fa82e29886ea8536d5)** | **[286](#i5795e3f87a0349fa82e29886ea8536d5)** |
| **[21.3.2](#if6a6f57b4746412d91639dc97f6d8eca)[Underground mining](#if6a6f57b4746412d91639dc97f6d8eca)** | **[286](#if6a6f57b4746412d91639dc97f6d8eca)** |
| **[21.3.3](#i0b4d6154ad1f4033a64199c1fbc1c318)[Processing](#i0b4d6154ad1f4033a64199c1fbc1c318)** | **[286](#i0b4d6154ad1f4033a64199c1fbc1c318)** |
| **[21.3.4](#ieadb7cb7cedf493688b1a55c33169c16)[Site support](#ieadb7cb7cedf493688b1a55c33169c16)** | **[287](#ieadb7cb7cedf493688b1a55c33169c16)** |
| **[21.3.5](#i0d5f00f1496245029d62de5ccadfe530)[External Costs](#i0d5f00f1496245029d62de5ccadfe530)** | **[287](#i0d5f00f1496245029d62de5ccadfe530)** |
| **[21.3.6](#i9fae6e2dad7c4d29a91337d011858f4a)[Operation Support - Casablanca and Montreal office](#i9fae6e2dad7c4d29a91337d011858f4a)** | **[288](#i9fae6e2dad7c4d29a91337d011858f4a)** |
| **[22.0](#iccc011467178495aa983a3f5d23bad42)[ECONOMIC ANALYSIS](#iccc011467178495aa983a3f5d23bad42)** | **[289](#iccc011467178495aa983a3f5d23bad42)** |
| **[23.0](#i2db4c367c83a4659832d7a3e05e190e9)[ADJACENT PROPERTIES](#i2db4c367c83a4659832d7a3e05e190e9)** | **[290](#i2db4c367c83a4659832d7a3e05e190e9)** |
| **[24.0](#i169c44088d624fd7b0555a5a5fd4119a)[OTHER RELEVANT DATA AND INFORMATION](#i169c44088d624fd7b0555a5a5fd4119a)** | **[291](#i169c44088d624fd7b0555a5a5fd4119a)** |
| **[25.0](#i277ce9ee5adf4e4c85ac162b9c18aa68)[INTERPRETATION AND CONCLUSIONS](#i277ce9ee5adf4e4c85ac162b9c18aa68)** | **[292](#i277ce9ee5adf4e4c85ac162b9c18aa68)** |
| **[25.1](#i87ed77e5a27e491e9f3f2e0de8574a8e)[GEOLOGY AND MINERAL RESOURCES](#i87ed77e5a27e491e9f3f2e0de8574a8e)** | **[292](#i87ed77e5a27e491e9f3f2e0de8574a8e)** |
| **[25.2](#i6d4e76b31d2541b4ade795e88c13a3ce)[SAMPLE PREPARATION, ANALYSES AND DATA VERIFICATION](#i6d4e76b31d2541b4ade795e88c13a3ce)** | **[292](#i6d4e76b31d2541b4ade795e88c13a3ce)** |
| **[25.3](#i03082baf137f420da941bc061933b8af)[MINERAL RESERVES ESTIMATES](#i03082baf137f420da941bc061933b8af)** | **[293](#i03082baf137f420da941bc061933b8af)** |
| **[25.4](#i782adf81cf4f45d78cc099935e1a6a34)[MINING METHODS](#i782adf81cf4f45d78cc099935e1a6a34)** | **[293](#i782adf81cf4f45d78cc099935e1a6a34)** |
| **[25.5](#ia7189d2ac3a3429f8a49fcdae2db5209)[MINERAL PROCESSING AND METALLURGICAL TESTING](#ia7189d2ac3a3429f8a49fcdae2db5209)** | **[294](#ia7189d2ac3a3429f8a49fcdae2db5209)** |
| **[25.6](#ia846bb174d264132af6ab32850c44cb2)[INFRASTRUCTURES](#ia846bb174d264132af6ab32850c44cb2)** | **[294](#ia846bb174d264132af6ab32850c44cb2)** |
| **[25.7](#i875ba9f311974b5f8441f0cdbbde2a9e)[ENVIRONMENTAL, PERMITTING AND SOCIAL CONSIDERATION](#i875ba9f311974b5f8441f0cdbbde2a9e)**  | **[295](#i875ba9f311974b5f8441f0cdbbde2a9e)** |
| **[25.8](#i3511482ca50245fdbe14ad6b384e91df)[CAPITAL AND OPERATING COSTS](#i3511482ca50245fdbe14ad6b384e91df)** | **[295](#i3511482ca50245fdbe14ad6b384e91df)** |
| **[25.9](#ifece3258fb7c42f5a8775eb1a9823039)[RISK AND OPPORTUNITIES](#ifece3258fb7c42f5a8775eb1a9823039)** | **[295](#ifece3258fb7c42f5a8775eb1a9823039)** |
| **[26.0](#i42809346fe524fc09f36ac6e78a95e8e)[RECOMMENDATIONS](#i42809346fe524fc09f36ac6e78a95e8e)** | **[297](#i42809346fe524fc09f36ac6e78a95e8e)** |
| **[26.1](#i38c0ffc96634422ab77acdd9d478a165)[EXPLORATION](#i38c0ffc96634422ab77acdd9d478a165)** | **[297](#i38c0ffc96634422ab77acdd9d478a165)** |
| **[26.2](#ic6627ea0f39a433581af7296ff897cce)[SAMPLE PREPARATION, ANALYSES AND DATA VERIFICATION](#ic6627ea0f39a433581af7296ff897cce)** | **[297](#ic6627ea0f39a433581af7296ff897cce)** |
| **[26.3](#ic58dc0b54fcb48c39986ea92b95fc88c)[MINERAL RESOURCE ESTIMATE](#ic58dc0b54fcb48c39986ea92b95fc88c)** | **[298](#ic58dc0b54fcb48c39986ea92b95fc88c)** |
| **[26.4](#i05511af6e3ed4334a442ca8565ca44ce)[MINERAL PROCESSING AND METALLURGICAL TESTING](#i05511af6e3ed4334a442ca8565ca44ce)** | **[298](#i05511af6e3ed4334a442ca8565ca44ce)** |
| **[26.5](#i5ef91baba2d046a9a89694a378177896)[MINERAL RESERVES AND LIFE OF MINE PRODUCTION PLAN](#i5ef91baba2d046a9a89694a378177896)** | **[298](#i5ef91baba2d046a9a89694a378177896)** |
| **[27.0](#i48db6923defd4e6eb45a8f56ef795864)[REFERENCES](#i48db6923defd4e6eb45a8f56ef795864)** | **[300](#i48db6923defd4e6eb45a8f56ef795864)** |
| **[28.0](#i73e4b52f657941f8b1c5862be93b7d1e)[CERTIFICATES OF QUALIFIED PERSONS](#i73e4b52f657941f8b1c5862be93b7d1e)** | **[303](#i73e4b52f657941f8b1c5862be93b7d1e)** |

---

f

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

**List of Tables**

---

| | |
|:---|:---|
| **[Table 1-1](#i2a4393e391e140728f1fd243a4230d7d)[Mineral Resource estimate for the Zgounder deposit as of June 30, 2025](#i2a4393e391e140728f1fd243a4230d7d)** | **[5](#i2a4393e391e140728f1fd243a4230d7d)** |
| **[Table 1-2](#i059d3dd7288241cd943284a2c828d47a)[Mineral Reserve estimate for Zgounder operation, as of September 30th](#i059d3dd7288241cd943284a2c828d47a)**<br>**[2025](#i059d3dd7288241cd943284a2c828d47a)**<br>| **[6](#i059d3dd7288241cd943284a2c828d47a)** |
| **[Table 1-3](#i4c153368787f456b9dbb89d928695b73)[Capital cost estimate for Zgounder LOM](#i4c153368787f456b9dbb89d928695b73)** | **[9](#i4c153368787f456b9dbb89d928695b73)** |
| **[Table 1-4](#i5e0e0693a0ff4805a9b73502f39e0e57)[Operating expenditures for Zgounder LOM](#i5e0e0693a0ff4805a9b73502f39e0e57)** | **[10](#i5e0e0693a0ff4805a9b73502f39e0e57)** |
| **[Table 1-5](#if574aed2113d42a7abfa0d7fdac6fac9)[Zgounder LOM Plan summary](#if574aed2113d42a7abfa0d7fdac6fac9)** | **[11](#if574aed2113d42a7abfa0d7fdac6fac9)** |
| **[Table 2-1](#i318f8668149f41fbb6a278e165109953)[Qualified Persons Responsible for this Report](#i318f8668149f41fbb6a278e165109953)** | **[13](#i318f8668149f41fbb6a278e165109953)** |
| **[Table 2-2](#i509908677af649a58a44b4105e122cff)[Terminology and Abbreviations](#i509908677af649a58a44b4105e122cff)** | **[14](#i509908677af649a58a44b4105e122cff)** |
| **[Table 2-3](#ib04295436a6342faa50bf5dad90f1d1a)[Unit Measurement Abbreviations](#ib04295436a6342faa50bf5dad90f1d1a)** | **[19](#ib04295436a6342faa50bf5dad90f1d1a)** |
| **[Table 4-1](#i0d8157f4c009490ab0da9e96a3e704be)[Aya Mining Licences and Exploration Permits in the Zgounder Property](#i0d8157f4c009490ab0da9e96a3e704be)**<br>**[Area](#i0d8157f4c009490ab0da9e96a3e704be)**<br>| **[23](#i0d8157f4c009490ab0da9e96a3e704be)** |
| **[Table 5-1](#i3eed3f316a5c454bbd806609b023965e)[Monthly Precipitation and Temperature Averages at Askaoun](#i3eed3f316a5c454bbd806609b023965e)** | **[27](#i3eed3f316a5c454bbd806609b023965e)** |
| **[Table 6-1](#i7f6be524e31b4f53a40b292432d0b61e)[CMT Exploration Programs from 2002 to 2004](#i7f6be524e31b4f53a40b292432d0b61e)** | **[34](#i7f6be524e31b4f53a40b292432d0b61e)** |
| **[Table 6-2](#i7b4cc8b9942148caaa62f0a8e243e3d1)[Summary of CMT Underground Workings from 2002 to 2004](#i7b4cc8b9942148caaa62f0a8e243e3d1)** | **[34](#i7b4cc8b9942148caaa62f0a8e243e3d1)** |
| **[Table 6-3](#i1e5812b0e1774e0094942eee2f299815)[Historical Diamond drilling and Reverse Circulation drilling programs by](#i1e5812b0e1774e0094942eee2f299815)**<br>**[year and company](#i1e5812b0e1774e0094942eee2f299815)**<br>| **[35](#i1e5812b0e1774e0094942eee2f299815)** |
| **[Table 6-4](#i0afb578f2bad4353acc173281a688afd)[Historical Underground percussion drilling programs by year and](#i0afb578f2bad4353acc173281a688afd)**<br>**[company](#i0afb578f2bad4353acc173281a688afd)**<br>| **[35](#i0afb578f2bad4353acc173281a688afd)** |
| **[Table 6-5](#i304b9f38e2b64cfa98eee5a5c4ac7509)[Declared mine production at Zgounder 1982 to 2024](#i304b9f38e2b64cfa98eee5a5c4ac7509)** | **[36](#i304b9f38e2b64cfa98eee5a5c4ac7509)** |
| **[Table 6-6](#i4e95a78b6f80435f886ad9b823d68246)[Zgounder historical estimate as at December 13, 2021 (1-10)](#i4e95a78b6f80435f886ad9b823d68246)** | **[37](#i4e95a78b6f80435f886ad9b823d68246)** |
| **[Table 9-1](#i52e4126c8e4e4b93a3c39f73d32234bb)[Televiewer: surveyed drill holes](#i52e4126c8e4e4b93a3c39f73d32234bb)** | **[63](#i52e4126c8e4e4b93a3c39f73d32234bb)** |
| **[Table 10-1](#i740d450df1f345c5b2cc2a2f89e85357)[Diamond drilling and reverse circulation drilling programs by year](#i740d450df1f345c5b2cc2a2f89e85357)** | **[64](#i740d450df1f345c5b2cc2a2f89e85357)** |
| **[Table 10-2](#i3a75886b2d0f4ef89a3cdecff6f29cbe)[Underground percussion drilling programs by year](#i3a75886b2d0f4ef89a3cdecff6f29cbe)** | **[64](#i3a75886b2d0f4ef89a3cdecff6f29cbe)** |
| **[Table 10-3](#i479fb3269de84445935ec87e4c12afc4)[Zgounder diamond drilling programs 2022-2025](#i479fb3269de84445935ec87e4c12afc4)** | **[65](#i479fb3269de84445935ec87e4c12afc4)** |
| **[Table 10-4](#ib68a62c88a2f4e2ab28d3c2e8d16fc2a)[Significant intercepts from the 2021-2025 diamond drilling programs.](#ib68a62c88a2f4e2ab28d3c2e8d16fc2a)** | **[71](#ib68a62c88a2f4e2ab28d3c2e8d16fc2a)** |
| **[Table 10-5](#i467f058638d54edfacc4677be74a957f)[Significant intercepts from the 2023-2025 reverse circulation drilling](#i467f058638d54edfacc4677be74a957f)**<br>**[programs.](#i467f058638d54edfacc4677be74a957f)**<br>| **[74](#i467f058638d54edfacc4677be74a957f)** |
| **[Table 11-1](#if0c7921327a942e693203fafd9e6cecc)[Summary of data quality review for the Zgounder Project.](#if0c7921327a942e693203fafd9e6cecc)** | **[84](#if0c7921327a942e693203fafd9e6cecc)** |
| **[Table 11-2](#i7aab5f99a98048929e06da7ab07b00ee)[Overview of SOPs provided by Aya](#i7aab5f99a98048929e06da7ab07b00ee)** | **[89](#i7aab5f99a98048929e06da7ab07b00ee)** |
| **[Table 11-3](#i2decb29927f648d98a365e994e471588)[Overview of SOPs provided by Afrilab](#i2decb29927f648d98a365e994e471588)** | **[89](#i2decb29927f648d98a365e994e471588)** |
| **[Table 11-4](#i6a41eecee5fa4095ba4fc1bb56f40c18)[Details of client-inserted CRM analyses](#i6a41eecee5fa4095ba4fc1bb56f40c18)** | **[109](#i6a41eecee5fa4095ba4fc1bb56f40c18)** |
| **[Table 11-5](#ie18f4a6496c7454282bcb8c740b14c5f)[Details of Afrilab laboratory CRM analyses](#ie18f4a6496c7454282bcb8c740b14c5f)** | **[109](#ie18f4a6496c7454282bcb8c740b14c5f)** |
| **[Table 11-6](#i02a77503571a4ebea6aece22dfd965f4)[Westgard Rules explanations](#i02a77503571a4ebea6aece22dfd965f4)** | **[110](#i02a77503571a4ebea6aece22dfd965f4)** |
| **[Table 11-7](#ie51a052447814b96a240897641aeadce)[Details of client-inserted CRM analyses](#ie51a052447814b96a240897641aeadce)** | **[117](#ie51a052447814b96a240897641aeadce)** |
| **[Table 11-8](#i6c0256c94520467ea835ba0530e9b019)[Details of ALS internal CRM analyses](#i6c0256c94520467ea835ba0530e9b019)** | **[117](#i6c0256c94520467ea835ba0530e9b019)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[Table 11-9](#i8f56b7bba877466f9e6d7c130f37dce0)[Summary statistics for DLS testing (DLS in °/m)](#i8f56b7bba877466f9e6d7c130f37dce0)** | **[122](#i8f56b7bba877466f9e6d7c130f37dce0)** |
| **[Table 11-10](#i16a71d707ef64deca402fca76ae4ba41)[Nearest RC-DD neighboring sample pair statistics at a 5-m distance for](#i16a71d707ef64deca402fca76ae4ba41)**<br>**[the low-grade domain (LG10), and 10-m distance for the medium-grade (MG60) and](#i16a71d707ef64deca402fca76ae4ba41)**<br>**[high-grade domain (HG150).](#i16a71d707ef64deca402fca76ae4ba41)**<br>| **[125](#i16a71d707ef64deca402fca76ae4ba41)** |
| **[Table 11-11](#id5792d641459491f8c3a7b93c9e1670c)[Comparison of T28 and DD nearest neighbor sample pairs.](#id5792d641459491f8c3a7b93c9e1670c)** | **[128](#id5792d641459491f8c3a7b93c9e1670c)** |
| **[Table 11-12](#ia0ff24e6695b4dca9ed83e14976c0290)[Precision summary of first-split to third-split duplicates/repeats](#ia0ff24e6695b4dca9ed83e14976c0290)**<br>**[prepared and analyzed at Afrilab](#ia0ff24e6695b4dca9ed83e14976c0290)**<br>| **[130](#ia0ff24e6695b4dca9ed83e14976c0290)** |
| **[Table 11-13](#ic9a307f44cfa4735a648b60d4dba69d0)[Precision summary of second-split repeats prepared and analyzed at](#ic9a307f44cfa4735a648b60d4dba69d0)**<br>**[ALS](#ic9a307f44cfa4735a648b60d4dba69d0)**<br>| **[132](#ic9a307f44cfa4735a648b60d4dba69d0)** |
| **[Table 11-14](#ie94e3ae5d7bc4aecad998233616554cc)[Summary of accuracy and precision for client-inserted CRMs since](#ie94e3ae5d7bc4aecad998233616554cc)**<br>**[2020\* for periods where the analytical process was in control.](#ie94e3ae5d7bc4aecad998233616554cc)**<br>| **[137](#ie94e3ae5d7bc4aecad998233616554cc)** |
| **[Table 11-15](#id463fb15cdb84820afaf46f117a33a89)[Summary of client-inserted CRMs for the period since 2020, separating](#id463fb15cdb84820afaf46f117a33a89)**<br>**[periods in which the analytical process was not in control.](#id463fb15cdb84820afaf46f117a33a89)**<br>| **[139](#id463fb15cdb84820afaf46f117a33a89)** |
| **[Table 11-16](#i60d043e27e40490da42be2085636d7ef)[Summary of accuracy and precision for client-inserted CRMs since](#i60d043e27e40490da42be2085636d7ef)**<br>**[January 2025.](#i60d043e27e40490da42be2085636d7ef)**<br>| **[142](#i60d043e27e40490da42be2085636d7ef)** |
| **[Table 11-17](#i33f90fad842b4519930adc51bc827473)[Summary of accuracy and precision for laboratory internal CRMs since](#i33f90fad842b4519930adc51bc827473)**<br>**[March 2025.](#i33f90fad842b4519930adc51bc827473)**<br>| **[142](#i33f90fad842b4519930adc51bc827473)** |
| **[Table 12-1](#i57d50e79438c43f4b2c61cab715ae66f)[Overview of Aya Ag values database exports verified against Afrilab](#i57d50e79438c43f4b2c61cab715ae66f)**<br>**[assay certificates.](#i57d50e79438c43f4b2c61cab715ae66f)**<br>| **[144](#i57d50e79438c43f4b2c61cab715ae66f)** |
| **[Table 12-2](#i3c5533083d914214ab3c00c26dcb29be)[Examples of mismatching sample IDs in Aya database and Afrilab assay](#i3c5533083d914214ab3c00c26dcb29be)**<br>**[certificates](#i3c5533083d914214ab3c00c26dcb29be)[(n=4,330).](#i3c5533083d914214ab3c00c26dcb29be)**<br>| **[145](#i3c5533083d914214ab3c00c26dcb29be)** |
| **[Table 12-3](#i8ff68a8d10344ca0ad149b3ec4f6cbe1)[Comparison of mean densities from repeat samples and overall mean](#i8ff68a8d10344ca0ad149b3ec4f6cbe1)**<br>**[averages for different lithology groups.](#i8ff68a8d10344ca0ad149b3ec4f6cbe1)**<br>| **[146](#i8ff68a8d10344ca0ad149b3ec4f6cbe1)** |
| **[Table 12-4](#i0552858108ba4a739c3d081f5989f1c3)[Precision summary for repeat verification sampling.](#i0552858108ba4a739c3d081f5989f1c3)** | **[147](#i0552858108ba4a739c3d081f5989f1c3)** |
| **[Table 13-1](#i2b424ce4c41641098431e52481e11f89)[Main Composite Lithology](#i2b424ce4c41641098431e52481e11f89)** | **[152](#i2b424ce4c41641098431e52481e11f89)** |
| **[Table 13-2](#i518e1239613545ca834a3cb72decf15f)[Variability Sample Deposit Zone](#i518e1239613545ca834a3cb72decf15f)** | **[153](#i518e1239613545ca834a3cb72decf15f)** |
| **[Table 13-3](#i678f9fd0d48f4b3d83d2d5a35af8a58b)[Zgounder Sample Head Assays](#i678f9fd0d48f4b3d83d2d5a35af8a58b)** | **[155](#i678f9fd0d48f4b3d83d2d5a35af8a58b)** |
| **[Table 13-4](#ic9e381a41c6c4d7e850d609295410f07)[Comparison of the Model Mineral Abundance of the Main Composite](#ic9e381a41c6c4d7e850d609295410f07)**<br>**[Sample and the VAR-4 Sample](#ic9e381a41c6c4d7e850d609295410f07)**<br>| **[156](#ic9e381a41c6c4d7e850d609295410f07)** |
| **[Table 13-5](#i1eea821a50fd4ad2a0ffe4c8acd20ea0)[Comminution Tests Summary](#i1eea821a50fd4ad2a0ffe4c8acd20ea0)** | **[157](#i1eea821a50fd4ad2a0ffe4c8acd20ea0)** |
| **[Table 13-6](#i6dbe4809df8c4fb689192cd7a4e843b9)[Gravity Separation Test Results Summary](#i6dbe4809df8c4fb689192cd7a4e843b9)** | **[158](#i6dbe4809df8c4fb689192cd7a4e843b9)** |
| **[Table 13-7](#i7c7b868e2d39479c90978fc97c4e2d72)[E-GRG Test Results Summary](#i7c7b868e2d39479c90978fc97c4e2d72)** | **[159](#i7c7b868e2d39479c90978fc97c4e2d72)** |
| **[Table 13-8](#i6b74290ed62847358c24c0d3a4b385f1)[Locked Cycle Test Results Summary](#i6b74290ed62847358c24c0d3a4b385f1)** | **[161](#i6b74290ed62847358c24c0d3a4b385f1)** |
| **[Table 13-9](#ib811fbdda83842839b84115ad77fcd75)[Aqua Regia Acid Leach Test Results](#ib811fbdda83842839b84115ad77fcd75)** | **[166](#ib811fbdda83842839b84115ad77fcd75)** |
| **[Table 13-10](#i74cc7853779f472c92aaece38c08fe19)[Variability Samples for All Flowsheet Options](#i74cc7853779f472c92aaece38c08fe19)** | **[167](#i74cc7853779f472c92aaece38c08fe19)** |
| **[Table 13-11](#ifffbc9c593fe4ebe8426737b7e03d1fd)[Zgounder Plant Flotation Concentrate Cyanidation Test Results](#ifffbc9c593fe4ebe8426737b7e03d1fd)**<br>**[Summary](#ifffbc9c593fe4ebe8426737b7e03d1fd)**<br>| **[168](#ifffbc9c593fe4ebe8426737b7e03d1fd)** |
| **[Table 13-12](#iec6983748cd64d35b6dfc5398a9309a2)[Zgounder Historical Tailings Whole Ore Cyanidation Test Results](#iec6983748cd64d35b6dfc5398a9309a2)**<br>**[Summary](#iec6983748cd64d35b6dfc5398a9309a2)**<br>| **[168](#iec6983748cd64d35b6dfc5398a9309a2)** |
| **[Table 13-13](#i3f432fa6c48447a7801850727bcaa9c0)[Flowsheet option comparison](#i3f432fa6c48447a7801850727bcaa9c0)** | **[170](#i3f432fa6c48447a7801850727bcaa9c0)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[Table 13-14](#idfb312d340d445f6a6187c6845901fd4)[Merrill-Crowe Test Conditions](#idfb312d340d445f6a6187c6845901fd4)** | **[171](#idfb312d340d445f6a6187c6845901fd4)** |
| **[Table 13-15](#ia10b5a23e28f4c4ca5a9bb8e9284927e)[Merrill-Crowe Test Results](#ia10b5a23e28f4c4ca5a9bb8e9284927e)** | **[171](#ia10b5a23e28f4c4ca5a9bb8e9284927e)** |
| **[Table 13-16](#i60c9e504f20c4baa80a0ceea1eaa895d)[Hydrogen Peroxide Cyanide Destruction Test Conditions and Results](#i60c9e504f20c4baa80a0ceea1eaa895d)** | **[172](#i60c9e504f20c4baa80a0ceea1eaa895d)** |
| **[Table 13-17](#ia44629afe95a4a42ac4f635cb310f907)[2022-2023 Testwork Head Assays](#ia44629afe95a4a42ac4f635cb310f907)** | **[175](#ia44629afe95a4a42ac4f635cb310f907)** |
| **[Table 13-18](#i442ae1924d93410182b4eb6f2bab0751)[Quantitative Analysis X-Ray Diffraction Results](#i442ae1924d93410182b4eb6f2bab0751)** | **[176](#i442ae1924d93410182b4eb6f2bab0751)** |
| **[Table 13-19](#icaee907f806f4f49ae97bfa0a49e4d4d)[Gravity Separation 2022-2023 Test Results Summary](#icaee907f806f4f49ae97bfa0a49e4d4d)** | **[176](#icaee907f806f4f49ae97bfa0a49e4d4d)** |
| **[Table 13-20](#icf94bcb80910428d9234faca903a4855)[Whole Ore Cleaner Flotation Test Conditions](#icf94bcb80910428d9234faca903a4855)** | **[177](#icf94bcb80910428d9234faca903a4855)** |
| **[Table 13-21](#i906dfddf0f824586b7f165e10a28dd08)[High Cu Flotation Test Results Summary](#i906dfddf0f824586b7f165e10a28dd08)** | **[177](#i906dfddf0f824586b7f165e10a28dd08)** |
| **[Table 13-22](#i229b1b5d77574f938ca601718b9ff900)[Composite Gravity Tailings Cyanidation Test Results](#i229b1b5d77574f938ca601718b9ff900)** | **[178](#i229b1b5d77574f938ca601718b9ff900)** |
| **[Table 13-23](#i8e648649115d4d20a4ccd039d2a6cef3)[Composite Gravity Tailings Cyanidation Test Results (Cont'd)](#i8e648649115d4d20a4ccd039d2a6cef3)** | **[178](#i8e648649115d4d20a4ccd039d2a6cef3)** |
| **[Table 13-24](#i1f1a6783c854403d8b656274e488aee2)[Solid-Liquid Separation Test Program](#i1f1a6783c854403d8b656274e488aee2)** | **[179](#i1f1a6783c854403d8b656274e488aee2)** |
| **[Table 13-25](#i8358827f63634c92b60f4ff67514d747)[Results from Metso:Outotec Testwork](#i8358827f63634c92b60f4ff67514d747)** | **[179](#i8358827f63634c92b60f4ff67514d747)** |
| **[Table 14-1](#i17aebd1a5ba54abaa1d653563cb3f944)[Summary of informing data.](#i17aebd1a5ba54abaa1d653563cb3f944)** | **[181](#i17aebd1a5ba54abaa1d653563cb3f944)** |
| **[Table 14-2](#ic77d19cbcaa642c59e82a9705a2921d8)[Summary of the grade estimation domains for Zgounder](#ic77d19cbcaa642c59e82a9705a2921d8)** | **[190](#ic77d19cbcaa642c59e82a9705a2921d8)** |
| **[Table 14-3](#id71a96fb12ee480fada2d2d090b7345f)[Domain statistics, 2-m composites, declustered (20 m x 20 m x 20 m](#id71a96fb12ee480fada2d2d090b7345f)**<br>**[decluster window).](#id71a96fb12ee480fada2d2d090b7345f)**<br>| **[191](#id71a96fb12ee480fada2d2d090b7345f)** |
| **[Table 14-4](#i9faacced8d8848a598d7126c4bd59eae)[Comparison of total metal before and after compositing.](#i9faacced8d8848a598d7126c4bd59eae)** | **[192](#i9faacced8d8848a598d7126c4bd59eae)** |
| **[Table 14-5](#ib25b2c5b5d7348e296903d2bfa04b9ba)[Summary statistics of density in litho-structural domains.](#ib25b2c5b5d7348e296903d2bfa04b9ba)** | **[194](#ib25b2c5b5d7348e296903d2bfa04b9ba)** |
| **[Table 14-6](#i6e24cb81354742979ea020e3322f5077)[Density data mean values.](#i6e24cb81354742979ea020e3322f5077)** | **[195](#i6e24cb81354742979ea020e3322f5077)** |
| **[Table 14-7](#i4b93643443744fada87d1f4df4f7b90c)[Block model description.](#i4b93643443744fada87d1f4df4f7b90c)** | **[196](#i4b93643443744fada87d1f4df4f7b90c)** |
| **[Table 14-8](#i1efad6db80bc4b6288b45c993942cc3b)[RIK parameters for the HG150 domain.](#i1efad6db80bc4b6288b45c993942cc3b)** | **[199](#i1efad6db80bc4b6288b45c993942cc3b)** |
| **[Table 14-9](#ib5d1abfb36f44cb7bb1d5ce3800f9c99)[Density block model statistics within estimated blocks.](#ib5d1abfb36f44cb7bb1d5ce3800f9c99)** | **[200](#ib5d1abfb36f44cb7bb1d5ce3800f9c99)** |
| **[Table 14-10](#i6cb111996200401baa2229a665941dba)[Comparison between block model mean grades and composite mean](#i6cb111996200401baa2229a665941dba)**<br>**[grades.](#i6cb111996200401baa2229a665941dba)**<br>| **[201](#i6cb111996200401baa2229a665941dba)** |
| **[Table 14-11](#ife12d5c9ba8942babb0d193a723d3190)[Sensitivity analysis comparing different composite lengths.](#ife12d5c9ba8942babb0d193a723d3190)** | **[205](#ife12d5c9ba8942babb0d193a723d3190)** |
| **[Table 14-12](#i181461a5df624236833009313ff4ee95)[Sensitivity comparing different composite check estimates constrained](#i181461a5df624236833009313ff4ee95)**<br>**[within the Phase 1 pit shape.](#i181461a5df624236833009313ff4ee95)**<br>| **[205](#i181461a5df624236833009313ff4ee95)** |
| **[Table 14-13](#ibca0d88ebbd841bfb3e256e54597fbc8)[Estimate parameters.](#ibca0d88ebbd841bfb3e256e54597fbc8)** | **[205](#ibca0d88ebbd841bfb3e256e54597fbc8)** |
| **[Table 14-14](#i631f7da233c447c4be80428e53752b49)[Block model mean grade and composite comparisons for different](#i631f7da233c447c4be80428e53752b49)**<br>**[estimation strategies.](#i631f7da233c447c4be80428e53752b49)**<br>| **[205](#i631f7da233c447c4be80428e53752b49)** |
| **[.](#i593245ddb5f7410f974be18cc447dd15)** | **[207](#i593245ddb5f7410f974be18cc447dd15)** |
| **[Table 14-15](#i218fdd4da3ed4d31b7f8ce8adf5b6ff1)[Characterization of local estimation precision.](#i218fdd4da3ed4d31b7f8ce8adf5b6ff1)** | **[209](#i218fdd4da3ed4d31b7f8ce8adf5b6ff1)** |
| **[Table 14-16](#icc98121f43d6407ba48773d21119076d)[Mineral Resource Estimate for the Zgounder deposit as of June 30th,](#icc98121f43d6407ba48773d21119076d)**<br>**[2025.](#icc98121f43d6407ba48773d21119076d)**<br>| **[210](#icc98121f43d6407ba48773d21119076d)** |
| **[Table 14-17](#i19257613ab2d456683868322851dbea3)[Pit optimization parameters](#i19257613ab2d456683868322851dbea3)** | **[211](#i19257613ab2d456683868322851dbea3)** |
| **[Table 14-18](#id3e8ffa82cd44200bf0a8567f188a626)[Guide to the rating system used in this report.](#id3e8ffa82cd44200bf0a8567f188a626)** | **[213](#id3e8ffa82cd44200bf0a8567f188a626)** |
| **[Table 14-19](#i1caf3aefa4da4bc4a6a66572cf895d46)[Overview of risk factors impacting the MRE](#i1caf3aefa4da4bc4a6a66572cf895d46)** | **[215](#i1caf3aefa4da4bc4a6a66572cf895d46)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[Table 15-1](#i364610a4763340859b814e7dab055460)[Pit optimization parameters](#i364610a4763340859b814e7dab055460)** | **[220](#i364610a4763340859b814e7dab055460)** |
| **[Table 15-2](#i6e4a62eadadb44369fb9a660254b5382)[In-Pit tonnes and metal comparison between resource model and](#i6e4a62eadadb44369fb9a660254b5382)**<br>**[reserve model](#i6e4a62eadadb44369fb9a660254b5382)**<br>| **[221](#i6e4a62eadadb44369fb9a660254b5382)** |
| **[Table 15-3](#i1cb0d73f33ba469dbfc2217731316d5c)[Underground stope optimization parameters](#i1cb0d73f33ba469dbfc2217731316d5c)** | **[222](#i1cb0d73f33ba469dbfc2217731316d5c)** |
| **[Table 15-4](#ie11e43c468cb4757b41488a1a008b809)[Underground stopes tonnes and metal comparison between resource](#ie11e43c468cb4757b41488a1a008b809)**<br>**[model and reserve model](#ie11e43c468cb4757b41488a1a008b809)**<br>| **[223](#ie11e43c468cb4757b41488a1a008b809)** |
| **[Table 15-5](#if785bac087c4465b8f402e48704bb52d)[Mineral Reserve estimate for Zgounder operation, as of September 30th](#if785bac087c4465b8f402e48704bb52d)**<br>**[2025](#if785bac087c4465b8f402e48704bb52d)**<br>| **[224](#if785bac087c4465b8f402e48704bb52d)** |
| **[Table 16-1](#i26e501b77c3a4ad78b850db06b2888cc)[Zgounder Pit Slope Design Parameters](#i26e501b77c3a4ad78b850db06b2888cc)** | **[226](#i26e501b77c3a4ad78b850db06b2888cc)** |
| **[Table 16-2](#id786fc9df2424aae96d02cf2b0cd33c3)[Lateral development heading size](#id786fc9df2424aae96d02cf2b0cd33c3)** | **[235](#id786fc9df2424aae96d02cf2b0cd33c3)** |
| **[Table 16-3](#i91d571299abb45f3966b4b5210f63011)[Underground mobile equipment list](#i91d571299abb45f3966b4b5210f63011)** | **[241](#i91d571299abb45f3966b4b5210f63011)** |
| **[Table 16-4](#i3e72701bfde748caa34082668031a5d4)[Life of Mine production schedule](#i3e72701bfde748caa34082668031a5d4)** | **[243](#i3e72701bfde748caa34082668031a5d4)** |
| **[Table 17-1](#i12d4a633ec124c29ba21747573a5dc56)[Production Data for Plant #1 and #2](#i12d4a633ec124c29ba21747573a5dc56)** | **[244](#i12d4a633ec124c29ba21747573a5dc56)** |
| **[Table 17-2](#i9a1f49e713bb4277a7e219ce24b3a64c)[Summary of key Process Design Criteria](#i9a1f49e713bb4277a7e219ce24b3a64c)** | **[245](#i9a1f49e713bb4277a7e219ce24b3a64c)** |
| **[Table 18-1](#i85e94650707b4ed39534802d3b609ef4)[Catchment Areas Characteristics](#i85e94650707b4ed39534802d3b609ef4)** | **[267](#i85e94650707b4ed39534802d3b609ef4)** |
| **[Table 18-2](#i1353397f95d947ae9f764c02fb821b95)[Floods at Different Return Periods](#i1353397f95d947ae9f764c02fb821b95)** | **[267](#i1353397f95d947ae9f764c02fb821b95)** |
| **[Table 20-1](#i34875d126be4415f912c51638c1a0aa6)[Environmental sensitivity evaluation](#i34875d126be4415f912c51638c1a0aa6)** | **[281](#i34875d126be4415f912c51638c1a0aa6)** |
| **[Table 20-2](#i6d42a59ecc5c4111a40af7f113a59b68)[Proposed Environmental Surveillance and Monitoring Program](#i6d42a59ecc5c4111a40af7f113a59b68)** | **[282](#i6d42a59ecc5c4111a40af7f113a59b68)** |
| **[Table 21-1](#i1795724b07eb4437ba82dbbc6c4f7ab1)[Life of Mine capital costs for Zgounder operations](#i1795724b07eb4437ba82dbbc6c4f7ab1)** | **[285](#i1795724b07eb4437ba82dbbc6c4f7ab1)** |
| **[Table 21-2](#id0d697a3356044aaa6deda4ff8076e9c)[Life of Mine unit operating costs](#id0d697a3356044aaa6deda4ff8076e9c)** | **[286](#id0d697a3356044aaa6deda4ff8076e9c)** |
| **[Table 21-3](#i2f6804c98c97487cad0292e0b92871e3)[Open pit mining, unit operating costs](#i2f6804c98c97487cad0292e0b92871e3)** | **[286](#i2f6804c98c97487cad0292e0b92871e3)** |
| **[Table 21-4](#i75d67f1fc6cb41cc9edc5bfc949fa3cc)[Underground mining, unit operating costs](#i75d67f1fc6cb41cc9edc5bfc949fa3cc)** | **[286](#i75d67f1fc6cb41cc9edc5bfc949fa3cc)** |
| **[Table 21-5](#i2f405f8b11934ed192914440fdcd6db8)[Processing variable operating costs](#i2f405f8b11934ed192914440fdcd6db8)** | **[287](#i2f405f8b11934ed192914440fdcd6db8)** |
| **[Table 21-6](#i669847b99fd84770bd97717fd583fde8)[Processing fixed operating costs](#i669847b99fd84770bd97717fd583fde8)** | **[287](#i669847b99fd84770bd97717fd583fde8)** |
| **[Table 21-7](#ib2f87db3c8c943cea04eddef22600e65)[Site operating costs](#ib2f87db3c8c943cea04eddef22600e65)** | **[287](#ib2f87db3c8c943cea04eddef22600e65)** |
| **[Table 21-8](#ib4b8b103f9d14129a85b6dd4792572bb)[Site external costs](#ib4b8b103f9d14129a85b6dd4792572bb)** | **[287](#ib4b8b103f9d14129a85b6dd4792572bb)** |
| **[Table 21-9](#i0e6bd4a1a0b14d3f954fdc946fb3d2cf)[Head office administration costs](#i0e6bd4a1a0b14d3f954fdc946fb3d2cf)** | **[288](#i0e6bd4a1a0b14d3f954fdc946fb3d2cf)** |
| **[Table 26-1](#ife62393a2b704dc695a23d2026bbe234)[Recommended programs and budgets for 2026-2027.](#ife62393a2b704dc695a23d2026bbe234)** | **[297](#ife62393a2b704dc695a23d2026bbe234)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

**List of Figures**

---

| | |
|:---|:---|
| **[Figure 1-2](#i4f6bb3fd1c874b43a68a0a6c678fd3ee)[LOM production profile at Zgounder](#i4f6bb3fd1c874b43a68a0a6c678fd3ee)** | **[7](#i4f6bb3fd1c874b43a68a0a6c678fd3ee)** |
| **[Figure 4-1](#ibd6e6545455549988efc4aa2bafa9415)[Location of the Zgounder Mine Property](#ibd6e6545455549988efc4aa2bafa9415)** | **[21](#ibd6e6545455549988efc4aa2bafa9415)** |
| **[Figure 4-2](#i6a541aa1f085437282eedc9dcdfefbc7)[Land Tenure in the Zgounder Property Area](#i6a541aa1f085437282eedc9dcdfefbc7)** | **[22](#i6a541aa1f085437282eedc9dcdfefbc7)** |
| **[Figure 5-1](#ib19f934ad4fd4db8899b8438eb56b323)[Access to the Zgounder Mine from Agadir and Marrakech](#ib19f934ad4fd4db8899b8438eb56b323)** | **[25](#ib19f934ad4fd4db8899b8438eb56b323)** |
| **[Figure 5-2](#i305f858a0a7447ac8e74999337a9fe75)[Monthly Precipitation and Temperature Averages at Askaoun](#i305f858a0a7447ac8e74999337a9fe75)** | **[26](#i305f858a0a7447ac8e74999337a9fe75)** |
| **[Figure 6-1](#if08ba4e40bf54dcbb1530719d00c5446)[Evidence of Ancient Operations](#if08ba4e40bf54dcbb1530719d00c5446)** | **[29](#if08ba4e40bf54dcbb1530719d00c5446)** |
| **[Figure 6-2](#i15bb08fb3d3449819fe63f581ee0ac65)[Level maps of the 2000 Level by SOMIL showing underground drifts and](#i15bb08fb3d3449819fe63f581ee0ac65)**<br>**[geological mapping](#i15bb08fb3d3449819fe63f581ee0ac65)**<br>| **[30](#i15bb08fb3d3449819fe63f581ee0ac65)** |
| **[Figure 6-3](#id893aaa785434f409a431def10e59599)[Longitudinal Projection of the Western Zone by SOMIL Displaying the](#id893aaa785434f409a431def10e59599)**<br>**[Ancient Excavation Areas at the Zgounder Silver Mine](#id893aaa785434f409a431def10e59599)**<br>| **[30](#id893aaa785434f409a431def10e59599)** |
| **[Figure 6-4](#i48484dd781c0424198f2f0575404e870)[Infrastructure from the SOMIL Period at Zgounder](#i48484dd781c0424198f2f0575404e870)** | **[31](#i48484dd781c0424198f2f0575404e870)** |
| **[Figure 6-5](#i0eee2f387d3e4c84ae729a81fc59ce42)[Southward View of Oxidized Waste Dump Resulting from the Ancient](#i0eee2f387d3e4c84ae729a81fc59ce42)**<br>**[Mine Workings at the Zgounder Silver Mine](#i0eee2f387d3e4c84ae729a81fc59ce42)**<br>| **[32](#i0eee2f387d3e4c84ae729a81fc59ce42)** |
| **[Figure 6-6](#i511e9da86f484439be0ab60414ba3d9c)[BRPM Waste Dumps at Zgounder](#i511e9da86f484439be0ab60414ba3d9c)** | **[33](#i511e9da86f484439be0ab60414ba3d9c)** |
| **[Figure 7-1](#i2f103adc80c246d8b1d46e25d5653a40)[Regional Geology of the Anti-Atlas Mountain Belt](#i2f103adc80c246d8b1d46e25d5653a40)** | **[39](#i2f103adc80c246d8b1d46e25d5653a40)** |
| **[Figure 7-2](#ic7ea1373e2b842b29be225773bee101f)[Geology of the Zgounder Property](#ic7ea1373e2b842b29be225773bee101f)** | **[40](#ic7ea1373e2b842b29be225773bee101f)** |
| **[Figure 7-3](#id5d1b5ae8e3f461c898b612eae0daee0)[Geology of the Siroua Inlier, Anti-Atlas](#id5d1b5ae8e3f461c898b612eae0daee0)** | **[41](#id5d1b5ae8e3f461c898b612eae0daee0)** |
| **[Figure 7-4](#i7afdc33e68de404c8daee063bfb67ac3)[Property Geology of the Zgounder Area](#i7afdc33e68de404c8daee063bfb67ac3)** | **[43](#i7afdc33e68de404c8daee063bfb67ac3)** |
| **[Figure 7-5](#i4f0f33aad2834ffc8baafabf1cf8f437)[Geology of the Zgounder mining license.](#i4f0f33aad2834ffc8baafabf1cf8f437)** | **[44](#i4f0f33aad2834ffc8baafabf1cf8f437)** |
| **[Figure 7-6](#i33c2c0b172c1438592f2fde23341d62d)[Zgounder: simplified geological model at the deposit scale](#i33c2c0b172c1438592f2fde23341d62d)** | **[45](#i33c2c0b172c1438592f2fde23341d62d)** |
| **[Figure 7-7](#i1ebc7c11ddf347a394eed9e080ae3db3)[Structural development of the rhyolite-metasedimentary contact along](#i1ebc7c11ddf347a394eed9e080ae3db3)**<br>**[with Ag mineralization](#i1ebc7c11ddf347a394eed9e080ae3db3)**<br>| **[47](#i1ebc7c11ddf347a394eed9e080ae3db3)** |
| **[Figure 7-8](#i8486a3f539e04920b8dcdeeb11e7f885)[Paragenetic sequence of the Zgounder deposit](#i8486a3f539e04920b8dcdeeb11e7f885)** | **[48](#i8486a3f539e04920b8dcdeeb11e7f885)** |
| **[Figure 7-9](#ib7fa1825080b4e448680f99ae6639f40)[Dominant silver mineralization styles in Zgounder metasediments (A:](#ib7fa1825080b4e448680f99ae6639f40)**<br>**[fracture filling, B: disseminated)](#ib7fa1825080b4e448680f99ae6639f40)**<br>| **[49](#ib7fa1825080b4e448680f99ae6639f40)** |
| **[Figure 7-10](#i312a7116fd6143e6aa71880867702973)[Other silver mineralization styles in Zgounder metasediments (A:](#i312a7116fd6143e6aa71880867702973)**<br>**[hydrothermal breccias, B: veins, C: sulfosalts)](#i312a7116fd6143e6aa71880867702973)**<br>| **[50](#i312a7116fd6143e6aa71880867702973)** |
| **[Figure 7-11](#ib432e241f034499cb3ba1ffaab7e8980)[Mineralization cross-cutting intrusive rocks. A: Fracture-filling Ag in](#ib432e241f034499cb3ba1ffaab7e8980)**<br>**[rhyolite (VIB) proximal to rhyolite-metasediments contact. B: Granitic dyke (I1B)](#ib432e241f034499cb3ba1ffaab7e8980)**<br>**[surrounded by metasediments (S1) with fracture-filling Ag](#ib432e241f034499cb3ba1ffaab7e8980)**<br>| **[51](#ib432e241f034499cb3ba1ffaab7e8980)** |
| **[Figure 8-1](#i70c3c57fa77748d5948ef49a4ec4ae4a)[Position of Zgounder in a schematic epithermal deposit model](#i70c3c57fa77748d5948ef49a4ec4ae4a)** | **[53](#i70c3c57fa77748d5948ef49a4ec4ae4a)** |
| **[Figure 9-1](#ifc0482ee5fee41559b032fee0db52fc5)[Zgounder WorldView-3 Clay/Chlorite/Iron mineral map.](#ifc0482ee5fee41559b032fee0db52fc5)** | **[55](#ifc0482ee5fee41559b032fee0db52fc5)** |
| **[Figure 9-2](#i6d284fab214b4dc48babaff7df0962cf)[Zgounder Calculated Vertical Derivative (CVG) of Reduced to Pole](#i6d284fab214b4dc48babaff7df0962cf)**<br>**[(RTP) Total Magnetic Intensity (TMI).](#i6d284fab214b4dc48babaff7df0962cf)**<br>| **[57](#i6d284fab214b4dc48babaff7df0962cf)** |
| **[Figure 9-3](#i10a0a426748649109f46f460307705b8)[Area and lines cover by the Groundborne Electrical Resistivity](#i10a0a426748649109f46f460307705b8)**<br>**[Tomography (ERT) and Time Domain Induced Polarization (TDIP) survey.](#i10a0a426748649109f46f460307705b8)**<br>| **[58](#i10a0a426748649109f46f460307705b8)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[Figure 9-4](#ied341624ba37409fb00535a580191caa)[Area and lines cover by the ground magnetic survey (WalkMag)survey.](#ied341624ba37409fb00535a580191caa)** | **[59](#ied341624ba37409fb00535a580191caa)** |
| **[Figure 9-5](#i5828abf0cae04957b0dea0722fff0e11)[Model Resistivity Section – Block 1 – Line-1](#i5828abf0cae04957b0dea0722fff0e11)** | **[60](#i5828abf0cae04957b0dea0722fff0e11)** |
| **[Figure 9-6](#icf35fddaa6c9486c96c6e872d2efb158)[RTP product from ground magnetic survey (WalkMag)survey](#icf35fddaa6c9486c96c6e872d2efb158)** | **[60](#icf35fddaa6c9486c96c6e872d2efb158)** |
| **[Figure 9-7](#i3f96f30899434d4c9f39ebbdf519a359)[Rock sampling and soil sampling over the Zgounder mining license](#i3f96f30899434d4c9f39ebbdf519a359)** | **[62](#i3f96f30899434d4c9f39ebbdf519a359)** |
| **[Figure 10-1](#i3693311efe2a4089b05189b3d5983729)[Surface diamond drill hole distribution over Zgounder deposit.](#i3693311efe2a4089b05189b3d5983729)** | **[67](#i3693311efe2a4089b05189b3d5983729)** |
| **[Figure 10-2](#i48bc5694978d4e9087ba9269662253d0)[Surface reverse circulation drill hole distribution over Zgounder deposit.](#i48bc5694978d4e9087ba9269662253d0)** | **[68](#i48bc5694978d4e9087ba9269662253d0)** |
| **[Figure 10-3](#i59032aefe1c04ca8b92e773450321a3c)[Underground diamond drill (left); surface diamond drill (right)](#i59032aefe1c04ca8b92e773450321a3c)** | **[70](#i59032aefe1c04ca8b92e773450321a3c)** |
| **[Figure 10-4](#i06264c7278db45e48430c3da8ebe217d)[RC rig in operation](#i06264c7278db45e48430c3da8ebe217d)** | **[71](#i06264c7278db45e48430c3da8ebe217d)** |
| **[Figure 10-5](#i5bee2ee2f59b44fdb2b983ab24526e38)[Plan View - Significant Intercepts and Other Collar locations (Black:](#i5bee2ee2f59b44fdb2b983ab24526e38)**<br>**[Significant Intercepts, Red: Surface DD, Green: Underground DD, Grey: RC)](#i5bee2ee2f59b44fdb2b983ab24526e38)**<br>| **[76](#i5bee2ee2f59b44fdb2b983ab24526e38)** |
| **[Figure 10-6](#i17a6931086f041609eef1d4bce104f9f)[Section 1 - Significant Intercepts](#i17a6931086f041609eef1d4bce104f9f)** | **[77](#i17a6931086f041609eef1d4bce104f9f)** |
| **[Figure 10-7](#ib2a7da741e8c4de389df50937491bd18)[Section 2 - Significant Intercepts](#ib2a7da741e8c4de389df50937491bd18)** | **[78](#ib2a7da741e8c4de389df50937491bd18)** |
| **[Figure 11-1](#id7f0118c3d074dc19d227ee27d6428fd)[Zgounder RC sample processing flow chart. After the RC sample was](#id7f0118c3d074dc19d227ee27d6428fd)**<br>**[taken, the processes for sample preparation and analysis were identical to those used](#id7f0118c3d074dc19d227ee27d6428fd)**<br>**[for DD](#id7f0118c3d074dc19d227ee27d6428fd)**<br>| **[80](#id7f0118c3d074dc19d227ee27d6428fd)** |
| **[Figure 11-2](#id472c2cf097b47bea396c76fc732a5c9)[Zgounder DD sample processing flow chart. Afrilab inserts additional](#id472c2cf097b47bea396c76fc732a5c9)**<br>**[quality control samples](#id472c2cf097b47bea396c76fc732a5c9)**<br>| **[81](#id472c2cf097b47bea396c76fc732a5c9)** |
| **[Figure 11-3](#i109ad733222f41a0b05d53972a0df655)[Measurement of BD of drill core samples](#i109ad733222f41a0b05d53972a0df655)** | **[83](#i109ad733222f41a0b05d53972a0df655)** |
| **[Figure 11-4](#i1cfbb5bbed2e47da888f141d4040f014)[Flow chart of RSC's QA review process](#i1cfbb5bbed2e47da888f141d4040f014)** | **[88](#i1cfbb5bbed2e47da888f141d4040f014)** |
| **[Figure 11-5](#i415c61d2ed3e431ba418233a6ac54bec)[Splitting of an RC sample to obtain a quarter duplicate](#i415c61d2ed3e431ba418233a6ac54bec)** | **[91](#i415c61d2ed3e431ba418233a6ac54bec)** |
| **[Figure 11-6](#icf2d8fd224fd4f88b30038d53c15eb57)[Underground percussion drilling. (A) Jack hammer percussion drilling;](#icf2d8fd224fd4f88b30038d53c15eb57)**<br>**[(B) sample collection in a barrel](#icf2d8fd224fd4f88b30038d53c15eb57)**<br>| **[92](#icf2d8fd224fd4f88b30038d53c15eb57)** |
| **[Figure 11-7](#idb52eb989bb6459bb8c9943a3740ed5e)[Diamond drill hole core recovery for 2020–2025 averaged per hole over](#idb52eb989bb6459bb8c9943a3740ed5e)**<br>**[time (top), and overview of completed surface and underground diamond drill holes](#idb52eb989bb6459bb8c9943a3740ed5e)**<br>**[with and without recovery data (bottom)](#idb52eb989bb6459bb8c9943a3740ed5e)**<br>| **[99](#idb52eb989bb6459bb8c9943a3740ed5e)** |
| **[Figure 11-8](#i25caf9cf5c984a24a77ac180009a93fd)[Total weights (sample + bulk sample) and the variance (precision) of](#i25caf9cf5c984a24a77ac180009a93fd)**<br>**[weights per RC drill hole](#i25caf9cf5c984a24a77ac180009a93fd)**<br>| **[100](#i25caf9cf5c984a24a77ac180009a93fd)** |
| **[Figure 11-9](#id750457a0b064d9bae832864e5c3643f)[Average core recovery and the variance (precision) per RC drill hole](#id750457a0b064d9bae832864e5c3643f)** | **[100](#id750457a0b064d9bae832864e5c3643f)** |
| **[Figure 11-10](#iaa7677c4d6fe47809799a0790b23b598)[Time-integrated relative difference plots for RC quartering duplicates](#iaa7677c4d6fe47809799a0790b23b598)**<br>**[(Afrilab)](#iaa7677c4d6fe47809799a0790b23b598)**<br>| **[101](#iaa7677c4d6fe47809799a0790b23b598)** |
| **[Figure 11-11](#i9cb74cc62b0e496193ae891749044427)[Time-integrated relative difference plots for second-split DD duplicates](#i9cb74cc62b0e496193ae891749044427)**<br>**[(Afrilab coarse repeats)](#i9cb74cc62b0e496193ae891749044427)**<br>| **[102](#i9cb74cc62b0e496193ae891749044427)** |
| **[Figure 11-12](#ie39018587d7540f0a3e8cef793b3e1ad)[Client-inserted coarse blank samples analyzed by Afrilab for Ag during](#ie39018587d7540f0a3e8cef793b3e1ad)**<br>**[2020–2025. The red line represents the10 ppm Ag threshold for blank failure.](#ie39018587d7540f0a3e8cef793b3e1ad)**<br>| **[103](#ie39018587d7540f0a3e8cef793b3e1ad)** |
| **[Figure 11-13](#i2e875d248c3745f0bc853566918a9b72)[Screen size testing control chart for crushing (left) and pulverizing](#i2e875d248c3745f0bc853566918a9b72)**<br>**[(right). For both tests, 1,096 results are not shown as reported without a date, but all](#i2e875d248c3745f0bc853566918a9b72)**<br>**[plot above the 85% thresholds.)](#i2e875d248c3745f0bc853566918a9b72)**<br>| **[103](#i2e875d248c3745f0bc853566918a9b72)** |
| **[Figure 11-14](#i16d64291622447439639a2b791495ee3)[Time-integrated relative difference plots for second-split DD duplicates](#i16d64291622447439639a2b791495ee3)**<br>**[(ALS coarse repeats)](#i16d64291622447439639a2b791495ee3)**<br>| **[104](#i16d64291622447439639a2b791495ee3)** |

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**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[Figure 11-15](#i305398a064c247efb14f89a5d5459cc7)[Client-inserted coarse blank samples analyzed by ALS Zgounder for Ag](#i305398a064c247efb14f89a5d5459cc7)**<br>**[during 2025. The red line represents the10 ppm Ag threshold for blank failure.](#i305398a064c247efb14f89a5d5459cc7)**<br>| **[105](#i305398a064c247efb14f89a5d5459cc7)** |
| **[Figure 11-16](#i8be8de36ea8641a09a0aeccd353410fc)[Laboratory internal coarse blank samples analyzed by ALS Zgounder for](#i8be8de36ea8641a09a0aeccd353410fc)**<br>**[Ag during 2025 by MP-AES (left) and FA (right). The red line represents the 10 ppm](#i8be8de36ea8641a09a0aeccd353410fc)**<br>**[and 50 ppm Ag threshold for blank failure, respectively.](#i8be8de36ea8641a09a0aeccd353410fc)**<br>| **[105](#i8be8de36ea8641a09a0aeccd353410fc)** |
| **[Figure 11-17](#i6d7310802f414aa6bfb02e9ab4d10321)[ALS screen size test results after crushing (left) and pulverizing (right).](#i6d7310802f414aa6bfb02e9ab4d10321)** | **[106](#i6d7310802f414aa6bfb02e9ab4d10321)** |
| **[Figure 11-18](#i85d91fc27ddb4b42adfe82d308ab9eae)[Time-integrated relative difference plots for Afrilab third-split pulp](#i85d91fc27ddb4b42adfe82d308ab9eae)**<br>**[repeats: 0.5-g splits for AR digestion and AAS finish (top); 30-g splits for FA with](#i85d91fc27ddb4b42adfe82d308ab9eae)**<br>**[gravimetric finish (bottom)](#i85d91fc27ddb4b42adfe82d308ab9eae)**<br>| **[107](#i85d91fc27ddb4b42adfe82d308ab9eae)** |
| **[Figure 11-19](#if012f124d7564a63baf5875dac1a0bb2)[Time-integrated relative difference plots for ALS third-split pulp](#if012f124d7564a63baf5875dac1a0bb2)**<br>**[duplicates. MP-AES (top); FA (bottom)](#if012f124d7564a63baf5875dac1a0bb2)**<br>| **[108](#if012f124d7564a63baf5875dac1a0bb2)** |
| **[Figure 11-20](#i7aa5b1a1e2024c9c9868dcfcec7d543d)[Period of use and total number of CRM analyses at Afrilab. Aya inserted](#i7aa5b1a1e2024c9c9868dcfcec7d543d)**<br>**[(left); laboratory internal (right)](#i7aa5b1a1e2024c9c9868dcfcec7d543d)**<br>| **[110](#i7aa5b1a1e2024c9c9868dcfcec7d543d)** |
| **[Figure 11-21](#iffd9efb4ec5846dbae08deaa86974f03)[Heat map for client CRM performance for AR-AAS and FA at Afrilab](#iffd9efb4ec5846dbae08deaa86974f03)** | **[111](#iffd9efb4ec5846dbae08deaa86974f03)** |
| **[Figure 11-22](#icb7c2f123bf3490496847279154c35e5)[Control plot for client-inserted CRM OREAS 139 by AR-AAS at Afrilab](#icb7c2f123bf3490496847279154c35e5)** | **[111](#icb7c2f123bf3490496847279154c35e5)** |
| **[Figure 11-23](#i7708cf4560bc4c3f8b86fd38a0695a18)[Control plot for client-inserted CRM OREAS 353b by AR-AAS at Afrilab.](#i7708cf4560bc4c3f8b86fd38a0695a18)** | **[112](#i7708cf4560bc4c3f8b86fd38a0695a18)** |
| **[Figure 11-24](#id9af6034b75e40dab94b2db2423ff9e2)[Laboratory weights of client CRMs as reported on Afrilab certificates](#id9af6034b75e40dab94b2db2423ff9e2)**<br>**[from 2021–2025 (not showing 96 CRMs above 140 g)](#id9af6034b75e40dab94b2db2423ff9e2)**<br>| **[113](#id9af6034b75e40dab94b2db2423ff9e2)** |
| **[Figure 11-25](#ic8ddbf7d995649369ab90e44f5522c4f)[Heat map for client-CRM performance processing all Ag results as AR-](#ic8ddbf7d995649369ab90e44f5522c4f)**<br>**[AAS at Afrilab. OREAS 353 was excluded as it does not have a certified value for Ag by](#ic8ddbf7d995649369ab90e44f5522c4f)**<br>**[acid digestion](#ic8ddbf7d995649369ab90e44f5522c4f)**<br>| **[113](#ic8ddbf7d995649369ab90e44f5522c4f)** |
| **[Figure 11-26](#ib689214d43364a6ab1b5d8f422790734)[Heat map for laboratory internal CRM performance at Afrilab](#ib689214d43364a6ab1b5d8f422790734)** | **[115](#ib689214d43364a6ab1b5d8f422790734)** |
| **[Figure 11-27](#ia01d585529da4ae8acb7a10eb725c1cc)[Control plot for laboratory internal CRM OREAS 602b by AR-AAS at](#ia01d585529da4ae8acb7a10eb725c1cc)**<br>**[Afrilab. Four distinct periods are indicated](#ia01d585529da4ae8acb7a10eb725c1cc)**<br>| **[115](#ia01d585529da4ae8acb7a10eb725c1cc)** |
| **[Figure 11-28](#i5faec5558a3b43528a311ccbd455c165)[Control plot for laboratory internal CRM OREAS 353 by FA at Afrilab.](#i5faec5558a3b43528a311ccbd455c165)**<br>**[with five distinct periods indicated](#i5faec5558a3b43528a311ccbd455c165)**<br>| **[116](#i5faec5558a3b43528a311ccbd455c165)** |
| **[Figure 11-29](#i4bd023a790c14c61b01af2b07cc9c9cf)[Period of use and total number of CRM analyses at ALS. Aya inserted](#i4bd023a790c14c61b01af2b07cc9c9cf)**<br>**[(left); ALS laboratory internal (right)](#i4bd023a790c14c61b01af2b07cc9c9cf)**<br>| **[117](#i4bd023a790c14c61b01af2b07cc9c9cf)** |
| **[Figure 11-30](#i0b5b59c083374856917b569bf5044093)[Heat map for ALS client-CRM performance at ALS Zgounder,](#i0b5b59c083374856917b569bf5044093)**<br>**[processing all Ag results as acid digest and MP-AES.](#i0b5b59c083374856917b569bf5044093)**<br>| **[118](#i0b5b59c083374856917b569bf5044093)** |
| **[Figure 11-31](#id8657d89e96a482bb3cda9048d8dffbe)[Control plot for client-inserted CRM OREAS 317 by MP-AES at ALS.](#id8657d89e96a482bb3cda9048d8dffbe)** | **[119](#id8657d89e96a482bb3cda9048d8dffbe)** |
| **[Figure 11-32](#i5d7f903efbfa442e8ff0e696da17f711)[Control plot for client-inserted CRM OREAS 353b by MP-AES at ALS.](#i5d7f903efbfa442e8ff0e696da17f711)**<br>**[Due to insufficient CRM material no 30-g FA analyses were carried out.](#i5d7f903efbfa442e8ff0e696da17f711)**<br>| **[119](#i5d7f903efbfa442e8ff0e696da17f711)** |
| **[Figure 11-33](#if579a1af38d24b2bbad7a08e6c66eced)[Heat map for internal CRM performance at ALS Zgounder. KLEN 74589](#if579a1af38d24b2bbad7a08e6c66eced)**<br>**[and OxQ153 were analyzed by FA, the remaining CRMs by MP-AES](#if579a1af38d24b2bbad7a08e6c66eced)**<br>| **[120](#if579a1af38d24b2bbad7a08e6c66eced)** |
| **[Figure 11-34](#i2e6decd68dba432ca69dea5d93701f7e)[Control plot for laboratory internal CRM OREAS 315 by MP-AES at ALS.](#i2e6decd68dba432ca69dea5d93701f7e)** | **[121](#i2e6decd68dba432ca69dea5d93701f7e)** |
| **[Figure 11-35](#icd117119acda41cbb2ebd954bb98f730)[Control plot for laboratory internal CRM OREAS 353b by MP-AES at ALS](#icd117119acda41cbb2ebd954bb98f730)**<br>**[Zgounder](#icd117119acda41cbb2ebd954bb98f730)**<br>| **[121](#icd117119acda41cbb2ebd954bb98f730)** |
| **[Figure 11-36](#i9a57e29bf1134207b862d4d897a44749)[DLS and monthly count of total survey points over time (excludes the](#i9a57e29bf1134207b862d4d897a44749)**<br>**[single high DLS value of 3.8 in February 2023](#i9a57e29bf1134207b862d4d897a44749)**<br>| **[123](#i9a57e29bf1134207b862d4d897a44749)** |

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**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

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| | |
|:---|:---|
| **[Figure 11-37](#i81f5d74b601f489cb203ce44dc5bf1db)[DD core recovery versus Ag grade, excluding 17 samples with](#i81f5d74b601f489cb203ce44dc5bf1db)**<br>**[recoveries above 120%](#i81f5d74b601f489cb203ce44dc5bf1db)**<br>| **[124](#i81f5d74b601f489cb203ce44dc5bf1db)** |
| **[Figure 11-38](#i0b89e023dd5c4b5986f173304e5e9d54)[Nearest RC-DD neighboring sample pairs at a 5-m distance for the low-](#i0b89e023dd5c4b5986f173304e5e9d54)**<br>**[grade domain (LG10). QQ plot (left); distance histogram (right)](#i0b89e023dd5c4b5986f173304e5e9d54)**<br>| **[125](#i0b89e023dd5c4b5986f173304e5e9d54)** |
| **[Figure 11-39](#i7d597b83f0b4439d813ed9a29c58973f)[RC estimated recovery versus Ag grade](#i7d597b83f0b4439d813ed9a29c58973f)** | **[126](#i7d597b83f0b4439d813ed9a29c58973f)** |
| **[Figure 11-40](#iacda120a38da4442a232f2abf98f4e9b)[Nearest DD-T28 box-plots at a 2.4-m distance for the high-grade](#iacda120a38da4442a232f2abf98f4e9b)**<br>**[domain (HG150); DD (left); T28 (right).](#iacda120a38da4442a232f2abf98f4e9b)**<br>| **[127](#iacda120a38da4442a232f2abf98f4e9b)** |
| **[Figure 11-41](#i188a1921fa4b4413877a6e9a32170989)[Nearest DD-T28 omnidirectional variograms at a 2.4-m distance for the](#i188a1921fa4b4413877a6e9a32170989)**<br>**[high-grade domain (HG150); DD (left); T28 (right).](#i188a1921fa4b4413877a6e9a32170989)**<br>| **[127](#i188a1921fa4b4413877a6e9a32170989)** |
| **[Figure 11-42](#id4cd53110e4e499fb65330985c5110e4)[Scatter plot of density vs Ag within the lithological group Sediment](#id4cd53110e4e499fb65330985c5110e4)**<br>**[(left); box-plot of densities (g/cm³) of key lithological groups (right)](#id4cd53110e4e499fb65330985c5110e4)**<br>| **[129](#id4cd53110e4e499fb65330985c5110e4)** |
| **[Figure 11-43](#i5e10bb15432e4d15b1c4858be40a8952)[Results of 'first-split' (quartering) duplicates for Ag from RC drill](#i5e10bb15432e4d15b1c4858be40a8952)**<br>**[holes.Scatter plot (left); QQ plot (right)](#i5e10bb15432e4d15b1c4858be40a8952)**<br>| **[130](#i5e10bb15432e4d15b1c4858be40a8952)** |
| **[Figure 11-44](#i833aed0571a44315b52a808ec63136c9)[Results of second-split repeats for Ag from DD drill holes. Scatter plot](#i833aed0571a44315b52a808ec63136c9)**<br>**[(left); QQ plot (right)](#i833aed0571a44315b52a808ec63136c9)**<br>| **[131](#i833aed0571a44315b52a808ec63136c9)** |
| **[Figure 11-45](#id5640c85c4bf49e2a87566b2df283862)[Results of second-split repeats for Ag from DD drill holes at ALS.](#id5640c85c4bf49e2a87566b2df283862)**<br>**[Scatter plot (left); QQ plot (right)](#id5640c85c4bf49e2a87566b2df283862)**<br>| **[133](#id5640c85c4bf49e2a87566b2df283862)** |
| **[Figure 11-46](#i4e50b47f7e3d4758a0b75240170a9c47)[Results of Afrilab third-split repeats via AR-AAS for samples from DD](#i4e50b47f7e3d4758a0b75240170a9c47)**<br>**[and RC drill holes. Scatter plot (left); QQ plot (right).](#i4e50b47f7e3d4758a0b75240170a9c47)**<br>| **[135](#i4e50b47f7e3d4758a0b75240170a9c47)** |
| **[Figure 11-47](#ibc5ce5d4bf7c405ba458ead6b777e9ec)[Results of Afrilab third-split repeats via FA for samples from DD and RC](#ibc5ce5d4bf7c405ba458ead6b777e9ec)**<br>**[drill holes. Scatter plot (left); QQ plot (right).](#ibc5ce5d4bf7c405ba458ead6b777e9ec)**<br>| **[135](#ibc5ce5d4bf7c405ba458ead6b777e9ec)** |
| **[Figure 11-48](#i07285cae0853489a8e61806a0e49a1f7)[Results of ALS fourth-split repeats via MP-AES for samples from DD](#i07285cae0853489a8e61806a0e49a1f7)**<br>**[and RC drill holes. Scatter plot (left); QQ plot (right)](#i07285cae0853489a8e61806a0e49a1f7)**<br>| **[136](#i07285cae0853489a8e61806a0e49a1f7)** |
| **[Figure 11-49](#ifb819eea7b3e410f94dbcca002e2abe9)[Results of ALS fourth-split repeats via FA for samples from DD and RC](#ifb819eea7b3e410f94dbcca002e2abe9)**<br>**[drill holes. Scatter plot (left); QQ plot (right)](#ifb819eea7b3e410f94dbcca002e2abe9)**<br>| **[137](#ifb819eea7b3e410f94dbcca002e2abe9)** |
| **[Figure 11-50](#ib9fcf4949a31403bb53e46c085c3190f)[Afrilab internal CRMs with statistically significant bias for five periods](#ib9fcf4949a31403bb53e46c085c3190f)**<br>**[of special cause variation](#ib9fcf4949a31403bb53e46c085c3190f)**<br>| **[138](#ib9fcf4949a31403bb53e46c085c3190f)** |
| **[Figure 11-51](#i26bde4bcec2d4d7c8554d1b17a119ac8)[Results of Afrilab (original) - ALS (umpire) analyzed by AR-AAS at](#i26bde4bcec2d4d7c8554d1b17a119ac8)**<br>**[Afrilab and FA at ALS. Scatter plot (left); QQ Plot (right). Three suspected sample](#i26bde4bcec2d4d7c8554d1b17a119ac8)**<br>**[swaps are excluded.](#i26bde4bcec2d4d7c8554d1b17a119ac8)**<br>| **[141](#i26bde4bcec2d4d7c8554d1b17a119ac8)** |
| **[Figure 11-52](#i9d07b5031fbe433594390d9908a94290)[Results of Afrilab (original) - ALS (umpire) analyzed by FA at both](#i9d07b5031fbe433594390d9908a94290)**<br>**[laboratories. Scatter plot (left); QQ plot (right). Two suspected sample swaps](#i9d07b5031fbe433594390d9908a94290)**<br>**[excluded.](#i9d07b5031fbe433594390d9908a94290)**<br>| **[141](#i9d07b5031fbe433594390d9908a94290)** |
| **[Figure 12-1](#iadabbca71ea245a681f2823ad137becd)[Relative difference plot of Ag pairs from database against laboratory](#iadabbca71ea245a681f2823ad137becd)**<br>**[certificates. Pairs that are not on the zero line have Ag values that do not match the](#iadabbca71ea245a681f2823ad137becd)**<br>**[certificates and Aya database entries.](#iadabbca71ea245a681f2823ad137becd)**<br>| **[145](#iadabbca71ea245a681f2823ad137becd)** |
| **[Figure 12-2](#i723d82f55102463d8290e28c3f3319ad)[Results of repeat verification sampling against original sample results](#i723d82f55102463d8290e28c3f3319ad)**<br>**[for DD holes. Scatter plot (left); QQ plot (right).](#i723d82f55102463d8290e28c3f3319ad)**<br>| **[147](#i723d82f55102463d8290e28c3f3319ad)** |
| **[Figure 12-3](#i3c5a238f2d4144f5b55e05d3b0e9b6b6)[Systematic sample shifts of intervals between original and repeat](#i3c5a238f2d4144f5b55e05d3b0e9b6b6)**<br>**[samples for drill holes ZG-21-15 and ZG-21-21.](#i3c5a238f2d4144f5b55e05d3b0e9b6b6)**<br>| **[148](#i3c5a238f2d4144f5b55e05d3b0e9b6b6)** |
| **[Figure 12-4](#i10052eafe7704ab68bc624d5e87996c9)[Results of repeat verification sampling against original sample results](#i10052eafe7704ab68bc624d5e87996c9)**<br>**[for DD holes, excluding 73 samples from drill holes ZG-21-15 and ZG-21-21.](#i10052eafe7704ab68bc624d5e87996c9)**<br>| **[148](#i10052eafe7704ab68bc624d5e87996c9)** |

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**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

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| | |
|:---|:---|
| **[Figure 13-1](#i50589f001a524e1c822133b981ff1bf0)[Preliminary Mining Zone Map](#i50589f001a524e1c822133b981ff1bf0)** | **[151](#i50589f001a524e1c822133b981ff1bf0)** |
| **[Figure 13-2](#ib74c5c43db9345d7bdfff89d5a2c713b)[Main Composite Sample Preparation Flowsheet](#ib74c5c43db9345d7bdfff89d5a2c713b)** | **[152](#ib74c5c43db9345d7bdfff89d5a2c713b)** |
| **[Figure 13-3](#iae980394250549c2b6224176ecfdc04a)[VAR-1 Sample Preparation Flowsheet](#iae980394250549c2b6224176ecfdc04a)** | **[153](#iae980394250549c2b6224176ecfdc04a)** |
| **[Figure 13-4](#ib0a33e14acfc4cd384e1617c1dc500e4)[VAR-2-5 Sample Preparation Flowsheet](#ib0a33e14acfc4cd384e1617c1dc500e4)** | **[154](#ib0a33e14acfc4cd384e1617c1dc500e4)** |
| **[Figure 13-5](#i7d97c19c1ac448898372d9ecbcb8eb2f)[Whole Ore Rougher Flotation – Effect of Grind Size with and without](#i7d97c19c1ac448898372d9ecbcb8eb2f)**<br>**[CuSO4](#i7d97c19c1ac448898372d9ecbcb8eb2f)**<br>| **[160](#i7d97c19c1ac448898372d9ecbcb8eb2f)** |
| **[Figure 13-6](#i71a83c909a9242eeb678c319d8bbfe59)[Whole Ore Cleaner Flotation – Grade-Recovery Curve](#i71a83c909a9242eeb678c319d8bbfe59)** | **[160](#i71a83c909a9242eeb678c319d8bbfe59)** |
| **[Figure 13-7](#i86f496859fbb41dc9762bff62499aaec)[Locked Cycle Tests (LCTs) 1 and 2 Flowsheet](#i86f496859fbb41dc9762bff62499aaec)** | **[161](#i86f496859fbb41dc9762bff62499aaec)** |
| **[Figure 13-8](#i77fd9def3127428cb3535ed19972742a)[Locked Cycle Test (LCT) 3 Flowsheet](#i77fd9def3127428cb3535ed19972742a)** | **[161](#i77fd9def3127428cb3535ed19972742a)** |
| **[Figure 13-9](#i26df5f52f7094e0bab19c0ac21087d58)[Flowsheet 1 – Whole Ore Cyanidation](#i26df5f52f7094e0bab19c0ac21087d58)** | **[163](#i26df5f52f7094e0bab19c0ac21087d58)** |
| **[Figure 13-10](#ia9f74078f06b495fabc35a7162aeda98)[Main Comp Whole Ore Cyanidation Leach Kinetics at 71 μm](#ia9f74078f06b495fabc35a7162aeda98)** | **[163](#ia9f74078f06b495fabc35a7162aeda98)** |
| **[Figure 13-11](#i4789a7f14e424946bd2dbe4d53e798ed)[Main Comp Whole Ore Cyanidation Leach Kinetics at 2 g/l NaCN](#i4789a7f14e424946bd2dbe4d53e798ed)** | **[164](#i4789a7f14e424946bd2dbe4d53e798ed)** |
| **[Figure 13-12](#i1cb18a6030264b9caf51e262323f3779)[Flowsheet 2 – Gravity + Gravity Tailings Cyanidation](#i1cb18a6030264b9caf51e262323f3779)** | **[164](#i1cb18a6030264b9caf51e262323f3779)** |
| **[Figure 13-13](#i602573591aaa4f79baebdd43fdacef8f)[Flowsheet 3 – Gravity + Flotation + Cyanidation](#i602573591aaa4f79baebdd43fdacef8f)** | **[165](#i602573591aaa4f79baebdd43fdacef8f)** |
| **[Figure 14-1](#i66525880aebc4770accfd6eae70eefe3)[Flow chart illustrating the TECT litho-structural model workflow.](#i66525880aebc4770accfd6eae70eefe3)** | **[182](#i66525880aebc4770accfd6eae70eefe3)** |
| **[Figure 14-2](#i65086b064ae24e2a87dced41137309dd)[Plan view of TECT's structural domains.](#i65086b064ae24e2a87dced41137309dd)** | **[183](#i65086b064ae24e2a87dced41137309dd)** |
| **[Figure 14-3](#ieba756ed8a5d422cbfa8cd1de7e3e3bd)[Plan view of Aya's simplified structural domains.](#ieba756ed8a5d422cbfa8cd1de7e3e3bd)** | **[183](#ieba756ed8a5d422cbfa8cd1de7e3e3bd)** |
| **[Figure 14-4](#if37d05b0f18442fd9a0308939c0ea7cc)[Schematic representation of different grade architectures: mosaic](#if37d05b0f18442fd9a0308939c0ea7cc)**<br>**[(top), model with no edge effect when leaving the waste domain (bottom left), and](#if37d05b0f18442fd9a0308939c0ea7cc)**<br>**[diffusive model (bottom right).](#if37d05b0f18442fd9a0308939c0ea7cc)**<br>| **[185](#if37d05b0f18442fd9a0308939c0ea7cc)** |
| **[Figure 14-5](#i62e1006e984c46108946e01fa8867d49)[Ratio of cross to simple indicator downhole variograms for the DD and](#i62e1006e984c46108946e01fa8867d49)**<br>**[RC drill hole population.](#i62e1006e984c46108946e01fa8867d49)**<br>| **[186](#i62e1006e984c46108946e01fa8867d49)** |
| **[Figure 14-6](#if178692575664791a2dbb2bc1fc7bf28)[Structural disks and form interpolants in TECT's structural domains.](#if178692575664791a2dbb2bc1fc7bf28)** | **[187](#if178692575664791a2dbb2bc1fc7bf28)** |
| **[Figure 14-7](#i948321f4bdba43f0b97dbbe39e2bd3d3)[LG10 Indicator domain using structural orientations (left) and geology](#i948321f4bdba43f0b97dbbe39e2bd3d3)**<br>**[geometric trends (right).](#i948321f4bdba43f0b97dbbe39e2bd3d3)**<br>| **[188](#i948321f4bdba43f0b97dbbe39e2bd3d3)** |
| **[Figure 14-8](#ie08c07d02688425da57435b38adaab85)[Indicator shapes for the LG10 domain (iteration 1 in blue, iteration 2 in](#ie08c07d02688425da57435b38adaab85)**<br>**[red).](#ie08c07d02688425da57435b38adaab85)**<br>| **[188](#ie08c07d02688425da57435b38adaab85)** |
| **[Figure 14-9](#i56edc45cae7c4ac198fa085d4217d4c7)[Improved continuity at depth in the LG10 domain, perspective view](#i56edc45cae7c4ac198fa085d4217d4c7)**<br>**[looking NNE.](#i56edc45cae7c4ac198fa085d4217d4c7)**<br>| **[189](#i56edc45cae7c4ac198fa085d4217d4c7)** |
| **[Figure 14-10](#i1b7b9167007a44028e6c5bc25d3ce931)[Indicator domains for the open pit area in version 1 (left) and version 2](#i1b7b9167007a44028e6c5bc25d3ce931)**<br>**[(right).](#i1b7b9167007a44028e6c5bc25d3ce931)**<br>| **[189](#i1b7b9167007a44028e6c5bc25d3ce931)** |
| **[Figure 14-11](#ie1b9587a2aa8464dbed49c3df3495c5a)[Density grouped by litho-structural model](#ie1b9587a2aa8464dbed49c3df3495c5a)** | **[190](#ie1b9587a2aa8464dbed49c3df3495c5a)** |
| **[Figure 14-12](#idb6c31f122c24b3da965e755233eaade)[Log histogram of the LG10 domain, 2-m composites.](#idb6c31f122c24b3da965e755233eaade)** | **[192](#idb6c31f122c24b3da965e755233eaade)** |
| **[Figure 14-13](#i34b5b71b1c9f4570afd13503dffd51a3)[Log histogram of the MG60 domain, 2-m composites.](#i34b5b71b1c9f4570afd13503dffd51a3)** | **[193](#i34b5b71b1c9f4570afd13503dffd51a3)** |
| **[Figure 14-14](#i37da977e445b416eb1358ade1424f2d2)[Log histogram of the HG150 domain, 2-m composites.](#i37da977e445b416eb1358ade1424f2d2)** | **[193](#i37da977e445b416eb1358ade1424f2d2)** |
| **[Figure 14-15](#iab51a14a52e34f23bd6a62d729c76cd8)[Histogram of density.](#iab51a14a52e34f23bd6a62d729c76cd8)** | **[194](#iab51a14a52e34f23bd6a62d729c76cd8)** |
| **[Figure 14-16](#i67e88f3470314dbcaf1defb46f9ae4b2)[Omnidirectional variogram for the LG10 domain.](#i67e88f3470314dbcaf1defb46f9ae4b2)** | **[195](#i67e88f3470314dbcaf1defb46f9ae4b2)** |
| **[Figure 14-17](#ic8e23a4f933545e99519b8be3b354cd0)[Back-transformed variogram for the HG150 domain.](#ic8e23a4f933545e99519b8be3b354cd0)** | **[195](#ic8e23a4f933545e99519b8be3b354cd0)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[Figure 14-18](#iadc71942c848429da2495668fefe5a42)[Contact analysis plots for the LG10, MG60 and HG150 domains.](#iadc71942c848429da2495668fefe5a42)** | **[197](#iadc71942c848429da2495668fefe5a42)** |
| **[Figure 14-19](#ibeaa9e7dae3848e5967e5d618045a0b7)[Swath plots for the LG10 domain, (sample grades in orange, block](#ibeaa9e7dae3848e5967e5d618045a0b7)**<br>**[grades in blue).](#ibeaa9e7dae3848e5967e5d618045a0b7)**<br>| **[198](#ibeaa9e7dae3848e5967e5d618045a0b7)** |
| **[Figure 14-20](#iad9e2e31049742899968ff562fb34ee6)[LG10 domain soft boundary estimate ratio.](#iad9e2e31049742899968ff562fb34ee6)** | **[199](#iad9e2e31049742899968ff562fb34ee6)** |
| **[Figure 14-21](#ie036efa884084993ac6040e05f456ba1)[Density by litho-structural domain within the estimation indicator](#ie036efa884084993ac6040e05f456ba1)**<br>**[domains.](#ie036efa884084993ac6040e05f456ba1)**<br>| **[200](#ie036efa884084993ac6040e05f456ba1)** |
| **[Figure 14-22](#i03234e586e69498887c09c207644a7b9)[Swath plots for Ag within the HG150, MG60 and LG10 domains along](#i03234e586e69498887c09c207644a7b9)**<br>**[the x- and y-directions (sample grades in orange).](#i03234e586e69498887c09c207644a7b9)**<br>| **[202](#i03234e586e69498887c09c207644a7b9)** |
| **[Figure 14-23](#i711c497cbc1f49f0be97f0acf99b9cd4)[Section view looking west comparing OK block grades with composite](#i711c497cbc1f49f0be97f0acf99b9cd4)**<br>**[grades for the LG10 and MG60 domains.](#i711c497cbc1f49f0be97f0acf99b9cd4)**<br>| **[202](#i711c497cbc1f49f0be97f0acf99b9cd4)** |
| **[Figure 14-24](#i7938ab76787a44aaa6de9340c300570d)[Section view looking west comparing RIK block grades with composite](#i7938ab76787a44aaa6de9340c300570d)**<br>**[grades for the HG150, MG60 and LG10 domains.](#i7938ab76787a44aaa6de9340c300570d)**<br>| **[203](#i7938ab76787a44aaa6de9340c300570d)** |
| **[Figure 14-25](#i412c13b3e7a64efab5814ae518257f91)[Model to Mill reconciliation comparing the Aya resource and production](#i412c13b3e7a64efab5814ae518257f91)**<br>**[models and RSC's RIK model to Mill production.](#i412c13b3e7a64efab5814ae518257f91)**<br>| **[204](#i412c13b3e7a64efab5814ae518257f91)** |
| **[Figure 14-26](#i7a57120ebb70443496148d9c6a5a25bd)[Graph illustrating variances between drill type estimates.](#i7a57120ebb70443496148d9c6a5a25bd)** | **[206](#i7a57120ebb70443496148d9c6a5a25bd)** |
| **[Figure 14-27](#i14fbbee058194aa784c4fd5fc2dad941)[RC only vs DD only estimates relative to percentage of RC samples in](#i14fbbee058194aa784c4fd5fc2dad941)**<br>**[the combined estimate](#i14fbbee058194aa784c4fd5fc2dad941)**<br>| **[207](#i14fbbee058194aa784c4fd5fc2dad941)** |
| **[Figure 14-28](#if031f3ddaac649759a18219f5ec58a9b)[Long section and plan view of the total resource illustrating blocks](#if031f3ddaac649759a18219f5ec58a9b)**<br>**[estimated with >80% RC samples.](#if031f3ddaac649759a18219f5ec58a9b)**<br>| **[207](#if031f3ddaac649759a18219f5ec58a9b)** |
| **[Figure 14-29](#i2f53620fd28d4adbb4189cade9676860)[3D morphological operations to refine the resulting classification](#i2f53620fd28d4adbb4189cade9676860)**<br>**[resolution.](#i2f53620fd28d4adbb4189cade9676860)**<br>| **[209](#i2f53620fd28d4adbb4189cade9676860)** |
| **[Figure 14-30](#ia8f1398f50f0438289246db21b8d5f5e)[Percentage of the total resource by classification.](#ia8f1398f50f0438289246db21b8d5f5e)** | **[210](#ia8f1398f50f0438289246db21b8d5f5e)** |
| **[Figure 14-31](#i76885220bdfd4e5b98e8c13bed8fd400)[Risk score matrix.](#i76885220bdfd4e5b98e8c13bed8fd400)** | **[213](#i76885220bdfd4e5b98e8c13bed8fd400)** |
| **[Figure 16-1](#i97ca05b0c51e42eca8abc3585d7abfa2)[Plan View of the Final Pit design showing the section lines and design](#i97ca05b0c51e42eca8abc3585d7abfa2)**<br>**[domains](#i97ca05b0c51e42eca8abc3585d7abfa2)**<br>| **[226](#i97ca05b0c51e42eca8abc3585d7abfa2)** |
| **[Figure 16-2](#i94785b61ebb34c488871190c45bd8204)[Typical Open Pit Wall Design](#i94785b61ebb34c488871190c45bd8204)** | **[227](#i94785b61ebb34c488871190c45bd8204)** |
| **[Figure 16-3](#ib8af8e76ac4b4abcb09433604bc73849)[Stereonets for Each Lithology Encountered in the Geotechnical Drilling](#ib8af8e76ac4b4abcb09433604bc73849)**<br>**[Campaign](#ib8af8e76ac4b4abcb09433604bc73849)**<br>| **[229](#ib8af8e76ac4b4abcb09433604bc73849)** |
| **[Figure 16-4](#i4ce264ddc97c4a6881afef1ea12d59c3)[Open pit Mineral Reserves pit design](#i4ce264ddc97c4a6881afef1ea12d59c3)** | **[231](#i4ce264ddc97c4a6881afef1ea12d59c3)** |
| **[Figure 16-5](#i48a63e6f472540cbb80d6180682f9d12)[Mine schematic looking North](#i48a63e6f472540cbb80d6180682f9d12)** | **[234](#i48a63e6f472540cbb80d6180682f9d12)** |
| **[Figure 16-6](#i8f1b45584a4f422bb239f4bb0fee84d1)[Typical level layout](#i8f1b45584a4f422bb239f4bb0fee84d1)** | **[235](#i8f1b45584a4f422bb239f4bb0fee84d1)** |
| **[Figure 16-7](#ib45e79e342d44bfd9903d94029abb62a)[Typical cut & fill area in section view (looking West)](#ib45e79e342d44bfd9903d94029abb62a)** | **[236](#ib45e79e342d44bfd9903d94029abb62a)** |
| **[Figure 16-8](#i125b0c3ab2064019b3dbf5f71ee2925a)[Typical cut & fill area in plan view](#i125b0c3ab2064019b3dbf5f71ee2925a)** | **[237](#i125b0c3ab2064019b3dbf5f71ee2925a)** |
| **[Figure 16-9](#i814835e1ac5c45e49a1bc89d863e7d43)[Typical longhole mining area design in section view (looking West)](#i814835e1ac5c45e49a1bc89d863e7d43)** | **[238](#i814835e1ac5c45e49a1bc89d863e7d43)** |
| **[Figure 16-10](#ib78e519508a54ba69e9b9ee0da3dc04d)[Typical longhole mining area in plan view (left) and section view looking](#ib78e519508a54ba69e9b9ee0da3dc04d)**<br>**[north (right)](#ib78e519508a54ba69e9b9ee0da3dc04d)**<br>| **[238](#ib78e519508a54ba69e9b9ee0da3dc04d)** |
| **[Figure 16-11](#i508b909a8ed7437faf82169660f51a53)[Aerial photography of the surface mine infrastructures](#i508b909a8ed7437faf82169660f51a53)** | **[240](#i508b909a8ed7437faf82169660f51a53)** |
| **[Figure 16-12](#if898ca588906447c9f0ea1d42a241a7d)[LOM production profile](#if898ca588906447c9f0ea1d42a241a7d)** | **[242](#if898ca588906447c9f0ea1d42a241a7d)** |
| **[Figure 17-1](#ida93bb0a6cf949d08437a0781f9d514b)[Process Plant #1 simplified flow sheet](#ida93bb0a6cf949d08437a0781f9d514b)** | **[247](#ida93bb0a6cf949d08437a0781f9d514b)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS

---

| | |
|:---|:---|
| **[Figure 18-1](#i18e63803f45a461cbdb59cdd09189ce1)[Zgounder site general layout](#i18e63803f45a461cbdb59cdd09189ce1)** | **[260](#i18e63803f45a461cbdb59cdd09189ce1)** |
| **[Figure 18-2](#ibcbe82a3ff0b49fda56aaa23c0d83cd1)[Typical Haulage road section](#ibcbe82a3ff0b49fda56aaa23c0d83cd1)** | **[261](#ibcbe82a3ff0b49fda56aaa23c0d83cd1)** |
| **[Figure 18-3](#i4f97ebc0b515486cb64e190f6a3cccc9)[Raw water infrastructures at Zgounder](#i4f97ebc0b515486cb64e190f6a3cccc9)** | **[262](#i4f97ebc0b515486cb64e190f6a3cccc9)** |
| **[Figure 18-4](#iac094896813e4f21be289d9b498397f4)[Water harvesting dam #2, with floating pumping system](#iac094896813e4f21be289d9b498397f4)** | **[263](#iac094896813e4f21be289d9b498397f4)** |
| **[Figure 18-5](#ic73cc013b46e41d183673047a1c4259d)[Aerial view of the historical TSF](#ic73cc013b46e41d183673047a1c4259d)** | **[264](#ic73cc013b46e41d183673047a1c4259d)** |
| **[Figure 18-6](#i9935b29d997f41039446a028aa6aea9a)[Proposed potential sites for TSF-E construction](#i9935b29d997f41039446a028aa6aea9a)** | **[265](#i9935b29d997f41039446a028aa6aea9a)** |
| **[Figure 18-7](#ic6c729e86e454ba48e2ca675edcfc647)[Typical Cross Section for Phase 1 TSF Dam](#ic6c729e86e454ba48e2ca675edcfc647)** | **[268](#ic6c729e86e454ba48e2ca675edcfc647)** |
| **[Figure 18-8](#i61e2da7de3524f80845b3e3c6947be1c)[Aerial view of the TSF-E Phase 1, with tailings deposited](#i61e2da7de3524f80845b3e3c6947be1c)** | **[269](#i61e2da7de3524f80845b3e3c6947be1c)** |
| **[Figure 18-9](#i007691ac2d33471a92ea27e75da40c7d)[Picture of TSF-E from its South side looking towards the North-West](#i007691ac2d33471a92ea27e75da40c7d)** | **[270](#i007691ac2d33471a92ea27e75da40c7d)** |
| **[Figure 18-10](#i6f18aa2b4ee54493989f8041c07f4dc1)[Plan view of the TSF Phase 2](#i6f18aa2b4ee54493989f8041c07f4dc1)** | **[270](#i6f18aa2b4ee54493989f8041c07f4dc1)** |
| **[Figure 18-11](#i778e1677aa08421caa1bae7a2488766a)[Typical cross section of TSF-E Phase 2 embankment](#i778e1677aa08421caa1bae7a2488766a)** | **[271](#i778e1677aa08421caa1bae7a2488766a)** |
| **[Figure 18-12](#i53c83091df8a4179ace6bfbb26e09464)[Plan View of TSF-E Phase 3](#i53c83091df8a4179ace6bfbb26e09464)** | **[272](#i53c83091df8a4179ace6bfbb26e09464)** |
| **[Figure 18-13](#ia22c3a92a16a4c848a0579412cc32b17)[Typical cross section of TSF-E Phase 3 embankment](#ia22c3a92a16a4c848a0579412cc32b17)** | **[272](#ia22c3a92a16a4c848a0579412cc32b17)** |
| **[Figure 18-14](#i8bb51193e6e5414e9e94a685b85b7eb9)[typical accommodation building at Zgounder](#i8bb51193e6e5414e9e94a685b85b7eb9)** | **[273](#i8bb51193e6e5414e9e94a685b85b7eb9)** |
| **[Figure 20-1](#ie1939ac0d2324332a4c1c142b7c54623)[Surface Water Monitoring Stations in 2021](#ie1939ac0d2324332a4c1c142b7c54623)** | **[278](#ie1939ac0d2324332a4c1c142b7c54623)** |
| **[Figure 20-2](#ief3e940dd91d49359779b6a5c4a6207e)[General direction of groundwater flow](#ief3e940dd91d49359779b6a5c4a6207e)** | **[279](#ief3e940dd91d49359779b6a5c4a6207e)** |
| **[Figure 23-1](#i51351ea6da4048feb68a91cab68863cb)[Geological map of the Anti-Atlas Domain with the distribution of several](#i51351ea6da4048feb68a91cab68863cb)**<br>**[active mining projects.](#i51351ea6da4048feb68a91cab68863cb)**<br>| **[290](#i51351ea6da4048feb68a91cab68863cb)** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 1

1.0**EXECUTIVE SUMMARY**

Aya Gold & Silver Inc. ("Aya" or the "Corporation") has prepared this technical to provide updated information,

including updated estimates of Mineral Resources and Mineral Reserves for the Zgounder deposit. The

information in this technical report will be used to support the Corporation's public disclosure surrounding the

Zgounder Property. Aya, a reporting issuer, trades on the TSX under the symbol "AYA" and has its head office

located at Suite 132, 1320 Graham, Ville Mont-Royal, Québec, H3P 3C8.

This Technical Report was prepared by Aya and incorporates the work of Qualified Persons (QPs) from Aya,

and RSC Consulting Ltd. The effective date of this Technical Report is December 16, 2025, and information in

this Technical Report is current as of that date unless otherwise specified. This Technical Report has been

prepared in accordance with the Canadian disclosure requirements under National Instrument 43-101

Standards of Disclosure for Mineral Projects (NI 43-101) and the requirements of Form 43-101 F1. The

Company is considered a "producing issuer" as defined in Part 1.1 of National Instrument 43-101 (NI 43-101).

**1.1PROPERTY DESCRIPTION AND LOCATION**

The Zgounder Silver Mine (Zgounder, the Zgounder Mine, or the Project) is located in the province of

Taroudant, Kingdom of Morocco, in the central part of the Anti-Atlas Mountain. It is situated approximately

215 km south of the city of Marrakech, 220 km east of the city of Agadir and 140 km west of the city of

Ouarzazate.

The Zgounder exploitation licence 393459 (formerly exploitation permit No. 2306) covers 16 km<sup>2</sup> and is valid

until October 17, 2027 (as of June 18, 2025 date of title opinion for Zgounder by Dentons Morocco, for Aya

Gold & Silver Inc.). It includes the Zgounder mine, tailing facilities, mine infrastructure and camp.

**1.2ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND** 

**PHYSIOGRAPHY**

Zgounder is accessible from the City of Agadir via well-maintained paved highways N10 and P1706 that run

east for 205 km to Taliouine in the Taroudant Province. Most of the remaining 61 km to the Mine are via a

paved road to the village of Askaoun. The final five (5) km drive to the Mine site is via a dirt road that could be

upgraded. A 225-km paved road from Marrakesh to Askaoun via Agouim, is presently under construction.

The Zgounder Mine is located between 1,925 and 2,200 MASL, on the western flank of the Siroua Massif of

the Anti-Atlas Mountains. This region is separated from the influence of the Mediterranean climate by the High

Atlas Mountains to the north, and therefore, shares the Sahara climate. Vegetation is limited to minor alpine

flowers, mosses, lichens and small evergreen trees. Wheat is cultivated.

The main villages are located near rivers for water sources and select vegetation (cereals, vegetables and

some trees). The local population is exclusively Amazigh with a semisedentary lifestyle. The economy is

principally supported by livestock, agriculture and food trade (saffron, potatoes, dates), and manufacture of

traditional carpets. Basic supplies, such as food and limited accommodation, are available at Askaoun. The

larger City of Talioune offers more amenities and services. Special items must be purchased from Agadir. The

mining manpower for Zgounder resides in nearby villages, located from 5 km to 10 km from the Mine site.

Skilled labour is available in nearby villages and some inhabitants were employees of previous operators of

the Zgounder Mine. Mine site facilities include crew houses, offices, drill core shack, a mine portal and trails

linking mine entrances. Power is connected to the national grid by an electrical station.

**1.3HISTORY**

The Zgounder Silver Deposit has a long history of intermittent exploration and mining activities from ancient

times to present day. Zgounder was first exploited between the 10th and 12th Century mainly in exposed

oxidized zones with native silver stringers in veins.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 2

Modern history commenced with the Bureau de Recherches et Participations Minières (BRPM) and the

completion of several drilling campaigns between 1950-1979. The Société Minière de Sidi Lahcen (SOMIL) a

subsidiary company from the BRPM started mining activity in 1982. Production ceased in 1990 due to the

drop of the silver price below $5/oz. During that period the SOMIL mined exclusively underground; extracting

approximately 500,000 tonnes at an average grade of 330 g/t Ag, for a total of 5.3 Moz of silver.

Despite the cessation of mining production, BRPM continued exploration activities until the project was ceded

in 1999. In 2002, Comagnie Miniere de Touissit ("CMT") looked at resuming mining production; over 2 years,

they conducted exploration drilling from surface and underground. In parallel, CMT also developed 980 m of

exploration underground cross-cuts and drives.

The Corporation acquired Zgounder in January 2012 and directly committed to rehabilitate dormant

infrastructures. In 2014, the Corporation commissioned GoldMinds Geoservices Inc. (GMG) to prepare the

first Mineral Resource estimate and a Preliminary Economic Assessment (PEA) in compliance with NI 43-101

for the Zgounder Mine, in order to resume mining and exploitation. Aya publicly disclosed a Pre-Feasibility

Study (PFS) on May 2014, which was jointly prepared by GMG and SGS. Processing operations commenced in

July 2014 and Aya announced the first silver pour in August 2014 and production of the first 20 silver ingots.

In 2018, the Corporation released a Preliminary Economic Assessment (PEA) that included the construction of

a new flotation plant. The plant was completed in early 2019, commissioned in April, and achieved

commercial production in May 2019.

In 2021, Aya mandated P&E Mining Consultants Inc. (P&E) to prepare a new Mineral Resource Estimate (MRE)

based on new drilling information. The MRE was prepared in October 2021 and a subsequent update was

completed in December 2021. The new MRE estimate supported the project expansion for the 2022 Feasibility

Study.

**1.4GEOLOGICAL SETTING, MINERALIZATION, DEPOSIT TYPE**

Zgounder is located on the northwestern flank of the Siroua inlier, near the central part of the Anti-Atlas. The

Zgounder deposit, within the Siroua inlier, is dominated by Neoproterozoic volcano-sedimentary rocks of the

Sarhro Group. Within this sequence, the Tadmant Rhyolite intrudes the greywackes of the Sarhro Group.

Deformation of the Sarhro Group was followed by the emplacement of the Assarag intrusive suite, which

includes the Askaoun Batholith, at the far west of Zgounder. Subsequent post-orogenic collapse produced a

series of extensional basins and the deposition of the volcano-sedimentary Ouarzazate Group, which overlies

the older units unconformably. Post-orogenic collapse also generated a network of N-, E-, NE-trending

conjugate faults and fractures.

The deposit occurs along the northern contact between the Tadmant Rhyolite/dolerite intrusion and laminated

siltstones of the Imghi Formation, western segment of the Sarhro Group. Both units strike approximately

east–west, and the sedimentary beds dip steeply (~70°) southward. The rhyolite–sediment contact is

subvertical and irregular. The deposit trends west over 1 km, from the eastern granophyre, Assarag Suite,

contact at surface westward to the Zgounder Fault, a major north-trending subvertical structure. Further east,

the Ouarzazate Group volcanics, consisting of horizontally stacked ignimbrites, overlie the intrusive contact.

The granophyre outcrops at surface in the east and extends westward beneath the Imghi sediments at a

shallow (~30°) dip toward the WSW, where it transitions into more granitic and granodioritic phases.

Zgounder structural framework is typically characterized by pinch-and-swell structures with intense

brecciation, associated damage zones on both sides of the fault, multiple minor structures in close. The

deposit-scale principal structures-oriented E–W are interpreted as relatively late, brittle faults. These faults

crosscut and have possibly re-activated NNW- to NE-oriented conjugate fault sets. The apparent dip-slip

movement on the E-striking principal fault may have led to the development of drag fold or 'rip-up' features at

the rhyolite-metasediments contact, creating a high strain corridor. Enhanced permeability were created along

pre-existing faults and fault intersections at the rhyolite-metasediments contact, in which subsequent Ag

deposition was facilitated by Ag-rich circulating fluids.

The Ag mineralization in the metasediments is predominately fracture filling or disseminated but can also be

associated with hydrothermal breccias and quartz veins. Locally, silver occurs as fracture-filling hosted by the

younger intrusive units—both within the rhyolite at the metasediment contact and within centimeter-thick

granite offshoots that intrude the metasediments.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 3

Mineralization at Zgounder can be separated into two successive paragenetic stages (Essarraj et al., 1998;

Marcoux and Wadjinny, 2005). The first stage (Fe-As) was pyrite and arsenopyrite with rare native Ag. The

second stage (Ag-Zn-Pb-Cu-Hg) is characterized by native Ag-Hg amalgam and small quantities of the Ag-

sulphide acanthite. Other subordinate Ag mineral species include polybasite, pearceite and argentiferous

sulphosalt minerals (proustite, tennantite and tetrahedrite). Additional sulphide minerals, such as pyrite,

galena, sphalerite and chalcopyrite, are accompanied by the gangue minerals quartz, chlorite and carbonate.

The age of Ag mineralization is poorly constrained, but it is known to postdate the volcano-sedimentary units

at Zgounder due to crosscutting relationships. It has been interpreted to be coeval with the magmatic event

responsible for the emplacement of the Askaoun batholith.

Zgounder has been described as an epithermal Ag–Hg system, associated with felsic magmatism and

hydrothermal activity. Although some geological, structural, mineralogical, and geochemical observations

support this interpretation, recent field and drilling evidence indicate a mesothermal character of the mineral

deposit. These findings indicate the need for further refinements of the genetic model and warrant further

investigation as part of the Company's ongoing geological evaluation.

**1.5EXPLORATION AND DRILLING**

The exploration activities conducted within the Zgounder mining license area by Aya has focused on

improving geological understanding and identifying new zones of mineralization. Work completed since the

previous MRE (December 2021) includes drilling, regional and detailed geological mapping, mineral

prospecting, stream-sediment and rock sampling, acquisition of hyperspectral imagery, and both airborne and

ground geophysical surveys.

Since the December 2021 MRE, and up to the effective date of this report, a total of 158,459 m of diamond

drilling has been completed from both surface and underground platforms. In addition, 46,552 m of reverse

circulation (RC) drilling and 69,966 m of underground percussion drilling (YAK-T28-T23) have been completed

across the Zgounder property. Drilling programs were designed to address specific objectives:

(A) Diamond drilling, conducted from surface and underground, has supported near-mine exploration,

resource delineation at the deposit scale, definition drilling, and underground grade control.

(B) Underground percussion drilling has been systematically employed for orebody definition and operational

grade control.

(C) Reverse circulation drilling, executed from surface, has been used to support grade control, define

potential open-pit limits, and evaluate near-surface extensions of mineralization.

**1.6SAMPLE PREPARATION, ANALYSES AND DATA VERIFICATION**

The QP (Honza Catchpole) confirms that the processes, and the quality of samples and associated data, as

determined by their accuracy and precision, meet the Zgounder data quality objective of being fit for the

purpose of classifying Mineral Resources estimates in the Measured, Indicated, and Inferred categories, in

accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines (CIM, 2019).

The processes underlying the collection of informing data reflects mostly good practice and the risk with

respect to the data quality objective is low, in a few cases low to medium. The QP notes that the RC primary

samples have a low average recovery (40–60%) and grade bias is significant when compared with paired

diamond drilling (DD) sample results. The QPs (Abraham Whaanga and Honza Catchpole) note a moderate

risk and consider that the overall quality of the RC primary sample is sufficient for the purpose of classifying

an Inferred and Indicated Mineral Resource, but not for a Measured Mineral Resource.

Verification completed by the QP (Honza Catchpole), or under the direct supervision of the QP, only uncovered

minor inconsistencies with respect to the drilling, logging and sampling processes. A repeat sampling

program with 740 quarter core samples from 31 DD holes covering a representative spread of Ag values from

the mineralized zones, included samples with low-, intermediate- to high-grade Ag concentrations. Results of

this program demonstrate no bias for Ag >100 ppm, and a positive average bias of ~25% towards the repeat

samples for Ag <100 ppm (i.e. indicating that Ag in the database is underreported for values below 100 ppm).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 4

**1.7MINERAL PROCESSING AND METALLURGICAL TESTING**

Various levels of metallurgical testwork has been carried out since 1979. The most significant testwork, which

served as the basis for the mill design, was performed in 2021 by SGS Lakefield. The interpretation and

analysis of this test work results were carried out by DRA. This analysis was then used to determine the

process design basis and flowsheet of the new Plant # 1 for the Feasibility Study.

Since the completion of the Feasibility Study, modifications were made to the process flowsheet, and the

flotation circuit was removed in favor of a cyanidation plant with a gravity circuit. This resulted in additional

testwork being completed in 2022-2023.

From the test work results, the following findings were used for determination of the process flow diagrams

and design criteria:

• Based on the mineralogical examination, the anticipated silver recoveries were expected to be in the

high 80% to low 90% range. This was confirmed throughout the test program.

• The ore can be considered to be very hard, with all samples testing in the 90<sup>th</sup>-100<sup>th</sup> percentile of

hardness.

• The E-GRG number for the Main Comp was 33.8%, indicating that the inclusion a gravity circuit in the

final flowsheet is justified.

• Flotation tests confirmed that the gravity tailings are amenable to flotation. The flotation option was

retained during the Feasibility Study, however the direct cyanidation of the gravity tailings option was

ultimately selected for engineering and construction.

• Cyanidation testwork showed that the best recoveries are achieved at extended durations and high

cyanide levels.

• Merrill-Crowe silver recovery was selected for the final design.

• The presence of copper can have a negative impact on silver recovery and cyanide consumption, as

noted in the 2022-2023 testwork program.

**1.8MINERAL RESOURCE ESTIMATE**

Geological modelling was conducted in Leapfrog Geo, using the interval selection and the vein system tools to

create a geological model (litho-structural model) consisting primarily of a lithological model and a simplified

structural model. Using the lithological and simplified structural domain models as a basis, estimation

domains were created in Leapfrog using indicator radial basis function (RBF) interpolants. Domains were

constrained at three different modelling grade cut-offs: 10.0 g/t Ag for low-grade mineralization (LG10), 60.0

g/t Ag for medium grade (MG60) and 150.0 g/t Ag for high grade (HG150). A contact analysis was completed

to investigate the boundary conditions of each domain. The mean grade was reviewed inside the domains,

around the boundaries and outside the domains. Grades were interpolated using ordinary kriging for the LG10

and MG60 domains and residual indicator kriging (RIK) for the HG150 domain. The search neighborhoods

were orientated to match the structural trend used to create the indicator domains. Block model grades were

validated by comparing the input mean grades with the block model mean grade, using swath plots, and

visually using cross-sections. Sensitivity testing was undertaken to assess the input parameters. Depletion for

underground and open pit mining up until June 2025 was applied.

The QPs (Abraham Whaanga and Olivier Bertoli) have classified the Mineral Resource in the Inferred, Indicated

and Measured Mineral Resource categories in accordance with NI 43-101, and the CIM Definition Standards

on Mineral Resources and Mineral Reserves adopted by the CIM Council (May 2014). For the Inferred portion

of the MRE, geological evidence is sufficient to imply but not verify geological and grade continuity. For the

Indicated portion of the MRE, geological evidence is sufficient to assume geological and grade or quality

continuity between points of observation. For the Measured portion of the MRE, geological evidence is

sufficient to confirm geological and grade or quality continuity between points of observation. The Mineral

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 5

Resource is based on exploration, sampling and assaying information gathered through appropriate

techniques from drill holes.

The QPs (Abraham Whaanga and Olivier Bertoli) consider that the overall quality of the RC primary sample is

sufficient for the purpose of classifying an Inferred and Indicated Mineral Resource only, where not supported

by >20% DD core samples. The impact on the total classified resource is a 4% downgrade of material

previously classified as Measured to Indicated.

Cut-off grades were selected for the reporting of Mineral Resources based on a high-level initial assessment

of potential modifying factors (refer to Section 14 for full details). The QPs (Abraham Whaanga & Olivier

Bertoli) completed a high-level initial assessment of various factors solely for the purpose of meeting the

criteria for reasonable prospects of eventual economic extraction (RPEEE). The cut-off grade value was

determined using mining and development costs and modifying factors for open pit, longhole stoping, and cut

and fill mining methods.

**Table 1-1Mineral Resource estimate for the Zgounder deposit as of June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RPEEE** | **Cut-off Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Contained Metal** <br>**(koz)**<br>|
| **Pit Constrained** | 40 | Measured | 13820 | 144 | 64140 |
| **Pit Constrained** | 40 | Indicated | 2150 | 131 | 9070 |
| **Pit Constrained** | 40 | Inferred | 56 | 190 | 350 |
| **Out-of-Pit** | 90 | Measured | 324 | 280 | 2912 |
| **Out-of-Pit** | 90 | Indicated | 2640 | 284 | 24100 |
| **Out-of-Pit** | 90 | Inferred | 360 | 360 | 4200 |
| **Total** | 40/90 | Measured | 14150 | 147 | 67050 |
| **Total** | 40/90 | Indicated | 4790 | 216 | 33200 |
| **Total** | 40/90 | Inferred | 410 | 340 | 4500 |

---

*Notes:*

*1.Mineral Resource Estimate for the Zgounder deposit as of June 30, 2025.*

*2.The Mineral Resource is reported in compliance with NI 43-101 and CIM Definition Standards (May 2014).*

*3.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may* 

*be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. There is no* 

*certainty that Mineral Resources will be converted to Mineral Reserves.*

*4.Mineral Resources are reported inclusive of Mineral Reserves.*

*5.A silver price of USD 28/oz with a process recovery of 90%, and a USD 25/t rock processing cost (including G&A) were used.*

*6.The constraining pit optimization parameters were 50º pit slopes with a 40 g/t Ag cut-off.*

*7.The out-of-pit Mineral Resource grade blocks were quantified above the 90 g/t Ag cut-off, below the constraining pit shell and within the* 

*constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the cut* 

*and fill underground mining method.*

*8.The mining costs are USD 2/t in waste and USD 6.8/t in ore, with a mining dilution of 5%.*

*9.The Mineral Resource is reported at an in-pit cut-off of 40 g/t Ag and an out of pit cut-off of 90 g/t Ag.* 

*10.A royalty of 3% applies.*

*11.Mineral Resources have been rounded to reflect their confidence.*

*12.Totals may vary due to rounding.* 

**1.9MINERAL RESERVE ESTIMATE**

Mineral Reserves are reported for the open-pit and underground mines, both currently in operation, and for the

surface stockpiles. Measured and Indicated Mineral Resources were converted to Proven and Probable

Mineral Reserves, respectively.

For the stockpile material, Proven Mineral Reserves are reported. These are based on grade control data and

have been converted from Measured Mineral Resources.

The Mineral Reserves are supported by life of mine designs, underground development plans, production

schedules, and costs estimates (for both operating and sustaining capital) that have been completed as part

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 6

of Zgounder operation life of mine update. All inferred Mineral Resources within the mine designs have been

converted into waste.

The Mineral Reserves tonnes and grades are stated at mill feed reference point, allowing for dilution and

mining recovery, and are reported accounting for mine depletion as of September 30<sup>th</sup>, 2025.

The Mineral Reserve for Zgounder total approximately 15.7Mt at an average grade of 145 g/t Ag, containing

approximately 73.4 Moz of silver in the Proven and Probable categories. The Mineral Reserve has been

prepared in accordance with CIM definition standards for Mineral Reserves. The Mineral Reserve has been

estimated using accepted industry practices for open pit and underground mines, including appropriate

modifying factors and cut-off values based on detailed cost estimation considering actual mining

performance.

**Table 1-2Mineral Reserve estimate for Zgounder operation, as of September 30th 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Cut-off Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Metal (koz)** |
| **Stockpile** | N/A | Proven | 160 | 134 | 690 |
| **In-Pit Reserves** | 40 | Proven | 11750 | 137 | 51800 |
| **In-Pit Reserves** | 40 | Probable | 1220 | 133 | 5200 |
| **UG Reserves** | 90 | Proven | 180 | 207 | 1200 |
| **UG Reserves** | 90 | Probable | 2390 | 189 | 14500 |
| **Total** | 40/90 | Proven | 12090 | 138 | 53690 |
| **Total** | 40/90 | Probable | 3610 | 170 | 19700 |
| **Total P&P** | 40/90 | P&P | 15700 | 145 | 73390 |

---

*Notes:* 

*1.Mineral Reserves have been estimated by AYA Gold & Silver Technical Service team, under the supervision of Patrick Pérez, P.Eng, full-*

*time employee of AYA Gold & Silver and Qualified Person as defined by NI 43-101. The estimate is conform to the CIM Definition* 

*Standards for Mineral Resources and Mineral Reserves*

*2.Mineral Reserves have been estimated using metal price assumption of US26$/oz for silver*

*3.Open-Pit Mineral Reserves are reported at a cut-off grade of 40g/t Ag, and Underground Mineral Reserves are reported at a cut-off grade* 

*of 90 g/t Ag.* 

*4.The cut-off calculation is based on a process and general & administration cost of 25.25$/t, a metallurgical recovery of 90%, a throughput* 

*rate of 1.4Mt per annum, an open pit ore mining cost of 4.19$/t and an underground mining cost of 40$/t, and an exchange rate of 9.5* 

*MAD:USD*

*5.Numbers may not add-up due to rounding*

**1.10MINING METHODS**

The Zgounder mine operation employs a mix of open pit and underground mining methods.

The open pit mine is divided into an East and West sector, and the mining method is a conventional open pit,

drill & blast, truck and shovel operation. The open pit consists of a single pit.

The underground mine is focussing on the operation of the deeper ore zones and levels; all located below the

final pit limit. The underground mine has one active portal accessible from the main platform at the 2000m

elevation, which will in the future be relocated inside the pit once the active level of the open pit operation will

be below the 2000m level.

Geotechnical design parameters are based on information obtained from: geotechnical drilling campaigns;

mapping; laboratory testing; and modeling. These studies are continuously updated by confirming initial

models, updating structural models with as-built data, continuous pit mapping and underground monitoring,

and addition geotechnical drilling as necessary. Geotechnical controls include an annual internal geotechnical

audit and continuous geotechnical support provided by third-party consultants.

In the Open Pit, all the ore and waste material is drilled and blasted. Material is then loaded into 8x6 rigid haul

trucks by the backhoe excavators. Ore material is hauled to the ROM pad or to one of the stockpiles, and the

crusher is fed by a wheel-loader. Waste material is deposited on the waste dump and then spread and

compacted by bulldozers. Final bench height is at 10m high, and presplit drilling is planned to be completed

on the final walls.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 7

Open pit mining, based on the current Mineral Reserves, is planned to end in 2036, which corresponds to the

end of the current LOM of the Zgounder operation. Ex-pit mining rates are planned to be maintained at around

45 ktpd until 2030, decrease to 22ktpd until 2033 and then gradually decrease to 12-14 ktpd until the end of

the LOM.

For the Zgounder underground mine operation, a mix of Cut & Fill and Longhole mining methods has been

planned. A total of approximately 8,3

40m of lateral development and 2,402m of vertical development will be completed in the Zgounder

underground mine until 2029; the cut and fill mining area will be in operation until late 2031 and the longhole

mining area will start in 2026 and be complete in mid 2032. Based on the current Mineral Reserves,

underground operation is planned to end in mid 2032, but there is potential to extend the duration of the

underground operation by potential conversion of Mineral Resources, and also with additional exploration

especially in the deeper levels of the mine and towards the west of the lower levels.

The processing plant is expected to operate at 3,650 tpd until end 2026 and at 3,850 tpd once the finalization

of the debottlenecking of the different circuits and small upgrades will be completed. The following figure 1-2

shows the production profile anticipated at Zgounder over the LOM.

![figure1-2xlomproductionproc.jpg](figure1-2xlomproductionproc.jpg)

**Figure 1-2LOM production profile at Zgounder** 

**1.11RECOVERY METHODS**

The processing infrastructures at Zgounder consists of three (3) processing facilities that collectively feed the

silver extraction circuit of the new processing plant (plant #1). Their functions are described below:

• The new Processing Plant (plant #1): it integrates a 2,000 tpd design comminution circuit and a 2,500

tpd design silver extraction circuit. The extraction plant, consisting of cyanide leaching, counter-current

decantation (CCD), Merrill-Crowe precipitation, and final refining, produces silver doré bars. plant #1

receives the combined slurries of ground ore from plants #1, #2, and #3. The centralized extraction

flowsheet enables integrated silver recovery and refining for all mineralized material processed on site.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 8

• The existing Flotation Plant (plant #2): it is equipped with a 500 tpd design capacity of crushing and

grinding circuit, flotation and silver concentrate production. Currently the resulting slurry of ground ore

is pumped to the pre-leach thickener of plant #1, where it is combined with the slurry produced by the

plant #1 grinding circuit. The combined slurry is thickened prior to entering the silver extraction process.

The flotation section is not currently operated; the flotation circuits remain in care and maintenance and

can be reactivated if needed.

• The existing Cyanidation Plant (plant #3): it operates an independent comminution circuit consisting of

crushing and grinding. The slurry of ground ore is thickened and pumped directly to the leaching circuit

of Plant #1, where silver extraction is performed.

The plant #1 was constructed and commissioned in 2024 and achieved nameplate of 2,000 tpd in January

2025. The plant was subsequently debottlenecked during the following months, and the combined slurry flow

(from plant #1, #2 and #3) reached 3,650 tpd. Further optimization and small upgrades of parts of the circuit

flowsheet will continue in 2026 to reliably achieve 3,850 tpd.

The plant #1 flowsheet consists of the following unit operations:

• Two stage crushing closed out by a dry vibrating screening.

• Single stage ball milling circuit closed out by hydrocyclones.

• Gravity concentration and intensive leaching

• Leaching circuit, preceded by a pre-leach stage.

• Counter-Current-Decantation (CCD).

• Silver Recovery in a Merrill-Crowe circuit, followed by product drying and smelting of ingots.

• Tailings disposal to the Tailings Storage Facility (TSF) with natural degradation of residual cyanide.

• Reagents preparation systems

**1.12PROJECT INFRASTRUCTURE**

The surface infrastructures to support the Zgounder operations are in place, and include:

• The Zgounder open pit mine and the related open contractor's workshop and installations

• The processing facilities, namely the plant #1 (newly build process plant), the plant #2 (old Flotation

plant), and the plant #3 (old Cyanidation Plant).

• The process plant service buildings, such as the main warehouse, the open storage area, the plant

workshop, the reagent warehouse, and the process plant office buildings

• The mine facilities, such as the mine offices (for underground and open pit), the change houses, the

surface workshops (for contractors and ZMSM), the mine consumables storage areas, explosive

storage area and detonators storage area, the diesel storage area, the weight bridge area, and the mine

electrical substation

• Administration buildings, which include the site management offices, the health and safety induction

building and mine rescue building, the first aid building / infirmary building, and the site canteen

• The site accommodation camp

• The main incoming electrical substation, with 60/22kV transformers, and the different electrical

substations and distribution network

• The assay laboratories

• All the ore stockpiles

• The water management facilities, including the water storage basins and water harvesting dams

• The decommissioned Tailings Storage Facilities (TSF)

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 9

• The active TSF (TSF-E)

• The waste storage area

**1.13MARKET STUDIES AND CONTRACTS**

No market studies are currently relevant as the Zgounder Mine is operating and producing a readily saleable

commodity (silver) in the form of silver ingots. The silver ingots produced are typically above 97% in grade,

and is exported to refineries in Switzerland.

**1.14ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT**

The first Environmental Impact Assessment (EIA) study of the Zgounder mine was prepared in 2013 by

Hydraumet, Morocco. Subsequently, operating permit No. 2306, which included exploration permit, surface

rights, access to property and any type of mining operations, was issued to Maya Gold and Silver Inc. by the

Office National des Hydrocarbures et des Mines (ONHYM). On August 15, 2014, the operation of the Zgounder

mine by ZMSM obtained its environmental acceptability from the prefecture of Agadir Ida-Outanane. An

environmental monitoring program was developed by ENGITECH/TEVARI in 2014 and implemented in 2015.

In December 2021, NOVEC submitted a new Environmental and Social Impact Assessment (ESIA) as part of

the Zgounder Silver Mine Expansion Project. This expansion project included an open pit mine, a waste dump,

a new 2,000 t/d concentrator and a new tailings impoundment. The International Finance Corporation's

Performance Standards were applied when defining the scope and terms of reference of this new ESIA.

Under the current regulatory framework, no new environmental permits were required for the Zgounder

Expansion Project. On February 23, 2022, ZMSM received environmental acceptability by the Regional Center

of Investment (CRI) of the Souss-Massa region. An updated version of the environmental monitoring and

surveillance plan was prepared in December 2021 with the addition of new elements and indicators.

**1.15CAPITAL AND OPERATING COSTS**

This section summarizes the capital and operating costs required over the LOM. It assumes a mixture of

owner operated functions and contractors. as per existing conditions at Zgounder. Only costs from 2026 and

forward are shown and detailed.

Capital costs for the life of mine of $71.42 million will be required to support underground development and

services, mining equipment, tailing storage facility raises, closure costs and, finally, milling equipment to

sustain current tonnage through harder ore through the LOM.

**Table 1-3Capital cost estimate for Zgounder LOM**

---

| | |
|:---|:---|
| **Capital cost** | **$ Millions** |
| Lateral and Declined Development | 17.62  |
| Vertical Development | 3.22  |
| Mining Equipment | 6.62  |
| Mining Services | 4.10  |
| Tailing storage facility | 24.77  |
| Closure Costs | 4.09  |
| Process Plant | 11.00  |
| **Total** | **71.42**  |

---

Operating cost for the LOM are $69.47 on a per tonne processed basis, as follow.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 10

**Table 1-4Operating expenditures for Zgounder LOM**

---

| | |
|:---|:---|
| **Unit cost per tonne mined or processed** | **$/t** |
| Mining cost per tonne of open pit ore | 23.87 |
| Mining cost per tonne of underground ore | 64.63 |
| Blended mining cost per tonne of ore mined | 30.53 |
| Processing cost per tonne processed | 21.16 |
| G/A cost per tonne processed\* | 18.25 |
| **Total cost per tonne processed\*\*** | **69.47** |

---

*\*G/A includes site support. external costs. Casablanca and Montreal operation support. mining tax and royalties*

*\*\*Sum of unit cost (blended mining cost, processing costs and G/A) is different at $69.94 considering existing stockpiles. Total cost per* 

*tonne of $94.47 per tonne processed is the average cost over the LOM as of 2026 forward.*

Operating costs are divided into four larger categories: open pit mine, underground mine, processing and

General and administration. The overall cost per tonnes processed over the LOM, starting in 2026, is $69.47.

Unit cost for the open pit mining cost are $23.87 per tonne of ore mined. This includes definition drilling and

assay, drill, blast, haul to the mill and all waste movement cost associated with it. Unit cost for the

underground mine are $64.63 per tonne of ore mine. This includes production development, production

definition drilling, geological services, and a mixture of cut and fill and long hole stopes. This results into a

blended mining cost for both open pit and underground of $30.53 per tonne of ore mined over the LOM.

Processing costs are estimated at $21.16 per tonne of ore processed over the LOM. This includes both fixed

and variable costs. Crushing, milling, gravity circuit and intensive leach, leaching, solid-liquid separation and

pregnant solution washing, tailing disposal and, finally, cementation and smelting.

General and administration costs are $18.25 per tonne of ore processed over the LOM. It includes; site

support, which consists of technical services, a portion of maintenance costs, health and safety and, logistics;

external costs, which consists of silver offsite transport and smelting; corporate support from Casablanca and

Montreal offices, which consists of procurement, human resources, IT, cost control, community relation,

accounting and administration. Finally, it includes a mining tax of 30MAD per tonne of ore mined, and a 3%

royalties on revenues. Conversion factor of 9.37 MAD/USD was used.

Production profile, operating costs and capital cost over the LOM are summarized in Table 1-5.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 11

**Table 1-5Zgounder LOM Plan summary**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Production** |  | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **Total** |
| Open pit waste | Mt | 14.4  | 14.5  | 15.5  | 13.7  | 15.5  | 5.7  | 7.7  | 3.2  | 3.3  | 3.9  | 1.6  | 99.1  |
| Open pit ore | Mt | 0.9  | 0.9  | 1.3  | 1.2  | 1.5  | 1.2  | 1.4  | 1.2  | 1.2  | 1.3  | 0.6  | 12.7  |
| Underground ore | Mt | 0.5  | 0.4  | 0.3  | 0.3  | 0.4  | 0.4  | 0.2  | -  | -  | -  | -  | 2.5  |
| Processed ore | Mt | 1.3  | 1.4  | 1.4  | 1.4  | 1.4  | 1.4  | 1.4  | 1.4  | 1.4  | 1.4  | 1.4  | 15.4  |
| **Silver produced** | **Moz** | **5.8**  | **6.2**  | **6.3**  | **6.4**  | **6.3**  | **6.4**  | **6.2**  | **6.1**  | **6.0**  | **5.9**  | **4.0**  | **65.6**  |
| **Operating costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Open pit production | $M | 39.7  | 39.8  | 44.0  | 39.2  | 45.1  | 19.4  | 25.5  | 13.5  | 13.7  | 15.5  | 6.6  | 302.0  |
| Underground prod. | $M | 29.8  | 27.2  | 20.3  | 21.3  | 25.0  | 24.6  | 11.6  | -  | -  | -  | -  | 159.8  |
| Processing | $M | 28.3  | 29.7  | 29.7  | 29.7  | 29.7  | 29.7  | 29.7  | 29.7  | 29.7  | 29.7  | 29.4  | 325.1  |
| G/A | $M | 25.3  | 25.8  | 26.1  | 26.1  | 26.1  | 26.1  | 25.9  | 25.7  | 25.5  | 25.4  | 22.6  | 280.5  |
| **Total** | **$M** | **123.2** | **122.5** | **120.1** | **116.3** | **125.9** | **99.8**  | **92.8**  | **68.8**  | **68.9**  | **70.6**  | **58.7**  | **1 067.5**  |
| **Cash cost** | **$/oz** | **21.21** | **19.78** | **18.94** | **18.26** | **19.91** | **15.70** | **14.96** | **11.23** | **11.44** | **11.94** | **14.70** | **16.26** |
| **Capital cost** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lat. Declined Dev. | $M | 9.4 | 4.4 | 2.9 | 0.9 | - | - | - | - | - | - | - | 17.6 |
| Vertical Dev. | $M | 1.8 | 0.5 | 0.2 | 0.7 | - | - | - | - | - | - | - | 3.2 |
| Mining Equipment | $M | 2.2 | 1.2 | 0.9 | 1.3 | 0.7 | 0.1 | 0.1 | 0.1 | 0.1 | - | - | 6.6 |
| Mining Services | $M | 1.3 | 1.2 | 1.1 | 0.3 | - | - | - | 0.2 | - | - | - | 4.1 |
| Tailing Facility | $M | 7.4 | - | - | 7.4 | - | - | 7.0 | - | 3.0 | - | - | 24.8 |
| Closure Costs | $M | - | - | - | - | - | - | - | - | - | 2.0 | 2.0 | 4.1 |
| Process Plant | $M | 6.0 | 5.0 | - | - | - | - | - | - | - | - | - | 11.0 |
| **Total** | **$M** | **28.1** | **12.3** | **5.1** | **10.6** | **0.7** | **0.1** | **7.1** | **0.2** | **3.1** | **2.0** | **2.0** | **71.4** |

---

**1.16CONCLUSIONS AND RECOMMENDATION**

Zgounder Mineral Resources and Mineral Reserves have been estimated using industry-accepted practices

and are reported using the 2014 CIM Definition Standards.

Under the assumptions in this technical report, the Zgounder LOM Plan shows a positive cash flow and

supports the Mineral Reserve estimate. The projected mine plan is achievable under the set of assumptions

and parameters used.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 12

2.0**INTRODUCTION AND TERMS OF REFERENCE**

**2.1INTRODUCTION**

M. Abraham Whaanga, BSc, M. Olivier Bertoli MEng, and M. Honza Catchpole, PhD, PGeo from RSC Consulting

Ltd (RSC), and M. Beaudoin, P.Eng, M. Humphrey, P.Eng, M. Vilder C.Env, M. Lalonde, P.Geo, and M. Pérez,

P.Eng from AYA Gold and Silver Inc (Aya, or the Corporation) have prepared this technical report (the Report)

on Zgounder, located in the Kingdom of Morocco for Aya.

Aya, through its wholly-owned subsidiary Zgounder Millennium Silver Mining (ZMSM), owns 100% of the

Project. The Zgounder mine has been in operation since the early 1980s, and production increased in the last

years under the management of Aya. Following the completion of the expansion project, commercial

production was declared in December 2024. Aya is considered a "producing issuer" as defined in Part 1.1 of

National Instrument 43-101 (NI 43-101).

RSC was retained by ZMSM to prepare an independent Mineral Resource estimate (MRE) and relevant

sections of the technical report for the Project, in compliance with National Instrument 43-101 Standards of

Disclosure for Mineral Projects (NI 43-101) and Form 43-101 F1.

The mine is located on the western flank of the Proterozoic Siroua Massif, in the central Anti-Atlas Mountains,

Morocco. This report documents all data and data collection procedures for Zgounder up to and including the

effective date of 30 June 2025.

**2.2EFFECTIVE DATES**

The Report, dated as of December 16, 2025, has the following effective dates:

• Close-out date of drilling database for the Zgounder deposit: June 30, 2025

• Effective date of the Mineral Resource estimate for Zgounder: June 30, 2025

• Effective date of the Mineral Reserves estimate for Zgounder: September 30, 2025

The effective date of the Report is December 16, 2025.

**2.3SOURCES OF INFORMATION**

The scientific and technical information disclosed in this report is based on data supplied by Aya, in addition

to data collected by the Qualified Persons (QPs) Abraham Whaanga and Honza Catchpole or data collected

under the supervision of the QPs. Beyond information reviewed during the site visits, Aya provided digital

copies of permit certificates, standard operating procedures (SOPs), technical reports, laboratory assay

certificates, core and underground photographs, and a drilling and logging database including collar, survey,

lithology, assay and density data. Aya provided GIS and 3D block models, structural models, and depletion

models. The sources of information, data, and reports reviewed as part of this technical report were provided

to the QPs by Aya from September 2023 through June 2025 and relevant reports are listed in the References

section (section 27). The QPs take responsibility for the content of this report and consider the data reviewed

to be accurate and complete in all material aspects.

**2.4QUALIFIED PERSONS**

The following Table 2-1 presents the list of Qualified Persons and report section responsibilities.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 13

**Table 2-1Qualified Persons Responsible for this Report**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Title of section** | **Qualified Person** | **Company** |
| **1** | **Summary** | All QPs | ALL |
| **2** | **Introduction** | Honza Catchpole | RSC |
| **3** | **Reliance on Other Experts** | Honza Catchpole | RSC |
| **4** | **Property Description and Location** | Honza Catchpole | RSC |
| **4** | **Property Description and Location** | David Lalonde | AYA |
| **5** | **Accessibility, Climate, Local resources, infrastructures and** <br>**physiography** | Honza Catchpole | RSC |
| **5** | **Accessibility, Climate, Local resources, infrastructures and** <br>**physiography** | David Lalonde | AYA |
| **6** | **History** | Honza Catchpole | RSC |
| **6** | **History** | David Lalonde | AYA |
| **7** | **Geological setting and Mineralization** | Honza Catchpole | RSC |
| **8** | **Deposit type** | Honza Catchpole | RSC |
| **9** | **Exploration** | David Lalonde | AYA |
| **9** | **Exploration** | Honza Catchpole | RSC |
| **10** | **Drilling** | David Lalonde | AYA |
| **10** | **Drilling** | Honza Catchpole | RSC |
| **11** | **Sample preparation, analyses, and security** | Honza Catchpole, <br>Abraham Whaanga, <br>| RSC |
| **12** | **Data Verification** | Honza Catchpole | RSC |
| **13** | **Mineral Processing and Metallurgical testing** | Sebastian Humphrey | AYA |
| **14** | **Mineral Resource Estimates** | Abraham Whaanga, <br>Olivier Bertoli<br>| RSC |
| **15** | **Mineral Reserve Estimates** | Patrick Pérez | AYA |
| **16** | **Mining Methods** | Patrick Pérez | AYA |
| **17** | **Recovery Methods** | Patrick Pérez | AYA |
| **18** | **Project Infrastructures** | Patrick Pérez | AYA |
| **19** | **Market Studies and Contracts** | Patrick Pérez | AYA |
| **20** | **Environmental studies, permits, and social or community** <br>**impacts**<br>| David Vilder | AYA |
| **21** | **Capital and Operating costs** | Raphael Beaudoin | AYA |
| **22** | **Economic Analysis** | Raphael Beaudoin | AYA |
| **23** | **Adjacent Properties** | Patrick Pérez | AYA |
| **24** | **Other Relevant Data and Information** | Patrick Pérez | AYA |
| **25** | **Interpretation and Conclusion** | All QPs | ALL |
| **26** | **Recommendations** | All QPs | ALL |
| **27** | **References** | All QPs | ALL |

---

**2.5PERSONAL INSPECTION (SITE VISIT)**

**2.5.1INITIAL SITE VISIT**

As part of the initial review, to gain familiarization with the project, processes, staff, and datasets, and to

conduct a gap analysis, Honza Catchpole (QP) and Olivier Bertoli (QP) completed a site visit to the Zgounder

Project from 20–24 November 2023. The QPs reviewed the SOPs for all processes, including drilling,

sampling, data collection, sample preparation, and QA/QC procedures, as well as the geological model and

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 14

geological domaining strategy. Honza Catchpole (QP) completed a review of the preparation and analytical

process at the Afrilab Group (Afrilab) facilities at Zgounder and in Marrakech.

**2.5.2QUALIFIED PERSON'S SITE VISIT**

Honza Catchpole (QP) completed a second site visit to Zgounder from 1–6 December 2024 to review the

geology and informing data collected since the initial site visit. The geological domaining strategy was

validated by reviewing the geology in the new open pit area, underground geology, and selected new and

historical diamond drill core. Updated core shed SOPs were reviewed, and a chain-of-custody (COC) review

and verification checks of collars, sampling, and the drilling database were completed. The analytical

processes at the Afrilab facilities in Marrakech were also reviewed. At the time of the visit, the ALS on-site

preparation and analytical laboratory were being set up, and these facilities were not visited by the QP.

MM. Beaudoin (QP), Vilder (QP), Pérez (QP), Lalonde (QP) and Humphrey (QP), have been working for Aya

since April 2020, April 2020, March 2021, June 2021 and June 2024 respectively, and are either based at the

Head Office in Ville Mont Royal or in the Exploration Office in Marrakech. As part of their role and

responsibilities for the company, the QPs have been visiting the Zgounder mine multiple time over the last

years, and are familiar with the operations. While on site, they have reviewed and inspected the site

infrastructures, the process plants, the tailings storage facilities, the underground and open pit mines, and

discussed in detail the aspects related to cost performance, mine and plant operations, administration,

environmental compliance, permitting status and stakeholder, community and government relations.

**2.6UNITS, ACRONYMS AND CURRENCY**

**Table 2-2Terminology and Abbreviations**

---

| |
|:---|
| **Meaning** |
| $dollar(s) |
| degree(s) |
| degrees Celsius |
| less than |
| greater than |
| percent |
| one standard deviation |
| three-acid digestion |
| three standard deviations |
| three-dimensional |
| four-acid digestion |
| atomic absorption spectrometry |
| silver |
| silver equivalency |
| ALS Laboratory (Australian Laboratory Services), ALS Limited |
| aqua regia digestion |
| arsenic |
| gold |
| gold equivalency |
| average |
| Aya Gold & Silver Inc. |
| barium |
| bulk density |
| Bureau des Recherches Géologiques et Minières |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 15

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **BRPM** | Bureau de Recherches et de Participations Minières |
| **BWI** | ball mill work index |
| **CaO** | calcium oxide |
| **Cd** | cadmium |
| **C.Env** | Chartered Environmentalist |
| **CGG** | Compagnie Générale de Géophysique |
| **CIL** | carbon-in-leach |
| **CIM** | Canadian Institute of Mining, Metallurgy and Petroleum |
| **cm** | centimeter(s) |
| **CN** | cyanide |
| **Co** | cobalt |
| **COC** | chain of custody |
| **Company, the** | Aya Gold & Silver Inc. |
| **CR** | core recovery |
| **CRI** | Comité Régional d'Investissement (centre of investment) |
| **CRM(s)** | certified reference material(s) |
| **CSA** | Canadian Securities Administrators |
| **CSAMT** | controlled-source audio magnetotelluric survey |
| **Cu** | copper |
| **d** | day |
| **D80** | 80% passing size |
| **DAR** | Direction des Affaires Rurales |
| **DD** | diamond drill hole |
| **DLS** | dog-leg severity |
| **EBRD** | European Bank for Reconstruction and Development |
| **EOH** | end of hole |
| **ESMS** | environmental and social management system |
| **ESIA** | Environmental and Social Impact Assessment |
| **FA** | fire assay |
| **Fe** | iron |
| **g** | gram |
| **G&A** | General and administration |
| **g/L** | grams per liter |
| **g/t** | grams of metal per tonne |
| **GISTM** | Global Industry Standard on Tailings Management |
| **GoldMinds** | GoldMinds Geoservices Inc. |
| **GPS** | global positioning system |
| **ha** | hectare(s) |
| **HC** | Hot Curing |
| **HSE** | health, safety, and environment |
| **HSEC** | Health and Safety, Environment and Community |
| **ICP** | inductively coupled plasma |
| **ICP-MS** | inductively coupled plasma-mass spectroscopy |
| **ICP-OES** | inductively coupled plasma-optical emission spectroscopy |
| **ID** | identification |
| **ID**<sup>2</sup> | inverse distance squared |
| **IFC** | International Finance Corporation |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 16

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **ISO** | International Organization for Standardization |
| **ISO/IEC** | International Organization for Standardization/International Electrotechnical Commission |
| **k** | thousand(s) |
| **kg** | kilogram(s) |
| **kg/t** | kilogram(s) per tonne |
| **km** | kilometer(s) |
| **km**<sup>2</sup> | square kilometer(s) |
| **koz** | thousands of ounces |
| **kt** | kilotonne(s), thousands of tonnes |
| **kWh/t** | kilowatt hour per tonne |
| **L** | liter (s) |
| **lb** | pound(s) (weight) |
| **LB** | Lime Boiling |
| **LCT(s)** | locked cycle testwork(s) |
| **level** | mine working level referring to the nominal elevation (m RL), e.g. 4285 level (mine workings at <br>4285 m RL)<br>|
| **LOD** | lower limit of detection |
| **LoM** | life of mine |
| **LOQ** | lower limit of quantification |
| **M** | million(s) |
| **m** | meter(s) |
| **m**<sup>3</sup> | meters cubed |
| **m asl** | meters above sea level |
| **Ma** | millions of years |
| **MAD** | Moroccan Dirham |
| **mag** | magnetic(s) |
| **max.** | maximum |
| **Maya** | Maya Gold & Silver Inc. |
| **mbs or MBS** | meters below surface |
| **Mg** | magnesium |
| **min.** | minimum |
| **MIK** | multiple indicator kriging |
| **mL** | milliliter (s) |
| **mm** | millimeter(s) |
| **Mn** | manganese |
| **Moz** | million ounce(s) |
| **MP-AES** | microwave plasma atomic emission spectroscopy |
| **MRE** | Mineral Resource Estimate |
| **Mt** | million(s) tonnes per year |
| **MTEDD** | le ministère de transition énergétique et durable or minister of durable energetic transition |
| **N** | total number of observations/population size |
| **N** | north |
| **N10** | National Highway 10 |
| **NaCN** | sodium cyanide |
| **Ni** | nickel |
| **NI or NI 43-101** | National Instrument or National Instrument 43-101 |
| **NN** | Nearest Neighbor |
| **NPV** | net present value |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 17

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **NSR** | net smelter return |
| **OK** | Ordinary Kriging |
| **ONHYM** | Office National des Hydrocarbures et des Mines |
| **oz** | ounce(s) |
| **P80** | 80% passing size |
| **P&E** | P&E Mining Consultants Inc. |
| **PAX** | potassium amyl xanthate |
| **PEA** | Preliminary Economic Assessment |
| **Pb** | lead |
| **PEng** | Professional Engineer |
| **PGeo** | Professional Geoscientist |
| **POX** | pressure oxidation |
| **ppm** | parts per million |
| **Q1, Q2, Q3, Q4** | first quarter, second quarter, third quarter, fourth quarter of the year |
| **QA** | quality assurance |
| **QA/QC** | quality assurance / quality control |
| **QC** | quality control |
| **QP** | Qualified Person |
| **R**<sup>2</sup> | the coefficient of determination |
| **RBF** | radial basis function |
| **RC** | reverse circulation |
| **Report, the** | this Technical Report |
| **RIK** | residual indicator kriging |
| **RPEEE** | reasonable prospects for eventual economic extraction |
| **RQD** | rock quality design |
| **RSC** | RSC Consulting Ltd |
| **S** | south |
| **S** | sulphur |
| **SEDAR** | System for Electronic Document Analysis and Retrieval |
| **SGS** | SGS Canada Inc. / SGS Lakefield Research |
| **Si** | silicon |
| **SIPX** | sodium isopropyl xanthate |
| **SODIM** | Société de Développement de l'industrie maricole |
| **SOP** | standard operating procedure |
| **Sr** | strontium |
| **t** | metric tonne(s) |
| **t/m**<sup>3</sup> | tonnes per cubic meter |
| **Technical Report** | (this) NI 43-101 Technical Report |
| **TEM** | Transmission Electron Microscopy |
| **TIMA-X** | Tescan Integrated Mineral Analyses |
| **TSF** | tailings storage facility |
| **TSX-V** | Toronto Venture Stock Exchange |
| **URSTM** | Unité de recherche et de service en technologie minérale |
| **US$** | United States dollars |
| **UTM** | Universal Transverse Mercator |
| **VTEM** | Versatile Time Domain Electromagnetic (survey) |
| **W** | west |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 18

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **w/w** | weight by weight |
| **wireframe** | polygons joined together to represent a specific 3-D domain or unit |
| **wt%** | weight percent |
| **XRD** | x-ray diffraction |
| **ZMSM** | Société de Zgounder Millenium Silver Mining |
| **Zn** | zinc |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 19

**Table 2-3Unit Measurement Abbreviations**

---

| | | |
|:---|:---|:---|
| **Meaning** | **Abbreviation** | **Meaning** |
| microns, micrometer | **m**<sup>3</sup>**/h** | cubic meter per hour |
| $dollar | **m**<sup>3</sup>**/s** | cubic meter per second |
| dollar per metric tonne | **m**<sup>3</sup>**/y** | cubic meter per year |
| percent sign | **mØ** | meter diameter |
| percent solid by weight | **m/h** | meter per hour |
| cent per kilowatt hour | **m/s** | meter per second |
| degree | **Mt** | million tonnes |
| degree Celsius | **Mtpy** | million tonnes per year |
| centimeter | **min** | minute |
| day | **min/h** | minute per hour |
| feet | **mL** | milliliter  |
| Gigawatt hours | **mm** | millimeter |
| grams per tonne | **Mt** | million tonnes or megatonnes |
| hour | **MV** | medium voltage |
| hectare | **MVA** | mega volt-ampere |
| horsepower | **MW** | megawatts |
| hertz | **oz** | ounce (troy) |
| kilo, thousands | **Pa** | Pascal |
| kilogram | **pH** | Measure of acidity |
| kilogram per metric tonne | **ppb** | part per billion |
| kilohertz | **ppm** | part per million |
| kilometer | **s** | second |
| kilopascal | **t or tonne** | metric tonne |
| thousands of tonnes or kilotonnes | **tpd** | metric tonne per day |
| kilovolt | **t/h** | metric tonne per hour |
| kilowatt | **t/h/m** | metric tonne per hour per meter |
| kilowatt-hour | **t/h/m**<sup>2</sup> | metric tonne per hour per square meter |
| kilowatt-hour per metric tonne | **t/m** | metric tonne per month |
| liter  | **t/m**<sup>2</sup> | metric tonne per square meter |
| liter s per second | **t/m**<sup>3</sup> | metric tonne per cubic meter |
| pound(s) | **T** | short ton |
| million | **tpy** | metric tonnes per year |
| meter | **V** | volt |
| square meter | **W** | Watt |
| cubic meter | **wt%** | weight percent |
| cubic meter per day | **yr** | year |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 20

3.0**RELIANCE ON OTHER EXPERTS**

The QPs (Abraham Whaanga, Olivier Bertoli, Honza Catchpole) have not independently verified the legal status

of Aya's exploration permits and have not investigated the legality of any of the underlying agreements

concerning the Zgounder Project.

The QPs have reviewed Aya's permit status information. The QPs are not qualified to give a legal opinion with

respect to the property titles contained within this report and discussed in sections 4.2 and 4.3.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 21

4.0**PROPERTY DESCRIPTION AND LOCATION**

**4.1LOCATION**

Zgounder is located in the province of Taroudant, Kingdom of Morocco, in the central part of the Anti-Atlas

Mountain. It is situated, by road, approximately 215 km south of the city of Marrakech, 220 km east of the city

of Agadir and 140 km west of the city of Ouarzazate (Figure 4-1).

The Zgounder mining license LE-393459 covers an area of 16 km<sup>2</sup> and includes the Zgounder mine, tailing

facilities, mine infrastructure and camp. The center of the Zgounder mining license LE-393459 is located at

approximate Longitude 7° 44' 50" W and Latitude 30° 43' 42" N and, in UTM NAD83 Zone 29N, 6,199,930 m E

and 3,400,170 m N;. The elevation ranges from 2,000 meters to 2,280 meters above sea level (MASL).

![locationa.jpg](locationa.jpg)

**Figure 4-1Location of the Zgounder Mine Property**

**4.2MINERAL TENURE**

Aya's property in the Zgounder area consists of 10 mining licenses and 14 exploration permits spread over an

area of 378.44 km<sup>2</sup>(Figure 4-2). The permits and licenses are distributed within a 40 km radius of Zgounder

mine (Figure 4.3 and Table 4-1).

Nine exploration permits - PR-3942111, PR-3942112, PR-3942113, PR-3942114, PR-2341044, PR-2341045,

PR-2341046, PR2341047 and PR-3941556 - are in the process of being converted into mining licenses. The

applications for conversion were all filed before the exploration permits expiry date and are currently awaiting

approval by the competent authority. Seven of these exploration permits — PR-3942111, PR-3942112,

PR-3942113, PR-3942114, PR-2341044, PR-2341045 and PR-2341046 — are being converted into a single

mining license.

The Zgounder mining license LE-393459 (formerly mining permit no. 2306) covers 16 km<sup>2</sup> and is valid until

October 17, 2027, (as of June 18, 2025, date of title opinion for Zgounder by Dentons Morocco, for Aya Gold &

Silver Inc.).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 22

![figure4-2xlocationofthezgoa.jpg](figure4-2xlocationofthezgoa.jpg)

**Figure 4-2Land Tenure in the Zgounder Property Area**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 23

**Table 4-1Aya Mining Licences and Exploration Permits in the Zgounder Property Area**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Permit ID** | **Permit Type** | **Area (km²)** | **Interest of Aya\*** | **Granted** | **Expires** |
| LE-393459(4) | Licence d'exploitation  | 16.00 | 100% ownership  | 2017-10-17 | 2027-10-16 |
| LE-383782 | Licence d'exploitation  | 16.00 | 100% ownership  | 2023-07-28 | 2033-07-27 |
| LE-383784 | Licence d'exploitation  | 15.14 | 100% ownership  | 2023-07-28 | 2033-07-27 |
| LE-393478 | Licence d'exploitation  | 11.86 | 100% ownership  | 2018-11-16 | 2028-11-16 |
| LE-393507 | Licence d'exploitation  | 4.63 | 100% ownership  | 2018-07-30 | 2028-07-29 |
| LE-393571(7) | Licence d'exploitation  | 52.07 | Option to earn 100% interest  | 2019-08-04 | 2029-08-03 |
| LE-393612 | Licence d'exploitation  | 12.44 | 100% ownership  | 2015-07-30 | 2032-07-29 |
| PR-3843287 | Permis de Recherche  | 13.92 | 100% ownership  | 2023-06-17 | 2026-06-16 |
| PR-3843289 | Permis de Recherche  | 15.93 | 100% ownership  | 2023-06-17 | 2026-06-16 |
| PR-3843461 | Permis de Recherche  | 16.00 | 100% ownership  | 2025-05-27 | 2028-05-26 |
| PR-3843465 | Permis de Recherche  | 6.66 | 100% ownership  | 2025-05-27 | 2028-05-26 |
| PR-3843466 | Permis de Recherche  | 11.07 | 100% ownership  | 2025-05-27 | 2028-05-26 |
| PR-3843474 | Permis de Recherche  | 4.83 | 100% ownership  | 2025-05-27 | 2028-05-26 |
| PR-3843476 | Permis de Recherche  | 3.80 | 100% ownership  | 2025-05-27 | 2028-05-26 |
| PR-3942763 | Permis de Recherche  | 5.78 | 100% ownership  | 2025-05-29 | 2028-05-28 |
| PR-3942111(6) | Permis de Recherche  | 71.09 | 100% ownership  | 2022-07-08 | 2025-07-07 |
| PR-3942112(6) | Permis de Recherche  | 71.09 | 100% ownership  | 2022-07-08 | 2025-07-07 |
| PR-3942113(6) | Permis de Recherche  | 71.09 | 100% ownership  | 2022-07-08 | 2025-07-07 |
| PR-3942114(6) | Permis de Recherche  | 71.09 | 100% ownership  | 2022-07-08 | 2025-07-07 |
| PR-2341044(6) | Permis de Recherche  | 71.09 | 100% ownership  | 2015-07-29 | 2022-07-29 |
| PR-2341045(6) | Permis de Recherche  | 71.09 | 100% ownership  | 2015-07-29 | 2022-07-29 |
| PR-2341046(6) | Permis de Recherche  | 71.09 | 100% ownership  | 2015-07-29 | 2022-07-29 |
| PR-2341047(5) | Permis de Recherche  | 11.48 | 100% ownership  | 2015-07-29 | 2022-07-29 |
| PR-3842368 | Permis de Recherche  | 16.00 | 100% ownership  | 2021-04-29 | 2028-04-28 |
| PR-3842385 | Permis de Recherche  | 15.83 | 100% ownership  | 2021-04-29 | 2028-04-28 |
| PR-3842387 | Permis de Recherche  | 9.52 | 100% ownership  | 2021-04-29 | 2028-04-28 |
| PR-3842394 | Permis de Recherche  | 13.14 | 100% ownership  | 2021-04-29 | 2028-04-28 |
| PR-3842424 | Permis de Recherche  | 3.59 | 100% ownership  | 2021-04-29 | 2028-04-28 |
| PR-3941556(5) | Permis de Recherche  | 16.00 | 100% ownership  | 2018-03-22 | 2025-03-22 |
| PR-3941282(7) | Permis de Recherche  | 16.00 | Option to earn 100% interest  | 2020-05-12 | 2024-05-12 |

---

*Notes* 

*1. Mineral tenure information is effective as of November 11, 2025.*

*2. "Permis de recherche" means exploration permit, and "licence d'exploitation" means mining license.*

*3. In this table, "Aya" refers to Aya Gold & Silver or it subsidiaries ZMSM.*

*4. Zgounder mining license.*

*5. Permits expired with application submitted for conversion into mining licenses, waiting of signature by the competent authority.*

*6. Permits expired with application submitted for conversion into mining licenses, waiting of signature by the competent authority. Permits to be transformed in 1 Mining License*

*7. Permits in the process of being transferred from ONHYM.*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 24

**4.3SURFACE RIGHTS & PERMITS**

The mining license LE-393459 provides surface rights and access to the Zgounder Mine and allows any type

of mining.

**4.4ACQUISITION AGREEMENT, ROYALTIES & ENCUMBRANCES**

In 2012, Maya and ONHYM signed an agreement for the development and the operation of the Zgounder Mine

through a local operating company ZMSM. As part of this agreement: (i) ONHYM received a 15% free-carried

interest in ZMSM, which would become participating once the historical resource would be mined; (ii) Maya

retained 85% in ZMSM; and (iii) ONHYM received a royalty of 3% payable annually on the revenues from the

mining permit no. 2306 (now known as mining licence LE-393459), without expiry.

On December 14, 2022, Aya acquired the ONHYM's 15% interest in the Zgounder Mine and five adjacent

permits to the Zgounder Mine for a total consideration of 67 million dirhams (approximately US$6.5 million).

The ONHYM maintained its 3% royalty on the mining permit no. 2306 (now known as mining licence

LE-393459), and was extended to cover production from the newly acquired permits.

On May 17, 2013, Maya entered into a net-profit interest agreement with Global Works, Assistance and

Trading S.A.R.L ("Glowat") whereby Maya would pay Glowat annually a royalty equal to 5% of gross revenues

from sales generated by the mining permit no. 2306, less mining and processing costs. On June 28, 2023, Aya

and Glowat jointly agreed to terminate the net-profit interest agreement with no amount remaining payable to

Glowat thereunder.

**4.5ENVIRONMENTAL LIABILITIES AND PERMITTING**

As described in the later section 6.0, the Zgounder Silver Mine is a historical site with its first industrial activity

dating back to the 1980s. As such, the mining site presents a legacy of mining activity and infrastructure that

can present an environmental liability. In particular, the historical tailings (TSF A), built in 1980 and closed

approximately in 1990, contains lixiviate that is charged in heavy metals, as noted in the 2021 Environmental

and Social Impact Assessment (ESIA).

ZMSM intends to process the historical tailings incrementally in its processing plant within the next 4-5 years

to repurpose historical mining waste and extract silver ounces. The new residues will be sent to the newly

build tailings storage facility that is fully lined and managed according to the Global Industry Standard for

Tailings Management (GISTM).

The necessary authorization for the use of public water, including the temporary occupation and use of the

Zgounder river, was obtained from the Water Basin Agency of Souss Massa Draa on June 3, 2024. Following

usage, wastewater is discharged into the tailings pond and recycled in the processing plant. There is no water

discharge to the environment.

**4.6OTHER SIGNIFICANT FACTORS AND RISKS**

To the best of the knowledge of the Authors, there are no environmental considerations or other significant

factors or risks that may affect access, title, or the right or ability to perform work on the Zgounder Property.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 25

5.0**ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,** 

**INFRASTRUCTURE AND PHYSIOGRAPHY**

**5.1ACCESS**

The Zgounder Mine is located in the province of Taroudant, approximately 220 km east of the port City of

Agadir, Morocco. The mine site is accessible from Agadir by a well-maintained paved road (N10) traversing

216 km east to Taliouine. From Taliouine, a hillside paved road heads north 50 km to the village of Askaoun.

The mine site is accessible from Askaoun by a well maintained 5-km gravel road (Figure 5.1). A 225-km paved

road from Marrakesh to Askaoun via Agouim, is presently under construction.

![figure5-1xaccesstothezgouna.jpg](figure5-1xaccesstothezgouna.jpg)

**Figure 5-1Access to the Zgounder Mine from Agadir and Marrakech**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 26

**5.2CLIMATE**

The Zgounder Mine is located between 1,925 and 2,200 MASL, on the western flank of the Siroua Massif of

the Anti-Atlas Mountains. This region is separated from the influence of the Mediterranean climate by the High

Atlas Mountains to the north, and therefore, shares the Sahara climate. The Sahara Desert is located <50 km

to the southeast and semi-arid climate prevails. Winters are cool to cold; snowfalls of up to 0.5 m occur during

the first quarter of the year in areas above 1,600 MASL. The average annual rainfall is approximately 227 mm;

the driest month is July with 4 mm of rain. March has the highest rate of precipitation with an average of 34

mm (Figure 5-2). The average annual temperature is approximately 13.6°C; summers are warm to hot and

essentially dry. Seasonal and monthly temperature variations are significant.

The hottest month of the year is July, with an average temperature of 23.8°C. The coldest month is January,

with an average temperature of 5.1°C (Table 5-1).

![image65a.jpg](image65a.jpg)

*Source: climate-data.org. Data: 1991 - 2021.*

**Figure 5-2Monthly Precipitation and Temperature Averages at Askaoun**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 27

**Table 5-1Monthly Precipitation and Temperature Averages at Askaoun**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January** | **February** | **March** | **April** | **May** | **June** | **July** | **August** | **September** | **October** | **November** | **December** |
| **Avg. Temperature °C (°F)** | 5.1 °C | 6.2 °C | 9.2 °C | 12.3 °C | 16 °C | 20.3 °C | 23.8 °C | 22.9 °C | 18.4 °C | 14.1 °C | 8.9 °C | 6.1 °C |
| **Avg. Temperature °C (°F)** | (41.2) °F | (43.2) °F | (48.5) °F | (54.2) °F | (60.7) °F | (68.6) °F | (74.8) °F | (73.2) °F | (65.1) °F | (57.3) °F | (48.1) °F | (42.9) °F |
| **Min. Temperature °C (°F)** | -0.2 °C | 0.4 °C | 2.9 °C | 5.7 °C | 8.8 °C | 12.6 °C | 16.4 °C | 15.9 °C | 12.3 °C | 8.7 °C | 3.7 °C | 1 °C |
| **Min. Temperature °C (°F)** | (31.6) °F | (32.8) °F | (37.2) °F | (42.2) °F | (47.8) °F | (54.7) °F | (61.6) °F | (60.6) °F | (54.2) °F | (47.7) °F | (38.6) °F | (33.8) °F |
| **Max. Temperature °C (°F)** | 11.7 °C | 12.9 °C | 15.9 °C | 19.3 °C | 23 °C | 27.7 °C | 30.9 °C | 29.8 °C | 25.1 °C | 20.1 °C | 15 °C | 12.4 °C |
| **Max. Temperature °C (°F)** | (53.1) °F | (55.2) °F | (60.5) °F | (66.7) °F | (73.4) °F | (81.8) °F | (87.5) °F | (85.7) °F | (77.2) °F | (68.2) °F | (59) °F | (54.3) °F |
| **Precipitation / Rainfall mm (in)** | 18 | 31 | 34 | 16 | 13 | 9 | 4 | 10 | 17 | 24 | 27 | 24 |
| **Precipitation / Rainfall mm (in)** | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| **Humidity(%)** | 47% | 43% | 40% | 36% | 31% | 27% | 20% | 24% | 35% | 43% | 49% | 51% |
| **Rainy days (d)** | 3 | 3 | 4 | 3 | 2 | 2 | 1 | 2 | 3 | 3 | 2 | 3 |
| **avg. Sun hours (hours)** | 8.7 | 9 | 9.9 | 11 | 12 | 12.6 | 12.5 | 11.9 | 10.9 | 9.6 | 8.6 | 8.2 |

---

*Source: cimate-data.org. Data: 1991 - 2021.*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 28

**5.3INFRASTRUCTURE**

The Zgounder Mine is easily accessible via a well-maintained gravel road from the Village of Askaoun. There

are numerous dirt roads and paths that lead to facilities and mines.

The area surrounding the Zgounder Mine is sparsely populated, and a few small villages typical form the Atlas

mountains in Morocco are located in a 20 km radius from the mine. Traditionally, the main source of income

in the area has been derived from agriculture and livestock.

The main sources of water is a natural spring located approximately 28 km away from the site, and the

Zgounder River during the rainy season.

Mine site facilities include crew houses, offices, drill core shack. All facilities are connected to the national

electrical grid.

Further discussion about the existing infrastructures at the Zgounder Mine is provide in Section 18 of the

Report.

**5.4PHYSIOGRAPHY AND VEGETATION**

The Jbel Siroua Region (elevation 3,304 MASL, Adrar n'Siroua) is the highest point of the Anti-Atlas, located 14

km southeast of the Zgounder Mine. The Siroua Massif is crossed by numerous rivers, mainly Assif n'Tifnout,

Assif n'Oumarigh, and Assif n'Iriri. Zgounder is situated on the northern flank of a steep ridge between the

Talat N'ouna River to the north and the Zgounder River to the south and west. The ridge rises steeply from an

elevation of 2,000 MASL at the Zgounder River to 2,230 MASL at the far eastern end of the deposit.

The topography at Zgounder is characterized by moderately steep hills with high altitudes, in the range of

2,100 MASL, and low valleys with seasonal flow in rivers. Vegetation is limited to minor alpine flowers,

mosses, lichens and small evergreen trees. Wheat is cultivated on man-made terraces near the villages. The

terraces are irrigated by springs and dams.

**5.5LOCAL RESOURCES**

The main villages are located near rivers (oueds) for water sources and select vegetation (certain cereals,

vegetables, and some trees). The local population is exclusively Amazigh with a semi-sedentary lifestyle. The

economy is principally supported by livestock, agriculture and food trade (saffron, potatoes, dates), and

manufacture of traditional carpets. The Siroua Region is a popular tourist destination from spring to late fall.

Basic supplies, such as food and limited accommodation, are available at Askaoun. The larger City of Talioune

offers more amenities and services. Special items must be purchased from Agadir.

Mining in Morocco has existed for centuries, and skilled labour is readily available. The mining manpower for

Zgounder resides in nearby villages, located from 5 km to 10 km away from the mine site. Skilled labour is

available in nearby villages and some inhabitants are previous employees of SOMIL and CMT, former

operators of the Zgounder Mine.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 29

6.0**HISTORY**

**6.1MINING AND EXPLORATION HISTORY**

Zgounder has a long history of intermittent exploration and silver mining activities from ancient times to

present day.

The Zgounder Silver Deposit was first exploited between the 10th and 12th Century, mainly in exposed shallow

zones with native silver stringers hosted within W-, N-, NW- and NE-trending veins.

Excavation scars from those old mining operations can exceed 60 m in depth. Evidence of those ancient

workings is found locally (Figure 6-1) and many of the excavation sites have been mapped.

![image10a.jpg](image10a.jpg)

*Description: Left) a granite wheel used in the medieval period to reduce the size of extracted mineralized rocks; and Right) slag (the* 

*remainders of molten metal) found at the surface, close to the entrance of 2100 Level at the Zgounder Mine.*

**Figure 6-1Evidence of Ancient Operations**

**6.1.1SNAM-BRPM Period (1950 to 1979)**

Early exploration of the Zgounder deposit was mainly carried out by BRPM (Bureau de Recherches et de

Participations Minières). BRPM was a subsidiary of the French BRGM (Bureau de Recherches Géologiques et

Minières).

Only limited information from these historical programs has been found. It appears that five main exploration

campaigns took place: Société Nationale des Autoroutes du Maroc (SNAM)-BRGM (1950–1955), BRPM

(1956–1965; 1969–1972), Société Anonyme Chérifienne d'Études Minières du Maroc (SACEM)-BRPM jointly

(1971–1972), and BRPM–United Nations Development Program (PNUD) (1978). (SOMIL 1988)

**6.1.2SOMIL Period (1982 to 1989)**

The Société Minière de Sidi Lahcen (SOMIL) operated the Zgounder Mine from 1982 to 1989. SOMIL was a

subsidiary company of the BRPM.

Extraction was exclusively underground, using an overhand cut-and-fill method. Mine development included

several underground drifts and portals (9,220 m in total) connected by raises (1,200 m in total). The highest

portal level was excavated at 2,175 MASL at the eastern end of the Mine. The lowest level was at 1,925 MASL

in the Western Zone (Figures 6-2 and 6-3).

Drilling was conducted on several levels and sublevels totalling 15,383 m (percussion and diamond drilling).

These drill holes were named according to their collar elevation. The 2000 Level (the main mine entrance)

corresponds to the principal level for draw points and two (2) Alimak raises were developed. The run-of-mine

product was transported by wagon to the entrance/exit of the 2000 Level, and then onwards to the primary

crusher (Figure 6-2).

Mining activity stopped due to the drop of the silver price below US$5/oz. (SOMIL 1990)

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 30

![image83a.jpg](image83a.jpg)

*Source: SOMIL 1988*

**Figure 6-2Level maps of the 2000 Level by SOMIL showing underground drifts and geological mapping**

![image92a.jpg](image92a.jpg)

*Source: SOMIL 1988*

**Figure 6-3Longitudinal Projection of the Western Zone by SOMIL Displaying the Ancient Excavation** 

**Areas at the Zgounder Silver Mine**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 31

![image28a.jpg](image28a.jpg)

*Description: A) view looking east showing the entrance of the 2000 and 2025 Level portals, a network of water pipes and several bridges* 

*were in construction at the time of this photo; B) entrance to the 2000 Level prior to recent modifications; and C) an old small mine rail car* 

*on the 2,000 Level.*

*Source: SGS and GoldMinds (2014)*

**Figure 6-4Infrastructure from the SOMIL Period at Zgounder**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 32

**6.1.3BRPM-Icelandic Gold Period (1990 to 1999)**

Despite the cessation of mining activities, the BRPM continued exploration work and carried out two

campaigns:

In 1990, an underground exploration program consisting of 10 drill holes totalling 2,282 m was completed

successfully. The campaign achieved the objective to delineate the extension of silver mineralization in the

Western Zone.

The second campaign, initiated in 1997, included geological mapping and sampling of the mineralized

structures, followed by a drilling program. Seven surface drill holes were completed along the strike of

mineralized zones, for a total of 1,761 m of core drilling. The BRPM interpreted these zones as new

mineralized horizons parallel to, and stratigraphically below, the dolerite contact zone.

In 1999, Icelandic Gold Corporation conducted a sampling campaign over the mine-waste dump. The mine

waste dump consists of surface reject material covering the southern side of the River Tlat Nouna (Figures 6-4

and 6-5). This waste dump was referred to as the 'ancient tailings' by Icelandic Gold Corporation, forming a

superficial thin layer of coarse (5 cm to 10 cm) and fine (1 cm to 3 cm) debris that range from 0.5 m to 2.0 m

thick (Figure 6-5).

Icelandic Gold Corporation collected 20 surface samples from the mine-waste dump averaging 377 g/t Ag (or

438 g/t Ag from 17 samples). Another eight (8) surface samples from an EW traverse along the mine waste

dump were collected having an average of 573.6 g/t Ag (ACA Howe International report, 1999). The old

tailings located at the north of the Zgounder Mine installation correspond to the residues processed between

1980 and 1990, which were deposited in a V-shaped valley (Figure 6-6A). A channel sample 9 m deep taken by

ACA Howe returned an average of 224 g/t Ag (Icelandic Gold Corporation Report, 1999).

![image11a.jpg](image11a.jpg)

**Figure 6-5Southward View of Oxidized Waste Dump Resulting from the Ancient Mine Workings at the** 

**Zgounder Silver Mine**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 33

![image84a.jpg](image84a.jpg)

*Description: A) Location of the mine-waste dump at the Zgounder Mine (from Google Earth); and B) Location of samples collected by BRPM* 

*from the mine waste dump.*

**Figure 6-6BRPM Waste Dumps at Zgounder**

**6.1.4CMT Period (2002 to 2004)**

From 2002 to 2004, the Compagnie Minière de Touissit (CMT) conducted surface and underground

exploration programs to delimit the mineralized zones in the northern zone of the Zgounder Mine and to verify

the historical mineral resource estimate as previously defined by BRPM. CMT also continued to search for

new mineralized zones in the central and eastern sectors of the Mine.

The CMT exploration program consisted of 10 surface drill holes and 26 underground drill holes totalling

6,827.9 m (Table 6-1). They also completed underground development (977.9 m) of new cross-cuts at the

2150, 2125, 2100, and 2000 Levels) to define new silver-rich zones at the Zgounder Mine (Table 6-2). These

works led to the identification of three new mineralized zones towards the north.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 34

**Table 6-1CMT Exploration Programs from 2002 to 2004**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item** | **2002** | **2003** | **2004** | **Total** |
| **Drilling (m)** |  |  |  |  |
| **Surface diamond drilling** | 2728 | 0 | 0 | 2728 |
| **Underground diamond drilling** | 619 | 2647 | 835 | 4100 |
| **Percussion drill T28** | 56 | 7733 | 3998 | 11787 |
| **Percussion drill Yak** | 0 | 2529 | 320 | 2849 |
| **Total Drilling** | 3403 | 12909 | 5153 | 21464 |
| **Mining Development (m)** |  |  |  |  |
| **Adits** | 65 | 470 | 443 | 978 |
| **Raises** | 35 | 19 | 98 | 151 |

---

*Source: CMT - Bilan 2004 Zgounder*

**Table 6-2Summary of CMT Underground Workings from 2002 to 2004**

---

| | | |
|:---|:---|:---|
| **Level / Zone** | **Adit Length (m)** | **Purpose / Results** |
| 2150 | 2 | Silver-rich sedimentary schist layers in altered dolerite |
| 2125 | 153.4 | Reaching the southern end of the level |
| 2100 | 20 | Fractured sandstone/shale associated with rhyolitic rocks |
| 2000 | 802.6 | East, northwest and west of the Central Zone |
| Including |  |  |
| Northwest | 313 | Strongly fractured shale/sandstone. Clay-filed faults containing quartz, lead, and zinc <br>sulfides, disseminated pyrite and chlorite. Silver mineralization was encountered in <br>and out of the fault zone.<br>|

---

*Source: CMT - Bilan 2004 Zgounder*

**6.1.5Maya Period (2012 to 2020)**

In 2012, Maya Gold & Silver ("Maya" a predecessor to Aya) and the ONHYM agreed to negotiate an agreement

for Maya to acquire 85% of the Zgounder. Maya was granted the license No. 2306 and the surface rights and

access to the Property for any type of exploration and exploitation. The agreement was signed January 06,

2012. Due diligence work was carried out at the mine site by SGS-Canada-Geostat (SGS-Canada-Geostat, 2011). The

evaluation consisted of verification of the mining installations, dam and tailings. Grab rock samples were

taken from the tailings and crushed stockpiles.

Upon acquisition, the mine and associated infrastructure had been dormant. During 2012–2013, Maya

committed to rehabilitating the mill, concentrator, and mine access in preparation for a production restart. The

company also initiated a series of diamond drilling programs aimed at confirming historical results, expanding

known mineralized zones, and upgrading the resource base.

In 2014, Maya commissioned GoldMinds Geoservices Inc. (GMG) to prepare the first Mineral Resource

Estimate and a Preliminary Economic Assessment (PEA) of the Zgounder Mine completed in accordance with

NI 43-101 and CIM Definition Standards, in order to resume mining and exploitation (GoldMinds, 2014). Aya

publicly disclosed a Pre-Feasibility Study (PFS) on May 2014, which was jointly prepared by GMG and SGS.

Processing operations commenced in July 2014 and Aya announced the first silver pour in August 2014 and

production of the first 20 silver ingots

Between 2015 and 2017, Maya maintained a steady extraction rate of approximately 150 tonnes per day.

During this period, the company carried out additional diamond drilling campaigns (2015 and 2017) and

introduced percussion drilling for grade-control purposes using YAK, T28 and T23 rigs. Since then, percussion

drilling has been conducted every year underground at Zgounder.

In 2018, Maya released a Preliminary Economic Assessment (PEA) that included the construction of a new

flotation plant. The plant was completed in early 2019, commissioned in April, and achieved commercial

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 35

production in May 2019. Since 2018, diamond and percussion drilling have been used systematically for

resource definition and grade control. In 2019 Maya introduced RC drilling, completing a campaign of 30 holes

for a total of 3,500 meters.

In July 2020, Maya changed its name to "Aya Gold & Silver Inc." The rebranding reflected a new management

strategy and the modernization of operations at Zgounder and other Moroccan assets. Under the new

leadership, mining production and exploration drilling activities at Zgounder increased significantly.

The objectives of 2020 and 2021 drilling programs were to support an updated mineral resource estimate. By

upgrading Inferred Resources to the Measured and Indicated categories and to define new mineralized

extensions east of and below the existing workings. Drilling successfully extended high-grade mineralization

along strike and at depth. This major expansion of exploration and definition work marked a transition from

resource delineation toward mine development and provided the foundation for the 2021 Feasibility Study.

**Table 6-3Historical Diamond drilling and Reverse Circulation drilling programs by year and company** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Company** | **DD Surface** | **DD Surface** | **DD Undergound** | **DD Undergound** | **RC Surface** | **RC Surface** | **Total** | **Total** |
| **Period** | **Company** | **Drillholes** | **Meters** | **Drillholes** | **Meters** | **Drillholes** | **Meters** | **Drillholes** | **Meters** |
| **1980's** | BRGM | 10 | 2282 | --- | --- | --- | --- | 10 | 2282 |
| **1980's** | SNAM-<br>BRGM<br>| --- | --- | 82 | 4418 | --- | --- | 82 | 4418 |
| **1980's** | SOMIL | --- | --- | 20 | 978 | --- | --- | 20 | 978 |
| **1997** | BRPM | 8 | 1761 | --- | --- | --- | --- | 8 | 1761 |
| **2000's** | CMT | --- | --- | 27 | 4005 | --- | --- | 27 | 4005 |
| **2013 to 2020** | MAYA | 80 | 22865 | 5 | 867 | 30 | 3462 | 115 | 27194 |
| **2020** | AYA | 41 | 13488 | 15 | 2025 | --- | --- | 56 | 15513 |
| **2021** | AYA | 164 | 33716 | 159 | 17240 | --- | --- | 323 | 50956 |

---

**Table 6-4Historical Underground percussion drilling programs by year and company**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Company** | **T28** | **T28** | **YAK** | **YAK** | **T23** | **T23** | **Total** | **Total** |
| **Period** | **Company** | **Drillholes** | **Meters** | **Drillholes** | **Meters** | **Drillholes** | **Meters** | **Drillholes** | **Meters** |
| **1980's** | SOMIL | 458 | 8052 | --- | --- | --- | --- | 458 | 8052 |
| **2000's** | CMT | 502 | 8997 | --- | --- | --- | --- | 502 | 8997 |
| **2013 to 2019** | MAYA | 404 | 8299 | 29 | 892 | 21 | 299 | 454 | 9490 |
| **2020** | AYA | 227 | 4276 | --- | --- | --- | --- | 227 | 4276 |
| **2021** | AYA | 687 | 15789 | 48 | 1903 | --- | --- | 735 | 17692 |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 36

**6.2PRODUCTION HISTORY**

Two companies have industrially mined the Zgounder Silver deposit.

Between 1982 and 1990, SOMIL extracted approximately 500,000 tonnes at an average grade of 330 g/t Ag,

for a total production of 5.3 Moz of silver, using backfill, shrinkage, and open long-hole mining methods, and

applying a cut-off grade of 125 g/t Ag (Reminex, 2009).

Aya Gold & Silver commenced process plant operations at the Zgounder Mine in July 2014 and poured its first

silver in August 2014. Between 2014 and 2018, Aya produced a total of 1.7 Moz of silver.

The first silver concentrate from the new flotation plant was produced in May 2019. With the arrival of new

management and the launch of the Zgounder expansion plan, production increased significantly in 2021.

Open-pit mining began in July 2023, and the new cyanidation plant produced its first silver in November 2024.

Between 2019 and 2024, Aya produced a total of 8.3 Moz of silver.

Documented silver production from Zgounder comprises a total of 15.3 Moz and is detailed in Table 6-5.

**Table 6-5Declared mine production at Zgounder 1982 to 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Year** | **Dry Tonnes** <br>**processed (t)**<br>| **Grade** <br>**processed(g/t** <br>**Ag)**<br>| **Silver Produced** <br>**(oz)**<br>| **Notes** |
| **SOMIL** | 1982-1999 | 500000 | 330 | 5300000  | Rounded figures extracted <br>from BRPM reports<br>|
| **CMT** | 2002 - 2004 | - | - | - | No Industrial production - only <br>exploration activities<br>|
| **MAYA** | 2012 | - | - | - | No production - Project under <br>rehabilitation phase |
| **MAYA** | 2013 | - | - | - | No production - Project under <br>rehabilitation phase |
| **MAYA** | 2014 | 20665 | 278 | 120437 | First ingots poured in August <br>2014<br>|
| **MAYA** | 2015 | 52863 | 269 | 304206 |  |
| **MAYA** | 2016 | 57831 | 345 | 512691 |  |
| **MAYA** | 2017 | 53547 | 355 | 517135 |  |
| **MAYA** | 2018 | 39763 | 279 | 258469 |  |
| **MAYA** | 2019 | 100667 | 218 | 452416 | Flotation plant: commercial <br>production<br>|
| **AYA** | 2020 | 128923 | 255 | 726319 | Maya changed name to Aya |
| **AYA** | 2021 | 224515 | 269 | 1600646 |  |
| **AYA** | 2022 | 254976 | 265 | 1880707 | Expansion Feasibility Study <br>released<br>|
| **AYA** | 2023 | 281634 | 250 | 1970646 | Start of the Open pit <br>Production in July 2023<br>|
| **AYA** | 2024 | 358919 | 168 | 1646265 | Commissioning of the new <br>Cyanidation plant November <br>2024<br>|

---

**6.3HISTORICAL MINERAL RESOURCE ESTIMATE**

In December 2021, Aya completed a mineral resource estimate (historical estimate) for the Zgounder Project

in a technical report reported in accordance with NI 43-101 with an effective date of 13 December 2021 and

filed on SEDAR+ under Aya's profile (see further notes below).

The December 2021 historical estimate was reported in compliance with NI 43-101 and CIM Definition

Standards (May 2014), incorporating geological and assay data from 3,148 drill holes for 136,816 m of drilling

conducted at Zgounder between the 1980s and December 2021 (Table 6-6). The December 2021 historical

estimate involved mineralization modelling, grade estimation, and mineral resource reporting using

Gemcom™, Leapfrog™, Snowden Supervisor™, and NPV Scheduler™ software. Ordinary kriging was used for

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 37

grade estimation into 2.0 m × 2.0 m × 2.0 m blocks. Three-dimensional block models were created for the

Zgounder Deposit and for the historical tailings. An average process recovery of 90% Ag was used for RPEEE

consideration based on recent production. The December 2021 historical estimate is summarized in Table

6-8.

At a cut-off grade of 65 g/t Ag, the pit-constrained Measured and Indicated Mineral Resources totalled 514 kt,

grading 357 g/t Ag for 5.9 Moz Ag. At a cut-off grade of 75 g/t Ag, the out-of-pit Measured and Indicated

Mineral Resources totalled 9.0 Mt, grading 309 g/t Ag for 89.3 Moz Ag, while the Inferred Mineral Resource

totalled 542 kt, grading 367 g/t Ag for 6.4 Moz Ag. At a cut-off grade of 50 g/t Ag, the tailings Indicated

Mineral Resource totalled 272 kt, grading 94 g/t Ag for 817 koz Ag.

**Table 6-6Zgounder historical estimate as at December 13, 2021** <sup>(1-10)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Area** | **Class** | **Cut-Off** | **Tonnes** | **Ag** | **Ag** |
| **Area** | **Class** | **(Ag g/t)** | **(k)** | **(g/t)** | **(koz)** |
| **Pit Constrained** | Measured | 65 | 108 | 477 | 1656 |
| **Pit Constrained** | Indicated | 65 | 406 | 325 | 4242 |
| **Pit Constrained** | Measured +Indicated | 65 | 514 | 357 | 5898 |
| **Pit Constrained** | Inferred | - | - | - | - |
| **Out-of-Pit** | Measured | 75 | 3403 | 343 | 37527 |
| **Out-of-Pit** | Indicated | 75 | 5576 | 289 | 51810 |
| **Out-of-Pit** | Measured +Indicated | 75 | 8979 | 309 | 89337 |
| **Out-of-Pit** | Inferred | 75 | 542 | 367 | 6395 |
| **Tailings** | Measured | - | - | - | - |
| **Tailings** | Indicated | 50 | 272 | 94 | 817 |
| **Tailings** | Measured +Indicated | 50 | 272 | 94 | 817 |
| **Tailings** | Inferred | - | - | - | - |
| **Total** | Measured | - | 3511 | 347 | 39183 |
| **Total** | Indicated | - | 6254 | 283 | 56869 |
| **Total** | Measured +Indicated | - | 9765 | 306 | 96052 |
| **Total** | Inferred | - | 542 | 367 | 6395 |

---

*Notes*

*1. Mineral Resources are reported inclusive of Mineral Reserves.*

*2. A silver price of USD 22.5/oz with a process recovery of 90%, USD 20/t rock process cost, USD 16.5/t tailings process cost, and USD 7/t* 

*G&A cost were used.* 

*3. The constraining pit optimization parameters were USD 15/t of mineralized material (including waste mining) and 50º pit slopes with a 65* 

*g/t Ag cut-off.*

*4. The out-of-pit parameters used a USD 22/t mining cost. The out-of-pit Mineral Resource grade blocks were quantified above the 75 g/t Ag* 

*cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit* 

*continuity and reasonable potential for extraction by the cut and fill underground mining method.* 

*5. The tailings parameters were at a USD 9/t mining cost, and Mineral Resource grade blocks were quantified above the 50 g/t Ag cut-off.* 

*6. Individual calculations in tables and totals may not sum correctly due to rounding of original numbers.*

*7. Reported in accordance with the CIM Definition Standards (May 2014).*

*8. The QP (Abraham Whaanga) has not done sufficient work to classify the historical estimate as current mineral resources, and Aya is not* 

*treating the historical estimates as current mineral resources.*

*9. This is called historical Mineral Resource estimate in the sense of previous Mineral Resource estimate, but not as historical estimate* 

*under NI 43-101.*

*10. Refer to additional disclosure below for this historical estimate.* 

**Required disclosure under Section 2.4 of NI 43-101 (Disclosure of Historical Estimates)**

• The December 2021 estimate was reported in accordance with the CIM Definition Standards (May

2014) and included in a technical report compliant with NI 43-101, with an effective date of 13

December 2021 and filed on SEDAR+ (Aya Gold & Silver Inc. 2021).

• The December 2021 historical estimate is considered reliable and relevant by the QP (Abraham

Whaanga), as it was an updated resource estimate. However, it has been superseded by the current

MRE disclosed in Section 14 of this Report.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 38

• In addition to the key assumptions, parameters, and methods described above, the December 2021

historical estimate was reported at a cut-off grade of 65 g/t Ag pit-constrained, 75 g/t Ag out-of-pit, and

50 g/t Ag tailings.

• The QP (Abraham Whaanga) has not done sufficient work to classify the December 2021 historical

estimate as a current mineral resource estimate, and Aya is not treating this historical estimate as

current mineral resources, as it has been superseded by the current MRE disclosed in Section 14 of this

Report. The purpose of stating this historical estimate in the Report is to fully disclose past historical

estimates for the Zgounder Project.

• The QP (Abraham Whaanga) is not aware of any other recent historical estimates for the Zgounder

Project.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 39

7.0**GEOLOGICAL SETTING AND MINERALIZATION**

**7.1REGIONAL GEOLOGY**

Zgounder is located on the northwestern flank of the Siroua inlier (also spelled *Sirwa)*, near the central part of

the Anti-Atlas. The inliers (also referred to as *boutonnières* or *windows)* of the Anti-Atlas exposed Proterozoic

basement rocks—remnants of the ancient West African Craton—surrounded by Paleozoic sedimentary cover

(Figure 7-1). Among these, the Siroua inlier forms a transitional zone between the Paleoproterozoic Eburnean

basement of the craton to the south and the Neoproterozoic Pan-African Anti-Atlas Orogen to the north.

Regionally, the Anti-Atlas Mountain Belt lies along the northern margin of the West African Craton and records a

complex tectonic evolution involving both the Eburnean and Pan-African orogenies (Soulaimani et al., 2018).

![chap7updatea.jpg](chap7updatea.jpg)

*Source: modified from Soulaimani et al., 2018*

**Figure 7-1Regional Geology of the Anti-Atlas Mountain Belt**

**7.2LOCAL GEOLOGY**

Within the Siroua Inlier, the local stratigraphic framework at Zgounder is dominated by Neoproterozoic volcano-

sedimentary rocks of the Sarhro Group. The Sarhro Group is part of the broader Anti-Atlas Supergroup, which

regionally encompasses several volcano-sedimentary sequences recording the evolution of Neoproterozoic

basins along the northern margin of the West African Craton (Figure 7-2, 7-3).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 40

![zgounder_geologyxregionala.jpg](zgounder_geologyxregionala.jpg)

**Figure 7-2Geology of the Zgounder Property**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 41

The tectonic setting of the Sarhro successions remains debated. Focused studies at Imiter—a prolific silver

deposit in the eastern Anti-Atlas and broadly contemporaneous with the Zgounder geology—suggest that these

successions initially developed within passive-margin environments before evolving into oceanic and island-arc

settings between approximately 800 and 660 Ma (Pelleter, 2016). Within this broader framework, some authors

propose that the Sarhro Group was deposited in a back-arc basin (Brabers, 1988), whereas others advocate for a

fore-arc basin setting (Saquaque et al., 1992; Hefferan et al., 1992; Ennih & Liégeois, 2001). Geochemically, the

volcanic units display compositions comparable to arc-derived calc-alkaline basalts, supporting the

interpretation that Sarhro volcanism was linked to arc development, likely during the early stages of fore-arc

basin formation (Thomas et al., 2002).

![sarhogroupv2a.jpg](sarhogroupv2a.jpg)

*Source: modified from Thomas et al., 2002*

**Figure 7-3Geology of the Siroua Inlier, Anti-Atlas** 

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 42

Following basin closure, early Pan-African deformation resulted in southwest-directed thrusting and the

accretion of arc-related terranes represented by the Bou Salda Formation. This volcano-sedimentary package

accumulated within fault-controlled troughs during a period when the fore-arc basin was narrowing and the arc

complex underwent uplift and erosion (Thomas et al., 2002). Within this sequence, the Tadmant Rhyolite—a unit

of the Bou Salda Formation—intrudes the greywackes of the Sarhro Group (Figure 7-3, 7-4). The Tadmant

Rhyolite has been dated at 606 Ma (Thomas et al., 2002), implying that deposition of the Sarhro Group

sediments is older, around ~660 Ma (Thomas et al., 2004), though no absolute age date is available for the

sedimentary units.

Deformation of the Sarhro Group was followed by plutonism and the emplacement of the Assarag intrusive

suite, which includes the Askaoun Batholith (Thomas et al., 2002). The batholith, located to the far west of

Zgounder, has been dated at 558 Ma (Toummite et al., 2013). Subsequent post-orogenic collapse produced a

series of extensional basins and the deposition of the volcano-sedimentary Ouarzazate Group, which overlies

the older units unconformably and is dated between 558–539 Ma (Pelleter et al., 2016) (Figures 7-3 , 7-4). The

Assarag Suite and the Ouarzazate Group collectively occupy much of the Siroua Inlier. Post-orogenic collapse

also generated a network of N-, E-, NE-trending conjugate faults and fractures that, at the deposit scale, exert

significant control on mineralization.

The final phase of volcanism in the region is represented by the Miocene Sirwa volcano, located at the same

Neoproterozoic volcanic center active during Ouarzazate Group deposition (Thomas et al., 2002).

Prior to the lithostratigraphic classification established by Thomas et al. (2002), the Precambrian terrains of the

Siroua Inlier were subdivided by broad epochs: Precambrian II (PII), corresponding to the Tonian and Cryogenian

periods, and Precambrian III (PIII), corresponding to the Ediacaran. Within this earlier framework, the Sarhro

Group (PII) is intruded to the west by the Askaoun granodioritic batholith (PII–III) and overlain to the east by the

volcano-sedimentary rocks of the Ouarzazate Group (PIII) and younger Miocene cover (Serv. Geol. Maroc, 1990)

(Figures 7.3 and 7.4).

**7.3PROPERTY GEOLOGY**

The Zgounder deposit is hosted within the volcano-sedimentary sequence of the Imghi Formation, located in the

western segment of the Cryogenian Sarhro Group. This sequence extends approximately 15 km in length and 3–

5 km in width along the northwestern flank of the Proterozoic Siroua Inlier. The Imghi Formation comprises fine-

to very fine-grained sandstones, siltstones, and turbiditic beds that are weakly metamorphosed, with local

hornfels and silicic, sericitic, and chloritic alteration adjacent to intrusive bodies (Figure 7-4). The Imghi

Formation at Zgounder is spatially bounded by post-Sarhro Group magmatic units.

Earlier work at Zgounder divided the volcano-sedimentary sequence into the "Black," "Brown," and "Blue" series

(Demange, 1977). This nomenclature is obsolete; these units are now grouped within the Imghi Formation

(Thomas et al., 2002). In this report, the Imghi Formation is used as the formal designation, with the legacy

terms referenced only for local mine-scale descriptions.

The Tadmant Rhyolite of the Ediacaran Bou Salda Formation forms a 500–1,000 m thick unit that intrudes the

Imghi Formation within the Zgounder property. This rhyolitic body lies between the Assarag granophyre and

younger Ouarzazate Group volcanics to the east, and the Assarag Askaoun granodiorite to the west (Figure 7-4

7-5). Parallel to the rhyolite runs a dolerite intrusion, which is spatially associated with the same structural

corridor and pinches out at depths between approximately 100 and 200 m below surface.

The deposit occurs along the northern contact between the Tadmant Rhyolite/dolerite intrusion and laminated

siltstones of the Imghi Formation (Figure 7-5, 7-6). Both units strike approximately east–west, and the

sedimentary beds dip steeply (~70°) southward. A dominantly northeast-trending axial-plane slaty cleavage has

been documented in the area (Soulaimani et al., 2018). The rhyolite–metasediment contact is subvertical and

irregular, reflecting localized deformation and faulting (Figure 7-6, 7-7). On a larger scale, the deposit itself

trends west, proximal to this geological front, which also acts as a structural control on mineralization for

roughly 1 km, from the eastern granophyre contact at surface westward to the Zgounder Fault (Figure 7-6).

The Zgounder Fault, a major north–trending, subvertical structure, crosscuts the property, dividing it into eastern

and western structural blocks within the Imghi Formation (Figure 7-6). The eastern zone of the eastern block is

further marked by another major fault, referred to as the Pit Fault, which plays an important role in the

mineralization exposed in the open pit operations at Zgounder. The eastern limit of the deposit abuts a

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 43

granophyre of the Assarag Suite, part of the same intrusive complex as the Askaoun Granodiorite. Further east,

the Ouarzazate Group volcanics, consisting of horizontally stacked ignimbrites, overlie the intrusive contact.

The vertical extent of the Imghi sedimentary package hosting the deposit east of the Zgounder Fault ranges

from about 100 m in the east to over 500 m in the west, controlled primarily by relief in the underlying granitic

basement. The granophyre outcrops at surface in the east and extends westward beneath the Imghi sediments

at a shallow (~30°) dip toward the WSW, where it transitions into more granitic and granodioritic phases (Figure

7-6). The depth and geometry of this granitic body west of the Zgounder Fault remain largely unmapped, but

available data suggest a progressive deepening of the granitic surface toward the west, resulting in a thickening

of the overlying Imghi wedge.

![zgounderformationsa.jpg](zgounderformationsa.jpg)

*Source: modified from Pelleter et al., 2016.*

**Figure 7-4Property Geology of the Zgounder Area**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 44

![zgounder_geologiexlexzoomina.jpg](zgounder_geologiexlexzoomina.jpg)

**Figure 7-5Geology of the Zgounder mining license.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 45

![geology2da.jpg](geology2da.jpg)

**Figure 7-6Zgounder: simplified geological model at the deposit scale** 

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 46

**7.3.1STRUCTURAL GEOLOGY**

The structural framework of the Zgounder deposit was studied by Bounajma (2002) and most recently by TECT

Geological Consulting (TECT), and is summarized here (TECT, 2024).

While some faults are represented by thin, discrete fault planes, structural features at Zgounder are typically

characterized by pinch-and-swell structures with intense brecciation, associated damage zones on both sides of

the fault, multiple minor structures in close proximity, and/or multiple associated splays.

Based on 3D structural and lithological modelling, drill core observations, and underground crosscutting

relationships, deposit-scale principal structures that are oriented E–W were interpreted as relatively late, brittle

faults. These faults crosscut and have possibly re-activated NNW- to NE-oriented conjugate fault sets. The

lithological offset realized along the principal E-striking structure indicates hanging wall dip-slip kinematics (i.e.

normal offset) and, in turn, is offset by late regional N–S faulting. The apparent dip-slip movement on the E-

striking principal fault may have led to the development of drag fold or 'rip-up' features at the rhyolite-

metasediments contact, creating a high strain corridor. Further movement along parallel to sub-parallel E-

striking structures enabled the creation of open space surrounding the fold, especially in areas close to the fold

hinge or rip-up features (Figure 7-5).

![tectmodifieda.jpg](tectmodifieda.jpg)

*Source: TECT Geological Consulting, 2024*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 47

**Figure 7-7Structural development of the rhyolite-metasedimentary contact along with Ag mineralization**

**7.4MINERALIZATION**

Silver mineralization is primarily constrained to the metasedimentary rocks of the Imghi Formation, where it

follows the contact of Tadmant rhyolite and metasediments and transgresses into the dolerite (Assarag Suite).

The silver mineralization in the metasediments is predominately fracture filling or disseminated (Figure 7-9), but

can also be associated with hydrothermal breccias and quartz veins (Figure 7-10). Locally, silver occurs as

fracture-filling hosted by the younger intrusive units—both within the rhyolite at the metasediments contact and

within centimeter-thick granite offshoots that intrude the metasediments. (Figure 7-11).

TECT interprets that localized sites of enhanced permeability were created along pre-existing faults and fault

intersections at the rhyolite-metasediments contact (Figure 7-7), in which subsequent silver deposition was

facilitated by silver-rich circulating fluids (TECT, 2024).

Mineralization at Zgounder can be separated into two successive paragenetic stages (Essarraj et al., 1998;

Marcoux and Wadjinny, 2005). The early stage (Fe-As) was pyrite and arsenopyrite with rare native silver. The

second stage (Ag-Zn-Pb-Cu-Hg) is characterized by native Ag-Hg amalgam and small quantities of the Ag-

sulfide acanthite (Figure 7-8). Argentiferous sulfosalt minerals described for Zgounder include proustite (Figure

7-10) and rare tennantite and tetrahedrite. Other subordinate silver mineral species include polybasite, and

pearceite.

Silver contents in the amalgam vary from 72–95%, and both Ag-Hg (silver-mercury) amalgam and Ag-sulfides

occur as patches of 150–250 µm, frequently ~5 µm. Additional sulfide minerals, such as pyrite, galena,

sphalerite and/or chalcopyrite, are accompanied by the gangue minerals quartz, chlorite and carbonate. Silver

mineralization is typically accompanied by strong sericite and chlorite alteration (Figure 7-9). Supergene

mineralization is confined to near-surface deposits and areas of historical exploitation. Cementation processes

have led to the deposition of centimetric silver plates (Ag-Hg amalgam) and native copper (Cu), and supergene

Cu-, Hg- and Fe-bearing minerals (Essarraj et al., 1998).

Based on textural relationships, the Ag mineralization at Zgounder typically uses pre-existing joint/fractures,

sites of dilation, and intersections of structural elements and occurs in the following, typically superimposed,

styles (Figure 7-9, 7-10):

• disseminations along bedding and joint planes;

• as specks in centimeter-wide veinlets, stockworks, open fractures, and faults discordant to bedding;

• in localized, low mean stress sites and fractures with pre-existing veins (e.g. jogs, tension gashes);

• in microfractures proximal to brittle faults;

• disseminated in hydrothermal breccias;

• in open-space cavities and vugs

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 48

![image79b.jpg](image79b.jpg)

*Source: after Pelleter et al. (2016) and modified from Essarraj et al. (1998) and Marcoux and Wadjinny (2005)*

**Figure 7-8Paragenetic sequence of the Zgounder deposit**

Fluid inclusion studies (Essarraj et al., 1998) support the development of a two-staged mineralization process

characterized by (first stage) a variety of H2O-CO2-CH4-rich fluids of elevated temperature (~400–450°C),

followed by (second stage) highly saline Na-Ca brines (24–40 wt% eq NaCl+CaCl2) circulating at temperatures

around 200°C. Fluids are interpreted to have been equilibrated with the metasediments and trapped during the

early, pre-Askaoun brittle deformation of the Imghi Formation.

The geological factors responsible for silver-mineral deposition comprise dilution and slight cooling of the

metal-bearing brines (Essarraj et al., 1998). Silver is likely transported as chloride complexes, which are

destabilized with dilution and decreasing fluid temperatures, as a consequence of the decreasing ionic strength

of the solution.

The age of silver mineralization is poorly constrained, but it is known to postdate the volcano-sedimentary units

at Zgounder due to crosscutting relationships. It has been interpreted to be coeval with Ediacaran felsic

intrusive activity through indirect dating and lead modal ages over a wide age range of 564–510 Ma (Marcoux

and Wadjinny, 2005; Pelleter et al., 2016).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 49

![mingroupaa.jpg](mingroupaa.jpg)

*Source: Aya 2025*

**Figure 7-9Dominant silver mineralization styles in Zgounder metasediments (A: fracture filling, B:** 

**disseminated)**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 50

![mingroupba.jpg](mingroupba.jpg)

**Figure 7-10Other silver mineralization styles in Zgounder metasediments (A: hydrothermal breccias, B:** 

**veins, C: sulfosalts)** 

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 51

![mingroupca.jpg](mingroupca.jpg)

**Figure 7-11Mineralization cross-cutting intrusive rocks. A: Fracture-filling Ag in rhyolite (VIB) proximal to** 

**rhyolite-metasediments contact. B: Granitic dyke (I1B) surrounded by metasediments (S1) with fracture-filling** 

**Ag**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 52

8.0**DEPOSIT TYPES**

Zgounder has been described in literature, as an epithermal Ag–Hg system of Neoproterozoic age, associated

with felsic magmatism and hydrothermal activity (Pelleter et al., 2016; Marcoux and Wadjinny 2005).

Epithermal Au-Ag mineralization is found in the shallow environment of magmatic-hydrothermal systems and

mineral deposition typically occurs in association with volcanic centers. The host rocks are volcanic,

volcaniclastic, sedimentary, and felsic intrusions. Epithermal precious metal mineralization forms over the

temperature range of <150–300°C, from the surface to as deep as 1–2 km, and can transition to deeper

mesothermal environments with temperature >300°C (Hedenquist et al., 2000; Taylor, 2007).

The classification of epithermal precious metal deposits is based on the sulfidation state of the sulfide mineral

assemblages. Three sub-types are recognized (Hedenquist et al., 2000; John, 2018):

• High-sulfidation epithermal: These deposits occur proximally to magmatic sources of heat and volatiles

(e.g. HCl and SO2) forming highly acidic and oxidizing hydrothermal fluids. Related metal deposits are

typically Au-, As- and Cu-dominated (e.g. enargite-luzonite and tennantite-tetrahedrite mineral

assemblages), and form irregular or tabular to lensoidal bodies that reflect the orientation of the hosting

structures or disseminated mineralization. Quartz, kaolinite and alunite are the dominant alteration

minerals.

• Low-sulfidation epithermal: These deposits are formed distal to a magmatic source by near-neutral pH

fluids. The deposits are dominated by meteoric waters but contain some magmatic component. Low-

sulfidation deposits can contain pyrrhotite-pyrite, arsenopyrite and sphalerite, as well as native Ag, Hg and

Ag-Au-sulfosalts. They typically consist of multiple stages of concordant and discordant banded or

layered minerals and breccias, sheeted veins, and vein stockworks and breccias adjacent to layered veins

and faults. Predominant alteration minerals include adularia and sericite.

• Intermediate-sulfidation epithermal: Some deposits with mostly low-sulfidation characteristics have

sulfide mineral assemblages that represent a sulphidation state between that of low- and high-sulfidation

deposits. Intermediate-sulfidation deposits consist of multistage veins and associated breccias and often

indicate a transition from precious-metal mineralization to base metal mineralization. They can host

significant amounts of other metals in addition to Au and Ag, mainly Cu, Pb (lead) and Zn (zinc), often

demonstrating a depositional environment for hydrothermal fluids that is deeper (i.e. higher temperature

and pressure). Alteration minerals include illite-muscovite (sericite), smectite and chlorite.

Silver-rich low-sulfidation deposits are known to have overlaps with more base metal-rich intermediate-

sulfidation systems indicating a transitional environment to shallow mesothermal environments. Typical

examples are the Fresnillo deposit in Zacatecas and Tayolita in Durango (Camprubí and Albinson, 2007), or

Mineral Park, Arizona (Lang and Eastoe, 1988). Comparable deposits in the Anti-Atlas domain include the Imiter

Ag–Hg deposit, located approximately 200 km east-northeast of Zgounder (Marcoux and Wadjinny, 2005).

At Zgounder, mineral assemblages of Ag-Hg amalgam and Ag-sulfosalts with weak host-rock alteration and low

total sulfide content are characteristic for a low-sulfidation epithermal mineralization style in depositional

environments below paleo-surface. Disseminated deposition of fine-grained Ag-minerals into sedimentary units

and hydrothermal breccias is characteristic of the deposit, whereas more typical low-sulfidation features, such

as quartz–adularia–sulfide veins and open-space textures are notably absent. There is increasing evidence of

an earlier stage of base metal mineralization, dominated by sphalerite and minor galena, and rare As-Co

minerals, that precipitated under shallow mesothermal conditions and exhibits an intermediate-sulfidation

character (Figure 8-1). Later silver-rich mineralization is interpreted to overprint earlier base metal stages.

Zgounder shares strong geological, structural, mineralogical, and geochemical similarities with the Imiter Ag–

Hg deposit, the two systems may represent related expressions of a broader Neoproterozoic hydrothermal

event within the Anti-Atlas domain (Cheilletz et al., 2002; Marcoux and Wadjinny, 2005).

Ongoing studies by Aya include detailed structural and geochemical investigations, continuous surface and

underground mapping, and academic collaborations to refine the deposit model. This work identified several

features that contribute to a new understanding of the deposit type. Silver mineralization is not abundant within

the intrusive units despite their abundance surrounding the deposit, suggesting that sedimentary rock–hosted

carbon may represent an essential part of the depositional mechanism (Hedenquist, 2022). A weak propylitic

alteration, typically associated with epithermal silver systems, is present but subdued, whereas a more

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 53

pervasive sericite alteration dominates, indicating hydrothermal fluids closer to equilibrium with the host rocks

and consistent with a shallow mesothermal environment (Barry, 2025). These findings indicate the need for

further refinements of the genetic model and warrant further investigation as part of the Company's ongoing

geological evaluation.

![figure_modelexgeologiea.jpg](figure_modelexgeologiea.jpg)

*Source: Modified from Hedenquist and Lowenstern, 1994.*

**Figure 8-1Position of Zgounder in a schematic epithermal deposit model**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 54

9.0**EXPLORATION**

Exploration activities conducted within the Zgounder mining license area are multidisciplinary, aimed at

improving geological understanding and identifying new zones of mineralization. Work completed to date

includes regional and detailed geological mapping, mineral prospection, stream-sediment and rock sampling,

hyperspectral imagery acquisition, both airborne and ground geophysical surveys, and drilling.

**9.1HYPERSPECTRAL**

A satellite-based mineral mapping program was completed for Aya over the Zgounder mining license by

Compagnie Générale de Géophysique – Veritas (CGG), now Viridien, in 2021 (CGG, 2021). The objective of the

hyperspectral program was to enhance the regional geological understanding of the Zgounder property by

identifying lithological and structural features, and by generating exploration targets from spectral alteration

patterns that vector toward hydrothermal centers and ore zones.

The program was completed over the mining license and the surrounding region (650 km<sup>2</sup>) in two stages: a

regional interpretation at 1:25,000 scale outlining the main structural trends and alteration zones, followed by a

detailed study at 1:5,000 scale focused on priority areas.

Several satellite datasets were processed and interpreted by CGG to support regional and detailed geological

mapping. Copernicus elevation data and multispectral Sentinel-2 imagery provided the base for regional

geological interpretation and structural analysis. ASTER and PRISMA imagery was used for its spectral

capability to identify clay, iron, and carbonate alteration associated with hydrothermal systems and intrusive

activity. For high-resolution work over the license area, WorldView-3 imagery was employed for detailed

structural and spectral mineral mapping, as well as lithological classification.

Results highlighted strong argillic alteration zones overlapping at surface with the mapped metasedimentary

unit that hosts the deposit mineralization, and chlorite alteration at the dolerite/rhyolite contact zone (Figure

9-1). PRISMA data mapped the argillic alteration to include montmorillonite and goethite. This alteration

signature is characteristic for hydrothermal alteration zones enriched in Fe-bearing minerals and can be applied

to look for similar zones of alteration during a regional scale acquisition.

Interpretation of WorldView-3 imagery enabled the identification of dykes as narrow as a few meters in width,

visible on both optical and mineral composite maps. Regional structural analysis reveals dominant NNE–SSW

and NW–SE trends, with a subordinate E–W orientation also observed. Evidence of fault kinematics is limited

but locally indicated by minor offsets in the dykes. ASTER data further distinguishes iron-oxide alteration

associated with the Miocene volcanic rocks east of Zgounder, highlighting the lithological unconformity that

separates it from the Proterozoic formations to the west, which host the deposit and exhibit elevated argillic and

chlorite alteration (Figure 9-1).

The findings are consistent with the Zgounder geological framework and will contribute to refine the mapping

and interpretation of structural features and mineral alteration across the licensed area. It will also serve as a

guide for prospecting similar alteration types during regional exploration.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 55

![zgounder_hyperspectralxlea.jpg](zgounder_hyperspectralxlea.jpg)

*Source: Aya 2025*

**Figure 9-1Zgounder WorldView-3 Clay/Chlorite/Iron mineral map.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 56

**9.2AIRBORNE GEOPHYSICAL SURVEY**

Geotech Ltd. conducted an airborne geophysical survey over the Zgounder Property between April and June

2022. The survey covered an area of 783 km², comprising a total of 8,611 line-kilometers, with east–west

traverse lines spaced at 100 m and north–south tie lines spaced at 1,000 m (Figure 9-2).

The principal geophysical sensors included a Versatile Time Domain Electromagnetic (VTEM) system, a

caesium magnetometer, and an RSI ARGS RSX-5 spectrometer. The survey provided electromagnetic, magnetic,

and radiometric datasets across the property (Geotech, 2022).

The objective of the airborne geophysical survey was to investigate the regional continuity of structural features

beyond the mine area to improve the understanding of the broader regional structural framework and to

generate new exploration targets across the Zgounder property.

Results from the VTEM survey were used to support geological and structural interpretation. They highlight key

lithological domains, including the Askaoun granite to the west of the Zgounder deposit, characterized by

variable medium to low magnetic responses and high resistivity, and the Miocene volcanic sequence to the east,

marked by higher conductivity and locally elevated magnetic signatures (Figure 9-2). The volcano-sedimentary

sequence hosting the Zgounder deposit exhibits variable medium to high magnetic responses and generally low

conductivity. The deposit area itself is characterized by a magnetic and conductive low.

The radiometric dataset (K-Th-U) provides additional constraints on lithological discrimination. Potassium (K)

counts are strongly elevated over the rhyolite, forming a prominent east–west linear anomaly consistent with

the mapped intrusive body. High K responses also occur over the granophyre in the east, in contrast to the

comparatively low K values in the Askaoun granite to the west. The metasedimentary sequence north of the

rhyolite exhibits very low K, Th, and U responses, consistent with its lower feldspar and accessory-mineral

content. Uranium and Th show moderate values within the rhyolite and granophyre, supporting their

classification as evolved felsic units enriched in incompatible elements. The Ouarzazate volcanic rocks display

low-to-moderate K-Th-U signatures that clearly differentiate them from the Miocene Sirwa volcanic suite to the

east, which shows strong K-Th enrichment. This contrast is particularly useful for refining volcanic stratigraphy,

delineating intrusive contacts, and tracing structures that juxtapose the Miocene volcanics against the

Proterozoic basement.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 57

![zgounder_geophysicsxlea.jpg](zgounder_geophysicsxlea.jpg)

*Source: Aya 2025*

**Figure 9-2Zgounder Calculated Vertical Derivative (CVG) of Reduced to Pole (RTP) Total Magnetic** 

**Intensity (TMI).**

**9.3GROUNDBORNE GEOPHYSICAL SURVEYS**

Terratec Geophysical Services completed a combined ground geophysical survey using Electrical Resistivity

Tomography (ERT) and Time Domain Induced Polarization (TDIP) techniques, and a ground magnetic survey

(WalkMag) at the Zgounder Property in 2021. The ERT and TDIP measurements were carried out between 2<sup>nd</sup> of

February and 15<sup>th</sup> of March 2021, while the WalkMag was carried out between 7<sup>th</sup> and 26<sup>th</sup> of April 2021.

The combined ERT-TDIP program covered three target areas with north–south oriented traverse lines, for a total

of 37.9 line-kilometers (Figure 9-3). The survey identified sub-vertical, moderately to highly resistive zones

interpreted as rhyolitic units, which correspond well with lithological contacts observed on surface geological

maps. The chargeability models revealed a pronounced, high-intensity anomaly spatially coincident with the

known zones of silver mineralization.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 58

In addition, the ground magnetic survey (WalkMag) helped to support geological interpretation and investigate

mineralized structures within the mining license area. The program consisted of 40 north–south oriented lines,

each approximately 4 km long and spaced 100 m apart, covering an area of roughly 15.5 km<sup>2</sup> (Figure 9-4).

Continuous magnetic readings were collected at an average station spacing of 1 m (ranging from 0.5 m to 1.4

m) using a GEM GSM-19 Overhauser Version 7 magnetometer with GPS for both rover and base stations. The

data, recorded as total magnetic intensity (TMI), were processed to generate derivative products, including

reduction to the pole and tilt derivative, and others (Terratec, 2021).

The objective of the ground geophysical campaign was to investigate structural features and conductivity–

resistivity variations over the mine area to better understand the controls on mineralization and to support the

refinement of near-mine drilling programs.

![zgounder_ert-ipa.jpg](zgounder_ert-ipa.jpg)

*Source: Terratec, 2021*

**Figure 9-3Area and lines cover by the Groundborne Electrical Resistivity Tomography (ERT) and Time** 

**Domain Induced Polarization (TDIP) survey.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 59

![zgounder_walkmaga.jpg](zgounder_walkmaga.jpg)

*Source: Terratec, 2021*

**Figure 9-4Area and lines cover by the ground magnetic survey (WalkMag)survey.**

ERT–TDIP results north of the mine stratigraphy outline a strong resistive feature interpreted as a felsic

intrusion, with near-surface expressions matching mapped rhyolitic dykes (Figure 9-5). This suggests that the

dykes are offshoots of a deeper intrusive body and highlights additional granite contact zones as prospective

exploration targets.

The RTP magnetic data delineate major structures, including a prominent north–south fault that offsets all

lithologies and separates the Zgounder stratigraphy into eastern and western blocks, indicating a deep-rooted,

late cross-cutting structure (Figure 9-6). Magnetic contrasts also distinguish the metasedimentary rocks north

of the deposit, which show higher magnetic responses than the host stratigraphy. These variations assist in

mapping lithological units and refining exploration targeting where magnetic susceptibility relates to favorable

structural or alteration settings.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 60

![resistivitya.jpg](resistivitya.jpg)

*Source: Terratec, 2021* 

**Figure 9-5Model Resistivity Section – Block 1 – Line-1**

![rtpa.jpg](rtpa.jpg)

*Source: Terratec, 2021*

**Figure 9-6RTP product from ground magnetic survey (WalkMag)survey**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 61

**9.4GEOLOGICAL MAPPING AND SAMPLING**

Geological mapping of the Zgounder property has been conducted continuously since 2022, with work

progressively refined and updated as new information became available. The objective of the mapping was to

detail the geology of the property, both to characterize the main lithological units and structural features in the

near-mine area, and to complete coverage across the property to define the regional geological framework. This

regional context serves as a guideline for future field programs and prospecting activities.

The program involved systematic traverses across the property to document lithological contacts, alteration

zones, and major structures. Mapping was carried out along roads, ridgelines, open fields, and stream cuts to

ensure representative coverage of the main geological domains. Prospecting and rock sampling were

conducted in areas showing alteration or visible mineralization to verify historical occurrences and identify new

zones of interest. The results were compared against previous geological compilations to refine interpretations

and ensure consistency across the property.

A comprehensive, property-scale geological map was completed in 2023, then digitized and integrated into a

GIS platform to support ongoing exploration planning and interpretation (Figure 7-5).

Rock and stream-sediment sampling were carried out in conjunction with the mapping program to support

geochemical targeting (Figure 9-7). Since 2022, a total of 215 grab samples have been collected across the

Zgounder mining license during in-house prospecting and mapping campaigns. Rock samples were taken from

in-situ outcrop material using a hammer. All samples were prepared and analyzed by Afrilab, using fire assay

with an AAS finish for Au, and four-acid digestion with an ICP finish for base and trace metals (Ag, Cu, Fe, Pb,

Zn). Results include anomalous silver values ranging from 20–80 g/t in samples collected from the host rocks

within the mine footprint. Interpretations from the 2022 work indicate that rock samples collected directly along

the dolerite–rhyolite contact within the mine area confirm the continuation of the E–W mineralized trend at

surface, while samples taken along the granophyre–sediment contact in the east support the continuity of

surface mineralization and supported extending the open pit exploration toward the NE. One anomalous sample

in the southeast (97.6 g/t Ag) guided follow-up drilling along the granophyre–volcanic contact.

In parallel, Atlas GeoServices (AGS) conducted a stream-sediment sampling campaign from 14 July to 12

August 2022, during which 955 stream-sediment samples were collected across the Zgounder Properties,

including 47 samples within the Zgounder mining license area. Stream-sediment samples were collected at a

depth of approximately 5–10 cm and were a composite of three to four sub-samples spaced 5–10 m apart. The

material was sieved to <2 mm and quartered to obtain a final sample mass of approximately 2.5 kg. Each batch

of 50 samples included one blank and one field duplicate, on alternation, inserted at the 1st and 20th positions

of the batch as part of the QA/QC protocol (Atlas Géo-Services, 2022). Sample preparation and analytical work

were carried out by Afrilab. Preparation included crushing and pulverizing to 75 µm, followed by multi-element

geochemical analyses. Stream-sediment results were generally below mineralization thresholds (<10 g/t Ag);

although a few ppb-scale anomalies were detected, their proximity to mine workings suggests possible

contamination, and the data are not considered fully representative.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 62

![zgounder_surfacexlea.jpg](zgounder_surfacexlea.jpg)

*Source: Aya 2025*

**Figure 9-7Rock sampling and soil sampling over the Zgounder mining license** 

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 63

**9.5TRENCHING**

In 2022, four trenches were excavated, for a total of 542.5 m, in the northeastern part of the Zgounder deposit

area. Two trenches were positioned directly along the eastern margin of the Eastern Zone, while the other two

were located approximately 100–200 m farther northeast, beyond the known extent of mineralization at the

time. The trenches were oriented roughly north-northwest to northwest (Figure 9-7). The objective of this

program was to examine the contact between the metasedimentary units and the felsic intrusions east of the

deposit, providing surface geological information to support ongoing structural and lithological interpretation in

that sector. Three of the four trenches delineated a contact with the granite (granophyre) at surface. The

trenches were not sampled.

**9.6TELEVIEWER**

In 2024, a televiewer survey was completed over select drill holes in the mine area to collect detailed structural

orientation data representative of the western, central, and eastern zones of the deposit (Table 9-1). The

program included six drill holes, using both optical and acoustic televiewer measurements to obtain high-

resolution structural imagery and orientation data, and measured gamma radiation. The drill holes were selected

based on their proximity to major faults, such as the Zgounder Fault in the west, EW fault across the central

deposit, and NE pit fault (i.e.: Figure 7-6) in order to test if the those faults, or similar orientations were captured

with televiewer. The structural results supported the ongoing interpretation of the Zgounder deposit and

confirmed the presence and continuity of the main structural EW, NS, NE, and NW features previously identified

through underground and surface mapping. The borehole radiometric data showed no significant response over

lithological or structural contacts.

**Table 9-1Televiewer: surveyed drill holes**

---

| | | | |
|:---|:---|:---|:---|
| **Hole ID** | **Survey From (m)** | **Survey To (m)** | **Zone** |
| **ZG-22-03** | 0.4 | 140 | East |
| **ZG-22-38** | 0.3 | 140 | East |
| **ZG-22-19** | 0 | 215 | Central |
| **ZG-21-53** | 0 | 180 | Central  |
| **ZG-22-47** | 1.5 | 104 | Central |
| **ZG-23-69** | 0.5 | 434 | West |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 64

10.0**DRILLING**

This section summarizes drilling activities completed on the Zgounder mining license since the previous MRE

in December 2021. The drilling program was ongoing at the effective date of this report. Information regarding

drilling campaigns prior to 2021 are detailed in Section 6.1 Exploration History.

As of June 30, 2025, a total of 158,459 m of new diamond drilling—completed from both surface and

underground platforms—has been executed at Zgounder. In addition, 46,552 m of new reverse circulation (RC)

drilling and 69,965 m of new underground percussion drilling (YAK-T28) have been completed across

Zgounder (Table 10-1 & Table 10-2).

**Table 10-1Diamond drilling and reverse circulation drilling programs by year** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **DD** <br>**Surface**<br>| | **DD** <br>**Underground**<br>| | **RC** <br>**Surface**<br>| | **Total** | |
|  | **Drillholes** | **Meters** | **Drillholes** | **Meters** | **Drillholes** | **Meters** | **Drillholes** | **Meters** |
| **2022** | 104 | 23016 | 184 | 12045 | --- | --- | 288 | 35061 |
| **2023** | 69 | 10322 | 228 | 21669 | 404 | 13328 | 701 | 45319 |
| **2024** | 67 | 12623 | 564 | 55762 | 473 | 28627 | 1104 | 97012 |
| **2025 (to end of June)** | 21 | 3382 | 274 | 19640 | 95 | 4597 | 390 | 27619 |
| **Total** | 261 | 49343 | 1250 | 109116 | 972 | 46552 | 2483 | 205011 |

---

**Table 10-2Underground percussion drilling programs by year**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **T28** | | **YAK** | | **Total** | |
|  | **Drillholes** | **Meters** | **Drillholes** | **Meters** | **Drillholes** | **Meters** |
| **2022** | 482 | 10931 | 163 | 7522 | 645 | 18453 |
| **2023** | 537 | 12370 | 182 | 8084 | 719 | 20454 |
| **2024** | 571 | 12930 | 212 | 9698 | 783 | 22628 |
| **2025 (to end of June)** | 176 | 3986 | 111 | 4444 | 287 | 8430 |
| **Total** | 1766 | 40217 | 668 | 29748 | 2434 | 69965 |

---

Drilling programs were designed to address specific objectives depending on the method employed. Diamond

drilling, conducted both from surface and underground, has supported near-mine exploration and resource

delineation at the deposit scale, as well as definition drilling and grade control underground. Underground

percussion drilling has been systematically applied for orebody definition and operational grade control. RC

drilling, primarily completed from surface, has been used to support grade control, delineate open-pit limits,

and evaluate potential extensions.

The cumulative amount of new drilling information has progressively improved geological understanding of

the deposit and established the framework for ongoing development.

**10.1DIAMOND DRILLING** 

Aya continued extensive diamond drilling campaigns from 2022 onward to support ongoing mine

development, resource expansion, and regional exploration across the Zgounder property (Table 10-3; Figure

10-1).

Regional exploration programs described below were completed outside the current resource area but within

the broader Zgounder license.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 65

**Table 10-3Zgounder diamond drilling programs 2022-2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Program Type** | **Drillholes** | **Meters** | **Primary Objectives** |
| **2022** | Resource & Definition | 266 | 33472 | Near-mine resource expansion and definition from surface <br>& underground<br>|
|  | Condemnation | 12 | 1100 | Define surface area for waste-rock storage east of the mine |
|  | Geotechnical | 10 | 489 | Assess ground conditions for new mill development |
| **2023** | Near-Mine Exploration | 143 | 19103 | Extend mineralization at depth and to the west, esp. from <br>Level 1925<br>|
|  | Definition | 153 | 12324 | Support mine development above Level 1950 |
|  | Regional Exploration | 1 | 564 | East of mineralized footprint |
| **2024** | Near-Mine Exploration | 234 | 34831 | Expand granite-contact zone laterally & at depth (Levels <br>1925–1950)<br>|
|  | Definition | 367 | 23911 | Provide detailed data for stope design and production <br>support<br>|
|  | Regional Exploration | 30 | 9643 | Test eastern, western, and southern Zgounder targets |
| **2025 (to** <br>**end of** <br>**June)**<br>| Near-mine Exploration | 33 | 5759 | Extend western and depth continuity from Level 1925 |
|  | Definition | 252 | 14898 | Focus on central & eastern sectors above Level 1950 |
|  | Geotechnical | 3 | 452 | Rock quality for underground mine infrastructure |
|  | Regional Exploration | 7 | 1913 | Test northern volcanic unit |

---

**10.1.12022 Diamond Drilling Programs**

In 2022, Aya completed several concurrent drilling programs across the mine area, both from surface and

underground:

• Resource and Definition Drilling: 266 holes (33,472 m) Targeted extensions of known mineralized zones

and short-range definition within the mine area.

• Condemnation Drilling: 12 holes (1,100 m) were completed east of the mine to delineate ground for

future waste-rock storage.

• Geotechnical Drilling: 10 holes (489 m) were drilled to assess ground conditions for the new mill

development.

**10.1.22023 Diamond Drilling Programs**

In 2023, Aya expanded both near-mine and regional exploration activities:

• Near-Mine Exploration: 143 holes (19,103 m) were drilled from surface and underground to expand

mineralization laterally and at depth. Drilling from Level 1925 proved particularly significant, extending

the western continuity of the granite-contact zone below and beyond the main deposit.

• Definition Drilling: 153 holes (12,324 m) were completed above Level 1950 to support short-term mine

development and stope design.

• Regional Exploration: One exploration hole (564 m) was completed ~300 m east of the known

mineralized footprint; it did not intersect favorable host geology.

**10.1.32024 Diamond Drilling Programs**

Drilling activity intensified in 2024, comprising both near-mine and regional exploration initiatives across the

Zgounder property:

• Near-Mine Exploration: 234 holes (34,830 m), mostly from underground (Levels 1950 and 1925),

expanded and converted resources along the granite-contact zone laterally and at depth, following the

main east–west mineralized corridor.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 66

• Definition Drilling: 367 holes (23,911 m) focused on levels 1950 and above, providing essential data for

mine planning and operational support as production ramped up during 2024.

• Regional Exploration: A total of 30 holes (9,643 m) were completed across three key areas:

• Eastern Target: 5 holes tested geology east of the deposit; although still outside the host stratigraphy,

results provided valuable geological insights for future targeting.

• Western Zone: 8 holes were drilled to bridge the gap between the 2022–2023 Zgounder far-west

programs and the main deposit.

• Southern Target: 17 holes tested Zgounder-type stratigraphy up to 600 m south of the principal east–

west trend.

**10.1.42025 Diamond Drilling Programs** 

As of end of June 2025, drilling activities included:

• Near-mine Exploration: 33 holes (5,759 m), mainly from Level 1925, extending the western continuation

of the deposit at depth.

• Definition Drilling: 252 holes (14,898 m) concentrated in the central and eastern parts of the deposit

above Level 1950 to refine grade control and support active stopes.

• Geotechnical Drilling: 3 holes (452 m) were drilled to assess the rock mechanics and stability for

underground mine infrastructure

• Regional Drilling: 7 holes (1,913 m) were drilled over 500 m north of the deposit, testing a volcanic

sequence.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 67

![zgounder_dd-lea.jpg](zgounder_dd-lea.jpg)

*Source: Aya 2025.*

**Figure 10-1Surface diamond drill hole distribution over Zgounder deposit.**

**10.2REVERSE CIRCULATION DRILLING**

Surface RC drilling by Aya (Figure 10-2) was used to define near-surface mineralization in the eastern portion

of the Zgounder deposit. The primary objective of these programs is to delineate shallow mineralized zones

suitable for open-pit extraction and to support detailed mine planning. The RC drilling data were incorporated

into the Zgounder geological and resource models, providing essential support for defining near-surface

mineralization and refining open-pit design parameters. In 2023, a total of 404 RC holes (13,328 m) were

completed for near-surface definition. Activity increased in 2024, with 473 holes (28,627 m) drilled across the

same sector to further refine mineralized envelopes and improve resource confidence. By mid-2025, an

additional 53 holes (2,242 m) were drilled as part of the ongoing near-surface definition program. Also in 2025,

42 condemnation holes (2,355 m) were completed immediately north of the planned open-pit area to sterilize

ground and support the expansion of the waste-rock storage facility.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 68

![zgounder_rc-lea.jpg](zgounder_rc-lea.jpg)

*Source: Aya 2025.*

**Figure 10-2Surface reverse circulation drill hole distribution over Zgounder deposit.**

**10.3PERCUSSION DRILLING** 

Percussion drilling using air-compressed hammer T28 and Yak rigs continues to be an important component

of underground definition work at the Zgounder mine. The programs cover all active mining levels and are

designed to refine the geometry of mineralized structures and improve grade control within the production

areas. In 2022, a total of 482 T28 and 163 Yak holes were completed for a combined 18,453 m. In 2023,

percussion activity increased to 537 T28 and 182 Yak holes for 20,454 m. The 2024 program maintained a

high level of definition drilling, with 571 T28 and 212 Yak holes for a total of 22,628 m. By end of June 2025,

percussion drilling totaled 8,430 m, comprising 176 T28 and 111 Yak holes. These programs continue to

provide essential short-range data for resource modeling, grade control, and ongoing mine development

across multiple underground levels.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 69

**10.4DRILLING PROCEDURES** 

**10.4.1DIAMOND DRILLING LOGISTICS AND ORIENTATIONS** 

Surface diamond drilling at Zgounder is constrained by the rugged topography of the Anti-Atlas mountain

range. The steep and rigid southern slopes of the ridge limit construction of surface platforms, resulting in

most setups being located on the northern flank. Consequently, drilling azimuths must often be oriented

southward, sub-parallel to stratigraphy, which is not optimal for intersecting mineralized zones.

Underground drilling, in contrast, offers better flexibility for orienting holes at optimal angles to structures and

mineralized zones. Most exploration and resource drilling is oriented south–north, approximately

perpendicular to the main west-striking fault zones that control mineralization. Inclination varies according to

the target, with fan patterns commonly employed.

Typical drill spacing for resource expansion is approximately 25 m, while 12.5 m or less is used for infill and

definition drilling.

**10.4.2DIAMOND DRILLING METHODS**

Since 2021, surface drilling at Zgounder has been carried out by GEOSOND Maroc, while Africsondage (a

subsidiary of GEOSOND) has been responsible for underground drilling (Figure 10-3). Between 2023 and 2024,

a second contractor, Forage FTE, joined the program to support ongoing work. Surface drilling was completed

using HQ or NQ core sizes, whereas underground drilling employs NQ core for exploration and geotechnical

holes, and BQ core for definition and grade control drilling.

Before drilling from surface, collar positions are marked in the field using a standard handheld GPS with a

precision of approximately ±3 m in easting and northing. Drill rig alignment is done using a standard compass

with front and back pickets to confirm azimuth. Upon completion, collars are surveyed by a surveyor using a

GNSS Trimble R780.

Underground collar locations are established using a two-point alignment method, and surveyed with a Leica

TS16 total station prior to drilling.

During drilling, core is placed in standard plastic boxes, with 3-m drill runs separated by a labelled core block.

Boxes are clearly marked with the hole ID and a sequential box number. At the end of each night shift, the

drilling contractor delivers the boxes to the core shack for processing.

Core is processed in the core shack by the geological team. Sample intervals are defined by logging

geologists according to geological boundaries, typically between 0.3 m and 1.5 m, with visually mineralized

zones sampled at 0.5 m intervals. Core is then cut along a designated cutting line, and half-core samples are

bagged and submitted for preparation and analysis, ensuring consistency in the sampled side.

Downhole orientation measurements were performed by GEOSOND, Africsondage, and Forage FTE using a

Reflex EZ-Shot (Reflex Instruments Inc.), a magnetic-reference survey tool. In mid-2025, GEOSOND and

Africsondage transitioned to the SPT Gyrologic, a north-seeking gyroscopic tool. Downhole surveys were

conducted by the drillers, with readings taken at 9 m and then at 30 m intervals. Results were provided daily to

the geological team along with the drill reports.

Oriented diamond core drilling is used for regional exploration but has not been implemented for mine-site

surface or underground drilling due to the high level of the rock fracturing.

After drilling, each surface collar is marked with the drill hole ID written on a concrete base, while underground

holes are identified with a fixed tag.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 70

![picture6a.jpg](picture6a.jpg)

**Figure 10-3Underground diamond drill (left); surface diamond drill (right)**

**10.4.3RC METHODS**

Reverse circulation (RC) drilling is mainly carried out by Geosond in the open pit area for infill drilling with

average depths of 60–90 m in grid patterns. Drilling and sampling protocols were reviewed with the

production geology team responsible for the drilling and sampling. Water issues are rarely encountered. A 14-

cm diameter Epiroc RC50 hammer is used, and air pressure is maintained at 25 bar. The RC rig operates with

a cyclone and a dump box combined with a two-tiered riffle splitter (Figure 10-4). During the site visit of one

QP (Honza Catchpole), he observed that two or three operators were always on site during operation, and a

production geologist was present on an irregular basis, preparing the sample bags and supervising the sample

preparation process. The rig operators collected one bulk split sample and a smaller split sample. The smaller

sample was bagged, labelled, and prepared for submission to the laboratory. Only the smaller sample split

was weighed at the core shed. The bulk sample were not weighed. During a trial period in January–March

2025, RC bulk samples bags were weighed. The QP did not observe the weighing procedure. Once laboratory

analytical results are received and validated, the corresponding bulk samples are discarded. After the samples

are transported to the core shed, RC chips are collected by sampling the bulk sample and sieving to obtain

representative chip samples for logging. Representative RC chips are collected in small, labelled plastic

sample bags. One QP (Honza Catchpole) did not observe the chip logging process.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 71

![figure10-4a.jpg](figure10-4a.jpg)

**Figure 10-4RC rig in operation**

**10.4.4PERCUSSION DRILLING METHODS**

Percussion drilling with air-compressed hammers is used for standard production sampling and includes 'Yak'

jack hammer drilling (45-mm drill bit diameter) and T28 Beretta drill rigs (32-mm drill bit diameter). The mine

production department produces sludge samples from percussion drilling for production sampling. Water and

drilled rock bits/sludge are drained by a smaller, pre-drilled connecting hole. Samples and water are collected

in a barrel. Samples are regularly taken after specific intervals are drilled, and subsamples are scooped out of

the barrel by a drilling assistant. Samples are placed into plastic sample bags, labelled, and later weighed. RSC

observed the process, and sample weights obtained varied from 3–5 kg on average, although some samples

were several kilograms heavier.

**10.5DRILLING RESULTS** 

Exploration diamond drilling conducted between 2021 and 2025 has identified extensions of the

mineralization at depth, as well as to the west and east of the deposit. In addition, definition drilling carried out

during the same period aimed to better constrain the geometry of the mineralization across the entire extent

of the deposit (Figure 10-5).

The significant intercepts presented in Tables 10-4 and 10-5 highlight the distribution of silver mineralization

throughout the Zgounder deposit, including the Western, Central, and Eastern sectors.

**Table 10-4Significant intercepts from the 2021-2025 diamond drilling programs.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill hole** | **Type** | **Zone** | **From (m)**  | **To (m)**  | **Length (m)**  | **Ag (g/t)**  |
| **ZG-22-64** | Surface | West | 336.50 | 340.00 | 3.50 | 2074 |
| Including | Including | Including | 336.50 | 339.00 | 2.50 | 2861 |
| **ZG-22-66** | Surface | East | 104.50 | 106.00 | 1.50 | 2940 |
| **DZG-SF-22-176** | Underground | West | 16.00 | 23.50 | 7.50 | 4980 |
| Including | Including | Including | 16.00 | 20.50 | 4.50 | 8228 |
| **DZG-SF-22-162** | Underground | West | 49.50 | 58.50 | 9.00 | 1242 |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 72

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill hole** | **Type** | **Zone** | **From (m)**  | **To (m)**  | **Length (m)**  | **Ag (g/t)**  |
| **ZG-23-02** | Surface | East | 38.00 | 44.50 | 6.50 | 1753 |
| Including | Including | Including | 38.00 | 43.50 | 5.50 | 2038 |
| **DZG-SF-22-144** | Underground | West | 64.00 | 68.50 | 4.50 | 2192 |
| **DZG-SF-22-153** | Underground | West | 55.00 | 59.00 | 4.00 | 3386 |
| **ZG-SF-23-010** | Underground | West | 27.50 | 41.00 | 13.50 | 812 |
| **ZG-23-25** | Surface | East | 326.50 | 334.00 | 7.50 | 1075 |
| **ZG-23-54** | Surface | East | 56.00 | 63.00 | 7.00 | 1846 |
| Including | Including | Including | 56.00 | 61.00 | 5.00 | 2095 |
| **ZG-SF-23-084** | Underground |  | 133.50 | 147.00 | 13.50 | 1089 |
| Including | Including | Including | 133.50 | 144.00 | 10.50 | 1330 |
| **ZG-SF-23-084** | Underground | Centre | 163.50 | 168.00 | 4.50 | 4469 |
| **ZG-23-07** | Surface | West | 85.00 | 87.00 | 2.00 | 3460 |
| **ZG-23-58** | Surface | East | 10.00 | 14.00 | 4.00 | 1828 |
| **ZG-SF-23-037** | Underground | Centre | 140.50 | 144.50 | 4.00 | 1356 |
| Including | Including | Including | 140.50 | 144.00 | 3.50 | 1537 |
| **ZG-23-35** | Surface | East | 85.00 | 100.00 | 15.00 | 683 |
| Including | Including | Including | 85.00 | 93.00 | 8.00 | 947 |
| **ZG-SF-23-038** | Underground | West | 42.00 | 56.00 | 14.00 | 675 |
| Including | Including | Including | 42.00 | 53.50 | 11.50 | 782 |
| **DZG-SF-23-251** | Underground | Centre | 21.00 | 30.50 | 9.50 | 988 |
| Including | Including | Including | 21.00 | 25.50 | 4.50 | 1918 |
| **DZG-SF-23-233** | Underground | East | 90.50 | 102.00 | 11.50 | 950 |
| Including | Including | Including | 90.50 | 95.00 | 4.50 | 2102 |
| **DZG-SF-23-214** | Underground | Centre | 2.50 | 8.50 | 6.00 | 2653 |
| **DZG-SF-23-249** | Underground | Centre | 46.00 | 48.50 | 2.50 | 5755 |
| **ZG-SF-24-092** | Underground | Centre | 76.50 | 94.10 | 17.60 | 322 |
| Including | Including | Including | 76.50 | 89.10 | 12.60 | 404 |
| **ZG-SF-24-107** | Underground | East | 100.00 | 105.50 | 5.50 | 1459 |
| Including | Including | Including | 100.00 | 102.50 | 2.50 | 3086 |
| **ZG-SF-24-108** | Underground | West | 67.70 | 70.70 | 3.00 | 1292 |
| **ZG-SF-24-123** | Underground | West | 274.00 | 276.50 | 2.50 | 5696 |
| **ZG-SF-24-123** | Underground | West | 276.50 | 289.10 | 12.60 | 1640 |
| Including | Including | Including | 276.50 | 279.00 | 2.50 | 4258 |
| **ZG-SF-24-164** | Underground | East | 136.00 | 146.50 | 10.50 | 657 |
| Including | Including | Including | 136.00 | 145.00 | 9.00 | 587 |
| **ZG-SF-24-170** | Underground | East | 28.50 | 35.50 | 7.00 | 977 |
| Including |  |  | 28.50 | 31.00 | 2.50 | 2432 |
| **ZG-SF-24-170** | Underground | East | 109.00 | 112.50 | 3.50 | 1094 |
| **ZG-SF-24-200** | Underground | West | 265.00 | 286.00 | 21.00 | 1151 |
| Including | Including | Including | 265.00 | 284.50 | 19.50 | 765 |
| **ZG-SF-24-203** | Underground | West | 176.00 | 186.00 | 10.00 | 911 |
| Including | Including | Including | 176.00 | 182.00 | 6.00 | 1367 |
| **ZG-SF-24-209** | Underground | West | 299.00 | 303.50 | 4.50 | 1756 |
| Including | Including | Including | 299.00 | 301.00 | 2.00 | 3492 |
| **ZG-SF-24-219** | Underground | West | 65.00 | 70.00 | 5.00 | 1147 |
| Including | Including | Including | 65.00 | 67.50 | 2.50 | 2174 |
| **ZG-SF-24-259** | Surface | East | 66.00 | 74.50 | 8.50 | 1082 |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 73

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill hole** | **Type** | **Zone** | **From (m)**  | **To (m)**  | **Length (m)**  | **Ag (g/t)**  |
| **DZG-SF-24-007** | Underground | East | 88.50 | 92.50 | 4.00 | 2511 |
| **DZG-SF-24-111** | Underground | East | 4.50 | 11.00 | 6.50 | 2372 |
| **DZG-SF-24-145** | Underground | Centre | 13.00 | 16.00 | 3.00 | 4645 |
| **DZG-SF-24-153** | Underground | East | 56.00 | 60.00 | 4.00 | 3955 |
| **DZG-SF-24-018** | Underground | West | 10.50 | 21.50 | 11.00 | 902 |
| **DZG-SF-24-027** | Underground | West | 69.50 | 71.00 | 1.50 | 7631 |
| **DZG-SF-24-065** | Underground | West | 79.00 | 85.50 | 6.50 | 2870 |
| Including | Including | Including | 79.00 | 82.00 | 3.00 | 4957 |
| **DZG-SF-24-172** | Underground | Centre | 22.50 | 43.50 | 21.00 | 2165 |
| Including | Including | Including | 22.50 | 34.00 | 11.50 | 3633 |
| **DZG-SF-24-228** | Underground | East | 6.00 | 16.00 | 10.00 | 3794 |
| **ZG-SF-25-290** | Underground | West | 275.00 | 285.00 | 10.00 | 823 |
| Including | Including | Including | 275.00 | 281.00 | 6.00 | 955 |
| **ZG-SF-25-290** | Underground | West | 297.50 | 302.00 | 4.50 | 2055 |
| **DZG-SF-25-412** | Underground | Centre | 56.50 | 64.50 | 8.00 | 3279 |
| Including | Including | Including | 56.50 | 60.50 | 4.00 | 6425 |
| **DZG-SF-25-422** | Underground | Centre | 48.00 | 52.00 | 4.00 | 5297 |

---

*Source: Aya.*

*Note: All assay values are core lengths.*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 74

**Table 10-5Significant intercepts from the 2023-2025 reverse circulation drilling programs.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill hole** | **Type** | **Zone** | **From (m)**  | **To (m)**  | **Length (m)**  | **Ag (g/t)**  |
| **ZG-RC-23-2260-70** | Surface | East | 22.00 | 49.00 | 27.00 | 1611 |
| **ZG-RC-23-2230-212** | Surface | East | 5.00 | 13.00 | 8.00 | 2812 |
| **ZG-RC-CT7-P63-23-63** | Surface | East | 8.00 | 15.00 | 7.00 | 2227 |
| **ZG-RC-CT4-P33-23-33** | Surface | East | 7.00 | 20.00 | 13.00 | 1009 |
| **ZG-RC-23-2230-197** | Surface | East | 0.00 | 11.00 | 11.00 | 1087 |
| **ZG-RC-23-2230-232** | Surface | East | 0.00 | 2.00 | 2.00 | 5592 |
| **ZG-RC-23-2260-99** | Surface | East | 3.00 | 17.00 | 14.00 | 795 |
| **ZG-RC-CT3-P20-23-20** | Surface | East | 16.00 | 22.00 | 6.00 | 1819 |
| **ZG-RC-CT1-P1-23-01** | Surface | East | 5.00 | 17.00 | 12.00 | 897 |
| **ZG-RC-23-2230-231** | Surface | East | 0.00 | 5.00 | 5.00 | 2145 |
| **ZG-RC-23-01** | Surface | East | 10.00 | 17.00 | 7.00 | 1457 |
| **ZG-RC-24-277** | Surface | East | 33.00 | 50.00 | 17.00 | 2425 |
| **ZG-RC-24-413** | Surface | East | 10.00 | 38.00 | 28.00 | 1001 |
| **ZG-RC-24-228** | Surface | East | 25.00 | 45.00 | 20.00 | 1356 |
| **ZG-RC-24-028** | Surface | East | 2.00 | 26.00 | 24.00 | 986 |
| **ZG-RC-24-452** | Surface | East | 39.00 | 53.00 | 14.00 | 1364 |
| **ZG-RC-24-082** | Surface | East | 24.00 | 40.00 | 16.00 | 1155 |
| **ZG-RC-24-345** | Surface | East | 15.00 | 31.00 | 16.00 | 876 |
| **ZG-RC-24-154** | Surface | East | 19.00 | 38.00 | 19.00 | 711 |
| **ZG-RC-24-303** | Surface | East | 22.00 | 28.00 | 6.00 | 1970 |
| **ZG-RC-24-232** | Surface | East | 0.00 | 11.00 | 11.00 | 1054 |
| **ZG-RC-24-355** | Surface | East | 0.00 | 20.00 | 20.00 | 555 |
| **ZG-RC-24-401** | Surface | East | 17.00 | 20.00 | 3.00 | 3565 |
| **ZG-RC-24-169** | Surface | East | 20.00 | 42.00 | 22.00 | 485 |
| **ZG-RC-24-243** | Surface | East | 0.00 | 25.00 | 25.00 | 420 |
| **ZG-RC-24-031** | Surface | East | 8.00 | 22.00 | 14.00 | 744 |
| **ZG-RC-24-318** | Surface | East | 8.00 | 17.00 | 9.00 | 1143 |
| **ZG-RC-24-235** | Surface | East | 0.00 | 13.00 | 13.00 | 778 |
| **ZG-RC-24-234** | Surface | East | 6.00 | 7.00 | 1.00 | 7040 |
| **ZG-RC-24-400** | Surface | East | 43.00 | 44.00 | 1.00 | 4720 |
| **ZG-RC-25-478** | Surface | East | 3.00 | 18.00 | 15.00 | 677 |
| **ZG-RC-25-412** | Surface | East | 27.00 | 37.00 | 10.00 | 745 |
| **ZG-RC-25-462** | Surface | East | 11.00 | 22.00 | 11.00 | 502 |
| **ZG-RC-25-449** | Surface | East | 11.00 | 15.00 | 4.00 | 1347 |

---

*Source: Aya.*

*Note: All assay values are core lengths.*

The underground definition drilling summarized in Table 10-4 (drill holes with the prefix DZG) represents

definition drilling completed from Levels 1950, 1975, 2000, 2030, 2075, and 2100. This drilling improved the

geological interpretation and resource definition within the upper portion of the deposit (to ~220 m vertical

depth), complementing ongoing underground mining. For example, drill hole DZG-SF-22-162 (Figure 10-6)

intersected mineralization that directly informed the design of a stope subsequently mined from Level 1950.

Definition drilling remains focused within the main orebody hosted in the metasedimentary unit.

The resource and exploration drilling in Table 10-4 (drill holes prefixed ZG), completed from both surface and

underground (ZG-SF), achieved its objectives of increasing confidence in the central ore zone and identifying

additional mineralization laterally and at depth. Holes ZG-23-35 (Figure 10-7) and ZG-SF-23-010 (Figure 10-6)

returned significant intercepts that supported resource conversion and upgrading. In contrast, deeper

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 75

intersections in ZG-22-64, ZG-SF-23-203 (Figure 10-6), and ZG-23-25 (Figure 10-7) extended mineralization

toward the granitic contact approximately 100 m below the main orebody, enhancing the understanding of

deeper exploration potential. One of the deepest silver mineralization intersected to date along the western

extension of the granite contact was reported from ZG-SF-24-209, confirming that the mineralized zone

continues to at least 400 m vertical depth in this area.

Results from the RC drilling programs at Zgounder supported both grade control and pit planning objectives

(Figure 10-2 and Table 10-5). The 2023 program focused on definition and grade control drilling to inform

short-term open-pit design. In 2024, drilling expanded the open-pit footprint and contributed to the definition of

pit extensions to the west and to the north. The 2025 program was dual-phased: ongoing definition and grade

control drilling in the active open-pit operation, and a northern condemnation campaign to define the waste

pile margins. Condemnation drilling successfully sterilized the near-surface zone, enabling the development of

the waste rock storage facility.

Drilling, sampling or recovery factors which could materially impact the accuracy and reliability of the results

have been considered and reviewed by the QP (Honza Catchpole). Detailed notes are provided in sections 11

and 12.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 76

![collarlocation-zgounderni4a.jpg](collarlocation-zgounderni4a.jpg)

**Figure 10-5Plan View - Significant Intercepts and Other Collar locations (Black: Significant Intercepts, Red: Surface DD, Green: Underground DD,** 

**Grey: RC)** 

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 77

![section1-bestinterceptsa.jpg](section1-bestinterceptsa.jpg)

**Figure 10-6Section 1 - Significant Intercepts**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 78

![section2-bestinterceptsa.jpg](section2-bestinterceptsa.jpg)

**Figure 10-7Section 2 - Significant Intercepts**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 79

11.0**SAMPLE PREPARATION, ANALYSIS AND SECURITY**

**11.1SAMPLE PREPARATION**

The sample preparation and analytical processes for RC and diamond drill (DD) samples by Aya and Afrilab

and ALS laboratories are presented in processing flow charts in Figure 11-1 and Figure 11-2.

**11.1.1AYA**

Samples of 2–4 kg were collected at the RC drill rig from a rig-mounted cyclone and a dump box combined

with a two-tiered riffle splitter (Figure 11-1). Bulk samples (13–25 kg) were retained and discarded once

laboratory analytical results were received and validated. RC chips were collected from the bulk sample and

sieved to obtain representative chip samples for logging. The QP (Honza Catchpole) did not observe the chip

sampling and logging process. A duplicate sample was taken regularly at a rate of 1:22 (4.5%) from the 2–4

kg sample.

Logged and marked-up DD core were cut along the cutting line using a core saw at the Zgounder core shed.

Half-core samples were bagged, and submitted for sample preparation and analysis, ensuring that the same

side of the core was always sampled. The remaining half-core was kept in core boxes and stored at an on-site

core storage facility.

DD and RC sample batches were submitted to Afrilab and ALS preparation laboratories together with standard

and blank quality control (QC) samples at a rate of 1:22 (4.5%).

**11.1.2AFRILAB**

Afrilab has been the primary assay laboratory for Aya since 2019. Afrilab is independent of Aya.

RC and DD samples were processed at an Afrilab preparation facility that was commissioned on site at

Zgounder in June 2023 to streamline sampling logistics. Previously, all samples were sent to Afrilab in

Marrakech for preparation. Samples were crushed and pulverized at the Zgounder preparation laboratory, and

pulps sent to Afrilab in Marrakech for further processing. Sample preparation procedures (laboratory

procedure PRE.MO/ANA/015) and equipment at the Zgounder Afrilab preparation laboratory were the same

as those at the Afrilab Marrakech facility.

Upon receipt, samples from DD and RC drilling were registered, dried in an oven at 105±5°C for 8 hours, and

weighed. Samples were crushed using a Rocklabs crusher to 85% passing 2 mm. Crushed samples were split

into subsamples of 250–300 g using a riffle splitter (second split) and pulverized using Rocklabs tungsten-

carbide ring mills for ~4 minutes to 85% passing 75 µm (Figure 11-2).

**11.1.3ALS**

**11.1.3.1ALS ZGOUNDER LABORATORY**

A new ALS preparation and analytical facility was commissioned at the Zgounder mine site to routinely

process production, blasthole, and concentrate samples. The laboratory was established in October 2024,

began routine operations in February 2025 and processed a part of the 2025 DD and RC drilling samples

informing the Mineral Resource estimate (MRE). ALS is independent of Aya.

Upon receipt, samples from DD and RC drilling were registered under ALS' Laboratory Information

Management System (LIMS), known as Global Enterprise Management System (GEMS), labelled with

barcodes, weighed, and dried in an oven at 110°C for 4 hours. Samples were crushed in two steps: first using a

Terminator jaw crusher and second by a Rocklabs Boyd Elite jaw crusher with rotating sample divider,

crushing samples to 70% passing 2 mm and splitting to 1 kg (laboratory procedure CRU-31).

The 1-kg sample splits were pulverized to 85% passing 75 µm using LM2 pulverizer ring mills with stainless

steel B2000 rings (laboratory procedure PUL-32). Splits of 200–300 g were taken by scooping material directly

from the bowl.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 80

**11.1.3.2ALS SEVILLE — UMPIRE LABORATORY**

ALS Seville, Spain, was selected by Aya for umpire analysis of 5% of all samples from DD and percussion

drilling. Submitted samples comprised either crush rejects or pulp splits of about 50–120 g each. The ALS

Seville sample processing protocol included the registration and weighing of received samples (laboratory

procedures LOG-21 and WEI-21). Crushed split samples were pulverized to 85% passing 75 µm (laboratory

procedure PUL-32) and subsequently sent to ALS Loughrea, Ireland, for analysis.

![figure114-zgounderrcsamplea.jpg](figure114-zgounderrcsamplea.jpg)

**Figure 11-1Zgounder RC sample processing flow chart. After the RC sample was taken, the processes** 

**for sample preparation and analysis were identical to those used for DD** 

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 81

![figure113-zgounderddsamplea.jpg](figure113-zgounderddsamplea.jpg)

**Figure 11-2Zgounder DD sample processing flow chart. Afrilab inserts additional quality control** 

**samples**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 82

**11.2ANALYSIS**

**11.2.1AFRILAB**

Afrilab has been accredited to ISO 9001:2015 since October 2020. The ISO 9001:2015 standard is a broadly

applicable quality management accreditation designed for the manufacturing and services industries. In

March 2024, Afrilab also received ISO 17025:2017 certification from the Canadian Association for Laboratory

Accreditation Inc. (CALA) and the French "Comité Français d'Accréditation" (COFRAC). An ISO 17025:2017

certification demonstrates that the facility operates competently and generates valid results.

The Afrilab facility in Marrakech is equipped for lead fire assay (FA), screen fire assay (SFA), four-acid (4ACD),

and aqua regia digestion (AR) and for analysis by ICP-OES and atomic absorption spectrometry (AAS). For

analysis by ICP-MS, samples were sent to Afrilab's Casablanca operation. Separate weighing rooms and

chemical preparation laboratories were available for the AR and FA analyses. Scales are four-decimal

Sartorius instruments and were set up in a climate-controlled environment. Calibration checks were performed

every day, and RSC sighted the calibration records. Third-split samples of 0.5 g were scooped from 250–300 g

pulp sample bags for AR digestion. Before weighing, samples were homogenized in the sample bag using a

stainless-steel spatula by moving the spatula around. Analysis of samples at Afrilab included the elements Ag,

Cu, Fe, Pb and Zn by AR digest with AAS finish (laboratory procedure PRE.MO/ANA/006; since 10 April 2024,

PRE.MO/ANA/002).

For samples with Ag concentrations exceeding 200 ppm, an additional aliquot of 30 g was split from the

master pulp sample and analyzed using the FA method with gravimetric finish (laboratory procedure PRE.MO/

ANA-Ag-FA/006; since 10 April 2024, PRE.MO/ANA/035). Pulp split repeats for acid-digest analysis were

taken at a rate of 1:10 (10%), and at a rate of approximately 1:2 (50%) for the FA analysis.

Aya intends to raise the threshold of analysis by FA from 200 ppm to 250 ppm, to match the procedure

followed by ALS Zgounder laboratory.

**11.2.2ALS**

**11.2.2.1ALS ZGOUNDER LABORATORY**

The ALS Zgounder facility is equipped for lead collection fire assay (FA), three-acid digestion (3ACD, using

nitric, sulfuric and hydrobromic acid) and analysis by microwave plasma atomic emission spectrometry (MP-

AES) using Agilent 4200 equipment.

Samples of 0.4 g were scooped from 200–300 g pulp sample bags for 3ACD analysis (fourth split). MP-AES

analysis of samples at ALS Zgounder included the elements Ag, Cu, Mo, Pb, S and Zn (laboratory procedure

ME-MP46ZG).

For samples with Ag concentrations exceeding 250 ppm, an additional aliquot of 30 g was split from the

master pulp sample and analyzed using the FA method with gravimetric finish (laboratory procedure Ag-

GRA21). Pulp split repeats for acid-digest analysis and FA analysis were taken, both at a rate of 1:20 (5%).

At the effective date of this report, the ALS Zgounder site laboratory was not ISO certified.

**11.2.2.2ALS LOUGHREA — UMPIRE LABORATORY**

All umpire analyses for Ag at ALS Loughrea (Ireland) were done by FA of a 30-g sample with gravimetric finish

(laboratory procedure Ag-GRA21). The ALS Loughrea laboratory is ISO 17025:2017 accredited.

**11.3DENSITY & MOISTURE CONTENT**

Bulk density (BD) was calculated by measuring sample weights in air and water using the Archimedes method

(Figure 11.3). One sample (10–20 cm) was selected every 10 m, or more frequently if lithological or

mineralogical variations were encountered. Moisture content was not measured.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 83

![image73a.jpg](image73a.jpg)

**Figure 11-3Measurement of BD of drill core samples**

**11.4SECURITY**

All drill core was processed and stored at the Zgounder mine site, secured by fences and security personnel.

Processed core was stored on site in storage units or at the open-air core yard. Drill core samples were

handed over to Afrilab at the preparation facility on the mine site, using a submission form and hand-over

sheets signed by the operators. After processing and analysis, pulp samples were stored exclusively at the

Afrilab facility. Rejects were returned to Aya and stored at the Zgounder mine site in storage units.

Rejects from processing of RC samples and DD core samples at the ALS Zgounder laboratory are stored by

ALS for 1–2 months, after which they are discarded. Pulp rejects are returned to Aya which keeps DD and RC

samples on site.

No SOPs for COC or sample security were available to review. The QP considers the COC to be low risk but

recommends an SOP capturing this process be created and implemented.

**11.5DATA QUALITY**

**11.5.1DATA QUALITY OBJECTIVE**

Every data collection process implicitly comes with expectations for the accuracy and precision of the data

being collected. Data quality can only be discussed in the context of the objective for which the data are being

collected. In the minerals industry, the term 'fit for purpose' is typically used to convey the principle that data

should suit the objective. In the context of data quality objectives (DQOs), fit for purpose could be translated

as 'meeting the DQOs'.

For Zgounder, the quality of the samples and associated data, as determined by their accuracy and precision,

needs to be fit for the purposes of classifying Mineral Resources estimates in the Measured, Indicated, and

Inferred categories, in accordance with CIM guidelines.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 84

**11.5.2DATA QUALITY SUMMARY**

Following a review of the available quality data (sections 11.5.3–11.5.5), the QP (Honza Catchpole) considers the location, sampling, preparation and analytical data

to be fit for the purpose of classifying Mineral Resources in the Measured, Indicated and Inferred categories. Overall quality of the RC primary sample is sufficient for

the purpose of classifying an Inferred and Indicated Mineral Resource, but not for a Measured Mineral Resource.

A summary of the data quality review is provided for each component in Table 11-1.

**Table 11-1Summary of data quality review for the Zgounder Project.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Data Type** | **QA** | **QC** | **Accuracy** | **Precision** | **Fit for Purpose?** | **Comment** |
| **Collar Sample Location** | Pass | NA | Unknown | Unknown | Yes, low–moderate <br>risk<br>| No client validation process; verification during <br>site visits; validation tests indicate some <br>inconsistencies in location<br>|
| **Downhole Orientation** <br>**Survey**<br>| NA | Partly | Unknown | Unknown | Yes, low risk | Small portion of raw survey data available; DLS <br>tested<br>|
| **Primary Sample: DD** | NA | Partly | Unknown | Unknown | Yes, low risk | Good average core recovery but since 2021 <br>recovery was recorded for only 65% of drilling; no <br>twinned drilling conducted<br>|
| **Primary Sample: RC** | Pass with <br>significant issues<br>| Not always in <br>control<br>| Unknown | Unknown | Yes, with <br>restrictions, <br>moderate risk<br>| No RC recovery was captured by Aya before Dec <br>2024. Representative sample set of Q1/2025: High <br>variance in sample weights and poor average <br>recovery (40–60%). Overall quality of the RC <br>primary sample is sufficient for the purpose of <br>classifying an Inferred and Indicated Mineral <br>Resource, but not for a Measured Mineral <br>Resource<br>|
| **Primary Sample:** <br>**Percussion drilling**<br>| NA | Not always in <br>control<br>| Unknown | Unknown | No, high risk | Process not controlled and high bias and variance |
| **Core Logging** | Pass | NA | Unknown | Unknown | Yes, low risk | Verification during site visits |
| **Density** | Pass | NA | Unknown | Unknown | Yes, low risk | Densities estimated for main lithological groups |
| **First Split: DD** | NA | NA | Pass with issues | Pass | Yes, low risk | No core duplicates collected, but can be estimated <br>from representative set of verification quarter-core <br>repeat sampling carried out in January 2025<br>|

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 85

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **First Split: RC** | NA | Not always in <br>control<br>| Unknown | Unknown | No, moderate risk | RC drilling first-split process is not controlled; <br>quartering of first splits (technically second split <br>duplicates) resulted in elevated variance between <br>2023 and 2025<br>|
| **Afrilab - Preparation** | **Afrilab - Preparation** | **Afrilab - Preparation** | **Afrilab - Preparation** | **Afrilab - Preparation** | **Afrilab - Preparation** | **Afrilab - Preparation** |
| **Crushing** | Pass | Pass | Pass | Pass | Yes, low risk | Unnatural variance in laboratory internal screen <br>size dataset without any fails<br>|
| **Coarse blanks** | Pass | Pass | Pass | Pass | Yes, low risk | No contamination in the preparation process |
| **Second Split** | Pass | Pass | Pass | Pass | Yes, low risk | Second-split (coarse crush) repeat samples <br>collected for DD only<br>|
| **Pulverizing** | Pass | Pass | Pass | Pass | Yes, low risk | Unnatural variance in laboratory internal screen <br>size dataset without any fails<br>|
| **Third Split** | NA | Pass | Pass for AR; Pass <br>for FA<br>| Pass for AR; Pass <br>for FA<br>| Yes, low risk | Higher than expected variance for AR data <br>warrants investigation to establish whether a 0.5-g <br>aliquot for digestion is adequate<br>|
| **Afrilab - Analytical Process** | **Afrilab - Analytical Process** | **Afrilab - Analytical Process** | **Afrilab - Analytical Process** | **Afrilab - Analytical Process** | **Afrilab - Analytical Process** | **Afrilab - Analytical Process** |
| **Client CRM** | Pass with issues | Pass with issues | Pass with issues <br>for AR; Unknown <br>for FA<br>| Pass for AR; <br>Unknown for FA<br>| Yes, moderate risk | No client-inserted CRMs analyzed by FA (largely <br>due to insufficient CRM material). Slightly positive <br>bias of 1-2% for AR-AAS results<br>|
| **Laboratory CRM** | Pass | Pass with issues | Pass with issues | Pass with issues | Yes, moderate risk | Distinct periods of varying analytical performance; <br>consistent positive bias 1-3% for AR-AAS results<br>|
| **Analytical blanks** | Pass | Pass | Pass | Pass | Yes, low risk | Unnatural variance in laboratory internal analytical <br>blank dataset without any fails<br>|
| **Umpire analysis** | Pass with issues | NA | Fail for AR; Pass for <br>FA<br>| Fail for AR; Pass for <br>FA<br>| Yes, low risk | Results are inconclusive for <200 ppm Ag <br>(comparing AR-AAS and FA). No bias comparing <br>FA (Afrilab) and FA (ALS Ireland)<br>|
| **ALS - Preparation** | **ALS - Preparation** | **ALS - Preparation** | **ALS - Preparation** | **ALS - Preparation** | **ALS - Preparation** | **ALS - Preparation** |
| **Crushing** | Pass | Pass | Pass | Pass | Yes, low risk |  |
| **Coarse blanks** | Pass | Pass | Pass | Pass | Yes, low risk | No contamination in the preparation process |
| **Second Split** | Pass | Pass | Pass | Pass with issues | Yes, low risk | High variance (~4 times higher than Afrilab) |
| **Pulverizing** | Pass | Pass | Pass | Pass | Yes, low risk |  |
| **Third Split** | Pass | NA | Unknown | Unknown | Yes, low risk | No repeat sample taken |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 86

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fourth Split** | Pass | Pass for MP-AES; <br>Pass for FA<br>| Pass with issues <br>for MP-AES; Pass <br>for FA<br>| Yes, low risk | Higher than expected variance for MP-AES data <br>warrants investigation<br>|
| **ALS - Analytical Process** | **ALS - Analytical Process** | **ALS - Analytical Process** | **ALS - Analytical Process** | **ALS - Analytical Process** | **ALS - Analytical Process** |
| **Client CRM** | Pass with issues | Pass for MP-AES; <br>Unknown for FA<br>| Pass for MP-AES; <br>Unknown for FA<br>| Yes, low–moderate <br>risk<br>| No control of FA process as submitted high-grade <br>CRM material was insufficient to complete 30-g FA <br>as per SOP; No Umpire data<br>|
| **Laboratory CRM** | Pass with issues | Pass for MP-AES; <br>Uncertain for FA<br>| Pass for MP-AES; <br>Uncertain for FA<br>| Yes, low–moderate <br>risk<br>| Only one high-grade CRM used with large SD <br>brackets; new CRM indicates consistent negative <br>bias; No Umpire data<br>|
| **Analytical blanks** | Pass | Pass | Pass | Yes, low risk | No contamination in the analytical process |

---

*Note: NA – not available; SD – standard deviation*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 87

**11.5.3QUALITY ASSURANCE**

Quality assurance (QA) is about error prevention and establishing processes that are repeatable and self-

checking. Simpler processes with fewer steps reduce the potential for errors to be introduced into the

sampling process. This goal can be achieved using technically sound, simple, and prescriptive SOPs and

management systems.

In discussing the suitability of QA systems for the data collection that might underpin a future Mineral

Resource estimate (MRE), and the potential impact of these processes on the Mineral Resource classification,

RSC has applied the process summarized in Figure 11-4.

This summary discusses whether:

• processes are clearly documented in an SOP, and they represent good practice;

• the SOP includes clearly defined DQOs;

• the SOP includes clear details on quality control (QC) measures; and

• the site visit confirmed adherence to the SOPs.

For each part of the sampling, preparation and analytical process, a comment on the expected associated risk

with respect to Mineral Resource classification is provided.

The QP (Honza Catchpole) reviewed the operating protocols and SOPs during the site visit and as part of the

general data review. Documentation of operational protocols in SOPs is the foundation of a QA system, and

the absence of protocols should be remedied as a priority to ensure consistency between operators to

minimize inter-operator variability. Good SOPs should serve as a reference manual for the operator and

provide clarity regarding critical decision points.

Aya's SOPs are typically written in French, and a few are translated into English. The SOPs for crucial steps in

the data collection and processing (drilling, core processing and sampling, geochemical analysis, and

evaluation) were available at the Zgounder mine but did not capture all processes. The Afrilab on site

preparation laboratory had printed SOP on the walls of the laboratory and available for review. Otherwise, only

a few printed SOPs were available throughout the Zgounder mine site and Afrilab operations during the site

visits. The SOPs provided electronically by Aya and Afrilab are listed in Table 11-2 and Table 11-3,

respectively. Upon request, ALS declined to provide SOPs for preparation and analysis which they regard as

proprietary.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 88

![image33a.jpg](image33a.jpg)

**Figure 11-4Flow chart of RSC's QA review process**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 89

**Table 11-2Overview of SOPs provided by Aya**

---

| | | | |
|:---|:---|:---|:---|
| **SOP** | **Date Created** | **File Name** | **Comment** |
| **Drill Site Set-Up & Collar** <br>**Location Survey**<br>| 23/08/2023 | POS_Forage-<br>Implantation_et_Suivi-<br>Surface.docx<br>| Exploration Geology SOP |
| **Diamond Core Handling &** <br>**Sampling**<br>| 28/06/2023 | POS_Protocole Carotheque.docx | Exploration Geology SOP |
| **Diamond Core Logging** | 30/06/2023 | POS_Logging des Carottes.docx | Exploration Geology SOP |
| **Diamond Core Density** <br>**Determination**<br>| 28/06/2023 | POS_Mesure de densité.docx | Exploration Geology SOP |
| **Quality Control Sample** <br>**Insertion and Validation**<br>| 28/06/2023 | POS_QAQC pour échantillonnage <br>et analyse.docx<br>| Exploration Geology SOP |
| **Database management: import,** <br>**verification and validation**<br>| 8/6/2023 | POS_Base de Donnees.docx | Exploration Geology SOP |
| **Diamond Core Drilling** | 2/3/2023 | PR.PRE2.07. Sondages <br>carottés.docx<br>| Production Geology SOP |
| **RC Drilling** | 2/3/2023 | PR.PRE2.06. Sondages RC.doc | Production Geology SOP |
| **RC Sampling** | 2/3/2023 | MA-PRE02-02 Manuel_RC.docx | Production Geology SOP |
| **Percussion Drilling & Sampling** | 2/3/2023 | PR.PRE2.07. Sondages <br>percutant.docx<br>| Production Geology SOP |
| **Percussion Drilling & Sampling** <br>**Quality Control**<br>| 2/3/2023 | PR.PRE2.08. QAQC-sondages <br>perçut.docx<br>| Production Geology SOP |

---

**Table 11-3Overview of SOPs provided by Afrilab**

---

| | | | |
|:---|:---|:---|:---|
| **SOP** | **Date Created** | **File Name** | **Comment** |
| **Quality control monitoring** | 28/04/2022 | PR-017 Procédure des cartes <br>de contrôle.pdf<br>|  |
| **Procedure for ensuring the** <br>**validity of results**<br>| 28/04/2022 | PR-018 Procédure <br>d'assurance de validité des <br>résultats.pdf<br>|  |
| **Mechanical sample preparation** | 30/12/2019 | PRE-MO-ANA-015.pdf |  |
| **Aqua regia digestion and atomic** <br>**absorption spectrometry analysis**<br>| 15/12/2019 | PRE-MO-ANA-002.pdf | Before 10/04/2024, labelled <br>as PRE-MO-ANA-Ag/006<br>|
| **Ag fire assay with gravimetric** <br>**finish** <br>| 10/4/2024 | PRE-MO-ANA-035.pdf | Before 10/04/2024, labelled <br>as PRE-MO-ANA-AG-FA/006<br>|

---

Similar SOPs for data collection and processing were available in the Exploration Geology department and the

Production Geology department (Table 2-1). RSC notes that there is a risk in having parallel SOPs for similar

processes as datasets may not always be comparable. The QP recommends unifying and simplifying the

SOPs where possible.

**11.5.3.1COLLAR LOCATION**

An SOP specifying the set-up of drill sites and collar location surveys for surface drill holes was available for

review (POS_Forage-Implantation_et_Suivi-Surface.docx). SOPs for collar location of RC surface holes and

underground DD holes used by the Production Geology department were not reviewed but were discussed

with the geology teams during the site visits. Surface RC and DD holes were initially located using handheld

global positioning system (GPS) devices or predefined and marked by a company surveyor using a differential

GPS (DGPS), and the collar marker was later surveyed using a DGPS. Underground drill hole collars were set

using a traverse surveying system with consecutive wall stations. Azimuth and dip were predefined by linear

markings on the floor and walls, allowing multiple holes to be drilled from the same location. The QP (Honza

Catchpole) considers the procedure good practice.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 90

**11.5.3.2DOWNHOLE ORIENTATION SURVEY**

An SOP detailing the downhole orientation survey was not available for review. Based on discussions between

Aya geologists and the QP (Honza Catchpole) during the site visit, drill contractor Geosond used a Stockholm

Precision Tools (STP) north-seeking gyro survey tool, and drill contractor FTE used a Reflex EZ-TRAC

magnetic survey tool. Both contractors took measurements for RC and DD holes every 25 m and at the end-of-

hole (EOH). FTE uses the IMDEXHUB-IQ software and QC data were recorded, whereas Geosond only provided

accepted azimuth and dip measurements. The QP (Honza Catchpole) observed the surveying process at the

FTE drill sites during the site visits. The QP regards the downhole orientation surveying process to be

consistent with industry standard practice but recommends that Aya capture the downhole orientation survey

data collection processes into prescriptive SOPs.

**11.5.3.3PRIMARY SAMPLE & CORE LOGGING**

**Diamond Drill Core Samples**

The primary sample is collected at the drill bit. The QA of the primary sample for diamond core drilling

typically addresses drill bit selection, fluid management, core recovery, and managing broken ground.

The SOPs reviewed by the QP (Honza Catchpole) (POS_Protocole Carotheque.docx, PR.PRE2.07. Sondages

carottés.docx; Table 11-2) do not include processes relevant to drilling and retrieval of the drill core sample,

and measures to manage drill hole deviation and core loss are not outlined. The QP noted during the site visit

that drill sample quality was primarily managed by the drill contractor, with little oversight by Aya.

The diamond core drilling SOP should include a section on the quality objectives with respect to a target

recovery percentage and deviation tolerances. Some of these will be defined in the drill contract and should be

detailed in the SOP for the benefit of all parties. Given that there are two different drilling contractors, there is

more complexity in the processes, and it is important to set clear expectations and guidelines that can be

managed by the rig geologists.

The QP (Honza Catchpole) performed a brief visit to the drill rig, made some cursory observations, but did not

conduct an in-depth review. The operation of the Geosond surface rigs and the FTE underground rigs was

observed in November 2023 and December 2024, and the QP observed the operations to be in line with

industry standard practice.

An SOP for further handling of the drill core in the core shed by Aya geologists was available for review

(POS_Protocole Carotheque.docx; Table 11-2). The QP (Honza Catchpole) witnessed the core processing

work at Aya's core shed in November 2023 and December 2024. While the processes observed were typically

consistent with industry best practice, the QP noted that the Exploration Geology and Production Geology

teams have parallel processes and staff that overlap for some processes and are separated for others. Some

redundancies and minor risks were noted, as illustrated by the following examples.

• The Exploration Geology department has unique sample numbers using a barcode sample system while

the Production Geology department used ticket numbers from Excel tables, which are printed and cut

for use in the core shed. The QP (Honza Catchpole) notes that the barcode system was implemented

for both departments beginning of 2025.

• Core recovery is inconsistently recorded at Aya's surface and underground drilling operations, and no

procedure is in place to address poor recovery.

• Intervals to be sampled are marked on the core box and not marked on the core itself. No unique

sample tags or numbers are noted in the box or the core. The QP (Honza Catchpole) considers this poor

practice. Upon checking specifically selected drill core boxes with high-grade mineralized core, the QP

noted that the logging of lithologies and mineralized intervals was consistent, but sampling intervals

were not registered on the core box or elsewhere, so the location of the sample interval could not be

verified. Given that this issue was detected by a random spot check by the QP, it is likely to be more

prevalent and warrants investigation.

An SOP was in place for the process of collecting geological data from the drill core and RC chip samples

(POS_Logging des Carottes.docx, MA-PRE02-02 Manuel_RC.docx; Table 11-2). Based on the visit to the core

shed, the QP (Honza Catchpole) considers the geological logging procedures to be consistent with best

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 91

practice. The QP considers that primary DD sampling and geological logging procedures pose a low risk with

respect to the resource classification. The QP notes that the Exploration Geology department had reviewed

and updated the core handling, processing, and sampling procedures at the end of 2024. As a result, changes

were being implemented at the time of the visit in December 2024, and a new SOP was in preparation. In 2025,

core handling and processing from production and exploration are unified under the Exploration Department.

**RC Drilling Samples**

An SOP (MA-PRE02-02 Manuel_RC.docx) was reviewed by the QP (Honza Catchpole) detailing the collection

of the primary RC sample from a system comprising a cyclone, a drop box, and a poorly modified riffle splitter.

The SOP was detailed but did not address the specific design of the RC drilling process and set-up, nor the QC

processes. No QC steps were in place for collection of the RC primary sample. Importantly, sample recovery,

as a key control on drilling quality, was not monitored, either through collection of weights or visual

observations from the driller's offsiders. Recovery loss will cause grade imprecision and may cause grade

bias (Carswell and Sutton, 2014). The QP recommends updating the SOP with a focus on the RC rig set-up at

Zgounder and QC aspects, such as the control of drilling parameters, sample recovery, dust suppression, and

drilling under wet ground conditions.

The QP (Honza Catchpole) visited an operating RC rig in the open pit area (Figure 10-4) and noted that bulk

sample bags were not being weighed. This means that total sample weight could not be calculated and,

ultimately, the sample recovery could not be estimated. The shroud tolerance was not known by the driller, but

the QP notes that the tolerance is likely to be large, given that sample fines were being blown out through the

drill hole rim, as observed during the site visit. The QP considers this poor practice. The QP noted during the

visit that the RC drilling and sampling process should be reviewed and improved. The QP recommends

installing a dust suppression system for better sample recovery and more effective cleaning of the splitter (A

and B). Following the QP's (Honza Catchpole) visit in December 2024, Aya implemented the weighing of bulk

samples on 10<sup>th</sup> December, and recovery data had been estimated for a representative set of RC holes. The

practice of weighing bulk samples was discontinued after March 2025.

The QP (Honza Catchpole) considers that primary RC sampling procedure poses a moderate risk with respect

to the DQOs.

![figure11_5rcsamplecollectia.jpg](figure11_5rcsamplecollectia.jpg)

**Figure 11-5Splitting of an RC sample to obtain a quarter duplicate**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 92

**Percussion Drilling Samples** 

The QP (Honza Catchpole) considers the SOP detailing the collection of the primary percussion sample

('PR.PRE2.07. Sondages percutant.docx') to be too general, with insufficient relevant details of the sampling

process to assure the quality of the percussion drill process.

During the site visit in November 2023, the QP (Honza Catchpole) observed the underground drilling and

sampling (Figure 11-6). The QP considers the largest source of error to be introduced while stirring and

scooping a subsample from the barrel in which the sludge is collected after each interval is drilled. Agitating a

water-rich and fine-grained sludge that can contain significant amounts of native Ag will, due to the density

differential of the materials in the sludge, likely result in a strongly heterogenic sample. Such biased sampling

can be addressed by capturing the entire sample exiting the drill hole using a clay fraction filtering sample bag

that allows the water to drain. The sample needs to be taken in its entirety, dried, and split using an

established splitting method for pulp samples. The QP notes this will likely improve the quality of the

percussion samples but may still not reach an acceptable level for inclusion in an MRE, because cross-

contamination between consecutive samples is difficult to control with jack hammer percussion drilling.

The QP (Honza Catchpole) considers that the primary percussion drilling sampling procedure poses a high

risk with respect to the DQOs.

![image98a.jpg](image98a.jpg)

**Figure 11-6Underground percussion drilling. (A) Jack hammer percussion drilling; (B) sample collection** 

**in a barrel**

**11.5.3.4DENSITY**

**Diamond Drill Core Samples**

The determination of the dry bulk density (BD) for drill core samples involves the water displacement method

and is outlined in the diamond core density determination SOP ('POS_Mesure de densité.docx'). Full-core

samples of 10–20 cm length are selected every 10 m, covering various lithologies and mineralization/

alteration styles. Compact rock samples were selected for measurement, while friable material was not

considered for measurements. At Zgounder, this can result in biased density sampling, as the sections with

lower rock quality designation (RQD) would be under represented. Moisture was not considered in the SOPs,

but the QP (Honza Catchpole) considers that moisture content is generally not significant for the drill core at

Zgounder. No specific drying procedures were in place, and selected samples were typically dried for 1 hour in

the sun (a sufficient length, given the arid climate). Dry and wet core sample weights were recorded on paper

by the technician. The current BD measurement process does not account for porosity of the rock samples

(unsealed samples). The QP considers that the risk of unaccounted porosity affecting the volume measured in

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 93

water to be low, as most lithologies have a low porosity and the extent of the weathering profile is very limited.

Nevertheless, the QP recommends a trial using a sealing agent to test the influence of porosity of the

sandstone units (i.e. wrapping core with parafilm or sealing it with paraffin wax).

When the obtained depth and weight measurements were entered into the database, there appeared to be no

process in place to check for incorrect values, as indicated by the presence of unrealistic interval lengths or

sample weights. The QP (Honza Catchpole) recommends that automated processes (i.e. scripts) included at

the data entry stage to detect whether values are outside a certain predefined range, automatically flag

incorrect values, and immediately check and revise the data.

The QP (Honza Catchpole) notes that the bulk density procedures correspond with industry acceptable

practice and pose a minor risk with respect to AYA's DQOs. However, there is room for improvement, and

these statements should be considered when the new SOP and new purpose-built density station have been

put in place.

<u>RC Samples</u>

The procedure for determining the bulk density of RC samples is described in the reviewed SOP 'MA-PRE02-02

Manuel_RC.docx'; however, to the QP's (Honza Catchpole) knowledge, no BD determination for the RC

samples has been carried out by Aya.

**11.5.3.5FIRST SPLIT**

**Diamond Drill Core Samples**

The DD core first-split process consisted of splitting the core in half at the Aya core shed using a core saw.

The core processing SOP 'POS_Protocole Carotheque.docx' covers the initial core processing and core

orientation protocol. However, procedures for core splitting and preparation of first-split duplicates (i.e. core

duplicates) are not covered in that SOP. The QP (Honza Catchpole) recommends drafting a more detailed

operating procedure for the first splitting procedure for diamond core samples. The splitting procedure should

encompass the process from sample selection to cutting and should focus on where to draw the orientation

and cut lines, how to deal with geological boundaries, how to sample edges of mineralization, minimum

sample lengths, and which half or quarter of the core to sample. The SOP should specify a threshold for

tolerable duplicate precision to trigger an investigation into the discrepancy. The QP is aware that the

preparation of a new SOP, covering these aspects, was underway at the time of the site visit in December

2024. Aya's QA/QC SOP 'POS_QAQC pour echantillonage et analyse.docx' specifies that first-split duplicates as

quarter-core samples, should be taken at a rate of 1:22 (4.5%). However, the QP (Honza Catchpole) notes that

samples marked as duplicate by Aya were not first-split, half-core duplicates as per the SOP, but coarse crush

duplicates taken at the laboratory after crushing and the second split (section 11.5.3.6). The QP notes that

core duplicates are important for several reasons and recommends that the SOP be amended and the

collection of core duplicates be implemented as a regular QC process.

Core duplicates:

• allow for QC and bias checks of the first-split splitting process;

• can help with validation of the nugget in variograms;

• can help uncover important relationships between inherent natural variability and geology; and

• **RC Samples**

The first split of the primary RC sample occurred at the two-tiered riffle splitter under the cyclone assembly

(Figure 10.4). The process of obtaining a first split of RC samples is not outlined in the RC Sampling SOP 'MA-

PRE02-02 Manuel_RC.docx' or QA/QC SOP 'SWP_QAQC pour echantillonage et analyse.docx' (Table 11-2). To

promote consistency, the QP (Honza Catchpole) recommends amending the RC Sampling SOP by including

step-by-step instructions on how to collect first-split duplicate or repeat samples, specific for all RC sampling

systems used at Aya's RC drilling operations. The SOP should also define a threshold for tolerable duplicate

precision, above which an investigation is triggered.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 94

During the site visit, the QP (Honza Catchpole) reviewed the splitting procedure for RC samples. The original

design of the two-tier splitter was altered by using a blowtorch to cut several steel plates connecting the

splitter blades. The QP assumes this was done to allow a better sample flow, but this alteration likely results

in sub-optimal splitting and possibly the introduction of splitting bias. The QP noted that the splitter design

was not optimal as a considerable amount of sample remained on flat surfaces in the splitter, resulting in

sample loss and/or cross-contamination.

A 'first-split duplicate' sample was taken regularly at a 1:22 (4.5%) interval by quartering the first-split sample.

The duplicate was taken by laying out the sample on a mat and then taking one quarter of this material as a

duplicate while three quarters remained as the original sample (Figure 11-5). This practice technically reflects

a second-split process. The QP (Honza Catchpole) notes that the quartering 'duplicate' may provide some

information about the heterogeneity of the material but does not serve its purpose of controlling the quality of

the first splitting process. Apart from this fundamental issue, the QP notes that the quartering method is

flawed in its implementation: fines were observed to be left behind on the mat illustrating that the method is

subject to handling bias.

The QP (Honza Catchpole) notes that a riffle splitter had been purchased after the site visit to replace the mat

quartering of the sample, following the QPs recommendation. A duplicate collected from the second splitter

provides some information about sample heterogeneity but does not serve its intended purpose of controlling

the first splitting process.

The QP (Honza Catchpole) recommends implementing a procedure that allows a duplicate to be sampled

simultaneously from the on-board splitter using a three-way splitting assembly (e.g. Metzke splitter); if such is

not possible, the QP recommends using the stand-alone riffle splitter through which the first-split reject (bulk

sample) can be passed through to create a repeat sample.

Overall, the QP (Honza Catchpole) considers the RC first-split process to be not in line with good practice. The

QP considers the RC first-split process a moderate risk considering the DQO.

**11.5.3.6AFRILAB — CRUSHING, SECOND SPLIT, PULVERIZATION**

The Aya SOP 'POS_QAQC pour échantillonnage et analyse' partially covers the preparation process in a flow

chart. Both diamond core and RC samples were crushed to 85% passing 2 mm. Crushed samples were split

into subsamples of 250–300 g using a riffle splitter.

Coarse crush repeat samples were taken at a rate of 1: 22 by passing the reject through the same riffle splitter

once more. Aya requested Afrilab to collect coarse crush repeat samples for DD, but not for RC samples. The

QP (Honza Catchpole) recommends that coarse crush repeats also be taken for RC samples and that the SOP

be updated.

The entirety of the coarse crush subsamples was pulverized for ~4 minutes to 85% passing 75 µm using

Rocklabs tungsten-carbide ring mills. The crushing, splitting and pulverization processes at the Afrilab

preparation laboratory follow the 'PRE-MO-ANA-015.pdf' laboratory internal sample preparation SOP. The QP

(Honza Catchpole) considers this SOP is generally adequate as the processes reflect industry common

practice. However, the QP notes that improvements should be made regarding equipment-specific processing

details and cleaning steps. The QP notes the SOP is incomplete as witnessed control processes are not

described in the SOP. The QP recommends modifying the SOP and adding the processes that are being

performed routinely (observed during site visits and discussed during conversations and emails with Afrilab

personnel). The following QC processes were performed.

**Crushing**

• Laboratory internal coarse blank quartz samples were inserted at regular intervals during crushing at the

rate of 1:22 (4.5%).

• Screen size tests were performed once daily. Test results were recorded on paper logs. If the test failed,

the entire batch was re-processed.

• Laboratory internal duplicates were not collected following the crushing process.

• A locally sourced quartz flush was used at the crushing stage, after each sample, to test whether the

operator had retrieved all material from the crusher. In the case of coloration (e.g. by iron-rich clays), the

quartz flush was also analyzed.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 95

**Pulverization**

• Laboratory internal blanks of high-purity silica sand were inserted at the rate of 1: 22 (4.5%).

• Screen size tests were performed once daily. Test results were recorded on paper logs. If the test failed,

the entire batch was re-processed.

• Milling discs were replaced on average once a week, due to the abrasive nature of the samples.

• A locally sourced quartz flush was used at the milling, stage after each sample, to test whether the

operator had retrieved all material from the bowl. In the case of coloration (e.g. by iron-rich clays), the

quartz flush was also analyzed.

The QP (Honza Catchpole) noted during the site visit that the preparation process in the preparation

laboratory reflected good industry practice and that it was well managed; however, the QP recommends an

update of the SOPs to include all above-mentioned procedures, and recommends a report of the full results of

laboratory internal QC is provided to Aya.

**11.5.3.7ALS — CRUSHING, SECOND SPLIT, PULVERIZATION, THIRD SPLIT**

After registration, DD and RC samples were dried at 110° C for 4 hours. The DD samples were pre-crushed if

required, using a Terminator crusher. The samples were then crushed, using a Rocklabs Boyd Elite jaw crusher

with rotating sample divider, to 70% passing 2 mm and split to 1 kg (second split). The QP (Honza Catchpole)

did not review the ALS SOP for the preparation steps.

The 1-kg sample splits were pulverized to 85% passing 75 µm using LM2 pulverizer ring mills with stainless

steel B2000 rings. Splits of 200–300 g (third split) were taken by scooping material directly from the bowl. The

QP (Honza Catchpole) notes that the third splitting process is not controlled by systematic repeat sampling.

The QP did not observe the splitting procedure but considers it is not ideal as it assumes the sample is fully

homogenized. Segregation issues are specifically critical for high-grade Ag samples with potentially

considerable amounts of aggregated native Ag. To reduce this risk, the use of a rotary sample divider or

quartering of the sample should be evaluated.

The following QC processes were performed.

**Crushing**

• Laboratory internal coarse blank quartz samples were inserted at regular intervals during crushing at the

rate of 1: 50 (2%) or a minimum of two repeats per batch. The crusher was cleaned with compressed air

after the quartz flush. One quartz flush per work order was routinely analyzed.

• The same quartz material used as coarse blank was used as quartz flush at the crushing stage after

each sample.

• Screen size tests were performed at a rate of 1: 25 (4%). The results were routinely reported on the

assay certificates.

• Coarse repeats were taken at a rate of 1: 50 (2%) by passing the coarse rejects split from the Rocklabs

sample divider through a riffle splitter.

**Pulverization**

• The same quartz flush used at the crushing stage was used also for the pulverization stage.

• The crusher was cleaned with compressed air after the quartz flush. One quartz flush per work order

was routinely analyzed.

• Screen size tests were performed at a rate of 1: 25 (4%). The results were routinely reported on the

assay certificates.

The QP (Honza Catchpole) did not visit the laboratory to observe the preparation processes, and did not

review relevant SOPs, but notes through discussions with the laboratory manager that the process appeared

to mostly reflect industry good practice. The QP also notes that given the laboratory has only recently been set

up, it is not uncommon to have an initial period with higher amount of quality issues while the laboratory

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 96

reaches full working capacity and achieves international certification. The QP recommends a laboratory audit

be undertaken in the near future.

**11.5.3.8AFRILAB THIRD SPLIT**

After pulverization at the on-site preparation laboratory at the Zgounder mine, samples were transported to

the Marrakech laboratory for further analysis. During transport, the samples were likely agitated, possibly

resulting in segregation of the denser and less dense particles. This might result in an inhomogeneous sample

with dense native Ag particles being concentrated at the bottom of the pulp bags. The QP (Honza Catchpole)

discussed the issue with Afrilab personnel, who stated they have not encountered this problem, but could not

demonstrate whether appropriate test work was carried out in the past. Upon receipt in Marrakech, the

samples were recorded in LIMS (Laboratory Information Management System) software and assigned an

internal sample number. In 2024, Aya introduced a bar code system that was used by the Exploration Geology

department at Zgounder,and the Production Geology department since January 2025.

The third split comprised taking a 0.5-g or 30-g sample from the pulp bag for subsequent AR digestion or FA

analysis, respectively. The reviewed Afrilab SOP for mechanical preparation 'PRE-MO-ANA-015.pdf' lacks

details about this process. Separate weighing rooms and chemical preparation laboratories are available for

the AR and FA analyses. Scales are four-decimal Sartorius instruments and are set up in a climate-controlled

environment. Calibration checks were performed every day, and the QP (Honza Catchpole) sighted the

calibration records. Third splits were taken from the pulp bag by moving a stainless-steel spatula around,

mixing the pulp sample, and extracting an aliquot (using the spatula) to be weighed. The QP considers the

procedure not ideal as it can create segregation errors; this is specifically critical for high-grade silver samples

with potentially aggregated native silver. The QP is not aware of any mineralogical or geometallurgical studies

commissioned by Aya to characterize the silver mineralogy and provide additional context to evaluate the risk

of segregation error.

Third-split (pulp) repeats for acid-digest analysis were taken at a rate of 1:10 (10%), and at a rate of

approximately 1:2 (50%) for the FA analysis. The QP (Honza Catchpole) visited the laboratory, but printed

Afrilab SOPs outlining the different analytical procedures were not available for review at the time.

**11.5.3.9ALS FOURTH SPLIT**

The fourth split comprised taking a 0.4-g and 30-g sample from the pulp bag for subsequent 3ACD digestion

or FA analysis, respectively. Repeat samples (0.4-g and 30-g) were taken from the 200–300 g master pulp a

rate of 1:20 (5%). The samples were selected randomly by LIMS. The splits were taken from the pulp bag for

weighing using a stainless-steel spatula. As noted for the third split, the QP (Honza Catchpole) considers the

procedure is not ideal, as it can create segregation errors (see discussion in section 11.5.3.7). The use of a

rotary sample divider should be considered for potentially nuggety native silver samples.

**11.5.3.10AFRILAB ANALYTICAL**

Pulverized samples from DD and RC drill holes were assayed for Ag, Cu, Fe, Pb and Zn by Aqua Regia acid

digestion and atomic absorption spectrometry (AR-AAS). Additionally, Aya's laboratory instructions were to

perform 30-g FA for samples returning >200 ppm Ag by AR-AAS. The QP (Honza Catchpole) notes that

instructions have been given to Afrilab to raise the threshold for samples to be assayed by FA to >250 g,

matching the threshold at which the ALS Zgounder laboratory is already operating. The silver concentration is

determined by gravimetric finish. The laboratory director noted that a repeat FA analysis with a 50-g charge

may be used to check results from 30-g charges. The QP notes that for repeat samples, an equal charge for

the repeat sampling is more appropriate. Also, generally a higher charge of 50 g is preferred over a 30-g

charge for routine analyses. The laboratory manager assured the QP that Afrilab immediately addresses any

emerging issues identified (i.e. if repeat analysis should result in an unusually high relative difference relative

to the original measurement, or the analysis was deemed unreliable for any other reasons), and a metallic

screening step would be included if such issues were identified or suspected with the FA step, which had not

yet been the case. It is unclear to the QP whether a systematic protocol is in place; the QP recommends

requesting that consistent FA charges be used, and that the aliquot weights be reported with the certificate.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 97

Fusion and cupellation were performed using separate ovens, at temperatures of 1,100°C and 950±50°C,

respectively. Lead buttons were weighed for each pour and samples re-assayed if the button weight was

outside a 15–60-g tolerance interval. The QP (Honza Catchpole) witnessed the sign-off sheets.

Pulp split repeats for acid-digest analysis were taken at a rate of 1:10 (10%) and at a rate of approximately 1: 2

(50%) for the FA step. The results of repeat measurements were reported on the assay certificates.

The SOPs were not available in print form for review but were provided electronically after the site visit by the

laboratory manager (Table 11-3). The QP (Honza Catchpole) notes that the SOPs are broadly aligned with

those of other established international laboratories and follow industry good practice. Afrilab's management

was well informed and had a good understanding of the laboratory processes. However, based on site

observations, none of the notes from the laboratory director or any control sample procedures observed

during the site visit were found in the relevant SOPs. The QP recommends updating the SOPs to include these

aspects. Overall, The QP considers the analytical protocols at Afrilab a minor risk with respect to the DQO.

**11.5.3.11ALS ANALYTICAL**

Pulverized samples from DD and RC drill holes were assayed for Ag, Cu, Mo, Pb, S and Zn by MP-AES, an ALS

ore-grade method (method code ME-MP46ZG). ALS' acid-digestion batches typically contained 45–47

samples including two pulp duplicates (~5%), two certified reference materials (CRMs) (~5%), and one blank

(~2.5%). The 3ACD method includes a proprietary digestion method including sequential digestion by nitric

acid (HNO3), hydrochloric acid (HCl) and hydrobromic acid (HBr) with specific heating steps.

Aya instructed ALS to perform 30-g FA for samples returning >250 ppm Ag by MP-AES, which was only

implemented during Q1/2025, resulting in a population of results of >250 ppm Ag by MP-AES without

corresponding FA data. The silver concentration was determined by gravimetric finish. Firing batches typically

contained 42 samples, including two pulp duplicates (~5%), two CRMs (~5%), and one blank (~2.5%). Fusion

and cupellation were performed using separate ovens, with temperatures of 1,100°C and ~880°C, respectively.

Lead buttons were weighed for each pour. The QP (Honza Catchpole) did not review the tolerance interval.

The QP (Honza Catchpole) was not provided with SOPs detailing ALS' analytical processes and did not audit

the ALS Zgounder laboratory. The QP considers there is a minor to moderate risk in the analytical process at

ALS Zgounder, due to the recent opening of the laboratory and notes that relatively more quality issues may

be encountered while the laboratory is establishing an experienced work force.

**11.5.4QUALITY CONTROL**

**11.5.4.1COLLAR LOCATION**

Other than the surveyors' standard processes, QC of collar data is essentially an *post factum* process,

conducted after collection of the collar data, upon import of the holes into 3D modelling software, and by

comparison against triangulations of the underground workings. The QP (Honza Catchpole) selected 55 drill

holes on the 1975 mine level to validate the DD collar location data. This was completed by visually checking

spatially against the supplied survey as-built files provided by Aya. A total of 31 drill holes (56%) originate from

a single collar point and have rounded coordinates, indicating that planned data have been used and not

updated to actual surveyed values. The corresponding collars were within 0.7 m of a survey as-built

wireframe. A total of 21 drill holes (38%) had decimal point precision (indicating survey accuracy). One of the

collars (DDHU-1975_13) was ~15 m from a survey as-built file, indicating an incorrect collar location, or a

survey file had not been supplied. The remaining collar positions were within 0.5 m of a survey as-built file.

To the QP's (Honza Catchpole) knowledge, a record of issues and corrections is not available and the QP

cannot conclusively establish that the collar location data were always in control.

The QP (Honza Catchpole) recommends that Aya establish a process to validate the collar location data used

for MRE modelling. The QP also recommends Aya validate the collar location for drill hole DDHU-1975_13.

**11.5.4.2DOWNHOLE ORIENTATION SURVEY**

The QC of the downhole survey data took place at the drill rig. The driller received the survey reading and

inspected the magnetic intensity, gravity, deviation and standard deviation of the survey performed with

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 98

magnetic survey tools. If all readings were within expected tolerance limits, the survey was accepted. If not,

the survey was repeated. For north-seeking gyros, the QP (Honza Catchpole) is not aware of QC measures

taken and no review was conducted during the site visits. A record of checks on the downhole survey was not

available and the QP recommends keeping track of any issues encountered, and corrections applied, to see if

any temporal or spatial patterns are present in the corrections that could lead to system improvements.

As a further control on the quality of surveys, the QP (Honza Catchpole) suggests monitoring dog-leg severity

(DLS), which quantifies the change in azimuth and dip in a drill hole and is calculated from the known

downhole survey points. The QP uses the minimum curvature method to approximate a circular arc between

survey points, and DLS values are presented in degrees per meter. The QP considers that a >0.2 DLS value

should be flagged for investigation and that any drill hole with a transgression passing a nominal threshold of

0.6 — beyond which drill rods do not reasonably bend — should be re-surveyed.

**11.5.4.3PRIMARY SAMPLE & CORE LOGGING**

**Diamond Drilling**

For diamond drilling, the consistency of the primary sample should be monitored by constantly reviewing core

recovery, which is recorded by the drillers on the drill blocks and by the logging geologist during core mark-up.

Aya has a loose error-monitoring system in place, where drill errors or other issues picked up at the rigs are

communicated back to the geologist on daily monitoring sheets. It is not clear whether errors, including

excess core loss, picked up during the initial logging that takes place when the core arrives in the yard, are

communicated back directly to the drillers, and how these lead to improvements. Geological logging is of

good quality and is currently being upgraded with a unified approach to using the logging codes. Nevertheless,

parallel geological logging processes in the Production Geology department create a risk for use of multiple

logging frameworks. The QP (Honza Catchpole) recommends that Aya track issues that result from

interdepartmental differences in logging and core loss over time and report these in its monthly QC report.

These drill errors/issues can then be effectively linked to the driller's key performance indicators, leading to

improvements — a key objective of successful QC.

At Zgounder, recovery data are available for DD holes completed between 2021 and 2025. The drill hole

database contains 45,056 entries for recovered drill core intervals from 1,206 drill holes, which represents

about 65% of all DD holes completed during that period. Only limited recovery data are available for the period

from October 2020 to December 2021. Also, recovery data were not collected systematically over time or have

not been transferred into the final database (Figure 11-7). Since the beginning of 2022, recovery data were

captured predominantly in surface drilling operations, and since end of 2022, for underground drill holes. The

QP (Honza Catchpole) notes that about 15% of all DD holes completed in 2024 have no recovery data, and the

QP recommends investigating the reason core loss is not consistently logged and not transferred to the final

database in these instances.

Recovery data suggest that core loss is more common in underground drilling operations compared to

surface drilling and that poor recovery can be linked to geology; half of all intervals having a recovery below

50% are logged as either 'overburde'n or 'fault'. However, intervals with poor recovery are distributed randomly

in the subsurface and no 'hot spots' or problematic lithologies were encountered during review of the data in

3D modelling software. In contrast, all main lithological units of Zgounder are characterized by very similar

median recoveries of ~97–98%. From the available data the QP (Honza Catchpole) notes that core recovery

was mostly >80% and reasonably consistent from 2022–2025, and that the core drilling process was mostly in

control.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 99

![image88a.jpg](image88a.jpg)

**Figure 11-7Diamond drill hole core recovery for 2020–2025 averaged per hole over time (top), and** 

**overview of completed surface and underground diamond drill holes with and without recovery data** 

**(bottom)**

**RC Drilling**

Based on recommendations made by the QP (Honza Catchpole) during the site visit in December 2024, Aya

implemented the weighing of bulk samples, allowing the determination of the total weight of RC drill cuttings

and estimation of sample recovery during Q1 2025. No RC bulk sample weights had been collected previously.

The practice of weighing the bulk samples was discontinued by Q2 2025. The QP received a representative set

of 1,630 total sample weights that Aya had collected from 39 RC holes in the first months of 2025. Of that

sample set, the QP obtained Ag grade data for 795 samples of 20 RC drill holes.

Recoveries for this dataset are estimated by comparing the actual total sample weights against the

theoretical weights (i.e. expected weight), which are calculated from hole diameter (using 5.25-inch-diameter

RC hammers), 1-m sample length and the mean densities of the logged group lithologies (obtained from DD

core bulk density measurements). Given that all the RC drilling in 2024 and 2025 was performed by the same

contractor (Geosond), using the same equipment, the QP (Honza Catchpole) considers the recovery

estimation to be sufficient to allow an initial evaluation of the overall RC sample recovery performance at

Zgounder for 2024–2025.

At Zgounder, there is no significant weathering horizon that would impact sample recovery performance, and

based on conversations with the production geology team, groundwater issues rarely impacted drilling and

sample recovery. The QP (Honza Catchpole) reviewed the total average weights for each drill hole and their

precision, which is determined by the relative standard deviation of all sample weights per drill hole (Figure

11-8). Most of the drill holes have average RC sample weights of 15–25 kg, with a precision of 15–30%.

Average recoveries per hole range from 40–60% with 15–30% precision (Figure 11-9). No trends can be

observed for the recovery data in the drill hole sequence over time. Reviewing the recovery from top to bottom

of the drill holes, the QP does not observe any systematic trends or repetitive patterns, such as low recoveries

during the first 3–6 m of the drill holes.

The QP (Honza Catchpole) considers the variance for RC sample weight and recovery to be high. Based on

these data and the observed RC drilling during the site visit, the QP considers neither drilling nor the sampling

process was controlled well. The QP recommends Aya investigate the drilling and sampling process for

improvement. Suggestions are detailed in section 11.5.5.2.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 100

![figure11-8a.jpg](figure11-8a.jpg)

**Figure 11-8Total weights (sample + bulk sample) and the variance (precision) of weights per RC drill** 

**hole**

![figure11-9a.jpg](figure11-9a.jpg)

**Figure 11-9Average core recovery and the variance (precision) per RC drill hole**

**11.5.4.4DENSITY**

The quality for the density station can be controlled by the frequent weighing of reference weights and by the

repeat sample weighing process at regular intervals.

At Zgounder, calibration checks were performed at the start of each day by weighing a reference weight,

which is good practice. Digital records of the calibration checks were not available for review. Repeat

measurements were not taken. During the visit, the QP (Honza Catchpole) noted that the processes were

being updated, and calibration checks were being recorded using two different reference weights. Water was

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scheduled for regular change, and repeat measurements scheduled at a rate of 1:20. Additionally, Aya could

use a suitable sized object of known density and volume (e.g. aluminum cylinder) as a 'standard' to be

inserted periodically for determining the dry BD. The QP recommends Aya record the results from the

calibration checks digitally and monitor the results using process control charts. The QP cannot determine if

the process was in control due to the absence of QC data.

**11.5.4.5FIRST SPLIT**

The QP (Honza Catchpole) assessed the consistency of the first splitting process by tracking the relative

difference of first-split sample pairs over time.

**Diamond Drilling**

Samples marked as duplicate in the database represent coarse crush duplicates taken at the laboratory after

crushing at the second split (see section 11.5.3.5). No first-split duplicates for diamond core samples had

been taken.

**RC Drilling**

Since 2023, Aya has collected RC split duplicates systematically from most of the RC drill holes (88%) at a rate

of 5.5%. Although this practice technically reflects a second-split process (see section 11.5.3.5), these RC split

duplicates will be referred to as first-split duplicates in this report, for consistency and comparison.

The QP (Honza Catchpole) reviewed the results of 1,713 RC first-split repeat pairs prepared and analyzed at

Afrilab, and performed an *a posteriori* review, excluding 960 samples below 5 ppm Ag that demonstrated high

variance due to detection limit issues. Individual RC drilling campaigns could be distinguished in the relative

difference plot (Figure 11-10); there appears to have been an increase in variance in the RC first split repeats

between 2023 and 2025. This suggests the splitting process may not have been well controlled. However,

there are insufficient data to draw robust conclusions about whether the process was in control.

The QP (Honza Catchpole) reviewed the results of 58 RC split sample pairs prepared and analyzed at ALS.

However, after removal of 37 samples below 5 ppm Ag, insufficient sample pairs remained for a robust

analysis.

![image123a.jpg](image123a.jpg)

**Figure 11-10Time-integrated relative difference plots for RC quartering duplicates (Afrilab)**

**11.5.4.6AFRILAB — CRUSHING, BLANKS, SECOND SPLIT & PULVERIZATION**

**Coarse Repeats**

The consistency of the second splitting process after crushing at Afrilab could be assessed by reviewing the

relative difference of second-split repeat pairs over time.

• <u>RC samples</u>: No coarse duplicate or coarse repeats were taken from RC drilling second-split samples.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 102

• <u>DD samples</u>: Since 2020, coarse repeat samples from drill core were consistently collected from 85% of

all completed DD holes at a rate of 3.6%. The QP (Honza Catchpole) reviewed results of second-split

repeat pairs from diamond drilling (n=3,229) and performed an *a posteriori* review of the period 2020–

2025, excluding 1,870 samples below 5 ppm Ag that demonstrated high variance due to detection limit

issues. Relative difference plots of the second-split duplicates for Ag indicate a larger relative difference

of ~40–60% for the 2020–2022 period and ~10–20% for the 2023–2025 period, suggesting that the

preparation and splitting process has improved since 2022, and was in control for this period, but may

not have been well controlled for the period up until 2022 (Figure 11-11).

![image29a.jpg](image29a.jpg)

**Figure 11-11Time-integrated relative difference plots for second-split DD duplicates (Afrilab coarse** 

**repeats)**

**Coarse Blanks: Client-Inserted**

To assess contamination during sample preparation, Aya has systematically inserted locally derived, barren

quartz vein samples as control samples since 2021. The QP (Honza Catchpole) reviewed a total of 7,447

coarse blank entries with Ag values, corresponding to an actual insertion rate of 4.1% compared to the current

insertion rate of 4.5%, as per the SOP. Total 89 samples (1.2%) returned with Ag results above the LOQ of 3.3

ppm Ag (warning level) and only 10 samples exceed 10 ppm Ag (blank failures). Periods with increased

failures in mid-2023 and end of 2024 coincide with increased drilling activity and correspondingly high sample

output (Figure 11-12). The QP notes that there appear not to have been any periods of significant cross-

contamination.

**Coarse Blanks: Laboratory-Inserted**

Since 2020, Afrilab has consistently inserted coarse blanks derived from natural quartz vein samples

(n=8,991). All samples measured in the given period were reported at or below the LOD of 1 ppm Ag. The QP

(Honza Catchpole) notes this performance is exceptional, as some natural variance would be expected for

such a large dataset, similar to that observed from the client-inserted coarse blanks.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 103

![image85a.jpg](image85a.jpg)

**Figure 11-12Client-inserted coarse blank samples analyzed by Afrilab for Ag during 2020–2025. The red** 

**line represents the10 ppm Ag threshold for blank failure.**

**Screen Size Testing: Crushing Process**

The consistency of the crushing process could be assessed by reviewing the screen size testing results that

test the criterion of 85% passing the 2-mm size screen. Afrilab has consistently performed screen size tests

since 2020; a total of 7,773 tests, representing about 4.4% of all crushed samples that were carried out (Figure

11-13). The QP (Honza Catchpole) notes that since 2020, the crushing process appears to have been

controlled, but remarks that the absence of any failed tests indicates that any failed test results were likely not

provided to Aya and only successful test results were shared. It is useful, to have insight into the number of

failures, before corrections were made. The QP requested the full screen size dataset from the laboratory but

did not receive a reply in a timely fashion.

![image17a.jpg](image17a.jpg)

**Figure 11-13Screen size testing control chart for crushing (left) and pulverizing (right). For both tests,** 

**1,096 results are not shown as reported without a date, but all plot above the 85% thresholds.)**

**Screen Size Testing: Pulverization Process**

The only QC process monitoring the pulverization step was laboratory internal screen size testing for a <75

µm size fraction passing threshold of 85%. Similar to the screen size testing for the crushing step, Afrilab has

consistently monitored screen sizes after pulverization since 2020, with a total of 7,769 tests, representing

about 4.4% of all pulverized samples, carried out (Figure 11-13). The QP (Honza Catchpole) notes that since

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 104

2020, the pulverization process appears to have been controlled, but notes that any failed test results were

likely not provided to Aya (see comments above: Screen Size Testing: Crushing Process).

**11.5.4.7ALS — CRUSHING, BLANKS, SECOND SPLIT & PULVERIZATION**

**Second Split: Coarse Repeats**

The consistency of the second splitting process after crushing at ALS could be assessed by reviewing the

relative difference of second-split repeat pairs over time (Figure 11-14).

• <u>RC samples</u>: At ALS, no coarse duplicate or repeats of RC drilling second-split samples were taken.

• <u>DD samples</u>: Coarse repeat samples from DD core were consistently collected from nearly all submitted

core samples (93%) at a rate of 4.3%. The QP (Honza Catchpole) reviewed results of second-split repeat

pairs from diamond drilling (n=356) and performed *a posteriori* review of the period of February to July

2025, excluding 212 samples below the limit of quantification (~5 ppm Ag). During this period, the

relative difference plot of the second-split repeats for Ag indicates a higher relative difference of 50–

100% during the first months of operation, which improved slightly over time, suggesting that the

preparation and splitting process has improved since April 2025, and was mostly in control (Figure

11-14).

![image74a.jpg](image74a.jpg)

**Figure 11-14Time-integrated relative difference plots for second-split DD duplicates (ALS coarse** 

**repeats)**

**Coarse Blanks: Client-Inserted**

To assess contamination during sample preparation, Aya has systematically inserted locally derived, barren

quartz vein samples as control samples since January 2025. The database contains total 656 coarse blank

entries with Ag values, corresponding to an actual insertion rate of 4.6%. A total of 41 samples (6.3%) were

returned with Ag results above the LOQ of 3.3 ppm. And four samples exceeded 10 ppm Ag. Periods with

increased failures during the first quarter of 2025 coincide with the onset of regular sample processing and

high sample output (Figure 11-15). The QP (Honza Catchpole) notes that there appear to be no periods of

significant cross-contamination and cross contamination appears to have been well controlled.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 105

![image113a.jpg](image113a.jpg)

**Figure 11-15Client-inserted coarse blank samples analyzed by ALS Zgounder for Ag during 2025. The** 

**red line represents the10 ppm Ag threshold for blank failure.**

**Coarse Blanks: Laboratory-Inserted**

To assess contamination during sample preparation, ALS has systematically inserted locally derived, barren

quartz vein samples as control samples since January 2025. The provided dataset contains 1,861 coarse

blank samples with Ag results completed by MP-AES. A total of six samples (0.3%) were returned with Ag

results above the LOQ of 3.3 ppm (warning level) and none exceeded 10 ppm Ag (Figure 11-16). Results by FA

(n=397) were mostly reported at LOD (5 ppm Ag) and were all below the LOQ of ~16.5 ppm Ag (~3.3 times

LOD, Figure 11-16). The QP (Honza Catchpole) notes that cross-contamination appears to have been well

controlled at ALS.

![image53a.jpg](image53a.jpg)

**Figure 11-16Laboratory internal coarse blank samples analyzed by ALS Zgounder for Ag during 2025 by** 

**MP-AES (left) and FA (right). The red line represents the 10 ppm and 50 ppm Ag threshold for blank failure,** 

**respectively.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 106

**Preparation Blanks: Laboratory-Inserted**

The QP (Honza Catchpole) reviewed preparation blank results of Ag analyzed by MP-AES during May and June

2025. The total of 29 results were mostly below 1 ppm LOD and reach maximum values of 3 ppm, which is

approximately at the LOQ (3.3 times LOD).

**Screen Size Testing: Crushing Process**

The consistency of the crushing process down to 2 mm at ALS could be assessed by reviewing the screen

size test results over time. The QP (Honza Catchpole) received results of 2,383 test results and performed an

a posteriori review of the period January to July 2025, though data for May 2025 were not included (Figure

11-17). During the review period, six samples (0.25%) did not pass the DQO of 70% passing -2 mm and fails

occurred mainly during the initial period of the site laboratory. Therefore, the QP considers the ALS crushing

process to have been mostly in control.

![image16a.jpg](image16a.jpg)

**Figure 11-17ALS screen size test results after crushing (left) and pulverizing (right).**

**Screen Size Testing: Pulverization Process**

The consistency of the pulverizing process down to 75 µm at ALS could be assessed by reviewing the screen

size test results over time. The QP (Honza Catchpole) received results of 2,391 test results and performed an

a posteriori review of the period January to July 2025, though data for May 2025 were not included (Figure

11.17). During the review period, a total of 13 samples (0.54%) did not pass the DQO of 85% passing -75 µm

and fails occurred mainly during the initial period of the site laboratory. Therefore, the QP considers the ALS

pulverizing process to have been mostly in control.

**11.5.4.8AFRILAB — THIRD SPLIT**

**Third Split: Pulp Repeats**

The consistency of the third splitting step by scooping 0.5-g of pulp repeat sample material for AR digestion

and AAS from the 250–300 g pulp sample, and a 30-g repeat sample split for FA, could be assessed by

reviewing the relative difference of the third-split repeat pairs over time. Third-split repeats for AR-AAS were

taken sporadically until mid-2021 and more systematically from October 2021 through 2025. Regular FA pulp

repeats are only available from July 2022 onwards. On average, about 12% of all AR-AAS analyses and 68% of

all FA analyses were controlled by third-split repeat samples, which is, in the QP's (Honza Catchpole) opinion,

above the norm and industry standard practice for such laboratory internal QC measures (Figure 11-18).

The QP (Honza Catchpole) reviewed results of 0.5-g AR-AAS (n=12,563) and 30-g FA (n=2,089) third-split

repeat pairs from DD and RC drilling and performed an a posteriori review, excluding 3,552 samples below 5

ppm Ag that demonstrated high variance due to detection limit issues. Results for both methods demonstrate

a well-constrained variance over time, with very few notable outliers. A few outliers were reviewed in more

detail, and several sample swaps or row-slip errors were noted either in the certificates or database tables

(see section 11.5.5.8).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 107

Relative difference plots for AR-AAS are consistent but do have periods of lower variance when less drilling

occurred (October 2023–July 2024) and a higher variance when drilling production was higher. This trend is

not visible for FA pulp repeats. The control plots suggest that the third-split process was mostly in control.

![image124a.jpg](image124a.jpg)

**Figure 11-18Time-integrated relative difference plots for Afrilab third-split pulp repeats: 0.5-g splits for** 

**AR digestion and AAS finish (top); 30-g splits for FA with gravimetric finish (bottom)**

**11.5.4.9ALS — THIRD & FOURTH SPLIT**

As noted in section 11.5.3.7, the third splitting process, i.e. scooping of 200–300 g pulp from the pulverization

bowl, is currently not controlled through systematic pulp repeat sampling. Hence, the QP (Honza Catchpole) is

unable to comment on whether this process was controlled or not.

ALS prepared fourth-split repeats for MP-AES and FA analysis consistently since March 2025. The QP (Honza

Catchpole) reviewed results of MP-AES (n=2,149) and FA (n=136) fourth-split duplicate pairs (i.e. scooping 0.4

g and 30 g, respectively, from 200–300 g pulp material from the bag) and performed an a posteriori review,

excluding 1,416 samples by MP-AES below 10 ppm Ag which demonstrated high variance due to being close

to the detection limit. Relative difference plots for MP-AES and FA demonstrate a mostly consistent variance

over time (Figure 11-19). The QP notes that the control plots demonstrate that the fourth-split process was

mostly in control for the MP-AES and FA. The QP suspects that observed outliers for both MP-AES and FA

could be artifacts (e.g. mislabeling or sample swaps).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 108

![image48a.jpg](image48a.jpg)

**Figure 11-19Time-integrated relative difference plots for ALS third-split pulp duplicates. MP-AES (top);** 

**FA (bottom)**

**11.5.4.10AFRILAB — ANALYTICAL PROCESS**

The QC of the analytical process involves the repeated and continuous evaluation of certified reference

materials (CRMs). During 2020–2025, Aya inserted 19 different CRMs into the sample batches submitted to

Afrilab. Of those, 13 different CRMs met the minimum threshold of 25 samples and five unique results for

further analysis (Table 11-4, Figure 11-20). CRM results were available for 4% of the samples, which is in

accordance with Aya's QC process. In addition to CRMs inserted by Aya, Afrilab analyzed nine different CRMs

as part of its internal process control (Table 11-5, Figure 11-20). The QP (Honza Catchpole) conducted an a

posteriori review of the CRM data to determine analytical performance using RSC's in-house QC toolkit. First,

extreme outliers were investigated for each CRM to identify apparent sample swaps. Based on this

assessment, the QP excluded 18 client CRM and 13 laboratory CRM results, where the CRM ID (identification)

was thought to have been incorrectly assigned. The Afrilab internal CRM dataset contained a high number of

duplicate entries (61%), which were removed by the QP prior to analysis. The CRM data were filtered and only

CRM results with an assigned date were considered in the review to assess any special-cause variation at the

laboratory.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 109

**Table 11-4Details of client-inserted CRM analyses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CRM** | **Matrix/Mineralization** | **Analytes** | **Ag Certified Value (ppm)\*** | **Ag Certified Value (ppm)\*** | **Total Number of** <br>**Assays** |
| **CRM** | **Matrix/Mineralization** | **Analytes** | **AR Method** | **FA Method** | **Total Number of** <br>**Assays** |
| **OREAS 137** | Slate/SEDEX | Ag, Cu, Pb, Zn | 25.8 | - | 344 |
| **OREAS 139** | Slate/SEDEX | Ag, Cu, Pb, Zn | 78.1 | - | 1118 |
| **OREAS 316** | Slate/SEDEX | Ag, Cu, Pb, Zn | 103 (4ACD) | - | 105 |
| **OREAS 317** | Slate/SEDEX | Ag, Cu, Pb, Zn | 232 | - | 458 |
| **OREAS 353** | Sulfide/Broken Hill Type | Ag, Cu, Pb, Zn | - | 2184 | 42 |
| **OREAS 353b** | Sulfide/Broken Hill Type | Ag, Cu, Pb, Zn | 2,174 (4ACD) | 2184 | 286 |
| **OREAS 354** | Sulfide/SEDEX | Ag, Cu, Pb, Zn | 98 (4ACD) | - | 361 |
| **OREAS 604b** | Rhyodacite/ Epithermal | Ag, Au, Cu, Pb, Zn | 508 | 493 | 135 |
| **OREAS 605b** | Rhyodacite/Epithermal | Ag, Au, Cu, Pb, Zn | 1005 | 975 | 313 |
| **OREAS 621** | Rhyodacite/VHMS | Ag, Au, Cu, Pb, Zn | 68 | - | 138 |
| **OREAS 622** | Rhyodacite/VHMS | Ag, Au, Cu, Pb, Zn | 101 | - | 74 |
| **OREAS 992b** | Concentrate/Ni-Sulfide | Ag, Au, Cu, Pb, Zn | 340 (4ACD) | 344 | 854 |
| **OREAS 994** | Concentrate/ Sediment-<br>hosted Cu<br>| Ag, Cu, Pb, Zn | 183 (4ACD) | - | 49 |
| **Total** | **Total** | **Total** | **Total** | **Total** | 4277 |

---

*AR – aqua regia digestion; 4ACD – four-acid digestion; ACD – acid digestion (no HF); FA – fire assay; SEDEX – sedimentary exhalative; VMS* 

*– volcanogenic massive sulfide*

*\* excluding data below the minimum threshold of 25 samples and or five unique values, swapped CRMs, or assays without date.*

**Table 11-5Details of Afrilab laboratory CRM analyses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CRM** | **Matrix/**<br>**Mineralization** | **Analytes** | **Ag Certified Value (ppm)\*** | **Ag Certified Value (ppm)\*** | **Total Number of** <br>**Assays** |
| **CRM** | **Matrix/**<br>**Mineralization** | **Analytes** | **AR Method** | **FA Method** | **Total Number of** <br>**Assays** |
| **OREAS 134b** | Carbonate <br>Siltstone/SEDEX<br>| Ag, Cu, Pb, Zn | 204 | - | 467 |
| **OREAS 139** | Slate/SEDEX | Ag, Cu, Pb, Zn | 78.1 |  | 729 |
| **OREAS 316** | Slate/SEDEX | Ag, Cu, Pb, Zn | 103 (4ACD) |  | 205 |
| **OREAS 317** | Slate/SEDEX | Ag, Cu, Pb, Zn | 232 |  | 607 |
| **OREAS 353** | Sulfide/Broken Hill <br>Type<br>| Ag, Cu, Pb, Zn | - | 2184 | 1757 |
| **OREAS 602b** | Rhyodacite/<br>Epithermal<br>| Ag, Au, Cu, Pb, Zn | 119 | 118 | 1919 |
| **OREAS 604b** | Rhyodacite/<br>Epithermal<br>| Ag, Au, Cu, Pb, Zn | 508 | 493 | 874 |
| **OREAS 621** | Rhyodacite/VHMS | Ag, Au, Cu, Pb, Zn | 68 | - | 1951 |
| **OREAS 933** | Siltstone/<br>Sediment-hosted <br>Cu<br>| Ag, Cu, Pb, Zn | 29.6 | - | 2224 |
| **Total** | **Total** | **Total** | **Total** | **Total** | 10733 |

---

*AR – aqua regia digestion; FA – fire assay; SEDEX – sedimentary exhalative; VMS – volcanogenic massive sulfide*

*\* excluding duplicates, data below the minimum threshold of 25 samples and or five unique values, swapped CRMs, and/or assays without* 

*date.*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 110

![image69a.jpg](image69a.jpg)

**Figure 11-20Period of use and total number of CRM analyses at Afrilab. Aya inserted (left); laboratory** 

**internal (right)**

Following this data cleaning process, the QP (Honza Catchpole) assessed special-cause variation for each

standard using statistical process control plots. The control plots were created using the process mean and

the CRM standard deviation. Westgard Rules 1(3s), 2(2s), 4(1s), 7x and 6t (Westgard et al., 1981; Sterk, 2015)

were used for the detection of special-cause variation (Table 11-6). However, the QP disabled the 7X rule for

laboratory internal CRMs due to a high number of CRM analyses with identical dates, which otherwise would

have resulted in numerous incorrect rule violations. After creating control plots for client-inserted (Figure

11-22, Figure 11-23) and laboratory CRMs (Figure 11-27, Figure 11-28), the CRM results were plotted on heat

maps to identify periods in which multiple CRMs indicated special-cause variation (Figure 11-21 and Figure

11-26). Heat maps are colored for 'error rate', which is the proportion of rule violations per CRM on a given

day, weighted for the number of different CRMs. This approach addresses the problem that is faced when

following the standard Westgard Rules, where some CRMs demonstrate special-cause variation, but others for

the same batch/period do not. The heat map takes a more holistic approach and enables quick identification

of the periods in which multiple transgressions occurred across various CRMs and provides a more practical

way to evaluate whether there was an issue with consistency at the laboratory.

**Table 11-6Westgard Rules explanations**

---

| | |
|:---|:---|
| **Rule** | **Explanation** |
| **1x3s** | One result outside of 3 standard deviations from the mean |
| **2x2s** | Two consecutive results outside of 2 standard deviations from the mean |
| **4x1s** | Four consecutive results outside of 1 standard deviation from the mean |
| **6t** | Six consecutive results trending in the same direction (e.g. six results where every result is higher than the previous) |
| **8o1s** | Eight consecutive results of 1 standard deviation from the mean |
| **15u1s** | Fifteen consecutive results within 1 standard deviation from the mean |

---

**Client CRM Data**

A review of the client CRM data indicated no distinct periods of special-cause variation across multiple CRMs

(Figure 11-21). However, limited availability of high-grade CRMs over time constrains the assessment to

restricted periods between 2023 and 2025.

Low-grade (<230 ppm Ag) analyzed by AR-AAS generally have few control rule violations (2x2s and 4x1s

failures exclusively, e.g. Figure 11-22). Higher-grade CRMs analyzed by FA also demonstrate few rule

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 111

violations. In fact, one of the most common rule violations is the 15u rule which signifies 15 consecutive

results within 1 SD from the mean.

Over the period July 2024 to July 2025, OREAS 353b (2,184 ppm Ag by FA; Figure 11.23), was characterized by

multiple 1x3s and fewer 2x2s failures. Performance of this CRM has improved significantly since January

2025 and has been well controlled for the period since then.

![image3a.jpg](image3a.jpg)

**Figure 11-21Heat map for client CRM performance for AR-AAS and FA at Afrilab**

![image108.jpg](image108.jpg)

**Figure 11-22Control plot for client-inserted CRM OREAS 139 by AR-AAS at Afrilab**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 112

![image38a.jpg](image38a.jpg)

**Figure 11-23Control plot for client-inserted CRM OREAS 353b by AR-AAS at Afrilab.** 

Aya's sampling and analytical SOP "POS_QAQC pour echantillonage et analyse" prescribes that samples

returning >200 ppm Ag by AR-AAS should be reanalyzed by FA. However, the QP (Honza Catchpole) has some

concerns that this process was not routinely followed. Instead, the QP suspects that some or all client CRM

data represent AR-AAS results for the following reasons:

• The designated FA reporting column is rarely used.

• Most CRM charge weights are below 30 g (Figure 11-24), whereas Afrilab informed the QP that a sample

of at least 50 g is required to allow a routine analysis of AR-AAS followed by a 30-g FA charge. The QP

concludes that most high-grade CRMs (OREAS 992b, OREAS 353 and OREAS 353b) did not have

sufficient sample material for both analyses.

• Reviewing the control plots for OREAS 604b and OREAS 605b, and OREAS 353b which have certified Ag

values for both FA and 4ACD or AR digestion, the QP notes that the process mean generally matches

better with the AR-AAS certified values than the FA certified values (Figure 11-23).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 113

![image34a.jpg](image34a.jpg)

**Figure 11-24Laboratory weights of client CRMs as reported on Afrilab certificates from 2021–2025 (not** 

**showing 96 CRMs above 140 g)**

These observations suggest that the analysis is not performed in accordance with the SOP and this should be

further investigated with Afrilab. The QP (Honza Catchpole) remarks that submitting 10- or 15-g sachets of

high-grade CRM, which cannot be analyzed by a 30-g FA charge due to insufficient sample material, defeats

the purpose of controlling the quality of high-grade Ag rock samples from Zgounder, especially if the CRM is

not certified for aqua regia or another acid digest method. The QP recommends always maintaining sufficient

sample material, and instructing Afrilab to inform Aya when the CRM or rock sample material is insufficient.

When control plots were re-drafted using the AR-AAS certified mean and standard deviation instead of the FA

certified mean and standard deviation, all medium- to high-grade CRMs still demonstrated few instances of

special-cause variations (Figure 11-25). Due to the higher standard deviation values for the acid digest, CRMs

generally demonstrate fewer control rule violations (e.g. OREAS 353b has no remaining 1x3s or 2x2s failures).

Some CRMs are not certified for acid digestion (e.g. OREAS 353) and therefore a comparison against the

certificate mean may result in incorrect conclusions.

![image22b.jpg](image22b.jpg)

**Figure 11-25Heat map for client-CRM performance processing all Ag results as AR-AAS at Afrilab.** 

**OREAS 353 was excluded as it does not have a certified value for Ag by acid digestion**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 114

**Laboratory Internal CRM Data**

Laboratory internal CRM data are available continuously for the 2020–2025 period, with CRMs of low, medium

and high Ag grade used (Table 11-5, Figure 11-20, Figure 11-26). The QP (Honza Catchpole) notes that there

are significant shifts in process variance, and process means (OREAS353, OREAS602b). These shifts typically

coincide with a hiatus in the analyses and likely demonstrate calibration changes for the instrument.

OREAS353, in particular demonstrated significant trends in process mean and process variance over the

period since 2021 (Figure 11-28). These periods should be assessed separately for accuracy and precision

(Section 11.5.5.10). The QP identified five periods of distinct variability, accuracy and number of Westgard

rule violations, partially separated by temporal gaps (e.g. Figure 11-27)

Notably, there is a clear and increasing trend for the second period (February–April 2022). Additionally, there

is an important increase in variance from February 2023 onwards for OREAS353. From discussion with the

Afrilab director, the differences between the five periods are related to upgrades and changes in the analytical

equipment used. Afrilab stated that the increase in variance from February 2023 onwards was caused by a

substantial increase in sample volume and short timeframes to complete the preparation and analytical work,

resulting in analytical processes being rushed, and increasing the potential for error. The QP (Honza

Catchpole) notes that the higher-grade CRMs, such as OREAS 353, need to be carefully monitored as quality

issues for high-grade samples have a higher risk of impacting the DQO.

In the QP's (Honza Catchpole) opinion, the analytical processes of AR-AAS and FA were not well controlled, as

demonstrated by clear trends in process mean and variance.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 115

![image96a.jpg](image96a.jpg)

**Figure 11-26Heat map for laboratory internal CRM performance at Afrilab**

![image59a.jpg](image59a.jpg)

**Figure 11-27Control plot for laboratory internal CRM OREAS 602b by AR-AAS at Afrilab. Four distinct** 

**periods are indicated**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 116

![image18a.jpg](image18a.jpg)

**Figure 11-28Control plot for laboratory internal CRM OREAS 353 by FA at Afrilab. with five distinct** 

**periods indicated**

**Analytical Blanks**

The QP (Honza Catchpole) reviewed the results of 8,990 analytical blanks that were inserted as pulp samples

by Afrilab between 2020 and end of July 2025, as part of its internal control process for AR acid digestion. All

blanks have values below the detection limit of 1 ppm Ag. The QP notes this performance is unusual as some

natural variance would be expected for such a large dataset. This illustrates that the dataset provided by the

laboratory is likely a corrected dataset. The QP recommends Aya request the original, full dataset to better

understand blank performance at the laboratory.

**11.5.4.11ALS — ANALYTICAL PROCESS**

During 2025, Aya inserted six different CRMs into the sample batches submitted to the ALS Zgounder

laboratory. Three of the CRMs meet the minimum threshold of 25 samples (Table 11-7, Figure 11-29). The

CRM results were available for 4.5% of the samples, which is similar to the rate specified in Aya's SOP. In

addition to CRMs inserted by Aya, ALS analyzed nine different CRMs as part of its internal process control,

with seven CRMs being above the minimum threshold of 25 samples (Table 11-8, Figure 11.-29). The QP

(Honza Catchpole) conducted a *post factum* review of the CRM data to determine analytical performance

using RSC's in-house QC toolkit. First, extreme outliers were investigated for each CRM to identify apparent

sample swaps. Based on this assessment, the QP excluded ten client CRM results, where the CRM ID was

thought to have been incorrectly assigned. The CRM data were filtered and only CRM results with an assigned

date were considered in the review.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 117

**Table 11-7Details of client-inserted CRM analyses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CRM** | **Matrix/**<br>**Mineralization** | **Analytes** | **Ag Certified Value (ppm)** | **Ag Certified Value (ppm)** | **Total Number of** <br>**Assays\*** |
| **CRM** | **Matrix/**<br>**Mineralization** | **Analytes** | **4ACD Method** | **FA Method** | **Total Number of** <br>**Assays\*** |
| **OREAS 317** | Slate/SEDEX | Ag, Cu, Pb, Zn | 232 | 0 | 303 |
| **OREAS 353b** | Sulfide/Broken <br>Hill Type<br>| Ag, Cu, Pb, Zn | 2174 | 2184 | 150 |
| **OREAS 354** | Sulfide/SEDEX | Ag, Cu, Pb, Zn | 98 | 0 | 177 |
| **Total** | **Total** | **Total** | **Total** | **Total** | 630 |

---

*\* excluding data below the minimum threshold of 25 samples and or five unique values, swapped CRMs, or assays without date. SEDEX –* 

*sedimentary exhalative*

**Table 11-8Details of ALS internal CRM analyses**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CRM** | **Matrix/**<br>**Mineralization** | **Analytes** | **Ag Certified Value (ppm)** | **Ag Certified Value (ppm)** | **Total Number of** <br>**Assays\*** |
| **CRM** | **Matrix/**<br>**Mineralization** | **Analytes** | **4ACD Method** | **FA Method** | **Total Number of** <br>**Assays\*** |
| **EMOG-17** | Unknown | Ag | 67 | - | 439 |
| **OREAS 315** | Slate/SEDEX | Ag, Cu, Pb, Zn | 72.5 | - | 509 |
| **OxQ153** | Spiked Basalt | Ag, Au | 128 | 128 | 123 |
| **OREAS 317** | Slate/SEDEX | Ag, Cu, Pb, Zn | 232 | - | 542 |
| **GBM906-6** | Minor sulfide | Ag, Cu, Pb, Zn | 390 | - | 503 |
| **OREAS 353b** | Sulfide/Broken <br>Hill Type<br>| Ag, Cu, Pb, Zn | 2174 | 2184 | 103 |
| **KLEN 74589** | Unknown | Ag, Au | - | 4395 | 113 |
| **Total** | **Total** | **Total** | **Total** | **Total** | 2332 |

---

*SEDEX – sedimentary exhalative*

![image46a.jpg](image46a.jpg)

**Figure 11-29Period of use and total number of CRM analyses at ALS. Aya inserted (left); ALS laboratory** 

**internal (right)**

Following this data cleaning process, the QP (Honza Catchpole) assessed special-cause variation for each

standard using statistical process control plots (see details in section 11.5.4.10). After creating control plots

for client-inserted CRMs (Figure 11-31, Figure 11-32) and laboratory CRMs (Figure 11-34, Figure 11-35), all

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 118

CRM results were plotted on heat maps to identify periods in which multiple CRMs indicated special-cause

variation (Figure 11-30 and Figure 11-33).

**Client CRM data**

A review of the client CRM data indicates no distinct periods of special-cause variation across multiple CRMs

(Figure 11-30).

For the high-grade CRM OREAS 353b, ALS reported that ~90% of samples received had insufficient sample

mass (NSS') to complete the required FA analysis. Therefore, the results available to Aya were the Ag values

obtained by 3ACD and MP-AES from a 0.4-g split. The QP (Honza Catchpole) reiterates that, submitting 10-g

or 15-g sachets of high-grade CRM, which cannot be analyzed by a 30-g FA charge due to insufficient sample

material, defeats the purpose of controlling the quality of high-grade Ag rock samples from Zgounder,

analyzed by FA. The QP recommends always providing sufficient sample material, and instructing the ALS to

inform Aya when CRM or rock sample material is insufficient. In addition, the QP cautions that none of the

tested CRMs are certified for MP-AES, and that certified values for similar 4ACD methods are used.

The QP (Honza Catchpole) additionally remarks that there is likely additional variance in the data informing

the MRE due to the fact that only a small (0.4 g) sample split is used for acid digestion, as opposed to a larger

30-g split for FA.

![image6a.jpg](image6a.jpg)

**Figure 11-30Heat map for ALS client-CRM performance at ALS Zgounder, processing all Ag results as** 

**acid digest and MP-AES.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 119

![image97a.jpg](image97a.jpg)

**Figure 11-31Control plot for client-inserted CRM OREAS 317 by MP-AES at ALS.**

![image70a.jpg](image70a.jpg)

**Figure 11-32Control plot for client-inserted CRM OREAS 353b by MP-AES at ALS. Due to insufficient** 

**CRM material no 30-g FA analyses were carried out.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 120

**Laboratory Internal CRM data**

All tested CRMs were generally characterized by a low number of Westgard rule violations (Figure 11-34,

Figure 11-35) and indicated no distinct periods of special-cause variation, demonstrating that the laboratory

processes are mostly in control (Figure 11-33).

The laboratory internal CRM results provided by ALS were mostly completed by MP-AES, with only one high-

grade CRM (KLEN 74589, 4,395 ppm Ag) and one medium-grade CRM (OxQ153, 128 ppm Ag) analyzed by FA.

The QP (Honza Catchpole) remarks that, according to the result files provided by ALS, other internal CRMs

above 250 ppm Ag (GBM906-6, 390 ppm and OREAS 353b, 2,184 ppm) were analyzed by MP-AES and not by

FA. It is unclear why the analysis was not carried out by FA, as CRM sample insufficiency should not have

been the issue. The QP also notes the comparatively short period of analysis of high-grade CRM OREAS 353b

since mid-July and the comparatively high standard deviation for high-grade CRM KLEN 74589 (1SD=214

ppm). Overall, the QP considers that the number of appropriate control samples for the FA process (e.g. above

250 ppm Ag) is insufficient and recommends inserting one or two more high-grade CRMs for regular testing.

Additionally, and as above, the QP cautions that none of the tested CRMs are certified for MP-AES.

![image119a.jpg](image119a.jpg)

**Figure 11-33Heat map for internal CRM performance at ALS Zgounder. KLEN 74589 and OxQ153 were** 

**analyzed by FA, the remaining CRMs by MP-AES**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 121

![image86a.jpg](image86a.jpg)

**Figure 11-34Control plot for laboratory internal CRM OREAS 315 by MP-AES at ALS.**

![image41a.jpg](image41a.jpg)

**Figure 11-35Control plot for laboratory internal CRM OREAS 353b by MP-AES at ALS Zgounder**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 122

**11.5.5QUALITY ACCEPTANCE TESTING**

**11.5.5.1COLLAR LOCATION & DOWNHOLE ORIENTATION SURVEY**

Quality determination of the collar survey typically consists of comparison against topography and mine

infrastructure, and reviewing the DLS. The QP (Honza Catchpole) is not aware of any validation campaigns for

collar or downhole surveys; there are no data in the database that indicate multiple surveys for a single hole.

The QP verified select surface RC and DD holes in the open pit area using a handheld GPS device, concluding

that the location data of the collars check matched the collar location data recorded in the database.

Comparison of the database and as-built survey files in the model revealed multiple discrepancies, indicating

a lack of validation of the drill hole collar database (see section 11.5.4.1). Drill holes within the proximity of a

survey as-built wireframe of <1 m pose a low risk to the MRE, irrespective of whether a planned location or an

actual survey pickup is used. A moderate risk to the MRE is present if the difference between the actual and

planned collar pickup cannot be verified, and is greater than >1 m. The data indicate that ~2% of the data

reviewed (1 drill hole out of 55) had larger (>1 m) differences resulting from the lack of a validation process.

The QP (Honza Catchpole) considers that topographic control is adequate to support the DQO of informing

the MRE but notes a low to moderate risk.

The QP (Honza Catchpole) reviewed dog-leg severities for Zgounder and found that most of the Zgounder

survey data (97.0%) have DLS values (in °/m) under 0.2 (99.9% <0.6, Table 11-9, Figure 11-36), which is an

acceptable result.

The following elevated DLS flags have been identified:

• >0.2 DLS values at 1-m survey spacing (71%);

• differences between the collar azimuth and dip, and the first survey point at 25-m depth (20%);

• >0.2 DLS values at 25-m survey spacing (7%); and

• other reasons (1%).

A review of DLS over time suggests that downhole surveying was mostly in control. Periods with higher

numbers of DLS >0.2 correlate with times of elevated drilling activity (Figure 11-36). Upon review, the QP

(Honza Catchpole) found no correlation between lithologies and DLS. Considering the multiple DLS flags >0.2

found in Aya's curated drill hole database, the QP notes that the QC process of drill hole surveying and

validation of surveys upon import into modelling software can likely be improved. The QP recommends that

Aya investigates drill holes with multiple DLS failures and consider whether removing the offending values

improves the trace of the hole (if the survey method allows), or whether some drill holes may need to be

resurveyed. The QP also recommends that Aya reviews any trends in the transgressions, i.e. whether they can

be linked to drill rig, equipment, driller, or ground conditions. This will improve the quality of future surveying

data.

**Table 11-9Summary statistics for DLS testing (DLS in °/m)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drill type - Survey** <br>**method**<br>**DD** | **DLS** <br>**Average**<br>**0.02** | **DLS Max**<br>**3.85** | **Count**<br>**8489** | **Average** <br>**Interval**<br>**26.3** | **Count** <br>**DLS >0.2**<br>**118** | **Count** <br>**DLS >0.4**<br>**24** | **Count DLS** <br>**>0.6**<br>**9** |
| Collar | 0.06 | 3.85 | 1721 | n.a. | 81 | 18 | 6 |
| Reflex EZ-Shot | 0.02 | 0.82 | 4682 | 25.1 | 29 | 4 | 3 |
| Reflex Gyro | 0.02 | 0.43 | 1353 | 25.1 | 5 | 2 |  |
| SPT | 0.01 | 0.06 | 53 | 25 | - | - | - |
| Unknown | 0.02 | 0.31 | 680 | 37.3 | 3 | - | - |
| **RC** | **0.01** | **0.37** | **1302** | **33.7** | **3** | **-** | **-** |
| Collar | 0.02 | 0.37 | 678 | n.a. | 3 | - | - |
| Reflex EZ-Shot | 0.01 | 0.13 | 264 | 29.9 | - | - | - |
| Reflex Gyro | - | 0.17 | 334 | 30 | - | - | - |
| Unknown | - | - | 26 | 120.8 | - | - | - |
| **Grand Total** | **0.02** | **3.85** | **9791** | **26.9** | **121** | **24** | 9 |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 123

![figure11-36xa.jpg](figure11-36xa.jpg)

**Figure 11-36DLS and monthly count of total survey points over time (excludes the single high DLS value** 

**of 3.8 in February 2023**

The QP (Honza Catchpole) reviewed the traces from drill holes with multiple DLS failures in 3D to validate the

impact on the location of samples from these drill holes. The QP considers that the holes that had been

flagged due to DLS issues between the collar and the first survey point at 25 m (n=84) had not been fully

validated and should be reviewed and subsequently re-validated. The QP (Honza Catchpole) considers the

quality of the collar location and downhole orientation survey data to be a low risk with respect to the DQO of

classifying MREs in the Measured and Indicated categories.

**11.5.5.2PRIMARY SAMPLE & CORE LOGGING**

A practical way to check and verify the quality of a sample is to validate it against, or compare it with, a

sample of a known grade. In simple terms, the difference between the measured value and the known value is

then defined as the bias, a measure of sample quality. Precision can be benchmarked by comparing the

variance in the measured samples with the variance in the certified check samples. This is the principle

behind the use of laboratory CRMs.

For the primary sample, i.e. the sample collected at the drill bit, such options do not readily exist. The next

practical way to determine the quality of the primary sample is to compare it with a sample of better quality.

Practically, diamond core is regarded as providing the highest-quality sample and is often used to check the

quality of lower-quality drilling methods, usually RC, blasthole or rotary air blast (RAB) drilling. This process is

often called 'twinned drilling', but it can be used anywhere where a sample from drill type A is close enough to

a sample from drill type B.

At Zgounder, twinned drilling was not performed, but RC and percussion drill holes were compared to nearby

DD drill holes to determine the quality of the primary sample.

**Diamond Drilling: Sample Recovery**

To assess the impact of any recovery issues on the MRE, RSC reviewed the correlation between core recovery

and assay grade. No strong correlation was identified between recovery and grade (Figure 11-37). The QP

(Honza Catchpole) notes that a significant portion of recovery values are missing from the database,

indicating that processes of data capture, validation and database management need to be improved. From

July to December 2024, an increasing number of recovery values over 100% have been noted. The QP

recommends that Aya reviews the process to understand the reasons for that trend (e.g. change in drilling

contractor sampling procedure). The QP also recommends that occasional twinned diamond drilling be

implemented as a primary sample QC measure.

Given acceptable average recoveries (~92%) and the absence of a clear correlation between recovery and Ag

grade, the QP (Honza Catchpole) notes a low risk and considers the quality of the primary samples from

diamond drilling sufficient to support MREs that are classified in the Measured, Indicated and Inferred

categories.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 124

![image35a.jpg](image35a.jpg)

**Figure 11-37DD core recovery versus Ag grade, excluding 17 samples with recoveries above 120%**

**RC Drilling vs DD Drilling**

The QPs (Abraham Whaanga, Honza Catchpole) compared DD samples with RC samples using Phinar's X-10

software, which has a distance-buffered 'nearest-neighbor' (NN) sample pairing module. This module creates

sample pairs based on the distance between samples from different categories (i.e. RC and DD). The

maximum distance between pairs can be chosen.

The evaluation of any bias between two different populations (RC and DD drilling), and the rejection of the

hypothesis that the statistically significant bias is solely caused by the difference in drilling technique, is

complicated by several factors:

• the fact that these two populations themselves may be drawn from various different or overlapping

statistical populations, such as those caused by the presence of different geological domains, would

invalidate any hypothesis testing;

• the presence of variance due to different analytical or sample preparation techniques;

• the presence of variance due to distance between RC and DD samples, as indicated by the variogram;

• the presence of variance due to differing sample lengths;

• the presence of outliers; and

• the presence of variance due to sample support, with DD samples commonly having a wider grade

spread due to the smaller and more selective sampling.

Therefore, in preparation for the analysis, the QP (Abraham Whaanga) assigned domain codes to the samples

(point #1 above) and ensured selection of pairs was restricted to samples belonging to the same low-grade

(LG10), medium-grade (MG60), and high grade (HG150) estimation domains and checked the database and

assumed that most samples used in the bias study were prepared and analyzed using the same methods

(point #2 above), selected NN sample pairs (RC-DD) from a restricted search neighborhood only (point #3

above), and composited the data to 2-m intervals to equalize variance between the datasets (point #4 above).

Grade capping was implemented for all domains at the 98<sup>th</sup> percentile for all samples within the domains to

reduce the potential effect of outliers (point #5 above). The difference in variance due to point #6 is generally

understood and expected. All diamond drilling grades were composited to 2-m intervals in Leapfrog, to match

the RC intervals. Each 2-m interval was also assigned an estimation domain using the 'majority composite'

function in Leapfrog. The drilling was subsequently 'desurveyed', assigning a mid-point X, Y and Z value to

each 2-m composite.

The RC-DD pairs were exported from X-10 and reviewed spatially in Leapfrog to visually validate that the

pairing process had provided suitable data. The QP (Abraham Whaanga) notes that some edge effects occur,

where differences in grades within an RC-DD data pair are associated with one sample of the pair being

positioned on the boundary of a mineralized domain (typically lower grade), and the other one further inside

the domain (typically higher grade). No compensation has been made for this effect in the analysis.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 125

Analyzing fewer than 30 pairs generally provides unreliable results. Selecting pairs at a maximum data

spacing of 10 m provides far more data pairs, increasing the robustness of the analytical dataset, but may

embed significant added variance due to the short-range variability of the distributions. Hence, various buffer

distances were considered in parallel to see how the bias behaves when additional pairs are allowed. Sample

pair statistics were calculated typically using a 5-m search radius within which to find pairs (Figure 11-38,

Table 11-10) but was increased to 10 m for the MG60 and HG150 domains where sample count was low

(Table 11-10).

![image99a.jpg](image99a.jpg)

**Figure 11-38Nearest RC-DD neighboring sample pairs at a 5-m distance for the low-grade domain** 

**(LG10). QQ plot (left); distance histogram (right)**

**Table 11-10Nearest RC-DD neighboring sample pair statistics at a 5-m distance for the low-grade** 

**domain (LG10), and 10-m distance for the medium-grade (MG60) and high-grade domain (HG150).**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Data** | **Filter** | **Count** | **Min.** <br>**(g/t)**<br>| **Max.** <br>**(g/t)**<br>| **Mean** <br>**(g/t)**<br>| **Variance** | **SD** | **CV (%)** |
| **comp_DD**  | Distance < 5 m - Domain = LG10 - Ag <= 330 g/t | 380 | 1.8 | 311.7 | 33.8 | 2416 | 49.2 | 145 |
| **comp_RC**  | Distance < 5 m - Domain = LG10 - Ag <= 330 g/t | 387 | 4.0 | 320.6 | 33.3 | 1371 | 37.0 | 111 |
| **comp_DD**  | Distance < 10 m - Domain = MG60 - Ag <= 1,600 <br>g/t | 70 | 45.2 | 1456.8 | 207.2 | 65564 | 256.1 | 124 |
| **comp_RC**  | Distance < 10 m - Domain = MG60 - Ag <= 1,600 <br>g/t | 71 | 4.7 | 457.8 | 115.5 | 5689 | 75.4 | 65 |
| **comp_DD** | Distance < 10 m - Domain = HG150 - Ag <= 4,200 <br>g/t | 38 | 133.1 | 3041.4 | 867.3 | 649965 | 806.2 | 93 |
| **comp_RC** | Distance < 10 m - Domain = HG150 - Ag <= 4,200 <br>g/t | 39 | 110.6 | 3893.8 | 826.9 | 741442 | 861.1 | 104 |

---

*SD – standard deviation; CV – coefficient of variation*

High- and low-grade capping with modified distance buffers was investigated within the datasets to assess

the effect of outliers and to ensure sufficient sample pairs were present for analysis. At all tested

combinations, the QQ plots for the LG10 domain showed a similar pattern with RC>DD for low grades and

DD>RC at high grades (i.e. slope of the quantiles <1). The HG150 domain does not contain enough sample

pairs to draw any conclusions.

The findings suggest that RC samples are higher than DD grades below ~50 g/t and lower than DD grades

above ~100 g/t.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 126

These findings suggest that RC primary samples might not be acceptable with respect to the DQO of

classifying high-confidence mineral resources. For the mineral resource estimate, various sensitivity tests

were carried out (see section 14.8). The test results demonstrate that biases between RC and DD are

effectively balanced out when estimated together, provided the proportion of DD samples used in the

estimation is sufficient (see section 14.10). Therefore, the impact of poor primary sample quality is mitigated

by the presence of sufficient diamond drilling.

<u>RC Drilling: Sample Recovery</u>

The QP (Honza Catchpole) also reviewed the correlation between recovery and grade for RC drilling but notes

that this analysis is limited by the small dataset of available grade data and available matching estimated

recovery (n=795). Based on the available data, there appears to be a very weak positive correlation between

recovery and grade for values over 300 ppm Ag (Figure 11-39), not unlike that observed with the DD data.

![image49a.jpg](image49a.jpg)

**Figure 11-39RC estimated recovery versus Ag grade**

Average RC drilling recoveries per hole range from 40–60%, with 15–30% precision (see section 11.5.4.3). The

high variance (i.e. poor precision) is in large part due to uncontrolled drill sampling and splitting of the sample

in the RC rig cyclone and riffle splitter assembly, as seen in sample weight data and outlined in section

11.5.4.5. An estimated total sample recovery of 80–85% should be routinely achievable, especially given that

the ground conditions are generally dry.

The QP (Honza Catchpole) considers such RC sample recovery, as observed from the representative sample

set, is very low, and below industry standard.

The QPs (Abraham Whaanga and Honza Catchpole) note a moderate risk and consider that the overall quality

of the RC primary sample is sufficient for the purpose of classifying an Inferred and Indicated Mineral

Resource, but not for a Measured Mineral Resource. This decision is reflected in the classification scheme

followed for classification of the Mineral Resource (see section 14.10).

The QPs (Abraham Whaanga and Honza Catchpole) recommend implementing the following measures to

improve sample quality and sample recovery.

• Contract a specialist drill consultant for RC drilling to train contractor drilling teams to improve drilling

and sample recovery, sample splitting, and avoid sample cross-contamination (e.g. by means of dust

suppression and recovery, control of shroud tolerance, penetration rate, air pressure, use of hammer,

etc.).

• Request the drill contractor to replace the on-board riffle split assembly to optimize sample split,

minimize sample loss, and allow duplicates to be sampled simultaneously from the splitter using a

three-way splitting assembly (e.g. Metzke splitter).

• Closely monitor QC of sample weights, penetration rate, recovery, during drilling activity for immediate

corrective actions, if required.

• Align SOPs from the Production Geology and Exploration Geology teams.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 127

**Percussion Drill Samples vs DD Samples**

The accuracy and precision of percussion drilling samples (T28) were quantified by nearest neighbor (NN)

analysis with the more reliable DD samples in Isatis software, which implements a distance-buffered NN

sample pairing module similar to the one implemented in Phinar's X-10 software. The QPs (Olivier Bertoli and

Abraham Whaanga) conducted the analysis in the HG150 domain exclusively, on 2-m composites for a series

of sample pairing distances and compared box-plots, variograms (omnidirectional and downhole) and swath

plots for the paired distributions (Figure 11-40 and Figure 11-41). The analysis revealed the existence of a

significant bias, illustrated in Table 11.11. The DD-T28 paired analysis suggests the existence of a significant

bias and precision issue between percussion data and core samples which prevents the use of percussion

data in the MRE. The QPs (Olivier Bertoli, Abraham Whaanga and Honza Catchpole) consider that samples

produced from percussion drilling are not fit for the purpose of being used in an MRE, classified in the

Measured, Indicated and Inferred categories.

![image39a.jpg](image39a.jpg)

**Figure 11-40Nearest DD-T28 box-plots at a 2.4-m distance for the high-grade domain (HG150); DD (left);** 

**T28 (right).**

![image42a.jpg](image42a.jpg)

**Figure 11-41Nearest DD-T28 omnidirectional variograms at a 2.4-m distance for the high-grade domain** 

**(HG150); DD (left); T28 (right).**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 128

**Table 11-11Comparison of T28 and DD nearest neighbor sample pairs.**

---

| | | | |
|:---|:---|:---|:---|
| **2.4-m sample pairs in HG (Ag)** | **2.4-m sample pairs in HG (Ag)** | **Globally in HG (Ag)n** | **Globally in HG (Ag)n** |
| **Mean (T28)** | 437 ppm | **Mean (Non-DD)** | 333 ppm |
| **Mean (NN DD)** | 276 ppm | **Mean (DD)** | 308 ppm |

---

**11.5.5.3GEOLOGICAL LOGGING**

Based on a drill core reviews performed during the site visits and discussion with Aya's site geologists, the QP

(Honza Catchpole) considers the geological logging data to be of good quality with respect to industry

standard. The QP therefore considers the quality of the geological logging to be a low risk with respect to the

DQO of classifying MREs in the Measured and Indicated categories.

**11.5.5.4DENSITY**

In total, there are 8,729 dry BD results for Zgounder. Most of the holes drilled before 2022 lack density

measurements and in total, dry BD data were collected for about 30% of all holes drilled in 2020–2025.

Considering all DD holes completed since 2020, the average dry BD sample spacing is about 30 m, which is

below Aya's target rate of one measurement every 20 m. A review of the density sample data in the 3D model

reveals a reasonable coverage of the deposit except for the open pit, for which only limited BD data are

available. A small number (23, 0.2%) of highly improbable results (i.e. >4.5 g/cm³ or <2 g/cm³) were noted in

the database and flagged for validation by Aya. The QPs (Honza Catchpole and Abraham Whaanga)

recommend collecting dry BD data more consistently; for example, every 10 m (i.e. every second core box),

particularly from drill holes in the open pit area.

Mineralization at Zgounder is characterized by low sulfide content, and the bulk densities of Ag mineralized

sections are generally not distinguishable from those of unmineralized sections. A scatter plot in Figure 11.42

illustrates a nearly flat correlation of density vs Ag for the lithological group 'Sediment'. This lithology group

contains 90% of the contained Ag at Zgounder. Bulk density variation is introduced by the different key

lithologies. Lithologies have been simplified by unifying 34 lithologies into five key lithology groups (Figure

11-42). Therefore, some spread in density values is observed (i.e. increased variance). Nevertheless, the most

common lithological units, sediment and rhyolite, have similar mean values of 2.65–2.76 g/cm³. The QPs

(Honza Catchpole and Abraham Whaanga) therefore consider the density data to be a low risk with respect to

the DQO of classifying MREs in the Measured and Indicated categories.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 129

![image30a.jpg](image30a.jpg)

**Figure 11-42Scatter plot of density vs Ag within the lithological group Sediment (left); box-plot of** 

**densities (g/cm³) of key lithological groups (right)**

**11.5.5.5FIRST SPLIT**

**Diamond drilling**

No core duplicates were collected by Aya. However, in the absence of core duplicate data, the QP (Honza

Catchpole) notes that results of repeat sampling of quarter core (a representative set 740 drill core samples

from 39 DD holes for verification of the Ag values) can be used as proxy for core duplicates sampling, and

provide an indication of the inherent variability of the mineralization (see section 12.4). The precision of the

repeat verification sample dataset is 36.9% (Table 11-12), as determined by the root mean square (RMS) CV

method (Abzalov, 2008; see section 12.4). As discussed in section 12.4, the Wilcoxon signed-rank test

indicates a statistically significant bias is present for results <100 ppm Ag, but is not considered to represent

a risk with respect to the DQO of the MRE (see sections 12.4 and 12.6). Considering the nuggety nature of this

mineralization style and the DQO, the QP finds this level of precision for first-split repeat samples acceptable.

**RC drilling**

No first-split duplicate data were available from the RC drilling for review. Instead, the quartering

'duplicates' (see section 11.5.3.5 for details) were reviewed as a proxy for RC 'first split' duplicates. The

sample pairs (n=510, >5 ppm Ag) demonstrate a precision of ~39% (Table 11-12), as determined by the

RMSCV method. The QP (Honza Catchpole) considers the precision to be poor. No statistically significant

difference (at 95% confidence) is observed between the original and the quartering 'duplicates' (Figure 11-43);

The QP considers the dataset not fit for purpose; the dataset poses a moderate risk with respect to the DQO

of the MRE.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 130

![image23a.jpg](image23a.jpg)

**Figure 11-43Results of 'first-split' (quartering) duplicates for Ag from RC drill holes.Scatter plot (left); QQ** 

**plot (right)** 

**Table 11-12Precision summary of first-split to third-split duplicates/repeats prepared and analyzed at** 

**Afrilab**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Split** | **Process** | **Hole Type /** <br>**Analysis**<br>| **N Pairs** | **LOQ** <br>**(ppm)**<br>| **Wilcoxon p-**<br>**value**<br>| **Wilcoxon** <br>**Verdict (p95)**<br>| **RMSCV (%)** |
| **First split –** <br>**repeat\***<br>| Quarter core  | DD | 645 | 5 | 0 | Reject H0, low <br>risk<br>|  |
| **Second split** | Riffle split (250–<br>300g) after crushing<br>| DD | 1359 | 5 | 0.39 | Accept H0 | 5.1 |
| **Third split** | Scooping from bag <br>(0.5 g or 30 g) after <br>pulverization<br>| DD+RC by <br>AR-AAS<br>| 9011 | 5 | 0.34 | Accept H0 | 5.2 |
| **Third split** | Scooping from bag <br>(0.5 g or 30 g) after <br>pulverization<br>| DD+RC by FA | 2089 | 5 | 0 | Reject H0 | 2 |

---

*\*Quarter core repeat sampling of DD core for sample verification, see section 12.4.*

*RMSCV – root mean square CV*

**11.5.5.6AFRILAB: CRUSHING, BLANKS, SECOND SPLIT & PULVERIZATION**

**Coarse Crush Repeats**

Second-split repeats (coarse crush repeats) from diamond cores (n=1,359, >5 ppm Ag) demonstrate a

precision of ~5% (Table 11-13). This is expected for this mineralization style and this comminution stage. A

ranked Wilcoxon signed-rank test demonstrates that at 95% confidence, there is no statistically significant

bias between the original and the repeat (Figure 11-43). The QP (Honza Catchpole) considers the second

splitting process at Afrilab to have been accurate and precise and considers that the second splitting process

delivered results that are acceptable with respect to the DQO.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 131

![image7a.jpg](image7a.jpg)

**Figure 11-44Results of second-split repeats for Ag from DD drill holes. Scatter plot (left); QQ plot (right)**

**Coarse Blanks**

The annual blank failure rate above the threshold of 3.3 ppm Ag is low, ranging from 0.6 to 2.4% for the period

up until 2025, and signaling good performance. The QP (Honza Catchpole) notes that based on these results,

the cross-contamination is limited, and presents a low risk with respect to the DQO of classifying MREs in the

Measured and Indicated categories.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 132

<u>Laboratory Internal Coarse Blank & Screen Size Testing (Crushing & Pulverizing)</u>

All 8,990 internal laboratory coarse blanks returned results at or below the 1-ppm detection limit, indicating

that failed measurements have either been removed from the dataset provided to the QP (Honza Catchpole),

or all 'fails' had been replaced by repeat coarse blank values, after a full re-run of the crushing process for the

entire sample batch. Similarly for screen size testing, the QP notes that out of a population of 7,421 samples,

there are no 'fails' below the threshold of 85% passing 2 mm (crushing) or 85% passing 75 µm (pulverizing),

indicating that failed measurements have either been removed from the dataset provided to the QP, or all

'fails' had been replaced by repeat screen tests after a full re-run of the crushing process for the entire sample

batch.

The QP (Honza Catchpole) considers the results from the laboratory's internal blanks and screen size tests

acceptable with respect to the DQO of classifying MREs in the Measured and Indicated categories.

Nevertheless, the QP cautions that complete, uncorrected datasets should be requested and provided by

Afrilab to better understand how frequently test failures do occur.

**11.5.5.7ALS: CRUSHING, BLANKS, SECOND SPLIT & PULVERIZATION**

**Coarse Crush Repeats**

Second-split (coarse crush) repeats from diamond cores (n=144, >5 ppm Ag) analyzed by ALS demonstrated a

precision of 22.5% (Table 11-13). This variance is higher than expected for this mineralization style and this

comminution stage. A Wilcoxon signed-rank test demonstrates that at 95% confidence, there is no statistically

significant bias between the original and the repeat (Figure 11-44). The QP (Honza Catchpole) considers the

precision and accuracy of the second splitting step for diamond core samples acceptable with respect to the

DQO of classifying high-confidence mineral resources. The QP recommends monitoring variance and

investigating why it may be so high.

**Table 11-13Precision summary of second-split repeats prepared and analyzed at ALS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Split** | **Process** | **Hole Type /** <br>**Analysis**<br>| **N Pairs** | **LOQ (ppm)** | **Wilcoxon p-**<br>**value**<br>| **Wilcoxon** <br>**Verdict (p95)**<br>| **RMSCV (%)** |
| **First split** | Quartering/riffle <br>splitting (2–4 kg) <br>from RC reject<br>| RC | 15 | 10 | NA (too few samples) | NA (too few samples) | NA (too few samples) |
| **Second split** | RSD (1 kg) after <br>crushing<br>| DD | 144 | 5 | 0.75 | Accept H0 | 22.5 |
| **Third split** | Scooping from <br>bowl (200–300 g) <br>after pulverization<br>| DD+RC | No repeat samples taken | No repeat samples taken | No repeat samples taken | No repeat samples taken | No repeat samples taken |
| **Fourth split** | Scooping from bag <br>(0.4 g)<br>| DD+RC by <br>AR-AAS<br>| 743 | 10 | 0.01 | Reject H0 | 16.7 |
| **Fourth split** | Scooping from bag <br>(30 g)<br>| DD+RC by FA | 135 | 10 | 0.27 | Accept H0 | 2.8 |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 133

![image109a.jpg](image109a.jpg)

**Figure 11-45Results of second-split repeats for Ag from DD drill holes at ALS. Scatter plot (left); QQ plot** 

**(right)**

**Coarse Blanks**

Since the start of the ALS on-site laboratory operation in January 2025, the blank failure rate above the

threshold of 3.3 ppm Ag has been slightly elevated (6.3%, Figure 11-15). Periods with increased failures,

during the first quarter of 2025, coincide with the onset of regular sample processing and high sample output.

The QP (Honza Catchpole) considers that the quality of the sample preparation step represents an acceptable

industry standard, and considers there to be a low risk with respect to the DQO of classifying MREs in the

Measured and Indicated categories.

**Laboratory Internal Coarse Blank & Screen Size Testing (Crushing & Pulverizing)**

The results for most of 1,861 laboratory internal coarse blanks prepared and analyzed by ALS since January

2025 were below the threshold of 3.3 ppm Ag (0.3% failed). Following the review of ~3,400 screen size test

results from both crushing and pulverizing step, only 0.25% and 0.54% fall below the required acceptance

thresholds of 85% passing 2-mm and 75-µm size fractions, respectively (Figure 11-17). The QP (Honza

Catchpole) considers that the quality of the sample preparation step represents an acceptable industry

standard, and considers there to be a low risk with respect to the DQO of classifying MREs in the Measured

and Indicated categories.

**11.5.5.8AFRILAB: THIRD SPLIT**

Third-split repeat results for samples analyzed via AR-AAS and FA were reviewed separately. Third-split repeat

samples analyzed by AR-AAS (n=9,890, >5 ppm Ag) demonstrate a precision of 6.2% (Table 11.13), which is

slightly elevated, but within the range of expectations for this mineralization style, comminution stage, and

analytical method. The QQ plot illustrates that most of the variance is observed in sample pairs with a mean

grade less than 100 ppm Ag (Figure 11-45). The Wilcoxon signed-rank test indicates that at 95% confidence,

there is no statistically significant bias between the original and the repeat, indicating that the third split

delivered results that were accurate and precise.

The third-split repeats analyzed by FA (n=2,188, >5 ppm Ag) reveal a precision of 2.1% (Table 11-13), which is

in range with expectations for this mineralization style, comminution stage, and analytical method. The non-

parametric Wilcoxon signed-rank test indicates that, at 95% confidence, there is a statistically significant bias

between the original and the repeat. Inspection of the QQ plot does not reveal any obvious bias (Figure 11-46).

This is a common issue in statistical analysis: when sufficient samples are available, a statistically significant

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 134

outcome can often be found. The lack of any visible bias in the QQ plot suggests that any bias, while

statistically significant, is likely very small and a low risk with respect to Aya's DQO.

The QP (Honza Catchpole) notes that the precision of the AR method is ~2.5 times higher compared to the FA

precision. This likely reflects a combination of analytical precision as well as the significantly smaller sample

size of the AR method (i.e. 0.5 g for AR compared to 30 g for FA).

These results provide additional evidence that, while the AR method has poorer precision, the Afrilab process

of scooping 0.5-g and 30-g samples from pulp bag of 250–300 g is fit for purpose (they are accurate and

sufficiently precise), and sample segregation of native Ag due during handling of the pulp sample bag is likely

not a material issue (see section 11.5.3.8 for further discussion). Nevertheless, the QP (Honza Catchpole) has

further doubts on the data, given that other large datasets of laboratory internal data have been 'cleaned' of

outliers or failing tests and excluded from the dataset (i.e. screen size tests, coarse blanks, high-grade CRMs).

The QP (Honza Catchpole) recommends running additional tests by:

• submitting a representative set of blind pulp repeats to test reproducibility and the effect of segregation

in the sample bag and by analyzing the samples to extinction; and

• submitting a representative set of samples for analysis by metallic screening to test for the presence of

any Ag nuggets.

The outcome of these tests will determine whether using 0.5-g aliquots for AR is suitable.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 135

![image114a.jpg](image114a.jpg)

**Figure 11-46Results of Afrilab third-split repeats via AR-AAS for samples from DD and RC drill holes.** 

**Scatter plot (left); QQ plot (right).**

![image110a.jpg](image110a.jpg)

**Figure 11-47Results of Afrilab third-split repeats via FA for samples from DD and RC drill holes. Scatter** 

**plot (left); QQ plot (right).**

**11.5.5.9ALS: FOURTH SPLIT**

The fourth-split duplicate samples analyzed by MP-AES (n=734, >10 ppm Ag) demonstrate a precision of

16.7% (Table 11.13), which the QP (Honza Catchpole) considers high for this mineralization style and

comminution stage. The non-parametric Wilcoxon signed-rank test indicates that, at 95% confidence, there is

a statistically significant bias between the original and the repeat. Inspection of the QQ plot does not reveal

any obvious bias, suggesting that any bias, while statistically significant, is likely very small and of low impact

(Figure 11-47).

The fourth-split duplicates analyzed by FA (n=135, >10 ppm Ag) reveal a precision of 2.8% (Table 11-14),

which is consistent with expectations for this mineralization style, comminution stage, and analytical method.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 136

The non-parametric Wilcoxon signed-rank test indicates that, at 95% confidence, there is no statistically

significant bias between the original and the repeat.

The precision of the results from 3ACD with MP-AES finish is notably higher (~8 times) compared to the FA

precision. The small sample weight of 0.4 g for 3ACD may contribute to the larger difference between MP-AES

precision and FA precision. A larger MP-AES sample size may result in significantly improved precision.

These results provide additional evidence that, while the MP-AES method has lower precision, the ALS

process of scooping 0.4-g and 30-g samples from pulp bag of 200–300 g is fit for purpose (they are accurate

and sufficiently precise).

The QP (Honza Catchpole) considers that the quality of the sample preparation step represents average

industry standard, and there is a low risk with respect to the DQO of classifying MREs in the Measured and

Indicated categories.

Similar as recommended for Afrilab third-split results in section 11.5.5.8, the QP (Honza Catchpole)

recommends running additional tests by:

• submitting a representative set of blind pulp repeats to test reproducibility and the effect of segregation

in the sample bag and by analyzing the samples to extinction; and

• submitting a representative set of samples for analysis by metallic screening to test for the presence of

any Ag nuggets.

The outcome of these tests will determine whether using 0.4-g aliquots for MP-AES is suitable.

![image54a.jpg](image54a.jpg)

**Figure 11-48Results of ALS fourth-split repeats via MP-AES for samples from DD and RC drill holes.** 

**Scatter plot (left); QQ plot (right)**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 137

**Figure**![image80a.jpg](image80a.jpg)

**11-49Results of ALS fourth-split repeats via FA for samples from DD and RC drill holes. Scatter plot (left);** 

**QQ plot (right)**

**11.5.5.10AFRILAB: ANALYTICAL PROCESS**

**Client CRM Results**

The quality of the FA and analytical process can be determined from the performance of the CRMs and the

results of umpire testing for those periods where the laboratory systems were in control (section 11.5.4.10).

The QP (Honza Catchpole) reviewed accuracy and precision for periods in which the laboratory was providing

consistent data, and separately for the periods in which CRM results signaled special-cause variation.

As outlined in section 11.5.4.10, the QP (Honza Catchpole) suspects that client-inserted higher-grade CRMs

above 230 ppm Ag were analyzed by AR-AAS instead of FA, given that sample weights were often too low for

FA. The QP therefore used the certified values for AR digestion and AAS finish as reference (or 4AD, if AR was

not available). For periods in which the analytical process was in control, all 12 client-inserted CRMs analyzed

by AR-AAS passed the precision tests, demonstrating analytical variance similar or lower than the certificate

variance. Four out of twelve client-inserted CRMs failed the accuracy tests, demonstrating statistically

significant biases, with a median bias across all CRMs of -0.30% (Table 11-14). The exact bias exceeds ±2%

for lower-grade OREAS 137, OREAS 621 and OREAS 139. Although statistically significant, the biases

observed affect 1/3 of CRMs and are not considered material with respect to the DQO. Based on the client-

inserted CRMs, the QP therefore considers the analytical results sufficiently precise and sufficiently accurate

for AR-AAS data, considering the DQO. Overall, in absence of FA client CRM data, the QP notes a moderate risk

with respect to the DQO of classifying high-confidence mineral resources.

**Table 11-14Summary of accuracy and precision for client-inserted CRMs since 2020\* for periods where** 

**the analytical process was in control.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Method** | **Days** | **N Fail / N** <br>**Pass** <br>**(Accuracy)**<br>| **N Fail / N** <br>**Pass** <br>**(Precision)**<br>| **Median Bias** <br>**(%)**<br>| **N CRM** <br>**Results**<br>| **Verdict** <br>**(Accuracy)**<br>| **Verdict** <br>**(Precision)**<br>|
| AR-AAS | 1569 | 8 / 4 | 0 / 12 | -0.3 | 6354 | PASS | PASS |

---

*\* six CRMs that were originally designated FA have been re-assigned as AR/4ACD-AAS, following discussion in section 11.5.3.10*

**Internal Laboratory CRM Results**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 138

For the Internal Laboratory CRMs, five periods of special cause variation were examined separately (Table

11-15, Figure 11-27). Most CRMs (AR-AAS) passed the precision test for all five periods, as determined by the

F-test at 95% confidence. For three of the five periods, the majority of CRMs failed the accuracy tests with

median biases of 1.8–2.4%. Notably, results of OREAS 602b indicate a statistically significant bias of +9.3% in

the period 05/02/2022 to 09/04/2022, whereas other laboratory CRMs demonstrate statistically significant

biases of <2% during the same period, possibly indicating an issue specifically with OREAS 602b (Figure

11-49). The internal CRM results suggest that analytical results from AR-AAS were precise but not always

accurate. There seems to be a relatively consistent high bias of up to 3% at Afrilab. This bias occurs across all

periods for CRMs up to 500 ppm Ag. Some individual CRM results demonstrate biases of up to 9%. In the QP's

(Honza Catchpole) opinion, given its consistency, the high bias must be addressed with Afrilab.

![image103a.jpg](image103a.jpg)

**Figure 11-50Afrilab internal CRMs with statistically significant bias for five periods of special cause** 

**variation**

Given the uncertainty of analytical method experienced from the client-inserted high-grade CRMs and likely

missing FA analyses from Afrilab laboratory internal CRMs, the QP (Honza Catchpole) has less confidence in

the FA data presented here. The QP remarks that other laboratory control sample data provided to the QP

appear to be incomplete or replaced with repeat measurements (e.g. blanks, screen size tests). Therefore, the

QP sees an increased risk that laboratory internal CRM data are also not complete. Overall, the QP considers a

moderate risk with respect to the DQO of classifying high-confidence mineral resources.

The QP (Honza Catchpole) notes gaps in the current reporting practices and recommends reviewing QC

results on a periodic basis (at least monthly) and creating meaningful dialogue with the laboratory with

respect to an agreed set of principles and methods to assess laboratory process consistency and reporting.

The QP (Honza Catchpole) recommends that Aya:

• raise the issue of a relatively consistent high bias of 1–3% for CRMs up to 500 ppm Ag;

• requests Afrilab to report all Ag results (AR and FA) on the certificates, in their respective columns;

• requests Afrilab to report all AR and FA repeat samples with laboratory reference ID (separate rows for

all repeats);

• submits sufficient CRM material for analysis by 30-g FA, for CRMs >230 ppm Ag;

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 139

• sets reporting rules for insufficient sample material, so that these can be addressed in a timely manner;

• closely monitors results to ensure client-inserted CRM material has been analyzed by the FA method;

• requests Afrilab to report all other laboratory internal control samples on the certificates, also the ones

that failed;

• monitors Afrilab certificates for errors, and validates the data upon entry into the database;

• uses CRMs that have a similar matrix as mineralized samples (e.g. do not use CRMs from sulfide

concentrates for low-sulfide mineralization);

• continues use of the same low-, mid- and high-grade Ag CRMs over the same periods, preferentially over

longer periods;

• uses CRMs that are certified for the analytical method being controlled (i.e. CRMs <230 ppm Ag should

be certified by AR and CRMs >230 ppm should be certified by FA);

• insists on consistency of use of 30-g and 50-g sample FA charges at Afrilab; and

• implements an Ag overlimit method rule for very high-grade Ag samples (>9,999 ppm Ag).

**Table 11-15Summary of client-inserted CRMs for the period since 2020, separating periods in which the** 

**analytical process was not in control.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Method** | **Period** | **Days** | **N Fail/ N** <br>**Pass** <br>**(Accuracy**<br>| **N Fail/ N** <br>**Pass** <br>**(Precision**<br>| **Median** <br>**Bias (%)**<br>| **N CRM** <br>**Results**<br>| **Verdict** <br>**(Accuracy)**<br>| **Verdict** <br>**(Precision)**<br>|
| **AR-AAS** | 05-10-20 to 16-06-21 | 255 | 1 / 0 | 0 / 1 | 2 | 209 | FAIL | PASS |
| **AR-AAS** | 05-02-22 to 09-04-22 | 64 | 2 / 1 | 0 / 3 | 2 | 479 | FAIL | PASS |
| **AR-AAS** | 10-04-22 to 14-10-23 | 548 | 1 / 3 | 0 / 4 | 1.1 | 3413 | PASS | PASS |
| **AR-AAS** | 15-10-23 to 29-12-24 | 442 | 2 / 2 | 0 / 4 | 2.4 | 2121 | FAIL | PASS |
| **AR-AAS** | 01-01-25 to 31-07-25 | 212 | 1 / 1 | 2 / 0 | -1 | 934 | FAIL | FAIL |
| **FA** | 05-10-20 to 16-06-21 | 255 | 2 / 0 | 0 / 2 | 1.1 | 504 | FAIL | PASS |
| **FA** | 05-02-22 to 09-04-22 | 64 | 1 / 1 | 0 / 2 | 0.4 | 108 | FAIL | PASS |
| **FA** | 10-04-22 to 14-10-23 | 548 | 1 / 1 | 0 / 2 | 1.4 | 623 | FAIL | PASS |
| **FA** | 15-10-23 to 29-12-24 | 442 | 2 / 0 | 0 / 2 | 1.3 | 766 | FAIL | PASS |
| **FA** | 01-01-25 to 31-07-25 | 212 | 0 / 2 | 0 / 2 | 0.04 | 1237 | PASS | PASS |

---

**Umpire Results**

Three batches totaling 495 samples (from DD holes completed during 2022) were submitted to ALS for

umpire analysis between November 2022 and June 2023. Sample registration, weighing and pulverizing was

mainly carried out at ALS Seville (Spain) and 30-g FA with gravimetric finish (code: Ag-GRA21) was completed

at ALS Loughrea (Ireland).

• ALS analyzed all samples by FA, including the samples originally analyzed by Afrilab (AR-AAS for

samples <200 ppm Ag). Consequently, the umpire testing did not follow the same analytical method,

which introduced unnecessary variance, putting limitations on the conclusions that can be drawn from

the umpire analyses.

• The value of the umpire analyses is limited by the lack of CRM materials submitted to the umpire facility

as it is difficult to establish which laboratory is responsible for a potential bias.

The QP (Honza Catchpole) reviewed the results of Aya's umpire analyses through quantile plots and

determined accuracy of the primary laboratory using the non-parametric Wilcoxon signed-rank test for bias.

• For umpire samples analyzed by AR-AAS at the primary laboratory (n=234, >15 ppm and <300 ppm Ag),

the test demonstrated a statistically significant bias (at 95% confidence), with umpire > original. After

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 140

excluding three samples (suspected sample swaps), the QQ plot suggests umpire grades (ALS) were on

average 10% higher than original results across grade range 15–200 ppm Ag (Figure 11-50). This is

inconsistent with the results from Afrilab CRMs which suggest that results have a relatively consistent

high bias of 1–3%. Given the different analytical methods used, the QP considers the umpire results

inconclusive.

• Samples analyzed by FA at both laboratories (n=180, >200 ppm and <9,999 ppm Ag) include two

suspected sample swaps, which were excluded from the analysis. The Wilcoxon signed rank test

suggests that there is no statistically significant bias between the original and umpire laboratories at

95% confidence (Figure 11-51).

The QP (Honza Catchpole) notes that the umpire results for the <200 ppm Ag are inconclusive, due to the use

of two different analytical methods, but the >200-ppm FA results confirm the Afrilab results, indicating that the

analytical data > 200 ppm Ag are fit for the purpose of classifying high-confidence mineral resources.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 141

![image125a.jpg](image125a.jpg)

**Figure 11-51Results of Afrilab (original) - ALS (umpire) analyzed by AR-AAS at Afrilab and FA at ALS.** 

**Scatter plot (left); QQ Plot (right). Three suspected sample swaps are excluded.**![image43a.jpg](image43a.jpg)

**Figure 11-52Results of Afrilab (original) - ALS (umpire) analyzed by FA at both laboratories. Scatter plot** 

**(left); QQ plot (right). Two suspected sample swaps excluded.** 

**11.5.5.11ALS: ANALYTICAL PROCESS**

The quality of the FA analytical process can be determined from the performance of the CRMs and the results

of umpire testing for those periods where the laboratory systems were in control (section 11.5.4.11). CRM did

not signal special-cause variation at ALS and the QP (Honza Catchpole) reviewed accuracy and precision of all

CRM results as a whole (client-inserted and internal).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 142

**Client CRM Results**

As outlined in section 11.5.4.11, many CRMs are reportedly analyzed by MP-AES for Ag, including several high-

grade CRMs which should have been analyzed by FA. In absence of certified mean and standard deviation

values for MP-AES, certified values for 4ACD digestion and AAS finish were used for reference.

All three client-inserted CRMs analyzed by MP-AES passed the precision tests, demonstrating analytical

variance similar or lower than the certificate variance. One out of three CRMs (OREAS 354, ~98 ppm Ag) failed

the accuracy tests, demonstrating a statistically significant bias of -4.2%. The median bias of all CRM results

is -0.65% (Table 11-16). The QP (Honza Catchpole) therefore considers the MP-AES analytical results from

ALS acceptable with respect to the DQO of classifying high-confidence mineral resources. Given the lack of FA

data from client-inserted CRMs, the QP stipulates that the paucity of data to support the precision and

accuracy of the FA method at ALS presents a low- to moderate risk with respect to the DQO of classifying

high-confidence mineral resources.

**Internal Laboratory CRM Results**

All five laboratory internal CRMs analyzed by MP-AES passed the precision tests, demonstrating analytical

variance was similar or lower than the certificate variance. One of four CRMs (OREAS 315, ~72 ppm Ag) failed

the accuracy tests, demonstrating a statistically significant bias of -2.5%. The median bias of all CRM results

is -0.4% (Table 11-17).

One of the two laboratory CRMs analyzed by FA was characterized by higher variance than the certified value.

Both internal CRMs analyzed by FA pass the accuracy test.

The QP (Honza Catchpole) considers the analytical results from internal and client-inserted CRMs from ALS

sufficiently precise and accurate and considers the data delivered by ALS fit for purpose with respect to the

DQO of classifying high-confidence mineral resources. The QP recommends that ALS and Aya monitor the

performance of the high-grade CRMs by FA more closely in the following months while the analytical facility is

getting established. Given the lack of FA data from client-inserted CRMs and the lack of umpire data, the QP

stipulates that the paucity of data to support the precision and accuracy of the FA method at ALS presents a

low- to moderate risk with respect to the DQO of classifying high-confidence mineral resources.

**Table 11-16Summary of accuracy and precision for client-inserted CRMs since January 2025.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Method** | **Days** | **N Fail / N Pass** <br>**(Accuracy)**<br>| **N Fail / N Pass** <br>**(Precision)**<br>| **Median** <br>**Bias (%)**<br>| **N CRM** <br>**Results**<br>| **Verdict** <br>**(Accuracy)**<br>| **Verdict** <br>**(Precision)**<br>|
| MP-AES | 171 | 1 / 2 | 0 / 3 | -0.65 | 630 | PASS | PASS |

---

**Table 11-17Summary of accuracy and precision for laboratory internal CRMs since March 2025.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Method** | **Days** | **N Fail / N Pass** <br>**(Accuracy)**<br>| **N Fail / N Pass** <br>**(Precision)**<br>| **Median** <br>**Bias (%)**<br>| **N CRM** <br>**Results**<br>| **Verdict** <br>**(Accuracy)**<br>| **Verdict** <br>**(Precision)**<br>|
| **MP-AES** | 162 | 1 / 4 | 0 / 5 | -0.4 | 2096 | PASS | PASS |
| **FA** | 153 | 0 / 2 | 1 / 1 | -1.0 | 236 | PASS | PASS |

---

**Umpire Results**

To date, none of the samples assayed by ALS have been sent for umpire analysis. Given that the ALS site

laboratory at Zgounder has only been operational for 10 months, it is especially important that umpire

analyses be carried out. The QP (Honza Catchpole) recommends submitting batches of umpire samples with

client inserted CRM control samples regularly (e.g. quarterly) to independent and accredited laboratories.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 143

12.0**DATA VERIFICATION**

Data verification is the process of checking and verifying hardcopy logs and digital records for accuracy,

ensuring the data on which MREs are based can be linked from digital databases or records to log sheets and

drilling or sampling intervals. Verification is an additional process to determine that QA and QC processes

have been effectively applied, and that these were working to assure and control the quality of the data. It is

carried out after samples have been collected, assays have been returned, and data have been stored in the

database. Where relevant, data verification may also include check sampling carried out by, or under

supervision of, the QP, especially if SOPs are not available or difficult to review, and QC data are limited to

demonstrate processes were in control.

**12.1DRILL HOLE DATABASE** 

The QP (Honza Catchpole) reviewed the provided drill hole database exports provided by Aya (Table 2-1) and

verified the internal consistency of the database. The QP also reviewed laboratory certificates and compared

the certificates with drill hole database exports.

**12.1.1VERIFYING THE DATABASE BY OBSERVATIONS DURING SITE VISITS**

The drill hole data were compiled digitally using Toughbooks and laptop computers loaded with GeoticLog

data management software. Data were transferred to an SQL server kept at the Zgounder mine site and

managed by a database manager in Marrakech via remote access. Prior to upload to the database, Aya's on-

site database administrator performed a set of validations to identify obvious transcription errors and missed

intervals. While it is common practice at exploration sites that not all informing data are directly inputted into

the data management software (e.g. being logged into Excel or handwritten sheets first), there is risk that

some datasets are ultimately not transferred into the final database. A review of the geotechnical data

revealed that only 27% of all recovery and core loss data have been captured in the GeoticLog software.

During the core shed visit, the QP verified that geotechnical logs, including recovery and core loss, were

performed by geotechnical staff as standard procedure; however, most of the 2024 diamond drilling recovery

and core loss data were missing from the drill hole database. Aya has since imported large sections of the

missing geotechnical data (see section 11.5.3.3).

**12.1.2DATABASE INTEGRITY**

The QP (Honza Catchpole) verified the Aya database exports by independently importing Afrilab assay

certificates into a separate database and comparing the data. Most of the records in the drill hole database

matched. However, the QP identified some issues that require attention (Table 12-1).

Mismatching sample IDs:

• Upon comparison of DD and RC assay data from Aya's database export (ZGD_ASSAY.csv) and re-

imported laboratory certificates (2020-2024), several sample pairs with mismatching sample IDs were

identified. More specifically, sample IDs from database and laboratory certificates were not identical for

a total of 4,330 (3.2%) of the total 134,415 validated samples (Table 12-2).

Mismatching sample values:

• Aya's drill hole database contains assays for 188,284 samples from DD and RC drill holes for the years

2020 to 2024 including QC samples. Of these, 134,415 samples (69%) were verified by the QP (Honza

Catchpole) against laboratory certificates (n=5,561). The comparison of Ag grades from the database,

and indicated on certificates is illustrated in Figure 12.1. In total, 132,728 (99.1%) of the assay pairs

were identical. Excluding rounding differences, the QP (Honza Catchpole) reviewed 38 non-matching

sample pairs with an absolute difference >50 ppm Ag and found that differences were caused by errors

in the database. These errors should be remedied, but, overall, the QP considers these inconsistencies

to be minor and of limited risk to meeting the DQO.

Unclear allocation of analytical method:

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 144

• One major finding is related to the incorrect or unclear allocation of Ag analyses completed by AR-AAS

and those completed by FA. As per the Afrilab SOP and verbal assurances by Afrilab representatives, all

samples returning >200 ppm Ag by AR digestion are also analyzed by FA. However, a total of 3,068

samples with Ag concentrations >200 ppm were reported by Afrilab in the column reserved for AR-AAS

analysis (Afrilab code PRE.MO/ANA/006; since 10 April 2024 PRE.MO/ANA/002) instead of the FA

column (Afrilab code PRE.MO/ANA-Ag-FA/006; since 10 April 2024 PRE.MO/ANA/035). This represents

about 55% of all assays >200 ppm Ag re-imported from laboratory certificates. Aya transferred all

sample results to its database, as provided by Afrilab, without correct allocation. The review of Ag

grades by method over time reveals that the assumingly incorrect allocation of samples analyzed by FA

occurred mostly between 2020 and February 2022. Although Afrilab has improved its reporting

consistency since 2022, there are still many values reported in the wrong columns. The QP notes that

these practices by both Afrilab and Aya produced uncertainty in the quality of the results and represent

an low-medium risk for the MRE.

Missing samples in database:

• A total of 2,818 assays reported on Afrilab certificates were not found in Aya's database, and it is

unclear whether these were intentionally excluded, or excluded by mistake (e.g. sample ID errors).

**Table 12-1Overview of Aya Ag values database exports verified against Afrilab assay certificates.**

---

| | | | |
|:---|:---|:---|:---|
| **Data compared to assay certificates** | **DD** | **RC** | **DD & RC** |
| **Aya Database** | 172748 | 41734 | 214482 |
| **Aya Database 2020–Oct 2024\*** | 136774 | 32280 | 169054 |
| **Afrilab Certificates** | 112195 | 24555 | 136750 |
| **Match in Sample ID** | 109490 | 24442 | 133932 |
| **No match in Sample ID** | 2705 | 113 | 2818 |
| **Ag-grade identical** | 108870 | 23858 | 132728 |
| **Difference <1 ppm Ag** | 428 | 550 | 978 |
| **Difference >1 ppm Ag** | 166 | 22 | 188 |
| **Difference >50 ppm Ag** | 26 | 12 | 38 |

---

*\* October 2020 to October 2024 corresponds to period for which Afrilab assay certificates were provided and reviewed.*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 145

**Table 12-2Examples of mismatching sample IDs in Aya database and Afrilab assay certificates** 

**(n=4,330).**

---

| | | |
|:---|:---|:---|
| **Certificate File Name** | **Sample ID from Database** | **Sample ID from Certificate** |
| **1073 ZMSM ZG154150174.xlsx** | ZG154165- | ZG154164 |
| **2081 ZMSM 2221120144.xlsx** | DZG2221122 | DZG 2221122 |
| **4925 ZMSM 2021 360 384.xlsx** | ZG-RC-2021371 | 2021371 |
| **1226 ZMSM 100 1000 -100 1028.xlsx** | 101016 | 1001016 |
| **1309 ZMSM 20 001- 20 025.xlsx** | A020010 | 20010 |
| **1439 668-697 ZMSM.xlsx** | 2019676 | 676 |
| **1877 2021 B 284 339 ZMSM.xlsx** | ZG-RC-2021322 | 322 |
| **4654 ZMSM 138 201 225.xlsx** | Bis(ZG138225) | Bis(138225) |

---

![image115a.jpg](image115a.jpg)

**Figure 12-1Relative difference plot of Ag pairs from database against laboratory certificates. Pairs that** 

**are not on the zero line have Ag values that do not match the certificates and Aya database entries.**

These errors may not affect the MRE directly, but they can lead to data conflicts, which are time-consuming to

investigate and can lead to misclassification and misinterpretation. They also demonstrate a lack of internal

scrutiny and may reflect that the potential of the captured data is not being fully exploited for quality analysis

and the MRE. The QP (Honza Catchpole) has provided Aya with a table of mismatched and missing

certificates and any mismatching assay data (Zgounder_Data Issues_2025-03-13.xlsx).

The QP recommends Aya review the historical and recent portions of the database for mismatches or errors,

and also aims to complete data for missing fields from relevant data columns such as start/finish date of

drilling, drilling company, lithology, density, and analysis date, laboratory, and certificate name. In addition, Aya

should request Afrilab to always report silver values determined by AR digestion and by FA in both respective

columns in the assay certificates.

**12.2GEOLOGICAL LOGGING & SAMPLES**

During the site visit, the QP (Honza Catchpole) reviewed geological logs and compared the logging with select

drill core at the Zgounder core shed. The QP checked the drill hole database against the retained core and did

not identify any discrepancies between the database entries and the core in the core trays and laboratory

sample tags / bar codes in the core boxes.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 146

**12.3DENSITY**

During the site visit, the QP (Honza Catchpole) reviewed the density station that was operating with a recently

updated SOP. For verification purposes, the QP requested Aya carry out repeat density determinations to

verify the density values in the database. A total of 101 half-core samples were measured from select 2023–

2024 DD holes. Aya staff prepared and weighed the samples following the existing SOP, and the results were

provided to the QP via email. Due to miscommunication, repeat samples were not taken from the exact

intervals of the already existing density samples, and the QP notes that the ability to verify the original

measurements was limited. A comparison of the mean densities calculated from repeat determinations and

overall densities for the lithological group revealed that repeat densities are similar but consistently lower

(1.5–3%) for all lithologies (Table 12-3).

**Table 12-3Comparison of mean densities from repeat samples and overall mean averages for different** 

**lithology groups.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lithology** | **N Repeats** | **Mean Density Repeats** <br>**(g/cm³)**<br>| **Overall Mean Density** <br>**(g/cm³)**<br>| **Density Difference** |
| Sediment | 70 | 2.73 | 2.78 | -1.8% |
| Felsic Intrusion | 10 | 2.62 | 2.66 | -1.5% |
| Mafic Dyke | 10 | 2.86 | 2.91 | -1.7% |
| Rhyolite | 10 | 2.61 | 2.69 | -3.0% |

---

**12.4REPEAT SAMPLING**

At the request of the QP (Honza Catchpole), Aya resampled select intervals from historical and recent drill

core to verify silver laboratory analytical results. Due to the absence of Aya-inserted control samples for

historical data (introduced 2022), and uncertainty regarding whether client-inserted CRM data had all been

analyzed by Ag FA compared to AR digestion (see discussion in section 11.5.4.10), 740 diamond drill core

samples from 31 DD holes were selected from a list of available and accessible drill hole intervals from 2017–

2024, which cover a representative spread of silver values from the mineralized zones, including samples with

low-, intermediate- to high-grade silver concentrations. Quarter-core repeat samples were taken and

processed, in line with Aya and Afrilab SOPs. In the absence of the QP undertaking inspection during the

sampling process, all sampling was documented by photographs of the core boxes and sampled intervals

prior and after sampling, with old and new sampling labels visible, as well as photographs of the tagged

sample bags. As per the SOP, samples were processed by AR-AAS and all samples with results >200 ppm Ag

were re-analyzed by 30-g FA with gravimetric finish. The QP requested re-analysis of pulps from representative

RC holes, but neither the pulp samples nor rejects were available for re-analysis within the timeframe available

for this report. The QP reviewed the control sample data that were included in the repeat sample batches and

confirms that sample preparation and the analytical processes were in control and fit for the purpose of

verifying the original sample dataset. The QPs (Abraham Whaanga and Honza Catchpole) consider that this

verification process is suitable for validating the quality of silver data underpinning the MRE.

Repeat samples are characterized by RMS precision values of 47.6% (Table 12-4). A major contributor to this

high variance is the large population of outliers (Figure 12-2). The QP (Honza Catchpole) performed a more

detailed review of the outliers, resulting in the discovery of a systematic sample shift mismatch for all sample

pairs of two drill holes (ZG-21-15 and ZG-21-21), representing 6.5% of drill holes and 10% of samples in the

repeat dataset (Figure 12-3). Verification sampling was strongly controlled and well documented and the QP

therefore assumes that the artifact was introduced at the original half-core sampling stage, during the

processing of the sampling sheets, or handling of the database. After rejection of 73 samples from the two

affected drill holes, the RMS precision improves significantly to 36.9% (Figure 12-4 and Table 12-4). The QP

considers this to be above average for first-split core duplicate samples for this mineralization style, but still

acceptable.

The QP also notes that precision for the FA data alone (22.9%) is approximately half that of the AR-AAS data

(40.8%). This could indicate that the AR-AAS method is less reliable and that its suitability should be reviewed.

As noted in the pulp repeat data outlined in section 11.5.4.7, the higher variance of the AR method could be

due to the small analytical aliquot size of the AR method (i.e. 0.5 g for AR compared to 30 g for FA).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 147

The Wilcoxon signed-rank test indicates no statistically significant bias for the FA data (Table 12-4) and a

statistically significant bias for the AR-AAS data (at 95% confidence). There is a positive average bias of ~25%

towards the repeat samples for Ag concentrations <100 ppm for AR-AAS data. This is possibly the result of

comparing AR-AAS with FA data. The QP notes that this points to the fact that concentrations for this range

are possibly underreported in the original database and for most of the data used for the MRE. Bias cannot be

correlated to specific drill holes nor to a specific time range of sampling.

Results of the verification sampling and analysis suggest that the quality of the analytical data is acceptable

and increases the confidence in the quality of the historical assay data. In the QP's opinion, the overall positive

bias for samples <100 ppm does have a negative effect on the MRE. Given that two drill holes (6.5% of all

holes) failed the verification test, the QP considers that there is a reasonable chance for more drill holes in the

database to have reliability issues. Drill holes ZG-21-15 and ZG-21-21 were checked spatially and the sample

shift has a minimal effect on the MRE. The results of these holes were therefore not excluded from the MRE.

However, the QP notes that this sample shift should be corrected prior to undertaking any infill drilling in these

areas. The QP recommends conducting additional repeat sampling to confirm these results, and including RC

drill holes in the verification programs.

**Table 12-4Precision summary for repeat verification sampling.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Analyte / Method** | **N Pairs** | **LOQ** | **Unit** | **Wilcoxon p-**<br>**value**<br>| **Wilcoxon Verdict (p95)** | **RMSCV (%)** |
| **Ag (AR-AAS + FA, incl. artifacts)** | 718 | 5 | ppm | 0.001 | Reject H0 | 47.6 |
| **Ag (AR-AAS + FA)** | 645 | 5 | ppm | 0 | Reject H0 | 36.9 |
| **Ag (AR-AAS only)** | 463 | 5 | ppm | 0 | Reject H0 | 40.8 |
| **Ag (FA only)** | 182 | 5 | ppm | 0.867 | Accept H0 | 22.9 |

---

*RMSCV – root mean square coefficient of variation*

![image100a.jpg](image100a.jpg)

**Figure 12-2Results of repeat verification sampling against original sample results for DD holes. Scatter** 

**plot (left); QQ plot (right).**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 148

![image19a.jpg](image19a.jpg)

**Figure 12-3Systematic sample shifts of intervals between original and repeat samples for drill holes** 

**ZG-21-15 and ZG-21-21.**

![image71a.jpg](image71a.jpg)

**Figure 12-4Results of repeat verification sampling against original sample results for DD holes,** 

**excluding 73 samples from drill holes ZG-21-15 and ZG-21-21.**

**12.5COLLAR LOCATIONS**

During the site visit in December 2024, the QP (Honza Catchpole) checked the location data of five recent RC

holes and older DD collars in the open pit area using a handheld GPS and compared them to the collar

information in the database. The measured location data are within several meters of the locations recorded

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 149

in the database. The QP did not verify the azimuth and dip of the surface collars. During the underground site

visits, the QP observed underground wall stations used to survey underground collars, as well as linear

markings on the floors and walls defining the azimuth and dip of the drill holes.

**12.6SUMMARY**

Checks completed by the QP (Honza Catchpole), or under the direct supervision of the QP, only uncovered

minor inconsistencies with respect to the drilling, logging and sampling processes. Density verification was

not possible. The QP notes that the most important verification process was the repeat sampling of a large

selection of historical and recent DD drill core.

Notable results are:

• The QP considers the variance between original and repeat sample pairs to be on the high side, but

acceptable and in range of the typical variance of core duplicate samples for this mineralization style.

The QP also notes that precision for the FA data alone (22.9%) is approximately half that of the AR-AAS

data (40.8%). This could indicate that the AR-AAS method is less reliable, and that the suitability of this

method should be reviewed. The higher variance of the AR method could be due to the significantly

smaller analytical aliquot size (i.e. 0.5 g for AR-AAS compared to 30 g for FA).

• There is a positive average bias of ~25% towards the repeat samples for silver concentrations <100

ppm. The QP notes that it is possible the concentrations for this range are underreported. The QP notes

that this does not have a direct negative effect on the MRE at hand, other than the risk of underreporting

in areas with a high percentage of RC samples. The QP further supports the decision to downgrade

estimated volumes within the MRE that contain more than 80% RC samples from Measured to

Indicated. Further investigation is recommended.

• Two drill holes (6.5% of all holes, 10% of all samples) failed the verification test due to data processing–

related sample shifts of the original laboratory results. The QP considers there is a reasonable chance

that the database contains other similar issues and recommends further investigation.

• In the QP's opinion, Aya's current data management process poses a low to moderate risk to the MRE.

Aya has not assessed the drill hole database for consistency with original data sheets. This risk is

compounded by inadequate QC processes (e.g. the absence of first-split duplicate samples) and

inadequate screening of Afrilab laboratory assay data entries by Aya. The QP recommends that Aya

review and update its QC procedures and check the historical and recent data in the database for errors,

like those described above, and add any missing data (e.g. start/finish date of drilling, drilling company,

lithology, density, and analysis date, laboratory, and certificate name). Issues identified by the QP

(Honza Catchpole) have been communicated to Aya for review.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 150

13.0**MINERAL PROCESSING AND METALLURGICAL TESTING**

**13.1INTRODUCTION**

This Section includes summaries of past and recent test work that were used to develop the process

flowsheet and plant design for treating the ore based on the mineral resource estimation process from reports

and technical notes listed in Section 27 of the Technical Report. These test work programs will be referenced

throughout this Section of the Report.

The interpretation and analysis of the test work results were carried out by DRA in 2021. This analysis was

then used to determine the process design basis and flowsheet of the new Plant # 1 for the Feasibility Study.

Since the completion of the Feasibility Study, modifications were made to the process flowsheet, and the

flotation circuit was removed in favor of a cyanidation plant with a gravity circuit.

The information presented in this section is, for the most part, largely drawn and/or summarized from the

Report entitled "An Investigation into the Metallurgical Response of Samples from the Zgounder Deposit",

SGS, Project # 16525.05 – Final Report by SGS Canada Inc., issued March 11, 2022. The amended NI43-101

technical report "NI 43-101 Technical Report - Feasibility Study Zgounder Expansion Project, Kingdom of

Morocco", dated March 31, 2022 and amended as of June 16, 2022, was also heavily drawn from and used as

the basis for Section 13.

Some of the values have been calculated or recalculated by the author.

**13.1.1Processing Facilities**

The overall Project consists of three (3) processing facilities that collectively feed the silver extraction circuit

of the New Plant #1. Their functions are described below:

**A new Processing Plant – Plant #1:**

Plant #1 integrates a 2,000 t/d design comminution circuit and a 2,500 t/d design silver extraction circuit. The

extraction plant, consisting of cyanide leaching, counter-current decantation (CCD), Merrill-Crowe

precipitation, and final refining, produces silver doré bars. Plant #1 receives the combined slurries of ground

ore from Plants #1, #2, and #3. The centralized extraction flowsheet enables integrated silver recovery and

refining for all mineralized material processed on site.

**An existing Flotation Plant – Plant #2:**

Plant #2 is equipped with a 500 t/d design capacity of crushing and grinding circuit, flotation and silver

concentrate production. Currently the resulting slurry of ground ore is pumped to the pre-leach thickener of

Plant #1, where it is combined with the slurry produced by the Plant #1 grinding circuit. The combined slurry is

thickened prior to entering the silver extraction process. The flotation section is not currently operated; the

flotation circuits remain in care and maintenance and can be reactivated if needed.

**An existing Cyanidation Plant – Plant #3:** 

Plant #3 operates an independent comminution circuit consisting of crushing and grinding with a nominal rate

of 180 t/d. The slurry of ground ore is thickened and pumped directly to the leaching circuit of Plant #1, where

silver extraction is performed.

**13.2PREVIOUS TESTWORK (PRIOR TO 2021)**

Significant amounts of testwork were completed prior to 2021. Details of the historical testwork (1979-2019)

can be found in the published Technical Report - Feasibility Study on the Zgounder Expansion Project issued

on June 16, 2022. Since the results have not been used in the development of the process design criteria,

they will not be further discussed in this report.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 151

**13.32021 METALLURGICAL TESTWORK**

**13.3.1Sample Selection**

DRA selected samples from the Central, Southwest, Northwest, and East Zones for testwork. Mining in the

East Zone was expected to be delayed for more than three (3) years; therefore, this zone was excluded from

the main composite sample. However, the East Zone was included in the variability samples.

Figure 13-1 shows a plan view of the location of the sample points (white circles with a green rim) based on

the provided coordinates.

![image31a.jpg](image31a.jpg)

**Figure 13-1Preliminary Mining Zone Map**

The main composite was based on mining zone ratios, while respecting first the silver feed grade and second

the mineralogy.

Aya collected the samples for the metallurgical testwork. The samples were split into nine (9) lots, namely

Lots #1 to #5 and Lots A to D. The numbered lots are from the Northwest, Southwest and Central Zones,

whereas the lettered lots are from the East Zone. To produce the main composite, the samples from each lot

were split proportionately to represent the first three-years of mining activities. The variability samples were

selected to represent distinct zones and lithologies.

Samples were prepared for metallurgical testwork in support of this Feasibility Study ("FS") which evaluates

the addition of a third treatment plant to the existing facilities. The 2021 metallurgical testing was performed

at an independent laboratory, namely SGS Canada Inc. at Lakefield, Ontario, Canada. The following

metallurgical testing was recommended and accepted by Aya:

• Chemical characterization;

• Comminution testing;

• Gravity concentration tests;

• Flotation tests;

• Bottle roll cyanidation;

• Merrill-Crowe cementation tests;

• Hydrogen peroxide cyanide destruction;

• Carbon adsorption modelling

• Dewatering tests;

• Overall Balances;

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 152

• Variability Testing; and

• Mineralogy (Main Comp and VAR-5).

**13.3.2Chemical Characterization**

**13.3.2.1Sample Preparation**

From January to April 2021, SGS received samples in drums on five pallets for the test program. The samples

from January 2021 were prepared into a Main Composite (Main Comp) as well as five (5) variability samples

(VAR-1 to VAR-5). In April and October 2021, SGS also received samples for the Zgounder Historical Tailings

and Plant Concentrate.

The Main Comp was prepared by blending selected samples by lithology.

Table 13-1 summarizes the composition of this sample by main lithology, zone, and the percentage

contribution of each zone by mass percentage.

**Table 13-1Main Composite Lithology**

---

| | | |
|:---|:---|:---|
| **Lithology** | **% Lithology in Main Comp** | **Zone** |
| Schist | 72 | Central |
| Dolerite | 9 | South West |
| Rhyolite | 4 | North West |
| Schist + Dolerite | 15 | East |

---

Rocks were proportionally recovered from each component for the crushing work index test (CWI). The

remainder of the sample was then blended and crushed to the required sizes for the various comminution

tests, removing the required sample mass at each crush size. The remainder of the sample was then crushed

to pass 10 mesh. A small (~200 g) representative sample was removed for chemical analysis, which included

silver (Ag), gold (Au), total carbon (C(t), total organic carbon (TOC), total sulfur (S), sulphide sulfur (S<sup>2-</sup>), copper

(Cu), zinc (Zn), lead (Pb), bismuth (Bi), mercury (Hg), and a multi-element ICP scan. Approximately 35 kg of the

sample was split out and further crushed to pass 20 mesh. The remaining -10 mesh sample as well as the -20

mesh sample was then split into 10 kg test charges which was stored in a freezer prior to testing. The

flowsheet outlining the Main Comp sample preparation is shown in Figure 13-2.

![image120a.jpg](image120a.jpg)

**Figure 13-2Main Composite Sample Preparation Flowsheet**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 153

Five variability samples, based on zones, were prepared and are detailed in Table 13-2. Figure 13-3 (VAR-1)

and Figure 13-4 (VAR-2 to -5) illustrate the sample preparation flowsheet.

**Table 13-2Variability Sample Deposit Zone**

---

| | |
|:---|:---|
| **Sample** | **Zone** |
| **VAR-1** | Central |
| **VAR-2** | South West |
| **VAR-3** | North West |
| **VAR-4** | East 1 |
| **VAR-5** | East 2 |

---

The samples were blended, crushed to the required sizes for the comminution and metallurgical tests, split

into test charges and a small sample was removed for chemical analysis. The VAR-1 sample was low weight

and the rejects and unused feed from the SMC and BWI test were used to prepare the metallurgical samples

as depicted in Figure 13-3, while Figure 13-4 shows the preparation for samples VAR 2-5.

![image104a.jpg](image104a.jpg)

**Figure 13-3VAR-1 Sample Preparation Flowsheet**

![image44a.jpg](image44a.jpg)

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 154

**Figure 13-4VAR-2-5 Sample Preparation Flowsheet**

Twenty-five (25) samples of the Zgounder historical tailings, with a total mass of 29.7 kg, were blended and

split into test charges. A representative sample was analyzed for particle size distribution and then submitted

for chemical analysis for the same elements as the Main Comp.

The Zgounder plant flotation concentrate was delivered as a wet filter cake, approximately 25 kg (dry

equivalent), and was split into the required test charges for the program.

The chemical analyses of all the samples are provided in Table 13-3.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 155

**Table 13-3Zgounder Sample Head Assays**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Unit** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Zgounder** | **Zgounder** |
| **Element** | **Unit** | **Main** <br>**Comp**<br>| **VAR-1** | **VAR-2** | **VAR-3** | **VAR-4** | **VAR-5** | **Historical** <br>**Tailings**<br>| **Plant** <br>**Conc.**<br>|
| Au | g/t | <0.02 | <0.02 | <0.02 | <0.02 | <0.02 | <0.02 | <0.02 | - |
| Ag | g/t | 200 | 22 | 252 | 302 | 99 | 107 | 106 | 4347 |
| Bi | % | <0.002 | <0.002 | <0.002 | 0.014 | <0.002 | <0.002 | <0.002 | - |
| C(t) | % | 0.05 | 0.04 | 0.05 | 0.05 | 0.03 | 0.06 | 0.13 | - |
| S | % | 0.83 | 0.45 | 0.77 | 0.86 | 0.58 | 0.83 | 0.59 | - |
| S2- | % | 0.8 | 0.46 | 0.74 | 0.84 | 0.56 | 0.79 | 0.51 | - |
| Cu | % | 0.028 | <0.01 | 0.02 | 0.044 | 0.029 | 0.46 | 0.022 | - |
| Zn | % | 0.51 | 0.18 | 0.51 | 0.52 | 0.49 | 0.44 | 0.31 | - |
| Pb | % | 0.21 | 0.056 | 0.2 | 0.3 | 0.23 | 0.28 | 0.076 | - |
| Hg | g/t | 12.2 | 3.4 | 9.3 | 14.3 | 11.3 | 5.2 | 19.6 | - |
| Al | g/t | 97900 | 88900 | 94800 | 118000 | 104000 | 104000 | 96600 | - |
| As | g/t | 93 | 58 | 79 | < 30 | 541 | 259 | 304 | - |
| Ba | g/t | 620 | 857 | 589 | 777 | 617 | 665 | 652 | - |
| Be | g/t | 2.41 | 2.42 | 2.38 | 3.04 | 2.86 | 2.8 | 2.73 | - |
| Ca | g/t | 8670 | 14500 | 7650 | 4000 | 1570 | 1700 | 16200 | - |
| Cd | g/t | < 30 | < 30 | < 30 | 21 | < 30 | < 30 | 14 | - |
| Co | g/t | 75 | 43 | 59 | 39 | 36 | 52 | 62 | - |
| Cr | g/t | 92 | 72 | 55 | 107 | 64 | 70 | 106 | - |
| Fe | g/t | 50900 | 54800 | 46900 | 41800 | 41300 | 40200 | 66600 | - |
| K | g/t | 33700 | 34900 | 32600 | 46200 | 40000 | 43000 | 26900 | - |
| Li | g/t | 61 | 50 | 65 | 49 | 72 | 63 | 65 | - |
| Mg | g/t | 14300 | 16600 | 12700 | 10900 | 11200 | 12100 | 18400 | - |
| Mn | g/t | 953 | 1510 | 795 | 409 | 519 | 505 | 1950 | - |
| Mo | g/t | < 10 | < 10 | < 10 | < 20 | 16 | 47 | 14 | - |
| Na | g/t | 13900 | 14600 | 14200 | 15700 | 9360 | 10700 | 17100 | - |
| Ni | g/t | 38 | 22 | 48 | 38 | 33 | 33 | 50 | - |
| P | g/t | 442 | 562 | 386 | 484 | 319 | 367 | 814 | - |
| Sb | g/t | < 30 | < 30 | < 30 | < 10 | < 30 | < 30 | 27 | - |
| Se | g/t | < 30 | < 30 | < 30 | < 30 | < 30 | < 30 | < 30 | - |
| Sn | g/t | < 20 | < 20 | < 20 | < 20 | < 20 | < 20 | < 20 | - |
| Sr | g/t | 94.8 | 144 | 84.1 | 95 | 54.1 | 45.4 | 120 | - |
| Ti | g/t | 6900 | 8530 | 6250 | 4790 | 4650 | 4790 | 9570 | - |
| Tl | g/t | < 30 | < 30 | < 30 | < 30 | < 30 | < 30 | < 30 | - |
| U | g/t | < 20 | < 20 | < 20 | < 20 | < 20 | < 20 | < 40 | - |
| V | g/t | 105 | 119 | 92 | 103 | 85 | 85 | 138 | - |
| Y | g/t | 25.8 | 26 | 25.6 | 24 | 21 | 18.9 | 27.9 | - |

---

**13.3.2.2Mineralogy**

Based on the SGS Mineralogy Report (September 23, 2021) on the Main Comp sample, the dominant silver

mineral host, identified from the limited number of surfaces inspected, were as follows (shown as percentage

of overall silver) :

• Ag-Hg phase at 49.5%

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 156

• Native Ag at 37.5%.

• Acanthite at 5.7%

• Proustite at 2.9%.

The remainder is compositionally variable Ag-Cu sulfosalts or Ag-As-Cu sulfosalt where each can be ± Fe, Sb,

Pb. Collectively, these other silver bearing minerals account for <5% of the overall silver distribution.

Two grains accounted for 78% of the distribution - one grain of the Ag-Hg phase accounted for 49.4% and one

native Ag grain represented 28.8% of the silver distribution. Therefore, the silver distribution is strongly based

on a "nugget" effect of a few large Ag mineral grains. Additional polished section evaluations are

recommended to decrease any statistical bias.

Overall, liberated silver-minerals (which combines all the silver minerals and considers them as one group)

account for 65.2% of the total. For the non-liberated silver minerals, the most common occurrence was

exposed grains (attached to) occurring as ternary particles with sulfides and silicates (29.4%) and to a lesser

extent, binaries exposed with sulfides (2.0%), or as binaries exposed in silicates (2.3%) or binaries exposed in

oxides (1.6%). Locked associations account for 1.0% with silicate, 0.7% with oxides, 0.2% with sulfide, 0.1%

with sulfide and oxide ternaries and 0.3% as sulfide and silicate ternaries. By frequency, roughly 89% of the

silver-minerals are very fine-grained at less than 6 µm in size.

Mineralogically, as well as the test work program completed for the Main Comp sample, the anticipated silver

recoveries were expected to be in the high 80% to low 90% range.

The Main Comp and one (1) variability sample (VAR-4) was submitted for mineralogy, which included

QEMSCAN and scanning electron microscopy. The VAR-4 sample was selected due to its very low gravity

recovery, poor flotation response, and problems with viscosity in the grinding mill. The higher abundance of

sericite/muscovite (54.8%) in the VAR-4 sample might be one of the causes of the poor viscosity and flotation

response, and the poor grinding when compared to the previously studied Main Comp sample.

Table 13-4 compares the modal abundances between the two (2) samples and highlights the differences

between the two (2).

**Table 13-4Comparison of the Model Mineral Abundance of the Main Composite Sample and the VAR-4** 

**Sample**

---

| | | | |
|:---|:---|:---|:---|
| **Sample ID** | **Main Comp** | **VAR-4** | **Difference** |
| **Minerals** | **Mass (%)** | **Mass (%)** | **Difference** |
| **Pyrite** | 1.9 | 1.0 | 0.9 |
| **Sphalerite** | 1.0 | 0.6 | 0.4 |
| **Chalcopyrite** | 0.1 | 0.0 | 0.1 |
| **Galena** | 0.1 | 0.2 | 0.1 |
| **Arsenopyrite** | 0.1 | 0.1 | 0.0 |
| **Ag-Minerals** | 0.1 | 0.0 | 0.1 |
| **Other Sulphides** | 0.0 | 0.0 | 0.0 |
| **Quartz** | 23.3 | 24.6 | 1.3 |
| **Feldspars** | 23.9 | 10.3 | 13.6 |
| **Sericite/Muscovite** | 25.2 | 54.8 | 29.6 |
| **Chlorite** | 11.0 | 5.6 | 5.4 |
| **Amphibole** | 5.7 | 0.1 | 5.6 |
| **Clays** | 2.6 | 1.1 | 1.5 |
| **Other Silicates** | 0.8 | 0.6 | 0.2 |
| **Fe-Oxides** | 0.5 | 0.2 | 0.3 |
| **Rutile** | 2.4 | 0.6 | 1.8 |
| **Other Oxides** | 0.8 | 0.0 | 0.8 |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 157

---

| | | | |
|:---|:---|:---|:---|
| **Carbonates** | 0.2 | 0.0 | 0.2 |
| **Apatite** | 0.3 | 0.1 | 0.2 |
| **Other** | 0.1 | 0.1 | 0.0 |

---

It can be see that there is a higher abundance of feldspars in the Main Comp (13.6% difference) while the

sericite/muscovite is higher in VAR-4 (29.6% higher).

In the VAR-4 study, the majority of silver is associated with acanthite (74.9%), followed by galena ~9%, and

various Ag-Cu-As sulfosalts, which account for ~13.7% of the overall silver. Only two (2) native silver particles

were observed and accounted for 0.5% of the distribution.

From the Main Comp report, it was noted that two (2) silver bearing particles accounted for ~79% of the total

silver-mineral distribution, indicating a micro nuggeting effect. Despite the more uniform grain size of the

silver minerals; it was noted that one acanthite particle accounted for 28% of the silver mineral distribution.

The VAR-4 samples had very low gravity recovery and this could be attributed to the fine grain size, but also

poor liberation.

**13.3.3Comminution Testing**

The Main Comp and five (5) variability samples were submitted for comminution testing. This included one

DWT test, SMC tests, the Bond low-energy impact (CWI) test, the Bond rod mill (RWI) test, the Bond ball mill

(BWI) grindability tests and the Bond abrasion (AI) test.

The comminution parameters summary is presented in Table 13-5.

**Table 13-5Comminution Tests Summary**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample Name** | **Relative** <br>**Density** | **JK Parameters** | **JK Parameters** | **JK Parameters** | **JK Parameters** | **Work Indices (kWh/t)** | **Work Indices (kWh/t)** | **Work Indices (kWh/t)** | **AI (g)** |
| **Sample Name** | **Relative** <br>**Density** | **A x b**<sup>1</sup> | **A x b**<sup>2</sup> | **ta** | **SCSE** | **CWI** | **RWI** | **BWI** | **AI (g)** |
| Main Comp | 2.81 | 22.4 | 21.0 | 0.22 | 13.6 | 12.6 | 23.8 | 23.9 | 0.171 |
| VAR-1 | 2.81 | - | 24.4 | 0.22 | 13.0 | - | - | 24.9 | 0.217 |
| VAR-2 | 2.78 | - | 23.4 | 0.22 | 13.2 | - | 23.8 | 25.0 | 0.219 |
| VAR-3 | 2.79 | - | 24.3 | 0.23 | 12.9 | - | 24.0 | 24.4 | 0.093 |
| VAR-4 | 2.64 | - | 24.3 | 0.24 | 12.4 | - | 19.9 | 19.3 | 0.009 |
| VAR-5 | 2.8 | - | 23.2 | 0.21 | 13.3 | - | 23.4 | 22.5 | 0.043 |
| **Average** | **2.77** | **22.4** | **23.4** | **0.22** | **13.1** | **12.6** | **23.0** | **23.3** | **0.125** |
| **80th Per.** | **281** | **-** | **232** | **022** | **133** | **-** | **238** | **249** | **0.217** |
| **Std. Dev.** | **0.07** | **-** | **1.3** | **0.01** | **0.4** | **-** | **1.7** | **2.2** | **0.090** |

---

<sup>1</sup> *A x b from DWT*

<sup>2</sup> *A x b from SMC*

Overall, the results indicate that the overall deposit can be considered to be very hard. The results from the

DET, SMC, RWI and BWI as very hard while the CWI indicated a moderately hard sample. For A x b results, less

than 30 is usually considered hard and a value of 22.4 is considered at the 98<sup>th</sup> percentile of the laboratory

database. All A x b values from the SMC tests ranged from the 96 to 98<sup>th</sup> hardness percentile. The RWI and

BWI values ranged from the 91<sup>st</sup> to 100<sup>th</sup> percentile of the database. The AI values indicate that the material

displays very mild to moderate abrasion.

**13.3.4Gravity Concentration Tests**

**13.3.4.1Knelson/Mozley Testing**

Silver recovery through gravity concentration was evaluated by standard Knelson/Mozley testing. The

testwork procedure started with rod mill grinding of the samples (2 to 12 kg) to a P80 ranging from 116 µm to

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 158

140 µm, with most tests conducted at 125 µm. The ground sample was then passed through a Knelson MD-3

concentrator. The resultant Knelson concentrate was further upgraded on a Mozley table. Approximately 0.05

to 0.1% of the original mass was collected as Mozley concentrate which was assayed to extinction along with

two sub-samples of the combined tailings. For test G1 the secondary Mozley table step was omitted and the

primary Knelson concentrate was submitted for intensive leaching testing. The assay and mass balance

results are summarized in Table 13-8.

Silver recovery to the Knelson concentrate in Test G1 was 27.7%. Silver recoveries to the Mozley concentrates

ranged from 7.4 to 21.6%. The weighted average gravity silver recovery in the Knelson/Mozley tests (Tests G2-

G9, G20-G22) was 14.2%.

Variability tests were also completed on samples VAR 1 to VAR 5, with recoveries ranging from 3.9% (VAR 4)

to 20.0% (VAR 2). The average of all the variability tests was 11.4% with a standard deviation of 5.1%.

**Table 13-6Gravity Separation Test Results Summary**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Gravity Test**<br>**#** | P80<br>µm | **Gravity Concentrate** | **Gravity Concentrate** | **Gravity Concentrate** | **Ag Head Grade** |
| **Sample** | **Gravity Test**<br>**#** | P80<br>µm | **Mass %** | **Assay Ag, g/t** | **% Rec'y Ag** | **g/t** |
| **Master** <br>**Composite** | G1\* | 140 | 1.4 | 4023 | 27.7 | 203 |
| **Master** <br>**Composite** | G2 | 125 | 0.11 | 36624 | 18.2 | 229 |
| **Master** <br>**Composite** | G3 | 125 | 0.055 | 64676 | 15.9 | 222 |
| **Master** <br>**Composite** | G4 | 125 | 0.074 | 40869 | 13.2 | 229 |
| **Master** <br>**Composite** | G5 | 125 | 0.074 | 46985 | 13.6 | 254 |
| **Master** <br>**Composite** | G6 | 125 | 0.049 | 30103 | 7.4 | 200 |
| **Master** <br>**Composite** | G7 | 125 | 0.079 | 32727 | 10.5 | 246 |
| **Master** <br>**Composite** | G8 | 125 | 0.048 | 79045 | 17 | 223 |
| **Master** <br>**Composite** | G9 | 116 | 0.123 | 33155 | 21.6 | 189 |
| **Master** <br>**Composite** | G20 | 100 | 0033 | 72 288 | 106 | 227 |
| **Master** <br>**Composite** | G21 | 100 | 0059 | 38 396 | 104 | 217 |
| **Master** <br>**Composite** | G22 | 100 | 0096 | 41 826 | 183 | 219 |
| **Master** <br>**Composite** | G23 | 100 | 0099 | 29 473 | 178 | 163 |
| **Master** <br>**Composite** | G29 | 100 | 0091 | 15 974 | 88 | 165 |
| **VAR 1** | G11 | 99 | 0053 | 5004 | 103 | 26 |
| **VAR 1** | G17 | 99 | 0058 | 3197 | 78 | 24 |
| **VAR 2** | G12 | 102 | 0045 | 84408 | 164 | 231 |
| **VAR 2** | G16 | 102 | 0078 | 66481 | 200 | 260 |
| **VAR 3** | G13 | 107 | 0054 | 69453 | 131 | 286 |
| **VAR 4** | G14 | 67 | 0060 | 5876 | 39 | 91 |
| **VAR 5** | G15 | 88 | 0090 | 12765 | 102 | 113 |
| **VAR 5** | G18 | 88 | 0069 | 14101 | 92 | 106 |
| **Average**<sup>1</sup> | **Average**<sup>1</sup> | **Average**<sup>1</sup> | **0.068** | **21886** | **12.1** | **187** |

---

<sup>1</sup>*Excludes test G1*

A single Knelson only test was completed to produce a gravity concentrate for intensive cyanide leaching.

This shows that the gravity concentrate from this sample was amenable to intensive cyanide leaching.

The gravity concentrate was leached under the following conditions:

**Pulp Density:**10% (w/w);

**Dissolved Oxygen:**> 20 ppm with hydrogen peroxide;

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 159

**Kinetic solution samples:**2, 4, 7, 24 h;

**Retention time:**48 h;

**[NaCN]:**20 g/L maintained with NaCN.

In this test, the intensive cyanidation extracted 97.2% of the silver from the concentrate. This shows that the

gravity concentrate from this sample was amenable to intensive cyanide leaching.

**13.3.4.2E-GRG Testing**

The main objective of the Gravity Recovery Gold (GRG) test is to confirm and determine the suitability of a

gravity recovery circuit. The GRG tests are typically conducted under optimum conditions to determine the

maximum amount of GRG that can be extracted. In general, actual plant recoveries (and laboratory gravity

separation results) will be lower than the GRG value.

The E-GRG protocol requires that the entire concentrate and a representative subsample of the tailings from

each stage be subjected for size fraction analysis for silver to evaluate recovery as a function of particle size.

The test procedure consisted of treating a 20 kg sample in a laboratory Knelson MD-3 concentrator in three

stages. In the first stage, the sample was crushed to pass 20 mesh and then passed through the Knelson

concentrator. The first pass Knelson tailings were decanted and ground to ~216 µm. The mill discharge was

passed through the Knelson concentrator a second time collecting a concentrate and tailings, which were

sampled and assayed as in the first pass. The second pass tailings were decanted and ground to ~96 µm and

passed through the Knelson a third time.

The results are shown in Table 13-7.

**Table 13-7E-GRG Test Results Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Stage** | **Knelson Tailings**<br>**Particle Size (µm)** | **Concentrate, Cumulative** | **Concentrate, Cumulative** | **Concentrate, Cumulative** |
| **Stage** | **Knelson Tailings**<br>**Particle Size (µm)** | **% Mass Rec'y** | **Assay Ag, g/t** | **% Ag Rec'y** |
| 1 | 658 | 0.4 | 4654 | 8.4 |
| 2 | 216 | 0.8 | 5897 | 21.9 |
| 3 | 96 | 1.2 | 6221 | 33.8 |

---

The E-GRG number for the Main Comp sample was 33.8%. This number is considered sufficiently high to

justify the inclusion of a gravity step in the flowsheet.

**13.3.5Flotation Tests**

Several types of flotation tests were conducted during the testwork campaign, with the objective of

determining the optimum flowsheet configuration. While not included in the final design, a summary of the

tests is presented below.

**13.3.5.1Whole Ore Rougher Kinetics**

Two (2) series of whole ore rougher kinetic flotation tests were conducted on the Main Comp sample to

investigate the effects of grind size and copper sulfate addition on silver recovery. Figure 13-5 presents the

resultant silver recoveries. Both sets of tests show a moderate increase in silver recovery with a decrease in

the fineness of the grind. However, grinding finer than 52 µm did not improve recovery any further. There was

also only a 5% improvement in recovery when decreasing from as coarse as 120 µm to the 52 µm size,

indicating limited improvement with decreasing grind size.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 160

![image4a.jpg](image4a.jpg)

**Figure 13-5Whole Ore Rougher Flotation – Effect of Grind Size with and without CuSO4**

The addition of copper sulfate did not appear to appreciably affect silver recovery. Consequently, all further

testing was completed without the addition of copper sulfate. Based on these results, the grind sizes, chosen

for subsequent testing, were 52 and 120 µm as these represent the minimum and maximum grinds before the

curves flattens out. The reagent suite was also limited to PAX, AERO 241 and MIBC.

**13.3.5.2Whole Ore Cleaner Flotation**

Whole ore cleaner tests were performed on the Main Comp samples to examine the effects of grind size,

regrinding of the concentrate before cleaning, and reagent addition on flotation performance. The tests

comprised of a 20-minute rougher stage followed by upgrading of the concentrate in three (3) cleaning stages

accompanied by a first cleaner scavenger step. Reducing the grind size from 76 µm to 52 µm resulted in an

increase in final concentrate silver grade and a ~2% increase in Ag recovery. Including a regrind to 80%

passing 20 µm before cleaning improved the grade vs recovery curves appreciably as shown in Figure 13-6.

Reducing the PAX and Aero241 additions did not have a detrimental effect on overall silver recovery. Note that

the recoveries shown in Figure 13-6 are the cleaner stage recoveries and not overall recoveries i.e. it shows

how much silver was recovered from the rougher concentrate as opposed to from the original head sample.

![image26a.jpg](image26a.jpg)

**Figure 13-6Whole Ore Cleaner Flotation – Grade-Recovery Curve**

**13.3.5.3Locked Cycle Flotation Testing**

Three (3) locked cycle tests (LCT) were completed using the master composite as is (whole ore) and the

gravity tailings. The first cleaner tailings and rougher tailings combined forms the final tailings of this

procedure. The first cleaner scavenger concentrate was circulated back to the regrind stage and the second

and third cleaner tailings, for Tests LCT 1 (whole ore) and LCT 2 (gravity tailings), were recycled to the

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 161

previous cleaner in closed circuit (see Figure 13-7). The third test (LCT 3, gravity tailings) included only one

cleaning stage (see Figure 13-8), and the cleaner tailings were taken as final tailings and the first cleaner

scavenger concentrate was circulated back to the regrind.

![image5a.jpg](image5a.jpg)

**Figure 13-7Locked Cycle Tests (LCTs) 1 and 2 Flowsheet**

![image8a.jpg](image8a.jpg)

**Figure 13-8Locked Cycle Test (LCT) 3 Flowsheet**

The results are summarized in Table 13-8.

**Table 13-8Locked Cycle Test Results Summary**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Test**<br>**No.** | **Product** | **Weight** | **Assays, g/t, %** | **Assays, g/t, %** | **Distribution, %** | **Distribution, %** |
| **Sample** | **Test**<br>**No.** | **Product** | **%** | **Ag** | **S²⁻** | **Ag** | **S²⁻** |
| **Main Comp Whole** <br>**Ore** | LCT 1 | 3rd Cleaner Conc | 2.8 | 6495 | 24.3 | 84.2 | 86.9 |
| **Main Comp Whole** <br>**Ore** | LCT 1 | Combined Tailings | 97.2 | 34.9 | 0.11 | 15.8 | 13.1 |
| **Main Comp Whole** <br>**Ore** | LCT 1 | Head | 100 | 215 | 0.78 | 100 | 100 |
| **Main Comp Gravity** <br>**Tailings (with three** <br>**cleaners)** | LCT 2 | Combined Concentrate\* | 2.9 | 13001 | - | 85 | 88.4 |
| **Main Comp Gravity** <br>**Tailings (with three** <br>**cleaners)** | LCT 2 | Combined Tailings | 97.1 | 34.1 | 0.083 | 15 | 11.6 |
| **Main Comp Gravity** <br>**Tailings (with three** <br>**cleaners)** | LCT 2 | Head | 100 | 222 | 0.7 | 100 | 100 |
| **Main Comp Gravity** <br>**Tailings (with one** <br>**cleaner)** | LCT 3 | Combined Concentrate\* | 6.3 | 6889 | - | 87.7 | 92.7 |
| **Main Comp Gravity** <br>**Tailings (with one** <br>**cleaner)** | LCT 3 | Combined Tailings | 93.7 | 32.7 | 0.065 | 12.3 | 7.3 |
| **Main Comp Gravity** <br>**Tailings (with one** <br>**cleaner)** | LCT 3 | Head | 100 | 249 | 0.84 | 100 | 100 |

---

*\*Combined concentrate = Mozley + final cleaner concentrate*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 162

The locked cycle test on LCT1 achieved recoveries of 84% Ag and 87% S<sup>2-</sup> to the third cleaner concentrate

which assayed 6495 g/t Ag and 24.3% S<sup>2-</sup> at a 2.8% mass pull. The comparable locked cycle test on the gravity

tailings resulted in an overall combined third cleaner concentrate and gravity concentrate assaying at 13,001

g/t Ag with 85% silver recovered in 2.9% of the mass. Test LCT3 yielded 88% Ag recovery in the combined first

cleaner and gravity concentrate, with a grade of 6,889 g/t Ag, in 6.3% mass pull.

The result shows that inclusion of the gravity step allows for a small improvement in both the grade of the

final product as well as a small improvement in overall silver recovery. The implication is that a flowsheet

which includes a gravity step would yield more revenue. It would also allow for a smaller capital expenditure

with respect to the size of the CCD thickeners required to treat the final concentrate emanating from the

flotation section. These benefits are attractive when weighed against the relatively small CAPEX and OPEX

associated with the gravity concentration step. Including a gravity step in the flowsheet also minimizes the

risk of losing coarse metal particles that may not float nor leach well. Given these benefits, inclusion of a

gravity step was recommended.

**13.3.6Bottle Roll Cyanidation**

Standard bottle roll cyanidation tests were completed using the master composite on the whole ore, gravity

tailings, and flotation products. Conditions were as follows:

**Whole Ore, Gravity Tailings and Flotation Tailings**

Pulp density:50% w/w solids

pH:10.5 – 11; maintained with lime

Dissolved oxygen:8-9 ppm with air sparging

Kinetic solution samples:8, 24, 48, and 72 h

Retention time:96 h

[NaCN] whole ore tests:1, 2, 4, 6, and 8 g/L maintained with NaCN

[NaCN] gravity tailings:2, 4, 6, and 8 g/L maintained with NaCN

[NaCN] flotation tailings:1, 2, and 4 g/L maintained with NaCN

**Flotation Concentrate**

Pulp density:10% and 50% w/w solids

pH:10.5-11; maintained with lime

Dissolved oxygen:20 ppm with air/oxygen mix

Kinetic solution samples:1, 2, 4, 6, 8, 12, 16, 24 h

Retention time: 48 h

[NaCN]:1, 2, 4, and 12 g/L maintained with NaCN

**13.3.6.1Flowsheet 1 – Whole Ore Cyanidation**

Whole ore cyanidations were performed to serve as a baseline for comparison against the eventual flowsheet.

As such, the detailed results are not included in this report. A simplified schematic is shown in Figure 13-9.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 163

![image116a.jpg](image116a.jpg)

**Figure 13-9Flowsheet 1 – Whole Ore Cyanidation**

The silver extraction of 88.5% appeared to be optimal at a P80 of 71 µm in three (3) tests conducted at

different grinds. Silver extraction and reagent consumptions increased with NaCN concentration and resulted

in >90% extraction at the highest cyanide concentration. The addition of lead nitrate did not improve the

results. Increasing the dissolved oxygen level to exceed 30 ppm improved both the leaching kinetics as well

as final extraction.

The leach kinetic curves are shown in Figure 13-10 and Figure 13-11. It can be seen that the initial kinetics are

fast up to about the 20-hour mark. This is followed by a period of slow but steady leaching up to and possibly

beyond the 96-hour termination point. This is possibly due to the presence of coarse silver that simply takes a

long time to leach, and it validates the inclusion of a gravity step in the flowsheet as the coarse silver will

report to the gravity concentrate where it can be subjected to an intensive cyanidation, which is designed to

specifically target the slow leaching components.

![image93a.jpg](image93a.jpg)

**Figure 13-10Main Comp Whole Ore Cyanidation Leach Kinetics at 71 μm**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 164

![image15a.jpg](image15a.jpg)

**Figure 13-11Main Comp Whole Ore Cyanidation Leach Kinetics at 2 g/l NaCN**

**13.3.6.2Flowsheet 2 – Gravity + Gravity tailings cyanidation**

The second flowsheet evaluated is the cyanidation of gravity concentrator tailings. In this flowsheet, the

gravity concentrate would be subjected to an intensive cyanidation step while the gravity tailings would be

leached conventionally. Seven (7) bottle roll cyanidation tests were performed to evaluate the flowsheet

shown in Figure 13-12.

![image78a.jpg](image78a.jpg)

**Figure 13-12Flowsheet 2 – Gravity + Gravity Tailings Cyanidation**

This set of tests evaluated how well the gravity tailings would respond to cyanidation. The effect of different

NaCN concentrations was tested in four (4) tests on the Main Comp Test G1 gravity tailings. All four tests

were conducted at a grind P80 of 68 µm, a pulp density of 50% w/w solids and a total duration of 96 hours. The

gravity silver recovery was the same for all four tests at 27.7%.

The final silver extractions were similar and therefore are not strongly dependent on cyanide concentration.

However, leach kinetics improved as the NaCN concentration increased, while the consumption of cyanide

also increased, indicating the dissolution of other metals as cyanide complexes.

An additional three tests were done using samples from G29 and G31 gravity tests, with a lower head grade

and gravity recovery. These three tests averaged 87.6% recovery with an average cyanide consumption of 1.54

kg/t.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 165

**13.3.6.3Flowsheet 3 – Gravity + Flotation + Cyanidation**

The third flowsheet evaluated includes a flotation circuit, to produce a sulphide-rich concentrate and a low-

sulphide tailings. In this flowsheet, the gravity concentrate would be subjected to an intensive cyanidation

step while the gravity tailings would be floated. Both the flotation concentrate and tailings would be leached

using cyanide. The flowsheet is shown in Figure 13-13.

![image40a.jpg](image40a.jpg)

**Figure 13-13Flowsheet 3 – Gravity + Flotation + Cyanidation**

***Flotation Tailings***

Bottle roll tests were conducted using flotation tailings samples to evaluate the effects of grind size (52, 66,

95, and 112 µm), NaCN concentration, temperature and the presence of carbon on leach performance.

Silver extractions were similar at all the NaCN concentrations tested. The leaching kinetics and NaCN

consumptions increased with increasing cyanide concentration. Higher temperature (50°C) was not beneficial

for silver extraction, but the NaCN consumption doubled. Three (3) grind sizes were tested, and final

extractions were similar for all three tests. The addition of carbon did not affect the leach outcomes

appreciably. This indicates that preg-robbing is not a concern for this application. The timed samples indicate

that leaching of silver from the tailings was substantially completed within 36 hours and this was adopted as

the residence time required for this section of the plant.

Subsequent to this, a set of tests was conducted to evaluate whether pre-oxygenation and a high dissolved

oxygen (DO) concentration for the initial 12 h of the 36 h leach would reduce cyanide consumption. The tests

were performed with 2 h of pre-oxygenation at 20 ppm DO and on the rougher tailings from test F47. Two (2)

pairs of duplicate tests were performed at controlled cyanide concentrations of 2 g/l (Tests CN71 and CN72)

and 1 g/L (Tests CN73 and CN74), respectively.

The results show a significant decrease in NaCN consumption to 0.96 kg/t and 0.56 kg/t for the tests

performed at 2 g/L and 1 g/L, respectively. Additionally, the silver extraction at 2 g/L was similar to what had

been recorded before at 65.2%, but it decreased to 60.7% at the lower cyanide level of 1 g/L.

Given the decrease in silver extraction, the 2 g/L scenario is recommended, i.e., a NaCN addition of around 2.5

kg/t maintained at around 2 g/L for the duration of the leach. It is also recommended that pre-oxygenation

should be implemented to curb cyanide consumption.

***Flotation Concentrate***

Bottle roll cyanidation tests were conducted on various rougher and cleaner concentrate samples to

determine its response to leaching. These samples were all from tests conducted using the main composite

sample as well as the variability samples, Zgounder Historical Tailings and Plant Concentrate. The test

parameters, varied in this set of tests, were pulp density, retention time, grind size and NaCN concentration.

Oxygen was sparged throughout and alkaline conditions were maintained by manually adding lime as

required.

Flotation rougher concentrate cyanidation tests showed that leaching at a higher pulp density (50%) and high

NaCN (12 g/L) yielded comparable results to what was achieved at the lower pulp density (10%) and lower

NaCN levels (4 g/L) extraction. Tests comparing leaching at 4 and 12 g/l NaCN resulted in a modest 1.1%

increase in Ag extraction at the higher NaCN addition, but with twice the NaCN consumption. Residual cyanide

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 166

would also need to be destroyed before any reclaimed water can be re-used in a flotation circuit which adds to

the incentive to minimize cyanide usage.

Bottle roll leach tests were also completed on the high-grade first cleaner concentrates from an open circuit

batch test (F29) and the combined first cleaner concentrates from LCT3. The effect of cyanide concentrate

was tested (1, 2, and 4 g/L NaCN) and there was a steady increase in Ag extraction from around 81% to 92%

at the higher NaCN addition compared to the lowest addition. The result shows that the concentrates samples

will leach better at elevated cyanide concentrations.

From a silver recovery perspective, the best results were achieved in tests where only rougher concentrate

was leached. The tests where cleaner concentrates were leached yielded worse silver recoveries implying that

a more complicated flotation flowsheet (i.e. including cleaner steps) would only make sense if the tailings are

also leached. The flowsheet included these steps as it allows for smaller CCD thickeners but also includes

leaching of the tailings in order to still maintain high silver recoveries.

**13.3.6.4Aqua Regia Testing**

To confirm the observations from mineralogical examinations and cyanidation bottle rolls, an aqua regia test

was performed on the residue from Test CN18, which was gravity tailings leach of sample G1. This

cyanidation test achieved 92.6% recovery at a NaCN concentration of 8 g\L.

The residue was re-pulped to 50% solids and then heated to 80°C. Aqua regia was then added to the slurry and

a four-hour leach was undertaken. The resultant filtrate and filter cake were separately assayed for silver

contents. Table 13-9 presents the aqua regia results.

**Table 13-9Aqua Regia Acid Leach Test Results**

---

| | | |
|:---|:---|:---|
| **CN18 Residue** | **%**<br>**Distribution**<br>| **% Overall Distribution** |
| Hot Aqua Regia Acid Leach | 62 | 4.6 |
| Extraction of silver possibly associated <br>with pyrite, arsenopyrite and/or other <br>sulphides<br>| 62 | 4.6 |
| Remaining Material | 38 | 2.8 |
| Silver locked in silicates, or associated <br>with fine sulphides locked in silicates<br>| 38 | 2.8 |

---

The results show that 62% of Ag in the leach tailings were locked in sulphides while the remaining 38% was

locked in silicates.

**13.3.6.5Variability Testing**

The five (5) variability samples were processed through each of the previously discussed options.

Knelson/Mozley gravity Ag recoveries were previously discussed in section 13.3.4.1.

Gravity tailings and whole ore leaching tests were performed at the same conditions as the master composite,

with the exception of repeats of VAR 2, VAR 3 and VAR 5, which were performed at higher cyanide

concentrations.

The rougher concentrates and tailings were leached with cyanide under the same conditions as applied to the

Main Comp flotation concentrates and tailings. The NaCN addition for the concentrate leaches was 12 g/L,

and for the tailings, 4 g/L. The stage extraction of silver when leaching from the flotation concentrate ranged

from 82.4% to 98.7%, but with very high NaCN consumptions of 20.7 kg/t to 113 kg/t of flotation concentrate.

Expressing this in terms of the original head grade, these recoveries ranged from 57.5% to 66.8% as shown in

Table 13.11.

The flotation tailings tests reported Ag extractions of 75% to 86% from the float tailings with NaCN

consumptions of 1.0 to 2.5 kg/t of cyanide feed. Expressed in terms of the head grade, the recovery into

solution from the tailings samples ranged from 13.8% to 30.8% as shown in the table below.

The overall results for all flowsheets are shown in Table 13-10.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 167

**Table 13-10Variability Samples for All Flowsheet Options**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Flowsheet** | **Sample** | **Gravity** | **Flot Conc** | **FlotTail** | **Conc CN** | **Tail CN** | **Overall** | **Overall** | **% O'all Rec'y** | **Comb. Tail** | **Head** | **Head** |
| **Flowsheet** | **Sample** | **% Rec'y** | **% Distr'n** | **% Distr'n** | **% Rec'y** | **% Rec'y** | **Reag. Cons.** <br>**kg/t** | **Reag. Cons.** <br>**kg/t** | **Total** <br>**Flowsheet**<br>| **Assay, g/t** | **Ag, g/t** | **Ag, g/t** |
| **Flowsheet** | **Sample** | **Ag** | **Ag** | **Ag** | **Ag** | **Ag** | **NaCN** | **CaO** | **Ag** | **Ag** | **Calc** | **Direct** |
| **Whole Ore** <br>**Leaching** | VAR 1 | - | - | - | - | - | 097 | 061 | 890 | 30 | 23 | 22 |
| **Whole Ore** <br>**Leaching** | VAR 2 | - | - | - | - | - | 137 | 057 | 875 | 310 | 248 | 252 |
| **Whole Ore** <br>**Leaching** | VAR 3 | - | - | - | - | - | 156 | 053 | 915 | 220 | 253 | 302 |
| **Whole Ore** <br>**Leaching** | VAR 3 | - | - | - | - | - | 189 | 045 | 907 | 250 | 270 | 302 |
| **Whole Ore** <br>**Leaching** | VAR 4 | - | - | - | - | - | 146 | 105 | 920 | 70 | 82 | 99 |
| **Whole Ore** <br>**Leaching** | VAR 5 | - | - | - | - | - | 523 | 061 | 808 | 200 | 102 | 107 |
| **Whole Ore** <br>**Leaching** | VAR 5 | - | - | - | - | - | 637 | 053 | 864 | 130 | 96 | 107 |
| **Gravity Tailings** | VAR 1 | 138 | - | - | - | - | 137 | 050 | 889 | 30 | 22 | 19 |
| **Gravity Tailings** | VAR 2 | 183 | - | - | - | - | 165 | 050 | 891 | 260 | 235 | 192 |
| **Gravity Tailings** | VAR 2 | 203 | - | - | - | - | 252 | 044 | 918 | 200 | 244 | 195 |
| **Gravity Tailings** | VAR 3 | 134 | - | - | - | - | 197 | 046 | 874 | 310 | 246 | 213 |
| **Gravity Tailings** | VAR 3 | 119 | - | - | - | - | 324 | 041 | 930 | 200 | 279 | 246 |
| **Gravity Tailings** | VAR 4 | 82 | - | - | - | - | 194 | 093 | 916 | 80 | 96 | 88 |
| **Gravity Tailings** | VAR 5 | 105 | - | - | - | - | 534 | 050 | 830 | 170 | 103 | 89 |
| **Gravity Tailings** | VAR 5 | 105 | - | - | - | - | 513 | 056 | 856 | 160 | 103 | 96 |
| **Gravity Tailings** | VAR 5 | 157 | - | - | - | - | 771 | 033 | 858 | 150 | 102 | 86 |
| **Gravity +** <br>**Flotation +** <br>**Cyanidation** | VAR 1 | 103 | 676 | 221 | 624 | 166 | 240 | 073 | 892 | 25 | 26 | 22 |
| **Gravity +** <br>**Flotation +** <br>**Cyanidation** | VAR 2 | 164 | 590 | 246 | 575 | 198 | 312 | 056 | 936 | 141 | 232 | 252 |
| **Gravity +** <br>**Flotation +** <br>**Cyanidation** | VAR 3 | 131 | 689 | 180 | 668 | 138 | 400 | 050 | 937 | 160 | 286 | 302 |
| **Gravity +** <br>**Flotation +** <br>**Cyanidation** | VAR 4 | 39 | 603 | 358 | 587 | 308 | 323 | 110 | 934 | 59 | 92 | 99 |
| **Gravity +** <br>**Flotation +** <br>**Cyanidation** | VAR 5 | 102 | 690 | 208 | 651 | 161 | 1595 | 045 | 914 | 89 | 114 | 107 |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 168

**13.3.6.6Zgounder Plant Concentrate**

In the flowsheet 3 configuration, the new plant would receive concentrate from the existing flotation plant. To

test its compatibility with the proposed overall flowsheet, a sample of concentrate was obtained from the

existing operation and subjected to cyanidation testing using similar conditions as determined before for the

main composite sample. Since flowsheet 3 was not selected for the final design, this section will not be

discussed in detail.

The results are summarized in Table 13-11.

**Table 13-11Zgounder Plant Flotation Concentrate Cyanidation Test Results Summary**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CN Test** | **Silver Extraction, %** | **Silver Extraction, %** | **Silver Extraction, %** | **Silver Extraction, %** | **Silver Extraction, %** | **Ag Residue, g/t** | **Ag Residue, g/t** | **Ag Residue, g/t** | **Head,** <br>**g/t Ag**<br>| **Final PLS Assays, mg/L** | **Final PLS Assays, mg/L** | **Final PLS Assays, mg/L** |
| **No.** | **4 h** | **8 h** | **12 h** | **24 h** | **48 h** | **A** | **B** | **Avg.** | **Calc.** | **Cu** | **Pb** | **Zn** |
| 9 | 55 | 82 | 85 | 91 | **93.5** | 278 | 270 | 274 | 4226 | 185 | 0.6 | 74 |
| 10 | 64 | 86 | 88 | 93 | **95.2** | 207 | 209 | 208 | 4332 | 210 | 1.0 | 119 |
| 11 | 74 | 89 | 87 | 90 | **95.9** | 173 | 176 | 175 | 4294 | 220 | 1.7 | 154 |
| 12 | 57 | 83 | 85 | 94 | **94.1** | 254 | 251 | 253 | 4251 | 119 | 1.0 | 81 |
| 25 | 70 | 79 | 80 | 83 | **91.6** | 366 | 373 | 370 | 4423 | 245 | 1.9 | 164 |
| 46 | 83 | 88 | 88 | 97 | **96.3** | 174 | 180 | 177 | 4770 | 1098 | - | 903 |

---

Silver extractions exceeded 90% for all tests. This marginally exceeds the recoveries achieved from leaching

the master composite concentrates. Leaching the current operating plant concentrate with 4 g/L NaCN at 10%

solids yielded ~96% Ag extraction. A similar recovery was achieved with 12 g/L NaCN at 50% solids, with

faster leaching kinetics, but Cu and Zn values in the leach pregnant solutions were very high. A single test was

completed with 500 g/t lead nitrate, which indicates that the addition of lead nitrate did not improve leach

kinetics or overall Ag extraction.

Generally, the sample from the current operation behaved similarly to the master composite and the results

indicate that the conditions chosen for the master composite would also work for the concentrate from the

existing plant.

**13.3.6.7Zgounder Tailings**

Historical tailings were subjected to gravity, flotation and whole ore leaching testwork. Since the flotation

flowsheet was not selected, it is not discussed further in this section.

Gravity testing was performed using a standard Knelson/Mozley, with the sample being passed through a

Knelson MD-3, and the Knelson concentrate further upgrade on a Mozley table. The head grade of the tailings

was only upgrade from 111 g/t to 996 g/t, representing a silvery recovery of only 0.7%.

The whole ore leach tests were performed at 50% w/w solids, with NaCN addition at 4 - 8 g/L and lime to

maintain a pH between 10.5 and 11. A total residence of 96 h was used.

The results are presented in Table 13-12.

**Table 13-12Zgounder Historical Tailings Whole Ore Cyanidation Test Results Summary**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CN** <br>**Test**<br>| **[NaCN]** | **Silver Extraction, %** | **Silver Extraction, %** | **Silver Extraction, %** | **Silver Extraction, %** | **Silver Extraction, %** | **Ag Residue, g/t** | **Ag Residue, g/t** | **Ag Residue, g/t** | **Head,** <br>**g/t Ag**<br>| **Final PLS Assays, mg/L** | **Final PLS Assays, mg/L** | **Final PLS Assays, mg/L** |
| **No.** | **g/L** | **8 h** | **24 h** | **48 h** | **72 h** | **96 h** | **A** | **B** | **Avg.** | **Calc.** | **Cu** | **Pb** | **Zn** |
| 43 | 4 | 68 | 73 | 77 | 79 | **78.2** | 25 | 23 | 24 | 109 | 77.4 | 435 | 180 |
| 47 | 8 | 69 | 72 | 72 | 82 | **80.5** | 22 | - | 22 | 112 | 84.8 | 428 | 291 |

---

The overall results indicate 78 to 80% silver recovery, with a reagent consumption of 1.75 to 3.5 kg/t of NaCN,

and 1.12 to 1.49 kg/t of lime. There was a small increase in recovery at higher cyanide concentration, however

there was also a corresponding increase in cyanide consumption.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 169

These results indicate that there is a potential for silver extraction from the historical tailings that were tested

using the Zgounder flowsheet.

**13.3.7Flowsheet Comparison**

A flowsheet comparison was developed based on the results from the three flowsheet options. These are

presented in Table 13-13.

It is observed is a small improvement between the gravity + cyanidation flowsheet when compared to the

whole ore cyanidation flowsheet. When looking at the gravity + flotation circuit, there are small increases in

the recoveries compared to the gravity + cyanidation option. However, reagent consumptions, in particular

sodium cyanide, are considerably higher than with the other two flowsheets options.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 170

**Table 13-13Flowsheet option comparison**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Whole Ore Cyanidation** | **Whole Ore Cyanidation** | **Whole Ore Cyanidation** | **Whole Ore Cyanidation** | **Gravity + Gravity Tailing Cyanidation** | **Gravity + Gravity Tailing Cyanidation** | **Gravity + Gravity Tailing Cyanidation** | **Gravity + Gravity Tailing Cyanidation** | **Gravity + Flot + Flot Tails and Conc Cyanidation** | **Gravity + Flot + Flot Tails and Conc Cyanidation** | **Gravity + Flot + Flot Tails and Conc Cyanidation** | **Gravity + Flot + Flot Tails and Conc Cyanidation** |
| **Sample** | **Reagent Consumption,** <br>**kg/t** | **Reagent Consumption,** <br>**kg/t** | **Final** <br>**Residue**<br>| **Ag** <br>**Extraction**<br>| **Reagent Consumption,** <br>**kg/t** | **Reagent Consumption,** <br>**kg/t** | **Final** <br>**Residue**<br>| **Ag** <br>**Recovery**<br>| **Reagent Consumption,** <br>**kg/t** | **Reagent Consumption,** <br>**kg/t** | **Final** <br>**Residue**<br>| **Ag** <br>**Recovery**<br>|
| **Sample** | **NaCN** | **CaO** | **Ag, g/t** | **%** | **NaCN** | **CaO** | **Ag, g/t** | **%** | **NaCN** | **CaO** | **Ag, g/t** | **%** |
| Main Comp<sup>1</sup> | 2.03 | 0.85 | 26 | 88.1 | 2.70 | 0.85 | 18 | 90.4 | 3.23 | 1.06 | 29 | 88.3 |
| VAR 1 | 0.97 | 0.61 | 3 | 89.0 | 1.37 | 0.50 | 3 | 88.9 | 2.40 | 0.73 | 3 | 89.2 |
| VAR 2 | 1.37 | 0.57 | 31 | 875 | 2.09 | 0.47 | 23 | 905 | 3.12 | 0.56 | 14 | 936 |
| VAR 3 | 1.56 | 0.53 | 22 | 915 | 2.61 | 0.44 | 26 | 902 | 4.00 | 0.50 | 16 | 937 |
| VAR 4 | 1.46 | 1.05 | 7 | 920 | 1.94 | 0.93 | 8 | 916 | 3.23 | 1.10 | 6 | 934 |
| VAR 5 | 5.23 | 0.61 | 20 | 808 | 1.54 | 0.62 | 20 | 876 | 15.90 | 0.45 | 8 | 914 |
| **Average** | **2.10** | **0.70** | **18** | **88.1** | **2.04** | **0.63** | **16** | **89.9** | **5.31** | **0.73** | **13** | **91.6** |

---

<sup>1</sup>*Average of all master composite tests*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 171

**13.3.8Merrill-Crowe Cementation Tests**

Merrill-Crowe Cementation testwork was completed using the pregnant leach solution from Test CN 25, which

was a cyanidation test completed with the Zgounder Plant Concentrate. In this process, zinc dust is used

precipitate silver from the pregnant leach solution. The solution requires clarification and de-aeration with

nitrogen prior to the addition of zinc dust.

The cyanide concentration and pH of the feed solution were high enough that additional cyanide and lime

were not needed. The standard test procedure is to start with a minimum of 0.25 g/L NaCN and pH 11. The

stoichiometric requirement of zinc was calculated based on the mass of silver in the pregnant leach solution

(PLS) based on the equation below

2Ag(CN)2<sup>-</sup> + Zn = Zn(CN)4<sup>2-</sup> + 2 Ag

However, the addition of excess zinc, or when silver concentrations in the barren solution are low, zinc reacts

with sodium cyanide as shown below.

4CN<sup>-</sup> + Zn + 2H2O = Zn(CN)4<sup>2-</sup> + 2OH<sup>-</sup> + H2

The cementation test conditions are outlined in Table 13.14.

**Table 13-14Merrill-Crowe Test Conditions**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test** <br>**No.** | **Solution** | | **Reagent Addition** | **Reagent Addition** | **Reagent Addition** | **Reagent Addition** | **Reagent Addition** | **Nitrogen Addition** | **Nitrogen Addition** | **Nitrogen Addition** | **Nitrogen Addition** |
| **Test** <br>**No.** | **Vol (l)** | **pH** | **NaCN** <br>**(g)** | **Ca(OH)** <br>**(g)** | **Stoich** <br>**Factor** | **Zn (g)** | **Pb(NO3)**<br>**2 (g)** | **De-Aeration** | **De-Aeration** | **Cementation** | **Cementation** |
| **Test** <br>**No.** | **Vol (l)** | **pH** | **NaCN** <br>**(g)** | **Ca(OH)** <br>**(g)** | **Stoich** <br>**Factor** | **Zn (g)** | **Pb(NO3)**<br>**2 (g)** | **Time** <br>**(min)**<br>| **Flow (l/**<br>**min)**<br>| **Time** <br>**(min)**<br>| **Flow (l/**<br>**min)**<br>|
| MC1-A | 1000 | 11.7 | 0 | 0 | 1 | 0.271 | 0.07 | 30 | 3.0 | 30 | 3.0 |
| MC1-B | 1000 | 11.7 | 0 | 0 | 1.5 | 0.407 | 0.10 | 30 | 3.0 | 30 | 3.0 |
| MC1-C | 1000 | 11.7 | 0 | 0 | 2 | 0.543 | 0.14 | 30 | 3.0 | 30 | 3.0 |

---

Zinc dust additions ranged from 0.271 - 0.543 , representing 1, 1.5, and 2 times the stoichiometric zinc

addition requirement. The results are provided in Table 13-15.

**Table 13-15Merrill-Crowe Test Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Test No.** | **Precipitate Weight** | **Pregnant Leach Solution** | **Barren Solution** | **% PPT** |
| **Test No.** | **g** | **Ag, mg/L** | **Ag, mg/L** | **Ag** |
| MC1-A | 0.692 | 448 | 0.13 | 100 |
| MC1-B | 0.690 | 448 | 0.37 | 99.9 |
| MC1-C | 0.917 | 448 | 0.14 | 100 |

---

The results show that silver in the Merrill-Crowe barren solution was low for all tests, with precipitation

efficiencies nearing 100%. The tests confirmed that low barren silver concentrations could be achieved with a

stoichiometric addition of zinc and that the addition of excess zinc is not required.

**13.3.9Hydrogen Peroxide Cyanide Destruction**

For the flowsheet #3, it is important to eliminate cyanide from recycling solutions before it enters the flotation

circuit as cyanide acts as a depressant during flotation. Hydrogen peroxide (H2O2) can be used to oxidize free

(CN<sup>-</sup>) and weak acid dissociable cyanide (CNWAD) into cyanate (OCN<sup>-</sup>) while metals, such as copper, are

precipitated as hydroxides (OH<sup>-</sup>). Stronger metal-cyanide complexes, such as ferrocyanide, can be removed

due to the presence of metals such as copper, zinc and nickel, or by adding copper salts to precipitate the iron

as copper (II) ferrocyanide. The precipitation reactions are shown below:

Fe(CN)6<sup>4-</sup> + 2Cu<sup>2+</sup> = Cu2Fe(CN)6

Fe(CN)6<sup>4-</sup> + 2Zn<sup>2+</sup> = Zn2Fe(CN)6

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 172

Four different tests were conducted on the barren solution from test CN-81 to determine the optimum dosage

of hydrogen peroxide. The H2O2 was added as a function of g/g CNWAD, with stoichiometric addition ranging

from 150 to 900%.

The test duration was similar for all four tests at 60 minutes.

The results are presented in Table 13-16.

**Table 13-16Hydrogen Peroxide Cyanide Destruction Test Conditions and Results**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test ID** | **Final** <br>**pH** | **EMF AgCl, mV** | **H2O2** | **H2O2** | **H2O2** | **Lime** | **Solution Analysis** | **Solution Analysis** | **Solution Analysis** | **Solution Analysis** | **Solution Analysis** |
| **Test ID** | **Final** <br>**pH** | **EMF AgCl, mV** | **Add.**<br>**g**<br>| **Stoich** | **Dosage**<br>**g :g** <br>**CNWAD**<br>| **Add.**<br>**g**<br>| **CNT**<br>**mg/L**<br>| **CNWAD** <br>**mg/L**<br>| **CN**<sup>-</sup><br>**mg/L**<br>| **Cu**<br>**mg/L**<br>| **Fe, mg/**<br>**L**<br>|
| **Feed** | 10.6 | -500.0 | - | - | - | - | 1120 | 849.0 | 828.0 | 20.90 | 97.0 |
| **H1** | 10.3 | -413.0 | 2.78 | 150 | 1.96 | 0 | 349 | 27.4 | 12.6 | 14.80 | 91.3 |
| **H2** | 10.4 | -7.3 | 4.63 | 250 | 3.27 | 0 | 198 | 8.2 | 3.5 | 4.72 | 113.0 |
| **H3** | 10.4 | 7.8 | 9.25 | 500 | 6.54 | 0 | 132 | 5.2 | 4.1 | 1.09 | 50.8 |
| **H4** | 8.8 | 200.0 | 16.70 | 900 | 11.80 | 0.36 | 115 | 5.3 | 4.7 | 0.59 | 38.7 |

---

The results show that the minimum free cyanide concentration is achieved when adding 250% the

stoichiometric addition of H2O2. Therefore, the optimum peroxide addition to the barren solution is at the

dosage of 3.27 g of 100% H2O2 per g CNWAD.

In the final flowsheet, cyanide destruction was not included.

**13.3.10Dewatering Tests**

There was significant amounts of solid-liquid separation testwork that was done during the 2021 testwork

program. Most of the work was performed for the flowsheet 3 option, and as such only a summary will be

presented in this report.

***Flotation Concentrate***

The testwork program for the flotation concentrate included flocculant scoping, static and dynamic testing,

rheology, and vacuum and pressure filtration.

*Flocculant Scoping*

• Flocculant scoping tests were performed on a range of anionic, cationic and nonionic flocculants.

• The scoping results indicated that Magnafloc 10 has the best response, which has a very high molecular

weight and is a slightly anionic polyacrylamide flocculant.

*Static and Dynamic Thickening*

• Dynamic thickening test results indicated that the Flotation Concentrate sample responded well to BASF

Magnafloc 10 flocculant and that a dosage of 25 g/t was optimum. The which overflow TSS was

lowered from 129 mg/L to 30 mg/L when compared to the 15 g/t flocculant dosage.

• Thickener unit areas examined ranged from 0.20 to 0.12 m<sup>2</sup>/tpd, with 0.02 m<sup>2</sup>/tpd intervals

• The underflow density was 66.1% w/w solids at 0.20 m<sup>2</sup>/tpd and decreased to 59.9% w/w solids at 0.12

m<sup>2</sup>/tpd. Overflow Total Suspended Solids (TSS) remained at ~30 mg/L for all the tests.

• A 30-minute period of extended thickening, without feed or raking, increased the underflow density from

66.1% to 68.3% solids when operating at 0.20 m<sup>2</sup>/tpd unit area.

• The yield stress increased from 29 Pa at 66.1% solids to 42 Pa at 68.3% solids.

*Underflow Rheology*

• The Critical Solids Density (CSD) of the flotation concentrate sample was approximately 68% w/w

solids. This sample exhibited a yield stress of 36 Pa (unsheared) and 23 Pa under sheared conditions.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 173

*CCD thickening tests and modelling*

• Flotation concentrate leached pulp from leached Zgounder Plant Flotation Concentrate (CN62) was

subjected to a program of thickening tests, combined with CCD modelling, to determine the optimal

design parameters for this unit operation.

• The flocculant Magnafloc 333, a very high molecular weight anionic polyacrylamide, was selected.

• Based on initial modelling, a 5 stage CCD circuit with no filtration of the final barren pulp was selected

for validation testing and modelling. This circuit yielded an overall washing efficiency of 99.5% with a

water consumption of 1.39 m<sup>3</sup>/tonnes of dry solids washed.

• Three sets of dynamic settling tests were conducted with slurry that simulated the solution feed to CCD

thickeners 1, 3 and 5 respectively.

• Based on the tests and modelling, the design criteria established are dilution of the feed to 20%w/w

solids, stages 1 to 3 dosed at 40 g/t flocculant and stages 4 and 5 at 30 g/t flocculant.

• The underflow density will be 64% w/w solids and the overall wash efficiency 99.5%. However, the water

consumption will be marginally higher than predicted by the model at 1.69 m<sup>3</sup>/t.

*Vacuum and Pressure Filtrations*

• Vacuum and pressure filtration tests were completed on the flotation concentrate underflow at 66%

solids.

• Vacuum filtration was conducted at a 15 inHg (0.51 bar) vacuum level. The resulting specific filtration

rate ranged from 290 to 839 kg/m<sup>2</sup>h. The final cake residual moisture content ranged from 19.6% to

21.3% w/w.

• Pressure filtration was conducted at 5.5 bar and 6.9 bar pressure level. Filter throughput (estimated full

cycle time) ranged from 240 to 330 kg/m<sup>2</sup>h. The discharge cake moisture content ranged from 12.4 to

14.6% w/w.

***Flotation Tailings***

The testwork program for the flotation concentrate included flocculant scoping, static and dynamic testing,

rheology, and vacuum and pressure filtration.

*Dynamic Thickening*

• Dynamic thickening test were performed using the LCT 3 Combined Flotation Tailing sample. The

results showed that the sample responded well to BASF Magnafloc 504 flocculant at a dosage of 110 g/

t. •During each test, the feed rate was adjusted to test different specific unit areas. These ranged from 0.28

to 0.16 m<sup>2</sup>/(t/d).

• The underflow density reached 57.7% w/w solids at 0.28 m<sup>2</sup>/(t/d) and decreased to 49.8% w/w solids at

0.16 m<sup>2</sup>/(t/d).

• The total suspended solids (TSS) content in the overflow stream increased from 96 mg/L to 142 mg/L

as the unit area was decreased.

• A 30-minute period of extended thickening, without feed or raking, allowed the underflow density to

increase marginally from 57.7% solids to 58.6% solids when operating at 0.28 m<sup>2</sup>/tpd unit area. The

corresponding yield stress increased from 63 Pa at 57.7% solids to 79 Pa at 58.6% solids.

*Underflow Rheology*

• The Critical Solids Density (CSD) of the flotation tailings sample was ~57% w/w solids, which exhibited

a yield stress of 28 Pa under unsheared flow conditions and 18 Pa under sheared conditions

*Vacuum and Pressure Filtrations*

• Vacuum and pressure filtration tests were completed using a sample of the flotation concentrate

underflow with the slurry at 56% w/w solids.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 174

• Vacuum filtration was conducted at 15 a inHg (0.51 bar) vacuum level. The resulting specific solids

filtration rates ranged from 64 to 237 kg/m<sup>2</sup>h. The discharge cake residual moisture content ranged

from 23.1% to 25.3% moisture.

• Pressure filtration was conducted at 5.5 bar and 6.9 bar pressure levels. Filter throughput per unit area

(estimated full cycle time) ranged from 122 to 199 kg/m<sup>2</sup>h. The product cake moisture content ranged

from 16.1 to 17.9%.

*Variability Static Settling Test*

• To examine the settling response at an elevated pH, a LCT 3 Combined 1st Cleaner Scavenger and

Rougher Tailings Cycles A-F sample at pH 10.5 was subjected to an additional static settling test.

• The sample tested required half the flocculant addition at pH 10.5 versus the results at pH 7.8, with

good results obtained at a dosage of 36 g/t.

**13.3.11Deleterious Elements**

Head sample assays yielded mercury grades of 12.2 g/t for the Main Comp sample and less than 15 g/t for

the variability samples. Two (2) mercury retorts have been included in the flowsheet to remove mercury ahead

of the smelting step.

Arsenic assays yielded 541 and 259 g/t for variability samples VAR-4 and VAR-5 respectively. All the other

samples assayed at below 100 g/t for arsenic. The Zgounder historical tailings also contained 304 g/t As. The

pregnant leach solution, as well as the four Merrill Crowe effluent solutions, contained only 16 mg/L of

arsenic.

Sample VAR5 contained slightly higher levels of copper (0.46%) than the other samples (<0.01 to 0.04%),

which can have an impact on cyanide consumption and silver recovery.

**13.42022-2023 METALLURGICAL TESTWORK**

The information presented in this section is, for the most part, largely drawn and/or summarized from the

Report entitled "An Investigation into the Metallurgical Response of Zgounder Samples", SGS, Project #

16525.06 – Final Report by SGS Canada Inc., issued March 21, 2024.

This testwork was undertaken to eliminate any potential gaps that could have been caused due to

modifications made to the flowsheet between the Feasibility Study and Detailed Engineering. This included

tests to better characterize the option of direct cyanidation of the gravity tailings. The following tests were

performed:

• Chemical characterization;

• Gravity concentration tests;

• Flotation tests;

• Bottle roll cyanidation;

• Solid-liquid separation tests;

**13.4.1Sample**

Twenty-four samples were sent to SGS Lakefield. The samples were drill core, and selected to be

representative of the first year of mill operation.

For metallurgical testing, the samples were combined into five composite samples: Ag Red, Fault, Pit 8th, High

Cu, and a fifth composite, the Main Composite.

The Main Composite corresponds to the sample used during the 2021 metallurgical testing program. It is

representative of the overall deposit and was included in the current program to ensure continuity and

comparability with the previous testwork.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 175

**13.4.2Chemical Characterization**

*Head Assay*

A representative sample from each composite was sampled and submitted from XRD analysis. This campaign

included analyses for Au and Ag, as well as Fe, Cu, Zn, Pb, As, Hg and S.

The results are presented in Table 13-17.

**Table 13-172022-2023 Testwork Head Assays**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Unit** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** |
| **Element** | **Unit** | **Ag Red** | **Fault** | **Pit 8th** | **High Cu** | **Main Comp** |
| Au | g/t | < 0.02 | < 0.02 | < 0.02 | < 0.02 | <0.02 |
| Ag | g/t | 196 | 128 | 278 | 168 | 200 |
| Fe | % | 4.5 | 4.19 | 4.19 | 3.47 | 5.09 |
| Cu | % | 0.02 | 0.08 | 0.15 | 0.74 | 0.028 |
| Zn | % | 0.6 | 0.37 | 0.08 | 0.35 | 0.51 |
| Pb | % | 0.22 | 0.17 | 0.07 | 0.55 | 0.21 |
| As | % | 0.057 | 0.14 | 0.068 | 0.21 | 0.0093 |
| Hg | g/t | 11.2 | 5.8 | 12.4 | 5.0 | 12.2 |
| S | % | 0.75 | 0.75 | 0.04 | 0.81 | 0.83 |

---

It can be seen that the silver grades in the samples are high, ranging from 128 to 200 g/t, while there is no

detectable gold in the sample. The high Cu sample contains significant levels of copper, at 0.74%, while the

other samples ranged from 0.02 to 0.15%.

Arsenic values ranged from 0.057 to 0.21%, and mercury ranged from 5 to 12 g/t.

*Mineralogy*

Four composite sub-samples were submitted for X-Ray Diffraction (XRD) analysis to determine pre-dominant

minerals. The main mineral present in all samples were Muscovite (49.9 - 52.9%), followed by quartz (21.6 -

27%), albite (6.9 - 17.0%) and orthoclase (2.1 - 8.4%).

The XRD results are presented in Table 13-18.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 176

**Table 13-18Quantitative Analysis X-Ray Diffraction Results** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sample ID** | **Ag Red**<br>**SEP 4514-1**<br>| **Faults**<br>**SEP 4514-1**<br>| **Pit 8**<sup>th</sup><br>**SEP 4514-3**<br>| **High Cu**<br>**SEP 4514-4**<br>|
| **Minerals** | **Mass (%)** | **Mass (%)** | **Mass (%)** | **Mass (%)** |
| Quartz | 25.5 | 27.0 | 26.5 | 21.6 |
| Albite | 17.0 | 6.9 | 9.3 | 9.3 |
| Orthoclase | 2.1 | 8.4 | 7.0 | 7.0 |
| Chlorite | 1.4 | 1.4 | 4.8 | 6.2 |
| Muscovite | 50.3 | 52.9 | 49.9 | 51.9 |
| Jarosite | 0.3 | 0.3 | 0.0 | 0.0 |
| Calcite | 0.0 | 0.1 | 0.2 | 0.2 |
| Pyrite | 0.3 | 0.5 | 0.2 | 0.3 |
| Sphalerite | 0.8 | 0.5 | 0.0 | 0.5 |
| Chalcopyrite | 0.0 | 0.0 | 0.0 | 0.4 |
| Pyrrhotite | 0.9 | 1.1 | 0.4 | 0.8 |
| Magnetite | 0.6 | 0.3 | 0.3 | 0.3 |
| Rutile | 0.7 | 0.8 | 1.3 | 1.1 |
| Galena | 0.1 | 0.1 | 0.0 | 0.3 |
| **TOTAL** | **100** | **100** | **100** | **100** |

---

**13.4.3Gravity Concentration Tests**

Silver recovery via gravity separation was evaluated using a Falcon Concentrator. Each of the four

composites, as well as the main composite, were tested using this method. A 10 kg sample from each

composite was ground to a P80 of 90-100 µm. This product was passed through the Falcon Concentrator,

where the concentrate and tailings were collected.

Silver recovery in the concentrates ranged from 2.7 to 22.9%, with consistent mass recoveries ranging from

1-1.5%. The average gravity recovery for the four composites was 10.2%, while the main composite had a

recovery of 16.9%. The overall average was 11.6% versus the average of 13.8% in the 2021 testwork campaign

16525-05. The main composite had a E-GRG value of 33.8% in the 16525-05 testwork campaign.

The gravity testwork results are presented in Table 13-19.

**Table 13-19Gravity Separation 2022-2023 Test Results Summary**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Gravity Test** | **P80** | **Gravity Concentrate** | **Gravity Concentrate** | **Gravity Concentrate** | **Ag Head** <br>**Grade**<br>|
| **Sample** | **#** | **µm** | **Mass %** | **Assay Ag, g/t** | **% Rec'y Ag** | **g/t** |
| **High Cu** | G1 | 103 | 1.3 | 345 | 2.7 | 173 |
| **Ag Red** | G2 | 83 | 1.1 | 4130 | 22.9 | 194 |
| **Faults** | G3 | 93 | 1.5 | 1010 | 11.5 | 130 |
| **Pit 8th** | G4 | 87 | 1.0 | 1190 | 3.8 | 300 |
| **Main Comp** | G5 | 88 | 1.0 | 2690 | 16.9 | 162 |
| **Average** | **Average** | **Average** | 1.2 | 1873 | 11.6 | 192 |
| **Average 2021 Testwork** | **Average 2021 Testwork** | **Average 2021 Testwork** | 0.1 | 39100 | 13.8 | 190 |

---

**13.4.4Flotation Tests**

Rougher kinetic flotation tests were performed on the High Cu sample. The flotation time, grind size and

reagent dosages were tested. A summary of the four (4) tests are presented in Table 13-20 and Table 13-21.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 177

**Table 13-20Whole Ore Cleaner Flotation Test Conditions**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Test** | **P80, µm** | **Reagents, g/t** | **Reagents, g/t** | **Reagents, g/t** | **Froth Time** |
| **Test** | **Primary** | **CuSO4** | **PAX** | **Aero241** | **Min** |
| F1 | 100 | 0 | 160 | 120 | 20 |
| F2 | 100 | 100 | 200 | 150 | 30 |
| F3 | 60 | 250 | 200 | 150 | 30 |
| F4 | 60 | 250 | 300 | 180 | 40 |

---

**Table 13-21High Cu Flotation Test Results Summary** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test No.** | **Product** | **Mass,** | **Assay, %, g/t** | **Assay, %, g/t** | **Assay, %, g/t** | **Assay, %, g/t** | **Assay, %, g/t** | **Distribution, %** | **Distribution, %** | **Distribution, %** | **Distribution, %** | **Distribution, %** |
| **Test No.** | **Product** | **%** | **Ag** | **Cu** | **Zn** | **Pb** | **S** | **Ag** | **Cu** | **Zn** | **Pb** | **S** |
| **F1** | Ro Conc | 14.9 | 504 | 2.12 | 1.26 | 2.29 | - | 57.2 | 58.9 | 49.3 | 38.8 | - |
| **F1** | Ro Tails | 85.1 | 88 | 0.37 | 0.22 | 0.40 | - | 42.8 | 41.1 | 50.7 | 61.2 | - |
| **F1** | Head (calc) | 100 | 175 | 0.77 | 0.37 | 0.56 | - | 100 | 100 | 100 | 100 | - |
| **F1** | Head (direct) | - | 168 | 0.74 | 0.35 | 0.55 | - | - | - | - | - | - |
| **F2** | Ro Conc | 21 | 549 | 2.58 | 0.98 | 1.20 | 2.65 | 69.2 | 72.5 | 59.0 | 45.7 | 73.0 |
| **F2** | Ro Tails | 79 | 65 | 0.26 | 0.18 | 0.38 | 0.26 | 30.8 | 27.5 | 41.0 | 54.3 | 27.0 |
| **F2** | Head (calc) | 100 | 167 | 0.75 | 0.35 | 0.55 | - | 100 | 100 | 100 | 100 | - |
| **F2** | Head (direct) | - | 168 | 0.74 | 0.35 | 0.55 | - | - | - | - | - | - |
| **F3** | Ro Conc | 22.2 | 628 | 2.74 | 1.04 | 1.25 | 2.74 | 79.6 | 78.8 | 60.9 | 49.9 | 78.8 |
| **F3** | Ro Tails | 77.8 | 46 | 0.21 | 0.19 | 0.36 | 0.21 | 20.4 | 21.2 | 39.1 | 50.1 | 21.2 |
| **F3** | Head (calc) | 100 | 175 | 0.77 | 0.38 | 0.56 | 0.77 | 100 | 100 | 100 | 100 | 100 |
| **F3** | Head (direct) | - | 168 | 0.74 | 0.35 | 0.55 | 0.81 | - | - | - | - | - |
| **F4** | Ro Conc | 26.4 | 534 | 2.41 | 0.95 | 1.21 | 2.46 | 82.7 | 82.8 | 66.9 | 56.9 | 82.3 |
| **F4** | Ro Tails | 73.6 | 40 | 0.18 | 0.17 | 0.33 | 0.19 | 17.3 | 17.2 | 33.1 | 43.1 | 17.7 |
| **F4** | Head (calc) | 100 | 171 | 0.77 | 0.38 | 0.56 | 0.79 | 100 | 100 | 100 | 100 | 100 |
| **F4** | Head (direct) | - | 168 | 0.74 | 0.35 | 0.55 | 0.81 | - | - | - | - | - |

---

The results showed a clear relationship between silver recovery and mass pull, as well as silver and copper

recovery. Silver recovery ranged from 57% to 83%, which was considerably lower than the master composite in

the 2021 testwork plan. It was also noted that the silver was slow to float, with recoveries seeming to end

around 40 minutes of total flotation time.

The best results were test F4, with a grind size of 60 µm, flotation time of 40 min, and reagent additions of 250

g/t CuSo4, 300 g/t PAX and 180 g/t Aero-241.

In all tests, the silver and copper recoveries shared a 1:1 relationship with an R<sup>2</sup> of approximately 1.

**13.4.5Bottle Roll Cyanidation**

Standard bottle roll cyanidation tests were completed using the master composite on the gravity tailings.

Conditions were as follows:

**Feed:**CN 1-5 – 1kg

CN 6-10 – 2 kg

**Grind Size:**P80: 80-100 μm (as-received gravity tailings)

**Pulp density:**50% w/w solids

**pH:**10.5; maintained with lime

**Pre-aeration:**12 h air/oxygen mix – target DO concentration of 12 ppm

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 178

**NaCN Concentration:**4 g/L NaCN for first 24 h then 2 g/L from 24 h to 60 h

**Dissolved Oxygen:**12 ppm for first 24 h then 8 ppm from 24 h to 60 h

**Leach Retention Time:**60 hours

The results from the testwork are shown in Table 13-22 and Table 13-23.

**Table 13-22Composite Gravity Tailings Cyanidation Test Results**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Gravity** | **CN** | **Reagent Cons, kg/t of** <br>**CN Feed** | **Reagent Cons, kg/t of** <br>**CN Feed** | **Ag Stage Extraction, %** | **Ag Stage Extraction, %** | **Ag Stage Extraction, %** | **Ag Stage Extraction, %** | **Ag Stage Extraction, %** |
| **Sample** | **Test No.** | **Test No.** | **NaCN** | **CaO** | **4 h** | **8 h** | **24 h** | **48 h** | **60 h** |
| **High Cu** | G1 | CN-1 | 14.00 | 0.88 | 0 | 6 | 32 | 34 | 37.6 |
| **High Cu** | G1 | CN-6 | 14.40 | 1.46 | - | - | - | - | 63.9 |
| **Ag Red** | G2 | CN-2 | 1.89 | 0.80 | 65 | 72 | 81 | 85 | 84.7 |
| **Ag Red** | G2 | CN-7 | 1.79 | 0.81 | - | - | - | - | 84.1 |
| **Faults** | G3 | CN-3 | 2.96 | 1.03 | 55 | 83 | 86 | 87 | 89.6 |
| **Faults** | G3 | CN-8 | 2.89 | 1.05 | - | - | - | - | 88.1 |
| **Pit 8th** | G4 | CN-4 | 2.76 | 1.69 | 68 | 71 | 83 | 88 | 90.4 |
| **Pit 8th** | G4 | CN-9 | 2.62 | 1.65 | - | - | - | - | 88.6 |
| **Main Comp** | G5 | CN-5 | 2.01 | 0.69 | 86 | 87 | 84 | 87 | 87.3 |
| **Main Comp** | G5 | CN-10 | 1.80 | 0.74 | - | - | - | - | 85.6 |

---

**Table 13-23Composite Gravity Tailings Cyanidation Test Results (Cont'd)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **CN Test** <br>**No.** | **Overall Ag** <br>**Recovery**<br>| **Ag** <br>**Residue**<br>| **Head, Ag, g/t** | **Head, Ag, g/t** | **Final PLS Assays, mg/L** | **Final PLS Assays, mg/L** | **Final PLS Assays, mg/L** | **Final PLS Assays, mg/L** |
| **Sample** | **CN Test** <br>**No.** | **%** | **g/t** | **Calc. Grav** | **Calc. CN\*** | **Cu** | **Zn** | **Hg** | **CN-** |
| **High Cu** | CN-1 | 39.3 | 107 | 173 | 171 | 4980 | 18 | <0.1 | 1184 |
| **High Cu** | CN-6 | 64.9 | 101 |  |  | 4850 | 17 | <0.1 | 997 |
| **Ag Red** | CN-2 | 88.2 | 24 | 194 | 151 | 60 | 220 | 0.6 | 1466 |
| **Ag Red** | CN-7 | 87.7 | 26 |  |  | 69 | 195 | 0.3 | 1476 |
| **Faults** | CN-3 | 90.8 | 12 | 130 | 117 | 558 | 122 | 0.7 | 1497 |
| **Faults** | CN-8 | 89.5 | 14 |  |  | 579 | 119 | 0.2 | 1516 |
| **Pit 8th** | CN-4 | 90.8 | 30 | 300 | 291 | 432 | 13 | 1.6 | 1601 |
| **Pit 8th** | CN-9 | 89.0 | 33 |  |  | 453 | 12 | 1.5 | 1611 |
| **Main** <br>**Comp** | CN-5 | 89.4 | 17 | 162 | 136 | 81 | 153 | 0.4 | 1441 |
| **Main** <br>**Comp** | CN-10 | 88.0 | 20 |  |  | 87 | 137 | 0.4 | 1506 |

---

Overall, silver recoveries (gravity plus cyanidation) ranged from 89 to 91%. The only exception was the High Cu

sample, which had lower recoveries ranging from 38 to 64%.

The High Cu sample also had very high cyanide consumption at approximately 14 kg/t, compared to values

ranging from 1.8 to 3.0 kg/t for the other composites. This is likely due to the presence of cyanide soluble

copper present in this sample, as seen by the high copper concentration in the pregnant leach solution. This is

an important consideration for mine planning, since this material behaves differently than most of the feed to

the processing plant.

**13.4.6Solid-Liquid Separation**

Flocculant scoping testwork was performed on the samples, as a complement to work done previously for the

16525-05 program. The test program is presented in Table 13-24.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 179

**Table 13-24Solid-Liquid Separation Test Program**

---

| | | |
|:---|:---|:---|
| **Cyanidation No.** | **Sample I.D.** | **Test Completed** |
| CN-7 Pulp | Ag Red Gravity Tailing | Full Flocculant Scoping, Static Settling |
| CN-9 Pulp | Pit 8<sup>th</sup> Gravity Tailing | Full Flocculant Scoping, Static Settling |
| CN-6 Pulp | High Cu Gravity Tailing | Flocculant Response Confirmation, <br>Static Settling |
| CN-8 Pulp | Fault Gravity Tailing | Flocculant Response Confirmation, <br>Static Settling |
| CN-10 Pulp | Main Comp Gravity Tailing | Flocculant Response Confirmation, <br>Static Settling |

---

The settling tests yielded similar results to the 16525-05 test program. For the majority of the composites, the

best products were Magnafloc 338 (flocculant) and Magnafloc 1687 (coagulant). An improvement in the

supernatant clarity was noted with the use of the coagulant 1687. The Fault sample was the only exception,

where the use of Magnfloc 338 only yielded better results, with the coagulant causing an increase in overflow

turbidity. Magnafloc 10 was also used during dynamic tests and variability testing, with good results.

Magnafloc 10 and Magnafloc 338 are both high molecular weight anionic flocculants.

Rheology testwork was also conducted, with all samples showing Plug Flow responses during the unsheared

sample measurement. Based on the results, an underflow percent solids of 54-61% (w/w) is expected from an

industrial application.

**13.5METSO:OUTOTEC SOLID/LIQUID SEPARATION**

Solid/Liquid separation testwork was also done by Metso:Outotec in 2022. The objectives of the tests were to

determine the thickening characteristics for the process design criteria, including flocculant/coagulant types

and dosages.

**13.5.1Flocculant Selection**

Seven different flocculants were tested during flocculant screening testwork. It was noted that the low anionic

or non-anionic flocculants yielded clear overflow while high anionic flocculants had cloudier overflow.

Flocculants SNF 920 VHM and 905 VMH were selected as having the best overflow quality and flocculation.

**13.5.2Dynamic Thickening Tests**

Several dynamic thickening tests were performed by varying the solids loading rate and the flocculant dosage.

Measured outputs from the underflow density and overflow clarify. The results are presented in Table 13-25.

**Table 13-25Results from Metso:Outotec Testwork**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Run No.** | **Flux (t/**<br>**(m**<sup>2</sup>**·h))** | **Feed** | **Flocculant** | **Flocculant** | **Coagulant** | **Coagulant** | **Underflow** | **Underflow** | **Overflow** |
| **Run No.** | **Flux (t/**<br>**(m**<sup>2</sup>**·h))** | **Liquor RR** <br>**(m/h)**<br>| **Type** | **Dose** <br>**(g/t)**<br>| **Type** | **Dose** <br>**(g/t)**<br>| **Meas. Solids** <br>**(% (w/w))**<br>| **YS** <br>**(Pa)**<br>| **Solids (mg/L)** |
| **1** | 0.6 | 2.63 | 920 VHM | 50 | - | - | 62.4 | 57 | 770 |
| **2** | 0.6 | 2.63 | 905 VHM | 60 | - | - | 61.9 | 68 | 620 |
| **3** | 0.6 | 2.63 | 905 VHM | 70 | - | - | 61.2 | 48 | 540 |
| **4** | 0.6 | 2.63 | 905 VHM | 50 | DB45 VHM | 25 | 62.2 | 79 | < 100 |
| **5** | 0.8 | 3.51 | 905 VHM | 50 | DB45 VHM | 25 | 59.9 | 53 | < 100 |
| **6** | 1.0 | 4.39 | 905 VHM | 50 | DB45 VHM | 25 | 60.0 | 76 | < 100 |
| **7** | 0.5 | 2.19 | 905 VHM | 50 | DB45 VHM | 25 | 61.8 | 84 | < 100 |

---

The results indicate that the objective percent solids of 65% was not attained, and a value of 61-62% was the

maximum achievable underflow density. The use of coagulant (tests 4-7) had a significant impact on overflow

clarity, while increasing flocculant dosage had a less significant impact on the overflow clarity.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 180

**13.6INTERPRETATION OF RESULTS**

From the given test results, the following findings were used for determination of the process flow diagrams

and design criteria:

• Based on the mineralogical examination, the anticipated silver recoveries were expected to be in the

high 80% to low 90% range. This was confirmed throughout the test program.

• The ore can be considered to be very hard, with all samples testing in the 90<sup>th</sup>-100<sup>th</sup> percentile of

hardness.

• The E-GRG number for the Main Comp was 33.8%, indicating that the inclusion of a gravity circuit in the

final flowsheet was justified. Silver recovery into the Mozley table concentrate, which is more realistic

for industrial gravity concentration operations, was more modest at around 15%. However, considering

the high head grade and the presence of coarse silver, it is still a benefit to recover silver prior to

cyanidation and the inclusion of a gravity circuit poses little risk to the project.

• Flotation tests confirmed that the gravity tailings are amenable to flotation. The flotation option was

retained during the Feasibility Study, however the direct cyanidation of the gravity tailings option was

ultimately selected for engineering and construction.

• Cyanidation testwork showed that the best recoveries are achieved at extended durations and high

cyanide levels. Direct cyanidation of the gravity tailings showed slightly lower silver recoveries than the

flotation option, however with considerably lower reagent consumption as well.

• The optimum peroxide addition to the barren solution is at the dosage of 3.27 g of 100% H2O2 /g CNWAD

so that the free cyanide is minimized. Cyanide destruction is required for the flotation option, however

was not retained for the final gravity tailings leaching option.

• Merrill-Crowe silver recovery was selected for the final design.

• The presence of copper can have a negative impact on silver recovery and cyanide consumption, as

noted in the 2022-2023 testwork program.

The following tests have been conducted by SGS Canada Inc. in 2021, yet excluded from this section, since

they do not directly form part of the final flowsheet:

• Carbon modelling testwork

• Electrowinning testing; and

• Davis Tube testing.

Additional testwork completed but not included in the final flowsheet, or this section, include:

• Additional solid-liquid separation tests on flotation concentrate by Flottweg

• HPGR testwork

• Flotation testwork by Eriez

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 181

14.0**MINERAL RESOURCE ESTIMATE**

**14.1INFORMING DATA**

The MRE is based on diamond core and RC drilling conducted by Aya since 2021, and a selection of drilling

conducted by previous operators SOMIL, BRPM, CMT, and Maya from 1982 to 2020 (Table 14-1). Data were

provided in a Seequent Leapfrog project file, based on CSV exports of the main SQL database. Collar, survey,

assay, lithology, and density data tables were supplied. Data from all drill holes were used to inform the

geological and estimation domains. Only data from RC and DD samples were used to inform the MRE.

**Table 14-1Summary of informing data.**

---

| | | | |
|:---|:---|:---|:---|
| **Hole type** <sup>1</sup> | **n Holes** | **Meters** | **Samples (Ag)** |
| **All drill types used for domaining (including RC & DD)** | **All drill types used for domaining (including RC & DD)** | **All drill types used for domaining (including RC & DD)** | **All drill types used for domaining (including RC & DD)** |
| DD | 1714 | 200390 | 160387 |
| UG channel | 1743 | 13287 | 15035 |
| RC | 676 | 35678 | 38049 |
| Percussion | 4361 | 107429 | 106640 |
| Blast hole | 14590 | 85417 | 58592 |
| **Total** | **23084** | **442201** | **378703** |
| **Used for 2025 MRE (RC & DD only)** | **Used for 2025 MRE (RC & DD only)** | **Used for 2025 MRE (RC & DD only)** | **Used for 2025 MRE (RC & DD only)** |
| DD | 1714 | 200390 | 160387 |
| RC | 676 | 35678 | 38049 |
| **Total** | **2390** | **236068** | **198436** |

---

*1.DD: Diamond Drilling; UG channel: Underground Channel; RC: Reverse Circulation; Percussion: Underground percussion drilling; Blast hole:* 

*Open pit blast holes.*

**14.2INTERPRETATION**

**14.2.1GEOLOGICAL DOMAINS**

The interpretation of geological domains is crucial for providing a first-order constraint on grade populations

and ensuring that the geological controls on mineralization guide the modelling of estimation domains.

Geological modelling was conducted by the QP (Abraham Whaanga) in Leapfrog Geo, using the interval

selection and the vein system tools to create a geological model (litho-structural model) consisting primarily

of a lithological model and a simplified structural model.

**14.2.1.1LITHOLOGICAL MODEL**

a simplified coding of the lithological logging (TECT, 2024). Lithological codes were grouped, and an interval

selection created to subdivide lithologies for modelling. Although lithological volumes were only constructed

from diamond drill holes, RC drill holes were considered for the grade shell models, structural domains and

mineralization trends. These lithological domains were used as the basis for the density estimate of the host

lithology (Figure 14-1).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 182

![image82a.jpg](image82a.jpg)

**Figure 14-1Flow chart illustrating the TECT litho-structural model workflow.**

**14.2.1.2STRUCTURAL MODEL**

TECT completed structural analysis and 3D modelling of Zgounder based on two mapping campaigns (7–13

December 2023 and 22–27 April 2024). A total of 740 planar and 61 linear structural features were measured

throughout the underground and surface exposures. Using the lithological model as a base, a domain-specific

structural model was developed, consisting of 18 structural domains. These domains were based on both

field structural data and grade trends observed in 3D. Within each domain, dominant mineralization trends

were determined (Figure 14-2). By grouping adjacent domains with similar structural orientations, Aya

simplified/consolidated these 18 mineralized domains into eight domains (Figure 14-3).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 183

![image27a.jpg](image27a.jpg)

**Figure 14-2Plan view of TECT's structural domains.**

![image75a.jpg](image75a.jpg)

**Figure 14-3Plan view of Aya's simplified structural domains.**

**14.2.2ESTIMATION DOMAINS**

**14.2.2.1SILVER**

Using the lithological and simplified structural domain models as a basis, estimation domains were created in

Leapfrog using indicator radial basis function (RBF) interpolants. Domains were constrained at three different

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 184

modelling grade cut-offs: 10.0 g/t Ag for low-grade mineralization (LG10), 60.0 g/t Ag for medium grade

(MG60) and 150.0 g/t Ag for high grade (HG150). The QP (Abraham Whaanga) considers the modelling cut-off

grades used to be sufficiently far from likely economic cut-off grades to be a suitable choice for modelling the

mineralization.

The multi-indicator modelling strategy for Zgounder is based on investigation of the Ag grade architecture at

Zgounder. Three main grade architectures are generally distinguished (Figure 14-4):

• mosaic,

• model with no edge effect when leaving the waste domain, or

• diffusive model.

The QPs (Abraham Whaanga and Olivier Bertoli) investigated the grade architecture for Zgounder by analyzing

the behavior of ratios of cross-variograms to simple variograms for different grade indicators, a method

proposed by Rivoirard (1994). If the grey area on the diagrams in Figure 14-4 represents the 10–60 g/t Ag bin,

the yellow area represents the 60–150 g/t Ag bin, and the red area the >150 g/t Ag bin, the architecture of

these grade bins can be determined by plotting the ratios of cross-variograms to the simple variograms for

the indicators at these thresholds (10, 60, and 150 g/t Ag). By assessing these ratios against the separation

distance, it is possible to appraise the generalized grade architecture. Rivoirard (1994) demonstrates that the

probability of entering the grade contour at cut-off grade j, when leaving the contour at cut-off grade i (where i

< j); formally Prob[Z(x)>j\|Z(x)>i,Z(x+h)ij(h)/γi(h) where γij(h) is the cross-variogram of

the indicators at i and j at separation distance h.

When γij(h)/γi(h) increases with distance h for all cut-off grades, the grade architecture is diffusive. If the curve

is flat and constant for all cut-off grades, the mosaic model provides a better representation of the underlying

grade architecture. If the ratio is flat for high cut-off grades, the model is then compatible with the absence of

edge effects when entering high-grade contours.

The results of the analysis performed at Zgounder (Figure 14-5) indicate that the grade architecture is

diffusive at lower grades, demonstrated by the presence of a structure in γij(h)/γi(h). Therefore, the use of

grade-shell contouring to delimit the low- and medium-grade envelopes (LG10 and MG60) may be considered

fit for purpose. The transition into the high-grade contours has less pronounced edge effects, demonstrated

by the lack of structure in γij(h)/γi(h). Therefore, methods based on indicators may provide a better

reproduction of the grade transitions at higher thresholds. The QPs (Abraham Whaanga and Olivier Bertoli)

also note that the estimation strategy should be adapted to reflect the strong dissymmetrical nature of the

distribution for the HG150 domain.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 185

![image50a.jpg](image50a.jpg)

**Figure 14-4Schematic representation of different grade architectures: mosaic (top), model with no edge** 

**effect when leaving the waste domain (bottom left), and diffusive model (bottom right).**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 186

![image60a.jpg](image60a.jpg)

**Figure 14-5Ratio of cross to simple indicator downhole variograms for the DD and RC drill hole** 

**population.**

At Zgounder, low-grade mineralization occurs broadly along an E-W direction, with higher grades occurring in

an array of orientations ranging from NE-SW, N-S, E-W and flat, low-angle faults and fractures.

To incorporate the structural domain model into the estimation domains, a simplified representation of the

key structural orientations was created for each structural domain. Planar representations (form interpolants)

of the dominant trends were made at a 15-m spacing for each domain (Figure 14-6). The form interpolants

were then used to guide the RBF indicator interpolants for the MG and HG domains. For the LG domain, a

global E-W structural control was used.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 187

![image76a.jpg](image76a.jpg)

**Figure 14-6Structural disks and form interpolants in TECT's structural domains.**

The first iteration of grade shell domains created from the TECT form interpolants was deemed to reasonably

capture the broad geological controls, but fine-tuning was deemed necessary to better capture local structural

controls.

For the second model iteration, geological contacts were used in combination with structural orientations to

guide the grade shell wireframe. Lithological contrasts, including the folded contact between the rhyolite,

mafic dyke and sedimentary units, have a strong control on the geometry of mineralization. These contacts,

and the faulted felsic intrusive contact to the north of the resource, were used to create two trend planes.

These trend planes were used to create a second iteration of the LG10 RBF interpolant. The resulting indicator

domains produced a more realistic representation of mineralization than the first iteration (Figure 14-7).

For the medium- to high-grade domains, a further ten trend planes were added, representing structural

controls on high-grade mineralization, including NE striking faults. Trend planes were also added in areas

where drill holes perpendicular to the true thickness of mineralization created unrealistic mineralization

shapes in Leapfrog (Figure 14-8). Comparisons between the first and second iteration are illustrated in

Figure 14-7. The second interpretation demonstrates better continuity of grade, especially at depth

(Figure 14-9).

Trend planes were adjusted along with cluster control settings and resulted in better alignment of indicator

shells along structural trends, with increased connectivity and selectivity within grade bins (Figure 14-10).

For the open pit area, on the eastern side of a major N-S striking fault, observations by TECT suggested a

predominantly shallow orientation of the mineralization. However, the indicator shells generated in this

orientation did not reveal strong geological continuity (Figure 14-12). On the second site visit in December

2024, the QP (Honza Catchpole) reviewed the open pit geology and discussed mineralization orientations with

the Zgounder senior production geologist. The QP confirmed that the open pit mineralization is predominantly

controlled by E-W trending structures dipping sub-vertically (~80°) to the south. The QP also confirmed that

mineralized sub-horizontal structures were not observed. The model was adjusted based on the QP's

observations resulting in improved continuity in the open pit area (Figure 14-12).

A summary of the finalized estimation domains and their informing structural trends is given in Table 14-2.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 188

![image20a.jpg](image20a.jpg)

**Figure 14-7LG10 Indicator domain using structural orientations (left) and geology geometric trends** 

**(right).**

![image89a.jpg](image89a.jpg)

**Figure 14-8Indicator shapes for the LG10 domain (iteration 1 in blue, iteration 2 in red).**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 189

![image55a.jpg](image55a.jpg)

**Figure 14-9Improved continuity at depth in the LG10 domain, perspective view looking NNE.**

![image87a.jpg](image87a.jpg)

**Figure 14-10Indicator domains for the open pit area in version 1 (left) and version 2 (right).**

The three finalized grade estimation domains and their informing structural trends are summarized in

Table 14-2.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 190

**Table 14-2Summary of the grade estimation domains for Zgounder**

---

| | | |
|:---|:---|:---|
| **Domain** | **Structural Trend** | **Informing Wireframes** |
| **LG10** | Mineralization Trend | North Guide, South Guide |
| **MG60** | Mineralization Trend High Grade | North Guide, South Guide, Trend 2 - 9 |
| **HG150** | Mineralization Trend High Grade | North Guide, South Guide, Trend 2 - 9 |

---

**14.2.2.2BULK DENSITY**

An assessment of density data in the mineralized domain indicates that bulk density follows a symmetrical,

unimodal distribution. A total of 9,274 data points were available in the litho-structural domain, with a mean

density of 2.74 g/cm<sup>3</sup>. Of these 1,327 data points were within the mineralized domain, with a mean density of

2.77 g/cm<sup>3</sup> (density data were collected at ~10-m intervals).

Mineralization at Zgounder is characterized by low sulfide content, and the densities of silver mineralized

sections are generally not distinguishable from unmineralized sections. Bulk densities are grouped in the litho-

structural model (Figure 14-11).

![image111a.jpg](image111a.jpg)

**Figure 14-11Density grouped by litho-structural model**

**14.2.2.3EXTRAPOLATION**

Extrapolation was limited to approximately half the drill spacing along strike and at depth. This amounts to

~40 m along strike and ~20 m down dip. All data types were used to generate the estimation domains, guided

by a mineralization structural trend related to the indicator cut-off. Data spacing is variable across the deposit,

ranging from close-spaced grade control underground trench samples ~4 m along strike to exploration drilling

with spacing up to ~80 m. Due to the density and variety of data included in the estimation domains, the QP

considers the extrapolation presents a low risk.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 191

**14.2.2.4ALTERNATIVE INTERPRETATIONS**

At a large scale, the controls on mineralization at Zgounder are reasonably well understood and supported by

the data, geology, and historical mine workings. However, the geological domains may vary considerably

between known locations, and additional sampling may provide locally alternative interpretations.

The QPs (Abraham Whaanga and Olivier Bertoli) consider that, at this stage in the project and at this level of

data resolution, alternative interpretations of the geology and mineralization are possible but not likely to

generate models or estimates that are significantly different from those presented in this report.

**14.3SUMMARY STATISTICS & DATA PREPARATION**

**14.3.1SILVER**

Assay data were composited to 2-m intervals. The dominant sample size was 1.1 m, with ~80% of samples

between 1 m and 2 m. The compositing intervals (2 m) for the Zgounder Project offer an acceptable

compromise between capturing the desired precision of the geological and estimation domain modelling

process and matching the selectivity of the (underground) mining operations. All domains are characterized

by skewed distributions and high coefficient of variation (CV) values.

**Table 14-3Domain statistics, 2-m composites, declustered (20 m x 20 m x 20 m decluster window).**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assay** | **Domain** | **Samples** | **Mean** <br>**(g/t)**<br>| **SD** | **CV** | **Variance** | **Min (g/t)** | **Q1 (g/t)** | **Q2 (g/t)** | **Q3 (g/t)** | **Max (g/t)** |
| Ag | LG10 | $82511.00 | 41.9 | 149.6 | 3.6 | 22384 | 1 | 14.1 | 20.2 | 33.2 | 10924 |
| Ag | MG60 | 15092 | 215.1 | 451.5 | 2.1 | 203892 | 1 | 72 | 99.9 | 162.7 | 10655 |
| Ag | HG150 | 7002 | 748.3 | 1022.3 | 1.4 | 1045125 | 1 | 228.5 | 390.2 | 832.1 | 16555 |

---

*SD – standard deviation CV – coefficient of variation*

The QPs (Abraham Whaanga and Olivier Bertoli) note that in selective underground operations, the choice of

the composite size and residual sample treatment can have a significant impact on the resulting grade

distributions. There are three options for the treatment of residual samples.

1.<u>Distribute equally:</u> The contiguous sampling intervals encountered down the hole are composited to a

constant length (which varies from interval to interval, and thus from hole to hole) that best

approaches the target composite length, i.e. the length of the residual sample should be evenly

distributed across all previous composites created to the nominal target length.

2.<u>Add to previous:</u> Consists of creating a last composite that adds the length of the residual to a normal

composite.

3.<u>Discard:</u> Consists of discarding the residual sample, which is considered too small to create a

composite.

The QP (Abraham Whaanga and Olivier Bertoli) note that:

• Option 1 offers the advantage of not discarding information, and of creating a constant composite

length along the hole but one that may vary (albeit marginally) from drill hole to drill hole.

• Option 2 offers the advantage of not discarding information but systematically creates long residual

composites towards the end of the sample run.

• Option 3 offers the advantage of creating composites of strictly equal length but ends up discarding

information at the periphery of the domain.

The chosen method for the treatment of residual samples < 0.5 m is distribute equally with samples weighted

by length.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 192

A comparison of the metal balance between raw intervals and resulting composites is provided in Table 14-4.

The QP (Abraham Whaanga) also conducted a sensitivity analysis of the in-situ estimate to the compositing

strategy and residuals treatment (Section 14.8).

**Table 14-4Comparison of total metal before and after compositing.**

---

| | | | |
|:---|:---|:---|:---|
| **Domain** | **Raw assay Sum metal (g)** | **Composite Sum metal (g)** | **Variance** |
| **LG10** | 2577606 | 2467908 | -4% |
| **MG60** | 1810558 | 1805506 | 0% |
| **HG150** | 2262608 | 2307218 | 2% |

---

![image61a.jpg](image61a.jpg)

**Figure 14-12Log histogram of the LG10 domain, 2-m composites.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 193

![imagea.jpg](imagea.jpg)

**Figure 14-13Log histogram of the MG60 domain, 2-m composites.**

![image101a.jpg](image101a.jpg)

**Figure 14-14Log histogram of the HG150 domain, 2-m composites.**

**14.3.2BULK DENSITY**

Density data were not composited and the mean grades within the litho-structural domains were assigned.

Density measurements are length weighted and summarized in Table 14-5.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 194

**Table 14-5Summary statistics of density in litho-structural domains.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Estimation Domain** | **Count** | **Length** <br>**(m)**<br>| **Mean** <br>**(g/cm**<sup>3</sup>**)**<br>| **SD** | **CV** | **Median** <br>**(g/cm**<sup>3</sup>**)**<br>| **Upper quartile** <br>**(g/cm**<sup>3</sup>**)**<br>| **Maximum** <br>**(g/cm**<sup>3</sup>**)**<br>|
| Andesitic Tuff | 10 | 1 | 2.52 | 0.03 | 0.01 | 2.53 | 2.54 | 2.55 |
| Felsic Intrusion | 350 | 60 | 2.68 | 0.1 | 0.04 | 2.68 | 2.75 | 3.13 |
| Mafic Dyke | 270 | 41 | 2.84 | 0.13 | 0.05 | 2.86 | 2.95 | 3.16 |
| Rhyolite | 2151 | 317 | 2.65 | 0.09 | 0.03 | 2.63 | 2.66 | 4.2 |
| Sediment | 6318 | 981 | 2.76 | 0.09 | 0.03 | 2.77 | 2.8 | 4.23 |
| Total | 9207 | 1418 | 2.74 | 0.11 | 0.04 | 2.76 | 2.79 | 4.23 |

---

*SD – standard deviation, CV – coefficient of variation*

![image32a.jpg](image32a.jpg)

**Figure 14-15Histogram of density.**

**14.4SPATIAL ANALYSIS & VARIOGRAPHY**

**14.4.1SILVER**

The raw composites demonstrate limited structure and variogram models were fitted on normal-scores

transformed data instead. Nugget effect ratios (γ0) were modelled from downhole variograms and are

typically around 25–40% (back-transformed). Variogram models were fitted using two-spherical structures,

with ~80% of the variance typically reached around ~5–15 m and the sill is reached at 55–80 m along the

major and semi-major axes. Along the minor axis, ~80% of the variance is reached around ~4–7 m and the sill

is reached at 13–25 m. For the downhole variogram, ~80% of the variance is reached around 3–8 m and the

sill is reached around 25 m. For the LG10 domain, isotropic omnidirectional variograms were used due to the

mixed structural orientations of mineralization indicating no clear dominant trend. For the MG60 and HG150

domains, clear structural orientations were observed and anisotropic variograms were used.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 195

![image24a.jpg](image24a.jpg)

**Figure 14-16Omnidirectional variogram for the LG10 domain.**

![image62a.jpg](image62a.jpg)

**Figure 14-17Back-transformed variogram for the HG150 domain.**

**14.4.2BULK DENSITY**

Density data were assigned in the block model to match the mean density for each estimation domain.

**Table 14-6Density data mean values.**

---

| | |
|:---|:---|
| **Estimation Domain** | **Mean (g/cm**<sup>3</sup>**)** |
| Andesitic Tuff | 2.52 |
| Felsic Intrusion | 2.68 |
| Mafic Dyke | 2.84 |
| Rhyolite | 2.65 |
| Sediment | 2.76 |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 196

**14.5BLOCK MODEL**

Block model parameters are detailed in Table 14-7. The overall strike of the mineralization is east shifting to

the north, within the current open pit situated east of the NNE striking fault. The model was not rotated to

align with the dominant E-W structural trend. Block dimensions were chosen to represent half the closest drill

spacing along strike (10 m) and half the vertical hole spacing along Z (10 m). The block size along the y-

direction was chosen to help represent the narrower structures and was set to 4 m as a compromise (with 8

m being the preferred size based on data spacing) to allow the model to be easily re-blocked to 2 × 2 × 2 for

the mining engineering department to complete resource and reserve shapes for mine planning. The estimate

was reported in sub-blocks of 1.25 m × 1 m × 1.25 m (x, y and z) to match anticipated stope dimensions along

the x- and z-directions and to retain sufficient resolution to represent the narrow lodes along the y-direction.

Discretization points were selected to match the compositing length of 2 m and average drill hole angle of 60

degrees, resulting in 5 × 2 × 5 discretization points along x-, y- and z-directions, respectively.

**Table 14-7Block model description.**

---

| | |
|:---|:---|
| **Number of parent blocks:** | **133 × 175 × 84 = 1,955,100** |
| **Sub-blocks per parent:** | 8 × 4 × 8 = 256 |
| **Sub-block mode:** | Octree |
| **Base point:** | 275500, 420080, 2310 |
| **Parent block size:** | 10, 4, 10 |
| **Minimum sub-block size:** | 1.25, 1, 1.25 |
| **Boundary size:** | 1330, 700, 840 |
| **Leapfrog rotation:** |  |
| **Azimuth:** | 0° |
| **Dip:** | 0° |
| **Pitch:** | 0° |

---

**14.6ESTIMATION**

**14.6.1SILVER**

A contact analysis was completed to investigate the boundary conditions of each domain. A selection of

contact analysis plots are presented in Figure 14-18 and swath plots are presented in Figure 14-19. The mean

grade was reviewed inside the domains, around the boundaries and outside the domains. The contact plots

confirm the clear transitions between MG and HG mineralization and the much more gradual transition in and

out of the MG domain. The QPs (Abraham Whaanga and Olivier Bertoli) decided to estimate the MG domain

using a soft boundary of 8 m, both into out of the LG and the HG domains.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 197

![image63a.jpg](image63a.jpg)

![image64a.jpg](image64a.jpg)

**Figure 14-18Contact analysis plots for the LG10, MG60 and HG150 domains.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 198

![figure14_19swathplotsfortha.jpg](figure14_19swathplotsfortha.jpg)

**Figure 14-19Swath plots for the LG10 domain, (sample grades in orange, block grades in blue).**

Grades were interpolated using ordinary kriging for the LG10 and MG60 domains and residual indicator kriging

(RIK) for the HG150 domain (Rivoirard, 1991).

The use of RIK in HG150 stems from the characterization of the grade architecture in the HG150 domain

(Section 14.2.2.1) and the confirmation that there is no edge effect in that domain: the HG150 boundary can

be sharp with very high-grade material present without observing a gradational change through intermediate

grade intervals. RIK just like MIK (multiple indicator kriging) relies on a coding of the input grade distribution

based on indicators. The difference with MIK, and superiority of RIK when used in the proper context is that

only a few (3 or 4) indicator thresholds need to be considered to properly model the distribution, and that the

estimation can be made independently on factors based on these indicators. This means that there is no loss

of information incurred when estimating the factors independently (unlike MIK where the independent

estimation of the multiple indicators incurs a significant loss of information). The determination of residual

factors is detailed in Table 14-8.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 199

**Table 14-8RIK parameters for the HG150 domain.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Ag** <br>**Threshold** <br>**(ppm)**<br>| **Indicator** | **Proportion** <br>**(Indicator** <br>**Mean) in** <br>**the domain**<br>| **Independent** <br>**factor** <br>**estimated in** <br>**RIK**<br>| **Bin** <br>**proportion**<br>| **Bin Mean** <br>**Grade** <br>**(ppm)**<br>| **Grade used** <br>**in RIK** <br>**(ppm)**<br>|
| **HG150** | 0 | 1 | 1 |  | 1-I150 | 90 | 90 |
| **HG150** | 150 | I150 | T150 | 1-I150/T150 | I150-I300 | 213 | 250 |
| **HG150** | 300 | I300 | T300 | I150/T150-<br>I300/T300<br>| I300-I500 | 383 | 350 |
| **HG150** | 500 | I500 | T500 | I300/T300-<br>I500/T500<br>| I2500-I500 | 1082 | 1000 |
| **HG150** | 2500 | I2500 | T2500 | I500/T500-<br>I2500/T2500<br>| I2500 | 5132 | 4000 |
| Final estimate: Proportion 0–150\*90 + Proportion 150–300\*250 + Proportion 300–500\*350 + Proportion <br>500–2500\*1000 + Proportion 2500\*4000 | Final estimate: Proportion 0–150\*90 + Proportion 150–300\*250 + Proportion 300–500\*350 + Proportion <br>500–2500\*1000 + Proportion 2500\*4000 | Final estimate: Proportion 0–150\*90 + Proportion 150–300\*250 + Proportion 300–500\*350 + Proportion <br>500–2500\*1000 + Proportion 2500\*4000 | Final estimate: Proportion 0–150\*90 + Proportion 150–300\*250 + Proportion 300–500\*350 + Proportion <br>500–2500\*1000 + Proportion 2500\*4000 | Final estimate: Proportion 0–150\*90 + Proportion 150–300\*250 + Proportion 300–500\*350 + Proportion <br>500–2500\*1000 + Proportion 2500\*4000 | Final estimate: Proportion 0–150\*90 + Proportion 150–300\*250 + Proportion 300–500\*350 + Proportion <br>500–2500\*1000 + Proportion 2500\*4000 | Final estimate: Proportion 0–150\*90 + Proportion 150–300\*250 + Proportion 300–500\*350 + Proportion <br>500–2500\*1000 + Proportion 2500\*4000 | Final estimate: Proportion 0–150\*90 + Proportion 150–300\*250 + Proportion 300–500\*350 + Proportion <br>500–2500\*1000 + Proportion 2500\*4000 |

---

Search neighborhoods were optimized for global accuracy to yield sufficient samples for estimation and

create an acceptable level of smoothing while minimizing conditional bias. Search neighborhoods were

generally 80 m in the major direction (x), 50–75 m in the semi-major direction (z) and 20-45 m in the minor

direction (y). The anisotropic MG60 and HG150 search neighborhoods were variably orientated, using the

same structural trend applied to the indicator estimation domains as described in section 14.2.2. A minimum

of four and a maximum of 40 samples was used to inform the estimate. Due to the high density of data

available for the estimate, blocks were filled in one pass. For the LG10 domain, soft boundaries of 0.5 m and 2

m were used, with a soft boundary of 8 m for the MG60 domain, to reflect the smooth grade transition across

the LG10/MG60 boundary. Due to the paucity of DD data in the area of the current open pit, the soft boundary

settings of the LG10 domain are set to 0.5 m in areas where the ratio of DD to RC samples within a block

estimate is <1:2, to limit the influence of RC samples on the estimate. For the rest of the LG10 domain, the

soft boundary margin was set to 2 m. Figure 14-20 illustrates the region for which a reduced soft boundary

setting of 0.5 m was used.

![image51a.jpg](image51a.jpg)

**Figure 14-20LG10 domain soft boundary estimate ratio.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 200

**14.6.2BULK DENSITY**

The domain mean value for bulk density was assigned within the litho-structural model. (Figure 14-21). A

comparison of density by litho-structural domain within the estimation indicator domains illustrates that 81%

of the mineralization occurs within the Sediment, and 13% within the Mafic dyke (Table 14-9).

![image47a.jpg](image47a.jpg)

**Figure 14-21Density by litho-structural domain within the estimation indicator domains.**

**Table 14-9Density block model statistics within estimated blocks.**

---

| | | | |
|:---|:---|:---|:---|
| **Domain** | **Vol** | **% of Estimate** | **Mean** |
| **Andesitic Tuff** | 728 | 0.1% | 2.52 |
| **Felsic Intrusion** | 1825 | 0.2% | 2.68 |
| **Mafic Dyke** | 97627 | 13.0% | 2.84 |
| **Rhyolite** | 39119 | 5.2% | 2.65 |
| **Sediment** | 610047 | 81.4% | 2.76 |

---

**14.7VALIDATION**

The estimate was validated through visual validation, global mean validation, review of swath plots, and mine

to mill reconciliation to ensure that modelled grades fairly reflect input data.

**14.7.1GLOBAL MEAN VALIDATION**

The input mean composite grades (declustered) were compared against the estimated block mean grades, by

estimation domains. Declustering was completed to reduce the influence of variable data spacing on mean

composite grades, resulting from the combination of close spaced grade control data with widely spaced

exploration drilling.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 201

**Table 14-10Comparison between block model mean grades and composite mean grades.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Estimation** <br>**method**<br>| **Domain** | **Block Mean Ag** <br>**Grade (g/t)**<br>| **Composite Mean** <br>**Ag Grade (g/t)**<br>| **Declustered** <br>**Composite Mean** <br>**Ag Grade (g/t)**<br>| **Relative** <br>**Difference** <br>**Between Block** <br>**Grades and** <br>**Declustered** <br>**Composite Ag** <br>**Grades**<br>|
| OK (sb 2 m) | LG10 | 87 | 98 | 85 | 3% |
| OK (sb 0.5 m) | LG10 | 52 | 59 | 56 | -7% |
| OK | MG60 | 152 | 137 | 154 | -1% |
| RIK | HG150 | 905 | 890 | 896 | 1% |

---

**14.7.2SWATH PLOT VALIDATION**

Block model Ag grades were validated by comparing the declustered composite grades with the block model

using swath plots and visual cross-section validation. The swath plots were generated for Ag in x- and z-

directions and across strike (y) for all estimation domains. The plots indicate estimation results are unbiased

and appropriately smoothed, and outliers did not lead to bias in areas of low sample support. Swath plots for

the HG RIK domain are compared against an uncut OK estimate (blue) and composite grades (yellow)

illustrated in Figure 14-22.

![figure14_22swathplotsforagd.jpg](figure14_22swathplotsforagd.jpg)

![figure14_22swathplotsforage.jpg](figure14_22swathplotsforage.jpg)

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 202

![figure14_22swathplotsforagc.jpg](figure14_22swathplotsforagc.jpg)

**Figure 14-22Swath plots for Ag within the HG150, MG60 and LG10 domains along the x- and y-directions** 

**(sample grades in orange).**

**14.7.3VISUAL VALIDATION**

Visual validation along cross-sections demonstrated a good correlation between the input grade and the

estimated block grades. The soft boundary used provided a smoother grade transition between the different

grade shells (Figure 14-23 and Figure 14-24).

![figure14_23sectionviewlooka.jpg](figure14_23sectionviewlooka.jpg)

**Figure 14-23Section view looking west comparing OK block grades with composite grades for the LG10** 

**and MG60 domains.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 203

![figure14_24sectionviewlooka.jpg](figure14_24sectionviewlooka.jpg)

**Figure 14-24Section view looking west comparing RIK block grades with composite grades for the** 

**HG150, MG60 and LG10 domains.**

**14.7.4RECONCILIATION VALIDATION**

Volumes from several models were evaluated within underground mined survey solids and reconciled against

end of month (EOM) produced mill feed plus ore stockpiled over a 22-month period, January 2023 to October

2024. All models had 10% tonnes dilution, and 95 % ounces recovery applied. The volumes reconciled

represent ~3% of the tonnes and metal within the total classified resource. Over the 22-month period, the RIK

model prepared by the QP (Abraham Whaanga) has the closest to the EOM produced numbers: 10% lower on

tonnes, 12% higher on grade for 100% of the metal. Figure 14-25 compares the current Aya resource model

and production model against RSC's RIK model.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 204

![figure14-25a.jpg](figure14-25a.jpg)

**Figure 14-25Model to Mill reconciliation comparing the Aya resource and production models and RSC's** 

**RIK model to Mill production.**

**14.8SENSITIVITY TESTING**

A sensitivity analysis was conducted as part of the validation workflow. The estimate was most sensitive to

domaining decisions.

Implicit grade shells were tested at the following cut-offs 10, 50, and 150 g/t, and 10, 60 and 150 g/t. A grade

of 60 g/t was selected as it is closer to the median of the 40 g/t open pit cut-off and the 80 g/t underground

cut-off used by Aya prior to the completion of this resource and reserve process.

Two main versions of implicit grade shells were created (at 10, 60, and 150 g/t): a version using the TECT

structural domains, with less lithological input, and a second version using the geometry of the lithological

boundaries in combination with the structural information. Within these versions, form interpolant strength,

anisotropy and ISO strength were adjusted. Each estimation domain version and model estimate was

reviewed and iteratively adjusted to produce shapes that best fit the data. Data were also provided at three

separate times October 2024, January 2025 and July 2025. The range of results were 97–102% tonnes, 87–

100% grade, and 91–102% on metal compared with the final estimate, demonstrating stability in the estimate

at a variety of parameter settings and with increasing data density.

• The estimate was tested using 4-m sample compositing length and the final grades are compared by

estimation domain (Table 14-11). A check estimate constrained within the Phase 1 pit shape was

carried out using 4-m sample compositing length and the material compared by estimation domain

(Table 14-12). The comparison resulted in moderate changes to the mean grade, mass and metal in the

selected estimation domains, demonstrating moderate sensitivity to composite length (Tables 14-14

and 14-15).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 205

**Table 14-11Sensitivity analysis comparing different composite lengths.**

---

| | | | |
|:---|:---|:---|:---|
| **Domain** | **Declustered 2-m** <br>**Composite Mean Grade** <br>**(Ag g/t)**<br>| **Declustered 4-m** <br>**Composite Mean Grade** <br>**(Ag g/t)**<br>| **Relative Difference** |
| LG10 | 51.3 | 51.8 | -0.9% |
| MG60 | 252.5 | 280.9 | -11.2% |
| HG150 | 866.6 | 942.3 | -8.7% |

---

**Table 14-12Sensitivity comparing different composite check estimates constrained within the Phase 1** 

**pit shape.**

---

| | | | |
|:---|:---|:---|:---|
|  | **2-m Composite** | **4-m Composite** | **Relative Difference** |
| **Mass (kt)** | 1596 | 1591 | 0.3% |
| **Ag (g/t)** | 134 | 143 | -7.2% |
| **Metal (koz)** | 6858 | 7325 | -6.8% |

---

Four alternative estimates were created to test the estimation strategy (Table 14-14 and Table 14-15).

**Table 14-13Estimate parameters.**

---

| | |
|:---|:---|
| **Estimate** | **Domain Parameters** |
| **Ok uncut** | At 10 g/t, 60 g/t, and 150 g/t |
| **OK cut** | At 10 g/t, 60 g/t, and 150 g/t |
| **Top-cut Model (TCM)** <sup>1</sup> | HG150 domain with top cut 2,500 g/t |
| **Top-cut Model (TCM)** <sup>1</sup> | MG60 domain with top cut 500 g/t |
| **Top-cut Model (TCM)** <sup>1</sup> | LG10 domain with OK uncut |
| **RIK** | HG150 domain with RIK |
| **RIK** | MG60 domain with OK uncut |
| **RIK** | LG10 domain with OK uncut |

---

*1.TCM from (Rivoirard et al., 2013).*

**Table 14-14Block model mean grade and composite comparisons for different estimation strategies.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Estimation method** | **Domain** | **Block Mean** <br>**Ag Grade** <br>**(g/t)**<br>| **Composite** <br>**Mean Ag** <br>**Grade (g/t)**<br>| **Declustered** <br>**Composite** <br>**Mean Ag** <br>**Grade (g/t)**<br>| **Relative Difference Between Block** <br>**Grades and Declustered Composite Ag** <br>**Grades (%)**<br>|
| **Final Estimates:** | **Final Estimates:** | **Final Estimates:** | **Final Estimates:** | **Final Estimates:** | **Final Estimates:** |
| OK uncut (sb 2 m) | LG10 | 87 | 98 | 85 | 3% |
| OK uncut (sb 0.5 m) | LG10 | 52 | 59 | 56 | -7% |
| OK uncut | MG60 | 152 | 137 | 154 | -1% |
| RIK | HG150 | 905 | 890 | 896 | 1% |
| **Alternative Estimates:** | **Alternative Estimates:** | **Alternative Estimates:** | **Alternative Estimates:** | **Alternative Estimates:** | **Alternative Estimates:** |
| OK uncut | HG150 | 762 | 867 | 834 | -9% |
| OK cut | LG10 | 54 | 34 | 34 | 61% |
| OK cut | MG60 | 119 | 198 | 184 | -35% |
| Ok cut | HG150 | 722 | 759 | 754 | -4% |
| TCM | MG60 | 146 | 137 | 144 | 1% |
| TCM | HG150 | 800 | 867 | 834 | -4% |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 206

Soft boundaries for the LG10 and MG60 domains were tested at a range of distances to provide an

appropriate level of smoothing, while limiting grade smearing. Review of the relative difference between the

domain block grades and the declustered composite Ag grades and visual validation of domain boundaries

served to validate the precision of the global versus local estimate.

Sensitivity to drill type was tested to appraise the sensitivity of the estimate to the proportion of RC data

within an area. Five estimates were evaluated within a Phase 1 pit shape provided by Aya. All are estimated

with OK and uncut. Results are illustrated in Figure 14-26. Tonnes are consistent between all estimates.

Estimated metal and grade were lowest for the estimate based on all sample data, including underground and

open pit grade control samples. Similar contained metal and higher grades were obtained by estimating using

only RC or DD data. The estimate based on RC and DD data yields an estimated grade and contained metal

within 1% of the RIK estimate.

![figure14-26a.jpg](figure14-26a.jpg)

**Figure 14-26Graph illustrating variances between drill type estimates.**

• Comparisons of RC and DD only estimates versus the percentage of RC samples within the final

combined estimate, demonstrate a range between ~60% and ~80%, where the RC samples begin to

demonstrate a positive bias (RC overreporting), as illustrated in Figures 14-27 and 14-28.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 207

![figure14-27a.jpg](figure14-27a.jpg)

**Figure 14-27RC only vs DD only estimates relative to percentage of RC samples in the combined** 

**estimate.**

![image105a.jpg](image105a.jpg)

**Figure 14-28Long section and plan view of the total resource illustrating blocks estimated with >80% RC** 

**samples.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 208

**14.9DEPLETION**

The MRE was depleted for underground and open pit mining up until June 2025. Depletion was applied by

using digitized depletion wireframes, flagged against the block model to create four categories: In Situ, Mined

OP, Mined UG, and Air.

**14.10RESOURCE CLASSIFICATION**

**14.10.1CLASSIFICATION CRITERIA**

The QPs (Abraham Whaanga and Olivier Bertoli) have classified the Mineral Resource in the Inferred, Indicated

and Measured categories in accordance with NI 43-101, the best practice guidelines defined by the CIM

guidelines for mineral resources and mineral reserves, and the CIM Definition Standards on Mineral Resources

and Mineral Reserves (May 2014). For the Inferred portion of the MRE, geological evidence is sufficient to

imply but not verify geological and grade continuity. For the Indicated portion of the MRE, Geological evidence

is sufficient to assume geological and grade or quality continuity between points of observation. For the

Measured portion of the MRE, Geological evidence is sufficient to confirm geological and grade or quality

continuity between points of observation. The Mineral Resource is based on exploration, sampling and

assaying information gathered through appropriate techniques from drill holes.

The classification of the resource relies on the QPs multi-factor scorecard analysis which considers data

quality, confidence in the geological domain modelling, and local estimation precision to derive an overall

semi-quantitative measure to support resource classification.

The resource classification at Zgounder is based on the cartesian average distance to the nearest three drill

holes (three-hole rule, Table 14-15). The minimum spacing requirements are based on drill hole spacing

analysis (DHSA) using the global estimation variance methodology (Postolski et al., 2014).

Only RC and DD data were used to inform the estimate. However, all sample data were used to determine the

average distance to data, including production blastholes, underground grade control drilling, RC and DD. The

QPs (Abraham Whaanga and Olivier Bertoli) post-processed the classification by using 3D morphological

(Figure 14-29).

A final post processing step was applied by assessing on the ratio of RC to DD samples in the estimation

neighborhood. Several issues were identified with the collection of the RC primary sample, highlighted in the

QAT section (section 11). Blocks informed by >80% RC samples were classified as Indicated or Inferred.

Material meeting these criteria is spatially confined to the current open pit, and illustrated in Figure 14-28 with

the proposed open pit expansion.

The variance for RC sample weights is high and the recovery (40–60%) too low to be considered industry good

standard, and neither the drilling nor the sampling process was well controlled. Nearest-neighbor analysis

between RC and DD data also demonstrates a positive bias towards RC at lower grades (RC overreporting

those values) and a negative bias at higher grades.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 209

![image112a.jpg](image112a.jpg)

**Figure 14-293D morphological operations to refine the resulting classification resolution.**

**Table 14-15Characterization of local estimation precision.**

---

| | |
|:---|:---|
| **Classification** | **Three-Hole Distance** |
| **Measured** | 12.5 m or less |
| **Indicated** | 12.5 m to less than 25 m |
| **Inferred** | 25 m to less than 50 m |

---

The QPs (Abraham Whaanga and Olivier Bertoli) consider that the overall quality of the RC primary sample is

sufficient for the purpose of classifying an Inferred and Indicated Mineral Resource only, where not supported

by >20% DD core samples. The impact on the total classified resource is a 4% downgrade of material

previously classified as Measured to Indicated (Figure 14-30, Table 14-16).

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 210

![figure1430a.jpg](figure1430a.jpg)

**Figure 14-30Percentage of the total resource by classification.**

**Table 14-16Mineral Resource Estimate for the Zgounder deposit as of June 30**<sup>th</sup>**, 2025.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RPEEE** | **Cut-off Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Metal (koz)** |
| Pit Constrained | 40 | Measured | 13820 | 144 | 64140 |
| Pit Constrained | 40 | Indicated | 2150 | 131 | 9070 |
| Pit Constrained | 40 | Inferred | 56 | 190 | 350 |
| Out-of-Pit | 90 | Measured | 324 | 280 | 2912 |
| Out-of-Pit | 90 | Indicated | 2640 | 284 | 24100 |
| Out-of-Pit | 90 | Inferred | 360 | 360 | 4200 |
| Total | 40/90 | Measured | 14150 | 147 | 67050 |
| Total | 40/90 | Indicated | 4790 | 216 | 33200 |
| Total | 40/90 | Inferred | 410 | 340 | 4500 |

---

*Notes:*

*1.Mineral Resource Estimate for Zgounder is as of June 30*<sup>th</sup>*, 2025.*

*2.The Mineral Resources have been prepared by Olivier Bertoli, MSc, M.Eng., FAusIMM, and Abraham Whaanga, BSc., MAusIMM, who both* 

*fulfill the requirements to be a Qualified Person (QP) for the purposes o NI 43-101.*

*3.The Mineral Resource is reported in compliance with NI 43-101 and classified in accordance with CIM guidelines.*

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 211

*4.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may* 

*be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. There is no* 

*certainty that Mineral Resources will be converted to Mineral Reserves.*

*5.Mineral Resources are reported inclusive of Mineral Reserves.*

*6.A silver price of USD 28/oz with a process recovery of 90%, and a USD 25/t rock processing cost (including G&A) were used.*

*7.The constraining pit optimization parameters were 50º pit slopes with a 40 g/t Ag cut-off.*

*8.The out-of-pit Mineral Resource grade blocks were quantified above the 90 g/t Ag cut-off, below the constraining pit shell and within the* 

*constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the cut* 

*and fill underground mining method.*

*9.The mining costs are USD 2/t in waste and USD 6.8/t in ore, with a mining dilution of 5%.*

*10.The Mineral Resource is reported at an in-pit cut-off of 40 g/t Ag and an out of pit cut-off of 90 g/t Ag.* 

*11.A royalty of 3% applies.*

*12.Mineral Resources have been rounded to reflect their confidence.*

*13.Totals may vary due to rounding.* 

**14.10.2CUT-OFF GRADE**

The Mineral Resource has been reported at a cut-off grade of 40 g/t Ag for the open pit and 90 g/t Ag for the

underground. Selection of the cut-off grade was based on consideration of previous studies of comparable

deposits, as well as assumed mining parameters (Table 14-17) with respect to meeting the criterion of having

reasonable prospects for eventual economic extraction. The cut-off abundance is further supported by the

economic analysis reported in Section 15.

**Table 14-17Pit optimization parameters**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| **Silver price** | US$/oz | 28 |
| **Royalty** | % | 3 |
| **Process recovery** | % | 90 |
| **Process cost,** <br>**including G&A**<br>| US$/t of ore | 25 |
| **Overall slope angle** | degrees | 50 |
| **Refinery cost** | US$/oz | 0.2 |

---

**14.10.3MINING & METALLURGICAL METHODS & PARAMETERS**

The constraining pit optimization parameters are 50º pit slopes, with a 40 g/t Ag cut-off. The out-of-pit Mineral

Resource grade blocks were quantified above the 90 g/t Ag cut-off, below the constraining pit shell and within

the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable

potential for extraction by the cut and fill and longhole stoping underground mining methods.

**14.10.4REASONABLE PROSPECTS FOR EVENTUAL ECONOMIC EXTRACTION (RPEEE)**

Aya Gold & Silver used a standard optimization approach to determine and generate the pit shells for the

Zgounder Operations. Pit optimizations were completed using Geovia Whittle pit optimization software. This

software determines the nested pit shells, using the pseudoflow algorithm, considering the estimated

revenues and costs associated with each mining block, and respecting slope dependencies and overall slope

angles.

Within the Geovia Whittle software, a reblocking of the regularized block model was done into blocks of 8m x

8m x 8m, in order to speed-up the optimization process. The reblocking was done keeping the parcels within

each block.

Portions of the deposit that do not have reasonable prospects for eventual economic extraction (RPEEE) are

not included in the mineral resource estimate. In assessing the reasonable prospects, the QPs (Abraham

Whaanga and Olivier Bertoli) evaluated conceptual mining, metallurgical and economic parameters, as well as

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 212

environmental and social aspects. The mineral resource reported here is a realistic inventory of mineralization

which, under assumed and justifiable technical, economic, and developmental conditions, might, in whole or in

part, become economically extractable.

In assessing the RPEEE, the QPs (Abraham Whaanga and Olivier Bertoli) considered all the available baseline

studies and evaluated the social and political stability in the Project area.

The cut-off grade was selected based on the outcomes of the mineral reserve estimates (Section 15). The

economic assessment considered the costs of the project (including mining costs, transport costs,

processing costs, sustaining capital, general and administration, and royalties), as well as product price and

recovery.

**14.10.5COMPARISON WITH HISTORICAL ESTIMATE**

Since the December 2021 estimate, underground production rate has significantly increased, opening new

headings at depth and in the eastern areas of the mine. In addition, open-pit production has commenced,

exposing 10-m-high wall faces which has allowed the Aya geology department to carry out extensive new

mapping.

With the increase in production, the amount of grade control drilling has also risen. Approximately 275,000

meters of drilling have been completed since the previous estimate, representing 64% of all drilling conducted

on the property to date.

Beyond this newly acquired internal information, Aya has commissioned several external studies to help

improve the understanding of the geological and structural context of the Zgounder deposit (Hedenquist

2022; TECT, 2024; Barry 2025). The combination of increased mining rate (and the associated opening of new

zones) and additional technical studies and reviews over the last few years, has allowed Aya to refine its

understanding of the unique nature of the Zgounder silver deposit.

The December 2021 historical estimate performed well in terms of reconciled total ounces. However, at the

local scale, some variations have been observed in both geometry and grade distribution. The ore domain was

created using a Nearest Neighbor function with a threshold value of 40 g/t, and the search orientation was

constrained only by a single vertical east–west plane. Grades were estimated within a single domain using

Ordinary Kriging (OK). Although top-cuts were applied, we can now observe and posit that the estimation

method may have resulted in excessive smoothing of the grades and may not be the best option to adequately

represent the discrete and erratic nature of the Zgounder deposit. The above position was reached on the

back of a thorough analysis of the data and knowledge collected over the past 3-4 years of operation and is

considered a fair reflection of the trends captured by these operational figures and technical analyses.

Considering the amount of new information available and the need to improve the previous estimate, Aya

decided to engage a third party to conduct a new independent MRE. The mandate was to incorporate all

recent geological and structural interpretations and specifically consider the highly skewed silver grade

distribution characteristic of the Zgounder deposit.

The current MRE is constructed with three indicator shells based on structural and geological observations.

The low-grade indicator honors the dominant E-W structural trend, while the medium-grade and high-grade

indicators contain multiple orientations. Grades were estimated within the low and medium-grade domains

using OK and soft boundaries due to the diffusive nature of the grade architecture. The transition into high-

grade contours has less pronounced edge effects and grade was estimated within the high-grade domain

using RIK, a methodology specifically designed to respect the grade architecture in the HG domain.

**14.11RISKS**

In line with best practices, the QPs (Honza Catchpole and Abraham Whaanga) undertook a risk assessment

for the Project. The risk assessment considers the availability of data and gives a performance scorecard and

risk rating (Table 14-18). The risk score matrix is given in Figure 14-31. The risks involved in the modelling and

estimations are summarized in (Table 14-19). The most pertinent risks have also been noted throughout this

report.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 213

**Table 14-18Guide to the rating system used in this report.**

---

| | |
|:---|:---|
| **Availability of Data** | **Availability of Data** |
| **Absent** | Entirely absent |
| **Poor** | Incomplete MS Excel/export files |
| **Poor** | Briefly described in report |
| **Average** | Basic MS Excel/export files |
| **Average** | Briefly described in report |
| **Good** | Advanced MS Excel/export files |
| **Good** | Well described in report and supporting appendices available |
| **Excellent** | Industry best practice SQL or MS Access database |
| **Excellent** | Well described and supported by extensive SOPs |
| **Performance Score Card** | **Performance Score Card** |
| **0** | Complete failure or erroneous |
| **0–3** | Largely incorrect |
| **3–5** | Largely correct |
| **5–8** | Correctly undertaken and industry standard |
| **8–10** | Exceeds industry standard and is best practice |
| **Risk Rating** | **Risk Rating** |
|  | No risk to Mineral Resource or project |
| **Low** | Minimal risk to Mineral Resource, Ore Reserves, or project viability, within the ranges of Measured Mineral <br>Resources or Proved Ore Reserves<br>|
| **Moderate** | Moderate risk, within the ranges of Indicated Mineral Resources or Probable Ore Reserves |
| **High** | Notable or consequential risk, within the range of Inferred Mineral Resources |
| **Extreme** | Significant risk to Mineral Resource, ranges of error could prevent the classification of Mineral Resources or <br>result in a non-viable project<br>|

---

![figure1431rscsriskscoremata.jpg](figure1431rscsriskscoremata.jpg)

**Figure 14-31Risk score matrix.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 214

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 215

**Table 14-19Overview of risk factors impacting the MRE**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Category** | **Availability** <br>**of Data/Info**<br>| **Score** <br>**(1–10)**<br>| **Impact** <br>**Factor** <br>**(1–5)**<br>| **Risk** <br>**Factor**<br>| **Comments** |
| **Informing Data** | Database <br>format<br>| Good | 8 | 1 | Low | Data are stored in relational databases of Geotic software suite and SQL server kept at the <br>Zgounder mine site and managed by a database manager in Marrakech via remote access. Xlsx <br>and csv exports were provided for data review and modelling.<br>|
| **Informing Data** | Drilling & <br>primary <br>sampling <br>techniques<br>| Good | 7 | 3 | Low-<br>Medium<br>| This MRE is informed by data from diamond (85%) and RC (15%) drilling, that were carried out in <br>line with industry standards and are considered as acceptable sampling methods for the <br>encountered mineralization. The QPs (Olivier Bertoli, Abraham Whaanga, Honza Catchpole) <br>consider that percussion drilling & sampling is unacceptable due to poor sample delineation, <br>potential cross contamination, and bias (loss of fines) introduced during sludge sampling. <br>Results from percussion drilling were therefore not included in the MRE.<br>|
| **Informing Data** | Drilling & <br>primary <br>sampling <br>recovery<br>| Average | 6 | 3 | Medium | Generally good recovery of diamond drill core with low recovery intervals related to geological <br>factors (overburden, fault zones); however, recovery was captured for only 65% of DDHs <br>completed since 2021. No RC recovery data were captured prior to Dec 2024. A sample set <br>requested by the QP (Honza Catchpole) and collected during Q1/2025 demonstrated high <br>variance in sample weights and poor average recovery (40–60%). The QPs (Olivier Bertoli, <br>Abraham Whaanga, Honza Catchpole) note, that overall quality of the RC primary sample is <br>sufficient for the purpose of classifying an Inferred and Indicated Mineral Resource, but not for a <br>Measured Mineral Resource where not supported by >20% DD core samples.<br>|
| **Informing Data** | Logging | Good | 7 | 2 | Low | Logging was completed to a good standard. It is mostly consistent and provided a good <br>foundation for geological interpretations. <br>|
| **Informing Data** | Sub-sampling <br>techniques & <br>sample <br>preparation<br>| Average–<br>Good<br>| 7 | 3.5 | Low-<br>Medium<br>| Subsampling procedures and quality control checks were largely acceptable. The inherent <br>variability of the mineralization was not tested through appropriate half core and RC first split <br>duplicates. Sample preparation represents generally industry standard. Coarse repeats (second <br>split) were only collected for DD but not for RC samples. The observed variances were generally <br>in the range of expectations for mineralization style and comminution stage, with exception of <br>higher-than-expected variance for pulp duplicates from MP-AES third splits at ALS Zgounder. <br>Afrilab internal quality checks (screen size tests, blanks) did not show any fails, indicating <br>cleaned data.<br>|

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**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 216

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Informing Data** | Quality of <br>assay data & <br>analytical <br>techniques<br>| Average–<br>Good<br>| 6 | 3 | Medium | The analytical procedures (AR-AAS, MP-AES, FA) delivered data that were generally accurate and <br>precise, and fit for purpose of estimation in high-confidence categories. Aya commonly <br>submitted insufficient CRM material for 30 g FA at Afrilab and ALS Zgounder, hence the FA <br>process was not controlled through adequate high-grade CRMs. Afrilab internal CRM results <br>show multiple periods of special cause variation. ALS Zgounder internal high-grade CRMs were <br>largely limited to a single CRM with large confidence brackets and a recently introduced high-<br>grade CRM indicated a consistent negative bias. Analytical results from acid digestion and fire <br>assay methods are inconsistently reported by Afrilab (not separated by method). Low-grade <br>CRMs used by ALS Zgounder for results up to 250 ppm are not certified for MP-AES. Umpire <br>results indicate no bias for FA, but are inconclusive for samples <200 ppm Ag due to different <br>methods used at the primary and umpire laboratory.<br>|
| **Informing Data** | Verification of <br>sampling and <br>assaying<br>| Good | 7 | 2 | Low | During the site visit, the QP (Honza Catchpole) carried out spot checks on collar locations and <br>reviewed the logs of several diamond cores including high-grade mineralized zones; no issues <br>were identified. Upon request of the QP, Aya collected 740 repeat samples (quarter core) for <br>assay verification. The error-corrected results indicated a higher than expected variance, likely <br>dominated by biased AR-AAS results (~25% bias towards the repeat samples for Ag <br>concentrations <100 ppm for AR-AAS). Repeat determinations for bulk density including all <br>lithologies revealed marginally but consistently lower results compared to the existing database <br>entries (between 1.5% and 3% lower)<br>|
| **Informing Data** | Location of <br>data points<br>| Good | 7 | 2 | Low | Drill collars were surveyed using DGPS (surface) and total station (underground). Collars <br>selected by the QP (Honza Catchpole) for validation are generally acceptable but indicate an <br>inconsistent use of planned and actual coordinates. No validation is carried out by Aya when <br>entering as-built coordinates into the database. Downhole orientation survey data are collected <br>with magnetic and gyroscopic tools. Very limited survey raw data are available for review. The <br>review of DLS indicated dominantly fit-for-purpose survey data.<br>|
| **Informing Data** | Data spacing <br>and distribution<br>| Good | 8 | 2 | Low | Data spacing is variable across the deposit, ranging from close-spaced grade control <br>underground trench samples ~4 m along strike to exploration drilling with spacing up to ~80 m. <br>Due to the density and variety of data included in the estimation domains, the QP (Abraham <br>Whaanga) considers the data spacing and distribution to present a low risk.<br>|
| **Informing Data** | Bulk density | Good | 7 | 3 | Low-<br>Medium<br>| Generally, BD samples were reasonably distributed over the deposit with exception of the open <br>pit area, for which only limited BD data are available. Aya's sample selection for BD is biased to <br>compact samples (e.g. no samples from friable cores or fractured zones). The BD determination <br>processes and variance in the results are generally acceptable.<br>|
| **Informing Data** | Orientation of <br>data/drilling<br>| Good | 7 | 2 | Low | Most of the drilling was oriented to intersect the mineralization at acceptable angles. Due to the <br>multiple structural orientations evident at Zgounder some deeper exploration holes intersect at <br>high angles. This is balanced by the abundance of underground drill holes and grade control <br>data, drilled at a variety of acceptable angles.<br>|

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**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 217

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Informing Data** | Database <br>integrity<br>| Average–<br>Good<br>| 6 | 2 | Low-<br>Medium<br>| Initially, multiple evidences of poor database management were identified by the QP (Honza <br>Catchpole) (typographic mistakes, duplicate entries, inconsistent use of logging codes, etc.) but <br>Aya significantly improved the integrity of database entries over the past year. The review of <br>assay database values against re-imported laboratory certificates revealed about 3% of samples <br>with mismatching sample ID and less than 1% of samples with dissimilar Ag results (0.03 % with <br>differences >50 ppm Ag). Silver analyses completed by AR-AAS and FA are not always <br>correctly or clearly allocated in the database.<br>|

| **Estimation and** <br>**modelling**<br>| Domaining | Good | 7 | 2 | Low-<br>Medium<br>| The estimation domains are considered robust being constructed using indicator grade shells <br>based on the simplified 3D litho-structural model. The grade architecture was investigated and a <br>multi-indicator modelling strategy used. With cut-off grades for the indicator shells considered to <br>be sufficiently far from likely economic cut-off grades.<br>|
| **Estimation and** <br>**modelling**<br>| Compositing | Good | 7 | 2 | Low | The composite choice of 2-m offered an acceptable compromise between capturing the desired <br>precision of the geological and estimation domain modelling process and matching the <br>selectivity of the (underground) mining operations. A check estimate with 4-m composite <br>intervals was conducted and demonstrated moderate sensitivity to composite length.<br>|
| **Estimation and** <br>**modelling**<br>| Grade capping | Good | 8 | 3 | Low | Residual Indicator Kriging (RIK) estimation method, validated against Ordinary Kriging (OK) cut <br>and uncut, Top Cut Model (TCM) was sufficient in efficiently controlling high grades without the <br>requirement for grade capping.<br>|
| **Estimation and** <br>**modelling**<br>| Variography | Good | 8 | 2 | Low | Experimental and modelled variograms display good structure and an acceptable level of <br>confidence for the estimation of Measured, Indicated and Inferred Mineral Resources.<br>|
| **Estimation and** <br>**modelling**<br>| Interpolation <br>and <br>extrapolation<br>| Good | 7 | 2 | Low | Extrapolation was limited to approximately half the drill spacing along strike and at depth. This <br>amounts to ~40 m along strike and ~20 m down dip. Due to the density and variety of data <br>included in the estimation domains, the QP (Abraham Whaanga) considers the extrapolation <br>presents a low risk.<br>|
| **Estimation and** <br>**modelling**<br>| Checks and <br>validation<br>| Good | 8 | 3 | Low | The QPs (Abraham Whaanga and Olivier Bertoli) consider the block models to be robustly <br>estimated. Based on a comparison of input mean grades with the block model mean grade, 4 <br>alternative estimates to test estimation strategy, two different implicit grade shell versions <br>testing domaining decisions, soft boundary settings within the LG10 and MG60 domains, and <br>sensitivity of the estimates due to the proportion of samples from varying drill types. The <br>estimate was most sensitive to domaining decisions.<br>|

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 218

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimation and** <br>**modelling**<br>| Cut-off | Good | 7 | 4 | Medium | A cut-off Grade of 40 g/t Ag for the open pit was selected based on a resource Ag price of <br>USD28/oz and based on a long-term sustainable plant throughout of 1.4 Mt per annum. A cut-off <br>grade of 90 g/t Ag for the underground was selected based on a combination of two mining <br>methods, cut & fill, and longhole stoping.<br>|
| **Estimation and** <br>**modelling**<br>| Density | Good | 7 | 3 | Low-<br>Medium<br>| Mean bulk density values were assigned within the litho-structural model. 81% of the <br>mineralization occurs within the sediment and 13% within the mafic dyke. Density were <br>estimated using OK as a validation check and the QP (Abraham Whaanga) considers the <br>calculation of bulk density to be a low risk to the estimation.<br>|
| **Estimation and** <br>**modelling**<br>| Classification | Average | 7 | 3 | Low-<br>Medium<br>| The resource classification at Zgounder is based on the cartesian average distance to the <br>nearest three drill holes (three-hole rule). The minimum spacing requirements are based on drill <br>hole spacing analysis (DHSA) using the global estimation variance methodology (Postolski et al., <br>2014). The QPs (Abraham Whaanga and Olivier Bertoli) consider that the overall quality of the RC <br>primary sample is sufficient for the purpose of classifying an Inferred and Indicated Mineral <br>Resource only, where not supported by >20% DD core samples.<br>|

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 219

15.0**MINERAL RESERVE ESTIMATES**

**15.1INTRODUCTION**

Mineral Reserves are reported for the open-pit and underground mines, both currently in operation, and for the

surface stockpiles. Measured and Indicated Mineral Resources were converted to Proven and Probable

Mineral Reserves, respectively.

For the stockpile material, Proven Mineral Reserves are reported. These are based on grade control data and

have been converted from Measured Mineral Resources.

The Mineral Reserves are supported by life of mine designs, underground development plans, production

schedules, and costs estimates (for both operating and sustaining capital) that have been completed as part

of Zgounder Life of Mine update. All inferred Mineral Resources within the mine designs have been converted

into waste.

The Mineral Reserves tonnes and grades are stated at mill feed reference point, allowing for dilution and

mining recovery, and are reported accounting for mine depletion as of September 30<sup>th</sup>, 2025.

**15.2KEY ASSUMPTIONS**

**15.2.1Block Model and surface / 3D survey**

The Resource Model used for the Mineral Reserve estimate includes the following attributes:

• Silver grade, in grams per tonne (g/t)

• Density

• Field "Dep" for Depletion - this filed is used to flag if a block has been already mined by open pit or

underground mining method

• Category - this field is for the resource classification of the block

• Lithology

• Ore zone - this field is for the estimation domain, which had been divided into three categories (Low

grade, Medium grade, and High grade).

The end of period surface and void volumes as of September 30<sup>th</sup>, 2025 was applied as the starting surface in

the pit optimization, as well as the tonnage and volume calculation for the reserves.

Similarly, the 3D void model of the underground mine has been updated as of September 30<sup>th</sup>, 2025 with the

latest underground survey pick-up, and has been used for depletion of the underground resource. The field

"Dep" of the resource model was updated as "mined" with this latest 3D void model.

**15.2.2Mining**

The resource block model developed by RSC has parent block size of 10m (X or Easting) x 4m (Y or Northing)

x 10m (Z or Depth) with minimal sub-block size of 1.25m x 1m x 1.25m.

Then, the resource model has been regularized to a 4m x 4m x 2m block size using ISATIS Neo

(Geovariances) for pit optimization purposes and to better reflect the Selective Mining Unit ("SMU").

The mine operating costs used for the optimization inputs were estimated based on the current contractors

and owners costs at site and are aligned with the Life of Mine ("LOM") estimates.

The geotechnical parameters inputs used for the optimizations are detailed in Section 16.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 220

**15.2.3Processing**

The cyanidation plant recovery assumptions for Zgounder is fixed at 90% for the entire deposit. Although

variations have been observed between slightly oxidized material, higher copper grade areas, and fresh rock

from the underground, it has been assumed that over the LOM a proper blend will be done and high recoveries

will be achieved. It is also important to note that these overall metallurgical recoveries have been achieved in

Q2 and Q3 2025 and have been stable between 90% and 93% consistently since June 2025.

The combined throughput rate for the process Plant #1, #2 and #3 has been fixed at 3,500 tonnes per day, or

1.27Mt per annum.

Processing, general and administrative costs used for the optimization work are based on updated actual

costs incurred at the Zgounder mining operation.

**15.2.4Commodity price**

A silver price of US$26 per ounce was used for the optimizations, and the calculation of the break-event cut-

off grades for Mineral Reserves reporting.

Taxes and royalties have been considered in optimization, with a royalty of 3% and the mining tax of 3MAD/t

of ore. A refinery cost of US$0.2/oz of silver produced has also been considered.

**15.3OPEN PIT MINERAL RESERVE ESTIMATE** 

**15.3.1Pit Optimization**

AYA Gold & Silver used a standard optimization approach to determine and generate the pit shells for the

Zgounder Operations. Pit optimizations were completed using Geovia Whittle pit optimization software. This

software determines the nested pit shells, using the pseudoflow algorithm, taking into account the estimated

revenues and costs associated with each mining block, and respecting slope dependencies and overall slope

angles.

Within the Geovia Whittle software, a reblocking of the regularized block model was done into reblocked size

of 8m x 8m x 8m, in order to speed-up the optimization process. The reblocking was done keeping the parcels

within each blocks.

The main optimization parameters have been presented in Section 15.2. The overall slope angles used in the

optimization process take into account the final catch berms, and ramps requirements. The following table

presents the open pit optimization parameters used for the Mineral Reserves.

**Table 15-1Pit optimization parameters**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| **Silver price** | US$/oz | 26 |
| **Royalty** | % | 3 |
| **Process recovery** | % | 90 |
| **Process cost, including G&A** | US$/t of ore | 25 |
| **Overall slope angle** | degrees | 48 |
| **Ore Mining costs** | US$/t of ore | 4.2 |
| **Waste base mining costs** | US$/t | 1.5 |
| **Mining recovery** | % | 95 |
| **Mining dilution** | % | 15 |
| **Discount factor** | % | 10 |

---

The Geovia Whittle generates a series of incremental nested pit shells, in which each is an optimum for a

slightly higher price factor. In this case, a total of 91 factors were used, which ranged from a revenue factor of

0.3 to a revenue factor of 1.2, with 0.01 increments. In the analysis of the incremental pit shells, an indicative

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 221

net present value ("NPV") of the Pit was calculated by discounting the preliminary cash flows over time. The

NPVs for the pit optimization results were only indicative and for relative pit comparison purposes.

The selection of the final pit limits was then based on a combination of quantitative and qualitative factors,

such as minium mining width, proximity to existing site infrastructures, discounted cash flows and total

contained metal.

The result of the pit optimization, and the selected pit shell, served as the basis for the engineered designs of

the final pit, which includes detailed bench and berm designs, operational consideration, and haulage ramps.

**15.3.2Open Pit Dilution and Recovery**

Dilution and mining recovery are considered in the open-pit Mineral Reserves estimate through the

regularization of the block model, the application of dilution and ore loss factors.

The regularized open-pit Mineral Reserve model has block dimensions of 4m x 4m x 2m, which represents the

dimensions of the SMU that can be used to determine whether the material is ore or waste. The SMU

dimensions are based on the current loading equipment used by CADEX, the open pit mining contractor.

As part of the scheduling exercise (using the Deswik mining software), an evaluation of the ore blocks

position within the orebody and the diluted grade of the neighboring blocks was made. This allowed single

blocks or small isolated mineralized zones within big waste areas to be removed from the Mineral Reserves

estimate.

The Table 15-2 below shows the effective ore recovery and mining dilution factors that have been applied in

the Mineral Reserve estimate.

It presents the quantity of ore tonnes, the ore grade, and silver ounces calculated within the Zgounder final pit

solid based on the original resource model with the same cut-off grade as for the Mineral Reserves, as well as

the physical quantities reported in the Mineral Reserves. The effective silver recovery and dilution factors have

been calculated based on the variations between the two sets of information.

**Table 15-2In-Pit tonnes and metal comparison between resource model and reserve model**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Based on the Resource model** | **Based on the Resource model** | **Based on the Resource model** | **Mineral Reserves inside Pit** | **Mineral Reserves inside Pit** | **Mineral Reserves inside Pit** | **Modifying factors** | **Modifying factors** |
| **Pit** | **Classification** | **Ore (kt)** | **Grade (g/t)** | **Metal (koz** <br>**Ag)**<br>| **Ore (kt)** | **Grade (g/t)** | **Metal (koz** <br>**Ag)**<br>| **Dilution (%)** | **Recovery** <br>**(%)**<br>|
| **Zgounder** | Measured | 12879 | 147.9 | 61246 | 11749 | 137.3 | 51846 | 108% | 85% |
| **Zgounder** | Indicated | 1870 | 135.8 | 8168 | 1220 | 131.6 | 5164 | 103% | 63% |
| **Zgounder** | Meas & Ind | 14749 | 146.4 | 69414 | 12969 | 136.7 | 57010 | 107% | 82% |

---

The resulting factors of 7% of added dilution and 82% of mining recovery are considered reasonable,

especially since the resource model was regularized into SMU sized blocks, and that given the nature of the

orebody, and existing historical underground openings, a relatively high amount of ore losses are to be

expected.

**15.3.3Open Pit cut-off grade**

Cut-off grades are estimated based on a long-term sustainable plant throughput of 1.4 Mt per annum, using a

US$26/oz Ag price, and operating costs detailed in Table 15-1 of the report.

A break-even cut-off grade of 40 g/t Ag was calculated for the open-pit Mineral Reserves estimate. In the mine

plan, a low grade ore bin is considered for material comprised between 40 and 70 g/t Ag, and a high grade ore

bin is considered for the material above 70 g/t Ag.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 222

**15.4UNDERGROUND MINERAL RESERVE ESTIMATE** 

**15.4.1Underground Mineral Reserve Estimation methodology**

The underground Mineral Reserves for Zgounder have been estimated applying mining considerations to the

Mineral Resource block model. The mineable stope shapes have been created using Deswik Stope Optimizer

(DSO) and using operational considerations such as minimum mining width, external and internal dilution, and

considering only measured and indicated resource categories.

Deswik stope shape results were utilized as a first step approach to determine economic zones for extraction,

and following two mining methods that are in place at Zgounder (Cut & Fill and Longhole stoping), The output

of the optimized shapes was then verified and some isolated areas were removed as they were considered

uneconomic. Finally, stoping zone economics were evaluated for each section of the orebody, taking into

consideration the requirements for additional capital and operating development, in order to ensure the

profitability of each zone. Only the stope shapes that proved the economic viability of the development,

extraction and processing of the material have been included in the Mineral Reserve estimate.

The stope shapes generated in Deswik Stope Optimizer containing a majority proportion of Measured or

Indicated blocks were converted into Proven or Probable Mineral Reserves respectively.

The resulting mine design and mine production schedules were generated using Deswik CAD and Deswik

Scheduler package.

Two distinct mine shape optimization runs have been done for the Cut & Fill and Longhole mining methods,

and the underground mine was then separated into sections where one or the other of the mining method

would apply. The choice between the mining method was made based on a combination of factors, including

mineralization and grade continuity, shape of mineralization, ease of access, resource recovery and economic

considerations.

The following table presents the underground stope optimization parameters used for Mineral Reserve

reporting.

**Table 15-3Underground stope optimization parameters**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Value** |
| **Silver price** | US$/oz | 26 |
| **Royalty** | % | 3 |
| **Process recovery** | % | 90 |
| **Process cost, including G&A** | US$/t of ore | 25 |
| **Underground Mining costs** | US$/t of ore | 40 |
| **LH stope height** | m | 25 |
| **LH stope width** | m | 8 |
| **C&F stope height** | m | 4 |
| **C&F stope width** | m | 4 |
| **Minimum pillar between stopes** | m | 3 |
| **Minimum stope length** | m | 3 |
| **Dilution** | % | 12.5 |
| **DSO cut-off grade** | g/t | 90 |

---

**15.4.2Underground dilution and mining recovery**

Underground Mineral Reserves include internal and external dilution. The internal dilution is coming the the

blocks that below the cut-off grade, and are included in the optimized shapes generated as part of the

Mineable Shape Optimization (MSO) runs, and must be mined to recover the entire stope geometry.

External dilution is then applied to the production stope using geometric factors based on equivalent linear

overbreak slough (ELOS) values of 0.5m on the near and far sides for the longhole MSO, and 0.25m on the sill

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 223

and back sides for the cut & fill MSO. These parameters are generally based on geotechnical conditions, and

underground mining practices at the Zgounder site.

A mining recovery of 85% is applied to the longhole stope ore tonnes and 90% in the cut & fill ore tonnes to

account for unblasted ore, unmucked ore remaining on the floor, rock mechanics constraints, and pillar

recoveries.

The stope shapes are cut by the development shapes using Deswik boolean tools to remove overlapping

volumes, and the resulting shapes are interrogated against the resource model.

Based also on mining practices and performances, a grade capping on high grade stopes (capping at 500 g/t)

and additional external dilution factor has also been added.

The Table 15-4 below shows the effective ore recovery and mining dilution factors that have been applied in

the Mineral Reserve estimate. It presents the quantity of ore tonnes, the ore grade, and silver ounces

calculated within the Zgounder underground mining stope solid based on the original resource model with the

same cut-off grade as for the Mineral Reserves, as well as the physical quantities reported in the Mineral

Reserves. The effective silver recovery and dilution factors have been calculated based on the variations

between the two set of information.

**Table 15-4Underground stopes tonnes and metal comparison between resource model and reserve** 

**model**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Based on the Resource model** | **Based on the Resource model** | **Based on the Resource model** | **Underground Mineral Reserves**  | **Underground Mineral Reserves**  | **Underground Mineral Reserves**  | **Modifying factors** | **Modifying factors** |
| **Underground** | **Classification** | **Ore (kt)** | **Grade (g/t)** | **Metal (koz** <br>**Ag)**<br>| **Ore (kt)** | **Grade (g/t)** | **Metal (koz** <br>**Ag)**<br>| **Dilution (%)** | **Recovery** <br>**(%)**<br>|
| Zgounder | Measured | 129 | 499 | 2065 | 177 | 212 | 1207 | 236% | 58% |
| Zgounder | Indicated | 1558 | 356 | 17859 | 2390 | 188 | 14478 | 189% | 81% |
| Zgounder | Meas & Ind | 1687 | 367 | 19923 | 2567 | 190 | 15684 | 193% | 79% |

---

**15.4.3Underground Cut-off grade**

Cut-off grades are estimated based on a long-term sustainable plant throughput of 1.4 Mt per annum, using a

US$26/oz Ag price, and operating costs detailed in Table 15-1 of the report.

A break-even cut-off grade of 90 g/t Ag was used for the underground Mineral Reserves estimate. For the

underground mine, a marginal cut-off grade has also been defined for any material extracted from the

underground mine and hauled to surface, but below the break-even cut-off grade. The marginal cut-off grade

has been calculated at 40 g/t Ag.

**15.5MINERAL RESERVES STATEMENT**

The Mineral Reserves estimate for the Zgounder mine operations, as of September 30<sup>th</sup>, 2025 is presented in

Table 15-5 below.

The Mineral Reserve estimate has been done following the definitions set out in the 2014 CIM Definition

Standards, and are reported at the point of delivery to the process plants (crusher feed points).

The Mineral Reserves include all the stockpiled Ore as of September 30<sup>th</sup>, 2025, but does not include any

marginal material stockpile, which material is not part of the current LOM.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 224

**Table 15-5Mineral Reserve estimate for Zgounder operation, as of September 30th 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cut-off Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Metal (koz)** |
| **Stockpile** | N/A | Proven | 160 | 134 | 690 |
| **In-Pit** <br>**Reserves** | 40 | Proven | 11750 | 137 | 51800 |
| **In-Pit** <br>**Reserves** | 40 | Probable | 1220 | 133 | 5200 |
| **UG Reserves** | 90 | Proven | 180 | 207 | 1200 |
| **UG Reserves** | 90 | Probable | 2390 | 189 | 14500 |
| **Total** | 40/90 | Proven | 12090 | 138 | 53690 |
| **Total** | 40/90 | Probable | 3610 | 170 | 19700 |
| **Total P&P** | 40/90 | P&P | 15700 | 145 | 73390 |

---

*Notes:* 

*1.Mineral Reserves have been estimated by AYA Gold & Silver Technical Service team, under the supervision of Patrick Pérez, P.Eng, full-*

*time employee of AYA Gold & Silver and Qualified Person as defined by NI 43-101. The estimate is conform to the CIM Definition* 

*Standards for Mineral Resources and Mineral Reserves*

*2.Mineral Reserves have been estimated using metal price assumption of US26$/oz for silver*

*3.Open-Pit Mineral Reserves are reported at a cut-off grade of 40g/t Ag, and Underground Mineral Reserves are reported at a cut-off grade* 

*of 90 g/t Ag.* 

*4.The cut-off calculation is based on a process and general & administration cost of 25.25$/t, a metallurgical recovery of 90%, a* 

*throughput rate of 1.4Mt per annum, an open pit ore mining cost of 4.19$/t and an underground mining cost of 40$/t, and an exchange* 

*rate of 9.5 MAD:USD*

*5.Numbers may not add-up due to rounding*

**15.6FACTORS THAT MAY AFFECT THE MINERAL RESERVES**

Certain factors may affect the Mineral Reserve estimates, and are included in the following list:

• changes to the long term silver price assumption and exchange rates

• changes to commodity prices

• changes to the regulatory regime, environmental, permitting and social license assumption

• changes to parameters used to derive the open-pit and underground designs and cut-off grades

• changes to mining recovery and dilution estimates

• changes to metallurgical recovery assumptions

• changes in processing or mining operating costs

**15.7COMMENTS ON THE MINERAL RESERVE ESTIMATES**

The QP is of the opinion that Mineral Reserves were estimated using industry-accepted practices, and

conform to the 2014 CIM Definition Standards. Mineral Reserves are based on conventional open-pit and

underground mining assumptions.

There are no other known environmental, legal, title, taxation, socioeconomic, marketing, political or other

relevant factors that would materially affect the estimation of Mineral Reserves that are not discussed in this

Report.

The QP is not aware of any other mining, metallurgical, infrastructure, permitting, or other relevant factors that

could materially affect the Mineral Reserve estimate for Zgounder operation.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 225

16.0**MINING METHODS**

**16.1INTRODUCTION**

The Zgounder mine operation employs a mix of open pit and underground mining methods.

The open pit mine is divided into an East and West sector, and the mining method is a conventional open pit,

drill & blast, truck and shovel operation. The open pit consists of a single pit.

The underground mine is focussing on the operation of the deeper ore zones and levels; all located below the

final pit limit. The underground mine has one active portal accessible from the main platform at the 2000m

elevation, which will in the future be relocated inside the pit once the active level of the open pit operation will

be below the 2000m level.

The mining activities at Zgounder are in operation all year-round, seven (7) days a week, twenty-four (24)

hours per day, and over a three (3) shifts per day roster.

**16.2GEOTECHNICAL CONSIDERATIONS**

**16.2.1Open Pit**

**16.2.1.1Overview** 

The design parameters for the Zgounder pit are based on geotechnical site investigations, available local and

regional geological data, and well-established geotechnical design methods used initially as part of the

expansion project (in 2021-2022) to estimate the pit slope angles.

A total of eleven (11) HQ-sized triple-tube oriented geotechnical drill holes, for a total of 1,975 m, were drilled,

logged, and sampled to collect geotechnical information for the planned open pit and underground operation.

Geotechnical rock mass units associated with the primary rock and alteration types, based on the results of

the on-site investigation and observations gathered as part of the operation of the Zgounder pit. Major

geological structures (faults and foliation) have been included in the geotechnical slope stability analyses for

the pit. Slope stability analyses were conducted using industry standard limit-equilibrium methodology.

Since then, several benches of the Open Pit have been opened, and a thorough geotechnical follow up is

assured by the operations team. Additional geotechnical drilling have been completed, to firm-up the

geotechnical design criteria for the open pit slopes.

**16.2.1.2Pit Design** 

A multi-component site investigation program was completed to provide data for the open pit and

underground design work. A total of approximately 1,975 m of oriented geotechnical drilling was completed,

distributed over eleven (11) core holes. The geotechnical logging of the drill core had been done by AYA

geology team, following the guidelines of RockEng. The design parameters were initially developed by third

party consultants (DRA, 2022).

A laboratory testing program was completed, consisting of the following tests for the main lithologies:

• Uniaxial compressive strength (24 tests);

• Triaxial (15 tests);

• Brazilian tensile strength (11 tests).

A sufficient quantity of quality data was collected to characterize the geological units of the Zgounder open

pit.

In 2025, AYA Gold & Silver completed 3 additional geotechnical holes (approximately 750m in total) that

covered the Zgounder north pit wall to provide additional geotechnical information at depth. Similarly, a

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 226

detailed structural investigation of the Zgounder deposit was completed in 2024 and 2025 by external

consultants, which provided valuable information for the geotechnical characterization of the open pit.

The pit slope parameters are continuously revaluated based on observation the pit walls, and as mining

progresses and new data becomes available. Geotechnical controls include also internal audit from the

geotechnical team, as well as external support from RockEng who provides recommendations for both the

underground and open pit operations.

The open pit was divided into three (3) geotechnical domains based on wall orientation and the different

structural geology fabrics in the area. Discontinuity sets and geotechnical units for each domain were

identified for use in the slope designs.

Design sectors were based on the main orientations of the proposed pit walls. The pit geotechnical domains

are presented in Figure 16-1.

![image66a.jpg](image66a.jpg)

**Figure 16-1Plan View of the Final Pit design showing the section lines and design domains**

The recommended inter-ramp slope angles vary from 52.5° to 55.9° based on wall orientation and wall height.

Inter-ramp slope heights are limited to 130 m, after which a geotechnical berm (or ramp) with a minimum

width of 12 m is required. The inter-ramp height limits and geotechnical berms provide flexibility in the mine

plan to mitigate potential slope instability, access for slope monitoring installations, and working space for

potential future in-pit wells, drains and other water management infrastructure.

The open pit slope designs are outlined in Table 16-1 and Figure 16-2.

**Table 16-1Zgounder Pit Slope Design Parameters** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **BFA** | **Max. Bench** <br>**Height**<br>| **Planned** <br>**Berm Width**<br>| **Design IRA** | **Max. Stack** <br>**Height**<br>| **Geotechnic**<br>**al Berm** <br>**Width**<br>| **Max.** <br>**Overall** <br>**Slope Angle**<br>|
| **Domain** | **(°)** | **(m)** | **(m)** | **(°)** | **(m)** | **(m)** | **(°)** |
| North | 75 | 5 | 5 | 52.5 | 10 | 12 | 50 |
| South | 75 | 5 | 5 | 52.5 | 10 | 12 | 50 |
| East | 80 | 5 | 5 | 55.9 | 10 | 12 | 50 |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 227

![image94a.jpg](image94a.jpg)

*Source: DRA, 2022*

**Figure 16-2Typical Open Pit Wall Design** 

**16.2.2Underground**

The geotechnical data and resulting recommendations in this sub-section are based on the recommendations

made by the internal geotechnical team at Zgounder, and on RockEng Inc. (RockEng) reports.

RockEng was initially mandated to provide geomechanical analysis of the Zgounder underground project

during the Feasibility Study stage in 2022, and provided follow-up geotechnical audit and support in 2024 and

2025. **16.2.2.1Geotechnical Characterization**

The Zgounder geotechnical site characterization has incorporated geological and geotechnical drill core logs

and laboratory strength testing data, as well as existing geology logs, and site lithological and fault models.

Detailed review and analyses of all available data at this stage has led to the following conclusions:

• Structural Features: Structural domains vary by lithology. These are presented below and illustrated in

Figure 16-3.

• The rhyolite features three dominant joint sets: one (J1) dips steeply to the south, similar to the

foliation/bedding in the metasediments (however rhyolite does not appear to be foliated); and two

(2) are believed to be associated with late-stage brittle deformation: (J2) steeply inclined dipping

to the northeast and (J3) inclined dipping east).

• The metasediments have two well defined joint sets and two minor joint sets: the bedding/

foliation parallel jointing (J1) is the dominant trend inclined dipping to the south; and one major

joint set (J4: inclined dipping to the northwest) and two weaker trends (J2: inclined dipping to the

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 228

north east, and J3: inclined dipping east) are believed to be associated with late-stage brittle

deformation.

• The dolerite has 6 joint sets: three (3) are believed to be associated with intrusive cooling (D1, D2,

D3) and are roughly orthogonal to one another; and three (3) are believed to be associated with

late-stage brittle deformation.

• Intact Rock Strength: Most rock units at Zgounder are medium strong to strong. The average

unconfined compressive strength (UCS) based on laboratory testing are: rhyolite = 47.5 MPa,

dolerite= 56.5 MPa and metasediments = 38.5 MPa.

• Rock Mass Classification: Geotechnical domaining has demonstrated that the rock mass can be

spatially categorized by lithology. The rock mass quality is, on average, poor to fair. Average Q' values

by lithology are rhyolite = 4.6, dolerite= 2.4 and metasediments = 3.8.

• In-situ Stress: The far field in situ stress state is unknown. The in-situ stress tensor applied for this study

assumes a local horizontal stress ratio of 1.3 (σh=σH), with principal horizontal stresses orientated

north-south and east-west.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 229

![image77b.jpg](image77b.jpg)

<sup>Source: (RockEng, 2022)</sup>

**Figure 16-3Stereonets for Each Lithology Encountered in the Geotechnical Drilling Campaign** 

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 230

**16.2.2.2Geotechnical Mine Design**

Based on the current understanding of the deposit and the data available, RockEng provided geotechnical

guidelines and recommendations for the mine design.

*<u>Ground Support Requirements</u>*

All underground excavations will require adequate ground support installed. No workers shall work under

unsupported ground or in any areas deemed unsafe by a competent internal or external geotechnical

professional. The ground support requirements provided by RockEng can be consulted below:

• Standard Drift Development – For excavation spans up to 5 m.

• Category 1 (Q >= 1): Mesh and 2.4 m Swellex on a 1.2 m x 1.2 m pattern with mesh and bolts

across the back and down walls to mid-drift height.

• Category 2 (Q < 1): Mesh and 2.4 m Swellex on a 1.1 m x 1.1 m pattern with mesh and bolts

across the back and down walls to within 0.5 m of the floor.

• Category 3 (Q < 0.1): Add 75mm shotcrete to Category 2.

• Wide spans and intersections up to 8 m – Secondary support (installed in addition to primary support) is

required to account for larger potential wedges. In addition to the standard primary support, the

following options can be used for secondary support:

• 3 m Super Swellex (25 tonne capacity) on a 1.5 m x 1.5 m pattern; or

• 3.5 m Super Swellex (25 tonne capacity) on a 2 m x 2 m pattern; or

• Alternatively, cable bolts (of the same length, and with the same pattern) may be used instead of

Super Swellex bolts.

• Drawpoint Support – The drawpoint support should consist of standard ground support with an addition

of three rings of 3 m long Super Swellex with 2 bolts per ring across the drift back.

*<u>Stope Stability Recommendations</u>*

The current longhole stope design includes long support in the longhole stope's back for longhole stopes

exceeding a back span of 6 m x 12 m (hydraulic radius of 2 m). No long support will be installed in the hanging

wall, footwall nor end walls of the longhole stopes.

In addition to the long support installed, standard ground support will be installed in the longhole stope

overcut and undercut. Standard ground support will also be installed in drift-and-fill stopes.

When needed, cemented Rock Fill is used by the underground operation team to backfill mined primary stopes

prior to developing the secondary stopes.

For longhole stoping areas, a bottom-up mining sequence using primary and secondary stopes will be done,

from the center out and in a chevron pattern to distribute the stress towards the extremities of the ore zone

and provide stability.

**16.3OPEN PIT DESIGN AND OPERATION**

**16.3.1Design parameters**

The open pit mine design for the Mineral Reserves pit is based on the optimization shell as outlined in Section

15. The open pit geotechnical design follows the parameters defined in Section 16.2.

Pit haulage roads are designed to industry standards, and are at 12m wide to allow safe operation of two-way

traffic haulage using 40-tonne capacity mine trucks, and with a maximum gradient of 10%. For the lower

benches, where pit ramps width have been reduced to accommodate one-way traffic, the haulage roads are at

8m width and 10% gradient as well.

A plan view of the Life of Mine Mineral Reserves pit is shown on Figure 16-4.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 231

![image12a.jpg](image12a.jpg)

**Figure 16-4Open pit Mineral Reserves pit design**

The waste dump facility is located to the east and north east of the pit. The waste dump roads are designed at

12m width, with a gradient of 10%. The design parameters for the waste dump are the following:

• Lift height: 10 m;

• Face angle: 30°;

• Berm width: 3 m;

• Overall slope: 25°;

• Swell factor: 1.30;

• Compaction factor: 0.93.

Various ore stockpiles are located around the open pit mining area, and close to the main haulage road going

to the ROM Pad. The stockpiles are sorted by mine origin (Open or Underground), by grade category, and by

alteration or copper content.

**16.3.2Open pit operation**

The operation of the Zgounder pit is entirely accomplished by a Moroccan mining contractor in charge of the

drilling, blasting, loading and haulage activities. The overall supervision, as well as the detailed mine planning

and grade control activities are done by the mine operations team of Zgounder.

All the ore and waste material is drilled and blasted. Material is then loaded into 8x6 rigid haul trucks by the

backhoe excavators. Ore material is hauled to the ROM pad or to one of the stockpiles, and the crusher is fed

by a wheel-loader. Waste material is deposited on the waste dump and then spread and compacted by

bulldozers. Final bench height is at 10m high, and presplit drilling is planned to be completed on the final

walls.

Production drilling is carried out by a fleet of 3 diesel powered blasthole drills. The production drill fleet

consist of two (2) Sandvik DX700 top-hammer and 2 Epiroc T35 top-hammer drills . Blasting activities is

carried out by the mining contractor, and typically blasting occurs 3 to 4 times per week.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 232

Primary loading is performed by a fleet of 8 small diesel-powered hydraulic excavators, all of them in backhoe

configuration. The excavator fleet consists of three (3) Volvo 380, four (4) Volvo 550 and one (1) Caterpillar

350, using 3 to 5 m<sup>3</sup> bucket size. Haulage is performed by a fleet of twenty-nine (29) 8x6 quarry trucks, mixed

between Volvo 420 FMX and Man TGS 41.480.

In addition to the primary equipment fleet, a fleet of support equipment is deployed for miscellaneous

activities in the mine, and includes 2 wheel loaders, 1 grader, 1 compactor, 2 bulldozers, 1 rock-breaker, 2

gensets, 5 lighting plants, 1 water truck and 5 crew buses.

**16.3.3Void management plan in the Open Pit**

With the current life of mine developing through the old underground level, a void management plan has been

developed at the Zgounder mine.

Knowledge of the previous mining history of the area to be mined is of primary importance in determining the

likelihood of old underground workings being present below the open pit. A thorough review of previous

underground mine plans is essential prior to any open pit development. The validity of old underground mine

plans should be checked diligently.

A review of underground workings is part of the design and planning of the open pit to ensure, as far as

reasonably practicable, that:

• all known underground workings are marked clearly on all working mine plans and the plans rechecked;

• there is a recognition that the rock mass surrounding the underground workings may be highly variable

in strength and potentially unstable;

• a three dimensional model of underground workings is developed and used in all open pit mine design,

planning and scheduling.

All areas of a working bench that are likely to be underlain by underground workings must be clearly marked

and access to this area must be controlled by a specific set of procedures. These procedures should specify

the personnel responsible for monitoring and marking out the hazardous areas. Every bench or flitch should

be clearly marked with the projected excavation outline as mining progresses downward through the

underground workings.

The marking of areas potentially underlain by underground workings must involve a clear method of

identifying the potential hazard. Steps should be taken to ensure that hazardous areas are adequately marked

at all times. Damaged or displaced flagging tape should be immediately replaced. All employees must be

informed as to the purpose of the marking or flagging tape.

Care should be exercised in the location of the marked areas. Allowance should be made for the uncertainty in

the precise position of the underground workings and any potentially unstable ground surrounding the

underground workings.

For the determination of the extend of the underground workings, a number of detection methods are

available which may be used to confirm the lateral extent and shape of underground workings prior to mining,

including:

• probe drilling;

• geophysical techniques – including seismic, resistivity, conductivity, and gravity methods;

• ground probing radar;

• laser based electronic distance measurement (EDM) surveying methods;

• closed-circuit TV cameras lowered through probe holes;

• where practicable, actual physical inspection and survey.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 233

Probe drilling is the most widely applied technique to delineate the detailed geometry of underground

workings.

Once the extend of the void below the open pit floor has been sufficiently investigated, proper risk control

measures are available to eliminate or limit the risk of unexpected pit floor collapse, which include:

• leaving a pillar of adequate dimensions between the current working bench or flitch and the

underground workings;

• placing fill materials into the underground workings;

• restricting work to areas clear of the suspect location, with an adequate margin of safety;

• blasting waste rock in the pit floor into voids, followed by further back filling to stabilize the area.

**16.3.4Grade control**

To improve the definition for the ore zones, the preferred method for grade control drilling in the open pit is

through reverse circulation ("RC") drilling. RC grade control drilling is planned on a grid pattern of 12.5 x 12.5

m using inclined holes generally at 60° dip angle, and with a depth of 50m. Blast hole sampling is also used for

grade control in all the areas of the open pit.

Material displacement during blasting is a critical issue at the Zgounder open pit mine operations. Blast

movement control techniques, using OrePro software has been recently put in place at the Zgounder open pit

operation, and are systematically used when blasting mineralized areas in order to measure vertical and

horizontal displacement which allows for the adjustment of the post blast ore packets, and a more accurate

ore/waste delineation on the ground for the operators.

**16.4UNDERGROUND MINE DESIGN**

**16.4.1Historical mine levels**

The Zgounder mine has been in operation for more than 40 years, and was historically a small scale

underground mine, operating with a mining rate between 150 and 400 tonnes per day.

Historically, the levels were accessed from several portals located on each levels on the side of the mountain,

spaced at 25m level intervals, with the main haulage level being at the 2000m elevation level, and the highest

level being at the 2175m elevation level. All the levels were developed historically directly in the

metasediments, with most of the infrastructure located in or close to the mineralization.

In 2022, and following the completion of the Zgounder expansion feasibility study, an infrastructure

development program was launched to connect the different levels from the 2000m level up to the 2100m

level upstream, as well as developing the infrastructures towards the lower levels below the 2000m level. All

the new infrastructures built since 2022, had been developed on the south side of the main Zgounder deposit,

and in the Rhyolite formation.

Historically, the mining method at Zgounder was a mix of shrinkage stoping in some areas and cut and fill.

During the last four years, the main mining method used at Zgounder underground mine was cut and fill, with

the use of cemented rockfill in some areas.

**16.4.2Development design**

The current mine layout and planned development is provided in figure 16-5. This figure shows the major

infrastructure including the main decline, the emergency exit and return air raise, the main development levels,

the historical development, as well as the final pit

Lateral development is designed to accommodate the size of the largest equipment at the Zgounder

underground mine, and the table 16-2 provides a summary of the typical heading sizes. Each level contains an

escape way raise, electrical cutouts, a level access, remucks, level sumps, vent raise (return air), mixing bays

for Cemented Rock Fill ("CRF"). The following Figure 16-6 shows a typical level design.f

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 234

![image13b.jpg](image13b.jpg)

**Figure 16-5Mine schematic looking North**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 235

![image81a.jpg](image81a.jpg)

**Figure 16-6Typical level layout**

**Table 16-2Lateral development heading size**

---

| | | | |
|:---|:---|:---|:---|
| **Development type** | **Width (m)** | **Height (m)** | **Gradient (%)** |
| Level access | 4.5 | 4 | 2 |
| Main Level Development / Footwall drive | 4.5 | 4 | 2 |
| Level Sump | 4 | 4 | 15 |
| Electrical Substation Cut-out | 4 | 4 | 2 |
| Remuck | 4 | 4 | 2 |
| Vent Raise access | 4 | 4 | 2 |
| Cross cut access to LH stoping area | 4 | 4 | 2 |
| Cross cut access to C&F stoping area | 4 | 4 | -15.0 to +15.0 |
| Ore stoping access | 4 | 4 | 2 |
| Truck loading area | 4 | 4 | 2 |
| CRF mixing bay | 4 | 4 | 15 |
| Return Air Raise | 4 | 4 | 2 |
| Escape way access | 3 | 3 | 2 |

---

**16.4.3Stope design**

Deswik Stope Optimizer (SO) module was used on the Mineral Reserve block models to generate optimized

mineable shapes that were subsequently used into the underground design.

Different SO runs have been completed for areas to be mined in Longhole mining method or in Cut & Fill

mining method.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 236

After generating the preliminary stopes, any uneconomic stopes or zones were excluded, based on an

evaluation of development and mining costs.

Underground stope optimization parameters for Mineral Reserves used in the DSO module are presented in

section 15 of the report.

**16.4.3.1Cut and fill**

The cut and fill mining methods used at Zgounder is typically a bottom up sequence of 4 to 5 m high sub-

levels. For each cut & fill mining areas, the following typical design configuration is proposed:

• From the footwall drive, development of the cross cut access towards the north to get to the ore horizon

• The ore horizon is split in 6 levels of 4m each, for a total of 24m. In some instances, the last sub-level

height is up to 5m to accommodate the stope to the full mineralization height

• The first level access is developed at -15% to reach the bottom of the ore horizon

• Depending on the size of the ore area, a breakdown in primary and secondary cut & fill stope could be

done. Primary stopes will be backfilled with CRF, and sufficient curing time will be given prior to

accessing into the secondary stopes.

• The subsequent level accesses are developed in an upward direction, to reach to top of the previous

production sub-level

• The primary and secondary stopes are typically developed on a 4m x 4m heading size, and a varying

optimization stage.

The following figures 16-7 and 16-8 show some examples of cut & fill areas configurations.

![image117a.jpg](image117a.jpg)

**Figure 16-7Typical cut & fill area in section view (looking West)**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 237

![image14a.jpg](image14a.jpg)

**Figure 16-8Typical cut & fill area in plan view**

**16.4.3.2Longhole stoping**

The longhole mining zones at Zgounder have been designed in a transverse direction, and each longhole

stoping mining area at the Zgounder has been subdivided into zones that will be mined in a bottom-up

sequence.

The stopes have a width of 8m (Easting direction), a height of 25m sill to sill which, for a 4m high extraction

level, equates to a longhole stope height of 21m. The length of the stopes vary between approximately 3m and

45m.

The plan is to use up-hole drilling as a preferential drilling method. Top access to the stope is also provide for

backfill purposes. If any issue occurs on the drilling of an up-hole fence, potential remediation plan measures

could be implemented from the top cut access. The following figure 16-9 and 16-10 are showing typical

example for longhole stoping mining areas.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 238

![image52a.jpg](image52a.jpg)

**Figure 16-9Typical longhole mining area design in section view (looking West)**

![image1a.jpg](image1a.jpg)

![image90a.jpg](image90a.jpg)

**Figure 16-10Typical longhole mining area in plan view (left) and section view looking north (right)**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 239

**16.4.4Underground infrastructures and services**

The following underground infrastructure has been established to support the underground mining operations:

• A mine electrical substation, with 2 power transformers 22/5.5kV of 1000MVa of capacity each

• A mine portal located on the platform at the 2000m elevation, besides the process plant #3

• Surface exhaust ventilation system, including two fans of 250kW power each, control panel and

containerized electrical installation

• Underground min office, including lamp room and tag room

• A mine maintenance shop, located on surface close to the main portal, and an underground

maintenance shop.

• Air compressor system feeding the underground mine

• Emergence exit and services raise, and secondary egress escapeway system

• Electrical mobile substations, with 5.5kV/400V and 5.5kV/1000V transformers

• Permanent refuge stations

• A mine dry and change room for AYA Gold & Silver and contractor employees

• A 4G underground communications system

The following figure 16-11 presents an aerial photo showing the main infrastructures.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 240

![image106a.jpg](image106a.jpg)

**Figure 16-11Aerial photography of the surface mine infrastructures**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 241

**16.4.5Underground mine equipment**

Aya Gold and Silver owns and operates the mining equipment required for the Ore production. Two

underground mining contractors are also present at the Zgounder mine, and they are in charge of doing the

horizontal and vertical capital development, as well as some operating development in waste. The following

table 16-3 present a list of the underground mine equipment owned and operated by AYA Gold and Silver.

**Table 16-3Underground mobile equipment list**

---

| | |
|:---|:---|
| **Description** | **Quantity** |
| Single boom jumbo | 4 |
| Scoop – 10t | 4 |
| Scoop – 6t | 2 |
| Haul truck – 20t | 4 |
| Haul truck – 8t | 2 |
| Scissor lift | 4 |
| Fuel / lube truck | 1 |
| Explosive charging vehicle (ANFO) | 1 |
| Underground bucket truck | 1 |
| Transmixer truck | 1 |
| Personnel carrier | 2 |

---

**16.5COMBINED OPEN PIT AND UNDERGROUND LIFE OF MINE PLAN**

The Zgounder LOM plan consists of open pit and underground mining and reclaim of the surface stockpiles,

and all the ore mined is processed in the processing plants at Zgounder. Based on the 2025 Mineral Reserves,

Zgounder has a mine life until 2036 with a total combined production of 67.1Moz of silver, after mill recovery.

A total of approximately 8,340m of lateral development and 2,402m of vertical development will be completed

in the Zgounder underground mine until 2029; the cut and fill mining area will be in operation until late 2031

and the longhole mining area will start in 2026 and be complete in mid 2032. Based on the current Mineral

Reserves, underground operation is planned to end in mid 2032, but there is potential to extend the duration of

the underground operation by potential conversion of Mineral Resources, and also with additional exploration

especially in the deeper levels of the mine and towards the west of the lower levels.

Open pit mining, based on the current Mineral Reserves, is planned to end in 2036, which corresponds to the

end of the current LOM of the Zgounder operation. Ex-pit mining rates are planned to be maintained at around

45 ktpd until 2030, decrease to 22ktpd until 2033 and then gradually decrease to 12-14 ktpd until the end of

the LOM.

The following table 16-4 presents a summary of the life of mine production schedule for both the open pit and

the underground mines. The processing plant is expected to operate at 3,650 tpd until end 2026 and at 3,850

tpd once the finalization of the debottlenecking of the different circuits and small upgrades will be completed.

The following figure 16-12 shows the production profile anticipated at Zgounder over the LOM.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 242

![figure1-2xlomproductionprob.jpg](figure1-2xlomproductionprob.jpg)

**Figure 16-12LOM production profile**

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**Table 16-4Life of Mine production schedule**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q4-2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **Total** |
| **OPEN PIT** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Open Pit Waste tonnes** | t | 5100491 | 14445341 | 14541407 | 15516705 | 13742843 | 15513173 | 5670064 | 7670516 | 3212272 | 3250013 | 3898606 | 1630630 | 104192060 |
| **Open Pit Total Ore - tonnes** | t | 314542 | 937957 | 891638 | 1291489 | 1179849 | 1508580 | 1182066 | 1437125 | 1191803 | 1216152 | 1255939 | 562056 | 12969195 |
| **Open Pit Total Ore - grade** | g/t | 117 | 161 | 166 | 125 | 135 | 106 | 146 | 127 | 149 | 145 | 142 | 122 | 137 |
| **Open Pit Total Ore - metal** | oz | 1188231 | 4840756 | 4751995 | 5179524 | 5113763 | 5142754 | 5563577 | 5888470 | 5699493 | 5687490 | 5751897 | 2202283 | 57010233 |
| **UNDERGROUND** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Capital Development** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Capital Development - DECLINE** | m | 191 | 890 | 481 | 289 | 18 |  |  |  |  |  |  |  | 1870 |
| **Capital Development - ALL OTHER** | m | 805 | 3032 | 1344 | 920 | 369 |  |  |  |  |  |  |  | 6470 |
| **TOTAL LATERAL DEVELOPMENT** | m | 997 | 3922 | 1825 | 1209 | 387 |  |  |  |  |  |  |  | 8340 |
| **Capital Development - Vertical** | m | 672 | 986 | 260 | 111 | 371 |  |  |  |  |  |  |  | 2402 |
| **TOTAL LATERAL & VERTICAL DEVELOPMENT** | m | 1669 | 4908 | 2085 | 1321 | 758 |  |  |  |  |  |  |  | 10742 |
| **Underground production** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Cut & Fill Production - tonnes** | t | 94617 | 422797 | 231908 | 153561 | 121601 | 33354 | 12962 | 889 |  |  |  |  | 1071690 |
| **Cut & Fill Production - grade** | g/t | 133 | 152 | 168 | 218 | 211 | 138 | 118 | 144 |  |  |  |  | 169 |
| **Cut & Fill Production - metal** | oz | 404116 | 2070308 | 1254410 | 1078375 | 825523 | 147685 | 49048 | 4109 |  |  |  |  | 5833573 |
| **Long Hole Production - tonnes** | t |  | 79992 | 214994 | 165496 | 199011 | 337445 | 345704 | 153155 |  |  |  |  | 1495798 |
| **Long Hole Production - grade** | g/t |  | 176 | 173 | 210 | 276 | 270 | 131 | 188 |  |  |  |  | 205 |
| **Long Hole Production - metal** | oz |  | 452422 | 1196181 | 1117619 | 1764391 | 2933513 | 1460217 | 926522 |  |  |  |  | 9850865 |
| **Total Waste production** | t | 144732 | 573139 | 280490 | 150968 | 119213 | 13736 | 14022 | 431 |  |  |  |  | 1296731 |
| **Total production - tonnes** | t | 94617 | 502789 | 446901 | 319058 | 320613 | 370799 | 358666 | 154044 |  |  |  |  | 2567487 |
| **Total production - grade** | g/t | 133 | 156 | 171 | 214 | 251 | 258 | 131 | 188 |  |  |  |  | 190 |
| **Total production - metal** | oz | 404116 | 2522730 | 2450591 | 2195993 | 2589914 | 3081199 | 1509265 | 930631 |  |  |  |  | 15684438 |
| **PROCESSING PLANT** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Mill Feed tonnes** | T | 328500 | 1332250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1387229 | 15695229 |
| **Mill Feed grade** | g/t | 155 | 148 | 150 | 153 | 154 | 153 | 154 | 150 | 148 | 146 | 143 | 98 | 145 |
| **Mill feed metal** | oz | 1638130 | 6346747 | 6768702 | 6929424 | 6959055 | 6909970 | 6948002 | 6776728 | 6699517 | 6587440 | 6458910 | 4362098 | 73384723 |
| **Overall metallurgical recovery** | % | 91.5% | 91.5% | 91.5% | 91.5% | 91.5% | 91.5% | 91.5% | 91.5% | 91.5% | 91.5% | 91.5% | 91.5% | 91.5% |
| **Metal Production** | oz | 1498889 | 5807273 | 6193363 | 6340423 | 6367536 | 6322623 | 6357422 | 6200706 | 6130058 | 6027508 | 5909903 | 3991320 | 67147021 |

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**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 244

17.0**RECOVERY METHODS**

**17.1INTRODUCTION**

The following section includes discussion and comment on the metallurgical processing aspects in operation

at the Zgounder Silver Mine with specific focus on the following items: process selection; process and plant

description; electrical supply; control philosophy; metallurgical accounting; risks and opportunities.

**17.2PRE_EXISTING MINERAL PROCESSING FACILITIES**

This sub-section provides a high level description of the pre-existing mineral processing facilities, the existing

Plant #3 (old cyanidation plant) and the existing Plant #2 (flotation plant).

The existing historical Cyanidation Plant (process plant #3) operates at nameplate capacity of 180 t/d of ore

feed and is operated independently of the flotation plant.

The existing Flotation Plant (process plant #2) has a nameplate capacity of 500 t/d of ore, and has been

producing silver concentrate for the last six years. In January of 2025, the flotation circuit was stopped, and

the grind slurry sent to the process plant #1.

As part of the recent expansion of the Zgounder mine, a pumping system has been added in order to pump the

grinding circuit cyclone overflow to the new cyanidation plant (process plant #1) pre-leach thickener for

further processing of the ground slurry from the Plant #1.

Table 17-1 summarizes the historical production data of Plants #2 and #3.

**Table 17-1Production Data for Plant #1 and #2**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Plant #** | **Description** | **Units** | **2021** | **2022** | **2023** | **2024** |
| **Plant #3** | Treated - Ore | t | 58266 | 65459 | 67743 | 68712 |
| **Plant #3** | Average head <br>grade - Ore<br>| ppm | 452 | 460 | 385 | 252 |
| **Plant #3** | Recovery | % | 81.01 | 89.7 | 88.3 | 83.4 |
| **Plant #3** | Ag Produced | oz | 692392 | 855351 | 740236 | 462073 |
| **Plant #2** | Treated | t | 166249 | 189517 | 213891 | 259574 |
| **Plant #2** | Average head <br>grade<br>| ppm | 205 | 197 | 208 | 153 |
| **Plant #2** | Recovery | % | 82.9 | 85.4 | 86.2 | 82.6 |
| **Plant #2** | Ag Produced | oz | 908254 | 1025356 | 1230410 | 1053997 |

---

Based on the recent improvements and debottlenecking at the Plant #1 and Plant #2, we anticipate to process

a total of 850 tonnes per day on average from these processing facilities.

**17.3PROCESS FLOWSHEETS**

**17.3.1Design philosophy**

The key project design criteria for the plant, as outlined in the Process Design Criteria, are:

• Design life of nine years or more,

• Nominal throughput of 0.73 Mtpa ore (for the New Plant),

• Crushing plant availability of 68.5%.

• Process plant availability of 91.3%.

• Sufficient automated plant control to minimize the need for continuous operator interface and allow

manual override and control as and when required.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 245

The key criteria for equipment selection are suitability for duty, reliability and ease of maintenance. The plant

layout provides ease of access to all equipment for operating and maintenance requirements.

The key process design criteria listed in Table 17-2 form the basis of the detailed process design criteria and

equipment selection.

**Table 17-2Summary of key Process Design Criteria**

---

| | | |
|:---|:---|:---|
| **Parameter** | **Units** | **Design Criteria** |
| New Plant throughput  | dry t/yr | 2000 |
| Existing Plant #1 Capacity | dry t/yr | 180 |
| Existing Plant #2 Capacity | dry t/yr | 500 |
| Total Tonnage for Plants | dry t/yr | 978200 |
| ROM Ore Top Size, F100 | mm | 500 |
| Design Moisture | % w/w | 4 |
| Head Grade | g Ag/t | 270/350 |
| Overall Silver Recovery | % | 90.9 |
| Crushing Plant Availability | % | 68.5 |
| Downstream Plant Availability | % | 91.3 |
| Crushing Work Index (CWi, design) | kWh/t | 18.5 |
| Bond Rod Mill Work Index (RWi, design) | kWh/t | 23.9 |
| Bond Ball Mill Work Index (BWi, design) | kWh/t | 24.9 |
| SMC Axb (design) |  | 23.2 |
| Bond Abrasion Index (Ai) |  | 0.218 |
| Ore Specific Gravity | t/m3 | 2.81 |
| Grind Size, P80 | µm | 100 |
| Gravity Circuit Feed as % of Fresh Feed | % | 120 |
| Pre-Leach Thickener Solids Loading | t/m2·hr | 0.5 |
| Leach Circuit Residence Time | hr | 60 |
| Leach Slurry Density | % solids (w/w) | 50 |
| Number of Pre-Leach Tanks | # | 1 |
| Number of Leach Tank | # | 5 |
| Lime Addition | kg/t | 0.68 |
| Cyanide Addition (Leach Tanks) | kg/t | 5.5 |
| CCD Solids Loading | t/m2·hr | 0.5 |
| CCD Wash Ratio | m3 wash/ dry t feed | 2.02 |
| CCD Number of Stages | # | 5 |
| Dore production | Kg Ag / day | 613/957 |

---

**17.3.2Selected flowsheet**

The new treatment plant design incorporates the following unit process operations:

• Two stage crushing circuit, to produce a final crushed product size of 80% passing (P80) of 13.2 mm.

• Primary crusher with vibrating grizzly feeder. The undersize bypasses the crusher, oversize is

crushed to P80 of 88 mm

• Dual deck secondary screening with deck apertures of 32 mm and 18 mm

• Cone crushing of screen oversize to a P80 of 22 mm.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 246

• Fine ore bin with a live storage capacity of 12h at 2000 tpd with a feeder to the mill feed conveyor.

Excess ore from the fine ore bin can be stockpiled, and fed to the mill via a separate reclaim hopper and

feeder.

• The grinding circuit consists of a single ball mill in closed circuit with classifying hydrocyclones to

produce a grind size (P80) of 100 µm.

• A gravity concentration circuit, fed via a dedicated feed pump, using a centrifugal concentrator to

recover coarse silver particles from the grinding circulating load, and intensive leach reactor (ILR) to

leach the coarse silver.

• The overflow from the grinding circuit cyclones is screened for debris removal, and continues to the pre-

leach thickener, which increases the density of the slurry to optimize leaching.

• A five stage leach circuit preceded by a single pre-leach oxidation tank for a total of six tanks to achieve

the required 60 hours (h) of residence time at nominal plant throughput. Oxygen will be injected via

spargers, with higher rates in the initial tanks, then tapering off in later tanks, in order to maintain

dissolved oxygen level for leaching.

• The leached slurry is transferred to the Counter-Current-Decantation (CCD) and clarification circuit,

where a series of 5 thickeners wash the slurry with barren solution from the Merrill-Crowe circuit to

produce pregnant solution.

• The pregnant solution from the CCD and ILR is stored in a pregnant solution tank, and pumped into the

Merrill-Crowe circuit. The circuit includes:

• Clarification of the solution to remove suspended solids via pressure leaf filters

• Deaeration of the solution to remove dissolved oxygen

• Addition of zinc for precipitation of the silver

• Filtration of the precipitated silver in filter presses.

• Following the Merrill-Crowe, the filter cake (cement) is dried, in the retort, which also acts to capture any

entrained mercury.

• Finally, the cement is smelted in electric induction furnaces, with the silver poured into 100 kg ingots, for

storage in the vault.

• Tailings is pumped to the Tailings Management Facility (TMF).

A simplified flow diagram depicting the unit operations incorporated in the selected flowsheet of the Plant #1

is provided in Figure 17-1.

**17.4NEW PROCESS PLANT DESCRIPTION**

The new process plant has been designed to treat mineralized material at a nominal throughput rate of 2,000

tpd and at a head grade of 270 g/t of silver. The new plant comprises the following circuits:

• Two stage crushing closed out by a dry vibrating screening.

• Single stage ball milling circuit closed out by hydrocyclones.

• Gravity concentration and intensive leaching

• Leaching circuit, preceded by a pre-leach stage.

• Counter-Current-Decantation (CCD).

• Silver Recovery in a Merrill-Crowe circuit, followed by product drying and smelting of ingots.

• Tailings disposal to the Tailings Management Facility (TMF) with natural degradation of residual

cyanide.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 247

![image36a.jpg](image36a.jpg)

**Figure 17-1Process Plant #1 simplified flow sheet**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 248

The process plant is designed to be fit-for purpose; however, the layout includes the capability to expand to

3000 tpd, with space left in the layout for the additional equipment. To accommodate this expansion, some of

the equipment in New Plant #1 is sized larger than required for the 2000 tpd case, while other equipment will

need to be expanded / replaced if plant expansion is undertaken.

The two-stage crushing circuit operates for 365 days / year, for a nominal 24 h/day. On this basis, and at a

design operating availability of 68.5%, the crushing circuit will operate for a nominal 6,000 h/y. This equates to

a nominal crusher circuit throughput of 121.7 dry t/h.

Downstream of the crushing circuit, the grinding, leach, CCD and tailings disposal circuits operate for 365

days/y, for a nominal 24 h/day. On this basis, and at a design operating availability of 91.3%, these circuits

operate for a nominal 8,000 h/y.

The grinding circuit consists of a single ball mill closed out by hydrocyclones, with the cyclone overflow

reporting to a vibrating trash screen ahead of the pre-leach thickener. The cyclone overflow material from

Plant #2 (Flotation Plant) is combined ahead of the pre-leach thickener.

The gravity concentration circuit is fed by an additional pump on the cyclone feed pumpbox, with the tails

from the gravity circuit reporting back to the milling circuit. The pregnant solution from the intensive leach

reports to the pregnant solution tank, ahead of the Merrill-Crowe circuit.

The leach circuit is comprised of a single pre-leach tank followed by five leach tanks, providing a nominal

residence time of 60 h (at the combined flow rate of Plants #2 and #3).

Following leaching, the CCD circuit (five thickeners) separate the pregnant solution from the tails, with the tails

pumped to the Tailings Storage Facility, and the pregnant solution stored for use in the Merrill- Crowe circuit.

The Merrill-Crowe circuit operates on a semi-continuous basis. The clarification filters switch from duty to

standby once per day (for cleaning), while the precipitate filters switch every two days (to allow for removal of

precipitate). A retort and electric induction furnace also operate on a two-day schedule. The silver sludge from

Plant #3 (Cyanidation Plant) is also processed by the retort / furnace.

**17.4.1Crushing circuit**

Run-of-mine (ROM) ore from the open pit / underground pit is transported to the ROM pad by dump truck and

dumped in various stockpiles. A Front-End-Loader (FEL) will blend the material, and load the ROM bin.

A static grizzly (450 x 450 mm), mounted above the ROM bin, prevents the ingress of oversize material. A

fixed hydraulic rock breaker is used to break oversize material retained on the static grizzly. Ore is withdrawn

from the ROM bin, by a variable speed vibrating grizzly. The vibrating grizzly will allow fines to bypass the

crusher by dropping directly onto the sacrificial conveyor. Grizzly oversize reports to the jaw crusher that

operates in an open circuit. Crushed ore from the crusher also discharges onto the sacrificial conveyor, which

is followed by the crushed ore conveyor.

The sacrificial conveyor is fitted with a weightometer, to monitor the crushing area throughput and for

controlling the ROM vibrating grizzly variable speed drive. A tramp metal magnet is installed on the sacrificial

conveyor to remove metal mixed with the ore. Any spillage generated, within the crushing area, is manually

recovered and transported to the reclaim ore hopper.

The secondary crushing circuit is closed by the secondary screen. The crushed ore conveyor combine the

material from the primary crusher, with the product from the secondary crusher, and transport the ore to the

secondary screen. The oversize from the secondary screen returns via conveyor to the coarse ore bin, prior to

secondary crushing. The screen undersize is carried via a separate conveyor to the fine ore bin.

A vibrating pan feeder draws from the coarse ore bin to feed the secondary crusher. A variable speed feeder is

used to maintain choke flow on the cone crusher. The crushed ore is combined with the primary crusher

product, to return to screening. The coarse ore bin includes a high-level overflow / bypass back to the crushed

ore conveyor, which allows the screening circuit to continue (without fresh feed) if the secondary crusher is

temporarily unavailable.

A weightometer on the crushed ore conveyor allows for the efficiency of the crushing circuit to be analyzed,

while a metal detector on the conveyor to the coarse ore bin will trip the conveyor, to allow metal to be

manually removed, preventing potential damage to the secondary crusher.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 249

**17.4.2Ore storage and reclaim**

The fine ore bin has a live capacity of approximately 1,100 t (12 h of storage at the instantaneous feed rate to

the ball mill). The fine ore bin includes an overflow facility, with excess ore transported by front end loader

(FEL) to a fine ore stockpile, for an additional capacity. Crushed ore will be reclaimed from the stockpile via a

FEL to a dedicated reclaim hopper and feeder when the bin is empty.

A variable speed belt feeder feeds ore from the fine ore bin onto the mill feed conveyor, which conveys the

crushed ore to the mill feed chute. The mill feed conveyor is fitted with a weightometer, used for controlling

the speed of the feeders and for mass accounting of feed presented to the grinding circuit.

Hydrated lime is added directly to the mill feed conveyor, via the lime variable speed rotary feeder. The lime

storage silo has a storage capacity of 6 t, equivalent to two days of nominal usage.

Any spillage generated within the fine ore storage area will be manually recovered and transported to the

reclaim hopper.

**17.4.3Grinding & Classification area**

**17.4.3.1Ball mill**

The grinding circuit is comprised a single stage, variable speed, grate discharge ball mill. The ball mill

operates in closed circuit with hydro-cyclones. Scats / pebbles generation is expected to be minimal and will

be recycled back to the mill feed conveyor via a front-end loader. The product particle size exiting the grinding

circuit (cyclone overflow) will be controlled to 80% passing 100 µm.

To achieve the required leach product size, when treating ore at the 85th percentile of hardness, a 5.0 m Ø x

7.00 m (EGL) ball mill (16.4 ft. x 23.0 ft.; 3.3 MW) is required. Note that space has been included in the layout

for a potential future installation of a secondary ball mill.

Fine ore, is conveyed to the mill feed chute via the mill feed conveyor. Process water is added to the mill feed

chute, to control the in-mill pulp density. The mill is fitted with discharge grates which allows the slurry to pass

through the mill and also relieves the mill of scats build-up. The mill product discharges to a trommel screen,

for size classification.

Grinding media (100 mm balls) is added to the mill feed chute via a kibble, lifted into place by the grinding

area jib crane.

**17.4.3.2Classification & trash screen**

The ball mill trommel screen oversize is diverted by gravity to a scats conveyor, to be recycled back to the mill

feed conveyor by a FEL. Undersize from the trommel screen flows by gravity to the mill discharge pumpbox,

from where it is pumped to the classification cyclone cluster by variable speed cyclone feed pumps.

The classification cyclone cluster overflow flows by gravity, via a trash screen, to the pre-leach thickener feed

box. The trash screen undersize constitutes the pre-leach thickener feed while trash screen oversize is

discharged to a trash bin. Cyclone underflow slurry flows, by gravity, back to the mill feed chute. Space has

been left in the cyclone cluster for future expansion.

Spillage within the grinding circuit is managed through a sloping floor draining to a sump fitted with a sump

pump. Slurry from this sump is discharged into the mill pumpbox. During flooding events the excess water

gravitates via trenches to the event trench, which leads to the event pond.

**17.4.3.3Gravity & ILR**

A separate slurry pump on the mill discharge pumpbox will pump slurry to the gravity concentration circuit. It

will report to a scalping screen which will scalp off any oversize or extraneous materials from entering the

concentrator. Scalping screen oversize will gravity to the mill feed chute while the underflow is directed to the

gravity concentrator or bypassed to the mill discharge pumpbox, depending the sequence step of the

concentrator.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 250

Tailings from the gravity concentrator will flow by gravity to the mill discharge pumpbox. Concentrate will be

flushed from the concentrator in batches after a set cycle time. This concentrate will be flushed into a

concentrate holding hopper which provides surge capacity between the gravity concentrator and the intensive

leach reactor (ILR).

Gravity concentrate will be leached in batches in the ILR. An elevated cyanide concentration and high oxidant

addition will ensure complete dissolution of the coarse silver particles. Pregnant solution will be pumped to

the pregnant solution tank, while the leached residue will be pumped back to the mill discharge pumpbox.

**17.4.4Leaching & CCD area**

**17.4.4.1Trash screen & pre-leach**

Trash screen undersize flows by gravity directly to the pre-leach thickener feed box. Here it is combined with

the slurry from Plant #2 (Flotation Plant), flocculant and coagulant (to aid with particle settling and overflow

clarity respectively). Overflow from the pre-leach thickener flows to the process water tank. Underflow from

the pre-leach thickener, at approximately 51% w/w solids, is pumped to the leach circuit sampler and feed

distribution box.

The pre-leach thickener area is serviced by a dedicated sump pump. Spillage and wash down collected by the

sump pump will be returned to the thickener feed box. Excess water will overflow from this bunded area via

trenches to the event trench, which leads to the event pond.

**17.4.4.2Leaching** 

The slurry pumped to the leach feed distribution box continues to the pre- leach oxidation tank. Oxygen is

injected via spargers, and bubbled through the slurry in the mechanically agitated pre-leach tank to oxidize

cyanide consuming species and to improve downstream leach kinetics.

The leach circuit consists of five mechanically agitated tanks operating in series. Each tank has a live volume

of 1,856 m³, including the pre-leach stage. This equates to a nominal residence time of 12.28 h/stage, and a

total leach duration of 61.4 h at a slurry feed rate of 151.3 m3/h.

Cyanide, for silver dissolution, is added to the leach circuit through a flow control valve from the leach cyanide

header pipe. The primary cyanide dosing point is leach tank #1, with further addition points on tanks #2 and

#3. The operating pH of the leach circuit is maintained above 10.5 to maintain the protective alkalinity of the

circuit and prevent the loss of cyanide to gaseous hydrogen cyanide. Protective alkalinity is maintained by the

addition of lime to the mill feed conveyor.

Oxygen is also added to the leach circuit to aid with silver dissolution. Oxygen is supplied from the oxygen

plant, with oxygen being injected into each of the six slurry-containing tanks via spargers. Should a tank be off-

line for maintenance, it is possible to bypass any of the six tanks. The ability to bypass tanks has been made

possible by the installation of two pneumatic gates located within the inter-tank launders. One gate diverts

slurry to the following tank while the second gate allows slurry diversion to the subsequent leach tank.

Slurry discharging from the last leach tank flows, by gravity, to the CCD feed sampler, from which either CCD

#1 or #2 can be fed.

The leach area is serviced by a sump pump, which discharges to the pre-leach tank. The leach bund area

overflows in emergencies to the event trench, which leads to the event pond.

**17.4.4.3Counter Current decantation**

The first CCD thickener is fed via a gravity flow line from the leach circuit (following the CCD feed sampler).

The overflow of this thickener reports to the pregnant solution tank. The CCD circuit consists of 5 identical

thickeners, each with its own rake mechanism, feed tank, overflow, and underflow with underflow duty /

standby pumps. Wash solution is introduced into the final CCD stage to wash silver from the slurry. The

overflow solution from each thickener (except from the first one) flows via gravity to the preceding thickener,

such that the wash solution moves counter-current to the direction of slurry flow through the train. This

progressively displaces silver from the slurry solution. The underflow slurry (except from the last stage) is

depleted from its silver content by being pumped to the subsequent thickener feed tank where it mixes with

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 251

the solution from the prior stage. The barren underflow slurry from the final CCD thickener is pumped to the

tails sampler, and onto the tailings pumpbox.

The CCD layout is arranged such that the CCD overflow can flow by gravity to the previous CCD thickener, and

eventually flow by gravity to the pregnant solution tank, with each thickener elevated 2 m higher than the

previous. In addition, the piping layout allows any CCD thickener to be bypassed (both the gravity overflow,

and the pumped underflow can bypass).

Each of the CCD thickener is located in a dedicated bund, which drains into the event trench. After the lowest

CCD thickener, a sump in the event trench holds back the fluid, to be pumped into the CCD #1 feed tank.

Should the sump overflows, the event trench continues to the event pond. Provision for caustic dosing into the

first and last CCD thickener has been made in the event that emergency pH correction is required.

**17.4.5Merrill Crowe & Refining**

**17.4.5.1Pregnant Solution**

The pregnant solution from CCD #1 is combined with the pregnant solution from the intensive leach in the

pregnant solution tank, and pumped to the clarifying filters.

**17.4.5.2Clarification**

The pregnant solution is filtered of any entrained solids in pressure filters, operating in a duty / standby

arrangement. The filters will operate on a one-day cycle; while one filter is operating, the other can be cleaned,

and prepared for use. Diatomaceous Earth (DE) is mixed with water to two different concentrations in

dedicated mixing / storage tanks. The higher concentration DE mixture is used to pre-coat the clarification

filter, while the lower concentration DE mixture is used as a body feed for both the clarification and

precipitation filters.

Backwash from the clarifying filters can be sampled and will then be collected in the clarification backwash

tank, and pumped back to the CCD circuit. A sump pump in the Merrill-Crowe area can pump any spillage back

to the pregnant solution tank.

**17.4.5.3Deaeration**

After clarification, the solution can have any dissolved oxygen removed in a deaeration tower. A vacuum pump

will lower the pressure in the tower, which lowers the concentration of dissolved gases in the solution. The

deaerated solution is then pumped through a sampler to precipitation.

**17.4.5.4Precipitation**

Zinc powder and lead nitrate powder are mixed in the precipitation cone with the deaerated solution and

water, which causes the zinc to preferentially dissolve, and the silver to precipitate out. The solution continues

to the two precipitate filters presses, which act in a duty / standby arrangement on a two-day cycle. While one

precipitate filter is operating, the standby filter is being emptied and prepared for the next cycle.

The precipitated silver cake is collected from the filter press, in plate trays, in preparation for drying.

**17.4.5.5Barren Solution**

After collection of the silver precipitate in the precipitate filters, the barren solution is discharged in the barren

solution tank. The barren solution is pumped back to the process as wash water to CCD #5. Excess barren

solution is discharged to the process water tank. A small amount of the barren solution is used for mixing in

the precipitate cone.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 252

**17.4.5.6Refinery**

The silver bearing filter cake is thermally dried in a retort oven, together with the silver sludge from Plant #1

(Cyanidation Plant). Any mercury in the cake is collected in the retort scrubber for disposal. The retort and

furnace are sized to operate every other day.

Dried filter cake is mixed with a prescribed flux mixture (silica, sodium nitrate and borax), prior to being

charged into the electric induction furnace. The fluxes react with base metal oxides to form a slag, while the

silver will remain as molten metal. The molten metal is poured into molds, to form doré ingots, which can be

cleaned, assayed, stamped and stored in a secure vault ready for dispatch. The slag by-product will be

periodically returned to the grinding circuit, via the mill.

The refinery area is serviced by a silver trap and dedicated sump pump. Any spillage within this area is

pumped into 1 m3 totes, for assaying prior to disposal.

**17.4.6Tailings disposal**

Underflow slurry from the CCD #5 (or CCD #4 if CCD #5 is bypassed) is pumped to the tailings metallurgical

sampler, and continue to the tailings pumpbox. Tailings are pumped from this hopper to the lined Tailings

Storage Facility E (TSF-E) for permanent storage. A HCN detector will alarm in case of the formation of HCN

gas.

A tailings area sump pump pumps any spillage back into the tailings pumpbox. Residual cyanide will degrade

naturally through hydrolysis and UV irradiation in the TSF-E.

**17.4.7Reagents**

The major reagents utilized within the process plant include:

• Hydrated lime for pH control.

• Sodium cyanide (NaCN) for silver dissolution.

• Caustic (NaOH) for neutralization.

• Flocculant for thickening.

• Coagulant for thickener overflow clarification

• Anti-scalant to reduce fouling in the water distribution and Merrill-Crowe circuit.

• Fluxes for smelting charge preparation.

• Mill media.

**17.4.7.1Lime**

Hydrated lime is delivered to site in 1,000 kg bulk bags. The lime storage silo has a storage capacity of two

days (6 t). Lime is withdrawn from the silo by a variable speed rotary valve and deposited directly onto the mill

feed conveyor. Additional lime or caustic bags can be kept at the leach area for emergency additions as

required.

**17.4.7.2Sodium Cyanide (NaCN)**

Sodium cyanide is delivered to site in 1 t bags in boxes of briquettes. The box is manually opened, and the

bags lifted by the reagents area hoist onto a bag breaker above the cyanide mixing tank.

Raw water is added to the mixing tank to achieve a solution with the desired cyanide concentration (20% w/v).

The mixing tank is mechanically agitated to assist with cyanide dissolution. Caustic is added to water in the

cyanide mixing tank, to adjust the pH above 10.5 before any cyanide is added. Control of the pH above 10.5 is

required to prevent the formation of poisonous hydrogen cyanide (HCN) during the mixing process.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 253

Briquettes are discharged into the partially filled mixing tank. After complete dissolution of a batch of cyanide,

the mixed solution can be transferred into the cyanide storage tank. From here, cyanide solution can be

distributed to the intensive leach reactor and leach circuit.

The sodium cyanide and caustic mixing and storage areas are placed in a common bunded area serviced by a

common sump pump. Any spillage generated within this area is pumped to the leach feed distribution box.

An HCN detector will alarm in case of the formation of HCN gas.

**17.4.7.3Caustic (Caustic Soda, Sodium Hydroxide, NaOH)**

Caustic Soda is delivered to site in 25 kg bulk bags. The bags can be lifted, using the reagents area hoist, to

the caustic hopper platform from where the bags can manually be emptied into the hopper.

Raw water is added to the mixing tank to achieve a solution with the desired caustic concentration (20% w/v).

The mixing tank is mechanically agitated to assist with caustic dissolution. A rotary feeder slowly draws the

caustic pearls into the mixing tank, as the dissolution reaction is highly exothermic.

A metering pump delivers caustic solution to one of the following, as needed: cyanide mixing tank, intensive

leach reactor, or CCD thickeners (fine pH control).

**17.4.7.4Flocculant**

Flocculant powder is delivered to site in 750-1,000 kg bulk bags, which are mixed in a proprietary mixing

system, comprised of a bulk dry hopper, screw feeder, flocculant blower, mixing tank and storage tank. The

flocculant plant mixes flocculant powder with raw water to achieve the required storage concentration (0.25%

w/w).

Flocculant powder is withdrawn from the storage hopper by the flocculant screw feeder. The screw feeder

conveys flocculant to the flocculant eductor, from which the flocculant powder is pneumatically conveyed, to

the flocculant wetting head, by the flocculant blower. Raw water is added to the wetting head, to hydrate the

flocculant powder, prior to discharging into the agitated flocculant mixing tank. Upon completion of the mixing

cycle, the flocculant is transferred to the flocculant storage tank by the flocculant transfer pump.

From the holding / storage tank, flocculant can be distributed to the pre-leach thickener (via an in-line mixer)

by the flocculant dosing pumps. Additional water is added to the in-line mixers to dilute the flocculant to

0.025% w/w prior to its discharge into the thickener feed launder. Similarly, flocculant can be added to each of

the five CCD thickeners. Diluted flocculant will also be supplied to the intensive leach reactor. The flocculant

area is serviced by a sump pump. Any spillage generated within this area can be pumped to the tails

pumpbox.

**17.4.7.5Coagulant**

Coagulant powder is delivered to site in 750-1,000 kg bulk bags, which is mixed in a proprietary mixing system,

comprised of a bulk dry hopper, screw feeder, coagulant blower, mixing tank and storage tank. The coagulant

plant mixes coagulant powder with raw water to achieve the required storage concentration (1.0% w/w).

Coagulant powder is withdrawn from the storage hopper by the coagulant screw feeder. The screw feeder

conveys coagulant to the coagulant eductor, from which the coagulant powder is pneumatically conveyed, to

the coagulant wetting head, by the coagulant blower. Raw water is added to the wetting head, to hydrate the

coagulant powder, prior to discharging into the agitated coagulant mixing tank. Upon completion of the mixing

cycle, the coagulant is transferred to the coagulant storage tank by the coagulant transfer pump.

From the holding / storage tank, coagulant can be distributed to the pre-leach thickener (via an in-line mixer)

by the coagulant dosing pumps. Additional water is added to the in-line mixers to dilute the coagulant to 0.1%

w/w prior to its discharge into the thickener feed tank. Similarly, coagulant can be added to each of the five

CCD thickeners. The coagulant area is serviced by a sump pump. Any spillage generated within this area is

pumped to the tails pumpbox.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 254

**17.4.7.6Antiscalant**

Antiscalant is delivered to the plant in bulk containers (IBC). Metering pumps can dose antiscalant directly

from the IBC to the process water and Merrill-Crowe circuits.

**17.4.7.7Fluxes**

The following fluxes are delivered to the plant in 25 kg bags, and used in the refinery: borax, sodium nitrate,

fluorspar, sodium carbonate, and silica sand.

**17.4.7.8Mill Media**

100 mm balls for the milling circuit are supplied to site in 200 L drums. A drum tilter, attached to a forklift, will

dump the balls into the mill media loading hopper. The balls will be loaded into the mill media kibble, and

transported to the milling area by forklift. The primary grinding area jib crane will lift the media kibble, and

discharge the contents directly into the mill feed spout via a dedicated chute.

**17.4.8Water Services**

The process plant utilizes raw water, filtered water, barren solution and process water. Potable water is

supplied in bottles for the whole site.

**17.4.8.1Raw Water**

Raw water for the process plant and mining operation is harvested from the Zgounder river and supplemented

from various run-off collection ponds throughout the site. Raw water from the various sources is stored within

the raw water storage basins. Water from the raw water storage basins is pumped to the plant raw water tank

(307 m3 of capacity).

Raw water is reticulated through the plant by dedicated raw water pumps, to the predominant user points,

namely:

• Dust suppression and hose stations in the crushing circuit.

• Reagent make-up.

• Clarification back-wash.

• Gland water system.

**17.4.8.2Filtered and Gland Seal Water**

Some raw water users require water with a low suspended solids content (pump gland seals). To satisfy this

need, a portion of the raw water will be subjected to water treatment by filtration. Filtered water is stored

within a dedicated filtered water storage tank from where it is pumped to the various end users by dedicated

duty and standby pumps.

**17.4.8.3Fire water**

A buried firewater ring main supplies water for hydrants and hose reels around the plant. The firewater is

located close to the Flotation Plant and is fully dedicated to fire protection. Fire water is supplied form the

60,000m3 Raw water storage basin.

**17.4.8.4Process Water**

Process water will predominantly consist of pre-leach thickener overflow and TSF reclaim water. Process

water is stored in a 1,800 m3 process water tank, which provides for over four hours of surge capacity.

Provision has been made to top-up the tank from the raw water system, should this be required. From the

process water tank, water is reticulated by two sets of process water pumps. The low-pressure pumps are

predominantly supplied by the thickener overflow, and pump water to the following users:

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 255

• Grinding dilution and trommel spray.

• Flocculant / coagulant dilution.

• Tails pumpbox (for dilution and/or disposal of excess water).

• Hose stations.

The high-pressure pumps draw cleaner water from the process water tank, and supply:

• Wet vibrating screen spray bars.

• Gravity concentrator and intensive leach reactor.

The process water tank containment will drain to the process solution pond (together with the pregnant

solution tank containment).

**17.4.8.5Safety shower Water**

Filtered water is used exclusively for the plant eye wash / safety showers. A 4.5m3 heated tank will store the

water, while a recirculating pumped system will distribute the water to the showers.

**17.4.8.6Stormwater / Event pond**

A large combined stormwater / event pond (10,000m3 of capacity) is located near the refinery, at the lowest

elevation of the plant site. An event trench runs through the process plant, and any large-scale floods from the

following areas discharge into the event trench, which eventually flows into the combined pond:

• Grinding / gravity concentration / intensive leach

• Pre-leach thickening

• Leaching

• CCD

The capacity of the pond is sufficient to store more than 100% of the largest tank in the plant. The combined

pond is also used to store the run-off from rainfall on the plant site. The pond is sized to contain the following

in the event of a 1 in 100 year flood:

• Surface run-off from the plant site.

• Run-off from within all containment areas.

**17.4.9Air Services**

Plant air at 700 kPa will be provided by two high pressure air compressors, operating in a lead-lag

configuration. The entire high pressure air supply will be dried. Dried air will be distributed to the required plant

areas, with three dedicated air receivers available to guarantee supply to various parts of the plant.

Oxygen, for use within the leach circuit, will be supplied from a dedicated 15 tpd pressure swing adsorption

(PSA) oxygen plant.

**17.5CONTROL SYSTEM _ CONTROL PHILOSOPHY**

The general control philosophy for the plant will be one with an adequate level of automation and remotely

controlled facilities. Instrumentation will be provided within the plant to measure and control key process

parameters, prevent upset conditions and to provide a safe work environment.

Two PC based Operator Interface Terminal (OITs) are located in the main control room to be used

permanently by the control room operator for daily operations. These OITs provide a central area from where

the Zgounder plant is operated and monitored and from which the regulatory control loops can be monitored

and adjusted. An engineering workstation is also provided in the control room and act as the primary SCADA

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 256

server and configuration station. A secondary server complete with OIT is installed in the crushing control

room, and act as a back up to the primary server. Operation and control is also possible from both servers.

All key process and maintenance parameters are available for trending and alarming on the Process Control

System (PCS). Historic trending is available for a minimum of one month. The PCS proposed for the plant is a

programmable logic controller (PLC) and SCADA based system. The PCS controls the process interlocks and

PID control loops for non-packaged equipment. Control loop set-point changes for non-packaged equipment

are made at the OITs. Packaged equipments generally include their own PLC.

There will be two modes for loop controlled Control Variables available in the PCS. These are 'Auto Mode' and

'Manual Mode'. In Auto Mode, the Control Variable will be predominantly controlled by the applicable PID loop

based on the Process Variable set-point. Auto Mode control may include cascade control loops where the

Process Variable set-point is provided by another control loop rather than being directly specified. In Manual

Mode, the Control Variable may be entered manually on the SCADA OIT.

In general, the plant process drives will, as a minimum, report their Ready, Run and Fault status to the PCS

system and these will be displayed on the OIT.

Slurry pumps will have a local HMI screen, located near the pump, for local control of the pumps and

associated actuated valves. Separately, an emergency latch-off-stop (LOS) will be provided for all pumps

(hard-wired to the drive starter).

All other drives will have local control stations in proximity to the relevant drives. These will, at a minimum,

contain start and latch-off-stop (LOS) pushbuttons which will be hard-wired to the drive starter.

Plant drives will predominantly be started by the control room operator, after inspection of equipment by an

operator in the field. The mill will be started locally using its standalone control panel.

The OIT will allow drives to be selected to either the 'Local' or the 'Remote' modes via the drive control pop- up

on the OIT. Under Remote mode, the OIT can select drives to be controlled in either Manual or Auto modes.

Statutory or safety interlocks such as emergency stops, lubrication and overload protection are hardwired and

will apply in all modes of operation. Process interlocks will be disabled or bypassed in Local mode.

Most of the vendor packages will be operated and controlled by the PCS system. General equipment fault

alarms from these vendor packages will be monitored by the PCS system and displayed on the OIT. Fault

diagnostics and troubleshooting of vendor packages will be performed locally. A 'Run Enable' signal can be

sent from the PCS (via a hardwired connection) to the vendor packages where required as a start permissive

to start these packages remotely.

Apart from the sequences contained within the as-supplied vendor control packages, there will not be any

higher level start or stop sequences in the control system.

**17.6COMBINED PROCESSING OPERATIONS**

In 2025, and following the start-up of the process plant #1, AYA Gold & Silver started an optimization project in

order to combine the different flows of slurry ground in the process plant #2 and #3, and to process the

resulting flow inside process plant #1 leach circuit, as well as debottleneck the resulting leach and CCD

circuit. The following modification have been done on the process plants in 2025:

• process plant #1 tailings pumpbox configuration modification

• tailings pump change

• tailings pipeline modification and size (diameter) increase

• process plant #3 (old cyanidation) tailings thickener modification and pump upgrade to pump slurry to

process plant #1 (directly in the leaching circuit)

• reconfiguration of process plant #1 leach circuit launders to accommodate the throughput increase

• crushing circuit optimization, with crushed product top size of 14mm

• cyclone addition in process plant #1 and #2

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 257

• oxygen plant performance improvement since start-up

• trash screen optimization upstream of pre-leach thickener

• reagents consumption optimization

With this throughput optimization project already well advanced, the combined overall processing rate of the

Zgounder plant went from 2,600 tpd in the beginning of the year to 3,600 tpd in September 2025, and further

improvement was expected in Q4-2025. The following figure shows the progression of the daily throughput

and metallurgical recovery at Zgounder process plants, including the anticipated processing rate and recovery

for Q4 2025.

As part of the 2026 sustaining program for the Zgounder Mine, some capital will be allocated to the

completion of the debottlenecking project, as well as for small upgrades of some circuit in the Plant #1. The

goal of this project will be to reliably achieve the long term throughput rate of 3,850tpd that is necessary to

reach the production level goals.

![figure17-2_v2a.jpg](figure17-2_v2a.jpg)

**Figure 17-2Mill daily throughput rate at Zgounder processing facilities**

**17.7METALLURGICAL ACCOUNTING**

Weightometers are located on the following conveyors throughout the plant:

• CV-001 Sacrificial conveyor which measures primary crushed ore tonnage;

• CV-002 Crushing conveyor, which measures secondary crushed tonnage

• CV-005 Mill feed conveyor which measures mill feed tonnes;

Routine sampling of the leach feed stream, CCD thickener feed stream and the tailings provide shift samples

for leach head grade, CCD feed grade and tails solution grades respectively. A density and flow meter on the

leach feed, CCD thickeners underflow and tailings stream allow the dry tonnage of solids pumped to the leach,

CCD thickeners and tailings management facility (TMF) to be determined as a cross check on the mill feed

tonnage determined from the mill feed weightometer. In conjunction with the leach feed and tails samples, the

mass flow measurements allows the silver recovered in the Merrill Crowe circuit to be calculated.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 258

Routine sampling of the solution within the Merrill Crowe circuit also provides representative samples for

solution grade analysis. Similarly, routine sampling of the pregnant and barren solution provides indications of

how well the CCD and Merrill Crowe circuit are performing. These samples also provide data for calculation of

silver recovery to cross check with the amount of silver in the doré bar.

The process plant control system accumulate and report all automatically measured process parameters on

an hourly, shift or daily basis as required.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 259

18.0**PROJECT INFRASTRUCTURE**

**18.1INTRODUCTION**

This section includes a presentation of the general infrastructures supporting the Zgounder silver mine, with a

specific focus on: road access, water management, tailings storage, electrical power, fuel storage, and other

site related buildings.

The surface infrastructures to support the Zgounder operations are in place, and include:

• The Zgounder open pit mine and the related open contractor's workshop and installations

• The processing facilities, namely the Plant #1 (newly build process plant), the Plant #2 (old Flotation

plant), and the Plant #3 (old Cyanidation Plant).

• The process plant service buildings, such as the main warehouse, the open storage area, the plant

workshop, the reagent warehouse, and the process plant office buildings

• The mine facilities, such as the mine offices (for underground and open pit), the change houses (for

contractors and ZMSM personnel), the surface workshops (for contractors and ZMSM), the mine

consumables storage areas, explosive storage area and detonators storage area, the diesel storage

area, the weight bridge area, and the mine electrical substation

• Administration buildings, which include the site management offices, the health and safety induction

building and mine rescue building, the first aid building / infirmary building, and the site canteen

• The site accommodation camp

• The main incoming electrical substation, with 60/22kV transformers, and the different electrical

substations and distribution network

• The assay laboratories

• All the ore stockpiles

• The water management facilities, including the water storage basins and water harvesting dams

• The decommissioned Tailings Storage Facilities (TSF)

• The active TSF (TSF-E)

• The waste storage area

The following Figure 18-1 presents the site general layout.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 260

![zgoundersatelliteimagemarca.jpg](zgoundersatelliteimagemarca.jpg)

**Figure 18-1Zgounder site general layout**

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**18.1ROAD CONNECTION AND ACCESSES**

The general site access considerations are provided in Section 5 of the report, and additional information are

included in this section.

**18.1.1Camp & Plant roads**

The Plant and camp roads provide access between the main entrance gate, and the main warehouse,

workshop, reagent storage, administration building, canteen, laboratory, process plant #1 and #2, and camp

facilities.

The road coming from the main gate and going to the administration building and camp is typically 7 to 9m

wide and was build with a finishing bitumen impregnation layer to avoid to limit dust movement close to the

office building and camp. The other roads going to the processing plants, workshop and warehouse areas are

similar in width, but are not sealed with a bitumen layer.

**18.1.2Mine Haul road**

Mine haulage roads have been constructed or improved as part of the expansion of the Zgounder operations

in 2023-2024.

The haulage road going from the New Process Plant ROM Pad to the UG Mine portal entrance was enlarged

from its original width of approximately 5 m, to a new width of approximately 15m including ditches and

berms. The following Figure 18-2 presents a typical section of the haulage road enlargement.

![image102a.jpg](image102a.jpg)

**Figure 18-2Typical Haulage road section**

A new Haulage road was also build to access the Open Pit area. This road was developed from the junction of

the existing Haulage road close to the main UG portal (+/- 2010m elevation) up to the Pit entrance, at the

2200m elevation. The total length of the road is approximately 2100 meters, and the average slope gradient

10%. The overall width of this new open pit haulage road is approximately 10m, including the ditches and the

berms.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 262

**18.2WATER SUPPLY, AND SURFACE WATER MANAGEMENT**

A detailed water balance model was developed at site to estimate the demand for raw water, considering the

process water demand, the losses and gains from the tailings storage facility, the mine dewatering, the dust

suppression on the haulage roads and in the open pit.

**18.2.1Fresh water**

For all the fresh water needs at the mine site, a 28km long pipeline coming from a natural spring located in the

high atlas mountains (the Macoste spring) brings all year long approximately 15 to 18 m<sup>3</sup>/hr of clean fresh

water. This water is stored in a dedicated water reservoir, from which and after going through a chlorination

system, fresh water is distributed to the camp.

A UV water purification systems is also installed in the canteen to distribute potable water.

**18.2.2Raw water**

All the make-up water needed in the process plant as well as in the open pit mine for dust suppression is

supplied from the raw water storage basins, which feeds from two water harvesting dams located on the

Zgounder river.

A pumping capacity of 120m3/hr has been installed at both water harvesting dams, and during the rainy

season, which typically is from November to April, the water stored in the one of the harvesting dam is then

pumped directly into the water storage basins #2 or #5. The total storage capacity between basin #2 and #5 is

approximately 260,000 m<sup>3</sup>.

From these two storage basins, water is then sent by gravity into a raw water distribution basin which has a

capacity of 60,000m<sup>3</sup> (60K water basin). From the 60K basin, water is then pumped in the raw water

distribution circuit of the process plants. A total of 0.3 m<sup>3</sup> of raw water per tonne of Ore processed is used by

the operation, the total storage capacity at site provides about 9-10 months of water need.

It is to be noted that, although the UG mine fairly dry, any water excess water pumped from the underground

and not used in the mine is then added into the raw water circuit.

The following figure presents the location of the water storage basins and harvesting dams.

![image56a.jpg](image56a.jpg)

**Figure 18-3Raw water infrastructures at Zgounder**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 263

![whatsappimage2025-11x13at1a.jpg](whatsappimage2025-11x13at1a.jpg)

**Figure 18-4Water harvesting dam #2, with floating pumping system**

In order to limit the water losses due to evaporation in the raw water storage basins, an evaporation protection

system has been put in place in 2025, and consists of hexagon-shaped HPDE floating cover. This system

allow an important reduction of water loss due to evaporation and is also wind resistant.

**18.2.3Process water**

Given the site weather conditions at Zgounder, with a fairly low amount of precipitation on average, it has been

deemed necessary to recycle as much water from the TSF as possible. The water in the TSF-E containing

cyanide, it is used only for process water in the different process plants.

Two floating barges have been installed in the TSF_E and water recovery from the TSF assures approximately

70% of the total water consumed in the process plants, or 0.92 Mm<sup>3</sup> per year. After the water is recovered

from the TSF, it is sent to a decantation pond from which a pumping system supplies process water into the

process water distribution system of the process plants.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 264

**18.3TAILINGS STORAGE FACILITY**

AYA works towards aligning the current practices with the Global Industry Standard on Tailings Management

(GISTM). AYA has retained the services of Epoch Resources (Pty) Ltd ("Epoch") for the role of Engineer of

Record (EoR). As such, Epoch is the firm responsible for confirming that the old, current and future tailings

facility are designed, constructed, and decommissioned with appropriate concern for integrity of the facility,

and that it aligns with and meets applicable regulations, statutes, guidelines, codes, and standards. Epoch is a

South African based company with extensive experience and skills on design, project execution and ongoing

monitoring/inspection of tailings storage facilities ("TSFs") within Africa

The information presented in this section is, for the most part, largely extracted, translated and/or

summarized from several reports prepared by our designer of records (DoR) GCIM, our Engineer or record

(EoR) since 2022 and ZMSM internal reports, data and communications.

**18.3.1Historical TSF**

ZMSM manages four former TSFs that are no longer in operation. They are designated A, B, C, and D. The

following figure shows the location of these former TSFs.

![image95a.jpg](image95a.jpg)

**Figure 18-5Aerial view of the historical TSF**

TSF A, located approximately 900 m from the process plant, was used from 1980 to 1990 by the Société

minière de sidi lahcen (SOMIL). The TSF was the subject of a geotechnical characterization campaign and

stability analyses in 2024. It is planned to excavate the tailings contained in TSF A and reprocess them in the

Process plant #1, over a period the next 5 to 6 years. Following the recommendations from the Company's

Engineer of Record (EPOCH), the excavation will be carried out in such a way as to gradually soften the profile

of its retaining wall with the aim of increasing its stability as the excavation progresses.

TSF B, located approximately 300 m from the Process plant #1, was intended to receive tailings from the

flotation plant built in 2018, and its operation stopped in 2020. It contains approximately 200,000 m3 of

tailings.

TSF C, located approximately 600 m from the Process plant #1, was built in 2010. It was intended to receive

tailings from the old cyanidation plant (Process plant #3). It stopped receiving tailings in Q1-2025, and

contains approximately 520,000 m3 of tailings.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 265

TSF D, located approximately 500 m from the Process plant #1, was built in 2020 to receive tailings from the

flotation plant (Process plant #2). It stopped receiving tailings in July 2024 when TSF E was put into

operation. It contains approximately 530,000 m3 of tailings.

All the historical TSF were the subject of a detailed geotechnical characterization campaign in 2024. The

development of the stabilization concept for these TSFs is underway and the stabilization work will begin in

2026. In order to receive tailings from the new cyanidation plant (Process plant #1), a new TSF was built and is in

operation since July 2024.

**18.3.2Active Tailings Storage Facility - TSF E** 

**18.3.2.1Site selection**

TSF site location has been based on the topographic backgrounds at scale of 1:50,000, the topographic

survey, satellite photos and digital terrain models. The choice of the final location was made from five

potential sites showed on the following figure.

![image67a.jpg](image67a.jpg)

**Figure 18-6Proposed potential sites for TSF-E construction**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 266

A brief description of each potential site is as follows:

• Site A is located about 2 km northeast of the plant and closes a fairly wide thalweg with an east-west

direction. The catchment area of the embankment is 2.57 km².

• Site B is located on a thalweg adjoining the south side of the thalweg of site A, approximately 1.7 km

northeast of the plant. The catchment area of the embankment is 0.94 km². The direction of the flow is

from southeast to northwest.

• Site C is located approximately 1,000 m to the southeast of the plant on a thalweg with a general east-

west direction. The catchment area of the embankment is 0.85 km².

• Site D is located about 2.5 km east of the plant and closes a thalweg with a northeast-southwest

direction. The catchment area of the embankment is 0.98 km².

• Site E: raise of the current cyanidation Plant TSF. However, based on the available topographic

backgrounds, the maximum storage capacity of the elevation of the cyanide dike is estimated at 1.9 to

2.0 Mm<sup>3</sup>, which is insufficient, given the total forecast storage needs.

A comparison of the performance of each site was made, based on the following characteristics:

• Maximum storage capacity conditioning the duration of operation of the structure;

• Maximum height of embankment;

• Hydrology of the respective watersheds to assess the magnitude of the floods of the watersheds

controlled by the planned works;

• Geological and geotechnical conditions;

• Preliminary estimate of the quantities of work required to construct the dikes.

Finally, site C was retained due to its proximity to the plant and the reduced surface area of the catchment

area upstream of the embankment.

However, Site A and Site E have been kept as a fallback solution in the event of saturation of Site C, which may

happen if the production of the mine increases following new extensions of the deposit and/or a possible

extension of its operating life.

**18.3.2.2Hydrological Conditions of the chosen site.**

A thorough approach using three different methods was used to determine the water flows generated by the

catchment areas of the TSF as well as different return periods:

• Empirical formulas approach to calculate floods of rare frequencies and in particular of return frequency

1/10 necessary for the Gradex Method.

• Direct transposition of peak flows by the Francou-Rodier method from the sites of hydrological stations.

• Use of the rain Gradex from the estimated ten-year peak flow.

The estimates are based on rainfall data from October 1988 to August 2020 from the Iguidi substation located

about 18 km from the study area.

For the assessment of water input and flash flood events, the data from the Iguidi hydrological station located

in the Tifnout wadi basin was also used. It has been in operation since 1989, and the processing of the

hydrological information was updated until August 2013, at which time, the station was damaged by a flash

flood.

An examination of the topography of the watershed of the selected TSF site made it possible to delimit the

watershed lines, identify the longest rivers, the extreme elevations as well as their morphological

characteristics and is summarized in the following table.

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**Table 18-1Catchment Areas Characteristics**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Site Name** | **Area** | **Length** | **Grade** | **Perimeter** | **Altitude Difference** | **Altitude Difference** | **Altitude Difference** |
| **Site Name** | **km²** | **km** | **%** | **[km]** | **Elev Max** | **Elev Min** | **Diff.** |
| **Site C** | 0.854 | 1.295 | 10.04 | 3679 | 2 240 | 2 110 | 130 |

---

The flood flow rate retained for the TSF site is deduced from the average of the Gradex formula and its

transposition.

**Table 18-2Floods at Different Return Periods**

---

| | |
|:---|:---|
| **Catchment Area** | **Site C** |
| **Area [km²]** | 0.85 |
| **Estimated Flows**<br> Qp 10 [m<sup>3</sup>/s] | 9.21 |
| **Estimated Flows**<br> V [m<sup>3</sup>] | 16 411 |
| **Estimated Flows**<br> Qp 20 [m<sup>3</sup>/s] | 7.69 |
| **Estimated Flows**<br> V [m<sup>3</sup>] | 13 690 |
| **Estimated Flows**<br> Qp 50 [m<sup>3</sup>/s] | 8.85 |
| **Estimated Flows**<br> V [m<sup>3</sup>] | 15 755 |
| **Estimated Flows**<br> Qp 100 [m<sup>3</sup>/s] | 9.76 |
| **Estimated Flows**<br> V [m<sup>3</sup>] | 17 389 |

---

The stability assessment conducted as part of the detailed design phase demonstrated that the minimum

embankment slopes to be adopted (taking into account the quality of the construction materials, the

foundation and the different load cases examined) are 2.25H/1V for the slopes downstream and upstream of

the embankment wall for the first phase and 2.0H/1V for the slopes downstream for phases 2 and 3.

**18.3.2.3Design Criteria**

The following elements were applied for the new Tailings Storage Facility (TSF) design criteria:

• The tailings stored in the TSF-E are coming from the cyanidation circuit;

• The TSF construction is by embankment with downstream elevations forecast;

• The construction of the TSF is planned to be carried out in 3 phases. Phase 1, currently in operation, is

at the elevation 2160m and phases 2 and 3 will be at elevations 2171m and 2182m respectively.

• Daily plant ore treatment : 3750 t/d;

• Plant operation: 360 days per year;

• TSF lifetime : 6,0 years (from 2026 onwards)

• In situ tailing dry density of 1,4 t/m3

• 1,5 m tailing freeboard

• Tailing beach slope of 1:50

• Fully contained TSF, with 2mm HDPE geomembrane, and 500g/m2 geotextile complex.

Based on the information above, the total (phase 3) tailing storage capacity is 8 500 000 tons or 6 100 000 m<sup>3</sup>

The site A, located about 2 km northeast of the plant, considered during site selection of the current TSF is

preferred to establish the future TSF when the actual TSF will be full, but Site E might also be considered.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 268

**18.3.2.4TSF Construction and Phasing**

The TSF will be built in three phases. The first phase, already constructed and in operation, has the capacity to

accommodate 1 900 000 tons of tailings, while phases 2 and 3 will be able to accommodate 3 800 000 and 2

800 000 tons respectively, based on the anticipated tailings density.

Construction of phase 1 of the TSF was completed in December 2023 and tailings deposition began in July

2024. By January 2025, 127 000 tons of tailings from the Process plant #2t had been discharged into the TSF-

E. Since November 2024, tailings from the Process plant #1 have been discharged into the TSF-E. By the end

of September 2025, a total of 917,000 tons of tailings had been deposited in this TSF.

As of the end of September 2025, the tender for the construction of Phase 2 of the TSF-2 was completed and

contractor proposals were received. Construction of Phase 2 is scheduled to begin in early December 2025

and are expected to be completed by June 2026.

**Phase 1**

This phase includes the construction of the starter dam in colluvial materials. The embankment will have the

following characteristics:

• Final elevation of the dam (phase 1) : 2160,3 masl;

• Crest width: 7 m;

• Dam upstream slope: 2.25H/1V;

• Dam downstream slope: 2.25H/1V;

• Volume stored: 1,4 Mm<sup>3</sup>

• The embankment upstream of the dam will be protected by a geomembrane (2 mm) – anti-puncture

geotextile (500 g/m<sup>2</sup>), anchored in a trench filled with clay;

• The downstream dam will be protected against gullying with rockfills.

A drainage network made up of draining collectors placed in trenches filled with draining materials have been

installed under the geomembrane. This network collect any potential leaks under the geomembrane and

protect the TSF against any rising water table. A collection pond is installed downstream of the dam to collect

any percolation water.

The supernatant water the TSF will be collected and sent back to the plant by means of a floating barge

equipped with pumps and a HDPE return water line.

The following Figure 18-7 shows a typical cross section of the TSE-E phase 1 embankment. The figures 18-8

and 18-9 show an aerial view of the TSF-E as of march 2025, as well as a view from the south side of the TSF-

E and looking North.

![image118a.jpg](image118a.jpg)

![image37a.jpg](image37a.jpg)

**Figure 18-7Typical Cross Section for Phase 1 TSF Dam**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 269

![image121a.jpg](image121a.jpg)

**Figure 18-8Aerial view of the TSF-E Phase 1, with tailings deposited**

![image57a.jpg](image57a.jpg)

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 270

**Figure 18-9Picture of TSF-E from its South side looking towards the North-West**

**Phase 2:** 

This phase includes raising the dam downstream in colluvial materials from the existing TSF, with the

following characteristics:

• Final elevation of the dam (phase 2): 2172,3 MASL;

• Crest width: 7 m;

• Dam upstream slope: 2,25 H/1 V;

• Dam downstream slope: 2,0 H/1 V;

• Volume stored (Phase 1 + Phase 2): 4 000 000 m<sup>3</sup>

• Extension of the geomembrane and the geotextile on the upstream embankment of the dam.

The existing drainage network will be extended with the extension of the geomembrane and the protective

geotextile. The supernatant water in the TSF will be collected and sent back to the plant by means of a floating

barge equipped with pumps and a HDPE return water line.

The following figures show the details of Phase 2 design.

![image21a.jpg](image21a.jpg)

**Figure 18-10Plan view of the TSF Phase 2**

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![image2a.jpg](image2a.jpg)

![image58a.jpg](image58a.jpg)

**Figure 18-11Typical cross section of TSF-E Phase 2 embankment**

<u>Phase 3 :</u>

This phase includes raising the dam downstream in colluvial materials existing TSF, with the following

characteristics:

• Final elevation of the dam (phase 3) : 2181,8 MASL;

• Crest width: 7 m;

• Dam upstream slope: 2.25 H/1 V;

• Dam downstream slope: 2.0 H/1 V;

• Volume stored (phase 1 + phase 2 + phase 3): 6,100,000 m3

• Extension of the geomembrane and the geotextile on the upstream embankment of the dam.

The drainage network will be extended with the extension of the geomembrane and the protective geotextile.

Excess water will be collected and returned to the plant by means of a floating barge on which pumps and a

HDPE return water pipe will be installed.

The following Figures 18-12 and 18-13 show the details of the TSF-E Phase 3 design.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 272

![image72a.jpg](image72a.jpg)

**Figure 18-12Plan View of TSF-E Phase 3**

![image9a.jpg](image9a.jpg)

![image37a.jpg](image37a.jpg)

**Figure 18-13Typical cross section of TSF-E Phase 3 embankment**

A new TSF and/or an additional phase to the TSF-E will be constructed in the future, and provisions in the

sustaining capex have been made. The site of the future TSF will be determined in the coming years, and will

be located on the Zgounder mine property.

**18.4ELECTRICAL POWER AND DISTRIBUTION**

As part of the expansion of the Zgounder mine, a new 90km long power line was built from the Igli substation

to the mine site. The national electricity power provider (Office National de l'Électricité et de l'Eau - ONEE)

owns and manages the electricity generation and transmission network. The following power supply

infrastructure was constructed for the Zgounder mine:

• Extension of the IGLI substation, including the new 60kV busbar and transmission line feeder

• The 90km long 60kV electrical line

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 273

• The new main incoming substation at Zgounder which is onwed by ONEE, jointly operated by ZMSM and

ONEE.

In the main incoming electrical substation, the 60kV power is then transformed in 22kV power for site general

distribution. A total of two 20MVa 60/22kV transformers, one in operation and one in backup, provide enough

power for the entire site. In the same electrical substation, another set of power transformers (22/5.5kV) of

12MVa capacity each are used to supply power to the Process plant #1 in which distribution in 5.5kV and in

400V is used.

From the main electrical substation, the power is distributed to the different site electrical substation in 22kV

through a network of 22kV power lines, which go the Mine area, Camp, TSF and raw water storage basins.

**18.5FUEL SUPPLY AND STORAGE**

The Zgounder site being relatively easy to access all year long with a paved road from the city of Agadir

(where a deep sea port and fuel depot are located), the diesel deliveries at site are done on a weekly basis.

There are a total of four diesel tanks operated by ZMSM, with a total combined storage capacity of 50,000

liters. The main diesel consumption is for the UG Mine. The open pit contractor has its own diesel storage

area which it owns and operates.

**18.6SITE ACCOMMODATION**

As part of the Zgounder expansion project, a total of 116 rooms have been added on site. The construction is

of a prefabricated modular type, and the room have been split into 10 different buildings.

The following figure shows a typical 12-room modular building built on site.

![image122a.jpg](image122a.jpg)

![image107a.jpg](image107a.jpg)

**Figure 18-14typical accommodation building at Zgounder**

In total, including the already existing accommodation prior to the site expansion, there is a total of

approximately 180 rooms at Zgounder.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 274

19.0**MARKET STUDIES AND CONTRACTS**

**19.1INTRODUCTION**

The following section includes discussion and comment on the commodity, market studies and key contracts

related to the operations of Zgounder Silver Mine. Specifically, details are provided on the following aspects:

silver commodity prices; macroeconomics and material contracts.

**19.2MARKET STUDY**

No market study are currently relevant as the Zgounder Mine is operating and producing a readily salable

commodity (silver) in the form of silver ingots. Silver ingot produced is typically above 97% in grade, and is

exported to refineries in Switzerland.

**19.3COMMODITY PRICE PROJECTION**

Commodity prices used in the Mineral Resource and Mineral Reserve estimates are set by a corporate

decision made by Aya's management. The current silver price provided for Mineral Reserve estimation is 26$

per ounce, and 28$ per ounce for Mineral Resource estimation.

**19.4CONTRACTS**

The material contracts in place at Zgounder mine are based on terms, rates and charges within industry

norms and standards and are the following:

• The contract related to grade control drilling services, and supplied by Geosond Maroc

• The contract related to the drilling, blasting, loading and hauling services for the open pit (Open Pit

contractor), as supplied by CADEX

• The contract related to the underground lateral development for Capital infrastructures (Underground

Mine contractor), as supplied by TSM

• The contract related to the analytical services for geological and metallurgical samples, as supplied by

ALS

• The contract related to the supply of electrical power, from ONEE

• The refining services for Zgounder mine, as supplied by MKS

In addition to the above, the Zgounder silver mine has a number of other contracts related to various services

including light vehicles leasing, consultancy services, communication and IT services, security services, legal

services, and accounting and audit services.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 275

20.0**ENVIRONMENTAL STUDIES, PERMITS, AND SOCIAL OR** 

**COMMUNITY IMPACTS**

**20.1INTRODUCTION**

This Section presents available and relevant information regarding environmental studies, environmental

permitting, and social or community aspects related to the Zgounder Project.

The mine is located on the western flank of the Proterozoic Siroua Massif, on the province of Taroudant,

Kingdom of Morocco, in the central part of the Anti-Atlas Mountain. It is situated approximately 215 km south

of the city of Marrakech, 220 km east of the city of Agadir and 140 km west of the city of Ouarzazate.

The Zgounder Silver Deposit has a long history of intermittent exploration and mining activities from ancient

times to present day.

**20.2PERMITTING**

**20.2.1Introduction**

The first Environmental Impact Assessment (EIA) study of the Zgounder mine was prepared in 2013 by

Hydraumet Maroc. The area covered by this impact study is registered under Title No. 09/2096 issued by the

Rabat Mines Directorate. Following the EIA, operating permit No. 2306, which included exploration permit,

surface rights, access to property and any type of mining operations was issued to Maya Gold and Silver Inc.

by ONHYM. On August 15, 2014, the operation of the Zgounder mine by ZMSM received environmental

acceptability from the prefecture of Agadir Ida-Outanane.

In December 2021, NOVEC submitted a new Environmental and Social Impact Assessment (ESIA) as part of

the Zgounder Silver Mine Expansion Project. The International Finance Corporation's Performance Standards

were applied when defining the scope and terms of reference of this new ESIA. On February 23, 2022, ZMSM

received environmental acceptability by the Regional Center of Investment (CRI) of the Souss-Massa region.

**20.2.2Permitting of water supply**

In Morocco, digging of wells and drilling, and withdrawal of water from natural resources requires

authorization from the Water Agency. In the case of Zgounder Mine, this is the Souss-Massa Hydraulic Basin

Agency.

An in-principal approval was received from the Water Agency in October 2023 for a temporary small water

extraction weir (dam) on the Zgounder River. No time period or specific abstraction volume is included. A

period of 10 years was requested by ZMSM in its application. The final approval by Souss-Massa Hydraulic

Basin Agency was delivered on June 3, 2024.

**20.2.3Land acquisition**

A social baseline and impact assessment was completed in 2023. The results were used to inform the Land

Acquisition and Livelihood Restoration Plan (LALRP) implementation. The assessment identified that 88 ha of

land used for grazing would be lost to herders due to the expansion of the mine footprint. The assessment

concluded that the mine expansion would not affect the shepherds' livelihoods in the area as a relatively small

portion of land would be lost and that other land exists in the surrounding area that can be used for this

purpose.

Land ownership was identified and tied to two tribal landowners. An initial rental contract was established in

2022 for 174 HA between ZMSM and the "Direction des Affaires Rurales" (DAR), the trustee for traditional

tribal landowners. In 2025, the contract was amended to include an additional 88 HA so that it reflects

accurately actual land use by ZMSM.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 276

**20.2.4Regulatory Framework**

Impact studies are governed by Law 12-03, which aims to harmonize the procedures for preparing and

reviewing impact studies at the national level. It delimits the scope of the law enforceable against public and

private projects which, by reason of their size or nature, are likely to have an impact on the environment. It

defines the objectives and content of an impact study and makes the granting of any authorization for the

realization of said projects conditional on obtaining an "Environmental Acceptability" decision. The law

provides for a mandatory public inquiry, the conditions of application of which are laid down in Decree No.

2-04-564.

Morocco has developed an environmental policy aimed at preserving ecosystems and promoting sustainable

development. The Moroccan legislative framework includes several legislative texts aimed at protecting

public health and the environment.

Mining activities are governed by several legislation, a few of these are listed below:

• Law 33-13 (2016), Mining Code;

• Decree n°2-15-807 (April 20, 2016), on the application of Law 33-13;

• Dahir no 1-03-59 - Law No. 11-03 on the protection and enhancement of the environment;

• Dahir no 1-03-60 - Law No. 12-03 on environmental impact assessments studies and their implementing

Decrees;

• Decree No. 2-04-563 of November 4, 2008, on the functions and operation of the national committee

and regional committees studying environmental impacts;

• Decree No. 2-04-564 04 November 2008 listing rules for the organization and conduct of the public

inquiry into the Project subject to the studies of environmental impacts;

• Dahir no 1-03-61 - Law No. 13-03 on the fight against air pollution;

• Law No. 49-17 on Environmental Assessments (August 13, 2020);

• Law 99-12 relative to a national charter on the environment and sustainable development;

• Law 42-6 concerning Paris Agreement on climate change;

• Law No. 28-00 on waste management and disposal;

• Law 36-15 concerning water;

• Dahir No. 1-69-170 of July 1969 on the protection and restoration of soil;

• Dahir 20 Hijja 1335 (1917) on forest conservation and exploitation.

Morocco has also ratified the following international conventions that are applicable to the project:

• Paris Climate Accords;

• Ramsar Convention on Wetlands of International Importance Especially as Waterfowl Habitat;

• UNESCO Convention Concerning the Protection of the World Cultural and Natural Heritage;

• Convention on International Trade in Endangered Species of Wild Fauna and Flora

• Bonn Convention on Migratory Species;

• Vienna Convention for the Protection of the Ozone Layer;

• United Nations Framework Convention on Climate Change;

• Convention on Biological Diversity.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 277

**20.3ENVIRONMENTAL AND SOCIAL SETTING**

**20.3.1Soils and land capability**

The topography of the Zgounder mine site is characterized by steep hills with elevations of around 2,100 m

with low valleys and seasonally flowing rivers (oueds).

In the study area, the risk of landslide is medium. Indeed, the rainfall regime of the area, the slope of the

ground, the geology, the characteristics of the soil, the soil cover, and the earthquakes probability lead to an

average risk of localized landslides.

ENGITECH/TEVARI is responsible for the environmental monitoring of the Zgounder Mine developed since

2014. The results from the July 2014 sampling campaign are considered as reference samples, even though

they are not representative of the initial state of the area before mining activities. The metal concentrations

were above agricultural norms within the mine site and tailings impoundments.

As part of the ongoing monitoring program, topsoil serving as a substrate for the crops located downstream

of the mine are sampled. The parameters analyzed are Cu, Zn, Pb, As and Hg. The concentrations are below

the threshold applied to agricultural land (Tevari, September 2020). Due to lack of information, the sampling

location is not specified.

A soil characterization was performed by Labomag in May 2021. The soil samples were taken approximately

2.5 km downstream of the mining activities along the Zgounder oued. The soils were defined as having a

remarkably coarse texture. The parameters analyzed were Cu, Zn, Fe, Mn, Cd, Pb, As, Ni, Cr, Co, Ba, Hg, and

CNtot. The petroleum hydrocarbons were not characterized.

A new soils characterization was performed by Afrilab in 2024, incorporating a number of samples across the

site and downstream on the Zgounder River. Using the CLEA UK assessment tool, which relates to human

health risk, it is noted that the results for As, Ba, Zn, Cu, CN and Pb are not above the threshold developed for a

commercial industrial setting in the CLEA model. In addition, there is a high concentration of iron in the soil

which will make some of the metals/metalloids less bioaccessible to humans and therefore provides

reassurance that the concentrations do not pose a risk for chronic long-term expose. A full assessment was

not deemed necessary at this stage. Any community use of soils in gardens (if applicable) would however

need further consideration, if applicable.

**20.3.2Biodiversity**

In the watershed of the Oued Souss, there is a multitude of species of mammals, including: red fox, wild boar,

African golden wolf, cape hare, squirrel of getulie, Algerian hedgehog, gerbil, gray mouse, bat, etc. The species

most represented and best adapted to the environment are rodents and chiroptera. The mining site, being

practically bare does not attract avifauna.

In the study area, natural vegetation such as argan trees, olive trees and almond trees, is found mainly on the

edge of the Souss oued and its tributaries, and in wildlife parks.

Near the rivers, the vegetation is diverse with, oleanders, reeds, colchiques, and exotic species, such as Berber

cacti. Land use is dominated by the practice of annual crops and arboriculture. Within this perimeter, citrus,

almond and wild olive trees occupy a large fraction of the area.

Elsewhere vegetation has been modified by man. The vegetation introduced by man are eucalyptus, poplar,

and fruit trees (almond, olive, fig). The Argan tree, an endemic plant of the region is not present. In the Souss

valley, jujube bushes are found. Low crops, namely cereals (wheat, barley, corn) and vegetables (tomato,

potato, pepper, alfalfa, etc.) are cultivated.

Near the project site, the vegetation is limited to mosses, lichens, and a few trees.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 278

**20.3.3Water resource**

**20.3.3.1Hydrology**

The Zgounder mine site is located within two (2) watersheds, the Zgounder Basin and the Aoulouz Basin.

These two (2) basins are located in the upstream part of the large watershed of Souss-Massa. They are

drained respectively by the oued Zgounder (or Achkoukchi) site and the oeud Aoulouz. These two streams

flow into the main river of Souss. The runoff on the site is generally from east to west, from the high

mountains of Siroua to the plain of Souss-Moussa.

The oued Zgounder which crosses the mine site is an intermittent stream with seasonal flow. This river

sometimes experiences strong seasonal variations in flow regime, with high water usually recorded from

November to May and low water levels from June to September.

**20.3.3.2Surface water quality**

In the ESIA, a characterization of surface water was performed by Labomag laboratory. A total of ten (10)

water samples were taken and analyzed in May 2021. As shown in the figure bellow, five (5) samples were

taken in the vicinity of the mine site, while the others were taken downstream of the Project along the

Zgounder oued. The results were compared to Decree no 1276-01 of 2002 criteria for surface water quality.

All the sampling stations showed total Kjeldahl nitrogen (NTK) values above criteria. In the mine area, the

concentrations were above criteria for COD, total phosphor, zinc, iron, copper, manganese, NTK, cadmium,

nickel, arsenic, detergents, cyanide, phenols, and total hydrocarbons. The concentrations at the sampling

stations located 2.5 km (Eau 7) and 4.7 km (Eau 8) downstream met the norms, except for anionic detergents

and phenols.

![image45a.jpg](image45a.jpg)

**Figure 20-1Surface Water Monitoring Stations in 2021**

**20.3.3.3Hydrogeology**

A hydrogeological study prepared by Englobe Corp. and was issued in March 2021 . The objective of this study

was to collect existing geological and hydrogeological information in the area of the mine, in order to evaluate

the aquifer potential for future need in process water.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 279

The Project area is classified as a discontinuous aquifer area directly related to the existing fracturing

network, in sedimentary, metamorphic, and volcanic rocks, which could be productive, since recharged by

precipitation and snowmelt. In this region, water sources are observed along faults and at the contact level of

permeable and impermeable layers, which confirms the presence of an aquifer. Several types of wells are

observed in the valleys, from traditional wells and others equipped with pumps to provide potable water and in

some case irrigation water and are less then 15 m depth. There are no wells at the mine site.

The majority of the wells are sunk into granite faults and the water level varies between 3 and 22 m.

In general, based on topography, fracturing zones and the hydrographic network, regional groundwater flow in

the area is oriented northeast to southeast. The figure 20-2 depicts the presumed groundwater flow axes of

the Zgounder region.

![image91a.jpg](image91a.jpg)

**Figure 20-2General direction of groundwater flow**

Since 2014, the environmental monitoring and surveillance program has been monitoring groundwater from a

single well identified as downstream of Zgounder located 5 km west of the mine site. The parameters

analyzed are the same as surface water. The water quality is, in compliance with regulatory norms, but

concentrations in nitrates (NO₃) are high (June 2020: 22.8 mg/L and September 2020: 85.10 mg/L) compared

to surface water sampling stations at the mine (< 5 mg/L). Nitrates are commonly used in explosives.

Information concerning the local hydrogeology at the mine site is insufficient and considering the high

potential of infiltration previously mentioned and the presence of contaminants near the mine infrastructure, it

is recommended that more monitoring wells be installed and that a hydrogeological investigation be

performed. Petroleum hydrocarbons should also be added to the list of parameters.

It must be noted that many improvements have been made to the operation site. The new tailings

impoundment is lined with an impermeable geomembrane, which protects infiltration from reaching the water

table. This is a very good and effective mitigation measure.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 280

**20.3.4Air quality**

**20.3.4.1Climate**

The Zgounder mine is located between 1925 and 2200 MASL on the western side of the Siroua massif of the

Anti-Atlas. This region is separated from the influence of the Mediterranean climate by the High Atlas

mountains to the north and therefore shares the climate of the Sahara. The region is semi-arid as the Sahara

Desert is less than 50 km away. Winters are cold and up to 50 cm of snowfall can occur above 1600 m altitude

during the first quarter of the year. Average annual precipitation is 500 mm, with the driest month being July

with 3 mm of rain, and December the rainiest with an average of 70 mm. The mean annual temperature is

approximately 12.2°C, summers are warm to hot and mostly dry.

The Siroua massif is usually covered with snow during winter. The rivers in the area are fed directly by

snowmelt.

**20.3.4.2Air quality**

NOVEC has mandated SGS to perform ambient air quality measurements in 2021. The sampling took place at

four (4) locations: three (3) at the mine site mine and one (1) in the municipality of Askaoun. Samples and

measurements were carried out in accordance with Decree No. 2-09-286 of 20 hija 1430 (8 December 2009)

establishing air quality standards and air monitoring procedures. The parameters measured were SO2, NO2,

O₃ CO, HCN, PM10 and heavy metals: As, Mn, Cr, Ni, Pb, Hg.

In comparison to the Moroccan reference limit values mentioned in ministry decrees, all results are lower than

the threshold values, except for dust PM10 at three (3) locations. The source of emissions is assumed to be

hauling and dumping of trucks and, wind erosion which can be controlled with water trucks, paved roads and/

or installation of wind barriers.

Monitoring of ambient air was not part of the environmental surveillance and monitoring program initiated in

2014 and it has been included and updated in 2021.

**20.3.4.3Environmental noise**

NOVEC conducted in March 2021 a three-day noise measurement campaign at three (3) locations in the

Zgounder mine: the cyanidation plant, the camp, and the access to the underground mine. The measurements

at the mining site respect the legislation criteria.

Noise monitoring was not part of the 2014 surveillance program. It is, however, included in the proposed 2021

surveillance and monitoring program (pre-construction and construction).

**20.3.5Socioeconomic baseline environment**

In 2022, the European Bank for Reconstruction and Development require Aya to complete the 2021 ESIA with

a detailed household level socioeconomic survey. Aya mandated PHENIXA, a Moroccan based consulting

firm, to do the surveys and draft the updated social baseline.

The study area is characterized by a total population of 14,923 inhabitants distributed across 2,676

households, with an average household size of 5.47 persons (2022 data). The fertility rate stands at 3.49,

which is higher than the regional average of 2.2. Illiteracy rates remain high: 52.5% in Askaoun and 58% in

Taouyalte, with more than 60% among women. Poverty affects 11.2% of households compared to 9.2% in the

rural regional average, and vulnerability reaches 11%. Migration is significant, representing 56.5% of the

population, including 27% internal migration and 16% seasonal migration. Employment is mainly based on

agriculture (barley and saffron), but this sector is weakened by drought that is also leading to a decline in

livestock farming. The mine is a major source of jobs, employing 89 local workers in 2022.

Regarding services and infrastructure, road access is difficult due to degraded tracks. The education sector

includes 21 primary schools, but facilities are fragile and insufficient. Health services are limited to one rural

clinic per commune, lacking equipment and staff. Access to drinking water remains problematic, with 23% of

households not connected. Electricity coverage is relatively high (92.5% in Askaoun and 96% in Taouyalte),

though some families remain excluded due to financial constraints. Housing is mixed, dominated by

traditional constructions, while mobile and internet coverage is generally available.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 281

**20.4ENVIRONMENTAL AND SOCIAL RISKS AND IMPACTS**

**20.4.1General Information concerning existing and new infrastructures description**

The main features of the Zgounder Mine are shown in the map on figure 18-1. The new infrastructure such as

the open pit, waste dump and tailings are also indicated.

The ore is extracted from the underground mine and haul to the processing plants. There are four (4) tailings

impoundments on-site. The historical dam located in the northern portion of the site has been closed since

1990 and contains approximately 500,000 tonnes of material. As part of the Project expansion, it is planned to

treat the tailings again to extract the remaining silver content. The tailings impoundment located south of the

flotation plant closed in 2020 and is being revegetated. The other two (2) tailings are in operation and are

referred to as the cyanide and the flotation dams.

Besides the process of the new treatment plant and location of the new infrastructure, little information is

given concerning the open pit mine, the waste dump design and slope stability, the water management and

effluent discharge location. Information concerning the equipment fleet required for the new open pit mine is

not specified, nor the need to expand the maintenance facilities and petroleum production storage, if required.

The location of the new Tailings Storage Facility was selected considering the advantageous topography for

the installation of the geomembrane. The final height of the dam will be of 48 m. No information is given

concerning the design criteria and stability factor.

**20.4.2Environmental And Social Risk** 

The 2021 NOVEC ESIA examined and measured the magnitude of the impacts, both positive and negative, on

the physical, biological, and social environment during the different stages of the Zgounder Mine.

The components of the environment, which are likely to suffer impacts, are grouped according to the medium

concerned and classified according to their sensitivity. The analysis of this sensitivity makes it possible to

define the level of resistance that the element presents in relation to the Project.

This sensitivity is the crossing of the apprehended impact and the value of the element as presented in the

table bellow.

**Table 20-1Environmental sensitivity evaluation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Elements** | **Anticipated impact** | **Value** | **Sensitivity** |
| **Physical Environment** | Ground | Weak | Average | Weak |
| **Physical Environment** | Ambient air | Medium | Average | Average |
| **Physical Environment** | Water quality | Medium | Strong | Strong |
| **Physical Environment** | Natural landscape | Medium | Weak | Weak |
| **Biological** <br>**Environment** | Flora | Weak | Average | Weak |
| **Biological** <br>**Environment** | Fauna | Weak | Average | Weak |
| **Biological** <br>**Environment** | Wetlands & Protected areas | Weak | Weak | Weak |
| **Social Environment** | Population and Habitation | Medium | Average | Average |
| **Social Environment** | Health and safety | Medium | Average | Average |
| **Social Environment** | Noise | Weak | Average | Weak |
| **Social Environment** | Socio-economy activities / <br>Employment +++<br>| Medium | Average | Average |
| **Social Environment** | Infrastructure and <br>equipment<br>| Medium | Average | Average |
| **Social Environment** | Archeology and heritage | Weak | Weak | Weak |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 282

Detailed and specific mitigation measures are presented for each significant impact in the NOVEC ESIA

report. These measures are also found in the 2021 Environmental and surveillance program report and are

part of Aya's commitment to preventing and controlling contamination.

**20.5GOVERNANCE**

**20.5.1Sustainability reporting**

Aya Gold & Silver publishes a yearly Sustainability Report available at https://ayagoldsilver.com/esg-analyst-

centre/. The latest available is the 2024 Sustainability Report, which is aligned with the GRI, SASB and TCFD

reporting standards. It includes detailed GHG emissions inventory and plan for emissions reductions at the

Zgounder Silver Mine.

**20.5.2Environmental monitoring plan**

An Environmental Monitoring Plan (EMP) was validated by the Moroccan authorities in 2014, and the firm

TEVARI has conducted quarterly site visits since 2015. Water and soil quality and tailings stability were the

main aspects covered. The reports from 2015 to 2021 are presented in the ESIA appendices, and the January

to September 2021 were made available for consultation.

An updated version of the environmental monitoring and surveillance plan was prepared in December 2021

with the addition of new elements and indicators. The table bellow is a summary of the updated monitoring

and surveillance plan.

**Table 20-2Proposed Environmental Surveillance and Monitoring Program**

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Indicator** | **Location** | **Frequency** |
| **Noise** | Noise Level | Surroundings of the <br>project area<br>| 1 x / Month |
| **Soil** | Reporting accidental spills<br>Contaminant, quantity and quantities of soil <br>excavated<br>| Incident location | 1 x / Quarter |
| **Air quality** | Monitoring of air quality indicators (PM10, PM<sup>2</sup>.5, CO, <br>CO2, NOx, NO2, etc.) and mercury<br>| Surroundings of the <br>project area<br>| 1 x / Quarter |
| **Landscape integration** | Visual appearance of all equipment and at the <br>discharge point<br>| Study area | 1 x / Year |
| **Fauna and Flora** | Status of presence of species:<br>Number of dead birds per year and lost habitat,<br>ornithological indicators: Kilometric Abundance Index <br>(IKA) and Point Abundance Index (IPA)<br>State of flora in temporary storage areas<br>| Study area | 1 x / Year |
| **Affected Community** | Incidence of pollution-related illnesses and deaths<br>Water quality and availability<br>| Study area | 2 x / Semester |
| **Affected Community** | Socio-economic development indicators | Study area | 1 x / Year |
| **Surface and** <br>**groundwater** | Level and quality of groundwater and surface water <br>(MES content) at the catch area<br>| Determined <br>stations<br>| Monthly |
| **Surface and** <br>**groundwater** | Accidental spill quarter quality | Study area | At each incident |
| **Potable water** | Water quality | STEP | 1 x / 3 months |

---

Aya is committed to maintaining environmental monitoring throughout the various phases of the mine life, to

the implementation of mitigation measures and to reporting. Aya mandated NOVEC to conduct quarterly

monitoring site inspections and draft and submit the report to the Environment Ministry regional

administration in Agadir.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 283

**20.5.3Environmental issues**

No known environmental issues were identified by the author from the existing environmental studies. In the

author's opinion, there are no environmental issues that could materially impact the ability to extract the

Mineral Resources and Mineral Reserves based on the review of the available documentation.

**20.6CONSIDERATION OF SOCIAL AND COMMUNITY IMPACTS**

**20.6.1Community development plan**

In Morocco, there are no requirements for mining companies to establish or implement community

development plans. However, in 2021, ZMSM developed a community development plan to implement its

policy and vision of creating shared value.

Since that year, the Corporation has continuously improved and updated its approach and has now a yearly

community development program that is made in collaboration with local authorities and population. A

participatory approach is integral to the functioning and effectiveness of this program in creating shared value

and contributing to the social license to operate.

The annual Sustainability Report highlights individual projects within the community development program in

its section "Community Development".

**20.6.2Stakeholder Engagement plan**

In 2022, ZMSM drafted and implemented a Stakeholder Engagement Plan (SEP), which was subject to the due

diligence and approval of the European Bank for Reconstruction and Development (EBRD). Available on Aya's

website, the plan outlines the stakeholder map as well as the venues and methods for stakeholder

engagement throughout the life of mine.

ZMSM also developed a Community Grievance Resolution Mechanism (CGRM), which is hosted within the

SEP. The aim of a CGRM in a mining project is to provide a transparent, accessible, and fair process for local

stakeholders to raise concerns or complaints related to the project's activities and impacts, and to ensure

these issues are addressed promptly and effectively. It helps build trust between the company and the

community, reduces conflicts, promotes social license to operate, and ensures compliance with international

standards on human rights and environmental responsibility. By offering a structured way to resolve

grievances, the mechanism supports sustainable development and fosters positive long-term relationships

with affected communities. Potential grievances are reported publicly on a yearly basis in the annual

Sustainability Report.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 284

**20.7CLOSURE PLAN**

In Morocco, there are no mine closure requirements within the mining code or other relevant legislative

framework. Aya has developed a Conceptual Closure Plan (CCP) to ensure a safe and sustainable

environmental and physical closure of the Zgounder mine at the end of operations. In the absence of a

Moroccan legislative framework, Aya has followed the objectives of international good practices, such as:

• Protect public health and safety;

• Reduce or prevent environmental degradation;

• Allow appropriate time for revegetation;

• Return the mine-affected area to a state that is consistent with stakeholders' land use expectations.

The CCP takes into consideration, certain assumptions are as follow:

• Runoff and seepage quality within the industrial site (waste rock storage, tailings) will be acceptable in

accordance with Moroccan legislation and will not require additional treatment;

• Groundwater quality will be acceptable;

• Progressive rehabilitation will take place during the mining operation;

• The costs of decontamination, dismantling and relocation of the equipment of the treatment plants will

be offset by the selling price;

• The buildings (offices, workshops, accommodation camp, etc.) will be in an acceptable condition to be

transferred to a third party;

• Roads necessary for inspection and monitoring will be maintained;

• No re-sloping or rehandling of material of dikes or waste pile slopes are required;

• An allocation of USD 1 million is planned for the general cleaning of the site, the removal of materials

and equipment, the dismantling of permanent electrical and piping connections to modular buildings,

etc.;

• An allocation of $50,000 is provided for the treatment of hydrocarbon contamination on the surface.

In general, the mine pit will be secured to avoid accidents and the industrial site, including the tailings dykes

and surface, will be covered with 20 cm of topsoil and seeded with grass and bushes.

Public consultation will take place before finalizing the mine closure plan. A closure surveillance and

monitoring will be defined in collaboration with the authorities. The program will remain in place during the

decommissioning period and at least for a 5-year period after closure.

The water runoff and seepage will be monitored as well as the stability of dykes of waste rock and tailings.

Areas above underground works will also be inspected in order to identify signs of settlements. The success

of revegetation activities will be monitored to ensure viable and self-sustaining vegetation growth in

rehabilitated areas and to determine whether other vegetation support activities are warranted.

The estimated closure cost for the Zgounder mine is USD 4 million. This includes an estimated 10% of the

total for management fees and 20% for contingencies.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 285

21.0**CAPITAL AND OPERATING COSTS**

**21.1INTRODUCTION**

Zgounder operations are a mix of owner and contractor operations. Notably, underground production,

maintenance, technical services, processing, and all other site services are owner operated. Open pit

production and maintenance is contractor based. Finally, underground long term development (capital) is

mostly contracted and some stope access are also contracted.

In this section, capital costs as well as current operating costs for the LOM are detailed, based on current

fixed and variable cost of the Zgounder mine, but also including forecasted cost based on the reserve

estimate.

**21.2CAPITAL COSTS**

Capital costs include lateral and vertical development for the underground mine. It also includes underground

mining equipment and associated underground services such as electrical substations and mine dewatering

equipment for future sub levels.

Outside the underground mine, capital costs also include multiple tailing storage facility expansions and

closure costs. Processing plant capital was accounted for to stabilize plant capacity to target tonnage. It

should be noted that all future pushback (stripping) of the open pit were included directly in operating costs.

Furthermore, no exploration drilling was included in capital cost. Definition drilling was included in operating

costs in section 21.3.1

The total LOM capital expenditure is planned to be US$71.4 million and detailed as below.

**Table 21-1Life of Mine capital costs for Zgounder operations**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Capital Costs** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **Total** |
| Lateral Development | 941 | 438 | 290 | 093 |  |  |  |  |  |  |  | 1762 |
| Vertical Development | 184 | 049 | 021 | 069 |  |  |  |  |  |  |  | 322 |
| Mining Equipment | 220 | 119 | 089 | 134 | 068 | 008 | 008 | 008 | 008 |  |  | 662 |
| Mining Services | 130 | 125 | 114 | 026 |  |  |  | 016 |  |  |  | 410 |
| Tailing storage facility | 737 |  |  | 740 |  |  | 700 |  | 300 |  |  | 2477 |
| Closure Costs |  |  |  |  |  |  |  |  |  | 204 | 204 | 409 |
| Process Plant | 600 | 500 |  |  |  |  |  |  |  |  |  | 1100 |
| **Total Capital Costs** | **2811** | **1230** | **514** | **1062** | **068** | **008** | **708** | **024** | **308** | **204** | **204** | **7142** |

---

**21.3OPERATING COSTS**

In this section, operating costs are defined in both fixed cost per year and variable cost per tonnes. Open pit,

underground, processing, site support, and operation support from Casablanca regional and Montreal

corporate offices are detailed. The operating costs presented in this section are based on the physicals from

2026 until the end of the LOM. Operating costs presented and calculated as of 2026 forward.

Open pit costs are reported per tonne of ore from the open pit mine. Underground costs are reported per tonne

of ore from the underground mine. Blended mining cost are reported per tonne of ore mined, regardless of its

origin. All other costs are reported per tonne of ore processed.

General and administration costs include site support, external costs and operation support from Casablanca

and Montreal corporate office. It also includes a mining tax of 3MAD per tonne of ore mined and a royalty of

3% of revenues. Conversion of 9.37 for MAD/USD was used for the mining tax and a silver price of $28/oz for

the royalty calculation.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 286

**Table 21-2Life of Mine unit operating costs**

---

| | |
|:---|:---|
| **Unit cost per tonne** | **USD/t** |
| Mining cost per tonne of open pit ore | 23.87 |
| Mining cost per tonne of underground ore | 64.63 |
| Blended mining cost per tonne of ore mined | 30.53 |
| Processing cost per tonne processed | 21.16 |
| G/A cost per tonne processed\* | 18.25 |
| **Total cost per tonne processed\*\*** | **69.47** |

---

*\*G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties*

*\*\*Sum of unit cost (blended mining, process, G/A) is different at 69.94 because of existing stockpiles. Unit costs are calculated for the LOM* 

*as of year 2026 forward.*

**21.3.1Open pit mining**

Open pit mining costs are estimated at $2.45/t for waste and $4.72/t for ore mined in the open pit. These

operating costs include. Definition drilling by reverse circulation on a 25x25m grid, drilling, blasting, loading,

haulage to the ROM pad for ore and waste dump for waste and, finally, mine production assay costs.

**Table 21-3Open pit mining, unit operating costs**

---

| | | |
|:---|:---|:---|
| **Unit cost (US$/t)** | **Ore** | **Waste** |
| Drill and Blast | 1.04 | 0.75 |
| Loading | 0.73 | 0.30 |
| Transport | 2.48 | 0.92 |
| Assay cost | 0.13 | 0.13 |
| Definition drilling | 0.34 | 0.34 |
| **Total** | **4.72** | **2.45** |

---

**21.3.2Underground mining**

Underground mining costs were estimated at a total weighted average of US$64.63 per tonne of ore mined

underground for the LOM. This unit cost was derived from a mixture of cut-and-fill and long hole stope

method, with an increasing cost for hauling over the life of mine as sub levels are developed. The unit mining

cost includes stope development, production, backfill, and a portion of technical services and admin costs

were incorporated. All services, ground support consumables are included in the underground mining cost.

**Table 21-4Underground mining, unit operating costs**

---

| | |
|:---|:---|
| **Underground mine Costs** | **US$/t** |
| Production | 37.63 |
| Cemented Rock Fill | 8.21 |
| Geology and definition | 16.87 |
| Admin | 1.92 |
| **Total** | **64.63** |

---

**21.3.3Processing**

Processing was estimated at US$19.20 per tonne of processed ore using current processing costs.

Processing unit cost include crushing, milling, gravity circuit and intensive leaching, pre-thickening, oxygen

generation, leaching, thickening and pregnant solution recovery, clarifying, Merrill-Crowe, smelting and casting.

It also includes tailings deposition operating costs and a portion of maintenance costs such as tools and

consumables that are not directly attributed to plant sector.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 287

**Table 21-5Processing variable operating costs**

---

| | |
|:---|:---|
| **Variable Processing Costs** | **US$/t** |
| Crushing | 0.85 |
| Grinding | 4.70 |
| Gravity | 0.07 |
| Leaching | 8.60 |
| CCD | 0.45 |
| Merrill-Crowe & Smelting | 2.41 |
| Tailing | 0.76 |
| Maintenance | 1.36 |
| **Total** | **19.20** |

---

In addition to variable costs, processing fixed cost of $2.74 million per year include manpower, metallurgy,

water storage management, and admin as follow:

**Table 21-6Processing fixed operating costs**

---

| | |
|:---|:---|
| **Fixed Processing Costs** | **US$M/year** |
| Manpower | 1.85 |
| Water Storage | 0.10 |
| Metallurgy | 0.33 |
| Admin | 0.45 |
| **Total** | **2.74** |

---

**21.3.4Site support**

Costs for site services are estimated at US$10.4 million dollars per year, as follow:

**Table 21-7Site operating costs**

---

| | |
|:---|:---|
| **Site support** | **US$M/year** |
| Technical services | 1.86 |
| Maintenance | 0.98 |
| Health and safety | 1.53 |
| Logistics | 2.04 |
| Admin | 3.96 |
| Total | 10.36 |

---

Technical services include manpower, environmental monitoring, mine engineering and laboratory fixed costs.

Maintenance include tools and manpower only. Health and safety includes small tools, equipment and

manpower for site health clinic, mine rescue team and industrial hygiene. Logistics include site procurement,

employee transport, warehouse fixed costs and camp operating costs. Finally, admin costs include human

resource support on site, IT, cost control, community engagement, and site admin.

**21.3.5External Costs**

External costs are also incurred for offsite silver transport and smelting costs. Cost are reported in oz of silver

produced, aggregated in the table below:

**Table 21-8Site external costs**

---

| | |
|:---|:---|
| **External costs** | **$/oz** |
| Transport charges | 0.29 |
| Smelting fee | 0.18 |
| **Total** | **0.47** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 288

**21.3.6Operation Support - Casablanca and Montreal office** 

In additional to site services, US$6.9M per year are spent from the Casablanca and Montreal offices to

support operations at Zgounder. Office costs are mostly manpower, software and administrative costs

directly affected to support Zgounder operations.

**Table 21-9Head office administration costs**

---

| | |
|:---|:---|
| **Operation Support Casablanca and Montreal offices** | **US$M/year** |
| Procurement | 0.40 |
| Human resources | 0.49 |
| IT | 0.29 |
| Cost control | 0.20 |
| CSR | 0.14 |
| Accounting | 2.37 |
| Corporate administration | 1.20 |
| Montreal Office Operation Support | 1.80 |
| **Total** | **6.88** |

---

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 289

22.0**ECONOMIC ANALYSIS**

In accordance with Form-101F1, the information required under Item 22 is excluded as this Technical Report

does not include "a material expansion of current production".

The Mineral Reserve declaration is supported by positive cash flows, based on the estimates presented in this

report and confirms that the outcome supports the statement of Mineral Reserves.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 290

23.0**ADJACENT PROPERTIES**

Zgounder is located in a region that hosts several mineral occurrences, primarily of copper (Cu), silver (Ag),

gold (Au), zinc (Zn), lead (Pb), and cobalt (Co), as well as barite (Ba) and manganese (Mn). Some of these

occurrences are currently being exploited through artisanal methods by individuals or small Moroccan

companies.

More broadly, the Anti-Atlas geological domain comprises multiple mineral deposits that have been

historically exploited, are currently active, or are under development (Figure 23-1). These include active mining

projects such as the Imiter silver deposit and the Tizert copper deposit, both operated by the Moroccan

company Managem.

There are no immediately adjacent properties which might materially affect the interpretation or evaluation of

the mineralization or exploration targets of Zgounder.

![image25a.jpg](image25a.jpg)

**Figure 23-1Geological map of the Anti-Atlas Domain with the distribution of several active mining** 

**projects.**

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 291

24.0**OTHER RELEVANT DATA AND INFORMATION**

No additional information or explanatory comments are deemed necessary to ensure that all chapters of this

Technical Report are understandable with no misleading statements or information.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 292

25.0**INTERPRETATION AND CONCLUSIONS**

**25.1GEOLOGY AND MINERAL RESOURCES**

Since the previous Mineral Resource estimate (December 2021), Aya has collected a substantial amount of

new geological information. Approximately 275,000 m of additional drilling has been completed, representing

64% of all drilling conducted to date on the Zgounder mining license.

Of this total, 410 drill holes (59,700 m) were completed for near-mine exploration purposes. These programs

improved the delineation of mineralized extensions at depth below the 1950 m elevation and expanded in-pit

resources both northward and at depth.

The remaining drilling was carried out for grade-control purposes. In the open pit, RC drilling reduced drill

spacing to a 12.5 m × 12.5 m grid down to 60 m below surface. Underground, diamond drilling improved the

definition of new stopes around the 1950 m and 1925 m levels, while underground percussion drilling

continues to be used in production to better define ore boundaries.

The improved understanding of Zgounder's geology and mineralization has resulted in an updated MRE

incorporating a revised domaining and estimation approach. Implicit modelling functions in Leapfrog were

used to constrain grade distribution, with structural trends and parameters informed by TECT structural

observations. Three grade-based domains were modeled using thresholds of 10 g/t (LG), 60 g/t (MG), and 150

g/t (HG).

Assay intervals were composited to 2 m within the ore domains. The LG and MG domains were estimated

using Ordinary Kriging, with a search anisotropy oriented along the structural trend and using a minimum of 4

and a maximum of 40 samples. The same search parameters were applied to the HG domain. Residual

Indicator Kriging (RIK) was used for the HG domain, as this method was considered the most suitable for

modelling the highly skewed distribution of Zgounder Silver.

The updated MRE includes:

• Measured Resources: 14,150 kt at 147 g/t for 67,050 koz

• Indicated Resources: 4,790 kt at 216 g/t for 33,200 koz

• Inferred Resources: 410 kt at 340 g/t for 4,500 koz

**25.2SAMPLE PREPARATION, ANALYSES AND DATA VERIFICATION**

The QP (Honza Catchpole) confirms that the processes, and the quality of samples and associated data, as

determined by their accuracy and precision, meet the Zgounder data quality objective of being fit for the

purposes of classifying Mineral Resources estimates in the Measured, Indicated, and Inferred categories, in

accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines (CIM, 2019).

The processes underlying the collection of informing data reflects mostly good practice and the risk with

respect to the data quality objective is low, in few cases low to medium. The QP (Honza Catchpole) notes the

following.

• The RC primary samples have a low average recovery (40–60%) and grade bias is significant when

compared with paired DD sample results. The QPs (Abraham Whaanga and Honza Catchpole) note a

moderate risk and consider that the overall quality of the RC primary sample is sufficient for the

purpose of classifying an Inferred and Indicated Mineral Resource, but not for a Measured Mineral

Resource.

• Aya provided insufficient amounts of CRMs to the ALS and Afrilab laboratories to monitor the 30-g Ag

FA analytical process, and that most of the Ag values in the Aya database obtained by FA were not

independently controlled by Aya. The QP notes a low to moderate risk with respect to the data quality

objective.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 293

• An overall positive bias of 1–3% (i.e. overreporting Ag) is demonstrated for Afrilab AR-AAS analytical

results, based on a review of laboratory internal CRM data and client-inserted CRMs.

Verification completed by the QP (Honza Catchpole), or under the direct supervision of the QP, only found

minor inconsistencies with respect to the drilling, logging and sampling processes.

• Seven-hundred-and-forty quarter core samples from 31 DD holes were selected for a repeat sampling

program, from a list of available and accessible drill hole intervals from 2017–2024. The samples cover

a representative spread of Ag values from the mineralized zones, including samples with low-,

intermediate- to high-grade Ag concentrations. Results of this program demonstrates a positive average

bias of ~25% towards the repeat samples for Ag <100 ppm (i.e. indicating that Ag in the database is

underreported for values below 100 ppm). No bias is noted for high-grade Ag >100 ppm, supporting

accuracy of the existing Ag database obtained by FA.

• The QP considers the variance between original and repeat sample pairs to be on the high side, but

acceptable and in range of the typical variance of core duplicate samples for this mineralization style.

The QP also notes that precision for the FA data alone (22.9%) is approximately half that of the AR-AAS

data (40.8%). This could indicate that the AR-AAS method is less reliable, and that the suitability of this

method should be reviewed. The higher variance of the AR method could be due to the significantly

smaller analytical aliquot size (i.e. 0.4 g and 0.5 g for AR-AAS compared to 30 g for FA).

**25.3MINERAL RESERVES ESTIMATES**

Mineral Reserves are reported for the open-pit and underground mines, and for the surface stockpiles.

Measured and Indicated Mineral Resources were converted to Proven and Probable Mineral Reserves,

respectively.

Mineral Reserves are reported at a cut-off grade of 40 g/t Ag for the open pit mine, and at 90 g/t Ag for the

underground mine.

Mine designs supporting the Mineral Reserves were based on the operating mine life-of-mine plans assuming

open pit and underground mining methods. Inferred Mineral Resources within the mine designs were

converted to waste.

The Qualified Person is of the opinion that Mineral Reserves were estimated using industry-accepted

practices, and conform to the 2014 CIM Definition Standards.

There are no other known environmental, legal, title, taxation, socioeconomic, marketing, political or other

relevant factors that would materially affect the estimation of Mineral Reserves that are not discussed in this

Report.

**25.4MINING METHODS**

The Zgounder mine operation employs a mix of open pit and underground mining methods.

The open pit mine is a conventional drill & blast, truck and shovel operation, and consists of a single pit. The

underground mine uses a mix of cut & fill . Aya has successfully operated the open pit and underground mines

since 2023 and 2020 respectively.

Pit slope design and underground development and stope designs are based on a combination of

geotechnical designs and operational experience, and the geotechnical controls include also internal audit

from the geotechnical team, as well as external support from consultants who provides recommendations for

both the underground and open pit operations.

The cut and fill mining areas are already active and will be in operation until late 2031 and the longhole mining

area will start in 2026 and be complete in mid 2032. Based on the current Mineral Reserves, underground

operation is planned to end in mid-2032.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 294

Open pit mining, based on the current Mineral Reserves, is planned to end in 2036, which corresponds to the

end of the current LOM of the Zgounder operation. Ex-pit mining rates are planned to be maintained at around

45 ktpd until 2030, decrease to 22ktpd until 2033 and then gradually decrease to 12-14 ktpd until the end of

the LOM.

The production plant, based on the current Mineral Reserves, will deliver an average of 6.0Moz of silver over

the next 11 years.

**25.5MINERAL PROCESSING AND METALLURGICAL TESTING**

Various levels of metallurgical testwork have been carried out since 1979. The most significant testwork,

which served as the basis for the mill design, was performed in 2021 by SGS Lakefield. The interpretation and

analysis of this test work results were carried out by DRA. This analysis was then used to determine the

process design basis and flowsheet of the new Plant # 1 for the Feasibility Study.

Since the completion of the Feasibility Study, modifications were made to the process flowsheet, and the

flotation circuit was removed in favor of a cyanidation plant with a gravity circuit. This resulted in additional

test work being completed in 2023.

From the test work results, the following findings were used for determination of the process flow diagrams

and design criteria.

• Based on the mineralogical examination, the anticipated silver recoveries were expected to be in the

high 80% to low 90% range. This was confirmed throughout the test program.

• The ore can be considered to be very hard, with all samples testing in the 90<sup>th</sup> to 100<sup>th</sup> percentile of

hardness.

• The E-GRG number for the Main Comp was 33.8%, indicating that the inclusion a gravity circuit in the

final flowsheet is justified.

• Flotation tests confirmed that the gravity tailings are amenable to flotation. The flotation option was

retained during the Feasibility Study; however, direct cyanidation of the gravity tailings option was

ultimately selected for engineering and construction.

• Cyanidation test work demonstrated that the best recoveries are achieved at extended durations and

high cyanide levels.

• Merrill-Crowe silver recovery was selected for the final design.

The plant #1 was constructed and commissioned in 2024 and achieved nameplate of 2,000 tpd in January

2025. The plant was subsequently debottlenecked during the following months, and the combined slurry flow

(from plant #1, #2 and #3) reached 3,650 tpd. Further optimization and small upgrades of parts of the circuit

flowsheet will continue in 2026 to reliably achieve 3,850 tpd.

**25.6INFRASTRUCTURES**

Infrastructure required for operations is constructed and operational. The infrastructure is sufficient to

support the current LOM plan.

The current site infrastructures include:

• The Main access road

• The Open Pit and Underground mines

• The processing facilities,

• The process plant service buildings (warehouse, the open storage area, workshop, reagent warehouse,

and office buildings)

• The mine facilities (mine offices, the surface workshops, the mine consumables storage areas,

explosive storage, the diesel storage, the weight bridge, and the mine electrical substation)

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 295

• Administration buildings, the health and safety induction building and mine rescue building, the first aid

building / infirmary building, and the site canteen

• The site accommodation camp

• The main incoming electrical substation, with 60/22kV transformers,

• The laboratories

• The water storage basins and water harvesting dams

• The decommissioned Tailings Storage Facilities (TSF)

• The active TSF (TSF-E)

• The waste storage area

**25.7ENVIRONMENTAL, PERMITTING AND SOCIAL CONSIDERATION** 

On August 15, 2014, the Zgounder mine received the first environmental acceptability from the prefecture of

Agadir Ida-Outanane. Following the expansion project, ZMSM received on February 23, 2022, the

environmental acceptability by the Regional Center of Investment (CRI) of the Souss-Massa region.

An Environmental Monitoring Plan (EMP) was initially validated by the Moroccan authorities in 2014. An

updated version of the environmental monitoring and surveillance plan was prepared in December 2021 with

the addition of new elements and indicators. Aya is committed to maintaining environmental monitoring

throughout the various phases of the mine life, to the implementation of mitigation measures and to reporting.

Aya mandated NOVEC to conduct quarterly monitoring site inspections and draft and submit the report to the

Environment Ministry regional administration in Agadir.

In 2022, a Stakeholder Engagement Plan (SEP) was drafted and implemented, this SEP was then subject to

the due diligence and approval of the European Bank for Reconstruction and Development (EBRD). Available

on AYA's website, the plan outlines the stakeholder map as well as the venues and methods for stakeholder

engagement throughout the LOM.

Aya has developed a Conceptual Closure Plan (CCP) to ensure a safe and sustainable environmental and

physical closure of the Zgounder mine at the end of operations. In the absence of a Moroccan legislative

framework, Aya has followed the objectives of international good practices

**25.8CAPITAL AND OPERATING COSTS**

The total sustaining capital costs planned over the Zgounder LOM is US$71.4M. It includes lateral and vertical

development for the underground mine, underground mining equipment and associated underground services,

tailing storage facility expansions and closure costs, processing plant debottlenecking costs.

Open pit mining operating costs are estimated at $2.45/t for waste and $4.72/t for ore, and underground

mining operating costs were estimated at a total weighted average of $64.63/t for the LOM.

Processing variable costs was estimated at $19.2/t using, and fixed processing plant costs at US$2.74M per

year.

**25.9RISK AND OPPORTUNITIES**

The following risks have been outlined for the Zgounder mine:

• Mineral Resource estimation risks, as outlined in Section 14.11

• In the open pit mine, the risks related to the presence of known and unknown voids from the historical

underground mining activities

• Negative variations to silver price assumptions

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 296

• The impact of other metals, such as copper, on silver recovery as new zones in the deposit are mined

and processed

• The mill throughput can be impacted by variations in ore hardness as the deposit is developed

• Additional dilution and / or ore losses due to overbreak or underbreak in the underground mine, and

poor anticipation of blast movements in the open pit

• Slope instability due to poor geotechnical design in the open pit

• Stope instability underground causing loss of ore, or possibly reserves condemnation

• Lack of experienced workforce to support the start-up of a new mining method (longhole stoping) in the

underground mine

The following opportunities have been identified for the Zgounder mine:

• Extension of mine life and improved production profile through further conversion of Mineral Resources

into Mineral Reserves, and / or additional mineralized zone at depth

• Upgrade of some of the Inferred Mineral Resources to higher confidence categories, in order to include

part of it the Mineral Reserves

• There is mineralized material that is extracted from both the Open Pit mine and Underground mine with

marginally economical grade, which is stored separately, and which could potentially become

economical in the future if market conditions allow or if a new processing technology is implemented

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 297

26.0**RECOMMENDATIONS**

**26.1EXPLORATION**

Aya owns or controls 15 exploration permits (168km<sup>2</sup>) and 9 mining licenses (210km<sup>2</sup>) in the Zgounder

Property area (278km<sup>2</sup>) in the central part of the Anti-Atlas Mountains of the Kingdom of Morocco. The

Zgounder Ag mineralization is primarily hosted within metasedimentary rocks and follows the contact with a

rhyolitic unit along a 1 km east-west trend. Silver occurs predominantly as fracture filling or disseminations,

but can also be hosted within hydrothermal breccias and, more rarely, in quartz veins.

Additional expenditure on exploration activities is recommended by the Authors for the following:

• Infill drilling in specific areas of the Zgounder deposit to upgrade Mineral Resources from Inferred to

Indicated categories.

• Extension drilling to test the continuity of the Mineral Resources, including: (A) West of the Zgounder N–

S fault; (B) North of the open pit at depth near the granite contact.

• Drilling of potential near-mine targets generated by follow-up geological work and prospecting.

• Follow-up geological work, including detailed mapping, mineral prospecting, and systematic grab

sampling for assay.

• Deposit-scale study focusing on the identification, spatial distribution, and geochemical characterization

of the distinct types of Ag-rich hydrothermal breccias, to support vectoring toward ore shoots.

• Deposit-scale geochemical characterization of lithologies and alteration types, and their correlation with

Ag mineralization.

The estimated cost of the recommended work program is US$18.2M which includes 10% contingency

(excluding applicable taxes) (Table 26-1). The program is expected to span two years (2026–2027). Phase 1

is planned for completion in 2026, while Phase 2, scheduled for 2027, is contingent upon the results obtained

from Phase 1.

**Table 26-1Recommended programs and budgets for 2026-2027.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Item** | **Activity** | **Unit (m)** | **Cost Estimate** <br>**(US$)**<br>|
| **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** |
| **2026** |  | Drilling (all-in costs) | 25000 | 4000000 |
| **2026** |  | Administration and Management |  | 280000 |
| **2026** |  | Geological Mapping, Mineral Prospecting, Assays |  | 120000 |
| **2026** | Sub-Total |  |  | 4400000 |
| **2026** | Contingency (10%) |  |  | 440000 |
| **2026** | Total - 2026 |  |  | 9240000 |
| **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** |
| **2027** |  | Drilling (all-in costs) | 25000 | 4000000 |
| **2027** |  | Administration and Management |  | 280000 |
| **2027** | Sub-Total |  |  | 4280000 |
| **2027** | Contingency (10%) |  |  | 428000 |
| **2027** | Total - 2027 |  |  | 8988000 |

---

**26.2SAMPLE PREPARATION, ANALYSES AND DATA VERIFICATION**

The QP (Honza Catchpole) recommends several improvements for future drilling campaigns to ensure the

data quality objective for Zgounder is achieved — to ensure the quality of the samples and associated data, as

determined by their accuracy and precision, are fit for the purposes of classifying Mineral Resources

estimates in the Measured, Indicated, and Inferred categories.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 298

• The quality of the RC primary sample is currently only sufficient for the purpose of classifying an

Inferred and Indicated Mineral Resource. To improve sample recovery, sample splitting, and avoid

sample cross-contamination, the QP recommends overhauling RC drilling SOPs and drilling practices,

replace the current RC rig assembly with a three-way splitting assembly (e.g. Metzke splitter), and

improve QC by monitoring dust suppression, sample weights, penetration rate, and recovery during the

drilling process.

• The QP (Honza Catchpole) recommends that Aya review Afrilab's result-reporting practices, and

consistently investigate observed positive grade bias demonstrated by CRM data. Additionally, the QP

(Honza Catchpole) recommends that Aya commences including sufficient CRM material to control the

process and quality of Ag FA at Afrilab and ALS.

• The QP (Honza Catchpole) recommends that Aya review the SOP for silver umpire laboratory analyses

and implements an umpire program for the new Zgounder ALS laboratory.

• **26.3MINERAL RESOURCE ESTIMATE**

The QPs (Abraham Whaanga and Oliver Bertoli) recommend the following improvements to ensure the data

are fit for the purpose of classifying Mineral Resource estimate in the intended category:

• Increase the quality of the RC primary sample by overhauling the RC drilling SOP's and drilling practices.

• Infill existing Indicated and Inferred areas in the resource with diamond drilling to increase the ratio of

diamond drill holes to RC drill holes, with the intent to upgrade the resource classification.

• Assess the relationship of future RC and diamond drill holes to improve the classification of future

mineral resources.

**26.4MINERAL PROCESSING AND METALLURGICAL TESTING**

Given the results obtained in the 2021 and 2023 testwork programs, the selected flowsheet is expected to

yielded recoveries in the high 80% to low 90%. However, it can be seen that the high copper composite had

lower recoveries than the other samples.

As the production of the mine advances, it is recommended to do the following tests to understand the

metallurgical performance throughout the deposit:

• Perform comminution testwork, especially BWi tests, to better understand the hardness as a function of

location and depth within the orebody. This testwork should be done on both feed material to the mill

(daily composites) and from drill core for future ores.

• Submit samples for mineralogy and silver deportment work. This can be done on both feed material to

the mill (daily composites) and from drill core for future ores.

• Continue to measure copper in the deposit, and perform metallurgical tests for zones with high copper.

Monitor for other deleterious elements, such as arsenic and mercury.

• Perform routine cyanide leaching tests for future ore zones based on the proposed mine plan, especially

in zones that were not covered by master composites and variability tests in 2021 and 2023.

• Perform routine cyanide leaching tests on mill feed material and final tailings composite samples to

validate process plant performance, and provide baseline for future ore testing.

**26.5MINERAL RESERVES AND LIFE OF MINE PRODUCTION PLAN**

The following recommendations are made for the Zgounder mine:

• Continue the regular geotechnical investigations and audits

• Finalize the debottlenecking project, and reach the expected processing rate of 3,850 tpd.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 299

• Look at potential alternative technologies, such as Ore Sorting, to try to improve the grade of material

fed to the mill, or to upgrade the grade of marginal material

• Through additional definition drilling, and better delineation of mineralization, there is a potential to

convert some cut & fill mining area zones into longhole stoping mining and reduce the amount of waste

development meters.

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 300

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28.0**CERTIFICATES OF QUALIFIED PERSONS**

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![a251210_rscxzgoxcertificatc.jpg](a251210_rscxzgoxcertificatc.jpg)

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![a251210_rscxzgoxcertificate.jpg](a251210_rscxzgoxcertificate.jpg)

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**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 313

![zgounder_updatedxmrexqpxceg.jpg](zgounder_updatedxmrexqpxceg.jpg)

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 314

![zgounder_updatedxmrexqpxcee.jpg](zgounder_updatedxmrexqpxcee.jpg)

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 315

![zgounder_updatedxtechreporj.jpg](zgounder_updatedxtechreporj.jpg)

**AYA GOLD & SILVER INC.**, ZGOUNDER SILVER MINE OPERATIONS 316

![zgounder_updatedxtechrepork.jpg](zgounder_updatedxtechrepork.jpg)

## Exhibit 99.88

![cover_rapportxboumadinex20.jpg](cover_rapportxboumadinex20.jpg)

**Exhibit 99.88**

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTi

**Table of Contents**

---

| | |
|:---|:---|
| **[1.0](#i9c650f7674aa47f3beb73d1f63a0b506)[EXECUTIVE SUMMARY](#i9c650f7674aa47f3beb73d1f63a0b506)** | **[1](#i9c650f7674aa47f3beb73d1f63a0b506)** |
| **[1.1](#i2b187315902c4c27ac86c7e70010965f)[INTRODUCTION](#i2b187315902c4c27ac86c7e70010965f)** | **[1](#i2b187315902c4c27ac86c7e70010965f)** |
| **[1.2](#i105d082a226f4405a21161107ab3a3ea)[PROPERTY DESCRIPTION AND LOCATION](#i105d082a226f4405a21161107ab3a3ea)** | **[1](#i105d082a226f4405a21161107ab3a3ea)** |
| **[1.3](#i7ffea59959264f0e8cb594b9d8733cc3)[ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY](#i7ffea59959264f0e8cb594b9d8733cc3)** | **[1](#i7ffea59959264f0e8cb594b9d8733cc3)** |
| **[1.4](#if77fd25cd02a4a7787ab6b80527132fd)[HISTORY](#if77fd25cd02a4a7787ab6b80527132fd)** | **[2](#if77fd25cd02a4a7787ab6b80527132fd)** |
| **[1.5](#i52ac5d69869e4a068a9be191cded2993)[GEOLOGICAL SETTING, MINERALIZATION, DEPOSIT TYPE](#i52ac5d69869e4a068a9be191cded2993)** | **[3](#i52ac5d69869e4a068a9be191cded2993)** |
| **[1.6](#i39c13c04c92246d786cc01329d02f3fe)[EXPLORATION AND DRILLING](#i39c13c04c92246d786cc01329d02f3fe)** | **[4](#i39c13c04c92246d786cc01329d02f3fe)** |
| **[1.7](#i2aa76f1fb9604982a202476a2147484d)[SAMPLE ANALYSES AND DATA VERIFICATION](#i2aa76f1fb9604982a202476a2147484d)** | **[4](#i2aa76f1fb9604982a202476a2147484d)** |
| **[1.8](#id66962796ba04f9e90ec8cf6bda0c3df)[MINERAL PROCESSING AND METALLURGICAL TESTING](#id66962796ba04f9e90ec8cf6bda0c3df)** | **[5](#id66962796ba04f9e90ec8cf6bda0c3df)** |
| **[1.9](#iac7c33886ad3435bbeeea73200c1137f)[MINERAL RESOURCE ESTIMATE](#iac7c33886ad3435bbeeea73200c1137f)** | **[5](#iac7c33886ad3435bbeeea73200c1137f)** |
| **[1.10](#i383d8d4974ab4f269d34ea969f774009)[MINING OPERATIONS](#i383d8d4974ab4f269d34ea969f774009)** | **[9](#i383d8d4974ab4f269d34ea969f774009)** |
| **[1.10.1](#i2c19bb0739b04b89a8b6501e26656a47)[OP Mining](#i2c19bb0739b04b89a8b6501e26656a47)** | **[9](#i2c19bb0739b04b89a8b6501e26656a47)** |
| **[1.10.2](#i6899790cd6024134aad9133793bcdcc0)[UG Mining](#i6899790cd6024134aad9133793bcdcc0)** | **[9](#i6899790cd6024134aad9133793bcdcc0)** |
| **[1.11](#i87fe12ee997d4397b6f70c110ebadc1d)[PROCESSING AND RECOVERY OPTIONS](#i87fe12ee997d4397b6f70c110ebadc1d)** | **[9](#i87fe12ee997d4397b6f70c110ebadc1d)** |
| **[1.12](#i28db9a44062f4814b40e42579b86b0a5)[INFRASTRUCTURE](#i28db9a44062f4814b40e42579b86b0a5)** | **[10](#i28db9a44062f4814b40e42579b86b0a5)** |
| **[1.13](#i33b22216e99f413f81cd271dd9e02096)[CAPITAL AND OPERATING COSTS](#i33b22216e99f413f81cd271dd9e02096)** | **[10](#i33b22216e99f413f81cd271dd9e02096)** |
| **[1.13.1](#i2e11e29de4994f8686562a8fea7c8983)[Capital Costs](#i2e11e29de4994f8686562a8fea7c8983)** | **[10](#i2e11e29de4994f8686562a8fea7c8983)** |
| **[1.13.2](#ib8fd837d2c78400a90dc2e1b91600098)[Operating Costs](#ib8fd837d2c78400a90dc2e1b91600098)** | **[11](#ib8fd837d2c78400a90dc2e1b91600098)** |
| **[1.14](#i40eaaaad0dcb4364b959d7bffa780f92)[ECONOMIC ANALYSIS](#i40eaaaad0dcb4364b959d7bffa780f92)** | **[12](#i40eaaaad0dcb4364b959d7bffa780f92)** |
| **[1.15](#i67da027c54d145768d0f8fa8c4f147df)[ENVIRONMENTAL STUDIES, PERMITS AND SOCIAL OR COMMUNITY IMPACT](#i67da027c54d145768d0f8fa8c4f147df)** | **[13](#i67da027c54d145768d0f8fa8c4f147df)** |
| **[1.16](#id80be39a994443b2971b2ef399d4d168)[CONCLUSIONS AND RECOMMENDATIONS](#id80be39a994443b2971b2ef399d4d168)** | **[14](#id80be39a994443b2971b2ef399d4d168)** |
| **[2.0](#id12c51dcc23a49b6a56f9d6601fa7da6)[INTRODUCTION AND TERMS OF REFERENCE](#id12c51dcc23a49b6a56f9d6601fa7da6)** | **[16](#id12c51dcc23a49b6a56f9d6601fa7da6)** |
| **[2.1](#i3ac870d083ab4ffebdaa434c9241a982)[TERMS OF REFERENCE](#i3ac870d083ab4ffebdaa434c9241a982)** | **[16](#i3ac870d083ab4ffebdaa434c9241a982)** |
| **[2.2](#i8c7bb801a6894af684f8faee28211935)[SOURCES OF INFORMATION](#i8c7bb801a6894af684f8faee28211935)** | **[16](#i8c7bb801a6894af684f8faee28211935)** |
| **[2.2.1](#iab91bdbb50194d168b1bb6c282d03a33)[Site Visit](#iab91bdbb50194d168b1bb6c282d03a33)** | **[16](#iab91bdbb50194d168b1bb6c282d03a33)** |
| **[2.2.2](#iaa097f40b2884d1ca7b7894e75fb12bb)[Additional Information Sources](#iaa097f40b2884d1ca7b7894e75fb12bb)** | **[16](#iaa097f40b2884d1ca7b7894e75fb12bb)** |
| **[2.3](#i9b08b11400f14294a283ac2cfbeee704)[UNITS AND CURRENCY](#i9b08b11400f14294a283ac2cfbeee704)** | **[17](#i9b08b11400f14294a283ac2cfbeee704)** |
| **[3.0](#i302ab8f7a43f425eaf3c2a138df8b06f)[RELIANCE ON OTHER EXPERTS](#i302ab8f7a43f425eaf3c2a138df8b06f)** | **[23](#i302ab8f7a43f425eaf3c2a138df8b06f)** |
| **[3.1](#i16d52b9813db49f7916a0f47b8077321)[EXPERT REPORTS](#i16d52b9813db49f7916a0f47b8077321)** | **[23](#i16d52b9813db49f7916a0f47b8077321)** |
| **[3.1.1](#ib89611b7562b4470b457c3a22a160880)[Introduction](#ib89611b7562b4470b457c3a22a160880)** | **[23](#ib89611b7562b4470b457c3a22a160880)** |
| **[3.1.2](#i740b8ca8cd4944eabc711a99e7fb17c5)[Mineral Tenure and Surface Rights](#i740b8ca8cd4944eabc711a99e7fb17c5)** | **[23](#i740b8ca8cd4944eabc711a99e7fb17c5)** |
| **[3.2](#ib35d9b3f66c343f6a6cd48a84abb382b)[RELIANCE ON EXTERNAL REPORTS AND EXPERTS](#ib35d9b3f66c343f6a6cd48a84abb382b)** | **[23](#ib35d9b3f66c343f6a6cd48a84abb382b)** |
| **[3.2.1](#ie104310c1b374dd4906895a5027220d8)[Logistics](#ie104310c1b374dd4906895a5027220d8)** | **[23](#ie104310c1b374dd4906895a5027220d8)** |
| **[3.2.2](#i5e18f8041408499586c6200cc381b664)[Marketing](#i5e18f8041408499586c6200cc381b664)** | **[23](#i5e18f8041408499586c6200cc381b664)** |
| **[3.2.3](#ib4472b0effcc47a9bb4196b83f65abb3)[Taxes](#ib4472b0effcc47a9bb4196b83f65abb3)** | **[23](#ib4472b0effcc47a9bb4196b83f65abb3)** |
| **[4.0](#i59e75c8005e64f4a9e9871c15861a503)[PROPERTY DESCRIPTION AND LOCATION](#i59e75c8005e64f4a9e9871c15861a503)** | **[24](#i59e75c8005e64f4a9e9871c15861a503)** |
| **[4.1](#i0083a90afae84b828bc737073975f3e0)[LOCATION](#i0083a90afae84b828bc737073975f3e0)** | **[24](#i0083a90afae84b828bc737073975f3e0)** |
| **[4.2](#iac783a29877e4cd3b6d2a9c46cc88434)[PROPERTY DESCRIPTION AND TENURE](#iac783a29877e4cd3b6d2a9c46cc88434)** | **[25](#iac783a29877e4cd3b6d2a9c46cc88434)** |
| **[4.3](#i81a2388315db48089e17acdc5ddbeff1)[MINERAL TENURE IN MOROCCO](#i81a2388315db48089e17acdc5ddbeff1)** | **[28](#i81a2388315db48089e17acdc5ddbeff1)** |
| **[4.4](#ieb4945abf05f4228bd7c7de91f96055c)[ACQUISITION AGREEMENT](#ieb4945abf05f4228bd7c7de91f96055c)** | **[28](#ieb4945abf05f4228bd7c7de91f96055c)** |
| **[4.5](#ibd00a5765c694a9288f1519f928dfccc)[ROYALTIES AND ENCUMBRANCES](#ibd00a5765c694a9288f1519f928dfccc)** | **[28](#ibd00a5765c694a9288f1519f928dfccc)** |
| **[4.6](#icca9a0d65c8540eca2ce01def4c56f49)[ENVIRONMENTAL AND PERMITTING](#icca9a0d65c8540eca2ce01def4c56f49)** | **[28](#icca9a0d65c8540eca2ce01def4c56f49)** |
| **[4.7](#i42a2ba59aa0e4c52866fa3bb60fdc511)[OTHER SIGNIFICANT FACTORS AND RISKS](#i42a2ba59aa0e4c52866fa3bb60fdc511)** | **[29](#i42a2ba59aa0e4c52866fa3bb60fdc511)** |
| **[5.0](#ic124dc56170f43ceab9bdcc19e34b6e5)[ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND](#ic124dc56170f43ceab9bdcc19e34b6e5)**<br>**[PHYSIOGRAPHY](#ic124dc56170f43ceab9bdcc19e34b6e5)**<br>| **[30](#ic124dc56170f43ceab9bdcc19e34b6e5)** |
| **[5.1](#i1f135585da104f1d9ef490e9d596a736)[ACCESS](#i1f135585da104f1d9ef490e9d596a736)** | **[30](#i1f135585da104f1d9ef490e9d596a736)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTii

---

| | |
|:---|:---|
| **[5.2](#i2b9fc4b402b548febc08227a682aeb4f)[CLIMATE](#i2b9fc4b402b548febc08227a682aeb4f)** | **[30](#i2b9fc4b402b548febc08227a682aeb4f)** |
| **[5.3](#i55368d5fc9ab4d7fa7370c582332a907)[INFRASTRUCTURE](#i55368d5fc9ab4d7fa7370c582332a907)** | **[31](#i55368d5fc9ab4d7fa7370c582332a907)** |
| **[5.4](#iedcee0335eb14af39e3145d06f9ee6fc)[PHYSIOGRAPHY AND VEGETATION](#iedcee0335eb14af39e3145d06f9ee6fc)** | **[31](#iedcee0335eb14af39e3145d06f9ee6fc)** |
| **[5.5](#i4acbb01fbebb468f9aa914fe520cddeb)[LOCAL RESOURCES](#i4acbb01fbebb468f9aa914fe520cddeb)** | **[32](#i4acbb01fbebb468f9aa914fe520cddeb)** |
| **[6.0](#i317f5130cbba49338e100048d02ff2ce)[HISTORY](#i317f5130cbba49338e100048d02ff2ce)** | **[34](#i317f5130cbba49338e100048d02ff2ce)** |
| **[6.1](#i5077a2ff7cc84eb2ac60b31802d93735)[MINING AND EXPLORATION HISTORY](#i5077a2ff7cc84eb2ac60b31802d93735)** | **[34](#i5077a2ff7cc84eb2ac60b31802d93735)** |
| **[6.1.1](#id6c55b886d0149b89b6ae007a6bf0e47)[Antiquity and 15th to 16th Centuries](#id6c55b886d0149b89b6ae007a6bf0e47)** | **[34](#id6c55b886d0149b89b6ae007a6bf0e47)** |
| **[6.1.2](#i100ac95f41014def8f08d76e4ea0cdf7)[BRPM: 1956 to 1964](#i100ac95f41014def8f08d76e4ea0cdf7)** | **[34](#i100ac95f41014def8f08d76e4ea0cdf7)** |
| **[6.1.3](#iee07ebbe6cd54c0a98c129e11c40e970)[BRPM: 1964 to 1966](#iee07ebbe6cd54c0a98c129e11c40e970)** | **[34](#iee07ebbe6cd54c0a98c129e11c40e970)** |
| **[6.1.4](#ia246f53921a34310b5692a01be3b0caf)[BRPM: 1966 to 1975](#ia246f53921a34310b5692a01be3b0caf)** | **[34](#ia246f53921a34310b5692a01be3b0caf)** |
| **[6.1.5](#id71af743ff23429f89d18a2d0dd0e68c)[BRPM: 1975 to 1985](#id71af743ff23429f89d18a2d0dd0e68c)** | **[35](#id71af743ff23429f89d18a2d0dd0e68c)** |
| **[6.1.6](#i060cbc68b586467b9a6464df6738d363)[SODIM: 1986 to 1989](#i060cbc68b586467b9a6464df6738d363)** | **[35](#i060cbc68b586467b9a6464df6738d363)** |
| **[6.1.7](#i179252e7a10f4ebda61f83bab7eb2622)[SODECAT: 1989 to 1992](#i179252e7a10f4ebda61f83bab7eb2622)** | **[35](#i179252e7a10f4ebda61f83bab7eb2622)** |
| **[6.1.8](#i39a32778986a4a57989f3bf16134d1c6)[BRPM: 1993 to 1998](#i39a32778986a4a57989f3bf16134d1c6)** | **[35](#i39a32778986a4a57989f3bf16134d1c6)** |
| **[6.1.9](#ib95a97a8848d458b88dfa8a797a1214c)[Maya: 2013 to 2019](#ib95a97a8848d458b88dfa8a797a1214c)** | **[37](#ib95a97a8848d458b88dfa8a797a1214c)** |
| **[6.2](#i97c96805d49343aab1ff25ede08f8e8a)[GEOPHYSICAL SURVEYS](#i97c96805d49343aab1ff25ede08f8e8a)** | **[39](#i97c96805d49343aab1ff25ede08f8e8a)** |
| **[6.3](#i17dcd3f9b7074b1f92bffb804e4ed17a)[PAST PRODUCTION](#i17dcd3f9b7074b1f92bffb804e4ed17a)** | **[40](#i17dcd3f9b7074b1f92bffb804e4ed17a)** |
| **[6.4](#i3043a193a24a4e778f136df28a930526)[HISTORICAL MINERAL RESOURCE ESTIMATES](#i3043a193a24a4e778f136df28a930526)** | **[41](#i3043a193a24a4e778f136df28a930526)** |
| **[6.4.1](#i7281a4aece39468797202f663f007548)[BRPM](#i7281a4aece39468797202f663f007548)** | **[41](#i7281a4aece39468797202f663f007548)** |
| **[6.4.2](#iec27a55c9d1f420d88007cb6d47e2398)[Maya 2019 PEA](#iec27a55c9d1f420d88007cb6d47e2398)** | **[42](#iec27a55c9d1f420d88007cb6d47e2398)** |
| **[6.4.3](#i6f491aedd2854e188380d86306ceb5f7)[P&E 2024 MRE](#i6f491aedd2854e188380d86306ceb5f7)** | **[42](#i6f491aedd2854e188380d86306ceb5f7)** |
| **[7.0](#i41464bf7b6e845c6b1dc6726037187e7)[GEOLOGICAL SETTING AND MINERALIZATION](#i41464bf7b6e845c6b1dc6726037187e7)** | **[44](#i41464bf7b6e845c6b1dc6726037187e7)** |
| **[7.1](#i696b788838db4177bbdf8631664d29cb)[REGIONAL GEOLOGY](#i696b788838db4177bbdf8631664d29cb)** | **[44](#i696b788838db4177bbdf8631664d29cb)** |
| **[7.2](#i91fa11cf5adf4ca9a70827e9270e8c59)[PROPERTY GEOLOGY](#i91fa11cf5adf4ca9a70827e9270e8c59)** | **[47](#i91fa11cf5adf4ca9a70827e9270e8c59)** |
| **[7.2.1](#i66ff9b39b06f4ccda9eeb4d0c1dbbe3e)[Volcanic and Intrusive Rocks](#i66ff9b39b06f4ccda9eeb4d0c1dbbe3e)** | **[47](#i66ff9b39b06f4ccda9eeb4d0c1dbbe3e)** |
| **[7.2.2](#i4b5a379c9c794fdfa24fbd33cdcff368)[Hydrothermal Alteration](#i4b5a379c9c794fdfa24fbd33cdcff368)** | **[47](#i4b5a379c9c794fdfa24fbd33cdcff368)** |
| **[7.2.3](#i2b07fabdd93340e497deefc771a60b2a)[Structure](#i2b07fabdd93340e497deefc771a60b2a)** | **[49](#i2b07fabdd93340e497deefc771a60b2a)** |
| **[7.2.4](#i9e321bf0b0d140a1bb7df8648f8fc72e)[Supergene Weathering](#i9e321bf0b0d140a1bb7df8648f8fc72e)** | **[51](#i9e321bf0b0d140a1bb7df8648f8fc72e)** |
| **[7.3](#i295e94c644534f7aafa27da7d23c50cb)[DEPOSIT GEOLOGY](#i295e94c644534f7aafa27da7d23c50cb)** | **[52](#i295e94c644534f7aafa27da7d23c50cb)** |
| **[7.4](#if044af002b8c451790908c53583c0e51)[MINERALIZATION](#if044af002b8c451790908c53583c0e51)** | **[54](#if044af002b8c451790908c53583c0e51)** |
| **[8.0](#i07e66932d18e4fca9691c44be5c0a3b9)[DEPOSIT TYPES](#i07e66932d18e4fca9691c44be5c0a3b9)** | **[58](#i07e66932d18e4fca9691c44be5c0a3b9)** |
| **[9.0](#icb40ed6804b44cbbb1e0ecd0a8ca0cb8)[EXPLORATION](#icb40ed6804b44cbbb1e0ecd0a8ca0cb8)** | **[59](#icb40ed6804b44cbbb1e0ecd0a8ca0cb8)** |
| **[9.1](#i714b9c6c02764b7db1dc271f8ffb7a93)[TRENCHING](#i714b9c6c02764b7db1dc271f8ffb7a93)** | **[59](#i714b9c6c02764b7db1dc271f8ffb7a93)** |
| **[9.2](#i7e4c6e33f8ec470980823db6f785a20e)[HYPERSPECTRAL](#i7e4c6e33f8ec470980823db6f785a20e)** | **[59](#i7e4c6e33f8ec470980823db6f785a20e)** |
| **[9.3](#i2e277334dc7d4a41885d06d57fc034d8)[AIRBORNE GEOPHYSICAL SURVEYS](#i2e277334dc7d4a41885d06d57fc034d8)** | **[61](#i2e277334dc7d4a41885d06d57fc034d8)** |
| **[9.4](#i4bd12e0854da41b6aadba10214998ad2)[GEOLOGICAL MAPPING](#i4bd12e0854da41b6aadba10214998ad2)** | **[64](#i4bd12e0854da41b6aadba10214998ad2)** |
| **[9.5](#ic9a9cfbb9988420292ae4b437236db9d)[GRAB SAMPLING](#ic9a9cfbb9988420292ae4b437236db9d)** | **[66](#ic9a9cfbb9988420292ae4b437236db9d)** |
| **[10.0](#id80bef5dcf9440d09efd9f9d11743d6d)[DRILLING](#id80bef5dcf9440d09efd9f9d11743d6d)** | **[68](#id80bef5dcf9440d09efd9f9d11743d6d)** |
| **[10.1](#i77876beb6362483cb6296c2e546386c9)[SUMMARY](#i77876beb6362483cb6296c2e546386c9)** | **[68](#i77876beb6362483cb6296c2e546386c9)** |
| **[10.2](#ife4e825dcc8c498c8376b825103ae8b6)[DRILLING PROCEDURES](#ife4e825dcc8c498c8376b825103ae8b6)** | **[72](#ife4e825dcc8c498c8376b825103ae8b6)** |
| **[10.3](#i30a50511819e47bda76493ad0da5b0e6)[DRILLING RESULTS](#i30a50511819e47bda76493ad0da5b0e6)** | **[73](#i30a50511819e47bda76493ad0da5b0e6)** |
| **[11.0](#i32e7a4f1181c4e16b76131d4c83db26b)[SAMPLE PREPARATION, ANALYSIS AND SECURITY](#i32e7a4f1181c4e16b76131d4c83db26b)** | **[78](#i32e7a4f1181c4e16b76131d4c83db26b)** |
| **[11.1](#if4d7726a17774aceacb3014d1d11b4dc)[SAMPLE PREPARATION](#if4d7726a17774aceacb3014d1d11b4dc)** | **[78](#if4d7726a17774aceacb3014d1d11b4dc)** |
| **[11.1.1](#i09bcec9a821f49c8b62c19fd897b6b57)[Logging and Sampling](#i09bcec9a821f49c8b62c19fd897b6b57)** | **[78](#i09bcec9a821f49c8b62c19fd897b6b57)** |
| **[11.1.2](#ib49b2d9ca71447f1b08edf99aa5c66f9)[Bulk Density Determinations](#ib49b2d9ca71447f1b08edf99aa5c66f9)** | **[78](#ib49b2d9ca71447f1b08edf99aa5c66f9)** |
| **[11.1.3](#i8e9275de34d4432793d5e2b69cbd3e2b)[Sample Preparation and Analysis](#i8e9275de34d4432793d5e2b69cbd3e2b)** | **[79](#i8e9275de34d4432793d5e2b69cbd3e2b)** |
| **[11.1.4](#ia7f5c1d0ca6947e4beb65fdda80c5cd7)[Security – Chain of Custody](#ia7f5c1d0ca6947e4beb65fdda80c5cd7)** | **[79](#ia7f5c1d0ca6947e4beb65fdda80c5cd7)** |
| **[11.2](#i59fb82c14af24c8f8304e0fe44160b6e)[QUALITY ASSURANCE/QUALITY CONTROL REVIEW](#i59fb82c14af24c8f8304e0fe44160b6e)** | **[79](#i59fb82c14af24c8f8304e0fe44160b6e)** |
| **[11.2.1](#ie01ae28e81df4c7c95ee7b0b4e749424)[2024 to 2025 Diamond Drill Hole Programs](#ie01ae28e81df4c7c95ee7b0b4e749424)** | **[80](#ie01ae28e81df4c7c95ee7b0b4e749424)** |
| **[11.2.1.1](#i7d8186b767eb489692ca49f16f8b27ca)[Performance of Certified Reference Materials](#i7d8186b767eb489692ca49f16f8b27ca)** | **[80](#i7d8186b767eb489692ca49f16f8b27ca)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTiii

---

| | |
|:---|:---|
| **[11.2.1.2](#i979be8040a044034978649761e317c43)[Performance of Blanks](#i979be8040a044034978649761e317c43)** | **[88](#i979be8040a044034978649761e317c43)** |
| **[11.2.1.3](#ia40982d7fe444f5fbb93525323fe6ff5)[Performance of Duplicates](#ia40982d7fe444f5fbb93525323fe6ff5)** | **[91](#ia40982d7fe444f5fbb93525323fe6ff5)** |
| **[11.2.1.4](#ia808f6455c114f388b0e2dc8c32d0617)[Umpire Sampling](#ia808f6455c114f388b0e2dc8c32d0617)** | **[94](#ia808f6455c114f388b0e2dc8c32d0617)** |
| **[11.3](#i0322b98a5075445da23903ca96736fcd)[CONCLUSION](#i0322b98a5075445da23903ca96736fcd)** | **[96](#i0322b98a5075445da23903ca96736fcd)** |
| **[12.0](#i95e7670b49264f6e8288c89973b2e353)[DATA VERIFICATION](#i95e7670b49264f6e8288c89973b2e353)** | **[97](#i95e7670b49264f6e8288c89973b2e353)** |
| **[12.1](#ic827d9e441c94341aa14ad328b1a098e)[DRILL HOLE DATABASE VERIFICATION](#ic827d9e441c94341aa14ad328b1a098e)** | **[97](#ic827d9e441c94341aa14ad328b1a098e)** |
| **[12.1.1](#i4aee800404c340d18986f0ad0940e424)[MRE 2025 Assay Verification](#i4aee800404c340d18986f0ad0940e424)** | **[97](#i4aee800404c340d18986f0ad0940e424)** |
| **[12.1.2](#i00f5728cf8184577a93c76c54c267e18)[Drill Hole Data Validation](#i00f5728cf8184577a93c76c54c267e18)** | **[97](#i00f5728cf8184577a93c76c54c267e18)** |
| **[12.2](#i4a4a43eba5d946d68accde437c435e59)[QP SITE VISIT AND INDEPENDENT SAMPLING](#i4a4a43eba5d946d68accde437c435e59)** | **[98](#i4a4a43eba5d946d68accde437c435e59)** |
| **[12.3](#i6d0d60e1468549d8986a58777f96941e)[CONCLUSION](#i6d0d60e1468549d8986a58777f96941e)** | **[102](#i6d0d60e1468549d8986a58777f96941e)** |
| **[13.0](#i24dd19d9183f47c6964c5fab6e13a458)[MINERAL PROCESSING AND METALLURGICAL TESTING](#i24dd19d9183f47c6964c5fab6e13a458)** | **[103](#i24dd19d9183f47c6964c5fab6e13a458)** |
| **[13.1](#i79deda65c85d46c381d672f9406910ea)[INTRODUCTION](#i79deda65c85d46c381d672f9406910ea)** | **[103](#i79deda65c85d46c381d672f9406910ea)** |
| **[13.1.1](#i50b6161a508b4b278dcd9e9a651bd019)[SGS Lakefield Testwork Program – 2018](#i50b6161a508b4b278dcd9e9a651bd019)** | **[105](#i50b6161a508b4b278dcd9e9a651bd019)** |
| **[13.1.1.1](#ife628edd5ef14eb6b3b3cc377456adf6)[Head Analysis](#ife628edd5ef14eb6b3b3cc377456adf6)** | **[105](#ife628edd5ef14eb6b3b3cc377456adf6)** |
| **[13.1.1.2](#ia1348f8c615b4020979c3663f5ad03b1)[Grindability Testwork](#ia1348f8c615b4020979c3663f5ad03b1)** | **[105](#ia1348f8c615b4020979c3663f5ad03b1)** |
| **[13.1.1.3](#i7932eaf69c734e1b8f922a8342d6c800)[Flotation Testwork](#i7932eaf69c734e1b8f922a8342d6c800)** | **[105](#i7932eaf69c734e1b8f922a8342d6c800)** |
| **[13.1.1.4](#i14422e759e12478493767a9a599b0324)[Cyanidation Testwork](#i14422e759e12478493767a9a599b0324)** | **[106](#i14422e759e12478493767a9a599b0324)** |
| **[13.1.1.5](#i5819eb5ddcc140359db8afd6fc3546db)[Roast-CIL Testwork](#i5819eb5ddcc140359db8afd6fc3546db)** | **[106](#i5819eb5ddcc140359db8afd6fc3546db)** |
| **[13.1.1.6](#ia05c0731ca9a493ca2055ae87f519558)[POX-CIL Testwork](#ia05c0731ca9a493ca2055ae87f519558)** | **[107](#ia05c0731ca9a493ca2055ae87f519558)** |
| **[13.1.2](#i9730b163f1ef427fad6e391a27fb754b)[SGS Lakefield Testwork Program - 2019](#i9730b163f1ef427fad6e391a27fb754b)** | **[109](#i9730b163f1ef427fad6e391a27fb754b)** |
| **[13.1.3](#i5ff6b941b6294cb3b35583ac5901cb53)[SGS Lakefield Testwork Program - 2022](#i5ff6b941b6294cb3b35583ac5901cb53)** | **[110](#i5ff6b941b6294cb3b35583ac5901cb53)** |
| **[13.1.3.1](#i1c1c0efa1b7b4c21a9951e239882857e)[Head Analysis](#i1c1c0efa1b7b4c21a9951e239882857e)** | **[110](#i1c1c0efa1b7b4c21a9951e239882857e)** |
| **[13.1.3.2](#i691ad1f4985249b986524f3b50a00c46)[Mineralogy](#i691ad1f4985249b986524f3b50a00c46)** | **[110](#i691ad1f4985249b986524f3b50a00c46)** |
| **[13.1.3.3](#ib8873e66c82d431cbb84251d02b56387)[Comminution Testing](#ib8873e66c82d431cbb84251d02b56387)** | **[112](#ib8873e66c82d431cbb84251d02b56387)** |
| **[13.1.3.4](#i3b29df4246d146b3be3129643aedf0f2)[Gravity Separation Testing](#i3b29df4246d146b3be3129643aedf0f2)** | **[112](#i3b29df4246d146b3be3129643aedf0f2)** |
| **[13.1.3.5](#iac72a051f4764a2babaf837fa1323312)[Flotation Testwork](#iac72a051f4764a2babaf837fa1323312)** | **[112](#iac72a051f4764a2babaf837fa1323312)** |
| **[13.1.3.6](#i992f61b9f08546bfb698024431d4c9ae)[Pyrite Concentrate Testing](#i992f61b9f08546bfb698024431d4c9ae)** | **[116](#i992f61b9f08546bfb698024431d4c9ae)** |
| **[13.1.4](#if1cc6fe67f9e4ddf95d765703437e99d)[SGS Testwork Program – 2023-2024](#if1cc6fe67f9e4ddf95d765703437e99d)** | **[118](#if1cc6fe67f9e4ddf95d765703437e99d)** |
| **[13.1.4.1](#id6b801a11b614351a0b4e0cd917c3d18)[Mineralogy Testing](#id6b801a11b614351a0b4e0cd917c3d18)** | **[119](#id6b801a11b614351a0b4e0cd917c3d18)** |
| **[13.1.4.2](#i891cfe9f3dcf4b5db0c65f4ea2013679)[Gravity Separation Testing](#i891cfe9f3dcf4b5db0c65f4ea2013679)** | **[119](#i891cfe9f3dcf4b5db0c65f4ea2013679)** |
| **[13.1.4.3](#ieda69154026d4b248cf4654c3b1b2e42)[Flotation Testing](#ieda69154026d4b248cf4654c3b1b2e42)** | **[119](#ieda69154026d4b248cf4654c3b1b2e42)** |
| **[13.1.4.4](#i7d6362cf11404ec38b054fd087137051)[Pyrite Oxidative Treatment Testing](#i7d6362cf11404ec38b054fd087137051)** | **[122](#i7d6362cf11404ec38b054fd087137051)** |
| **[13.1.5](#i690d7705e90e4f138d256d713c4b0d9f)[AFRILAB 2023 Sample Campaign](#i690d7705e90e4f138d256d713c4b0d9f)** | **[123](#i690d7705e90e4f138d256d713c4b0d9f)** |
| **[13.1.6](#i379d2dfb57924f5ebfedca7a30600459)[BGRIMM 2025 Testwork Program](#i379d2dfb57924f5ebfedca7a30600459)** | **[123](#i379d2dfb57924f5ebfedca7a30600459)** |
| **[13.1.6.1](#id381a14502c44ce0a197813069e81923)[Feed Sample Properties](#id381a14502c44ce0a197813069e81923)** | **[124](#id381a14502c44ce0a197813069e81923)** |
| **[13.1.6.2](#i5005b877352a4f1ea8d0a29a4c92502f)[Roasting Condition Testing](#i5005b877352a4f1ea8d0a29a4c92502f)** | **[124](#i5005b877352a4f1ea8d0a29a4c92502f)** |
| **[13.1.6.3](#if11898ed17db4827a9f6ca322ddb669e)[Cyanidation Pre-Treatment Testing](#if11898ed17db4827a9f6ca322ddb669e)** | **[126](#if11898ed17db4827a9f6ca322ddb669e)** |
| **[13.1.6.4](#ia2506449bf5745ab9e0171e430617e83)[Acid Leaching Condition Testing](#ia2506449bf5745ab9e0171e430617e83)** | **[127](#ia2506449bf5745ab9e0171e430617e83)** |
| **[13.1.6.5](#i55ba73dee6c14226bdb9e7bdb63b2d6f)[Cyanidation Condition Testing](#i55ba73dee6c14226bdb9e7bdb63b2d6f)** | **[127](#i55ba73dee6c14226bdb9e7bdb63b2d6f)** |
| **[13.1.6.6](#ic7846daa8d5b4f9e9fdaaa74ada12e8a)[Verification Testing](#ic7846daa8d5b4f9e9fdaaa74ada12e8a)** | **[128](#ic7846daa8d5b4f9e9fdaaa74ada12e8a)** |
| **[13.1.7](#ibfa5ba94c4d84ec7b1d62959125f2b74)[Hazen 2025 Testwork Program](#ibfa5ba94c4d84ec7b1d62959125f2b74)** | **[128](#ibfa5ba94c4d84ec7b1d62959125f2b74)** |
| **[13.2](#i57771df01ba4400d8ac9bcb65dae2bb7)[RESULTS INTERPRETATION AND CONCLUSIONS](#i57771df01ba4400d8ac9bcb65dae2bb7)** | **[128](#i57771df01ba4400d8ac9bcb65dae2bb7)** |
| **[13.2.1](#ib0beb95711c64031b24169342636ab08)[Mineralogy / Metallurgy](#ib0beb95711c64031b24169342636ab08)** | **[129](#ib0beb95711c64031b24169342636ab08)** |
| **[13.2.2](#i796d365308f746ae999cca3998b92b1e)[Comminution Design](#i796d365308f746ae999cca3998b92b1e)** | **[129](#i796d365308f746ae999cca3998b92b1e)** |
| **[13.2.3](#i00ae20d1d17a4d4ab1695ffcccb996f8)[Flotation Circuit Design](#i00ae20d1d17a4d4ab1695ffcccb996f8)** | **[129](#i00ae20d1d17a4d4ab1695ffcccb996f8)** |
| **[13.2.4](#iacf0e87ba21d4f9791a6cc211b9d978c)[Pyrite Concentrate Production](#iacf0e87ba21d4f9791a6cc211b9d978c)** | **[129](#iacf0e87ba21d4f9791a6cc211b9d978c)** |
| **[13.2.5](#ic161215a5d194395a05852569a36f787)[Pyrite Concentrate Treatment](#ic161215a5d194395a05852569a36f787)** | **[129](#ic161215a5d194395a05852569a36f787)** |
| **[13.3](#ib680cbbff5d844d2ad010ba90ee7b9ad)[FUTURE TESTWORK RECOMMENDATIONS](#ib680cbbff5d844d2ad010ba90ee7b9ad)** | **[132](#ib680cbbff5d844d2ad010ba90ee7b9ad)** |
| **[14.0](#ie0ebbb1ec87d4080a74300b55d5e01e0)[MINERAL RESOURCE ESTIMATES](#ie0ebbb1ec87d4080a74300b55d5e01e0)** | **[134](#ie0ebbb1ec87d4080a74300b55d5e01e0)** |
| **[14.1](#ia3ae8101a4da477db9deb212842f43bb)[INTRODUCTION](#ia3ae8101a4da477db9deb212842f43bb)** | **[134](#ia3ae8101a4da477db9deb212842f43bb)** |
| **[14.2](#ia42242671d8544a69d5c8ba4153597eb)[DATA USED](#ia42242671d8544a69d5c8ba4153597eb)** | **[135](#ia42242671d8544a69d5c8ba4153597eb)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTiv

---

| | |
|:---|:---|
| **[14.3](#i0cda1898bee44c409713e73161199611)[ECONOMIC CONSIDERATIONS](#i0cda1898bee44c409713e73161199611)** | **[136](#i0cda1898bee44c409713e73161199611)** |
| **[14.4](#id9fa25448d6545ad8111dd602403ab7e)[MINERALIZED DOMAINS](#id9fa25448d6545ad8111dd602403ab7e)** | **[138](#id9fa25448d6545ad8111dd602403ab7e)** |
| **[14.5](#ib94137ddf9184ae9b664b2d87af980a9)[EXPLORATORY DATA ANALYSIS](#ib94137ddf9184ae9b664b2d87af980a9)** | **[141](#ib94137ddf9184ae9b664b2d87af980a9)** |
| **[14.6](#i824737709bd14bce83104f2805544e9d)[COMPOSITING](#i824737709bd14bce83104f2805544e9d)** | **[142](#i824737709bd14bce83104f2805544e9d)** |
| **[14.7](#i19df9571b2fe43229ca492010443a7a5)[TREATMENT OF EXTREME VALUES](#i19df9571b2fe43229ca492010443a7a5)** | **[143](#i19df9571b2fe43229ca492010443a7a5)** |
| **[14.8](#i94ade865813b44ce83ea902c41800239)[CONTINUITY ANALYSIS](#i94ade865813b44ce83ea902c41800239)** | **[145](#i94ade865813b44ce83ea902c41800239)** |
| **[14.9](#i2544c6945c82402d92e548643d8348f1)[BLOCK MODEL](#i2544c6945c82402d92e548643d8348f1)** | **[146](#i2544c6945c82402d92e548643d8348f1)** |
| **[14.10](#i8e5cc3753fd04059ab2069e1ed5a4352)[GRADE ESTIMATION AND MINERAL RESOURCE CLASSIFICATION](#i8e5cc3753fd04059ab2069e1ed5a4352)** | **[147](#i8e5cc3753fd04059ab2069e1ed5a4352)** |
| **[14.11](#ic80ae64ae3ef42808e8be98f1c421864)[MINERAL RESOURCE ESTIMATE](#ic80ae64ae3ef42808e8be98f1c421864)** | **[147](#ic80ae64ae3ef42808e8be98f1c421864)** |
| **[14.12](#ib9aec239a0344e4788907afc44454209)[VALIDATION](#ib9aec239a0344e4788907afc44454209)** | **[152](#ib9aec239a0344e4788907afc44454209)** |
| **[15.0](#i7b28564bfc9e4f178a48c4ca79459cc4)[MINERAL RESERVE ESTIMATES](#i7b28564bfc9e4f178a48c4ca79459cc4)** | **[154](#i7b28564bfc9e4f178a48c4ca79459cc4)** |
| **[16.0](#ib66f92d4409e45879400cf01fa42582b)[MINING METHODS](#ib66f92d4409e45879400cf01fa42582b)** | **[155](#ib66f92d4409e45879400cf01fa42582b)** |
| **[16.1](#i46e58764cdc54d3591d06541e10d4896)[GENERAL DESCRIPTION OF THE MINING PROJECT](#i46e58764cdc54d3591d06541e10d4896)** | **[155](#i46e58764cdc54d3591d06541e10d4896)** |
| **[16.2](#ida28da94faf546ca9592a56f8cdaf80f)[GEOTECHNICAL](#ida28da94faf546ca9592a56f8cdaf80f)** | **[155](#ida28da94faf546ca9592a56f8cdaf80f)** |
| **[16.2.1](#if01a5c4f32de4eec8a13fb015e5209d9)[Open Pit](#if01a5c4f32de4eec8a13fb015e5209d9)** | **[155](#if01a5c4f32de4eec8a13fb015e5209d9)** |
| **[16.2.1.1](#i8b86242eda4b4b35858069240c7858c5)[Open Pit Slope Design](#i8b86242eda4b4b35858069240c7858c5)** | **[155](#i8b86242eda4b4b35858069240c7858c5)** |
| **[16.2.2](#i2342ff7c02d342f2b77516f5d13dfc49)[Underground](#i2342ff7c02d342f2b77516f5d13dfc49)** | **[156](#i2342ff7c02d342f2b77516f5d13dfc49)** |
| **[16.2.2.1](#ice9c746ad05845a193c01d065d1cfcd0)[Mining Method Selection](#ice9c746ad05845a193c01d065d1cfcd0)** | **[156](#ice9c746ad05845a193c01d065d1cfcd0)** |
| **[16.2.2.2](#i28698fc21ded40a4990b348ff610cae7)[Open Stope Design and Overbreak Potential](#i28698fc21ded40a4990b348ff610cae7)** | **[156](#i28698fc21ded40a4990b348ff610cae7)** |
| **[16.2.2.3](#i5df205ffa0d445619ff7d0ed65cdfc8e)[Pillar Stability](#i5df205ffa0d445619ff7d0ed65cdfc8e)** | **[156](#i5df205ffa0d445619ff7d0ed65cdfc8e)** |
| **[16.2.2.4](#ib0cc30117a7849e59bce5ddf274a73db)[Infrastructure Siting](#ib0cc30117a7849e59bce5ddf274a73db)** | **[157](#ib0cc30117a7849e59bce5ddf274a73db)** |
| **[16.2.2.5](#i855d1d5c9f744a31aca6da366d6dd0b3)[Ground Support](#i855d1d5c9f744a31aca6da366d6dd0b3)** | **[157](#i855d1d5c9f744a31aca6da366d6dd0b3)** |
| **[16.3](#i74bf669dae6547949874f7ab1bddf81f)[HYDROGEOLOGY](#i74bf669dae6547949874f7ab1bddf81f)** | **[157](#i74bf669dae6547949874f7ab1bddf81f)** |
| **[16.4](#i69a3aed140924ccb8f874431c6de4514)[MINING METHOD](#i69a3aed140924ccb8f874431c6de4514)** | **[157](#i69a3aed140924ccb8f874431c6de4514)** |
| **[16.4.1](#ieddde2788c7f47c892cf5047b96b31c1)[Mining Method Selection](#ieddde2788c7f47c892cf5047b96b31c1)** | **[157](#ieddde2788c7f47c892cf5047b96b31c1)** |
| **[16.4.2](#if9765cd0fdf2478e9e5083d52b4511a4)[NSR Cut-offs determination](#if9765cd0fdf2478e9e5083d52b4511a4)** | **[157](#if9765cd0fdf2478e9e5083d52b4511a4)** |
| **[16.4.3](#i3af557479ecf46b79c6903887f8e64cb)[Pit optimization](#i3af557479ecf46b79c6903887f8e64cb)** | **[158](#i3af557479ecf46b79c6903887f8e64cb)** |
| **[16.4.4](#i7dc2f0aae4bd4498ad418b3330b65497)[UG Mining](#i7dc2f0aae4bd4498ad418b3330b65497)** | **[162](#i7dc2f0aae4bd4498ad418b3330b65497)** |
| **[16.5](#i20e262a805814c94adc013e873a3274f)[MINE DESIGN](#i20e262a805814c94adc013e873a3274f)** | **[163](#i20e262a805814c94adc013e873a3274f)** |
| **[16.5.1](#i4a21870ec1624943aca29bd7fdf55472)[Open Pit Mine Design](#i4a21870ec1624943aca29bd7fdf55472)** | **[163](#i4a21870ec1624943aca29bd7fdf55472)** |
| **[16.5.2](#i13dfe25e65ed4efaa8654a29f1530c0d)[UG Stope design](#i13dfe25e65ed4efaa8654a29f1530c0d)** | **[165](#i13dfe25e65ed4efaa8654a29f1530c0d)** |
| **[16.5.3](#i9d7cad42fd174084a5571213af1b8b03)[UG development design](#i9d7cad42fd174084a5571213af1b8b03)** | **[166](#i9d7cad42fd174084a5571213af1b8b03)** |
| **[16.6](#i1dbdde16b1f94027922b04e4d72b08f7)[MINE SAFETY INFRASTRUCTURE](#i1dbdde16b1f94027922b04e4d72b08f7)** | **[168](#i1dbdde16b1f94027922b04e4d72b08f7)** |
| **[16.7](#i1de22dcdf2f44b7d83ea974ff8ec3cad)[MINE EQUIPMENT](#i1de22dcdf2f44b7d83ea974ff8ec3cad)** | **[168](#i1de22dcdf2f44b7d83ea974ff8ec3cad)** |
| **[16.8](#i4bdd1c27bc3b47cbac57ece7496b792b)[MINE PERSONNEL](#i4bdd1c27bc3b47cbac57ece7496b792b)** | **[169](#i4bdd1c27bc3b47cbac57ece7496b792b)** |
| **[16.9](#i3782f2411a114807aee13dc8122a228b)[PRODUCTION PLAN](#i3782f2411a114807aee13dc8122a228b)** | **[170](#i3782f2411a114807aee13dc8122a228b)** |
| **[16.9.1](#i0fdc1d64ad05433c8cc16929b08f05da)[Pre-Production Plan](#i0fdc1d64ad05433c8cc16929b08f05da)** | **[172](#i0fdc1d64ad05433c8cc16929b08f05da)** |
| **[16.9.2](#i83b10c5e884e4a7a9735ec4985d74c43)[OP Production Plan](#i83b10c5e884e4a7a9735ec4985d74c43)** | **[172](#i83b10c5e884e4a7a9735ec4985d74c43)** |
| **[16.9.3](#i553bb1ffd46b4f948c18c56fb7766d73)[UG Development Plan](#i553bb1ffd46b4f948c18c56fb7766d73)** | **[177](#i553bb1ffd46b4f948c18c56fb7766d73)** |
| **[16.9.1](#if378a0a4a5544f85a7b851c44c20123c)[UG Production Plan](#if378a0a4a5544f85a7b851c44c20123c)** | **[180](#if378a0a4a5544f85a7b851c44c20123c)** |
| **[16.9.2](#i9d76069dddca4bf69df7fdb5daa072f0)[Combined Production Plan](#i9d76069dddca4bf69df7fdb5daa072f0)** | **[184](#i9d76069dddca4bf69df7fdb5daa072f0)** |
| **[16.10](#i78979000c3d54623887d9870643e872f)[ELECTRICAL UG DISTRIBUTION](#i78979000c3d54623887d9870643e872f)** | **[186](#i78979000c3d54623887d9870643e872f)** |
| **[16.11](#i0fd69a700ee142eca6d551ad3178a994)[VENTILATION](#i0fd69a700ee142eca6d551ad3178a994)** | **[187](#i0fd69a700ee142eca6d551ad3178a994)** |
| **[16.11.1](#i09fcdaa74252465f80b803f347b0c3d0)[Design Criteria](#i09fcdaa74252465f80b803f347b0c3d0)** | **[187](#i09fcdaa74252465f80b803f347b0c3d0)** |
| **[16.11.2](#i92ca39841e0243dda7f7ac3fd746fad8)[Ventilation Demand and Distribution](#i92ca39841e0243dda7f7ac3fd746fad8)** | **[188](#i92ca39841e0243dda7f7ac3fd746fad8)** |
| **[16.11.3](#i90d8185af92a4aa0b051cfde10e54c8e)[Main Ventilation system Design](#i90d8185af92a4aa0b051cfde10e54c8e)** | **[190](#i90d8185af92a4aa0b051cfde10e54c8e)** |
| **[16.11.4](#i853caaf3953f44e5b2b9b9f78ce3c9cd)[Auxiliary Ventilation system Design](#i853caaf3953f44e5b2b9b9f78ce3c9cd)** | **[193](#i853caaf3953f44e5b2b9b9f78ce3c9cd)** |
| **[16.12](#ic62df4cf501f4c14829e488a8713d66e)[MINE BACKFILL](#ic62df4cf501f4c14829e488a8713d66e)** | **[194](#ic62df4cf501f4c14829e488a8713d66e)** |
| **[16.13](#ib8745f22df7344afa470ab87f8dcca8b)[MINE DEWATERING](#ib8745f22df7344afa470ab87f8dcca8b)** | **[195](#ib8745f22df7344afa470ab87f8dcca8b)** |
| **[17.0](#i802e3ec6d0f64529bcbb182cc8bdabd0)[RECOVERY METHODS](#i802e3ec6d0f64529bcbb182cc8bdabd0)** | **[196](#i802e3ec6d0f64529bcbb182cc8bdabd0)** |
| **[17.1](#i4b6ce81cc495404a9a67570957a3ed81)[PROCESS DESIGN](#i4b6ce81cc495404a9a67570957a3ed81)** | **[196](#i4b6ce81cc495404a9a67570957a3ed81)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTv

---

| | |
|:---|:---|
| **[17.1.1](#idcdf2825be0e43f6ad98e180d29c8d9b)[Selected Process](#idcdf2825be0e43f6ad98e180d29c8d9b)** | **[196](#idcdf2825be0e43f6ad98e180d29c8d9b)** |
| **[17.1.2](#i22f2a97fd62840aea9c669affade7c58)[Key Process Design Criteria](#i22f2a97fd62840aea9c669affade7c58)** | **[199](#i22f2a97fd62840aea9c669affade7c58)** |
| **[17.2](#i286c9bc876514147a5520aeb9d313085)[PROCESS PLANT DESCRIPTION](#i286c9bc876514147a5520aeb9d313085)** | **[200](#i286c9bc876514147a5520aeb9d313085)** |
| **[17.2.1](#iea10175e62e047248c2125dda3ab70b0)[Crushing Circuit](#iea10175e62e047248c2125dda3ab70b0)** | **[200](#iea10175e62e047248c2125dda3ab70b0)** |
| **[17.2.2](#i6a0e370197e746ddba0e9f7deb4093a5)[Grinding Circuit](#i6a0e370197e746ddba0e9f7deb4093a5)** | **[200](#i6a0e370197e746ddba0e9f7deb4093a5)** |
| **[17.2.3](#i4f5ca2f6360445d6abbd6149fa71bb8d)[Lead Rougher Flotation Circuit](#i4f5ca2f6360445d6abbd6149fa71bb8d)** | **[201](#i4f5ca2f6360445d6abbd6149fa71bb8d)** |
| **[17.2.4](#i84049d8f8caf484285284600141b57bd)[Lead Regrind Circuit](#i84049d8f8caf484285284600141b57bd)** | **[201](#i84049d8f8caf484285284600141b57bd)** |
| **[17.2.5](#i84f30285a35f4bc7b2fed006a20a85ff)[Lead Cleaner Flotation Circuit](#i84f30285a35f4bc7b2fed006a20a85ff)** | **[201](#i84f30285a35f4bc7b2fed006a20a85ff)** |
| **[17.2.6](#i209ca1c345f94cb29947bbf66a9d1b38)[Lead Concentrate Thickening, Filtration, and Bagging Circuit](#i209ca1c345f94cb29947bbf66a9d1b38)** | **[202](#i209ca1c345f94cb29947bbf66a9d1b38)** |
| **[17.2.7](#i3d8419056a0e4a53a2fe22362f4b1151)[Zinc Rougher Flotation Circuit](#i3d8419056a0e4a53a2fe22362f4b1151)** | **[202](#i3d8419056a0e4a53a2fe22362f4b1151)** |
| **[17.2.8](#i75080221b1064580bf7689d38c3048cc)[Zinc Regrind Circuit](#i75080221b1064580bf7689d38c3048cc)** | **[202](#i75080221b1064580bf7689d38c3048cc)** |
| **[17.2.9](#ie19bae8ec57d4011bfefecb963d7305d)[Zinc Cleaner Flotation Circuit](#ie19bae8ec57d4011bfefecb963d7305d)** | **[202](#ie19bae8ec57d4011bfefecb963d7305d)** |
| **[17.2.10](#iccb9aeadf82b40f9a3c3a237599560aa)[Zinc Concentrate Thickening and Filtration Circuit](#iccb9aeadf82b40f9a3c3a237599560aa)** | **[203](#iccb9aeadf82b40f9a3c3a237599560aa)** |
| **[17.2.11](#i7fe97b5fb10a4329a2fc31be0c35371a)[Pyrite Rougher Flotation Circuit](#i7fe97b5fb10a4329a2fc31be0c35371a)** | **[203](#i7fe97b5fb10a4329a2fc31be0c35371a)** |
| **[17.2.12](#i33880579d15a4863a968022b33b1a9f9)[Pyrite Concentrate Thickening and Filtration Circuit](#i33880579d15a4863a968022b33b1a9f9)** | **[203](#i33880579d15a4863a968022b33b1a9f9)** |
| **[17.2.13](#ia23d7acaa84e403493e41311d5af19c5)[Flotation Tailings Disposal](#ia23d7acaa84e403493e41311d5af19c5)** | **[203](#ia23d7acaa84e403493e41311d5af19c5)** |
| **[17.2.14](#i7fe30ef3483845b4a4ec00bbd256100a)[Reagents](#i7fe30ef3483845b4a4ec00bbd256100a)** | **[203](#i7fe30ef3483845b4a4ec00bbd256100a)** |
| **[17.2.14.1](#ia9b423c03e8b4e71bb9900be920987a7)[Flocculant](#ia9b423c03e8b4e71bb9900be920987a7)** | **[204](#ia9b423c03e8b4e71bb9900be920987a7)** |
| **[17.2.14.2](#ia66ef6f67b644fd4864ffd8e51c34820)[Zinc Sulphate](#ia66ef6f67b644fd4864ffd8e51c34820)** | **[204](#ia66ef6f67b644fd4864ffd8e51c34820)** |
| **[17.2.14.3](#i43606c0a0df5426e9c9d407f311b02ef)[Aero 3418A](#i43606c0a0df5426e9c9d407f311b02ef)** | **[204](#i43606c0a0df5426e9c9d407f311b02ef)** |
| **[17.2.14.4](#i7402b26fc8194ddcb7e2fc66336e5a08)[MIBC](#i7402b26fc8194ddcb7e2fc66336e5a08)** | **[204](#i7402b26fc8194ddcb7e2fc66336e5a08)** |
| **[17.2.14.5](#ib1a8b8fcc13241c68dd09d2c3d044bf9)[Copper Sulphate](#ib1a8b8fcc13241c68dd09d2c3d044bf9)** | **[204](#ib1a8b8fcc13241c68dd09d2c3d044bf9)** |
| **[17.2.14.6](#i1c2cf7cbe614436a84530ab12d1da764)[Sodium Isopropyl Xanthate (SIPX)](#i1c2cf7cbe614436a84530ab12d1da764)** | **[204](#i1c2cf7cbe614436a84530ab12d1da764)** |
| **[17.2.14.7](#i9cc064df19de4ac6ae1a08c36a0d4347)[Potassium Amyl Xanthate (PAX)](#i9cc064df19de4ac6ae1a08c36a0d4347)** | **[204](#i9cc064df19de4ac6ae1a08c36a0d4347)** |
| **[17.2.14.8](#i0bbf01c77c1743408a34da3a26149871)[Sulphuric Acid](#i0bbf01c77c1743408a34da3a26149871)** | **[204](#i0bbf01c77c1743408a34da3a26149871)** |
| **[17.2.14.9](#iafb5095dcb6b4b65bc435917d21679b9)[Sodium Cyanide](#iafb5095dcb6b4b65bc435917d21679b9)** | **[204](#iafb5095dcb6b4b65bc435917d21679b9)** |
| **[17.2.14.10](#if4b9ad8c746949679688f1614edb0dd9)[Lime (CaO)](#if4b9ad8c746949679688f1614edb0dd9)** | **[205](#if4b9ad8c746949679688f1614edb0dd9)** |
| **[17.2.14.11](#ib36a0f554b214382842776410a701747)[Anti-Scalant](#ib36a0f554b214382842776410a701747)** | **[205](#ib36a0f554b214382842776410a701747)** |
| **[17.2.15](#i07fba980b24742e3959032c24c6ca45f)[Plant Services](#i07fba980b24742e3959032c24c6ca45f)** | **[205](#i07fba980b24742e3959032c24c6ca45f)** |
| **[17.2.15.1](#i5e408c3bc69548cea7e56d532db15a1b)[Air](#i5e408c3bc69548cea7e56d532db15a1b)** | **[205](#i5e408c3bc69548cea7e56d532db15a1b)** |
| **[17.2.15.2](#i14871fd277fc472aa7eedffefcb2c26f)[Water](#i14871fd277fc472aa7eedffefcb2c26f)** | **[205](#i14871fd277fc472aa7eedffefcb2c26f)** |
| **[17.2.15.3](#if1523615ba4f4020ad63652511bfc195)[Fuel](#if1523615ba4f4020ad63652511bfc195)** | **[205](#if1523615ba4f4020ad63652511bfc195)** |
| **[17.3](#id99288265aeb482ba0f98a25ec5247ee)[PLANT CONSUMPTION](#id99288265aeb482ba0f98a25ec5247ee)** | **[205](#id99288265aeb482ba0f98a25ec5247ee)** |
| **[17.3.1](#ia4c9dcec14554b9e9786e75bc44c536b)[Water](#ia4c9dcec14554b9e9786e75bc44c536b)** | **[205](#ia4c9dcec14554b9e9786e75bc44c536b)** |
| **[17.3.2](#iddf647d22df245ecaac8e43c321e701f)[Energy](#iddf647d22df245ecaac8e43c321e701f)** | **[206](#iddf647d22df245ecaac8e43c321e701f)** |
| **[17.3.3](#ieea568bc60e0479a889ffbc95428d1bd)[Reagents and Consumables](#ieea568bc60e0479a889ffbc95428d1bd)** | **[206](#ieea568bc60e0479a889ffbc95428d1bd)** |
| **[18.0](#i1fa2d2dfc6df418aa549d681745c4002)[PROJECT INFRASTRUCTURE](#i1fa2d2dfc6df418aa549d681745c4002)** | **[207](#i1fa2d2dfc6df418aa549d681745c4002)** |
| **[18.1](#ia8d5665feba94cfbb7e494ac9115fcdb)[OVERALL SITE DEVELOPMENT](#ia8d5665feba94cfbb7e494ac9115fcdb)** | **[207](#ia8d5665feba94cfbb7e494ac9115fcdb)** |
| **[18.2](#i8a0b9f8f1db141fe8fe93d46a227d4b4)[SITE ACCESS ROAD](#i8a0b9f8f1db141fe8fe93d46a227d4b4)** | **[207](#i8a0b9f8f1db141fe8fe93d46a227d4b4)** |
| **[18.2.1](#i64f77d130c5748ea847e09af10aac02a)[Access to Site](#i64f77d130c5748ea847e09af10aac02a)** | **[207](#i64f77d130c5748ea847e09af10aac02a)** |
| **[18.2.2](#ie0560fa09e63469190e1ffc84ce65e2b)[Project Site Roads](#ie0560fa09e63469190e1ffc84ce65e2b)** | **[207](#ie0560fa09e63469190e1ffc84ce65e2b)** |
| **[18.3](#i07eb78b8381747958172c950245ed4c7)[PROCESS PLANT FACILITIES](#i07eb78b8381747958172c950245ed4c7)** | **[207](#i07eb78b8381747958172c950245ed4c7)** |
| **[18.4](#i4688c02011dd463586b1bd018af6060e)[Mining Facilities](#i4688c02011dd463586b1bd018af6060e)** | **[210](#i4688c02011dd463586b1bd018af6060e)** |
| **[18.4.1](#ibae1314aa0d546058f2a1e1337894b8b)[TRUCK SHOP](#ibae1314aa0d546058f2a1e1337894b8b)** | **[210](#ibae1314aa0d546058f2a1e1337894b8b)** |
| **[18.4.2](#i8b685e2975784d0db32cb5f9134d1d1a)[SITE ROADS](#i8b685e2975784d0db32cb5f9134d1d1a)** | **[211](#i8b685e2975784d0db32cb5f9134d1d1a)** |
| **[18.4.3](#i30b960874dad47eaaa27ac6816d2c14b)[LOW-GRADE MATERIAL STOCKPILE](#i30b960874dad47eaaa27ac6816d2c14b)** | **[211](#i30b960874dad47eaaa27ac6816d2c14b)** |
| **[18.4.4](#i2c71c3d2504f4f8e9536cef01b062938)[ROM PAD](#i2c71c3d2504f4f8e9536cef01b062938)** | **[211](#i2c71c3d2504f4f8e9536cef01b062938)** |
| **[18.4.5](#i159e265993894d75ae2bdbd46dae0279)[WASTE ROCK STOCKPILES](#i159e265993894d75ae2bdbd46dae0279)** | **[211](#i159e265993894d75ae2bdbd46dae0279)** |
| **[18.5](#id4b7d401ad1d46cfb78fa727ad72f893)[TAILINGS STORAGE FACILITY](#id4b7d401ad1d46cfb78fa727ad72f893)** | **[212](#id4b7d401ad1d46cfb78fa727ad72f893)** |
| **[18.6](#id73eda2c333b45cd86f57ed8dafead97)[WATER SUPPLY](#id73eda2c333b45cd86f57ed8dafead97)** | **[212](#id73eda2c333b45cd86f57ed8dafead97)** |
| **[18.6.1](#i6d2d1eeec0694f7abcba7eab88e8b651)[Raw Water Supply System](#i6d2d1eeec0694f7abcba7eab88e8b651)** | **[212](#i6d2d1eeec0694f7abcba7eab88e8b651)** |
| **[18.6.2](#if011b3e56eb540db9aff0684bedb245e)[Fire Water Supply System](#if011b3e56eb540db9aff0684bedb245e)** | **[213](#if011b3e56eb540db9aff0684bedb245e)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTvi

---

| | |
|:---|:---|
| **[18.6.3](#ie2ec3da201464ecb8890bf7119e57064)[Potable Water Supply](#ie2ec3da201464ecb8890bf7119e57064)** | **[213](#ie2ec3da201464ecb8890bf7119e57064)** |
| **[18.7](#i1bfabd0872d149fa9e2d0a8ae3321526)[WATER MANAGEMENT](#i1bfabd0872d149fa9e2d0a8ae3321526)** | **[214](#i1bfabd0872d149fa9e2d0a8ae3321526)** |
| **[18.8](#ie3266b3b45cf4e3caaf442b1f6e65418)[POWER SUPPLY](#ie3266b3b45cf4e3caaf442b1f6e65418)** | **[214](#ie3266b3b45cf4e3caaf442b1f6e65418)** |
| **[18.9](#i5b3212ba2a594cfb95ed7c69dc16203b)[SEWAGE AND SOLID WASTE MANAGEMENT](#i5b3212ba2a594cfb95ed7c69dc16203b)** | **[214](#i5b3212ba2a594cfb95ed7c69dc16203b)** |
| **[18.10](#iffc7fc5e322044dbae57c8d2e0aad91c)[SECURITY](#iffc7fc5e322044dbae57c8d2e0aad91c)** | **[214](#iffc7fc5e322044dbae57c8d2e0aad91c)** |
| **[18.11](#i867a617c16014a158d7f6474c5f7b691)[ACCOMMODATIONS](#i867a617c16014a158d7f6474c5f7b691)** | **[214](#i867a617c16014a158d7f6474c5f7b691)** |
| **[18.12](#ia5a0f02546ce449c97e0ba730ac41380)[ADMINISTRATION AND PLANT BUILDINGS](#ia5a0f02546ce449c97e0ba730ac41380)** | **[214](#ia5a0f02546ce449c97e0ba730ac41380)** |
| **[18.13](#i897e066624b2415c8ff4982a7af48da3)[CONCENTRATE TRANSPORTATION AND LOADOUT](#i897e066624b2415c8ff4982a7af48da3)** | **[215](#i897e066624b2415c8ff4982a7af48da3)** |
| **[19.0](#ibf352b0b0f4f4869b116de04eba519ce)[MARKET STUDIES AND CONTRACTS](#ibf352b0b0f4f4869b116de04eba519ce)** | **[216](#ibf352b0b0f4f4869b116de04eba519ce)** |
| **[19.1](#ife49d00d8ad646e58b21528311226dad)[Market Studies](#ife49d00d8ad646e58b21528311226dad)** | **[216](#ife49d00d8ad646e58b21528311226dad)** |
| **[19.2](#ib87d2283159e4ce3b142bb58e69c4c83)[Commodity price projections](#ib87d2283159e4ce3b142bb58e69c4c83)** | **[216](#ib87d2283159e4ce3b142bb58e69c4c83)** |
| **[19.3](#i2d15c7a17b4045c38fffe56b26108dd3)[Contracts](#i2d15c7a17b4045c38fffe56b26108dd3)** | **[216](#i2d15c7a17b4045c38fffe56b26108dd3)** |
| **[19.3.1](#i24bde122df6c41e28130d4f271fe1dd6)[Concentrates sales](#i24bde122df6c41e28130d4f271fe1dd6)** | **[216](#i24bde122df6c41e28130d4f271fe1dd6)** |
| **[19.3.2](#if24b1d6b7d024aab973599cfae5b6477)[Other contracts](#if24b1d6b7d024aab973599cfae5b6477)** | **[217](#if24b1d6b7d024aab973599cfae5b6477)** |
| **[20.0](#i3619aaff32144949ae0b00993751e089)[ENVIRONMENTAL STUDIES, PERMITS, AND SOCIAL](#i3619aaff32144949ae0b00993751e089)**<br>**[OR COMMUNITY IMPACTS](#i3619aaff32144949ae0b00993751e089)**<br>| **[218](#i3619aaff32144949ae0b00993751e089)** |
| **[20.1](#ie057bc9a84764b3cb989e785d58762b5)[Project Setting](#ie057bc9a84764b3cb989e785d58762b5)** | **[218](#ie057bc9a84764b3cb989e785d58762b5)** |
| **[20.2](#i4032e97c3470423bb431b584f7f0042f)[Environmental and Social Studies](#i4032e97c3470423bb431b584f7f0042f)** | **[218](#i4032e97c3470423bb431b584f7f0042f)** |
| **[20.3](#ic255273baf474dd3ad84704360adca8c)[Permitting and Applicable Standards](#ic255273baf474dd3ad84704360adca8c)** | **[219](#ic255273baf474dd3ad84704360adca8c)** |
| **[20.4](#ieccb1a7fe12e4784ac8c6a389cbdbf17)[Key Environmental and Social Issues](#ieccb1a7fe12e4784ac8c6a389cbdbf17)** | **[219](#ieccb1a7fe12e4784ac8c6a389cbdbf17)** |
| **[20.4.1](#ifa88f7e3c8f843a3bf0d28c8ca5d96f8)[Potentially Affected Communities](#ifa88f7e3c8f843a3bf0d28c8ca5d96f8)** | **[219](#ifa88f7e3c8f843a3bf0d28c8ca5d96f8)** |
| **[20.4.2](#if5259df9b32a4b189018ebaca32f82cc)[Environmental and Social Management](#if5259df9b32a4b189018ebaca32f82cc)** | **[220](#if5259df9b32a4b189018ebaca32f82cc)** |
| **[20.4.3](#ie1560c8f49214151bad8e41d7fb4b2bc)[Mine Closure](#ie1560c8f49214151bad8e41d7fb4b2bc)** | **[220](#ie1560c8f49214151bad8e41d7fb4b2bc)** |
| **[21.0](#i73bb294ce93d41ce9076d17eecc89bb0)[CAPITAL AND OPERATING COSTS](#i73bb294ce93d41ce9076d17eecc89bb0)** | **[221](#i73bb294ce93d41ce9076d17eecc89bb0)** |
| **[21.1](#i68d6502603034e2f898193b5bf297fb5)[CAPITAL COST ESTIMATE](#i68d6502603034e2f898193b5bf297fb5)** | **[221](#i68d6502603034e2f898193b5bf297fb5)** |
| **[21.1.1](#ia99b914356bf47e6aa0991f39f30f160)[Summary](#ia99b914356bf47e6aa0991f39f30f160)** | **[221](#ia99b914356bf47e6aa0991f39f30f160)** |
| **[21.1.2](#ib8ad89d0d1844b6fac54320aa8e9fc33)[Mining Capex](#ib8ad89d0d1844b6fac54320aa8e9fc33)** | **[221](#ib8ad89d0d1844b6fac54320aa8e9fc33)** |
| **[21.1.2.1](#iac4042ec76d74ef0aefadfda02e20e2f)[General Surface Infrastructure](#iac4042ec76d74ef0aefadfda02e20e2f)** | **[222](#iac4042ec76d74ef0aefadfda02e20e2f)** |
| **[21.1.2.2](#iafb18e054ad64f5ead7b7c85fac54448)[Open Pit Facilities](#iafb18e054ad64f5ead7b7c85fac54448)** | **[223](#iafb18e054ad64f5ead7b7c85fac54448)** |
| **[21.1.2.3](#i39d9f88ba16946309bcae2791ce9d021)[Underground Development](#i39d9f88ba16946309bcae2791ce9d021)** | **[223](#i39d9f88ba16946309bcae2791ce9d021)** |
| **[21.1.2.4](#i70ddb16898e4405dbe4d820d717d6421)[Underground Mobile Equipment](#i70ddb16898e4405dbe4d820d717d6421)** | **[224](#i70ddb16898e4405dbe4d820d717d6421)** |
| **[21.1.2.5](#i79fa35f3896343b1a2adea2501548854)[Underground Mine Facilities](#i79fa35f3896343b1a2adea2501548854)** | **[224](#i79fa35f3896343b1a2adea2501548854)** |
| **[21.1.3](#ida51ed670a79432a9c73bc134166712b)[Process Plant and Infrastructure Capex](#ida51ed670a79432a9c73bc134166712b)** | **[225](#ida51ed670a79432a9c73bc134166712b)** |
| **[21.1.3.1](#ie8bb8bc159754768a1372d83b087e0b2)[Estimating Methodology](#ie8bb8bc159754768a1372d83b087e0b2)** | **[226](#ie8bb8bc159754768a1372d83b087e0b2)** |
| **[21.1.3.2](#i516216c8e83b43cc8048f0150cc66de0)[Quantity Development](#i516216c8e83b43cc8048f0150cc66de0)** | **[226](#i516216c8e83b43cc8048f0150cc66de0)** |
| **[21.1.3.3](#i724b2a94385542519abc74e19541a228)[Installation Basis](#i724b2a94385542519abc74e19541a228)** | **[227](#i724b2a94385542519abc74e19541a228)** |
| **[21.1.3.4](#i1c1cc4fd616a489e8a4dc84f50c5f049)[Field Indirects](#i1c1cc4fd616a489e8a4dc84f50c5f049)** | **[227](#i1c1cc4fd616a489e8a4dc84f50c5f049)** |
| **[21.1.3.5](#i15a59392b82d41dea6b5554b912e30cf)[Engineering Services](#i15a59392b82d41dea6b5554b912e30cf)** | **[228](#i15a59392b82d41dea6b5554b912e30cf)** |
| **[21.1.3.6](#i5ac42c46d6364d0e926b8c0919031bf4)[Vendor Representatives](#i5ac42c46d6364d0e926b8c0919031bf4)** | **[228](#i5ac42c46d6364d0e926b8c0919031bf4)** |
| **[21.1.3.7](#i5c74d9051a15428ea54db908923b350b)[Freight](#i5c74d9051a15428ea54db908923b350b)** | **[228](#i5c74d9051a15428ea54db908923b350b)** |
| **[21.1.3.8](#i980583d805e8469b86cc92997c8fb072)[Owners Costs](#i980583d805e8469b86cc92997c8fb072)** | **[228](#i980583d805e8469b86cc92997c8fb072)** |
| **[21.1.4](#i0a2b6a47ab0a4484b154d0d5f3ea9827)[Tailings Storage Facility Capex](#i0a2b6a47ab0a4484b154d0d5f3ea9827)** | **[228](#i0a2b6a47ab0a4484b154d0d5f3ea9827)** |
| **[21.1.5](#i59c1a4e1db5b4a0b99e8dab918301ded)[TSF Closing Costs](#i59c1a4e1db5b4a0b99e8dab918301ded)** | **[229](#i59c1a4e1db5b4a0b99e8dab918301ded)** |
| **[21.1.6](#i18a40a63351b48f49adc70320248a29b)[Sustaining and Closing Costs](#i18a40a63351b48f49adc70320248a29b)** | **[229](#i18a40a63351b48f49adc70320248a29b)** |
| **[21.1.7](#ifa7a940863b54f09a08beef6692d3df9)[Contingency](#ifa7a940863b54f09a08beef6692d3df9)** | **[230](#ifa7a940863b54f09a08beef6692d3df9)** |
| **[21.1.8](#i21bfbe1edea84a929b2c9d76420f90f8)[Qualifications and Assumptions](#i21bfbe1edea84a929b2c9d76420f90f8)** | **[230](#i21bfbe1edea84a929b2c9d76420f90f8)** |
| **[21.1.9](#ib3f30a9aab6b479792c91950471c0350)[Exclusions](#ib3f30a9aab6b479792c91950471c0350)** | **[230](#ib3f30a9aab6b479792c91950471c0350)** |
| **[21.1.10](#i751f17bf758f47ca9582995e734edec8)[Process Plant Pre-Production and Working Capital Costs](#i751f17bf758f47ca9582995e734edec8)** | **[230](#i751f17bf758f47ca9582995e734edec8)** |
| **[21.1.10.1](#i63da26a6e1174199ac0ab98ff422f64f)[Pre-Production Labour](#i63da26a6e1174199ac0ab98ff422f64f)** | **[230](#i63da26a6e1174199ac0ab98ff422f64f)** |
| **[21.1.10.2](#i42b4f2e5c3da491da78ab36fe2aee516)[First Fill Reagents and Opening Stocks](#i42b4f2e5c3da491da78ab36fe2aee516)** | **[230](#i42b4f2e5c3da491da78ab36fe2aee516)** |
| **[21.1.10.3](#i6ebdc2796d46417f82d399c978c750f6)[Vendor Representatives](#i6ebdc2796d46417f82d399c978c750f6)** | **[231](#i6ebdc2796d46417f82d399c978c750f6)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTvii

---

| | |
|:---|:---|
| **[21.2](#ic84f07357d3e4647817dff5b519bb4cb)[OPERATING COST ESTIMATE](#ic84f07357d3e4647817dff5b519bb4cb)** | **[231](#ic84f07357d3e4647817dff5b519bb4cb)** |
| **[21.2.1](#i21bd3dc5e6ce4637bfe4a3eea7c2e0fc)[Mining Opex](#i21bd3dc5e6ce4637bfe4a3eea7c2e0fc)** | **[231](#i21bd3dc5e6ce4637bfe4a3eea7c2e0fc)** |
| **[21.2.1.1](#i94467f9289b04f6cbc8be42fc864cb44)[Open-Pit Costs](#i94467f9289b04f6cbc8be42fc864cb44)** | **[232](#i94467f9289b04f6cbc8be42fc864cb44)** |
| **[21.2.1.2](#i5a30e87750544375bccf153f257be7f1)[Underground Variable Costs](#i5a30e87750544375bccf153f257be7f1)** | **[232](#i5a30e87750544375bccf153f257be7f1)** |
| **[21.2.1.3](#i8b3ac9d4a7ae4413aa3be5c606b3fc3f)[Underground Fixed Costs](#i8b3ac9d4a7ae4413aa3be5c606b3fc3f)** | **[233](#i8b3ac9d4a7ae4413aa3be5c606b3fc3f)** |
| **[21.2.2](#ied1d666f62504c89a0a1590c86133618)[Process Operating Cost Estimate](#ied1d666f62504c89a0a1590c86133618)** | **[234](#ied1d666f62504c89a0a1590c86133618)** |
| **[21.2.2.1](#ia0a49e28f5bb464aaad0b321ae740fe7)[Introduction](#ia0a49e28f5bb464aaad0b321ae740fe7)** | **[234](#ia0a49e28f5bb464aaad0b321ae740fe7)** |
| **[21.2.2.2](#ic0d95dff7cb04c75a186ebd29e3a043a)[Process Plant Operating Costs](#ic0d95dff7cb04c75a186ebd29e3a043a)** | **[235](#ic0d95dff7cb04c75a186ebd29e3a043a)** |
| **[21.2.2.3](#ieabe7db7c62b48239cc18bc267a17315)[Power](#ieabe7db7c62b48239cc18bc267a17315)** | **[238](#ieabe7db7c62b48239cc18bc267a17315)** |
| **[21.2.2.4](#i5ff434184f614f5b89e449e98c449a29)[Operating Consumables](#i5ff434184f614f5b89e449e98c449a29)** | **[238](#i5ff434184f614f5b89e449e98c449a29)** |
| **[21.2.2.5](#i45d5df75f2314775b77f3c6d0812d30d)[Maintenance](#i45d5df75f2314775b77f3c6d0812d30d)** | **[239](#i45d5df75f2314775b77f3c6d0812d30d)** |
| **[21.2.2.6](#i4dbee61b4bb743bb9f58f34ae7a685ad)[Labour](#i4dbee61b4bb743bb9f58f34ae7a685ad)** | **[239](#i4dbee61b4bb743bb9f58f34ae7a685ad)** |
| **[21.2.2.7](#i1102da0b4b0b4520b12db00f88c5f2ff)[Laboratory Costs](#i1102da0b4b0b4520b12db00f88c5f2ff)** | **[239](#i1102da0b4b0b4520b12db00f88c5f2ff)** |
| **[21.2.2.8](#i162bb9e50a134d6f8ec943e473d3a57b)[Services and Utilities](#i162bb9e50a134d6f8ec943e473d3a57b)** | **[239](#i162bb9e50a134d6f8ec943e473d3a57b)** |
| **[21.2.3](#ic1515dce2b0548169b879197c9d4b561)[Site General and Administration](#ic1515dce2b0548169b879197c9d4b561)** | **[240](#ic1515dce2b0548169b879197c9d4b561)** |
| **[21.2.4](#i7e65df5fccd7478c95db1147dc3bfbc4)[Concentrate Shipping and Handling Costs](#i7e65df5fccd7478c95db1147dc3bfbc4)** | **[240](#i7e65df5fccd7478c95db1147dc3bfbc4)** |
| **[21.2.5](#i9b76eec053e646b696f267d35d05ae20)[TSF Opex](#i9b76eec053e646b696f267d35d05ae20)** | **[240](#i9b76eec053e646b696f267d35d05ae20)** |
| **[22.0](#ife7ba58f3fa543378ac7a13512937cdf)[ECONOMIC ANALYSIS](#ife7ba58f3fa543378ac7a13512937cdf)** | **[242](#ife7ba58f3fa543378ac7a13512937cdf)** |
| **[22.1](#i5aecb2892f704908b1684deea9ff45aa)[INTRODUCTION](#i5aecb2892f704908b1684deea9ff45aa)** | **[242](#i5aecb2892f704908b1684deea9ff45aa)** |
| **[22.2](#i341db3ad47c24dfe93366ab5cfd4313b)[FISCAL AND ECONOMIC PARAMETERS](#i341db3ad47c24dfe93366ab5cfd4313b)** | **[242](#i341db3ad47c24dfe93366ab5cfd4313b)** |
| **[22.2.1](#i60011758f1a5422e8edd3d01fadec5f5)[Royalties and Duties](#i60011758f1a5422e8edd3d01fadec5f5)** | **[242](#i60011758f1a5422e8edd3d01fadec5f5)** |
| **[22.2.2](#ia4c33d2b7f3f4d619d838557e9cee1fe)[Taxes](#ia4c33d2b7f3f4d619d838557e9cee1fe)** | **[242](#ia4c33d2b7f3f4d619d838557e9cee1fe)** |
| **[22.2.3](#i7ef222f8eaa449a29752fab882baeb10)[Economic Parameters](#i7ef222f8eaa449a29752fab882baeb10)** | **[242](#i7ef222f8eaa449a29752fab882baeb10)** |
| **[22.3](#ib78b8d3596af4287a94a78585f377461)[PROJECT TIMING](#ib78b8d3596af4287a94a78585f377461)** | **[243](#ib78b8d3596af4287a94a78585f377461)** |
| **[22.4](#ic423b8c16e014600a8ffcd34346b1ad0)[FINANCIAL MODELLING](#ic423b8c16e014600a8ffcd34346b1ad0)** | **[243](#ic423b8c16e014600a8ffcd34346b1ad0)** |
| **[22.5](#ib8643e3d7f3d49f98add350b2ab65ea6)[RESULTS](#ib8643e3d7f3d49f98add350b2ab65ea6)** | **[249](#ib8643e3d7f3d49f98add350b2ab65ea6)** |
| **[22.5.1](#i43adf2bffa534230af1ab0bea588e4c9)[Key Economic Results](#i43adf2bffa534230af1ab0bea588e4c9)** | **[249](#i43adf2bffa534230af1ab0bea588e4c9)** |
| **[22.5.2](#id23cdb4c51c84903b92d3e65422d9d90)[Life of Mine Cash Flow Analysis](#id23cdb4c51c84903b92d3e65422d9d90)** | **[251](#id23cdb4c51c84903b92d3e65422d9d90)** |
| **[22.5.3](#i329b6605a5094fa7ae5a613486a1aac6)[Project Parameter Sensitivities](#i329b6605a5094fa7ae5a613486a1aac6)** | **[251](#i329b6605a5094fa7ae5a613486a1aac6)** |
| **[22.5.3.1](#i074ea2f4b6ea42d29d342f57b5581d25)[Gold and Silver Price Sensitivity Based Parameters](#i074ea2f4b6ea42d29d342f57b5581d25)** | **[253](#i074ea2f4b6ea42d29d342f57b5581d25)** |
| **[22.5.3.2](#ic57cc4942a924ad4800d14679c293603)[CAPEX and OPEX Sensitivity Based Parameters](#ic57cc4942a924ad4800d14679c293603)** | **[254](#ic57cc4942a924ad4800d14679c293603)** |
| **[22.6](#i8a758c151fed4128a4165fc1fcacfd60)[CONCLUSION](#i8a758c151fed4128a4165fc1fcacfd60)** | **[255](#i8a758c151fed4128a4165fc1fcacfd60)** |
| **[23.0](#i325cfdca9e1b48f5a43bf7db0212cf8f)[ADJACENT PROPERTIES](#i325cfdca9e1b48f5a43bf7db0212cf8f)** | **[256](#i325cfdca9e1b48f5a43bf7db0212cf8f)** |
| **[24.0](#ie2cdd89f53dc4ea7b0b13ad7f9a2d198)[OTHER RELEVANT DATA AND INFORMATION](#ie2cdd89f53dc4ea7b0b13ad7f9a2d198)** | **[257](#ie2cdd89f53dc4ea7b0b13ad7f9a2d198)** |
| **[24.1](#i766adb69d3364274bf90c9fe33600983)[Project Execution Schedule](#i766adb69d3364274bf90c9fe33600983)** | **[257](#i766adb69d3364274bf90c9fe33600983)** |
| **[24.2](#id4e9e29e01da4996bdaedea0a374e111)[Pyrite Treatment](#id4e9e29e01da4996bdaedea0a374e111)** | **[257](#id4e9e29e01da4996bdaedea0a374e111)** |
| **[25.0](#ia5fc95faf1a9463c84a3020acf76dfb2)[INTERPRETATION AND CONCLUSIONS](#ia5fc95faf1a9463c84a3020acf76dfb2)** | **[258](#ia5fc95faf1a9463c84a3020acf76dfb2)** |
| **[25.1](#ibe1200ad75ea45728990913c4669330c)[Geology](#ibe1200ad75ea45728990913c4669330c)** | **[258](#ibe1200ad75ea45728990913c4669330c)** |
| **[25.2](#ic023553b2a6c4f5e838b083030beb4b2)[Mining](#ic023553b2a6c4f5e838b083030beb4b2)** | **[259](#ic023553b2a6c4f5e838b083030beb4b2)** |
| **[25.2.1](#iec80f1959a1b4a0c97958a630a089952)[Mining Geotechnical](#iec80f1959a1b4a0c97958a630a089952)** | **[260](#iec80f1959a1b4a0c97958a630a089952)** |
| **[25.3](#i0a2ac2675346425782b9dcdb9f2a21c5)[Processing](#i0a2ac2675346425782b9dcdb9f2a21c5)** | **[260](#i0a2ac2675346425782b9dcdb9f2a21c5)** |
| **[25.4](#i8fb87fb524f241189f5507b4b3ecbb7a)[Infrastructure](#i8fb87fb524f241189f5507b4b3ecbb7a)** | **[261](#i8fb87fb524f241189f5507b4b3ecbb7a)** |
| **[25.5](#i37b85323f3984ec6b697ed0274dba14a)[Environmental and Social](#i37b85323f3984ec6b697ed0274dba14a)** | **[262](#i37b85323f3984ec6b697ed0274dba14a)** |
| **[25.6](#i57a8ff3a8b9e4eb4860758b6e2355140)[Capital Cost Estimate](#i57a8ff3a8b9e4eb4860758b6e2355140)** | **[262](#i57a8ff3a8b9e4eb4860758b6e2355140)** |
| **[25.7](#if0997a7da2bf417e9638d7c09917ae33)[Operating Cost Estimate](#if0997a7da2bf417e9638d7c09917ae33)** | **[263](#if0997a7da2bf417e9638d7c09917ae33)** |
| **[25.8](#ie1d3f382f17a4c448b7b2bc8db93f03a)[Economic Analysis](#ie1d3f382f17a4c448b7b2bc8db93f03a)** | **[263](#ie1d3f382f17a4c448b7b2bc8db93f03a)** |
| **[25.9](#i922b60b7adc14767bd5b079b18d1d8ba)[Conclusion](#i922b60b7adc14767bd5b079b18d1d8ba)** | **[264](#i922b60b7adc14767bd5b079b18d1d8ba)** |
| **[26.0](#i407fcd6445d8435da95a421962655b2e)[RECOMMENDATIONS](#i407fcd6445d8435da95a421962655b2e)** | **[265](#i407fcd6445d8435da95a421962655b2e)** |
| **[26.1](#if9cd2973d7354b5991b0c0a863c22416)[Summary](#if9cd2973d7354b5991b0c0a863c22416)** | **[265](#if9cd2973d7354b5991b0c0a863c22416)** |
| **[26.2](#id7eb5659fc474ea3966e21c69f34adf0)[Geology](#id7eb5659fc474ea3966e21c69f34adf0)** | **[265](#id7eb5659fc474ea3966e21c69f34adf0)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTviii

---

| | |
|:---|:---|
| **[26.3](#id97ba559baa3411bb3e20ef178bb081d)[Mining](#id97ba559baa3411bb3e20ef178bb081d)** | **[266](#id97ba559baa3411bb3e20ef178bb081d)** |
| **[26.4](#i974b31e1f4f04a839febe54ad2f1cc1d)[Processing](#i974b31e1f4f04a839febe54ad2f1cc1d)** | **[266](#i974b31e1f4f04a839febe54ad2f1cc1d)** |
| **[26.5](#i539cf13f1c0048ebb22efef0f07cf84a)[Tailings Storage Facility](#i539cf13f1c0048ebb22efef0f07cf84a)** | **[268](#i539cf13f1c0048ebb22efef0f07cf84a)** |
| **[26.6](#i79c6040507364b5ab68279ed5882a23a)[Environmental and Social](#i79c6040507364b5ab68279ed5882a23a)** | **[268](#i79c6040507364b5ab68279ed5882a23a)** |
| **[26.7](#i1a4e420e33e64fa3a5a7d838f2ed9e60)[Project Next Phases](#i1a4e420e33e64fa3a5a7d838f2ed9e60)** | **[269](#i1a4e420e33e64fa3a5a7d838f2ed9e60)** |
| **[27.0](#icbcd667cf80a4f2bb1d2254b7a0ec3ab)[REFERENCES](#icbcd667cf80a4f2bb1d2254b7a0ec3ab)** | **[270](#icbcd667cf80a4f2bb1d2254b7a0ec3ab)** |
| **[28.0](#i3d8fd36df819405d9d830f5320a1743e)[CERTIFICATES](#i3d8fd36df819405d9d830f5320a1743e)** | **[273](#i3d8fd36df819405d9d830f5320a1743e)** |
| **[Appendix A](#i5f88c6310b8e44a587796091d9f27f36)[DRILL HOLE PLAN](#i5f88c6310b8e44a587796091d9f27f36)** | **[291](#i5f88c6310b8e44a587796091d9f27f36)** |
| **[Appendix B](#i149fd509cfaa4a7f8410157a995dc1fd)[3-D DOMAINS](#i149fd509cfaa4a7f8410157a995dc1fd)** | **[292](#i149fd509cfaa4a7f8410157a995dc1fd)** |
| **[Appendix C](#i0ab3685fe6e04df7b41ec7e7a6f4f33d)[TIZI & NORTH ZONES BLOCK MODEL CROSS SECTIONS](#i0ab3685fe6e04df7b41ec7e7a6f4f33d)** | **[293](#i0ab3685fe6e04df7b41ec7e7a6f4f33d)** |
| **[Appendix D](#i03465f97c40f4d45af2d4680133698f4)[CENTRAL ZONE BLOCK MODEL CROSS SECTIONS](#i03465f97c40f4d45af2d4680133698f4)** | **[296](#i03465f97c40f4d45af2d4680133698f4)** |
| **[Appendix E](#i0c5c2a0c88f34628bb6bcd5c167b1b1f) [SOUTH ZONE BLOCK MODEL CROSS SECTIONS](#i0c5c2a0c88f34628bb6bcd5c167b1b1f)** | **[300](#i0c5c2a0c88f34628bb6bcd5c167b1b1f)** |
| **[Appendix F](#ia295664e0371440aba3164f25baf04a7)[BLOCK MODEL PLAN VIEWS](#ia295664e0371440aba3164f25baf04a7)** | **[303](#ia295664e0371440aba3164f25baf04a7)** |
| **[Appendix G](#i5772f08d02004c8599e4d93bb3a9c2b4)[OPTIMIZED PIT SHELLS](#i5772f08d02004c8599e4d93bb3a9c2b4)** | **[309](#i5772f08d02004c8599e4d93bb3a9c2b4)** |
| **[Appendix H](#i9766e3a164c14a049a02bb01ae54ce16)[QAQC– 2018 TO 2024 DIAMOND DRILL HOLE PROGRAMS](#i9766e3a164c14a049a02bb01ae54ce16)** | **[310](#i9766e3a164c14a049a02bb01ae54ce16)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTix

**List of Tables**

---

| | |
|:---|:---|
| **[Table 1-1](#i61c71e494f204bac991646ab55a74fe7)[Boumadine MRE as of February 24, 2025](#i61c71e494f204bac991646ab55a74fe7)** | **[7](#i61c71e494f204bac991646ab55a74fe7)** |
| **[Table 1-2](#ia2e80bf1b05c41c4bb3c82ef79bf97be)[Cut-Off Sensitivity MRE (1-12)](#ia2e80bf1b05c41c4bb3c82ef79bf97be)** | **[8](#ia2e80bf1b05c41c4bb3c82ef79bf97be)** |
| **[Table 1-3](#i1b825071d3d04137abb3b70123094dbc)[Capital Expenditures including Sustaining and Closing Costs](#i1b825071d3d04137abb3b70123094dbc)** | **[11](#i1b825071d3d04137abb3b70123094dbc)** |
| **[Table 1-4](#i97796497c3f24c56b3ff1439ff61dbef)[Operating Costs for First 5 Years of Operation and for LOM](#i97796497c3f24c56b3ff1439ff61dbef)** | **[11](#i97796497c3f24c56b3ff1439ff61dbef)** |
| **[Table 1-5](#i949fa147a5f34cbab64646d346f99b73)[Key Economic Results](#i949fa147a5f34cbab64646d346f99b73)** | **[12](#i949fa147a5f34cbab64646d346f99b73)** |
| **[Table 1-6](#i5a845bb7b0be43eaafda1fe0081a6e41)[Additional Economic Model Outputs](#i5a845bb7b0be43eaafda1fe0081a6e41)** | **[12](#i5a845bb7b0be43eaafda1fe0081a6e41)** |
| **[Table 1-7](#i37be4d5ef2884f1294efec43339e48af)[Recommended Programs and Budgets for 2026-2027](#i37be4d5ef2884f1294efec43339e48af)** | **[15](#i37be4d5ef2884f1294efec43339e48af)** |
| **[Table 2-1](#i7c6c2d365beb4d15b624b52a0f47024d)[Qualified Persons Responsible for this Report](#i7c6c2d365beb4d15b624b52a0f47024d)** | **[17](#i7c6c2d365beb4d15b624b52a0f47024d)** |
| **[Table 2-2](#i4a53af89ba514701ae235c0359f51e84)[Terminology and Abbreviations](#i4a53af89ba514701ae235c0359f51e84)** | **[18](#i4a53af89ba514701ae235c0359f51e84)** |
| **[Table 2-3](#i9efb32afbc644dc189ad8624088a2846)[Unit Measurement Abbreviations](#i9efb32afbc644dc189ad8624088a2846)** | **[22](#i9efb32afbc644dc189ad8624088a2846)** |
| **[Table 4-1](#iff50d6f1635648919f4e0464864ff2eb)[Aya Mining and Exploration Permits in the Boumadine Property Area](#iff50d6f1635648919f4e0464864ff2eb)** | **[26](#iff50d6f1635648919f4e0464864ff2eb)** |
| **[Table 5-1](#i3e7b3abd0dd747b3891a9058ff84c67a)[Monthly Temperature and Precipitation Average at Tinejdad from 1991](#i3e7b3abd0dd747b3891a9058ff84c67a)**<br>**[to 2021](#i3e7b3abd0dd747b3891a9058ff84c67a)**<br>| **[31](#i3e7b3abd0dd747b3891a9058ff84c67a)** |
| **[Table 6-1](#i79fccb999ab84d7b9cf5e948ed8e68e2)[Summary of BRPM Exploration Work](#i79fccb999ab84d7b9cf5e948ed8e68e2)** | **[35](#i79fccb999ab84d7b9cf5e948ed8e68e2)** |
| **[Table 6-2](#i7bc22cfd2914456b9ab0ac2b828ebed1)[Summary of Diamond Drilling Completed by Maya from 2017 to 2020](#i7bc22cfd2914456b9ab0ac2b828ebed1)** | **[38](#i7bc22cfd2914456b9ab0ac2b828ebed1)** |
| **[Table 6-3](#ib108eb6551564e04957187b30fad73a9)[Geophysical Surveys Completed by BRPM](#ib108eb6551564e04957187b30fad73a9)** | **[39](#ib108eb6551564e04957187b30fad73a9)** |
| **[Table 6-4](#i0a5ef191b1494713a3f2676b52663d55)[Tonnes Extracted](#i0a5ef191b1494713a3f2676b52663d55)** | **[40](#i0a5ef191b1494713a3f2676b52663d55)** |
| **[Table 6-5](#ib8e007120541457490b0afc4e0f3c42d)[Flotation Results](#ib8e007120541457490b0afc4e0f3c42d)** | **[41](#ib8e007120541457490b0afc4e0f3c42d)** |
| **[Table 6-6](#i5d3407d99d164f8d82eb0361b53eb291)[Metallurgical Recovery by Concentrate Type](#i5d3407d99d164f8d82eb0361b53eb291)** | **[41](#i5d3407d99d164f8d82eb0361b53eb291)** |
| **[Table 6-7](#i4e0fe019372c4852a973347d71106404)[Boumadine Deposit 1998 Mineral Resource Report](#i4e0fe019372c4852a973347d71106404)** | **[41](#i4e0fe019372c4852a973347d71106404)** |
| **[Table 6-8](#ie7838089810744cfae768d8032de13eb)[Boumadine MRE as of April 15, 2024 (1-12)](#ie7838089810744cfae768d8032de13eb)** | **[43](#ie7838089810744cfae768d8032de13eb)** |
| **[Table 9-1](#iad2c716879b040909073080e51949e2b)[Grab Sampling Assay Highlights](#iad2c716879b040909073080e51949e2b)** | **[67](#iad2c716879b040909073080e51949e2b)** |
| **[Table 10-1](#if2bb8527bba14b6e94c2494660897208)[Aya Diamond Drilling at Boumadine](#if2bb8527bba14b6e94c2494660897208)** | **[68](#if2bb8527bba14b6e94c2494660897208)** |
| **[Table 10-2](#ibc4ceb4c86a343fb99824b807306fc2d)[Significant intercepts from the 2024 program](#ibc4ceb4c86a343fb99824b807306fc2d)** | **[74](#ibc4ceb4c86a343fb99824b807306fc2d)** |
| **[Table 10-3](#iaba800fc3e7545448937f7271d1e8975)[Significant intercepts from the 2025 program](#iaba800fc3e7545448937f7271d1e8975)** | **[75](#iaba800fc3e7545448937f7271d1e8975)** |
| **[Table 11-1](#i8a83da70784c43f783156e65c8db97db)[Summary of Reference Materials used at Boumadine in 2024 to 30](#i8a83da70784c43f783156e65c8db97db)**<br>**[September 2025](#i8a83da70784c43f783156e65c8db97db)**<br>| **[82](#i8a83da70784c43f783156e65c8db97db)** |
| **[Table 12-1](#i817f0d0e58eb4ce4a48951a864282dd0)[Boumadine Database Verification Summary: May 2024](#i817f0d0e58eb4ce4a48951a864282dd0)** | **[97](#i817f0d0e58eb4ce4a48951a864282dd0)** |
| **[Table 13-1](#i837dda25b87642799c7afa83e30fb448)[Summary of Testwork Programs](#i837dda25b87642799c7afa83e30fb448)** | **[103](#i837dda25b87642799c7afa83e30fb448)** |
| **[Table 13-2](#i2551acb670724d74b178e96f794664e7)[Head Analysis of Fresh Rock and Tailings Samples](#i2551acb670724d74b178e96f794664e7)** | **[105](#i2551acb670724d74b178e96f794664e7)** |
| **[Table 13-3](#i66df02aaeb6546f0acef506d445e6af4)[Roast-CIL Results](#i66df02aaeb6546f0acef506d445e6af4)** | **[108](#i66df02aaeb6546f0acef506d445e6af4)** |
| **[Table 13-4](#ic0a2a76d88d0456b8131fcdb5344d0ab)[POX-CIL Results](#ic0a2a76d88d0456b8131fcdb5344d0ab)** | **[108](#ic0a2a76d88d0456b8131fcdb5344d0ab)** |
| **[Table 13-5](#i450da9ab4a284820bbd7486be06f509f)[CIL Results Summary](#i450da9ab4a284820bbd7486be06f509f)** | **[110](#i450da9ab4a284820bbd7486be06f509f)** |
| **[Table 13-6](#i5ab0fb68abbd4ce08fa5e66ee73f7e79)[Composite Sample Head Analysis](#i5ab0fb68abbd4ce08fa5e66ee73f7e79)** | **[110](#i5ab0fb68abbd4ce08fa5e66ee73f7e79)** |

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**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTx

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| | |
|:---|:---|
| **[Table 13-7](#i0b01a4b3c029489594535ddf456903b5)[Composite Sample Mineralogy](#i0b01a4b3c029489594535ddf456903b5)** | **[111](#i0b01a4b3c029489594535ddf456903b5)** |
| **[Table 13-8](#i0b454ef3dff2478aa642d68c3e64f7b9)[Locked Cycle Test Conditions](#i0b454ef3dff2478aa642d68c3e64f7b9)** | **[114](#i0b454ef3dff2478aa642d68c3e64f7b9)** |
| **[Table 13-9](#i809bb369f0a44850bdcf816c7e43dd86)[Locked Cycle Test Results Summary](#i809bb369f0a44850bdcf816c7e43dd86)** | **[115](#i809bb369f0a44850bdcf816c7e43dd86)** |
| **[Table 13-10](#i6c101855fd31428da2ebd83e92b48e1d)[Pyrite Concentrate Analysis](#i6c101855fd31428da2ebd83e92b48e1d)** | **[116](#i6c101855fd31428da2ebd83e92b48e1d)** |
| **[Table 13-11](#ifd20e6a1dd024290b573e6e3315a85a8)[Direct CIL Extraction Results](#ifd20e6a1dd024290b573e6e3315a85a8)** | **[116](#ifd20e6a1dd024290b573e6e3315a85a8)** |
| **[Table 13-12](#id90970cab4e84f53b4d8d9e8c63d6507)[Pyrite Concentrate Albion Testing Results](#id90970cab4e84f53b4d8d9e8c63d6507)** | **[116](#id90970cab4e84f53b4d8d9e8c63d6507)** |
| **[Table 13-13](#i3578c878c8f540cfbe18bfb261316085)[CIL Leaching Results for Albion Residues](#i3578c878c8f540cfbe18bfb261316085)** | **[117](#i3578c878c8f540cfbe18bfb261316085)** |
| **[Table 13-14](#ib483c49ace5249cfa83fa23087842d39)[Bio-Oxidation Testing Results](#ib483c49ace5249cfa83fa23087842d39)** | **[117](#ib483c49ace5249cfa83fa23087842d39)** |
| **[Table 13-15](#if4e506c8219c40d393052061bfdc90ec)[Bio-Oxidation Residue CIL Results](#if4e506c8219c40d393052061bfdc90ec)** | **[117](#if4e506c8219c40d393052061bfdc90ec)** |
| **[Table 13-16](#i5281bc5ebd7f41e689f64c51942fa503)[Roast Testing Results](#i5281bc5ebd7f41e689f64c51942fa503)** | **[118](#i5281bc5ebd7f41e689f64c51942fa503)** |
| **[Table 13-17](#id96a22982da24182a1352f15d923b8c1)[Roast Residue CIL Results](#id96a22982da24182a1352f15d923b8c1)** | **[118](#id96a22982da24182a1352f15d923b8c1)** |
| **[Table 13-18](#i4e4a05a28b2647b5a1b86778398e8472)[Locked Cycle Test Results Summary](#i4e4a05a28b2647b5a1b86778398e8472)** | **[121](#i4e4a05a28b2647b5a1b86778398e8472)** |
| **[Table 13-19](#i44b1c2fb6cde44b194f36c690d0fb4c9)[Roast Residue CIL Results](#i44b1c2fb6cde44b194f36c690d0fb4c9)** | **[122](#i44b1c2fb6cde44b194f36c690d0fb4c9)** |
| **[Table 13-20](#i28e702c3d459404d83d358bfd0434635)[SGS Bulk Flotation Results](#i28e702c3d459404d83d358bfd0434635)** | **[124](#i28e702c3d459404d83d358bfd0434635)** |
| **[Table 13-21](#ic5f89819a99e4bd3930bac18e11483d3)[Elemental Analysis Results of Pyrite Concentrate (%)](#ic5f89819a99e4bd3930bac18e11483d3)** | **[124](#ic5f89819a99e4bd3930bac18e11483d3)** |
| **[Table 13-22](#i571e1059734b4521885bd9caf9321a72)[Cyanidation Pre-Treatment Evaluation](#i571e1059734b4521885bd9caf9321a72)** | **[127](#i571e1059734b4521885bd9caf9321a72)** |
| **[Table 13-23](#i29f5c5321225451599a2339c2022c500)[Comparison of Pyrite Treatment Methods](#i29f5c5321225451599a2339c2022c500)** | **[130](#i29f5c5321225451599a2339c2022c500)** |
| **[Table 14-1](#i6d2da80187e3470e81baf622d7fac034)[Economic Parameters](#i6d2da80187e3470e81baf622d7fac034)** | **[136](#i6d2da80187e3470e81baf622d7fac034)** |
| **[Table 14-2](#i05642e3a91a44a5693c5e0016f010a64)[Calculation Formulas for NSR, Silver Equivalent, and Gold Equivalent](#i05642e3a91a44a5693c5e0016f010a64)** | **[138](#i05642e3a91a44a5693c5e0016f010a64)** |
| **[Table 14-3](#i5c2bfd6eb4684d5ea740fc78b9068fc3)[Calculation Formulas for NSR, Ag Equivalent, and Au Equivalent](#i5c2bfd6eb4684d5ea740fc78b9068fc3)** | **[138](#i5c2bfd6eb4684d5ea740fc78b9068fc3)** |
| **[Table 14-4](#i4c02044a684748db900bc54bea40a273)[Mineralized Veins](#i4c02044a684748db900bc54bea40a273)** | **[139](#i4c02044a684748db900bc54bea40a273)** |
| **[Table 14-5](#i6060310f72f84b77b907d7d83acfbb79)[Constrained assays summary statistics](#i6060310f72f84b77b907d7d83acfbb79)** | **[141](#i6060310f72f84b77b907d7d83acfbb79)** |
| **[Table 14-6](#ibd4eea73668b48baa88fe8677afa29e1)[Summary Statistics for bulk density measurements](#ibd4eea73668b48baa88fe8677afa29e1)** | **[142](#ibd4eea73668b48baa88fe8677afa29e1)** |
| **[Table 14-7](#i004f925a646c49ecaaff3588cddbc342)[Composite Summary Statistics](#i004f925a646c49ecaaff3588cddbc342)** | **[143](#i004f925a646c49ecaaff3588cddbc342)** |
| **[Table 14-8](#ie9929a731c8548ff8ecf9fec01e52dfb)[Composite Capping Thresholds](#ie9929a731c8548ff8ecf9fec01e52dfb)** | **[143](#ie9929a731c8548ff8ecf9fec01e52dfb)** |
| **[Table 14-9](#i3e4157b8291a4b658f0015852770e147)[North Main Zone Semi-Variogram Results](#i3e4157b8291a4b658f0015852770e147)** | **[145](#i3e4157b8291a4b658f0015852770e147)** |
| **[Table 14-10](#i0e4aa4ba6e874c9f8b308861a03229e0)[South Main Zone Semi-Variogram Results](#i0e4aa4ba6e874c9f8b308861a03229e0)** | **[145](#i0e4aa4ba6e874c9f8b308861a03229e0)** |
| **[Table 14-11](#i84932df1b3ad4d3bbed9a5773546e88c)[Block Model Setup](#i84932df1b3ad4d3bbed9a5773546e88c)** | **[146](#i84932df1b3ad4d3bbed9a5773546e88c)** |
| **[Table 14-12](#i9eef34320e2c4bc8af0dbbd4296003de)[Boumadine MRE as of February 24, 2025](#i9eef34320e2c4bc8af0dbbd4296003de)** | **[149](#i9eef34320e2c4bc8af0dbbd4296003de)** |
| **[Table 14-13](#ic55169ed8fdb4944817344501b4e6a36)[Mineral Resource Estimate Sensitivity](#ic55169ed8fdb4944817344501b4e6a36)** | **[150](#ic55169ed8fdb4944817344501b4e6a36)** |
| **[Table 14-14](#id7a599639ae94de39e2aed0358e22e7a)[Grade Block Model Check](#id7a599639ae94de39e2aed0358e22e7a)** | **[152](#id7a599639ae94de39e2aed0358e22e7a)** |
| **[Table 16-1](#i73b87b8c600643fc9147450c577f5f27)[Summary of OSA recommendations.](#i73b87b8c600643fc9147450c577f5f27)** | **[155](#i73b87b8c600643fc9147450c577f5f27)** |
| **[Table 16-2](#i83314e0e1ab3459db46e52edd30abd18)[Recommended stope sizing constraints by stope face and rock type.](#i83314e0e1ab3459db46e52edd30abd18)** | **[156](#i83314e0e1ab3459db46e52edd30abd18)** |
| **[Table 16-3](#i493e53863ff64f0aa9a0a27cc8cf9bdd)[NSR Cut-off Calculations](#i493e53863ff64f0aa9a0a27cc8cf9bdd)** | **[158](#i493e53863ff64f0aa9a0a27cc8cf9bdd)** |
| **[Table 16-4](#i9f99cb2757de43599dfbb72b1983f4f3)[Whittle Parameters](#i9f99cb2757de43599dfbb72b1983f4f3)** | **[159](#i9f99cb2757de43599dfbb72b1983f4f3)** |

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**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTxi

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| | |
|:---|:---|
| **[Table 16-5](#ic7976e98489642df9677fe5b095c10aa)[Geotechnical Parameters](#ic7976e98489642df9677fe5b095c10aa)** | **[159](#ic7976e98489642df9677fe5b095c10aa)** |
| **[Table 16-6](#i7ad9a748eaf4410d984d14381e1d020e)[UG Stope Design Parameters](#i7ad9a748eaf4410d984d14381e1d020e)** | **[166](#i7ad9a748eaf4410d984d14381e1d020e)** |
| **[Table 16-7](#i7b5bc11873174adc9711eb444d4a6b2b)[Zones Stope Geometry Proprieties](#i7b5bc11873174adc9711eb444d4a6b2b)** | **[166](#i7b5bc11873174adc9711eb444d4a6b2b)** |
| **[Table 16-8](#i2089a9c63f254768b02d7c07b84d4d3e)[Development Heading Profiles](#i2089a9c63f254768b02d7c07b84d4d3e)** | **[167](#i2089a9c63f254768b02d7c07b84d4d3e)** |
| **[Table 16-9](#ibfb5d2100c3e468f874f68be6000c90b)[Production Mobile Equipment](#ibfb5d2100c3e468f874f68be6000c90b)** | **[169](#ibfb5d2100c3e468f874f68be6000c90b)** |
| **[Table 16-10](#i18c10d6515a5406182a9e3ce70e682a2)[Mine Personnel List](#i18c10d6515a5406182a9e3ce70e682a2)** | **[169](#i18c10d6515a5406182a9e3ce70e682a2)** |
| **[Table 16-11](#iae8c4fe06073475a89277b01259b18b4)[Parameters of Calculating NSR values](#iae8c4fe06073475a89277b01259b18b4)** | **[171](#iae8c4fe06073475a89277b01259b18b4)** |
| **[Table 16-12](#i3b77eb93b6db4dbda29924f2302009ad)[Parameters of Calculating NSR Pyrite values](#i3b77eb93b6db4dbda29924f2302009ad)** | **[171](#i3b77eb93b6db4dbda29924f2302009ad)** |
| **[Table 16-13](#i77304893070944ebb1bb2a616e24d4c2)[OP LOM Production by Stockpile](#i77304893070944ebb1bb2a616e24d4c2)** | **[175](#i77304893070944ebb1bb2a616e24d4c2)** |
| **[Table 16-14](#iae107e9dc64d45839eadbcad4f6f9efc)[OP LOM Production by Zone](#iae107e9dc64d45839eadbcad4f6f9efc)** | **[176](#iae107e9dc64d45839eadbcad4f6f9efc)** |
| **[Table 16-15](#i2a945947838f4b79b1cb592e7785e32a)[Life-of-Mine Development Plan](#i2a945947838f4b79b1cb592e7785e32a)** | **[179](#i2a945947838f4b79b1cb592e7785e32a)** |
| **[Table 16-16](#id1a998db2838406ca98190aef1b82d12)[Stope Production Cycle Time](#id1a998db2838406ca98190aef1b82d12)** | **[181](#id1a998db2838406ca98190aef1b82d12)** |
| **[Table 16-17](#i72334a58fecf44aa8f330b67c2e2cb34)[Boumadine UG Production Plan Sorted by Stockpile Category](#i72334a58fecf44aa8f330b67c2e2cb34)** | **[182](#i72334a58fecf44aa8f330b67c2e2cb34)** |
| **[Table 16-18](#ib9146b9259744544bd01d21f35ee85db)[Boumadine UG Production Plan Sorted by Mining Zone](#ib9146b9259744544bd01d21f35ee85db)** | **[183](#ib9146b9259744544bd01d21f35ee85db)** |
| **[Table 16-19](#i7be26801568a4c00bf80f006b978f743)[Boumadine LOM Production Plan](#i7be26801568a4c00bf80f006b978f743)** | **[185](#i7be26801568a4c00bf80f006b978f743)** |
| **[Table 16-20](#i008d8a927af8498bb734515a9dd935da)[Airflow Requirements Calculations](#i008d8a927af8498bb734515a9dd935da)** | **[187](#i008d8a927af8498bb734515a9dd935da)** |
| **[Table 16-21](#i6d6c0523ad2d475c88282f307890ca51)[Production Profile Based On Ventilation Zones](#i6d6c0523ad2d475c88282f307890ca51)** | **[190](#i6d6c0523ad2d475c88282f307890ca51)** |
| **[Table 16-22](#ic21a1d3bc05747d68699234709fc40fd)[Main Fans Sizing](#ic21a1d3bc05747d68699234709fc40fd)** | **[190](#ic21a1d3bc05747d68699234709fc40fd)** |
| **[Table 16-23](#i744173f03e48490da8da8e5c662a164e)[Energy Consumption of Main Fans](#i744173f03e48490da8da8e5c662a164e)** | **[192](#i744173f03e48490da8da8e5c662a164e)** |
| **[Table 16-24](#ia24de87ac6834c8dab93076842a91d36)[Energy Consumption of Auxiliary and Ramp Development Fans](#ia24de87ac6834c8dab93076842a91d36)** | **[194](#ia24de87ac6834c8dab93076842a91d36)** |
| **[Table 16-25](#ia1a9cb94880f48ccbbf0b1a337ef6279)[Mine Dewatering](#ia1a9cb94880f48ccbbf0b1a337ef6279)** | **[195](#ia1a9cb94880f48ccbbf0b1a337ef6279)** |
| **[Table 17-1](#i7f6b688784df4dd88bd2dd4a0a692fbe)[Key Process Design Criteria](#i7f6b688784df4dd88bd2dd4a0a692fbe)** | **[199](#i7f6b688784df4dd88bd2dd4a0a692fbe)** |
| **[Table 17-2](#i05b137d35f6a4c598b4ee98c2be04f7e)[Daily Water Consumption (Nominal)](#i05b137d35f6a4c598b4ee98c2be04f7e)** | **[206](#i05b137d35f6a4c598b4ee98c2be04f7e)** |
| **[Table 17-3](#i2dc572fc13914c0bb3232c7ce3212e93)[Annual Energy Consumption](#i2dc572fc13914c0bb3232c7ce3212e93)** | **[206](#i2dc572fc13914c0bb3232c7ce3212e93)** |
| **[Table 17-4](#ic02e3ebf14f741af8f727bf25c3b8b53)[Annual Consumption of Reagents and Consumables](#ic02e3ebf14f741af8f727bf25c3b8b53)** | **[206](#ic02e3ebf14f741af8f727bf25c3b8b53)** |
| **[Table 18-1](#i23b3ddf9c5db4b1f94f4ea7ab63b99ec)[Design Criteria](#i23b3ddf9c5db4b1f94f4ea7ab63b99ec)** | **[212](#i23b3ddf9c5db4b1f94f4ea7ab63b99ec)** |
| **[Table 21-1](#iefac233e29444eaea5c540b7b08b097d)[Capital Estimate Summary](#iefac233e29444eaea5c540b7b08b097d)** | **[221](#iefac233e29444eaea5c540b7b08b097d)** |
| **[Table 21-2](#i86e7ceff98be4b81bb98f2b0c4fda7c0)[Currency Exchange Rate](#i86e7ceff98be4b81bb98f2b0c4fda7c0)** | **[221](#i86e7ceff98be4b81bb98f2b0c4fda7c0)** |
| **[Table 21-3](#i2dcccee4a4ea42c8a9bb4965161dbbe6)[Capital Cost Estimate - Mining](#i2dcccee4a4ea42c8a9bb4965161dbbe6)** | **[222](#i2dcccee4a4ea42c8a9bb4965161dbbe6)** |
| **[Table 21-4](#i2bcd49c544394ac5bceb9b5a402de158)[General Facilities Cost](#i2bcd49c544394ac5bceb9b5a402de158)** | **[223](#i2bcd49c544394ac5bceb9b5a402de158)** |
| **[Table 21-5](#ic98573c2ec844309a7b54543f61d27b9)[Open Pit Facilities Cost](#ic98573c2ec844309a7b54543f61d27b9)** | **[223](#ic98573c2ec844309a7b54543f61d27b9)** |
| **[Table 21-6](#i79b60a58339b4eb4a4dc69141b31c979)[Underground Development Cost](#i79b60a58339b4eb4a4dc69141b31c979)** | **[223](#i79b60a58339b4eb4a4dc69141b31c979)** |
| **[Table 21-7](#ic7a7d6d7b10d44b0bb246d6c707897c1)[Mobile Equipment](#ic7a7d6d7b10d44b0bb246d6c707897c1)** | **[224](#ic7a7d6d7b10d44b0bb246d6c707897c1)** |
| **[Table 21-8](#i7edff755abd94f1fa4e45d863effbb60)[Underground Facilities Cost](#i7edff755abd94f1fa4e45d863effbb60)** | **[224](#i7edff755abd94f1fa4e45d863effbb60)** |
| **[Table 21-9](#i1a3489365c0e45ed868927ef59759d0f)[Main fans cost](#i1a3489365c0e45ed868927ef59759d0f)** | **[225](#i1a3489365c0e45ed868927ef59759d0f)** |

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**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTxii

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| | |
|:---|:---|
| **[Table 21-10](#i7700723e0b3b4fa7a2371b25bce6e95f)[Process Plant and Infrastructure Capital Cost Breakdown](#i7700723e0b3b4fa7a2371b25bce6e95f)** | **[226](#i7700723e0b3b4fa7a2371b25bce6e95f)** |
| **[Table 21-11](#i785d7c6244f34febb0003f59111d0bee)[Derivation of Quantities](#i785d7c6244f34febb0003f59111d0bee)** | **[227](#i785d7c6244f34febb0003f59111d0bee)** |
| **[Table 21-12](#i4a2e50903c5f4ff399c5512135cc12ee)[Supply Cost Source](#i4a2e50903c5f4ff399c5512135cc12ee)** | **[227](#i4a2e50903c5f4ff399c5512135cc12ee)** |
| **[Table 21-13](#i3c2d780d5b6f42d794405a62aeea56f6)[Owners Project Cost Total](#i3c2d780d5b6f42d794405a62aeea56f6)** | **[228](#i3c2d780d5b6f42d794405a62aeea56f6)** |
| **[Table 21-14](#ic88891b454344c41b93da05bf5b2ad51)[LoM Capital Costs (Million MAD)](#ic88891b454344c41b93da05bf5b2ad51)** | **[229](#ic88891b454344c41b93da05bf5b2ad51)** |
| **[Table 21-15](#ib7ce41412beb41248dc49e22badf38b5)[Capital Expenditures including Sustaining and Closing Costs](#ib7ce41412beb41248dc49e22badf38b5)** | **[229](#ib7ce41412beb41248dc49e22badf38b5)** |
| **[Table 21-15](#i08d91a18b2b44f3b90c2ecb8484c8fa8)[Operating Cost Estimate - Mining](#i08d91a18b2b44f3b90c2ecb8484c8fa8)** | **[232](#i08d91a18b2b44f3b90c2ecb8484c8fa8)** |
| **[Table 21-16](#i229cf746d54b4bbc90972019daeef7e8)[Open-Pit Unit Costs](#i229cf746d54b4bbc90972019daeef7e8)** | **[232](#i229cf746d54b4bbc90972019daeef7e8)** |
| **[Table 21-17](#i448e98b2d2d74130b8339c3c4e9b8429)[Open-Pit Owner's Team](#i448e98b2d2d74130b8339c3c4e9b8429)** | **[232](#i448e98b2d2d74130b8339c3c4e9b8429)** |
| **[Table 21-18](#i9e78194ecbc94e5380c318135c468fa5)[Underground Variable Costs](#i9e78194ecbc94e5380c318135c468fa5)** | **[233](#i9e78194ecbc94e5380c318135c468fa5)** |
| **[Table 21-19](#i70cea00338fb404aa25fc90a561815c4)[Underground Fixed Costs](#i70cea00338fb404aa25fc90a561815c4)** | **[233](#i70cea00338fb404aa25fc90a561815c4)** |
| **[Table 21-20](#i7b67767c03c84b239a588edf5e420dc3)[Mobile Maintenance Costs](#i7b67767c03c84b239a588edf5e420dc3)** | **[234](#i7b67767c03c84b239a588edf5e420dc3)** |
| **[Table 21-21](#id855ce3071ce4e3bbab496c014f94706)[Process Plant Operating Cost Summary (US$, Q3 2025, +50 / -30%)](#id855ce3071ce4e3bbab496c014f94706)** | **[237](#id855ce3071ce4e3bbab496c014f94706)** |
| **[Table 21-22](#i4acd4199c0134b199e309d690c24bfd6)[LOM Blend - Power Cost Summary (US$, Q3 2025, +50 / -30%)](#i4acd4199c0134b199e309d690c24bfd6)** | **[238](#i4acd4199c0134b199e309d690c24bfd6)** |
| **[Table 21-23](#i95da6e3b18284d01bf9554c1d6d903bc)[Consumables Cost Summary (US$, Q3 2025, +50 / -30%)](#i95da6e3b18284d01bf9554c1d6d903bc)** | **[238](#i95da6e3b18284d01bf9554c1d6d903bc)** |
| **[Table 22-1](#ic8114f26c0b14b6a9e681b7611741575)[Base Case Prices and Sensitivity Ranges](#ic8114f26c0b14b6a9e681b7611741575)** | **[243](#ic8114f26c0b14b6a9e681b7611741575)** |
| **[Table 22-2](#ia32813aa3d114c1cade792c296404cbb)[Key PEA Assumptions and Economic Parameters](#ia32813aa3d114c1cade792c296404cbb)** | **[243](#ia32813aa3d114c1cade792c296404cbb)** |
| **[Table 22-3](#i0e21aa28931548e0ad2cdd48ad4af1fe)[Cash Flow Model](#i0e21aa28931548e0ad2cdd48ad4af1fe)** | **[246](#i0e21aa28931548e0ad2cdd48ad4af1fe)** |
| **[Table 22-4](#i642ac40244da4d7a84a2532b0eb88ef0)[Key Economic Results](#i642ac40244da4d7a84a2532b0eb88ef0)** | **[249](#i642ac40244da4d7a84a2532b0eb88ef0)** |
| **[Table 22-4](#ic5c79106ac954a82b52e5e186015abaa)[Additional Economic Model Outputs](#ic5c79106ac954a82b52e5e186015abaa)** | **[250](#ic5c79106ac954a82b52e5e186015abaa)** |
| **[Table 22-5](#id865592e06474eab8c5c039ce3fddfcf)[Project Economics Sensitivity - Gold and Silver Price](#id865592e06474eab8c5c039ce3fddfcf)** | **[252](#id865592e06474eab8c5c039ce3fddfcf)** |
| **[Table 22-6](#ia04536dd94024ccb994b28e9752e0525)[Base Case Prices and Sensitivity Ranges](#ia04536dd94024ccb994b28e9752e0525)** | **[253](#ia04536dd94024ccb994b28e9752e0525)** |
| **[Table 22-7](#i2d6efad8e06240fe86ade99bf9a8724d)[Gold and Silver Price Based IRR - Pre-Tax](#i2d6efad8e06240fe86ade99bf9a8724d)** | **[253](#i2d6efad8e06240fe86ade99bf9a8724d)** |
| **[Table 22-8](#i1b3f1444349545c38c7063d56a16da4a)[Gold and Silver Price Based IRR - Post-Tax](#i1b3f1444349545c38c7063d56a16da4a)** | **[253](#i1b3f1444349545c38c7063d56a16da4a)** |
| **[Table 22-9](#ia047e6fc30dd4ca6b0237002f4bcc7ce)[Gold and Silver Price Based NPV5% Pre-Tax in $M](#ia047e6fc30dd4ca6b0237002f4bcc7ce)** | **[253](#ia047e6fc30dd4ca6b0237002f4bcc7ce)** |
| **[Table 22-10](#i2b289bc19c64486cad4696a62e541024)[Gold and Silver Price Based NPV5% Post-Tax in $M](#i2b289bc19c64486cad4696a62e541024)** | **[254](#i2b289bc19c64486cad4696a62e541024)** |
| **[Table 22-11](#i6d28736e745647aaad6e9a7da4c70d31)[CAPEX and OPEX Based IRR - Pre-Tax](#i6d28736e745647aaad6e9a7da4c70d31)** | **[254](#i6d28736e745647aaad6e9a7da4c70d31)** |
| **[Table 22-12](#ied31753f2dce4637b96177f37c1d6d9b)[CAPEX and OPEX Based IRR - Post-Tax](#ied31753f2dce4637b96177f37c1d6d9b)** | **[254](#ied31753f2dce4637b96177f37c1d6d9b)** |
| **[Table 22-13](#i12d4badc90924b1a844cc5bf95c9f63e)[CAPEX and OPEX Based NPV5% Pre-Tax in $M](#i12d4badc90924b1a844cc5bf95c9f63e)** | **[255](#i12d4badc90924b1a844cc5bf95c9f63e)** |
| **[Table 22-14](#i6ebdb0698fe64389a79b7a404f69e21d)[CAPEX and OPEX Based NPV5% Post-Tax in $M](#i6ebdb0698fe64389a79b7a404f69e21d)** | **[255](#i6ebdb0698fe64389a79b7a404f69e21d)** |
| **[Table 25-1](#ie3e40456ef6f46fb981d38f10624a82d)[Key Economic Results](#ie3e40456ef6f46fb981d38f10624a82d)** | **[263](#ie3e40456ef6f46fb981d38f10624a82d)** |
| **[Table 26-1](#i0d37ff302521441da724b8b3942ac4a6)[Budget for Advancing Project to Next Stages](#i0d37ff302521441da724b8b3942ac4a6)** | **[265](#i0d37ff302521441da724b8b3942ac4a6)** |
| **[Table 26-2](#if20bae9c4bc64ae8839ec528257d2cb8)[Recommended programs and budgets for 2026-2027](#if20bae9c4bc64ae8839ec528257d2cb8)** | **[266](#if20bae9c4bc64ae8839ec528257d2cb8)** |

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**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTxiii

**List of Figures**

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|:---|:---|
| **[Figure 1-1](#ifc7cd9ee66c240c69bd54f0ea6ce3cbe)[Boumadine Project - Annual Free Cash Flow Profile](#ifc7cd9ee66c240c69bd54f0ea6ce3cbe)** | **[13](#ifc7cd9ee66c240c69bd54f0ea6ce3cbe)** |
| **[Figure 4-1](#icf8f46996964433495c62c8889ef31ba)[Location of the Boumadine Property between Ouarzazate and](#icf8f46996964433495c62c8889ef31ba)**<br>**[Errachidia, Kingdom of Morocco](#icf8f46996964433495c62c8889ef31ba)**<br>| **[24](#icf8f46996964433495c62c8889ef31ba)** |
| **[Figure 4-2](#i2a8883c1dc6f48b883565f63aadf9c79)[Land Tenure in the Boumadine Property Area](#i2a8883c1dc6f48b883565f63aadf9c79)** | **[25](#i2a8883c1dc6f48b883565f63aadf9c79)** |
| **[Figure 5-1](#i4d7b8630d98c4777accecd82b3b9960d)[Location of the Boumadine Deposit from Ouarzazate](#i4d7b8630d98c4777accecd82b3b9960d)** | **[30](#i4d7b8630d98c4777accecd82b3b9960d)** |
| **[Figure 5-2](#i93dc36997cd14c68bcc48ea93c1d3dbf)[Boumadine Site Infrastructure](#i93dc36997cd14c68bcc48ea93c1d3dbf)** | **[32](#i93dc36997cd14c68bcc48ea93c1d3dbf)** |
| **[Figure 5-3](#i1dfff3c7171341f999ff79cba5a97a08)[Physiography and Vegetation](#i1dfff3c7171341f999ff79cba5a97a08)** | **[32](#i1dfff3c7171341f999ff79cba5a97a08)** |
| **[Figure 5-4](#i350a9be04b4347a88bc9f699544d5199)[Nomadic Livestock and Artisanal Activity](#i350a9be04b4347a88bc9f699544d5199)** | **[33](#i350a9be04b4347a88bc9f699544d5199)** |
| **[Figure 6-1](#i7db789650c2c47e1ac0d50b1875254a6)[-70 m Level Plan of South Zone, with Chip Sample Assays](#i7db789650c2c47e1ac0d50b1875254a6)** | **[36](#i7db789650c2c47e1ac0d50b1875254a6)** |
| **[Figure 6-2](#i9ce20f065cbe45b8aa65db89f6fbd641)[Longitudinal Projection of the Principal Polymetallic Vein Mined in the](#i9ce20f065cbe45b8aa65db89f6fbd641)**<br>**[South Zone](#i9ce20f065cbe45b8aa65db89f6fbd641)**<br>| **[37](#i9ce20f065cbe45b8aa65db89f6fbd641)** |
| **[Figure 6-3](#i96cdfa97cc334849a18ffb95d7d13260)[Location of Soil Core Samples Completed by Maya in 2018](#i96cdfa97cc334849a18ffb95d7d13260)** | **[39](#i96cdfa97cc334849a18ffb95d7d13260)** |
| **[Figure 6-4](#if81e6f3bc76741ef8e6cb841b143607f)[2-D Section of a CSAMT Survey\*](#if81e6f3bc76741ef8e6cb841b143607f)** | **[40](#if81e6f3bc76741ef8e6cb841b143607f)** |
| **[Figure 7-1](#iee7bac17d425459789cb3b4e95a849c0)[The Regional Geology of the Anti-Atlas Displaying Proterozoic](#iee7bac17d425459789cb3b4e95a849c0)**<br>**[Windows](#iee7bac17d425459789cb3b4e95a849c0)**<br>| **[44](#iee7bac17d425459789cb3b4e95a849c0)** |
| **[Figure 7-2](#ie21165fc6a794bdc9113c77b64af8e92)[Geology of the Ougnat Massif](#ie21165fc6a794bdc9113c77b64af8e92)** | **[45](#ie21165fc6a794bdc9113c77b64af8e92)** |
| **[Figure 7-3](#ief00a2cbf13641ad988927500bb9fdd4)[Schematic Stratigraphic Column of the Central Ougnat Massif](#ief00a2cbf13641ad988927500bb9fdd4)** | **[46](#ief00a2cbf13641ad988927500bb9fdd4)** |
| **[Figure 7-4](#i464f8754772f4442bc04bd338e9e062c)[Boumadine Mining License Geology Map](#i464f8754772f4442bc04bd338e9e062c)** | **[48](#i464f8754772f4442bc04bd338e9e062c)** |
| **[Figure 7-5](#i21e46ca1f0a54454896c76b9cb801fbf)[Stress Distribution in a Sinistral Shear Zone](#i21e46ca1f0a54454896c76b9cb801fbf)** | **[50](#i21e46ca1f0a54454896c76b9cb801fbf)** |
| **[Figure 7-6](#i35424b1c8f254b989e4e031cfbbb444b)[Interpreted Traces of N150°E-Trending Shear Zones](#i35424b1c8f254b989e4e031cfbbb444b)** | **[51](#i35424b1c8f254b989e4e031cfbbb444b)** |
| **[Figure 7-7](#i4807defa923746738a181a849fe7f516)[Oxidized Mineralized Vein at the Central Zone](#i4807defa923746738a181a849fe7f516)** | **[52](#i4807defa923746738a181a849fe7f516)** |
| **[Figure 7-8](#i4512111de5ca42cfa361c28162d0993e)[Surface Plan View of the Boumadine Deposit Mineralized Zones](#i4512111de5ca42cfa361c28162d0993e)** | **[53](#i4512111de5ca42cfa361c28162d0993e)** |
| **[Figure 7-9](#i99c7657ce4ac4acf88b497eb2f8b4261)[Cross-Sectional Projection 3,477,070 N of the Central Zone](#i99c7657ce4ac4acf88b497eb2f8b4261)** | **[54](#i99c7657ce4ac4acf88b497eb2f8b4261)** |
| **[Figure 7-10](#i431749124d4c4669995126cd44231dda)[Brecciated and Slightly Oxidized Pyrite-Rich Mineralization](#i431749124d4c4669995126cd44231dda)** | **[55](#i431749124d4c4669995126cd44231dda)** |
| **[Figure 7-11](#if7fc4c9565bc453e84ec89f932afa671)[Galena-Rich Mineralization](#if7fc4c9565bc453e84ec89f932afa671)** | **[56](#if7fc4c9565bc453e84ec89f932afa671)** |
| **[Figure 7-12](#i2b9d3af325fa4df2a04c1e635eb3ef5a)[Pyrite-Sphalerite Mineralized Material from the Central Zone](#i2b9d3af325fa4df2a04c1e635eb3ef5a)** | **[56](#i2b9d3af325fa4df2a04c1e635eb3ef5a)** |
| **[Figure 7-13](#i438ce0a2d5b14a02b6c634625a27caa0)[Massive Sulphide Minerals and Textures at Boumadine](#i438ce0a2d5b14a02b6c634625a27caa0)** | **[57](#i438ce0a2d5b14a02b6c634625a27caa0)** |
| **[Figure 9-1](#ib4207bc18dcd4bb7bd0322e75d54e200)[Map of the 2022 Hyperspectral Survey Completed on Boumadine](#ib4207bc18dcd4bb7bd0322e75d54e200)** | **[60](#ib4207bc18dcd4bb7bd0322e75d54e200)** |
| **[Figure 9-2](#ia64bcf23d76a4c56b467d2ad3b127b03)[Map of the Interpreted Structures in the Boumadine Area,Colored by](#ia64bcf23d76a4c56b467d2ad3b127b03)**<br>**[Orientation Set](#ia64bcf23d76a4c56b467d2ad3b127b03)**<br>| **[61](#ia64bcf23d76a4c56b467d2ad3b127b03)** |
| **[Figure 9-3](#i0874b0e6fae04259b77db6264a76ccb4)[Boumadine 2022 VTEM Survey Depth Slices](#i0874b0e6fae04259b77db6264a76ccb4)** | **[62](#i0874b0e6fae04259b77db6264a76ccb4)** |
| **[Figure 9-4](#id2bda498baf5431a83638552cde5ebad)[2022 Magnetic Survey Completed at Boumadine](#id2bda498baf5431a83638552cde5ebad)** | **[63](#id2bda498baf5431a83638552cde5ebad)** |
| **[Figure 9-5](#ic10f113b330c4d4d958e956dc39a59d7)[Location of New Boumadine Permits with 2024 Airborne Geophysics](#ic10f113b330c4d4d958e956dc39a59d7)** | **[64](#ic10f113b330c4d4d958e956dc39a59d7)** |
| **[Figure 9-6](#i5f7c96fa3ba64c41b542f41220873096)[Simplified Geological Map with 2023 Surface Sample Locations](#i5f7c96fa3ba64c41b542f41220873096)** | **[65](#i5f7c96fa3ba64c41b542f41220873096)** |

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**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTxiv

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| | |
|:---|:---|
| **[Figure 9-7](#if011a9cf609340088bba91aebb28c052)[Simplified regional Geological Map with 2025 Surface Sample](#if011a9cf609340088bba91aebb28c052)**<br>**[Locations](#if011a9cf609340088bba91aebb28c052)**<br>| **[66](#if011a9cf609340088bba91aebb28c052)** |
| **[Figure 10-1](#i9d0b194ce69e497cbac4eab3e967fd79)[Aya Current MRE Drill Hole Collar Location Map](#i9d0b194ce69e497cbac4eab3e967fd79)** | **[69](#i9d0b194ce69e497cbac4eab3e967fd79)** |
| **[Figure 10-2](#i5b44645cc8ce4d2b9728e4a3fe281819)[Interpreted Drill Hole Cross-Section Projection 8125N](#i5b44645cc8ce4d2b9728e4a3fe281819)** | **[70](#i5b44645cc8ce4d2b9728e4a3fe281819)** |
| **[Figure 10-3](#i1becc144d23640b8bcafe21eeac88fb6)[Interpretation of Drill Cross-Section Projection 6400N](#i1becc144d23640b8bcafe21eeac88fb6)** | **[71](#i1becc144d23640b8bcafe21eeac88fb6)** |
| **[Figure 10-4](#i74fb2b7ae9f34aae954017bed32364e4)[Drill Hole Collar Locations](#i74fb2b7ae9f34aae954017bed32364e4)** | **[72](#i74fb2b7ae9f34aae954017bed32364e4)** |
| **[Figure 10-5](#ifb2ab4163a3042d6a1ab07a70383381b)[Stacked Drill Core at Boumadine](#ifb2ab4163a3042d6a1ab07a70383381b)** | **[73](#ifb2ab4163a3042d6a1ab07a70383381b)** |
| **[Figure 11-1](#ief5b297ecae44c839042c631042da75d)[CRM usage at Boumadine 2024 TO 2025](#ief5b297ecae44c839042c631042da75d)** | **[81](#ief5b297ecae44c839042c631042da75d)** |
| **[Figure 11-2](#i3a4950a5c0414415829429c838f59224)[Performance of OREAS CRMs for Au (0.307 to 1.85 g/t data)](#i3a4950a5c0414415829429c838f59224)** | **[83](#i3a4950a5c0414415829429c838f59224)** |
| **[Figure 11-3](#ia728d79f16ac4ab7a4649aad0ac2979c)[Performance of OREAS CRMs for Au (4.97 to 15 g/t data)](#ia728d79f16ac4ab7a4649aad0ac2979c)** | **[83](#ia728d79f16ac4ab7a4649aad0ac2979c)** |
| **[Figure 11-4](#i81aa9076a5dd4af0a1245948d19cb85d)[Performance of OREAS CRMs for Ag (19 to 25.9 g/t data)](#i81aa9076a5dd4af0a1245948d19cb85d)** | **[84](#i81aa9076a5dd4af0a1245948d19cb85d)** |
| **[Figure 11-5](#i02e2d2f2caad46f5abfe20ceec61b666)[Performance of OREAS CRMs for Ag (50.3 to 340 g/t data)](#i02e2d2f2caad46f5abfe20ceec61b666)** | **[84](#i02e2d2f2caad46f5abfe20ceec61b666)** |
| **[Figure 11-6](#i0111d1276bda400896211edabd3b1d4b)[Performance of OREAS CRMs for Ag (2184 g/t data)](#i0111d1276bda400896211edabd3b1d4b)** | **[85](#i0111d1276bda400896211edabd3b1d4b)** |
| **[Figure 11-7](#i0ee9cd1b9ea346419614369d1d67374e)[Performance of OREAS CRMs for Pb (0.270 to 1.58 % data)](#i0ee9cd1b9ea346419614369d1d67374e)** | **[85](#i0ee9cd1b9ea346419614369d1d67374e)** |
| **[Figure 11-8](#i77afab55b62044afb1b73abb398d94f8)[Performance of OREAS CRMs for Pb (3.79 to 59.18% data)](#i77afab55b62044afb1b73abb398d94f8)** | **[86](#i77afab55b62044afb1b73abb398d94f8)** |
| **[Figure 11-9](#i5b2081ce9b374033a2a8a6222ef4a5e8)[Performance of OREAS CRMs for Zn (0.131 to 1.29% data)](#i5b2081ce9b374033a2a8a6222ef4a5e8)** | **[86](#i5b2081ce9b374033a2a8a6222ef4a5e8)** |
| **[Figure 11-10](#idece50d2bdbf40ae95525814e93be45e)[Performance of OREAS CRMs for Zn (4.92 to 49.77% data)](#idece50d2bdbf40ae95525814e93be45e)** | **[87](#idece50d2bdbf40ae95525814e93be45e)** |
| **[Figure 11-11](#ia03b6603f4ec405babd87aadbef15ee6)[Performance of OREAS CRMs for Cu (0.116 to 0.92 % data)](#ia03b6603f4ec405babd87aadbef15ee6)** | **[87](#ia03b6603f4ec405babd87aadbef15ee6)** |
| **[Figure 11-12](#i93a5e5a767ee4b359b3129c1409ca470)[Performance of OREAS CRMs for Cu (22.6 to 44.73%)](#i93a5e5a767ee4b359b3129c1409ca470)** | **[88](#i93a5e5a767ee4b359b3129c1409ca470)** |
| **[Figure 11-13](#ibe69d127c1624165b74af6214b9c517f)[Performance of Blanks for Au](#ibe69d127c1624165b74af6214b9c517f)** | **[89](#ibe69d127c1624165b74af6214b9c517f)** |
| **[Figure 11-14 Performance of Blanks for Ag](#i32fdef0076ed46d3a705f2db0348d7e7)** | **[89](#i32fdef0076ed46d3a705f2db0348d7e7)** |
| **[Figure 11-15](#i7b47e7a6cfa64ecc91ea354dc8ebebc6)[Performance of Blanks for Pb](#i7b47e7a6cfa64ecc91ea354dc8ebebc6)** | **[90](#i7b47e7a6cfa64ecc91ea354dc8ebebc6)** |
| **[Figure 11-16](#ide3c6b9b86134b318c18f186f8015f0d)[Performance of Blanks for Zn](#ide3c6b9b86134b318c18f186f8015f0d)** | **[90](#ide3c6b9b86134b318c18f186f8015f0d)** |
| **[Figure 11-17](#i64d098ce4fb046d091443f0e420d7204)[Performance of Blanks for Cu](#i64d098ce4fb046d091443f0e420d7204)** | **[91](#i64d098ce4fb046d091443f0e420d7204)** |
| **[Figure 11-18](#i322a0d342b6b48b2a476a3d5fbfafd3a)[Performance of Field Duplicates for Au](#i322a0d342b6b48b2a476a3d5fbfafd3a)** | **[92](#i322a0d342b6b48b2a476a3d5fbfafd3a)** |
| **[Figure 11-19](#ifabdad402c124b82a935c876dd9db75a)[Performance of Field Duplicates for Ag](#ifabdad402c124b82a935c876dd9db75a)** | **[92](#ifabdad402c124b82a935c876dd9db75a)** |
| **[Figure 11-20](#iddd69864bc7c47058ce10455fcac7a76)[Performance of Field Duplicates for Pb](#iddd69864bc7c47058ce10455fcac7a76)** | **[93](#iddd69864bc7c47058ce10455fcac7a76)** |
| **[Figure 11-21](#ibee29f82e5334976b871e20fbd2a06c6)[Performance of Field Duplicates for Zn](#ibee29f82e5334976b871e20fbd2a06c6)** | **[93](#ibee29f82e5334976b871e20fbd2a06c6)** |
| **[Figure 11-22](#i77b6b233892845e0bc103f8ab0287d5b)[Performance of Field Duplicates for Cu](#i77b6b233892845e0bc103f8ab0287d5b)** | **[94](#i77b6b233892845e0bc103f8ab0287d5b)** |
| **[Figure 11-22](#id34db3eac4d14f05b827290dc64a7dec)[Umpire Assay Comparison for Au: Afrilab Versus ALS 2022](#id34db3eac4d14f05b827290dc64a7dec)** | **[95](#id34db3eac4d14f05b827290dc64a7dec)** |
| **[Figure 11-23](#i47f9f6b7a43e454ca0288b11a5b779ac)[Umpire Assay Comparison for Ag: Afrilab Versus ALS 2022](#i47f9f6b7a43e454ca0288b11a5b779ac)** | **[96](#i47f9f6b7a43e454ca0288b11a5b779ac)** |
| **[Figure 12-1](#i1e1539a2fcc240d6b4e80dcf953c02a1)[Results of March 2024 Ag (ICP) Verification Sampling by P&E](#i1e1539a2fcc240d6b4e80dcf953c02a1)** | **[99](#i1e1539a2fcc240d6b4e80dcf953c02a1)** |
| **[Figure 12-2](#ie2b3bca1c799458e985728d82b745f30)[Results of March 2024 Ag (FA) Verification Sampling by P&E](#ie2b3bca1c799458e985728d82b745f30)** | **[99](#ie2b3bca1c799458e985728d82b745f30)** |
| **[Figure 12-3](#i7070d08bbcf94a1985c364171f51294f)[Results of March 2024 Au Verification Sampling by P&E](#i7070d08bbcf94a1985c364171f51294f)** | **[100](#i7070d08bbcf94a1985c364171f51294f)** |
| **[Figure 12-4](#i84a56a4e26f940dfa5589991047904ee)[Results of March 2024 Cu Verification Sampling by P&E](#i84a56a4e26f940dfa5589991047904ee)** | **[100](#i84a56a4e26f940dfa5589991047904ee)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTxv

---

| | |
|:---|:---|
| **[Figure 12-5](#i1b373b6b4cfc4dab91a26a216da36e77)[Results of March 2024 Pb Verification Sampling by P&E](#i1b373b6b4cfc4dab91a26a216da36e77)** | **[101](#i1b373b6b4cfc4dab91a26a216da36e77)** |
| **[Figure 12-6](#i6cfa6b7ca05f4d169df12e95b0a49ecb)[Results of March 2024 Zn Verification Sampling by P&E](#i6cfa6b7ca05f4d169df12e95b0a49ecb)** | **[101](#i6cfa6b7ca05f4d169df12e95b0a49ecb)** |
| **[Figure 12-7](#i9f7d63ec587f4f8caf1dc3664a293f28)[Results of March 2024 Mo Verification Sampling by P&E](#i9f7d63ec587f4f8caf1dc3664a293f28)** | **[102](#i9f7d63ec587f4f8caf1dc3664a293f28)** |
| **[Figure 13-1](#ic61aad0df6054c79a980cf42cd6ba817)[Metallurgical Sampling Locations](#ic61aad0df6054c79a980cf42cd6ba817)** | **[104](#ic61aad0df6054c79a980cf42cd6ba817)** |
| **[Figure 13-2](#ib61911c6a06b44839cf72d62c9f56287)[Locked Cycle Test Flowsheet](#ib61911c6a06b44839cf72d62c9f56287)** | **[113](#ib61911c6a06b44839cf72d62c9f56287)** |
| **[Figure 13-3](#i832b9cdbad94439a94378dc82903d174)[Cleaner Flotation Flowsheet for Separating Arsenopyrite / Pyrite](#i832b9cdbad94439a94378dc82903d174)** | **[120](#i832b9cdbad94439a94378dc82903d174)** |
| **[Figure 13-4](#i92c91483ece3454d9e450933d91c2518)[Correlation Between Analyzed and Calculated Sulphur Content](#i92c91483ece3454d9e450933d91c2518)** | **[123](#i92c91483ece3454d9e450933d91c2518)** |
| **[Figure 13-5](#i89cc5ef879c8497ba9a29a2b1899d9b2)[Au and Ag Leach Rates at Different Roasting Temperatures](#i89cc5ef879c8497ba9a29a2b1899d9b2)** | **[125](#i89cc5ef879c8497ba9a29a2b1899d9b2)** |
| **[Figure 14-1](#i15323d7f27dd41bfb78a2d46ca291983)[Drill Hole Plan View](#i15323d7f27dd41bfb78a2d46ca291983)** | **[135](#i15323d7f27dd41bfb78a2d46ca291983)** |
| **[Figure 14-2](#ic35164d0c2b743ffbf28338b255152a8)[Mineralized Veins](#ic35164d0c2b743ffbf28338b255152a8)** | **[140](#ic35164d0c2b743ffbf28338b255152a8)** |
| **[Figure 14-3](#icddba3ccd150473fbd50a579fc9a6efd)[Histogram for Composites](#icddba3ccd150473fbd50a579fc9a6efd)** | **[144](#icddba3ccd150473fbd50a579fc9a6efd)** |
| **[Figure 14-4](#i72618cef06234360a47c12e261c002a1)[Main Zone Semi-Variograms](#i72618cef06234360a47c12e261c002a1)** | **[146](#i72618cef06234360a47c12e261c002a1)** |
| **[Figure 14-5](#i906ce1e6d6624ae4930b1cd6c849dcb2)[Boumadine Pit Shell Plan View](#i906ce1e6d6624ae4930b1cd6c849dcb2)** | **[148](#i906ce1e6d6624ae4930b1cd6c849dcb2)** |
| **[Figure 14-6](#i50ab8ea148054ba7b59459fbd1d7b401)[Composite Grade Versus Swath Plots](#i50ab8ea148054ba7b59459fbd1d7b401)** | **[153](#i50ab8ea148054ba7b59459fbd1d7b401)** |
| **[Figure 16-1](#ib5fb60f6d66347df959eb476c3ede547)[Initial Pit Shells Generated using the Large Block Model](#ib5fb60f6d66347df959eb476c3ede547)** | **[159](#ib5fb60f6d66347df959eb476c3ede547)** |
| **[Figure 16-2](#ib47a9f68c0124ebdb288c84ca0c5c86e)[Whittle Reblocked Block Model Parameters](#ib47a9f68c0124ebdb288c84ca0c5c86e)** | **[160](#ib47a9f68c0124ebdb288c84ca0c5c86e)** |
| **[Figure 16-3](#ief740d24b97f4015a114ab4cc54f0d77)[Whittle Slope Setting](#ief740d24b97f4015a114ab4cc54f0d77)** | **[160](#ief740d24b97f4015a114ab4cc54f0d77)** |
| **[Figure 16-4](#i87588d4d5e6547269cdf125caab5c666)[Whittle Pit Shells Iteration – Pit Center](#i87588d4d5e6547269cdf125caab5c666)** | **[161](#i87588d4d5e6547269cdf125caab5c666)** |
| **[Figure 16-5](#i3250e9c023f843249f4da82d23739c45)[Whittle Pit Shells Iteration – Pit Center](#i3250e9c023f843249f4da82d23739c45)** | **[161](#i3250e9c023f843249f4da82d23739c45)** |
| **[Figure 16-6](#i4e50c8f59e6b4db585177d4a4af35efa)[Boumadine Mining Design](#i4e50c8f59e6b4db585177d4a4af35efa)** | **[162](#i4e50c8f59e6b4db585177d4a4af35efa)** |
| **[Figure 16-7](#i284701040bae4e6aac72eb0200d2c277)[Modified Avocat Mining Method Illustration](#i284701040bae4e6aac72eb0200d2c277)** | **[163](#i284701040bae4e6aac72eb0200d2c277)** |
| **[Figure 16-8](#i5368cfde5f2140e8a590ba2df6639982)[Boumadine pit locations](#i5368cfde5f2140e8a590ba2df6639982)** | **[164](#i5368cfde5f2140e8a590ba2df6639982)** |
| **[Figure 16-9](#i23b4f8d59d6e49b3a18edce1fa3c22b1)[Pit Cross section](#i23b4f8d59d6e49b3a18edce1fa3c22b1)** | **[165](#i23b4f8d59d6e49b3a18edce1fa3c22b1)** |
| **[Figure 16-10](#i5c7fda1811184e8ead88876e54968006)[Typical Level Layout](#i5c7fda1811184e8ead88876e54968006)** | **[168](#i5c7fda1811184e8ead88876e54968006)** |
| **[Figure 16-11](#ib33ab6a71396488fac9a00db621c2dff)[Stockpiles Classification Parameters](#ib33ab6a71396488fac9a00db621c2dff)** | **[172](#ib33ab6a71396488fac9a00db621c2dff)** |
| **[Figure 16-12](#ie2be13b850b44736991770012789de99)[Open Pit Sequence from 2030 to 2039](#ie2be13b850b44736991770012789de99)** | **[174](#ie2be13b850b44736991770012789de99)** |
| **[Figure 16-13](#ia64606f5d2f84aaebad612c26059569a)[Open pit Mineralized tonnes per year and per Zone](#ia64606f5d2f84aaebad612c26059569a)** | **[177](#ia64606f5d2f84aaebad612c26059569a)** |
| **[Figure 16-14](#iea10aa8418e54d98a784310f554b767f)[Open pit Waste tonnes per year and per Zone](#iea10aa8418e54d98a784310f554b767f)** | **[177](#iea10aa8418e54d98a784310f554b767f)** |
| **[Figure 16-15](#i2ec395c3bd5547b682de200e3641cb0b)[Principal Development Headings (North Zone Area)](#i2ec395c3bd5547b682de200e3641cb0b)** | **[178](#i2ec395c3bd5547b682de200e3641cb0b)** |
| **[Figure 16-16](#ie8c4afe9fa294dddbb0a6bfa7b592193)[Primary UG Mining Area in the Center and North Zones](#ie8c4afe9fa294dddbb0a6bfa7b592193)** | **[180](#ie8c4afe9fa294dddbb0a6bfa7b592193)** |
| **[Figure 16-17](#i240b0cbbf19147a4a7140b6da631bf51)[Secondary UG Mining Area in the Center and North Zones](#i240b0cbbf19147a4a7140b6da631bf51)** | **[180](#i240b0cbbf19147a4a7140b6da631bf51)** |
| **[Figure 16-18](#if471a8d8859b4b5ca97e2eed7239bbe7)[Remaining UG Mining Area in the South Zone](#if471a8d8859b4b5ca97e2eed7239bbe7)** | **[181](#if471a8d8859b4b5ca97e2eed7239bbe7)** |
| **[Figure 16-19](#i497c83936cca42bca4b6dd1bf3119dc3)[Boumadine LOM Production Plan breakdown by OP and UG Mining](#i497c83936cca42bca4b6dd1bf3119dc3)**<br>**[Methods](#i497c83936cca42bca4b6dd1bf3119dc3)**<br>| **[186](#i497c83936cca42bca4b6dd1bf3119dc3)** |
| **[Figure 16-20](#i66e7cd88f6d54f9d918c96305c256c6f)[Boumadine LOM Production Plan Tonnes and NSR](#i66e7cd88f6d54f9d918c96305c256c6f)** | **[186](#i66e7cd88f6d54f9d918c96305c256c6f)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECTxvi

---

| | |
|:---|:---|
| **[Figure 16-21](#i3015c35a2692456593ba3eb05a86450a)[Ventilation Zones](#i3015c35a2692456593ba3eb05a86450a)** | **[189](#i3015c35a2692456593ba3eb05a86450a)** |
| **[Figure 16-22](#i04dd21b3066b4543a6bae7e39c8e25bb)[Main Ventilation Design Zone Nord 1](#i04dd21b3066b4543a6bae7e39c8e25bb)** | **[191](#i04dd21b3066b4543a6bae7e39c8e25bb)** |
| **[Figure 16-23](#i935f6db40640460d8729d01a6335bf9b)[Main Ventilation Design Zone Sud 3](#i935f6db40640460d8729d01a6335bf9b)** | **[191](#i935f6db40640460d8729d01a6335bf9b)** |
| **[Figure 16-24](#ifa052a6b4d8f47d88af8a8b72fd66143)[Auxiliary Ventilation on Ramp Development Zone Centre](#ifa052a6b4d8f47d88af8a8b72fd66143)** | **[193](#ifa052a6b4d8f47d88af8a8b72fd66143)** |
| **[Figure 16-25](#ie9a233671ae847fb9bfd1e57a95855b9)[Auxiliary Ventilation on Production Levels Zone Centre](#ie9a233671ae847fb9bfd1e57a95855b9)** | **[194](#ie9a233671ae847fb9bfd1e57a95855b9)** |
| **[Figure 18-1](#i238ea3a19a1a4ef4921b93911e0eb18e)[Overall Site Plan](#i238ea3a19a1a4ef4921b93911e0eb18e)** | **[208](#i238ea3a19a1a4ef4921b93911e0eb18e)** |
| **[Figure 18-2](#i354934be9f2d4f6c8f960f170231842c)[Process Plant Layout](#i354934be9f2d4f6c8f960f170231842c)** | **[209](#i354934be9f2d4f6c8f960f170231842c)** |
| **[Figure 18-3](#ief4073496f734b4eb0dee535fb533261)[Raw Water Sourcing](#ief4073496f734b4eb0dee535fb533261)** | **[213](#ief4073496f734b4eb0dee535fb533261)** |
| **[Figure 21-1](#ib72175d0b13b440a85715a915147adba)[Capital Cost Summary – Mining](#ib72175d0b13b440a85715a915147adba)** | **[222](#ib72175d0b13b440a85715a915147adba)** |
| **[Figure 21-2](#ia96c61682c2e4fbc8cb793812cd20c6b)[Operating Cost Summary – Mining](#ia96c61682c2e4fbc8cb793812cd20c6b)** | **[231](#ia96c61682c2e4fbc8cb793812cd20c6b)** |
| **[Figure 21-3](#i747f55ce69cc477dafe97e54f19d154b)[Underground Labour Profile](#i747f55ce69cc477dafe97e54f19d154b)** | **[233](#i747f55ce69cc477dafe97e54f19d154b)** |
| **[Figure 21-4](#i3f4926a5d3db44ec9560a5c664a0fc19)[Processing Plant Operating Cost Breakdown](#i3f4926a5d3db44ec9560a5c664a0fc19)** | **[237](#i3f4926a5d3db44ec9560a5c664a0fc19)** |
| **[Figure 22-1](#i173bac6b85504ec4aa8e6ba1a6fc3f38)[Boumadine Project - Annual Free Cash Flow Profile](#i173bac6b85504ec4aa8e6ba1a6fc3f38)** | **[249](#i173bac6b85504ec4aa8e6ba1a6fc3f38)** |
| **[Figure 22-2](#i4badb5a0f07e4b05909b720636d13b86)[Annual Free Cash Flow](#i4badb5a0f07e4b05909b720636d13b86)** | **[251](#i4badb5a0f07e4b05909b720636d13b86)** |
| **[Figure 23-1](#i262cb949fd544ab0a013dab938a70a07)[Location of the Imiter Mine](#i262cb949fd544ab0a013dab938a70a07)** | **[256](#i262cb949fd544ab0a013dab938a70a07)** |
| **[Figure 24-1](#i3a8efe8576924699ba530f0a320afc16)[Project Execution Schedule](#i3a8efe8576924699ba530f0a320afc16)** | **[257](#i3a8efe8576924699ba530f0a320afc16)** |
| **[Figure 25-1](#i3297a52db75c485eba1654489a0da0a8)[Boumadine Project - Annual Free Cash Flow Profile](#i3297a52db75c485eba1654489a0da0a8)** | **[264](#i3297a52db75c485eba1654489a0da0a8)** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 1

1.0**EXECUTIVE SUMMARY**

**1.1INTRODUCTION**

This Technical Report (the "Report") presents a Preliminary Economic Assessment ("PEA") for the Boumadine

Polymetallic Project, Kingdom of Morocco. This PEA is based on the Mineral Resource Estimate ("MRE")

published by Aya on February 24, 2025. The current Estimate is an update of the MRE prepared by P&E Mining

Consultants Inc. ("P&E"), published on May 8, 2024. The Report has an effective date of November 4, 2025.

Aya, a reporting issuer, trades on the TSX under the symbol "AYA" and has its head office located at Suite 132,

1320 Graham, Ville Mont-Royal, Québec, H3P 3C8.

**1.2PROPERTY DESCRIPTION AND LOCATION**

The Boumadine Property (also known as Boumaadine, Boumâadine, and Bou Madine) is located in the

Province of Errachidia, Kingdom of Morocco, ~220 km east of the City of Ouarzazate and 70 km southwest of

the City of Errachidia.

Aya's property in the Boumadine area ("Boumadine Property") consists of 12 mining permits and 19

exploration permits totaling 341 km<sup>2</sup> in size. The "Boumadine Mining License", which contain Boumadine

Deposit and is the focus of this Boumadine Report, consists of mining permit LE-383661 and covers the

historical Boumadine Mine, the Boumadine Camp, and the current Mineral Resource Estimate described in this

report, which total 32 km<sup>2</sup> in area. The other thirty permits are distributed within a 25 km radius of the

Boumadine Deposit and collectively cover an additional 309 km<sup>2</sup> in area. Furthermore, an Authorization of

Exploration of 600 km<sup>2</sup> was granted to Aya in January 2025.

On October 9, 2012, Aya and ONHYM signed a joint venture agreement for the acquisition, development and

exploitation of the Boumadine Deposit. Under the terms of the said agreement, Aya acquired 85% of mining

license LE-383661 for total cash payments of MAD 28 million, being approximately USD 2.8 million at such

time. A new Moroccan company - BGM, was created with Aya and ONHYM as 85%-15% shareholders. The

mining title of the Boumadine Mining License was transferred to BGM by ONHYM. The participation of

ONHYM is subject to dilution if they fail to invest 15% in the budget after Aya matches all the previous

investment from ONHYM. ONHYM will receive a 3% royalty and Aya will receive a 2.75% management fee on

BGM sales revenue from the first year of operation.

In addition to its ownership of the Boumadine Mining License, Aya, through its subsidiaries, has; 100%

ownership of a total of 11 mining licenses and exploration permits and; an option to earn 100% interest in 19

other mining licenses and exploration permits.

**1.3ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND** 

**PHYSIOGRAPHY**

The Boumadine Property is located in the Errachidia Province of the Meknès-Tafilalet Region, in the Anti-Atlas

Mountains. It is accessible via the National Highway 10 (N10), ~220 km east-northeast from Ouarzazate City

or ~70 km southwest from Errachidia City. Tinejdad, the nearest town, is ~16 km north from the historical

Boumadine Mine. The nearest village, Bouyoud, is 4 km away. The Property is accessible from Tinejdad by all-

terrain vehicle on a paved and gravel road.

The Property has a Sahara climate, which falls under the category of a hot desert climate, also known as a

"hot arid climate" (Köppen climate classification BWh). Summers are hot, with daytime temperatures >40°C.

Winters are generally mild, with daytime temperatures ranging from mild to warm; nighttime temperatures can

be cool, but freezing conditions are uncommon. The region receives very little rainfall throughout the year,

most of which occurs in winter. Field work at Boumadine can be carried out year-round.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 2

The Property is accessible by two roads: 1) a 16-km dirt road southwards from Tinejdad; and 2) a 2.8-km dirt

road from the east through the village of Bouyoud. The National Highway 10 (N10) goes through the City of

Tinejdad and connects to Ouarzazate City to the west and Errachidia City to the east of Tinejdad. The

Boumadine project is connected to the national power line.

There are numerous dirt roads and paths that lead to former shafts and other remnants of the historical

mining infrastructure. Water is currently sourced from historical underground workings and wells. Electricity

on site is provided via the national electricity grid. The facilities on-site are adapted for exploration operations.

They include an office, drill core shack, the AfriLab sample preparation laboratory, drill contractors workshops,

and drill contractors camps.

The physiography of Boumadine Property is characterized by its desert setting, with influences from the

nearby Atlas Mountains. The topography of the area is marked by ridges and hills mostly, with altitude ranging

between 980 and 1,300 m asl. The site and its surroundings exhibit characteristics typical of a desert

landscape, with vast expanses of arid and rocky terrain. Vegetation in the Boumadine area consists mainly of

desert plants, such as Acacia Raddiana and Tamarix Amplexicaul. Drought-resistant grasses may be found

and provide some ground cover. Oases and palm trees are notable features in this region.

The Boumadine Mining License is in close proximity to the Ziz river, which flows through the centre of the

Town of Tinejdad. The river, along with its valley, contributes to the oasis environment with palm groves,

particularly date palms. Group of nomads pass by the Boumadine Property with their livestock of camels or

goats. Historical artisanal mining activities have been recognized at several places on the Boumadine

Property. Historical extraction work focused on barite and lead veins.

Mine workers and other personnel are available from surrounding villages and Tinejdad. Errachidia City

(formerly Ksar souk) is the closest major urban centre. Errachidia has an international airport with access to

Casablanca and it is also accessible by road from Marrakech, ~420 km away. Basic supplies, such as food

and limited accommodation, are available at Tinejdad; Errachidia offers greater diversity in supplies. Special

items must be purchased from Casablanca or Marrakech.

**1.4HISTORY**

The historical Boumadine Mine is one of the oldest known mines in the Kingdom of Morocco. It was probably

exploited by the Portuguese in the 15<sup>th</sup> and 16<sup>th</sup> centuries. They extracted the oxidized part of the polymetallic

veins to a depth of as much as 20 m. Such workings are found along a north-south strike length of 4.2 km on

the Boumadine Property.

Between 1956 and 1998, exploration and mining activities in the Boumadine area were completed by the

Bureau de Recherches et de Participations Minières ("BRPM"), with and without partners. These activities

included mineral prospecting, geophysical surveys, drilling, mineralogical studies, mineral resource

estimations, metallurgical testwork, engineering and economic studies, shaft excavation, and underground

development and mining. Underground mining from 1986 to 1992 produced 261,485 t of mineralized material

from four mining levels for mineral processing on-site.

In 2013, Maya Gold and Silver Inc. ("Maya"; precursor entity to Aya Gold & Silver) acquired the Project through

a Joint Venture with the ONHYM (new entity of the BRPM) on a 85%/15% basis, respectively. Between 2013

and 2016, Maya completed geological mapping and grab sampling of the historical mineralized structures. In

2017, Maya completed a drilling program to confirm the historical mineral resources. Fourteen drill holes

totalling 3,158 m were completed over the Central, South and Tizi Zones. Between 2018 and 2020, Maya

completed a sampling program on two historical tailings deposits and 9,503 m of diamond drilling on the

South, Central, North, Imariren and Tizi Zones. In addition, Maya completed a drone survey over the

Boumadine Property.

Maya announced its name change to Aya in a Company press release dated July 31, 2020.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 3

**1.5GEOLOGICAL SETTING, MINERALIZATION, DEPOSIT TYPE**

The Boumadine Property is located at the eastern end of the Anti-Atlas Mountain Range, which extends east-

northeast to west-southwest, over approximately 600 km from the Atlantic Ocean in the west to the interior of

the African Plate in the east. The Anti-Atlas basement rocks are mainly Neoproterozoic in age and consist of

ophiolites, island arc-related gneiss and intrusive rocks, particularly near to the northern edge of the West

African Craton.

The Boumadine polymetallic deposit (Ag, Au, Cu, Pb, Zn) is located on the northwest side of the Ougnat Massif

(or Boutonnière). The geology of the Massif consists of a Neoproterozoic metasedimentary basement

overlain unconformably by a Late Neoproterozoic volcano-sedimentary rock sequence and by Paleozoic

lacustrine sedimentary and minor volcanic rocks. The basement consists of sandstone, pelites and

greywackes that are intruded locally by granite, granodiorite, and diorite bodies. The volcano-sedimentary

sequence consists of felsic and mafic volcanic rock units separated by volcano-sedimentary units.

The volcanic and volcano-sedimentary rock unit have been grouped into three formations, which from the

oldest to youngest are:

• Tamerzaga-Timrachine Formation ("TTF"): Consists of ignimbrites, rhyodacites and andesites;

• Isilf-Ouinou-Oufroukh Formation: Consists of volcano-sedimentary rocks, specifically tuffs and breccia,

andesite flows; and fine- to coarse-grained sedimentary rocks; and

• Aoujane-Aissa-Akchouf Formation: Formed of ignimbrites, dacite domes and flows, and andesite

flows.

These three formations are intruded by dolerite, microdiorite and andesite dykes. At the Boumadine Mining

License, only the andesite dykes are present and trend north-south.

The Ougnat Massif area was subjected to a Neoproterozoic shearing, which generated regional-scale faults

trending N30°E and associated secondary fractures. The area has also been affected by a late-stage series of

north-south extensional fractures that were subsequently reactivated by a compressive Hercynian tectonic

event.

The TTF volcaniclastic sequence of felsic tuffs and mafic tuffs host the Boumadine Deposit. The felsic tuffs

consist of angular to rounded cm-size felsic fragments, quartz eyes, plagioclase grains, and locally mafic

fragments. This felsic sequence is homogeneous and massive, and sits unconformably on mafic tuffs. Mafic

tuffs consist of amphibole and fragments/clasts of sedimentary rocks. Mafic tuffs are interpreted as

underwater-deposited volcaniclastic eruptives.

Many intrusions are observed on the Boumadine Property. The intrusions are divided into a pre-to syn-

mineralization group and a post-mineralization group. The pre- to syn-mineralization intrusions are mainly

felsic to intermediate in composition, show aphanitic to porphyritic textures, and form dykes and sills. Locally

porphyritic mafic dykes, similar in composition to mafic tuffs, crosscut the felsic tuff sequence and syn-

mineralization dykes, suggesting bimodal magmatism.

The post-mineralization intrusions consist of rhyolite subvolcanic domes associated with normal faults. These

domes are interpreted as being synchronous with a post-mineralization deformation episode that disrupted

the Boumadine mineralized zones. Subsequently, a swarm of regionally extensive mafic dykes intruded every

lithological unit on the Boumadine Property.

Two events of hydrothermal alteration are observed on the Boumadine Mining License. The first alteration

event affects the felsic tuff sequence as phyllic alteration (quartz-sericite-pyrite). Proximal to massive

sulphide veins (1 to 5 m thick), there is an advanced clay alteration composed of kaolinite and pyrophyllite.

The second sequence of alteration affects mainly the underlying mafic tuffs and consists of propylitic

alteration (epidote and chlorite). Near the veins, the alteration minerals are black chlorite, pyrophyllite and

pyrite. The transition between these two alteration events is relatively sharp and consistent with the change in

tuff composition.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 4

Due to the extensive weathering to clay minerals, the Boumadine Deposit has a very light colour that contrasts

with the surrounding landscape. The mantos, "chapeau de fer" or "iron cap" alteration extends from 5 to 10 m

depth. The mantos consists principally of goethite and jarosite with sparse hematite and no lepidochrosite.

This mineralogical assemblage indicates that the oxidation fluids were strongly acidic. In this case, Mn, Zn,

Cd, Ni, and Co, are highly mobile in the acid and sulphur-rich fluids and are commonly leached at surface.

However, Ag, Au, Ba, Sr and Pb are immobile and form stable sulphosalts. The hydroxide-rich "mantos" has

been partially mined out by artisanal workers for ochre and precious metals.

The Boumadine Deposit has been traced on surface and in drilling for approximately 6.0 km along strike.

Strike direction varies from mainly northwest to northerly and dips vary from steeply northeast to steeply

southwest. The Boumadine Deposit consists of 45 mineralized domains that have been grouped into five

separate zones. The South and Central Zones consist of 13 stacked mineralized vein domains. From the south

end of the South Zone to the north end of the Central Zone, these domains extend for 4,800 m along strike, up

to 300 to 400 m across strike and up to 1,000 m down-dip. The South Zone appears to be offset dextrally

along a northeast-trending fault from the Central Zone. The north end of the Central Zone appears to be offset

sinistrally along a northeast-trending fault from the North Zone. The North Zone consists of eight closely-

spaced mineralized vein domains. This Zone is 650 m long, 5 to 10 m in thickness and 500 m down-dip. It

strikes northwest and dips steeply southwest. The Imariren Zone and the Tizi Zone are two sub-parallel, single

mineralized vein domains that are 200 m apart in the south and 500 m apart in the north, strike northerly, and

dip vertically. The Tizi Zone has been extended to 2.0 km in length, while Imariren has been traced for 1.2 km.

Both zones extend 600 m down-dip.

The Boumadine Deposit mineralized zones consist of 1 to 4 m-wide massive sulphide lenses/veins oriented

N20°W and dipping 70° east. The massive sulphide veins (approximately 70% sulphide) consist of pyrite,

sphalerite, galena, arsenopyrite and chalcopyrite, with subordinate amounts of cassiterite, silver-rich

sulphosalts, stannite, enargite, bismuthinite, native copper and bismuth. The main mineralization zone is

surrounded by a 1 to 10 m thick halo of 10 to 30% disseminated pyrite and two types of veinlets: 1) quartz-

carbonate-galena-sphalerite veinlets; and 2) massive pyrite veinlets. Geochemically, there is a strong positive

correlation of gold with silver and copper and a weaker correlation of zinc with lead and molybdenum. The

Boumadine Deposit has been described in literature as being an epithermal polymetallic deposit in a shallow

submarine setting, but field and drilling evidence may suggest a deeper environment of formation.

**1.6EXPLORATION AND DRILLING**

Exploration activities completed by Aya on the Boumadine Property since 2020, other than drilling, include

surface trenching, satellite-based hyperspectral surveys, aerial electromagnetic, magnetic and radiometric

survey, mineral prospecting, geological mapping, grab sampling and assaying.

From May 2022 to September 2025, Aya completed 660 diamond drill holes, 94 multipurpose holes (MP) and

49 Reverse circulation holes (RC), totaling 192,957 m. In 2025, Aya completed 273 drill holes, amounting to

109,240 m, on the Boumadine Property. Of these, 214 drill holes totaling 44,514 m were completed along the

Boumadine Deposit and utilized for the 2025 Mineral Resource Estimate (MRE). The drilling programs aimed

to extend the mineralization of the North, Central, South, Tizi and Imariren Zones and test targets located

farther from the main mineralized trend.

**1.7SAMPLE ANALYSES AND DATA VERIFICATION**

Aya implemented and monitored a thorough QA/QC program for the drilling completed at the Boumadine

Deposit over the 2018 to 2025 period. Examination of QA/QC results for all recent sampling indicates no

material issues with accuracy, contamination, or precision in the data. The current Authors have reviewed the

QA/QC procedures and results, and the previous verification work conducted by the site visit QP, and confirm

that the sample preparation, security, and analytical procedures are adequate. The data are considered to be

of satisfactory quality and suitable for use in the current Mineral Resource Estimate.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 5

The current author performed a verification of the Boumadine Deposit database for the 2024 to 2025 period,

which included verifying drill hole assay data. No errors were found, and the data is deemed suitable for

inclusion in the current Mineral Resource Estimate.

Verification of the Boumadine Deposit data, used for the previous Mineral Resource Estimate, had been

reviewed independently by the site visit QP, including a site visit in March 2024, due diligence sampling,

verification of drill hole assay data from electronic assay files, and assessment of the available QA/QC data.

The site visit QP stated at the time that sufficient verification of the Project data had been undertaken and that

the supplied data are of satisfactory quality and suitable for use in the previous Mineral Resource Estimate.

**1.8MINERAL PROCESSING AND METALLURGICAL TESTING**

Based on the 2022 and 2024 metallurgical testwork completed by SGS Canada Inc., the process plant design

for the Project considers a conventional flotation flowsheet. Lead, zinc and pyrite concentrates will be

recovered and sold to market.

OMC used its testwork database to infer missing data and to recommend further testwork for subsequent

studies. While both BWi values from testwork fell outside the database range for other similar resources in

the area, the average BWi fell at the 81<sup>st</sup> percentile of the range, aligning well with OMC's typical strategy of

designing to the 85<sup>th</sup> percentile hardness. As such, the average of both test results was used in the

comminution circuit design (13.1 kWh/t). The remainder of the comminution circuit design criteria were

estimated from OMC's database.

The conditions tested during the 2022 and 2024 SGS locked cycle testing campaigns were used as the basis

for the concentrate recovery circuit design, since the testing incorporated recycles at steady state and

produced concentrates of acceptable grade and recovery. Using locked cycle data provides a higher design

certainty since it more closely represents plant operation by the incorporation of recycles and since it

validates the process conditions at steady state.

The design criteria derived from the 2022 and 2024 locked cycle testing includes:

• General circuit design (i.e. orientation, number of stages, implementation of regrinding).

• Reagent addition.

• Concentrate mass pulls, grades and recoveries.

• Residence times.

Next steps include continued refinement of the metallurgical testwork, particularly comminution, variability

and dewatering.

**1.9MINERAL RESOURCE ESTIMATE**

The Mineral Resource Estimate ("MRE") of the Boumadine Deposit is amenable to conventional open-pit and

to underground mining methods.

The MRE contains an Indicated Mineral Resource of 5,2 Mt grading 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85%

Pb containing an estimated 15.1 Moz of Ag, 462 koz of Au, 145 kt of Zn and 44 kt of Pb, and an Inferred

Mineral Resource of 29.2 Mt grading 82 g/t Ag, 2.63 g/t Au, 2.11% Zn, and 0.82% Pb containing an estimated

76.8 Moz of Ag, 2.5 Moz of Au, 615 kt of Zn and 237 kt of Pb, as shown in Table 1.1. The MRE has an effective

date of February 24, 2025. Approximately 49% of the Inferred Mineral Resource is pit-constrained and reported

above a cut-off NSR value of $95/t, and 51% is deemed for underground development and reported above a

cut-off NSR value of US$125/t. The sensitivity of the out-of-pit Mineral Resource to changes in potentially

economic NSR cut-off value was also calculated and the results are listed in Table 1.2.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 6

A total of 428 drill holes for 142,268 m were available for Mineral Resource modelling. Mineralization models

were developed by Aya, reviewed and accepted by the Authors. Forty-five individual mineralized domains were

identified through drilling and surface sampling. The modelled mineralized domains are constrained by

individual wireframes, based on sulphide content and a nominal 100 g/t AgEq cut-off value. Mineralized

wireframes were used as hard constraining boundaries for the purposes of block coding, statistical analysis,

compositing limits, and estimation of the Mineral Resources.

A rotated three-dimensional block model, with 2.5 m x 5.0 m x 5.0 m blocks, was used for the MRE. The block

model consists of estimated Au, Ag, Cu, Pb and Zn grades, bulk density, block volume inclusion percent, and

classification criteria. Net smelter return ("NSR"), AuEq and AgEq block values were subsequently calculated

from the estimated Ag, Au, Cu, Pb and Zn grades, incorporating metal prices, metallurgical recoveries,

concentrate freight and smelter charges.

Sampled assays were composited to a 1.00 m standard length. Grades were estimated using Inverse Distance

Squared (ID2) estimation, with two estimation passes. Composites were capped prior to estimation.

Composite samples were selected within an oriented search ellipse, based on domain orientation and grade

trends. Bulk density values specific to each mineralized domain were assigned based on bulk density

measurements obtained from drill core.

Classification criteria were determined from observed grade, geological continuity and variography. Grade

blocks estimated in the first pass that used a minimum of two drill holes and with an average distance

between composites of <50 m were classified as Indicated, and all remaining estimated grade blocks were

classified as Inferred.

Pit-constrained Mineral Resources have been estimated within an optimized pit shell for the purpose of

reporting Mineral Resources and includes Indicated and Inferred Mineral Resources. The pit-constrained

Mineral Resources are reported using a NSR cut-off value of US$95/t. Out-of-pit Mineral Resources are

reported beneath the pit shell which exhibit historical continuity and reasonable potential for extraction by

longhole mining methods. Out-of-pit Mineral Resources are reported using an NSR cut-off of US$125/t.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 7

**Table 1-1Boumadine MRE as of February 24, 2025** 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> |
| **Class** | **Cut-off**<br>**NSR US$/t** | **Tonnes**<br>**(kt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Class** | **Cut-off**<br>**NSR US$/t** | **Tonnes**<br>**(kt)** | **Ag**<br>**(g/t)**<br>| **Au**<br>**(g/t)**<br>| **Cu**<br>**(%)**<br>| **Pb**<br>**(%)**<br>| **Zn**<br>**(%)**<br>| **AgEq**<br>**(g/t)**<br>| **AuEq**<br>**(g/t)**<br>| **Ag**<br>**(koz)**<br>| **Au**<br>**(koz)**<br>| **Cu**<br>**(kt)**<br>| **Pb**<br>**(kt)**<br>| **Zn**<br>**(kt)**<br>| **AgEq**<br>**(koz)**<br>| **AuEq**<br>**(koz)**<br>|
| **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** |
| **Indicated** | 95 | 3920 | 94.3 | 2.99 | 0.13 | 0.84 | 2.95 | 476.5 | 5.3 | 11881 | 377 | 5.1 | 33 | 116 | 60051 | 667 |
| **Inferred** | 95 | 14258 | 89.7 | 2.89 | 0.1 | 0.81 | 2.38 | 450 | 5 | 41135 | 1325 | 14.3 | 115 | 339 | 206293 | 2293 |
| **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** |
| **Indicated** | 125 | 1249 | 80.1 | 2.11 | 0.08 | 0.87 | 2.32 | 358.2 | 3.98 | 3216 | 85 | 1 | 11 | 29 | 14382 | 160 |
| **Inferred** | 125 | 14938 | 74.3 | 2.39 | 0.07 | 0.82 | 1.85 | 356.9 | 3.97 | 35669 | 1148 | 10.5 | 122 | 276 | 171393 | 1905 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** |
| **Indicated** | 95/125 | 5169 | 90.8 | 2.78 | 0.12 | 0.85 | 2.8 | 447.9 | 4.981 | 15097 | 462 | 6.1 | 44 | 145 | 74433 | 827 |
| **Inferred** | 95/125 | 29196 | 81.8 | 2.63 | 0.08 | 0.82 | 2.11 | 402.4 | 4.473 | 76804 | 2473 | 24.8 | 237 | 615 | 377686 | 4198 |

---

**Notes:**

*1.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting,* 

*legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.*

*2.The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is* 

*reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.*

*3.The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves* 

*Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.*

*4.A silver price of US$24/oz with a process recovery of 89%, a gold price of US$2,200/oz with a process recovery of 85%, a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of* 

*US$1.00/lb with a process recovery of 85%, and a copper price of US$4.00/lb with a process recovery of 75% were used.*

*5.AgEq = Ag(g/t) + (Au(g/t) \*Au price/gram\*Au recovery)/(Ag price/gram\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag price/gram\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb* 

*recovery/(Ag price/gram\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/gram\*Ag recovery)\*685.7147973*

*6.AuEq = Au(g/t) + (Ag(g/t) \*Ag price/gram\*Ag recovery)/(Au price/gram\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au price/gram\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb* 

*recovery/(Au price/gram\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/gram\*Au recovery)\*685.7147973*

*7.The constraining pit optimization parameters were US$3.5/t for mineralized material mining. US$2/t for waste mining US$89/t for processing and US$6/t for G&A totalling US$95/t for a cut-off* 

*and 50-degree pit slopes*

*8.The out-of-pit parameters used a US$30/t mining cost, US$89/t processing cost and US$6/t G&A totalling US$125/t for a cut-off The out-of-pit Mineral Resource grade blocks were quantified* 

*above the US$125 NSR cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for* 

*extraction by the long hole underground mining method.*

*9.Individual calculations in tables and totals may not sum due to rounding of original numbers.*

*10.Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade estimation.*

*11.Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m*<sup>3</sup> *determined from drill core samples and used for the MRE. For oxidized and transitional* 

*material, a bulk density of 2.65 t/m*<sup>3</sup> *was used.*

*12.1.0 m composites were used during grade estimation.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 8

**Table 1-2Cut-Off Sensitivity MRE** <sup>(1-12)</sup>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** |
| **Cutoff** | **Tonnes** | **Ag** | **Ag** | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR US$/t** | **(kt)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** |
| 145 | 12476 | 83 | 33164 | 2.45 | 985 | 0.07 | 0.91 | 2.03 | 394 | 157918 | 4.38 | 1755 |
| 140 | 13331 | 80 | 34430 | 2.40 | 1028 | 0.07 | 0.88 | 1.98 | 384 | 164578 | 4.27 | 1829 |
| 135 | 14159 | 79 | 35820 | 2.34 | 1064 | 0.07 | 0.87 | 1.96 | 376 | 170951 | 4.17 | 1900 |
| 130 | 15098 | 77 | 37306 | 2.27 | 1103 | 0.07 | 0.85 | 1.94 | 367 | 177957 | 4.08 | 1978 |
| 125 | 16186 | 75 | 38885 | 2.21 | 1148 | 0.07 | 0.82 | 1.91 | 357 | 185775 | 3.97 | 2065 |
| 120 | 17311 | 73 | 40374 | 2.15 | 1194 | 0.07 | 0.80 | 1.86 | 347 | 193392 | 3.86 | 2150 |
| 115 | 18376 | 71 | 41803 | 2.09 | 1235 | 0.06 | 0.79 | 1.83 | 339 | 200397 | 3.77 | 2227 |
| 110 | 19289 | 69 | 42987 | 2.04 | 1267 | 0.06 | 0.78 | 1.80 | 332 | 206197 | 3.70 | 2292 |
| 80 | 20539 | 68 | 44787 | 1.98 | 1306 | 0.06 | 0.77 | 1.77 | 324 | 213754 | 3.60 | 2376 |
| **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** |
| **Cutoff** | **Tonnes** | **Ag** | **Ag** | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR US$/t** | **(kt)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** |
| 120 | 16018 | 98 | 50290 | 3.21 | 1653 | 0.11 | 0.84 | 2.43 | 490 | 252356 | 5.45 | 2805 |
| 115 | 16423 | 96 | 50830 | 3.16 | 1666 | 0.11 | 0.84 | 2.43 | 483 | 255215 | 5.37 | 2837 |
| 110 | 16850 | 95 | 51366 | 3.10 | 1679 | 0.11 | 0.84 | 2.42 | 476 | 258136 | 5.30 | 2869 |
| 105 | 17373 | 93 | 52000 | 3.03 | 1695 | 0.11 | 0.83 | 2.41 | 468 | 261474 | 5.20 | 2906 |
| 100 | 17792 | 92 | 52504 | 2.98 | 1707 | 0.10 | 0.82 | 2.40 | 462 | 264055 | 5.13 | 2935 |
| 95 | 18178 | 91 | 53016 | 2.94 | 1716 | 0.10 | 0.82 | 2.39 | 456 | 266344 | 5.07 | 2961 |
| 90 | 18504 | 90 | 53404 | 2.90 | 1723 | 0.10 | 0.81 | 2.38 | 451 | 268214 | 5.01 | 2981 |
| 85 | 18885 | 89 | 53811 | 2.85 | 1730 | 0.10 | 0.81 | 2.38 | 445 | 270310 | 4.95 | 3005 |
| 80 | 19550 | 87 | 54616 | 2.77 | 1739 | 0.10 | 0.81 | 2.38 | 436 | 273966 | 4.84 | 3045 |
| 75 | 19977 | 86 | 55082 | 2.72 | 1745 | 0.10 | 0.80 | 2.38 | 430 | 276129 | 4.78 | 3069 |
| 70 | 20491 | 84 | 55570 | 2.66 | 1753 | 0.10 | 0.80 | 2.37 | 423 | 278585 | 4.70 | 3097 |

---

*Notes 1-12 listed below Table 1.1.* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 9

**1.10MINING OPERATIONS**

The Boumadine deposit is divided into three main zones, the Center, North, and South. Mining will commence

with Open Pit (OP) operations, followed by the introduction of Underground (UG) mining starting the third year

of the project. Open pit production is expected to contribute 62.6% of the total mined tonnage, while UG

mining will account for the remaining 37.4%. The current Life-of-Mine (LOM) spans 12 years, with OP mining

scheduled from Year 1 through Year 10, and UG mining beginning in Year 3 and continuing through Year 12.

**1.10.1OP Mining**

OP mining is scheduled to begin pre-stripping in Year 0, with mineralized material production ramping up to

production by Year 1. Initial OP production will be phased to target near surface mineralized material and

initial waste removal.

The mining method selected is standard truck and shovel pairing with a contractor fleet selected for all OP

operations. The mining operation will be handled by a mining contractor. The pit roads will be 20 metres (m)

wide for a double lane road at a maximum grade of 10%. The waste material will be stored in proximity to the

pits in waste rock dumps with a maximum height of 100 m.

**1.10.2UG Mining**

UG mining is scheduled to begin two years after the start of OP operations. This phased approach is intended

to defer the capital expenditure associated with UG development and enhance the project's economic viability,

provided that OP production remains sufficient to meet the plant's feed requirements. Initial UG production

will focus on the highest-grade zones, particularly in the Center and North areas. Access to these zones will be

established via surface ramps.

Based on the geometry and geotechnical conditions of the deposit, the selected mining method is modified

Avoca, a variation of the longhole stoping method that uses rock fill as backfill. Stopes are designed with

dimensions of 2 m minimum width, 20 m in height, and 20 m in length. Mined material will be hauled by 30-ton

trucks, via a ramp system, to three designated surface stockpiles.

The various zones of the deposit will be accessed via ramps driven either from surface or from the existing

OPs. Additional lateral development will include level access drifts, production (sill) drifts, and other necessary

excavations to accommodate mine infrastructure. Vertical development will consist of ventilation raises and

rock passes, which are planned to be excavated, using either raise boring, or conventional raise mining

methods.

Capital and operating lateral and vertical development will be performed by a contractor, while all subsequent

mine production activities will be performed by owner crews.

**1.11PROCESSING AND RECOVERY OPTIONS**

The process plant design for the Project is based on a conventional flotation flowsheet. Lead, zinc and pyrite

concentrates will be recovered and sold to market.

The plant design criteria were selected to minimize operating costs and maximize the use of proven

technology. The key criteria for equipment selection are suitability for duty, safety, reliability, and ease of

maintenance.

The process plant design comprises the following unit operations:

• Single stage primary crushing with a jaw crusher to produce an 80% Passing (P80) crushed product size

of 136 mm.

• Crushed rock stockpile with a live capacity of approximately 8,115 tonnes to provide 24 hours of live

storage. During extended periods of primary crusher equipment maintenance, additional crushed

material inventory can be generated in the weeks leading up to the planned shutdown by dozing

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 10

crushed material from this stockpile to the area adjacent to the stockpile. This material can then be

reclaimed during the shutdown by front-end loader to feed the grinding circuit.

• SAB type grinding circuit consisting of a SAG mill and a ball mill to produce a ground product with a P80

of 58 microns (µm), with hydrocyclones for particle size classification.

• Lead rougher flotation, classification, regrinding and cleaner flotation to produce a lead concentrate of

29.6% grade. The lead concentrate will be thickened, filtered, and bagged prior to shipment.

• Zinc rougher flotation, classification, regrinding and cleaner flotation to produce a zinc concentrate of

57.4% grade. The zinc concentrate will be thickened and filtered for stockpiling prior to shipment.

• Pyrite rougher flotation to produce a pyrite concentrate with 4.2 Au g/t and 81.0 Ag g/t. The pyrite

concentrate will be thickened and filtered for stockpiling prior to shipment.

• Tailings thickening and storage in a tailings management facility.

Run-of-mine (ROM) material will be delivered to a feed bin by mine truck to supply the crushing plant. The

crushed product will be stockpiled before entering the grinding circuit, which will include a SAG mill, ball mill,

and hydrocyclones for particle size classification. The ground product will feed the lead rougher flotation

circuit. The lead rougher concentrate will proceed to a classification and regrind circuit, followed by three

cleaner flotation stages and a cleaner-scavenger stage. The final lead concentrate will be thickened, filtered

and bagged for shipment.

The lead rougher tails and cleaner-scavenger tails will feed the zinc rougher flotation circuit. The zinc rougher

concentrate will follow a similar regrind and cleaning process, including three cleaning stages and a cleaner-

scavenger stage. The final zinc concentrate will be thickened, filtered, and stockpiled for shipment.

The zinc rougher tails and cleaner-scavenger tails will feed the pyrite rougher flotation circuit. The pyrite

rougher tails will be thickened and pumped to the flotation tailings management facility. The pyrite

concentrate will be thickened, filtered and stockpiled for shipment. Filtrate and thickener overflows from all

circuits will return to the process water pond.

**1.12INFRASTRUCTURE**

Infrastructure on the Project includes an integrated mining and processing operation including open pits, an

underground mine, and a central processing plant supported by crushing, flotation, stockpiling, and

concentrate handling facilities. Site access is via the National 10 highway with upgraded roads connecting all

major areas.

Key infrastructure includes the ROM pad, workshops, laboratories, security and administration buildings, and

extensive haul and service roads. Waste rock storage, a lined TSF with staged raises, and on-site water

harvesting and treatment support operational needs. Power is provided through a new 225 kV ONEE supply to

a 40 MVA substation. Additional services include fuel storage, sewage treatment, waste management,

security, limited accommodation, and concentrate transport to Nador-West Port.

**1.13CAPITAL AND OPERATING COSTS**

**1.13.1Capital Costs**

The capital cost estimates for the Boumadine Project PEA was compiled by Lycopodium. All costs are

expressed in United States Dollars (US$) unless otherwise stated and are based on Q4 2025 pricing and

deemed to have an overall accuracy of +50%/-30%. The capital cost estimate conforms to AACE International

(Association for the Advancement of Cost Engineering) Class 5 estimate standards as prescribed in

recommended practice 47R11.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 11

The total initial capital cost for the Boumadine Project is $446 M and the LOM sustaining cost is $340 M. The

initial capital and sustaining capital, for the Project is summarized in Table 1-3 by major area.

**Table 1-3Capital Expenditures including Sustaining and Closing Costs**

---

| | | | |
|:---|:---|:---|:---|
| **Capital Expenditures ($M)**<br>**Direct Costs** | **Initial**<br>**288** | **Sustaining**<br>**340** | **Total**<br>**628** |
| Open Pit Mining | 54 | 58 | 112 |
| Underground Mining | - | 250 | 250 |
| Processing Plant | 167 | - | 167 |
| Shipping Infrastructure | 11 | - | 11 |
| Electrical Line | 17 | - | 17 |
| Raw Water Supply | 30 | - | 30 |
| Tailings Storage Facility | 9 | 22 | 31 |
| TSF Closure Costs | - | 9 | 9 |
| **Indirects Costs** | 63 | - | 63 |
| **Subtotal** | **351** | **340** | **691** |
| Contingency | 96 | - | 96 |
| **Total** | **446** | **340** | **786** |

---

**1.13.2Operating Costs**

The operating cost estimate conforms to a preliminary economic assessment level estimate with a +50/-30%

accuracy. The operating cost estimate was developed in Q4 2025 using data from projects, studies, and

previous operations from Lycopodium, WSP, and Aya.

The LOM average unit operating cost is $66.16/t and the total LOM cost including cash cost and sustaining

cost is $119.72/t. Table 1-4 provides a summary of the operating costs for the Project.

**Table 1-4Operating Costs for First 5 Years of Operation and for LOM**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Units** | **Year 1-5** | **LOM** |
| Mining | $/t milled | 48.93 | 42.83 |
| Processing | $/t milled | 17.28 | 17.28 |
| G&A | $/t milled | 5.43 | 5.58 |
| Tailings, Environmental and Water Management  | $/t milled | 0.46 | 0.48 |
| **Total On-Site Operating Cost** | **$/t milled** | **72.10** | **66.16** |
| Transportation | $/t milled | 38.70 | 35.56 |
| Royalties | $/t milled | 8.52 | 6.75 |
| Mining Tax | $/t milled | 0.36 | 0.32 |
| **Total Cash Cost** | **$/t milled** | **119.68** | **108.78** |
| OP Sustaining Capital | $/t milled | 3.06 | 1.87 |
| UG Sustaining Capital | $/t milled | 7.95 | 8.06 |
| TSF Sustaining Capital | $/t milled | 0.95 | 1.01 |
| **Total Costs Including Sustaining** | **$/t milled** | **131.65** | **119.72** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 12

**1.14ECONOMIC ANALYSIS**

The economic analysis was performed assuming a 5% discount rate typical for silver-gold projects. Cash

flows have been discounted to the start of construction, assuming that the project execution decision will be

made, and major project financing will be carried out at this time.

The pre-tax NPV discounted at 5% is $2.2B, with a pre-tax IRR of 69% and payback period of 1.3 years. On an

after-tax basis, the NPV discounted at 5% is $1.5B, with an after-tax IRR of 47%, and payback period of 2.1

years. Cumulative after-tax unlevered free cash flow totals $2.8B. Tax calculations are based on Aya's

understanding of current Moroccan tax regulations as of the effective date of this report.

Readers are cautioned that the PEA is preliminary in nature. It includes Inferred Mineral Resources that are

considered too speculative geologically to have the economic considerations applied to them that would

enable them to be categorized as Mineral Reserves and there is no certainty that the PEA will be realized.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

A summary of the project economics is listed in Table 1-5 and Table 1-6, and after-tax free cash flow is shown

graphically in Figure 1-1.

**Table 1-5Key Economic Results**

---

| | | | |
|:---|:---|:---|:---|
| **Project Economics** | **Units** | **Base Case** | **Base Case** |
| **Project Economics** | **Units** | **Pre-tax** | **Post-tax** |
| NPV5% | $B | 2.2 | 1.5 |
| IRR | % | 69% | 47% |
| Payback | Years | 1.3 | 2.1 |
| NPV: Capex<sup>1</sup> | - | 5.0 | 3.3 |
| Revenue LOM | $B | 7.0 | 0.0 |
| Avg. Annual Revenue | $M/y | 629 | - |
| EBITDA LOM | $B | 3.4 | - |
| Avg. Annual EBITDA | $M/y | 308 | - |
| Cumulative FCF LOM | $B | 2.8 | 2.0 |
| Avg. Annual FCF | $M/y | 254 | 176 |

---

*1.NPV:Capex ratio is the ratio of Net Present Values, discounted at 5%, to the initial capital expenditure.*

**Table 1-6Additional Economic Model Outputs**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Units** | **Year 1-5** | **LOM** |
| **Processed Grade** | **Processed Grade** | **Processed Grade** | **Processed Grade** |
| Au | g/t | 3.15 | 2.43 |
| Ag | g/t | 85.8 | 72.5 |
| Zn | % | 2.05 | 1.91 |
| Pb | % | 0.66 | 0.70 |
| Au-eq | g/t | 4.76 | 3.85 |
| Ag-eq | g/t | 443 | 358 |
| **Recoveries** | **Recoveries** | **Recoveries** | **Recoveries** |
| Au rec (%) | % | 96.1% | 96.1% |
| Ag Rec (%) | % | 96.4% | 96.4% |
| Zn rec (%) | % | 74.7% | 74.7% |
| Pb Rec (%) | % | 82.0% | 82.0% |
| **Metal Production** | **Metal Production** | **Metal Production** | **Metal Production** |
| Gold Production | koz | 1351 | 2337 |
| Silver Production | koz | 36894 | 69874 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 13

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Units** | **Year 1-5** | **LOM** |
| Zinc Production | Mlbs | 468 | 975 |
| Lead Production | Mlbs | 166 | 392 |
| Gold-Equivalent Production (Au-eq) | koz | 2006 | 3643 |
| Silver-Equivalent Production (Ag-eq) | koz | 187261 | 340038 |
| Avg. Annual AuEq Production | koz/y | 401 | 328 |
| Avg. Annual AgEq Production | koz/y | 37452 | 30611 |
| **Operating Cost per Ounce** | **Operating Cost per Ounce** | **Operating Cost per Ounce** | **Operating Cost per Ounce** |
| Total Cash Costs<sup>1</sup> | $/oz AuEq | 827 | 928 |
| Total AISC<sup>2</sup> | $/oz AuEq | 910 | 1021 |
| Total Cash Costs<sup>1</sup> | $/oz AgEq | 8.9 | 9.9 |
| Total AISC<sup>2</sup> | $/oz AgEq | 9.8 | 10.9 |

---

*1.Cash costs include mine-site operating costs such as mining, processing, and direct site G&A, as well as product shipping, royalties and* 

*mining taxes.*

*2.AISC is calculated as the sum of treatment and refining charges, onsite operating costs, sustaining capital costs, and closure costs,* 

*divided by the quantity of ounces equivalent produced.*

![image.jpg](image.jpg)

**Figure 1-1Boumadine Project - Annual Free Cash Flow Profile**

**1.15ENVIRONMENTAL STUDIES, PERMITS AND SOCIAL OR COMMUNITY IMPACT**

The Project is located in the Drâa-Tafilalet region of western Morocco, approximately 19 km south of the

nearest town of Tinejdad. The biophysical and social characteristics of the Project area are defined by its

semi-arid climate and relatively rural and remote nature. Urban settlements are concentrated along main

transport routes with villages located along valleys with access to water resources. Climatic conditions

influence local ecosystems and land uses including agriculture, concentrated in areas of water availability.

Limited environmental studies have been completed in the past. As part of the environmental and social work

currently being undertaken, an environmental baseline sampling program was initiated by BGM in September

2024 and a high-level screening for critical biodiversity habitat was undertaken by SLR in September 2024.

The baseline sampling, covering soils, air quality and water, was undertaken by AfriLabs, a Moroccan-based

laboratory specializing in mineral and environmental analysis.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 14

Additional baseline sampling is planned together with subsequent E&S studies as part of the international

ESIA process outlined below. These studies will cover the topics of biodiversity, hydrology, hydrogeology, soils

and sediments, air quality, noise, GHG, climate change, stakeholder engagement, labour and working

conditions, community health and safety, and other social elements.

The Project will require national permits to support the development of the mine and the requirement to carry

out an Environmental Impact Assessment under Moroccan Law. In addition to meeting national permitting

requirements, the Project is being undertaken to meet international ESIA lender standards. At the time of

writing, the Project is yet to initiate the national EIA permitting process. The plan is to initiate this process in

2026, at the same time as undertaking an ESIA to international lender standards.

A conceptual mine closure plan governed by Aya's HSEC Policy will be prepared as part of the ESIA.

**1.16CONCLUSIONS AND RECOMMENDATIONS**

The Mineral Resources currently estimated for the Boumadine Polymetallic Project consist of:

• An Indicated Mineral Resource of 5.2 Mt grading 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb

containing an estimated 15.1 Moz of Ag, 462 koz of Au, 145 kt of Zn and 44 kt of Pb;

• An Inferred Mineral Resource of 29.2 Mt grading 82 g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb

containing an estimated 76.8 Moz of Ag, 2.5 Moz of Au, 615 kt of Zn and 237 kt of Pb;

The PEA provides a base case assessment for developing the Boumadine mineral resource by conventional

open pit and underground mining methods, and a crushing-milling-flotation processing plant with a tailings

dam.

The PEA economic analysis shows the Boumadine Polymetallic Project has an after-tax NPV5% of $1.5B, IRR

of 47%, and a payback period of 2.1 years. The PEA economics support a decision to continue to advance the

Project and carry out additional detailed studies, including pre-feasibility level work and completion of a

feasibility study.

Additional expenditures are recommended by the Boumadine Report Authors for the following activities:

• Drilling to advance Inferred to Indicated Mineral Resources.

• Drilling down-dip to develop additional Mineral Resources at depth.

• Follow-up geological mapping, mineral prospecting, and assays.

• Development of a comprehensive bulk density model.

• Investigate grade capping thresholds by individual mineralized domain.

• Review grade anisotropy by individual mineralized domain.

• Advance metallurgical testwork, including spatial composites and variability samples.

• Undertake detailed studies for infrastructure, including TSF design, raw water sourcing, electrical line

connection and concentrate logistics studies.

• Update and upgrade mining and processing designs through pre-feasibility and feasibility level designs.

• Conduct hydrogeology and geotechnical studies to improve design parameters for mining.

• Complete the ESIA, which will inform a comprehensive Environmental and Social Management and

Monitoring Plan to be developed for the Project.

The Boumadine Report Authors also recommend that Aya continues with the current QC protocol and monitor

QC data and continue refining the metallurgical testwork for improved process recoveries.

This estimated cost of the recommended work program is US$109.0M, which includes 10% contingency

(without applicable taxes). This is shown in Table 1-7.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 15

**Table 1-7Recommended Programs and Budgets for 2026-2027**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Item** | **Activity** | **Unit (m)** | **Cost Estimate** <br>**($M, USD)**<br>|
| **Exploration Phase 1 - 2026** | **Exploration Phase 1 - 2026** | **Exploration Phase 1 - 2026** | **Exploration Phase 1 - 2026** | **Exploration Phase 1 - 2026** |
| **2026** |  | Drilling (all-in costs) | 200000 | 42.0 |
|  |  | Administration and Management |  | 4.2 |
|  | Sub-Total |  |  | 46.2 |
|  | Contingency (10%) |  |  | 4.6 |
|  | Total - 2026 |  |  | 50.8 |
| **Exploration Phase 2 - 2027** | **Exploration Phase 2 - 2027** | **Exploration Phase 2 - 2027** | **Exploration Phase 2 - 2027** | **Exploration Phase 2 - 2027** |
| **2027** |  | Drilling (all-in costs) | 200000 | 42.0 |
|  |  | Administration and Management |  | 4.2 |
|  | Sub-Total |  |  | 46.2 |
|  | Contingency (10%) |  |  | 4.6 |
|  | Total - 2026 |  |  | 50.8 |
| **Feasibility Study - 2026-2027** | **Feasibility Study - 2026-2027** | **Feasibility Study - 2026-2027** | **Feasibility Study - 2026-2027** | **Feasibility Study - 2026-2027** |
| **2026** |  | Feasibility Pre-Work and Feasibility Study <br>Commencement<br>|  | 5.9 |
| **2027** |  | Feasibility Study Completion |  | 0.7 |
|  | Sub-Total |  |  | 6.7 |
|  | Contingency (10%) |  |  | 0.7 |
|  | Total - FS |  |  | 7.3 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 16

2.0**INTRODUCTION AND TERMS OF REFERENCE**

**2.1TERMS OF REFERENCE**

This Technical Report on the Boumadine (also known as Boumaadine, Boumâadine, and Bou Madine) Deposit

was prepared by Aya Gold and Silver Inc. ("Aya" or the "Company") at the request of Mr. Benoit La Salle,

President & CEO of Aya Gold & Silver Inc. Aya is a public, TSX listed company trading under the symbol "AYA",

with its head office located at: Suite 132, 1320 Graham, Ville Mont-Royal, Québec, H3P 3C8. This Technical

Report has an effective date of November 4, 2025.

This Technical Report ("the Report") has been prepared to provide a fully compliant NI 43-101 Technical

Report and Preliminary Economic Assessment ("PEA") of the existing mineralization at the Boumadine Deposit

(or the "Boumadine Property" or the "Boumadine Mining License"), located in the Kingdom of Morocco. The

Boumadine Mining License is a joint venture owned by Aya (85%) and l'Office National des Hydrocarbures et

des Mines ("ONHYM") (15%) of the Kingdom of Morocco. Aya (known as Maya Gold & Silver at the time of the

Acquisition Agreement) and Office National des Hydrocarbures et des Mines ("ONHYM") signed an agreement

on October 9, 2012, for the acquisition of the Boumadine Mining License. A new Moroccan company,

Boumadine Global Mining ("BGM"), was created with Aya (85%) and ONHYM (15%) as shareholders. The

mining title of the Boumadine Mining License was transferred to BGM by ONHYM.

The name change from Maya Gold & Silver Inc. to Aya Gold & Silver Inc. was announced in a press release

dated July 30, 2020. The Updated Mineral Resource Estimate reported herein is based on up-to-date drilling

results and appropriate metal pricing, and is fully conformable to the "CIM Standards on Mineral Resources

and Reserves – Definitions (2014) and Best Practices Guidelines (2019)", as referred to in National Instrument

("NI") 43-101 and Form 43-101F, Standards of Disclosure for Mineral Projects.

**2.2SOURCES OF INFORMATION**

**2.2.1Site Visit**

Mr. Antoine Yassa, P. Geo., of P&E and an independent Qualified Person under the terms of NI 43-101,

completed a site visit to the Boumadine Property from March 12 to 14, 2024. A data verification sampling

program was completed on-site (see Section 12 of this Report). Mr. Yassa is a professional geologist with

~45 years of experience in mineral exploration and mining operations, including several years working in

precious metal and polymetallic deposits.

Two additional independent Qualifed Persons have visited the site. Cortney Palleske, M.A.Sc., P.Eng., visited

the Boumadine Property from June 5 to 7, 2024. Alex Pheiffer, PrSciNat, visited the site from September 1 to

3, 2024.

**2.2.2Additional Information Sources**

This Report is based, in part, on internal Company technical reports, and maps, published government reports,

company letters and memoranda, and public information as listed in the references (Section 27) of this

Report. Several sections from reports authored by other consultants have been directly quoted or summarized

in this Technical Report, and are cited where appropriate.

The Authors of this Report have used selected portions or excerpts from material contained in the following NI

43-101 compliant Technical Reports, which are publicly available on SEDAR+ under Aya's profile:

• Boily, M. 2014. The Boumadine Polymetallic (Au, Ag, Zn, Pb, Cu) Deposit, Errachidia Province, Kingdom

of Morocco. Prepared for Maya Gold & Silver Inc. by Boily, Michel. Effective Date April 2, 2014. Issue

Date April 2, 2014. 217 pages.

• GoldMinds Geoservices Inc. 2019. NI 43-101 Technical Report Preliminary Economic Assessment [of

the] Boumadine Polymetallic Deposit, Kingdom of Morocco. Prepared for Maya Gold & Silver Inc. by

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 17

Duplessis, C., Rachidi, M., Dufort, D. and Rousseau, G. Effective Date: April 24, 2019. Issue Date: May

24, 2019. 304 p.; and

• P&E Mining Consultants Inc. 2024. NI 43-101 Technical Report and updated Mineral Resource Estimate

of the Boumadine Polymetallic Project, Kingdom of Morocco. Prepared for Aya Gold & Silver Inc. by

Stone, W., Brown, F., Barry, J., Yassa, A., Feasby, G. and Puritch, E. Effective Date: May 08, 2024. Issue

Date: May 31, 2024. 214 p.;

• Aya Gold & Silver 2025. NI 43-101 Technical Report and Updated Mineral Resource Estimate of the

Boumadine Polymetallic Project, Kingdom of Morocco. Prepared for Aya Gold & Silver Inc. by Lalonde,

D, and Pérez, P. Effective Date: February 24, 2025. Issue Date : March 31, 2025. 193 p.

Since 2024, Aya has continued extensive mineral exploration and drilling programs. The results of these

programs were disclosed publicly in numerous Aya press releases and are summarized in Sections 9 and 10

of this Report.

The Authors and Co-authors of each section of this Report are listed in Table 2-1, who in acting as Qualified

Persons as defined by NI 43-101, take responsibility for those sections of this Report as outlined in the

"Certificate of Author" included in Section 28 of this Report.

**Table 2-1Qualified Persons Responsible for this Report**

---

| | | |
|:---|:---|:---|
| **Qualified Person** | **Company** | **Sections of Technical Report** |
| Preetham Nayak, P.Eng. | Lycopodium Minerals Canada Ltd | 2, 3.2, 19, 21.1.1, 21.1.3, 21.1.6-21.1.10, 21.2.4, <br>22, 24.1 and Co-Author 1, 25, 26, 27<br>|
| Ruan Venter, P.Eng. | Lycopodium Minerals Canada Ltd | 13, 17, 21.2.2 - 21.2.3, 24.2 and Co-Author 1, 25, <br>26, 27<br>|
| Zuned Shaikh P.Eng. | Lycopodium Minerals Canada Ltd | 18.1 to 18.3, 18.6 to 18.13, and Co-Author 1, 25, <br>27<br>|
| Benjamin Berson, P.Eng.  | WSP Canada Inc. | 16.1, 16.3-16.12, 18.4, 21.1.2, 21.2.1 and Co-<br>Author 1, 25, 26, 27<br>|
| Alex Pheiffer, PrSciNat | SLR Consulting France SAS | 20 and Co-Author 1, 25, 26, 27 |
| George Papageorgiou PrEng, <br>PhD, MSc, BSc, Eng (Civil), Wits<br>| Epoch Resources (Pty) Ltd | 18.5, 21.1.4-21.1.5, 21.2.5, and Co-Author 1, 25, <br>26, 27<br>|
| Eugene Puritch, P.Eng. | P&E Consultants Inc. | Co-author 1, 14, 25, 26, 27 |
| Antoine Yassa, P.Geo.  | P&E Consultants Inc. | 10 and Co-author 1, 12, 25, 26, 27 |
| Fred Brown, P.Geo.  | P&E Consultants Inc. | Co-author 1, 14, 25, 26, 27 |
| Jarita Barry, P.Geo.  | P&E Consultants Inc. | 11 and Co-author 1, 12, 25, 26, 27 |
| William Stone, PhD, P.Geo.  | P&E Consultants Inc. | 3.1, 4 to 9, 23 and Co-author 1, 25, 26, 27 |
| Cortney Palleske, M.A.Sc., P.Eng. | RockEng Inc. | 16.2 and Co-Author 25, 27 |

---

**2.3UNITS AND CURRENCY**

In this Technical Report, all currency amounts are stated in US dollars ("$") unless otherwise stated.

Commodity prices are typically expressed in US dollars ("US$") and will be duly noted where appropriate.

Quantities are generally stated in Système International d'Unités ("SI") metric units including metric tons

("tonnes", "t") and kilograms ("kg") for weight, kilometres ("km") or metres ("m") for distance, hectares ("ha")

for area, grams ("g") and grams per tonne ("g/t") for metal grades. Platinum group metal ("PGM"), gold and

silver grades may also be reported in parts per million ("ppm") or parts per billion ("ppb"). Copper metal values

are reported in percentage ("%") and parts per billion ("ppb"). Quantities of PGM, gold and silver may also be

reported in troy ounces ("oz"), and quantities of copper in pounds ("lb"). Abbreviations and terminology are

summarized in Table 2-2 and units in Table 2-3.

Grid coordinates for maps are given in the UTM WGS 84 Zone 30 R or as longitude and latitude.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 18

**Table 2-2Terminology and Abbreviations**

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **$** | dollar(s) |
| **°** | degree(s) |
| **°C** | degrees Celsius |
| **<** | less than |
| **>** | greater than |
| **%** | percent |
| **3-D** | three-dimensional |
| **AAS** | atomic absorption spectrometry |
| **Actlabs** | Activation Laboratories Ltd. |
| **Ag** | silver |
| **AgEq** | silver equivalency |
| **ALS** | ALS Laboratory (Australian Laboratory Services), ALS Limited |
| **ANCOLD** | Australian National Committee on Large Dams |
| **As** | arsenic |
| **Au** | gold |
| **AuEq** | gold equivalency |
| **avg** | average |
| **Aya** | Aya Gold & Silver Inc. |
| **Ba** | barium |
| **BGM** | Boumadine Global Mining |
| **BRGM** | Bureau des Recherches Géologiques et Minières |
| **BRPM** | Bureau de Recherches et de Participations Minières |
| **BWI** | ball mill work index |
| **CaO** | calcium oxide |
| **Cd** | cadmium |
| **CDA** | Canadian Dam Association |
| **CGG** | Compagnie Générale de Géophysique |
| **CIL** | carbon-in-leach |
| **CIM** | Canadian Institute of Mining, Metallurgy and Petroleum |
| **cm** | centimetre(s) |
| **CN** | cyanide |
| **Co** | cobalt |
| **Company, the** | Aya Gold & Silver Inc. |
| **CRI** | Comité Régional d'Investissement (centre of investment) |
| **CRM(s)** | certified reference material(s) |
| **CSA** | Canadian Securities Administrators |
| **CSAMT** | controlled-source audio magnetotelluric survey |
| **Cu** | copper |
| **d** | day |
| **D80** | 80% passing size |
| **DAR** | Direction des Affaires Rurales |
| **Deposit, the** | Boumadine Deposit |
| **E** | east |
| **EBRD** | European Bank for Reconstruction and Development |
| **ESMS** | environmental and social management system |
| **ESIA** | Environmental and Social Impact Assessment |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 19

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **FA** | fire assay |
| **Fe** | iron |
| **g** | gram |
| **G&A** | General and administration |
| **g/L** | grams per litre |
| **g/t** | grams of metal per tonne |
| **GISTM** | Global Industry Standard on Tailings Management |
| **GoldMinds** | GoldMinds Geoservices Inc. |
| **ha** | hectare(s) |
| **HC** | Hot Curing |
| **HSEC** | Health and Safety, Environment and Community |
| **ICOLD** | International Commission on Large Dams |
| **ICP** | inductively coupled plasma |
| **ICP-OES** | inductively coupled plasma-optical emission spectroscopy |
| **ID** | identification |
| **ID**<sup>2</sup> | inverse distance squared |
| **IFC** | International Finance Corporation |
| **ISO** | International Organization for Standardization |
| **ISO/IEC** | International Organization for Standardization/International Electrotechnical Commission |
| **k** | thousand(s) |
| **kg** | kilogram(s) |
| **kg/t** | kilogram(s) per tonne |
| **km** | kilometre(s) |
| **km**<sup>2</sup> | square kilometre(s) |
| **koz** | thousands of ounces |
| **kt** | kilotonne(s), thousands of tonnes |
| **kWh/t** | kilowatt hour per tonne |
| **L** | litre(s) |
| **lb** | pound(s) (weight) |
| **LB** | Lime Boiling |
| **LCT(s)** | locked cycle testwork(s) |
| **level** | mine working level referring to the nominal elevation (m RL), e.g. 4285 level (mine workings at <br>4285 m RL)<br>|
| **LoM** | life of mine |
| **M** | million(s) |
| **m** | metre(s) |
| **m**<sup>3</sup> | metres cubed |
| **m asl** | metres above sea level |
| **Ma** | millions of years |
| **MAD** | Moroccan Dirham |
| **mag** | magnetic(s) |
| **max.** | maximum |
| **Maya** | Maya Gold and Silver Inc. |
| **mbs or MBS** | metres below surface |
| **Mg** | magnesium |
| **min.** | minimum |
| **mL** | millilitre(s) |
| **mm** | millimetre(s) |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 20

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **Mn** | manganese |
| **Moz** | million ounce(s) |
| **MRE** | Mineral Resource Estimate |
| **Mt** | million(s) tonnes per year |
| **MTEDD** | le ministère de transition énergétique et durable or minister of durable energetic transition |
| **N** | total number of observations/population size |
| **N** | north |
| **N10** | National Highway 10 |
| **NaCN** | sodium cyanide |
| **Ni** | nickel |
| **NI or NI 43-101** | National Instrument or National Instrument 43-101 |
| **NN** | Nearest Neighbour |
| **NPV** | net present value |
| **NSR** | net smelter return |
| **OK** | Ordinary Kriging |
| **ONHYM** | Office National des Hydrocarbures et des Mines |
| **ORE** | ORE Research & Exploration Pty Ltd. |
| **oz** | ounce(s) |
| **P80** | 80% passing size |
| **P&E** | P&E Mining Consultants Inc. |
| **PAX** | potassium amyl xanthate |
| **PEA** | Preliminary Economic Assessment |
| **Pb** | lead |
| **P.Eng.** | Professional Engineer |
| **P.Geo.** | Professional Geoscientist |
| **POX** | pressure oxidation |
| **ppm** | parts per million |
| **Property, the** | Boumadine Property |
| **Q1, Q2, Q3, Q4** | first quarter, second quarter, third quarter, fourth quarter of the year |
| **QA** | quality assurance |
| **QA/QC** | quality assurance / quality control |
| **QC** | quality control |
| **R**<sup>2</sup> | the coefficient of determination |
| **Report, the** | this Technical Report |
| **RQD** | rock quality designation |
| **S** | south |
| **S** | sulphur |
| **SEDAR** | System for Electronic Document Analysis and Retrieval |
| **SGS** | SGS Canada Inc. / SGS Lakefield Research |
| **Si** | silicon |
| **SIPX** | sodium isopropyl xanthate |
| **SODECAT** | Société de Développement du Cuivre de l'Anti Atlas |
| **SODIM** | Société de Développement de l'industrie maricole |
| **Sr** | strontium |
| **t** | metric tonne(s) |
| **t/m**<sup>3</sup> | tonnes per cubic metre |
| **Technical Report** | (this) NI 43-101 Technical Report |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 21

---

| | |
|:---|:---|
| **Abbreviation** | **Meaning** |
| **TEM** | Transmission Electron Microscopy |
| **TIMA-X** | Tescan Integrated Mineral Analyses |
| **TSF** | tailings storage facility |
| **TSX-V** | Toronto Venture Stock Exchange |
| **TTF** | Tamerzaga-Timrachine Formation |
| **URSTM** | Unité de recherche et de service en technologie minérale |
| **US$** | United States dollars |
| **UTM** | Universal Transverse Mercator |
| **VTEM** | Versatile Time Domain Electromagnetic (survey) |
| **W** | west |
| **w/w** | weight by weight |
| **wireframe** | polygons joined together to represent a specific 3-D domain or unit |
| **wt%** | weight percent |
| **XRD** | x-ray diffraction |
| **Zn** | zinc |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 22

**Table 2-3Unit Measurement Abbreviations**

---

| | | |
|:---|:---|:---|
| **Meaning** | **Abbreviation** | **Meaning** |
| microns, micrometre | m<sup>3</sup>/h | cubic metre per hour |
| $dollar | m<sup>3</sup>/s | cubic metre per second |
| dollar per metric tonne | m<sup>3</sup>/y | cubic metre per year |
| percent sign | mØ | metre diameter |
| percent solid by weight | m/h | metre per hour |
| cent per kilowatt hour | m/s | metre per second |
| degree | Mt | million tonnes |
| degree Celsius | Mtpy | million tonnes per year |
| centimetre | min | minute |
| day | min/h | minute per hour |
| feet | mL | millilitre |
| Gigawatt hours | mm | millimetre |
| grams per tonne | Mt | million tonnes or megatonnes |
| hour | MV | medium voltage |
| hectare | MVA | mega volt-ampere |
| horsepower | MW | megawatts |
| hertz | oz | ounce (troy) |
| kilo, thousands | Pa | Pascal |
| kilogram | pH | Measure of acidity |
| kilogram per metric tonne | ppb | part per billion |
| kilohertz | ppm | part per million |
| kilometre | s | second |
| kilopascal | t or tonne | metric tonne |
| thousands of tonnes or <br>kilotonnes<br>| tpd | metric tonne per day |
| kilovolt | t/h | metric tonne per hour |
| kilowatt | t/h/m | metric tonne per hour per metre |
| kilowatt-hour | t/h/m<sup>2</sup> | metric tonne per hour per square <br>metre<br>|
| kilowatt-hour per metric <br>tonne<br>| t/m | metric tonne per month |
| litre | t/m<sup>2</sup> | metric tonne per square metre |
| litres per second | t/m<sup>3</sup> | metric tonne per cubic metre |
| pound(s) | T | short ton |
| million | tpy | metric tonnes per year |
| metre | V | volt |
| square metre | W | Watt |
| cubic metre | wt% | weight percent |
| cubic metre per day | yr | year |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 23

3.0**RELIANCE ON OTHER EXPERTS**

**3.1EXPERT REPORTS**

**3.1.1Introduction**

The Authors of this Technical Report have relied on the following other expert reports, which provided

information regarding mineral rights, surface rights, property agreements and royalties, sections of this

Report.

**3.1.2Mineral Tenure and Surface Rights**

The Authors have not independently reviewed ownership of the Property area and any underlying mineral

tenure, and surface rights. The Authors have fully relied on, and disclaim responsibility for, information derived

from Aya, and legal experts retained by Aya for this information through the following document:

• Dentons Morocco June 18, 2025 Legal Opinion / Boumadine Mining Title.

This information is used in Section 4 of this Report.

**3.2RELIANCE ON EXTERNAL REPORTS AND EXPERTS**

**3.2.1Logistics**

The QP for Section 18.13 and Section 22 has relied upon the report titled « Étude logistique du transport en

vrac de minerai », prepared by SCX Technology in October 2025. The QP has not independently verified the

information contained in this study and considers such reliance reasonable for the purposes of this Technical

Report.

**3.2.2Marketing**

Lycopodium has relied on external information for Request for Interest documents provided by Aya and

reviewed by Lycopodium.

**3.2.3Taxes**

The Qualified Person (QP) responsible for Section 22, has relied upon information, interpretations, and

assumptions related to taxation provided by Aya based on current Morocco tax regulations. Lycopodium has

not independently verified the taxation inputs and considers such reliance reasonable for the purposes of the

Technical Report.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 24

4.0**PROPERTY DESCRIPTION AND LOCATION**

**4.1LOCATION**

The Boumadine Property is located in the Province of Errachidia, Kingdom of Morocco, approximately 220 km

east of the City of Ouarzazate and 70 km southwest of the City of Errachidia (Figure 4-1). The historical

Boumadine Mine is located at approximately Longitude 4°55'18" West, Latitude 31°24'40" North (and altitude

1,145 m asl), or in UTM WGS 84 Zone 30 R 317,310 m East and 3,476,770 m North.

![image_1.jpg](image_1.jpg)

**Figure 4-1Location of the Boumadine Property between Ouarzazate and Errachidia, Kingdom of** 

**Morocco**

***Source:*** *Aya (May 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 25

**4.2PROPERTY DESCRIPTION AND TENURE**

Aya's property in the Boumadine area ("Boumadine Property") consists of 12 mining permits and 19

exploration permits totaling 341 km<sup>2</sup> in size. The "Boumadine Mining License", which contain Boumadine

Deposit and is the focus of this Boumadine Report, consists of mining permit LE-383661 and covers the

historical Boumadine Mine, the Boumadine Camp, and the current MRE described in this Report. Mining Permit

LE-383661 covers a total of 32 km<sup>2</sup> in area. The additional thirty permits are distributed within a 25 km radius

of the Boumadine Deposit and collectively cover an additional 309 km<sup>2</sup> in area (see Figure 4-2 and Table 4-1).

In addition, an Authorization of Exploration of 600 km<sup>2</sup> was granted to Aya in January 2025.

In addition to its ownership of the Boumadine Mining License, Aya, through its subsidiaries, has: 100%

ownership of a total of 11 mining licenses and exploration permits and; an option to earn 100% interest in 19

other mining licenses and exploration permits, as summarized in Table 4-1 below.

![figure42.jpg](figure42.jpg)

**Figure 4-2Land Tenure in the Boumadine Property Area**

***Source:*** *This Report*

***Note:*** *Mineral Tenure information effective June 18, 2025.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 26

**Table 4-1Aya Mining and Exploration Permits in the Boumadine Property Area**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Permit ID** | **Permit Type** | **Interest of Aya\*** | **Area (km**<sup>2</sup>**)** | **Granted** | **Expires** |
| LE-383661<sup>\*</sup> | Licence d'exploitation | 85% ownership | 31.67 | May 17, 2016 | May 16, 2026 |
| LE-383631<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 10.34 | July 13, 2017 | July 12, 2027 |
| LE-383657<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 8.00 | October 18, 2015 | October 17, 2025 |
| LE-383685<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 14.67 | June 18, 2017 | June 17, 2027 |
| LE-383692<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 4.02 | May 14, 2016 | May 13, 2026 |
| LE-383722<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 9.53 | September 27, 2014 | September 26, 2024<sup>4</sup> |
| LE-383724<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 6.16 | November 25, 2017 | November 24, 2027 |
| LE-383852<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 9.49 | October 16, 2018 | October 15, 2028 |
| LE-383853<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 17.59 | December 21, 2018 | December 21, 2028 |
| LE-383856<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 25.87 | July 20, 2016 | July 19, 2026 |
| LE-383874<sup>\*\*</sup> | Licence d'exploitation | Option to own 100% | 8.10 | December 2, 2015 | December 1, 2025 |
| PE-3052<sup>\*\*</sup> | Permis d'exploitation | Option to own 100% | 11.68 | July 17, 2014 | July 16, 2026 |
| PR-3842950<sup>\*\*</sup> | Permis de recherche | Option to own 100% | 15.57 | June 27, 2023 | June 26, 2026 |
| PR-3843051<sup>\*\*</sup> | Permis de recherche | Option to own 100% | 16.00 | June 10, 2023 | June 9, 2026 |
| PR-3843056<sup>\*\*</sup> | Permis de recherche | Option to own 100% | 15.89 | June 10, 2023 | June 9, 2026 |
| PR-3843057<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 9.43 | June 10, 2023 | June 9, 2026 |
| PR-3843146<sup>\*\*</sup> | Permis de recherche | Option to own 100% | 8.54 | June 14, 2023 | June 13, 2026 |
| PR-3843156<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 11.72 | June 14, 2023 | June 13, 2026 |
| PR-3843332<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 4.70 | October 12, 2023 | October 11, 2026 |
| PR-3843342<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 11.40 | June 14, 2023 | June 13, 2026 |
| PR-3843370<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 3.99 | March 8, 2024 | March 7, 2027 |
| PR-3843371<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 3.03 | March 8, 2024 | March 7, 2027 |
| PR-3843372<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 7.99 | March 8, 2024 | March 7, 2027 |
| PR-3843387<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 8.28 | June 29, 2024 | June 28, 2027 |
| PR-3843388<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 5.73 | June 29, 2024 | June 28, 2027 |
| PR-3843389<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 1.56 | June 29, 2024 | June 28, 2027 |
| PR-3843390<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 14.34 | June 29, 2024 | June 28, 2027 |
| PR-3843391<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 13.00 | June 29, 2024 | June 28, 2027 |
| PR-3843448<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 12.55 | May 20, 2025 | May 19, 2028 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 27

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Permit ID** | **Permit Type** | **Interest of Aya\*** | **Area (km**<sup>2</sup>**)** | **Granted** | **Expires** |
| PR-3843449<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 14.37 | May 20, 2025 | May 19, 2028 |
| PR-3843450<sup>\*\*</sup> | Permis de recherche | 100% Ownership | 5.59 | May 20, 2025 | May 19, 2028 |

---

***Notes :***

*1. Mineral Tenure information effective September 30, 2025.*

*2. « Permis de recherche » means « exploration permit » and « licence d'exploitation » means « mining license ».*

*3. Permits marked with \* are within the Boumadine Mining License and permits marked with \*\* are located outside the Boumadine Mining License.*

*4. Mining License LE-383722 is currently being renewed for an additional 10 years*

*5. For this table, Aya means Aya or one of its subsidiaries, AGSM, ZMSM or BGM.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 28

**4.3MINERAL TENURE IN MOROCCO**

In Morocco, Mineral Tenure are attributed according to the mining code 33-13 (2013) by le Ministère de

Transition Énergétique et Durable (Minister of Durable Energetic Transition or "MTEDD"). There are three types

of permits:

a) Autorisation d'exploration (Authorization of Exploration). These authorizations grant the holder the right

to carry preliminary exploration work within a defined perimeter. It is granted for a period of 2 years, and

is renewable once for an additional year. The authorization provides a priority right to obtain one or

more exploration permits within the same area, provided the request is submitted during the validity

period of the authorization;

b) Permis de recherche (Exploration Permit). These permits grant the holder the right to conduct

geological research (i.e., exploration) to identify mineral deposits within a specified area. Initially, the

permit is issued for a period of 3 years and can be renewed once for an additional 4 years under

specific conditions. After that period, the permit must be converted into a Mining License; and

c) Licence d'exploitation (Exploitation or Mining License). These licenses are granted once a viable mineral

deposit has been discovered. They allow the holder to extract and commercialize the minerals. Mining

Licenses are issued for longer durations (generally 10 years) and require compliance with

environmental and safety regulations. They are renewable.

"Permis d'exploitation" were granted prior to the new mining code and are progressively being replaced by

"Licence d'Exploitation".

**4.4ACQUISITION AGREEMENT**

On October 9, 2012, Maya and ONHYM signed a joint venture agreement for the acquisition, development and

exploitation of the Boumadine Deposit. Under the terms of said agreement, Maya acquired 85% of mining

license LE-383661 for total cash payments of MAD 28 million, being approximately USD 2.8 million at such

time. A new Moroccan company - BGM, was created with Maya and ONHYM as 85%-15% shareholders,

respectively. The mining title of the Boumadine Mining License was transferred by ONHYM to BGM. ONHYM's

shares are fully participating and are not a free-carry. ONHYM will receive a 3% royalty and Aya will receive a

2.75% management fee on BGM sales revenue from the first year of operation.

In addition to its ownership of the Boumadine Mining License, Aya, through its subsidiaries, other than BGM,

has: 100% ownership of a total of 11 mining licenses and exploration permits and; an option to earn 100%

interest in 19 other mining licenses and exploration permits.

**4.5ROYALTIES AND ENCUMBRANCES**

Aya and ONHYM signed an agreement for the development and exploitation of the Boumadine polymetallic

deposit; Aya holds 85% and ONHYM holds a fully participating non free-carry15% stake in its share capital of

the Boumadine Mining Licence through BGM. ONHYM will receive a 3% royalty on BGM sales revenue from the

first year of operation. Aya will receive a management fee equal to 2.75% of the revenue from BGM.

**4.6ENVIRONMENTAL AND PERMITTING**

In order to convert an exploration permit to a mining permit, an environmental impact assessment needs to be

submitted to the regional centre of investment ("CRI").

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 29

Aya is committed to carrying out exploration work, Mineral Resource estimation, mine and infrastructure

design work, and metallurgical testing in the next 60 months. Aya agreed to periodically inform the Regional

Department of Energy and Mines and ONHYM of its work progress.

**4.7OTHER SIGNIFICANT FACTORS AND RISKS**

To the best of the knowledge of the Authors, there are no environmental considerations or other significant

factors or risks that may affect access, title, or the right or ability to perform work on the Boumadine Property.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 30

5.0**ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,** 

**INFRASTRUCTURE AND PHYSIOGRAPHY**

**5.1ACCESS**

The Boumadine Property is located in the Errachidia Province of the Meknès-Tafilalet Region, in the Anti-Atlas

Mountains. It is accessible via the National Highway 10 (N10), ~220 km east-northeast from Ouarzazate City

or ~70 km southwest from Errachidia City (Figure 5-1). The nearest town is Tinejdad, ~16 km north from the

historical Boumadine Mine. The nearest village, Bouyoud, is 4 km away from the site. The Property is

accessible from Tinejdad by all-terrain vehicle on a paved and gravel road.

![image_3.jpg](image_3.jpg)

**Figure 5-1Location of the Boumadine Deposit from Ouarzazate**

***Source:*** *Aya (May 2024)*

**5.2CLIMATE**

The Project is located on the Ougnat massif of the Anti-Atlas Mountains. This region is separated from the

influence of the Mediterranean climate by the High Atlas Mountains to the north, and therefore, shares the

Sahara climate. The climate falls under the category of a hot desert climate, also known as a "hot arid

climate" (Köppen climate classification BWh).

Summers are hot, with daytime temperatures exceeding 40°C (Table 5-1). Winters are generally mild, with

daytime temperatures ranging from mild to warm; nighttime temperatures can drop, but freezing temperatures

are uncommon. The region receives very little rainfall throughout the year; most of the rainfall occurs during

the winter months. Field work at Boumadine can be performed year-round.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 31

**Table 5-1Monthly Temperature and Precipitation Average at Tinejdad from 1991 to 2021**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Monthly Temperature and <br>Precipitation Average at <br>Tinejdad from 1991 to 2021<br>| Jan | Feb | Mar | Apr | May | June | July | Aug | Sep | Oct | Nov | Dec |
| **Avg. Temp. (°C)** | 8.6 | 10.6 | 14.9 | 19.2 | 23.1 | 28 | 31.5 | 30.3 | 25.5 | 20.1 | 13.4 | 9.5 |
| **Min. Temp. (°C)** | 1.7 | 3.2 | 7 | 11.2 | 15 | 19.2 | 22.3 | 22 | 17.9 | 13.3 | 6.9 | 3.4 |
| **Max. Temp. (°C)** | 15 | 17.1 | 21.5 | 25.7 | 29.4 | 34.4 | 38.2 | 36.7 | 31.7 | 25.9 | 19.2 | 15.4 |
| **Precipitation / Rainfall (mm)** | 8 | 13 | 9 | 8 | 9 | 4 | 2 | 4 | 9 | 17 | 12 | 7 |
| **Humidity (%)** | 40 | 36 | 29 | 23 | 21 | 17 | 14 | 17 | 25 | 34 | 41 | 47 |
| **Rainy Days (d)** | 1 | 1 | 2 | 1 | 1 | 1 | 0 | 1 | 1 | 2 | 2 | 1 |
| **Avg. Sun hours (hours)** | 9 | 9.6 | 10.6 | 11.6 | 12.3 | 12.7 | 12.6 | 11.9 | 11 | 10.1 | 9.2 | 8.7 |

---

***Source:*** *climatedata.org*

**5.3INFRASTRUCTURE**

The Boumadine Property can be accessed by two roads: 1) a 16-km dirt road southwards from Tinejdad; and

2) a 2.8-km dirt road from east through the Village of Bouyoud. The National Highway 10 (N10) goes through

the City of Tinejdad and connects to Ouarzazate City to the west and Errachidia City to the east of Tinejdad.

The Boumadine camp is connected to the national grid.

There are many dirt roads and paths that lead to former shafts and other remnants of the historical mining

infrastructure. Water is currently sourced from historical underground workings and wells. The Boumadine

camp and infrastructures are connected to the national electrical grid, to provide electricity.

The facilities on-site are adapted for exploration operations. They include an office, drill core shack, the

Afrilabs sample preparation laboratory, drill contractor workshop, and drill contractor camp (Figure 5-2).

**5.4PHYSIOGRAPHY AND VEGETATION**

The physiography of Boumadine Property is characterized by its desert setting, with influences from the

nearby Atlas Mountains. The topography of the area is marked by ridges and hills mostly, with altitude ranging

between 980 and 1,300 m asl (Figure 5-3a). The site and its surroundings exhibit characteristics typical of a

desert landscape, with vast expanses of arid and rocky terrain.

The vegetation of the Boumadine region consists mainly of desert plants such as Acacia Raddiana and

Tamarix Amplexicaul. Certain types of drought-resistant grasses may be found in the region, providing some

ground cover. Oases and palm trees are a notable feature in this region (Figure 5-3b). Date palms are

cultivated in this type of area.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 32

![image_4.jpg](image_4.jpg)

**Figure 5-2Boumadine Site Infrastructure**

***Source:*** *Aya (April 2024)*

![figure5-3_axb.jpg](figure5-3_axb.jpg)

**Figure 5-3Physiography and Vegetation**

***Source:*** *Aya (April 2024)*

*Figure 5-3 Description: a) Physiography at Boumadine; and b) Cultivated oasis near Boumadine* 

**5.5LOCAL RESOURCES**

The Boumadine Mining Licence is in close proximity to the Ziz river, which flows through the center of

Tinejdad. The river, along with its valley, contributes to the oasis environment with palm groves, particularly

date palms. Other types of agricultural activities can be found in these areas.

Group of nomads pass by the Boumadine Property with their livestock of camels or goats (Figure 5-4a). The

nomad community is composed of Amazigh (Berber) people.

Historical artisanal mining activities have been recognized at several places on the Boumadine Property

(Figure 5-4b). Historical extraction work focused on barite and lead veins.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 33

![figure5-4_axb.jpg](figure5-4_axb.jpg)

**Figure 5-4Nomadic Livestock and Artisanal Activity**

***Source:*** *Aya (April 2024)*

***Figure 5-4 Description:*** *a) Camels near the Boumadine Historical Mine Site; and b) an artisanal excavation on the Boumadine Property.*

Mine workers and other personnel are available from nearby villages or Tinejdad. The City of Errachidia

(formerly called Ksar souk) is the closest major urban centre. Errachidia has an international airport with

access to Casablanca and it is also accessible by road from Marrakech (~420 km away).

Basic supplies, such as food and limited accommodation, are available at Tinejdad; the larger City of

Errachidia offers greater diversity in supplies. Special items must be purchased from Casablanca or

Marrakech.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 34

6.0**HISTORY**

**6.1MINING AND EXPLORATION HISTORY**

**6.1.1Antiquity and 15**<sup>th</sup> **to 16**<sup>th</sup> **Centuries**

The historical Boumadine Mine is one of the oldest known mines in the Kingdom of Morocco. It was probably

exploited by the Portuguese during the 15<sup>th</sup> and 16<sup>th</sup> centuries. They extracted the oxidized part of the

polymetallic veins to a depth of as much as 20 m. Such workings are found along a north-south strike length

of 4.2 km on the Boumadine Property.

**6.1.2BRPM: 1956 to 1964**

In 1956, the Bureau de Recherches et de Participations Minières ("BRPM"), the Morocco filial of the Bureau

des Recherches Géologiques et Minières ("BRGM") commenced modern exploration at Boumadine. Initially,

BRPM defined three targets:

1. The north-south historical workings, ±4 km extension starting from the south area and finishing to the

north at 'Imariren';

2. The N70°E veins, enriched in galena and chalcopyrite. At least five of these veins were defined over

the property; and

3. The southwest-northeast 'Bou Guedoud' regional faults, which is an alignment of different intrusions.

Exploration was prioritized at the north-trending historical workings. In 1962, exploration activities increased

and by the end of 1964, BRPM had completed 6,248 m of drilling and 27 m of shaft excavation on the Mining

License.

**6.1.3BRPM: 1964 to 1966**

In 1964, a geophysical survey testing different methods (magnetism, electromagnetism) was completed on

the Mining License. The results were inconclusive.

Metallurgical testing was completed in July 1965, leading to the first economic study and the next phase of

exploration, which involved underground excavation to certify probable and possible mineral reserves.

Exploration workings were extended in the Central Zone, followed by mineralized material development and

underground drilling. During that period, BRPM completed 1,984 m of drilling, 122 m of vertical underground

development, and 859 m of horizontal underground development.

**6.1.4BRPM: 1966 to 1975**

Between 1966 and 1970, the BRPM continued mineralogical, metallurgical, and economical studies. BRPM

contracted the USSR agency Giprotsvetmet for an independent technical economic review. The USSR agency

considered the opportunity to treat the mineralized material through a flotation, roaster, and cyanidation

circuit. Their first conclusion came in 1968 and was negative, based on the remote location and low mineral

resource quantity at the time.

In 1969, BRPM conducted an electromagnetism survey (Thuram) to better define extension and geometry of

Boumadine polymetallic veins.

Exploration continued from 1973 to 1975. The BRPM completed an additional 7,132 m of drilling to target the

Central Veins extension below underground working and to define new polymetallic veins in the northern area.

A new shaft was opened in the northern area, whereas one central shaft was deepened to -150 m below

surface ("MBS"). The BRPM completed 678 m of mineralized material development at the -150 mbs central

level and 288 m of mineralized material development in the northern area.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 35

**6.1.5BRPM: 1975 to 1985**

From 1975 to 1981, BRMP did not conduct any exploration activities; Exploration was resumed in 1981–1982.

An infill campaign targeted a high-grade panel with 340 m of underground drifts and two shafts of 37.5 m

each. Many underground channel samples were taken in the central area at that time.

Exploration continued in 1984 to help define the mineral resource of the Central Area. Additional underground

workings, diamond and sludge drill holes were completed to define parallel polymetallic veins. Two new areas,

Tizi and South Zones, were explored by two new shafts and additional underground workings.

**6.1.6SODIM: 1986 to 1989**

In 1986, the society SODIM in partnership with the BRPM started industrial testwork for mining production.

Between July 1986 and October 1987, SODIM treated 23,700 tonnes grading 1.38% Pb and 6% Zn; precious

metals recovery was low at <30%. All materials were sourced from the -50 m level of the Central Zone.

In June 1988, the BRPM retook ownership of the Deposit to pursue industrial tests. From June 1988 to May

1989, the BRPM treated 42,785 tonnes grading 1.57% Pb and 4.97% Zn through a flotation circuit. Precious

metals recovery was still low; all materials were sourced from the -50 m level of the Central Zone.

In July 1989, the BRPM loaned the Project to the Société de Développement du Cuivre de l'Anti Atlas

("SODECAT") to continue production testwork.

**6.1.7SODECAT: 1989 to 1992**

SODECAT re-optioned the Property in 1989 and invested in the mining infrastructure. The development of

underground workings were concentrated at the -100 m level in the Central Zone and -120 m level in the South

Zone. From July 1989 to August 1992, 1,570 m of surface drilling, 111 m of shaft, 1,058 m of stopes and drifts,

and 187 m of raises were completed. A committee was organized in 1991 between BRPM and SODECAT to

decide the future of the Project. Due to marginal profit, the decision was made to mine out high-grade stopes

and cease production at the end of 1991. During their production period, the SODECAT extracted 191,000 t of

mineralized material grading 0.94 wt.% Pb, 328 g/t Ag and 3.69 g/t Au from the South and Central Zones.

**6.1.8BRPM: 1993 to 1998**

An electromagnetism geophysical survey was completed in 1994. Results confirmed extension of polymetallic

veins below -300 m below surface. The recommendation from the geophysical survey report for completing

additional deep drill holes was not followed-up.

The BRPM issued its final report in 1998, which summarize all the work programs completed on the

Boumadine Mining License (also known as Boumaadine), including a summary of all its drilling

(Table 6-1; Figures 6-1 and 6-2).

**Table 6-1Summary of BRPM Exploration Work**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Diamond Holes** | **Diamond Holes** | **Shafts/Raises** | **Drifts** | | |
| **Period** | **Diamond Holes** | **Diamond Holes** | **Shafts/Raises** | **Drifts** | **Number** | **(m)** |
| **Period** | **1956 to 1957** | 2 | 144 | 27 | 191 |  |
| **1962 to 1964** | 40 | 6248 | - | - |  |  |
| **1964 to 1966** | 36 | 1984 | 77 | 981 |  |  |
| **1973 to 1975** | 25 | 7132 | 152 | 874 |  |  |
| **1981 to 1982** | - | - | 82 | 340 |  |  |
| **1984 to 1985** | 13 | 1029 | 140 | 1885 |  |  |
| **1989 to 1992** | unknown | 1570 | 298 | 1376 |  |  |

---

 ***Source:*** *Aya (April 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 36

![image_13.jpg](image_13.jpg)

**Figure 6-1-70 m Level Plan of South Zone, with Chip Sample Assays**

***Source:*** *BRPM (1998)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 37

![image_14.jpg](image_14.jpg)

**Figure 6-2Longitudinal Projection of the Principal Polymetallic Vein Mined in the South Zone**

***Source****: BRPM, (1998)*

***Note:*** *Panels or blocks defined according to the historical mineral resource category. Category I to IV corresponds to internal BRPM mineral* 

*resource classification.*

**6.1.9Maya: 2013 to 2019**

In 2013, Maya Gold and Silver Inc (Maya: former entity of Aya Gold & Silver) acquired the Boumadine Mining

License through a Joint Venture with the ONHYM (new entity of the BRPM) owned 85% / and 15%,

respectively.

Between 2013 and 2016, Maya only completed surface exploration work. This work included the collection of

several grab samples from historical mineralized structures to investigate the historical mineral resources.

Surface mapping of the mineralized structures was completed to identify targets for the surface sampling

program.

In 2017, Maya conducted drilling with the objective to certify the historical mineral resource. Fourteen drill

holes were completed over the Central, South and Tizi Zones for a total of 3,158 m.

The next drilling campaign was designed to increase the mineral resource at the Boumadine Deposit. Between

2018 and 2020, Maya completed 9,503 m of diamond drilling over South, Central, North, Imariren and Tizi

Zones. In addition, Maya conducted a drone survey over part of the Boumadine Mining License. A summary of

the drilling completed by Maya is presented in (Table 6-2).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 38

**Table 6-2Summary of Diamond Drilling Completed by Maya from 2017 to 2020**

---

| | | | |
|:---|:---|:---|:---|
| Summary of Diamond <br>Drilling Completed by <br>Maya from 2017 to 2020<br>| Zone | Metres Drilled | Objective |
| **2017** | Centre | 1490.4 | Historical resource and old workings <br>verification |
| **2017** | Sud | 1137.6 | Historical resource and old workings <br>verification |
| **2017** | Tizi | 530.0 | Historical resource and old workings <br>verification |
| **2018** | Centre | 1597.0 |  |
| **2018** | Sud | 608.0 | Check southern continuity of the vein |
| **2018** | Tizi | 466.1 |  |
| **2018** | Imariren Est | 804.9 | Follow-up on grab samples positive <br>results |
| **2018** | Imariren Ouest | 1168.4 | Follow-up on grab samples positive <br>results |
| **2019** | Centre | 1446.7 |  |
| **2019** | Imariren Est | 670.8 | Increase Imariren resource |
| **2019** | Imariren Ouest | 1297.8 |  |
| **2019** | Nord | 543.9 | Test northern historical resource |
| **2020** | Nord | 899.0 | Increase Zone Nord resource |
| **Total** |  | 12661.0 |  |

---

***Source:*** *Aya (April 2024)*

In 2018, a sampling campaign was completed over two historical tailing deposits. A soil core sample were

taken every meter in 49 drill holes for a total of 186.63 m (Figure 6-3).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 39

![image_15.jpg](image_15.jpg)

**Figure 6-3Location of Soil Core Samples Completed by Maya in 2018**

***Source:*** *GoldMinds (2019)*

**6.2GEOPHYSICAL SURVEYS**

BRPM completed several geophysical surveys over the Boumadine Property (Table 6-3). Electromagnetic

surveys delivered results that helped to better define polymetallic veins extension on surface (Figure 6-4).

**Table 6-3Geophysical Surveys Completed by BRPM**

---

| | |
|:---|:---|
| Years | Type |
| **1964** | Self Potential |
| **1964** | Seismic |
| **1964** | Resistivity |
| **1974** | Electromagnetic - TURAM |
| **1985** | Electromagnetic - TURAM |
| **1990** | Electromagnetic - TURAM |
| **1990** | Electric - Self Potential |
| **1990** | Induced Polarization |
| **1994** | Electromagnetic CSAMT & TEM |

---

***Source:*** *Aya (April 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 40

![image_16.jpg](image_16.jpg)

**Figure 6-42-D Section of a CSAMT Survey\***

***Source:*** *BRPM (1994)*

***\* CSAMT*** *= controlled-source audio magnetotelluric survey*

**6.3PAST PRODUCTION**

BRPM published a summary of production figures in 1998 (Table 6-4), including flotation results (Table 6-5)

and metallurgical recoveries (Table 6-6).

**Table 6-4Tonnes Extracted**

---

| | | |
|:---|:---|:---|
| **Period** | **Location** | **Tonnes** |
| **1986–1987** | Central level -50 | 22355 |
| **1988–1989** | Central level -50 | 48130 |
| **1989–1992** | Central level -50 & -100 | 132000 |
| **1989–1992** | South - level 70 & -120 | 59000 |
| **Total** |  | 261485 |

---

***Source:*** *BRPM (1998)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 41

**Table 6-5Flotation Results**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pb Concentrate** | **Pb Concentrate** | **Zn Concentrate** | **Zn Concentrate** | **Grade - Rejects** | **Grade - Rejects** |
| Pb (%) | 41.6 | Zn (%) | 44.5 | Pb (%) | 0.21 |
| Ag (g/t) | 4711 | Ag (g/t) | 565 | Zn (%) | 0.96 |
| Au (g/t) | 24.6 | Au (g/t) | 3.7 | Ag (g/t) | 125 |
|  |  |  |  | Au (g/t) | 2.38 |

---

***Source:*** *BRPM (1998)*

**Table 6-6Metallurgical Recovery by Concentrate Type**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Metallurgical Recovery by Concentrate Type** | **Pb** | **Zn** | **Ag** | **Au** |
| Pb Concentrate | 69.08% | - | 32.01% | 13.52% |
| Zn Concentrate | - | 77.04% | 18.03% | 9.53% |

---

***Source:*** *BRPM (1998)*

**6.4HISTORICAL MINERAL RESOURCE ESTIMATES**

***The Authors are unable to verify the historical mineral resource estimates, because the supporting data are*** 

***incomplete, they were not prepared by an independent party, and all predate the requirements set forth in NI*** 

***43-101. The historical mineral resource estimates are relevant in that they provide historical context and a*** 

***framework on which to plan work programs to define NI 43-101 compliant Mineral Resources or Mineral*** 

***Reserves. Aya is not treating the historical mineral resource estimates as current Mineral Resources, and*** 

***therefore they cannot be relied on and may not be indicative of future mining at Boumadine.***

**6.4.1BRPM**

BRPM produced several mineral estimates during its tenure; however, none of these mineral estimates were

reported in compliance with NI 43-101 or other internationally recognized reporting standards. The final BRPM

mineral resource was reported in 1998 and included mining depletion (Table 6-7).

**Table 6-7Boumadine Deposit 1998 Mineral Resource Report**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Boumadine Deposit 1998 Mineral Resource Report** | **Tonnes** | **Au**<br>**(g/t)**<br>| **Ag**<br>**(g/t)**<br>| **Zn**<br>**(%)**<br>| **Pb**<br>**(%)**<br>|
| Certain | 280775 | 3.17 | 171 | 3.60 | 0.70 |
| Very Probable | 267670 | 2.27 | 155 | 3.27 | 1.02 |
| Probable | 231230 | 1.06 | 175 | 3.03 | 0.86 |
| Possible | 450000 | 1.52 | 95 | 3.51 | 1.05 |

---

***Source:*** *(BRPM (1998)*

***Note:*** *\*BRPM internal classification categories, not NI-43-101 compliant*

***The work was completed prior to the implementation of current NI 43-101 standards, does not conform to*** 

***present-day standards, and should not be relied upon. The Authors have not completed sufficient work to*** 

***classify the historical mineral resource estimates as current Mineral Resource Estimates. Aya is not treating*** 

***the historical mineral resources as current Mineral Resource Estimates, and they should not be relied upon.***

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 42

**6.4.2Maya 2019 PEA**

Maya commissioned GoldMinds Geoservices Inc. (GoldMinds) to complete a Preliminary Economic

Assessment ("PEA") for the Boumadine Deposit. The PEA was reported in May 2019 with an effective date of

April 24, 2019.

**6.4.3P&E 2024 MRE**

On behalf of Aya, P&E prepared a Mineral Resource Estimate for the Boumadine Deposit. The MRE was

published on May 8, 2024 with an effective date of February 23, 2024 (Table 6-8).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 43

**Table 6-8Boumadine MRE as of April 15, 2024** <sup>(1-12)</sup>

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Cut-off**<br>**NSR** <br>**US$/t** | **Tonnes**<br>**(kt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Class** | **Cut-off**<br>**NSR** <br>**US$/t** | **Tonnes**<br>**(kt)** | **Ag**<br>**(g/t)**<br>| **Au**<br>**(g/t)**<br>| **Cu**<br>**(%)**<br>| **Pb**<br>**(%)**<br>| **Zn**<br>**(%)**<br>| **AgEq**<br>**(g/t)**<br>| **AuEq**<br>**(g/t)**<br>| **Ag**<br>**(koz)**<br>| **Au**<br>**(koz)**<br>| **Cu**<br>**(kt)**<br>| **Pb**<br>**(kt)**<br>| **Zn**<br>**(kt)**<br>| **AgEq**<br>**(koz)**<br>| **AuEq**<br>**(koz)**<br>|
| **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** |
| **Indicated** | 95 | 995 | 145 | 2.71 | 0.2 | 1.6 | 5.9 | 634 | 7.4 | 4647 | 87 | 2 | 16 | 59 | 20299 | 237 |
| **Inferred** | 95 | 8474 | 103 | 2.97 | 0.1 | 0.8 | 2.5 | 475 | 5.54 | 28087 | 808 | 8 | 67 | 215 | 129478 | 1510 |
| **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** |
| **Indicated** | 125 | 1046 | 82 | 2.33 | 0.1 | 0.6 | 2.8 | 402 | 4.69 | 2751 | 78 | 1 | 6 | 29 | 13533 | 158 |
| **Inferred** | 125 | 15096 | 76 | 2.42 | 0.1 | 0.9 | 2.2 | 389 | 4.53 | 36653 | 1175 | 11 | 131 | 330 | 188663 | 2198 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** |
| **Indicated** | 95/125 | 2042 | 113 | 2.51 | 0.1 | 1.1 | 4.3 | 515 | 6.01 | 7398 | 165 | 3 | 22 | 88 | 33832 | 395 |
| **Inferred** | 95/125 | 23569 | 85 | 2.62 | 0.1 | 0.8 | 2.3 | 420 | 4.89 | 64740 | 1983 | 19 | 198 | 546 | 318141 | 3708 |

---

***Notes:***

*1.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,* 

*taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.*

*2.The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected* 

*that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.*

*3.The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves Definitions (2014)* 

*and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.*

*4.A silver price of US$21/oz with a process recovery of 89%, a gold price of US$1,900/oz with a process recovery of 85%, a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb* 

*with a process recovery of 85%, and a copper price of US$4.00/lb with a process recovery of 75% were used.*

*5.AgEq = Ag(g/t) + (Au(g/t) \*Au price/gram\*Au recovery)/(Ag price/gram\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag price/gram\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag* 

*price/gram\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/gram\*Ag recovery)\*685.7147973*

*6.AuEq = Au(g/t) + (Ag(g/t) \*Ag price/gram\*Ag recovery)/(Au price/gram\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au price/gram\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/*

*gram\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/gram\*Au recovery)\*685.7147973*

*7.The constraining pit optimization parameters were US$3/t for of mineralized material mining. US$2/t for waste mining US$89/t for processing and US$6/t for G&A totalling US$95/t for a cut-off and 50-*

*degree pit slopes.*

*8.The out-of-pit parameters used a US$30/t mining cost, US$89/t processing cost and US$6/t G&A totalling US$125/t for a cut-off The out-of-pit Mineral Resource grade blocks were quantified above the $125* 

*NSR cut-off, below the constraining pit shell and within the constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the longhole* 

*underground mining method.*

*9.Individual calculations in tables and totals may not sum due to rounding of original numbers.*

*10.Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade estimation.*

*11.Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m*<sup>3</sup> *determined from drill core samples and used for the MRE. For oxidized and transitional material, a* 

*bulk density of 2.65 t/m*<sup>3</sup> *was used.*

*12.1.0 m composites were used during grade estimation.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 44

7.0**GEOLOGICAL SETTING AND MINERALIZATION**

**7.1REGIONAL GEOLOGY**

The Boumadine Property is located at the eastern end of the Anti-Atlas Mountain Range, which extends east-

northeast to west-southwest, over approximately 600 km from the Atlantic Ocean in the west to the interior of

the African Plate in the east (Figure 7-1). The Anti-Atlas basement rocks are mainly Neoproterozoic in age and

consist of ophiolites, island arc-related gneiss and intrusive rocks, particularly near to the northern edge of the

West African Craton.

![image_17.jpg](image_17.jpg)

**Figure 7-1The Regional Geology of the Anti-Atlas Displaying Proterozoic Windows**

***Source:*** *Boily (2014)*

***Note:*** *Boumadine is also known as Bou Madine*

The Boumadine polymetallic deposit (Ag, Au, Cu, Pb, Zn) is located on the northwest side of the Ougnat Massif

(or Boutonnière). The geology of the Massif consists of a Neoproterozoic metasedimentary basement overlain

unconformably by a Late Neoproterozoic volcano-sedimentary rock sequence and by Paleozoic lacustrine

sedimentary and minor volcanic rocks. The basement consists of sandstone, pelites and greywackes that are

intruded locally by granite, granodiorite, and diorite bodies. The volcano-sedimentary sequence consists of felsic

and mafic volcanic rock units separated by volcano-sedimentary units (Figures 7-2 and 7-3).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 45

![image_18.jpg](image_18.jpg)

**Figure 7-2Geology of the Ougnat Massif**

***Source:*** *Boily (2014)*

***Note:*** *Boumadine is also known as Boumâadine*

The volcanic and volcano-sedimentary rock unit have been grouped into three formations (Figure 7-3), which

from the oldest to youngest are:

1. Tamerzaga-Timrachine Formation ("TTF"): Consists of ignimbrites, rhyodacites and andesites;

2. Isilf-Ouinou-Oufroukh Formation ("IOF"): Consists of volcano-sedimentary rocks, specifically tuffs and

breccia, andesitic flows; and fine- to coarse-grained sedimentary rocks; and

3. Aoujane-Aissa-Akchouf Formation ("AAA"): Formed of ignimbrites, dacite domes and flows, and

andesitic flows.

These three Formations are intruded by dolerite, microdiorite and andesite dykes. At the historical Boumadine

Mine, only the andesite dykes are present and trend north-south.

The Ougnat Massif area was subjected to a Neoproterozoic shearing, which generated regional-scale faults

trending N30°E and associated secondary fractures. The area has also been affected by a late-stage series of

north-south extensional fractures that were subsequently reactivated by a compressive Hercynian tectonic

event.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 46

![image_19.jpg](image_19.jpg)

**Figure 7-3Schematic Stratigraphic Column of the Central Ougnat Massif**

***Source:*** *Modified by Bouabdellah and Levresse (2016) from Paile (1983)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 47

**7.2PROPERTY GEOLOGY**

**7.2.1Volcanic and Intrusive Rocks**

The TTF volcaniclastic sequence of felsic tuffs and mafic tuffs host the Boumadine Deposit (Figures 7-3 and

7-4). The felsic tuffs consist of angular to rounded cm-size felsic fragments, quartz eyes, plagioclase grains, and

locally mafic fragments. This felsic sequence is homogeneous and massive, and sits unconformably on mafic

tuffs. Mafic tuffs consist of amphibole and fragments/clasts of sedimentary rocks. Mafic tuffs are interpreted

as underwater-deposited volcaniclastic eruptives.

Many intrusions are observed on the Boumadine Property. The intrusions are divided into a pre-to syn-

mineralization group and a post-mineralization group. The pre- to syn-mineralization intrusions are mainly felsic

to intermediate in composition, show aphanitic to porphyritic textures, and form dykes and sills. Locally

porphyritic mafic dykes, similar in composition to mafic tuffs, cross cut the felsic tuff sequence and syn-

mineralization dykes, suggesting bimodal magmatism.

The post-mineralization intrusions consist of rhyolite subvolcanic domes associated with normal faults. These

domes are interpreted as being synchronous with a post-mineralization deformation episode that disrupted the

Boumadine mineralized zones. Subsequently, a swarm of regionally extensive mafic dykes intruded every

lithological unit on the Property.

**7.2.2Hydrothermal Alteration**

Two events of hydrothermal alteration are observed on the Mining License. The first alteration event affects the

felsic tuff sequence as phyllic alteration (quartz-sericite-pyrite). Proximal to massive sulphide veins (1 to 5 m

thick), there is an advanced clay alteration composed of kaolinite and pyrophyllite.

The second sequence of alteration affects mainly the underlying mafic tuffs and consists of propylitic alteration

(epidote and chlorite). Near the veins, the alteration minerals are black chlorite, pyrophyllite and pyrite. The

transition between these two alteration events is relatively sharp and consistent with the change in tuff

composition.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 48

![image_20.jpg](image_20.jpg)

**Figure 7-4Boumadine Mining License Geology Map**

***Source:*** *Aya website (April 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 49

**7.2.3Structure**

This section is summarized largely from Boily (2014).

The most important structures in the Boumadine Mining License are represented by km-scale N30°E-oriented

faults, limiting several tectonic blocks in the Ougnat Massif and potentially corresponding to tectonic movement

of basement rocks. These faults, associated with tectonic breccias, first manifested normal-sinistral movement

(striae with a N30°E/ 0–15°S plunge), and subsequently re-activated as normal faults. The tectonic fractures

correspond either to normal faults associated with a north-northeast to south-southwest-oriented tension gash

or N160°E tension gash controlling the emplacement of the andesite dykes, "chonolith" rhyolites, and

polymineralized Boumadine veins (Figure 7-5). These features correspond to the shortening direction

associated with the early sinistral activity on the N30°E faults (Abia et al., 2003), as represented by the patterns

of dykes distributed in "en-echelon arrays" in potential conjugate shear zones developed along N10°–30°E and

N130°–140°E directions. The movements along the N30°E sinistral faults induced shearing associated with the

opening of a collapsing basin and extension during emplacement of the TTF.

Some felsic and andesite dyke swarms strike N0°–N30°E, at variance with the N160°E strike of earlier andesite

dykes. The emplacement of these dyke swarms is likely related to the reactivation of the early N30°E faults as

normal brittle faults (associated with brecciation) that represent tension cracks. At Boumadine, ductile shear-

zones striking N150°E developed C/S structures with a schistosity trending N135°E, consistent with dextral

movement under N30°–N40°E shortening direction (Abia et al., 2003). These shear zones developed in corridors

already affected by a strong pyrophyllitization and syn- and late-kinematic pyrophyllite veinlets occur within the

shear-zones coeval with the shearing (Figure 7-6). The shearing overprinted late rhyolite domes and andesite

dykes (Ait Sasdi, 1992), and the shear-zones are sealed by the upper basalt flows (Freton, 1988). Thus, a return

to compressional regime tectonics occurred at the end of the Late Proterozoic.

During the Phanerozoic era (Variscan period), reactivation of some N30°E-oriented faults as reverse faults

occurred in relation with doming of the Proterozoic basement and the overlying Paleozoic cover. Cu–Pb–Zn

mineralized quartz-carbonate veins were emplaced in N75°E fractures in Paleozoic and Proterozoic terrains.

These veins correspond to the Imariren-type mineralization of Abia et al. (1999) and fill tension joints associated

with N45°E and N105°E conjugate faults. N40°–50°E-oriented brittle faults dextrally displace the "pyrophyllite

shear-zones" (up to tens of metres) and the polymetallic mineralized veins.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 50

![image_21.jpg](image_21.jpg)

**Figure 7-5Stress Distribution in a Sinistral Shear Zone**

***Source:*** *Boily (2014)*

***Figure 7-5 Description****: Z = maximum shortening; X = maximum elongation; R1-R2 = conjugated Reidel system;*

*T = extension gash; δ1 = maximum stress during deformation; δ3 = minimum stress during deformation.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 51

![image_22.jpg](image_22.jpg)

**Figure 7-6Interpreted Traces of N150°E-Trending Shear Zones**

***Source:*** *Boily (2014)*

***Figure 7-6 Description:*** *Dextral shear zones developed in corridors previously affected by strong pyrophyllitization.*

**7.2.4Supergene Weathering**

Due to the extensive weathering to clay minerals, the Boumadine Deposit has a very light color that contrasts

with the surrounding landscape. The mantos, "chapeau de fer" or "iron cap" alteration extends from 5 to 10 m

depth. The mantos consists principally of goethite and jarosite with sparse hematite and no lepidochrosite. This

mineralogical assemblage indicates that the oxidation fluids were strongly acidic. In this case, Mn, Zn, Cd, Ni

and Co are highly mobile in the acid and sulphur-rich fluids and are commonly leached at surface. However, Ag,

Au, Ba, Sr and Pb are immobile and form stable sulphosalts. The hydroxide-rich "mantos" has been partially

mined out by artisanal workers for ochre and precious metals (Figure 7-7).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 52

![image_23.jpg](image_23.jpg)

**Figure 7-7Oxidized Mineralized Vein at the Central Zone**

***Source:*** *Boily (2014)*

**7.3DEPOSIT GEOLOGY**

The Boumadine Deposit has been traced on surface and in drilling as a curvilinear vein system for ~6,000 m

along strike (Figure 7-8). Strike direction varies from mainly northwest to northerly and dip from steeply

northeast to steeply southwest (Figure 7-9).

The Deposit consists of 45 mineralized domains that have been grouped into five separate zones. The South

and Central Zones consist of up to 13 stacked mineralized vein domains. From the south end of the South Zone

to the north end of the Central Zone, these domains extend for 4,800 m along strike, as much as 300 to 400 m

across strike and a maximum of 1,000 m down-dip. The south end of the South Zone appears to be open to

expansion by drilling along strike to the south. The South Zone appears to be offset dextrally along a northeast-

trending fault from the Central Zone. The north end of the Central Zone appears to be offset sinistrally along a

northeast-trending fault from the North Zone.

The North Zone consists of eight closely-spaced mineralized vein domains. This Zone is 650 m long, 5 to 10 m

thick and 500 m down-dip. It strikes northwest and dips steeply southwest.

The Imariren Zone and the Tizi Zone are two sub-parallel, single mineralized vein domains that are 200 m apart

in the south and 500 m apart in the north, strike northerly, and dip vertically. The Tizi Zone has been extended to

2.0 km in length, whereas Imariren has been traced over 1.2 km. Both zones extend 600 m down-dip.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 53

![image_24.jpg](image_24.jpg)

**Figure 7-8Surface Plan View of the Boumadine Deposit Mineralized Zones**

***Source:*** *Aya press release dated February 24, 2025* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 54

![image_25.jpg](image_25.jpg)

**Figure 7-9Cross-Sectional Projection 3,477,070 N of the Central Zone**

***Source:*** *Aya press release dated February 14, 2023.*

***Note:*** *The heavy dashed line marks a fault.*

**7.4MINERALIZATION**

The Boumadine mineralized zones generally consist of 1 to 4 m-wide massive sulphide lenses/veins oriented

N20°W and dipping 70° east. The massive sulphide veins (>70% sulphide) are composed mainly of pyrite,

sphalerite, galena, arsenopyrite and chalcopyrite, with subordinate amounts of cassiterite, silver-rich

sulphosalts, stannite, enargite, bismuthinite, native copper and bismuth (Figures 7-10 to 7-13). The main

mineralization zone is generally surrounded by a 1 to 10 m (locally up to 20 m) thick halo of 10 to 30%

disseminated pyrite and two types of veinlets: 1) quartz-carbonate-galena-sphalerite veinlets; and 2) massive

pyrite veinlets (Freton, 1988).

Within massive sulphide veins, zones of breccias with silicified angular fragments and round fragments have

been completely replaced by pyrite. Those breccia zones underline the presence of syn-volcanic faults, which

probably served as fluid pathways for the mineralization. In weathered felsic tuffs, breccia fragments can be

replaced by pyrite, which locally forms large, mineralized sub-zones as much as 10 m thick. Those thick sub-

zones are interpreted to be the upper part of the hydrothermal system. Geochemically, there is a strong positive

correlation of gold with silver and copper and a weaker correlation of zinc with lead and molybdenum.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 55

![image_26.jpg](image_26.jpg)

**Figure 7-10Brecciated and Slightly Oxidized Pyrite-Rich Mineralization**

***Source:*** *Boily (2014)*

***Figure 7-10 Description:*** *Typical brecciated and slightly oxidized pyrite-rich mineralization with quartz veinlets mined form polymetallic veins* 

*and collected from the Central Zone muck pile.* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 56

![image_27.jpg](image_27.jpg)

**Figure 7-11Galena-Rich Mineralization**

***Source:*** *Boily (2014)*

***Figure 7-11 Description:*** *Galena-rich mineralization with pyrite, pyrrhotite, chalcopyrite, sphalerite and second stage quartz veins that contain* 

*some of the Au and Ag mineralization. Collected from the Central Zone muck pile.*

![image_28.jpg](image_28.jpg)

**Figure 7-12Pyrite-Sphalerite Mineralized Material from the Central Zone**

***Source:*** *Boily (2014)*

***Figure 7-12 Description:*** *Mineralized material sample BOU2012-02 collected from the muck pile near Shaft A of the Central Zone, historical* 

*Boumadine Mine.* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 57

U/Pb single zircon dating from a "chonolithic" rhyolite intrusion cutting the mineralized veins yielded an age of

553±16 Ma (Levresse, 2001). This result is consistent with a late Neoproterozoic maximum age for the

mineralization.

![image_29.jpg](image_29.jpg)

![image_30.jpg](image_30.jpg)

**Figure 7-13Massive Sulphide Minerals and Textures at Boumadine**

***Source:*** *Boily (2014)*

***Figure 7-13 Description:*** *A) Reflected light microphotograph showing the paragenetic relationship between pyrite, galena and sphalerite.* 

***Sample BOU2012-02.*** *B) Transmitted light photomicrograph showing mineralogical and textural variations in sphalerite + quartz veins in* 

*sample BOU2012-02. Low Fe-bearing sphalerite (yellow-brown) occurs in the core of a diverging quartz vein that is cutting recrystallized* 

*coarse-grained massive pyrite.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 58

8.0**DEPOSIT TYPES**

Boumadine mineralization traditionally was considered to be hosted only in felsic tuffs (Abia et al., 2003;

Bouabdellah and Levresse, 2016; Duplessis et al., 2019). However, drilling completed from 2017 to 2024

intercepted mineralized veins in mafic tuffs. Furthermore, the mineralized veins in the mafic tuffs appear to be

more continuous, richer and thicker than in the felsic tuffs.

Hydrothermal alteration at Boumadine resembles that found in high sulphidation (acid) epithermal systems.

Aluminous alteration is more proximal to sulphide-rich mineralized zones and the propylitic alteration more

distal. Propylitization is generally induced by the convection of surface fluids, whereas aluminous alteration

results from the contribution of acidic magma-derived fluids during degassing of andesite/diorite subvolcanic

intrusions.

On the other hand, high-sulphidation deposits are composed of sulphides rich in S and Cu, such as tennantite

and enargite. At Boumadine, the sulphides are mainly pyrite and minor sphalerite and galena, and trace

chalcopyrite. This sulphide mineral affiliation is more like that of a volcanogenic massive sulphide type.

The current Company-preferred interpretation is that the mineralizing system at Boumadine developed under

shallow submarine conditions in a graben setting (Bouabdellah and Levresse, 2016). In this model, magma-

derived high-temperature acidic fluids/vapours containing Au and Ag ascend from the subvolcanic andesite/

diorite intrusions and mix with circulating low-temperature, seawater-derived chlorinated fluids containing Fe, Zn

and Pb. Mixing, cooling and wall rock reactions drive metal precipitation and deposition in volcaniclastic rocks

below the seafloor.

Other shallow submarine, seawater-entrained polymetallic epithermal systems have been reported elsewhere

(Hannington et al., 2005), with perhaps the best known example being at Milos Island (Greece) in the Aegean

Sea (Alfieris et al., 2013).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 59

9.0**EXPLORATION**

Exploration activities completed by Aya on the Boumadine Mining License include trenching, hyperspectral

surveys, airborne geophysics, mineral prospecting, geological mapping, grab sampling and drilling. Each of

these activities is summarized below.

**9.1TRENCHING**

One trench (37m) was excavated during the early 2022 drilling campaign on section 8125N between drill holes

BOU-DD22-001 and BOU-DD22-006. The goal was to find mineralization at surface. Assaying failed to return any

significant values. The trench was too shallow to expose the target and it was judged unnecessary to extend it,

because mineralization was intersected in the subsurface by drill hole BOU-DD22-006.

**9.2HYPERSPECTRAL**

At the end of 2021, Compagnie Générale de Géophysique – Veritas ("CGG") carried out a satellite-based

geological and mineral mapping study for Aya over the Boumadine Mining License. The aim of the study was to

process satellite imagery and identify areas of possible mineral alteration and place these in a geological

context. The study enabled the generation of geologically valid target areas that were subsequently visited in the

field during geological mapping in 2022 and 2023. The program was completed in two stages: 1) a regional

project outlining the main structural controls and areas of alteration carried out at 1:25,000 scale; and 2) a

detailed 1:5,000 scale project that focused on the historical permit (LE-383661).

Several satellite datasets were supplied by CGG, and processed and interpreted over the Boumadine area. For

the regional project, Sentinel-2 imagery was used for the geological interpretation with Copernicus elevation

data being merged to enhance this process. ASTER imagery was utilized for its spectral range, which enables

clay/iron/carbonate alteration related to hydrothermal alteration associated with intrusions to be mapped. For

the detail mapping, WorldView-3 imagery was used for both the structural and spectral mineral mapping.

The mineral outputs exhibited a strong correlation with the main structures mapped (at 1:25,000 scale). There is

significant argillitic alteration along the northwest-trending fault in the northeastern area of the Boumadine

Mining License (Figure 9-1). There is also significant argillitic alteration along a northeast-trending fault slightly

to west of the Boumadine Mining License. Mineral outputs also display a strong correlation with the underlying

geology in the Northern Zone on the license area, with the altered rhyodacite-rhyolite ignimbrites clearly

highlighted.

In early 2024, Aya re-engaged CGG to conduct a new satellite-based study over larger part of the Boumadine

Property. The project has been carried out using high resolution satellite imagery to provide detailed 1:5,000

scale structural interpretation and 1:10,000 scale lithological classification with key areas of alteration mapped

to 1:5,000 scale. This time the study integrated Geological maps and other spatial geological datasets provided

by Aya.

The use of WorldView-3 satellite imagery has significantly improved lithological classification (up to 1:10,000

scale) and structural mapping (1:5,000 scale) compared to the previous 1:200,000 regional map. The higher

resolution provided clearer boundaries and more detailed structural features. Additionally, CGG's ASTER Bare

Earth+ multi-spectral imagery was utilized to map large alteration footprints while filtering out non-geological

artifacts. This integration identified new areas of interest beyond the Boumadine Deposit. The enhanced spatial

and spectral resolution of WorldView-3 imagery allowed for the mapping of narrow intrusive dykes and faults

(Figure 9-2), and the identification of intrusive not visible in optical imagery. At 1:5,000 scale, the structural

mapping has helped establish relationships between faults, dyke intrusions, and alteration zones.

In June 2025, Aya asked CGG to complete a new satellite- based-study to increase the land coverage to 1500

km². The study should be completed by mid-November with the delivery of the same outputs as the 2024 study.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 60

![image_31.jpg](image_31.jpg)

**Figure 9-1Map of the 2022 Hyperspectral Survey Completed on Boumadine**

***Source:*** *Aya (April 2024)* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 61

![image74.jpg](image74.jpg)

**Figure 9-2 Map of the Interpreted Structures in the Boumadine Area,Colored by Orientation Set**

***Source:*** *This Report*

**9.3AIRBORNE GEOPHYSICAL SURVEYS**

In March 2022, Geotech Ltd. completed an airborne geophysical survey over the Boumadine Mining License. A

total of 366 linear-km (33 km²) was flown in a west - east (N90°E) direction with traverse line spacing of 100

m. Tie lines were flown perpendicular to the traverse lines at a spacing of 1,000 m.

Principal geophysical sensors included a versatile time domain electromagnetic ("VTEM") system, airborne

magnetics using a cesium magnetometer, and RSI ARGS RSX-5 spectrometer system.

The purpose of the survey was to provide magnetic, resistivity and radiometry coverage over the mining

license with sufficient resolution to map the footprint of the known mineralization and any potential

extensions.

The airborne results of both methods were high quality and meaningful. Electromagnetically, Boumadine

features a prominent, large (>6.0 x 1.5 km), variably conductive, and north-south elongate resistivity low

feature in the centre of the block that roughly coincides with all the historical mining work (Figure 9-3).

The resistivity low also coincides well with the northern half of the magnetic low (Figure 9-4). Those

anomalies accurately mapped the known mineralization and supports extension of the favorable prospective

corridor to the north and the south.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 62

![figure92.jpg](figure92.jpg)

**Figure 9-3Boumadine 2022 VTEM Survey Depth Slices**

***Source:*** *Aya (April 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 63

![image_33.jpg](image_33.jpg)

**Figure 9-42022 Magnetic Survey Completed at Boumadine**

***Source:*** *Aya (April 2024)* 

Following the success of the 2022 geophysical survey, a new airborne geophysical survey commenced on

February 2, 2024, and concluded on July 18, 2024. Completed by Expert Geophysics Limited (EGL), this

helicopter-borne MobileMT electromagnetic and magnetic survey covered three blocks: Boumadine,

Boumadine West, and Boumadine East, encompassing all of Aya's permits in the Boumadine Property at the

time of the survey (Figure 9-5).

The survey involved 105 production flights, covering a total of 14,353 line-km. Specifically, the survey was

separated in three blocks: a) Boumadine covered 6,771 line-km over 609 square km, b) Boumadine West

covered 4,535 line-km over 414 square km, and c) Boumadine East covered 3,047 line-m over 278 square km.

Electromagnetic readings were obtained using an EGL AFMAG & VLF MobileMT system, which includes an

airborne three-component magnetic sensor and a base station with two horizontal electric components.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 64

Additionally, a cesium vapor magnetometer in a separate towed-bird was used to measure the intensity of the

Earth's magnetic field.

The geophysical acquisition was successful, in identifying multiple potentially parallel, on-trend conductive

anomalies similar to those previously identified at Boumadine Deposit. Notably, a very large potential

conductive anomaly was detected approximately 5 km west of Boumadine, that exhibit a similar orientation

but stronger intensity than the Boumadine Deposit conductor. This extensive system also includes strong

potential conductors oriented east-west. Additionally, the survey revealed the continuation of the conductivity

anomaly; south of Boumadine Deposit and a series of new N340 and north-south oriented potential

conductive anomalies.

![figure95.jpg](figure95.jpg)

**Figure 9-5Location of New Boumadine Permits with 2024 Airborne Geophysics**

***Source:*** *Aya press release dated February 24, updated October 2025*

***Note:*** *Showing apparent conductivity at 175Hz*

**9.4GEOLOGICAL MAPPING**

Detailed mapping was conducted on Boumadine Mining License, with the objective to improve geological

understanding of the mineralization and geological events.

From the mapping work, two major fault sets were recognized: 1) a fault event N030 that intersects the main

Boumadine corridor (N340) and could be responsible for an Au enrichment and the Zn mineralization event;

and 2) an N70°E fault event cutting both the N20°W and N70°E structures that appears to be responsible for a

Ag-Pb +/- Cu mineralization event (Figure 9-6).

Following the proximal mapping around the deposit, a larger scale mapping of our regional permit was

launched and remains ongoing. Six areas of interest with the highest potential have been subjected to more

detailed mapping and will be drilled before the end of 2025. The different areas and the location of the

samples are presented in Figure 9-7.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 65

![image_35.jpg](image_35.jpg)

**Figure 9-6Simplified Geological Map with 2023 Surface Sample Locations**

***Source:*** *Aya's Press Release dated July 5, 2023* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 66

![image38.jpg](image38.jpg)

**Figure 9-7Simplified regional Geological Map with 2025 Surface Sample Locations**

***Source:*** *Aya's Press Release dated July 7, 2025*

**9.5GRAB SAMPLING**

In 2023, 127 surface grab samples were taken, leading to the identification of a new mineralized structure to

the northwest of the Property (see Figure 9-5 above). Samples from the structure, which can be followed for

>1.5 km, graded up to 3.45 g/t Au (sample 2260129), 186 g/t Ag (sample 2274547), 9.40% Cu (sample

2274534), 27.40% Pb (sample 2274545), and 1.80% Zn (sample 2274547) (Table 9-1). The mineralization

exhibits stockwork quartz-pyrite-chalcopyrite veinlets associated with silicified felsic dykes injected into a

corridor of faults located at the contact of volcanic rocks and sedimentary rocks. This discovery shows the

mineralization potential outside of the main Boumadine corridor.

Mapping and grab sampling activities continued throughout 2024 and 2025, extending to properties beyond

the Boumadine Mining License. A total of 993 grab samples were collected on the Boumadine permits since

2022. **AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 67

**Table 9-1Grab Sampling Assay Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample ID** | **Au**<br>**(g/t)**<br>| **Ag**<br>**(g/t)**<br>| **Cu**<br>**(%)**<br>| **Pb**<br>**(%)**<br>| **Zn**<br>**(%)**<br>|
| 2393526 | 12.20 | 226 | 4.10 | 0.78 | 0.18 |
| 2393529 | 7.40 | 211 | 4.20 | 1.64 | 0.33 |
| 2393527 | 4.78 | 81 | 1.00 | 0.32 | 0.04 |
| 2394147 | 3.93 | 163 | 0.05 | 0.43 | 0.84 |
| 2393509 | 3.50 | 90 | 3.25 | 0.62 | 0.02 |
| 2260129 | 3.41 | 40 | 0.75 | 0.16 | 0.06 |
| 2393498 | 3.38 | 58 | 36.64 | 0.02 | 0.01 |
| 2260130 | 3.37 | 23 | 0.28 | 0.04 | 0.03 |
| 2393412 | 3.34 | 32 | 4.04 | 0.68 | 0.04 |
| 2260131 | 2.78 | 44 | 0.54 | 0.06 | 0.02 |
| 2394143 | 2.66 | 132 | 0.13 | 0.28 | 1.00 |
| 2393516 | 2.28 | 9 | 0.49 | 0.06 | 0.03 |
| 2393518 | 2.13 | 16 | 1.12 | 0.84 | 0.08 |
| 2393470 | 2.13 | 26 | 0.27 | 0.05 | 0.01 |
| 2394146 | 2.02 | 82 | 0.03 | 0.43 | 0.47 |
| 2393251 | 0.03 | 747 | 59.58 | 0.01 | 0.01 |
| 2393421 | 0.16 | 482 | 0.12 | 8.49 | 0.01 |
| 2393505 | 0.11 | 475 | 0.40 | 18.93 | 0.54 |
| 2394526 | 0.03 | 410 | 22.47 | 1.38 | 0.10 |
| 2393295 | 0.03 | 359 | 1.33 | 39.98 | 0.33 |
| 2393287 | 0.03 | 354 | 1.32 | 43.43 | 10.52 |
| 2393318 | 0.15 | 326 | 7.90 | 9.13 | 0.56 |
| 2393549 | 0.19 | 323 | 11.18 | 19.29 | 1.81 |
| 2390608 | 0.03 | 300 | 29.56 | 0.01 | 0.01 |
| 2393467 | 0.03 | 17 | 48.15 | 0.04 | 0.02 |
| 2389945 | 0.03 | 74 | 34.46 | 0.05 | 0.05 |
| 2393329 | 0.06 | 5 | 23.97 | 0.01 | 0.01 |
| 2393482 | 0.03 | 24 | 20.91 | 0.02 | 0.02 |
| 2393537 | 0.03 | 32 | 20.18 | 0.28 | 0.02 |
| 2393473 | 0.03 | 17 | 19.76 | 0.02 | 0.01 |
| 2394519 | 0.03 | 56 | 19.27 | 5.07 | 13.46 |
| 2393368 | 0.06 | 116 | 18.24 | 0.55 | 0.60 |

---

***Source:*** *Aya's Press Release dated July 7, 2025*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 68

10.0**DRILLING**

**10.1SUMMARY**

From May 2022 to September 2025, Aya completed 660 diamond drill holes, 94 multipurpose holes (MP) and

49 Reverse circulation holes (RC), totaling 192,957 m. In 2025, Aya completed 273 drill holes, amounting to

109,240 m, on the Boumadine Property. Of these, 214 drill holes totaling 44,514 m were completed along the

Boumadine Deposit and utilized for the 2025 Updated Mineral Resource Estimate (MRE) (Table 10-1). The

drilling programs aimed to extend the mineralization of the North, Central, South, Tizi and Imariren Zones and

test targets located farther from the main mineralized trend.

In addition, all historical drill holes from 2018 to 2021 were re-logged and resampled by Aya in 2023 for a total

of 77 drill holes and 9,510 m of drill core. The historical BRPM drill holes and Maya's 2017 drill holes have not

been retrieved in the Aya drill core yard. Therefore, it was not possible to proceed with re-sampling and the

decision was made to include those drill holes for geological interpretation and exclude them from the MRE

database. Information from the drill holes completed in 1992 by the SODECAT-BRPM has not been found, and

those drill holes are not included in Aya's MRE database.

**Table 10-1Aya Diamond Drilling at Boumadine**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Company** | **Surface** | **Surface** | **Underground** | **Underground** | **Total** <br>**Drill** <br>**Holes** | **Total** <br>**Metres** | **Comments** |
| **Period** | **Company** | **Drill** <br>**Holes**<br>| **Metres** | **Drill** <br>**Holes**<br>| **Metres** | **Total** <br>**Drill** <br>**Holes** | **Total** <br>**Metres** | **Comments** |
| **1964 to 1985** | BRPM | 70 | 13467 | 48 | 2124 | 138 | 15591 | Excluded from 2024 <br>uMRE |
| **2017** | MAYA | 14 | 3158 | --- | --- | 14 | 3158 | Excluded from 2024 <br>uMRE |
| **2018 to 2020** | MAYA | 77 | 9507 | --- | --- | 77 | 9507 | Included in 2025 PEA |
| **2022** | AYA | 86 | 19702 | --- | --- | 86 | 19702 | Included in 2025 PEA |
| **2023** | AYA | 171 | 65572 | --- | --- | 171 | 65572 | Included in 2025 PEA |
| **2024** | AYA | 219 | 107683 | --- | --- | 219 | 107683 | Included in 2025 PEA |
| **2025 (end** <br>**September)**<br>| AYA | 273 | 109240 | --- | --- | 260 | 109240 | 214 drill holes are <br>included in PEA<br>|

---

***Source:*** *Aya press release dated September 30, 2025*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 69

![figure101.jpg](figure101.jpg)

**Figure 10-1Aya Current MRE Drill Hole Collar Location Map**

***Source:*** *Aya press release dated September 30, 2025*

***Note:*** *Showing Magnetic Data – residual total field*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 70

![image_37.jpg](image_37.jpg)

**Figure 10-2Interpreted Drill Hole Cross-Section Projection 8125N**

***Source:*** *Aya (April 2024)*

***Figure 10-2 Description:*** *Ag equivalent is based on 100% recovery with the following ratios: 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 g/t Ag; 1%* 

*Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/t Ag. All assay values are uncut. All intersections are in core lengths, as true thickness remains undetermined* 

*at this stage.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 71

![image_38.jpg](image_38.jpg)

**Figure 10-3Interpretation of Drill Cross-Section Projection 6400N**

***Source:*** *Aya (April 2024)*

***Figure 10-3 Description:*** *Ag equivalent is based on a 100% recovery with the following ratios: 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 g/t Ag; 1%* 

*Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/t Ag. All assay values are uncut. All intersections are in core lengths, as true thickness remains undetermined* 

*at this stage.* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 72

**10.2DRILLING PROCEDURES**

Aya typically employs a drill pattern consisting of a series of drill lines-oriented perpendicular to the trend of

mineralization. Most drill holes are oriented either N70°E or S70°W, depending on the terrain. For Tizi and

Imariren, the drill holes are oriented E-W. The standard drill hole spacing for most of the Boumadine Deposit is

100 m. Locally, this spacing has been reduced to 50 m, whereas in other areas, such as the edges of the

Boumadine Deposit, the spacing is 200 m.

GEOSOND Maroc SARL completed out the drilling program between 2022 and 2023. In 2024, FTE Drilling

joined GEOSOND to continue executing the drill program. All core drilling to date has been completed using

either HQ or NQ core size.

Prior to the start of drilling, the collars are set out in the field with a standard hand-held GPS with a precision

of ±3 m in easting and northing. Following completion of the drill holes, the collar locations are surveyed by a

professional surveyor with a DGPS Trimble R8s. Drill rigs were aligned using a standard compass with back

and front site pickets.

During drilling, the drill core is placed in standard plastic drill core boxes and every 3m run is marked by a

labelled plastic drill core block. Each drill core box is labelled with the drill hole ID and a sequential box

number. The drill core boxes are delivered by the drilling contractor every morning at the end of the night shift

to the Boumadine drill core shack.

GEOSOND completed downhole orientation measurements using a Reflex EZ-Shot (by Reflex Instruments Inc.)

until drill hole BOU-DD23-192. For all subsequently completed drill holes, a Devico Devi-flex was utilized. FTE

systematically employed a Reflex EZ-Shot. Downhole surveys were performed by the drillers, with

measurements initially taken at 12 metres and subsequently at 25-metres intervals. The data were

communicated to the geologists each morning along with the daily drill report.

Following removal of the drill rig, a 1 m PVC tube is inserted into the drill hole and it is cemented. The drill hole

number is written on the concrete base (Figure 10-4).

![a104drillcollarlocation.jpg](a104drillcollarlocation.jpg)

**Figure 10-4Drill Hole Collar Locations**

***Source:*** *This Report*

At the drill core shack, "from-to" of every drill core box is measured by geologists, and the core logging

information is recorded in the logging software (GeoticLog). After logging and sampling, drill core boxes are

stacked outside with one drill hole per cross-pile within a fenced and guarded enclosure around the

Boumadine drill core shack (Figure 10-5).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 73

![image_40.jpg](image_40.jpg)

**Figure 10-5Stacked Drill Core at Boumadine**

***Source:*** *P&E (May 2024)*

**10.3DRILLING RESULTS**

In general, exploration and definition drilling has identified and further defined the distribution of

mineralization in five areas: North Zone, Central Zone, South Zone, Tizi and Imariren. Drilling results on the

main structure show strong continuity of the mineralization.

High-grade mineralization was intersected at Tizi, with two drill holes, BOU-DD24-306 and BOU-DD24-310,

showing high gold concentrations (20.05g/t Au over 1.5m; and 23.34 g/t Au over 1.6m, respectively). The

mineralization remains hosted in massive sulphide veins, characterized by a higher amounts of arsenopyrite.

A new style of mineralization has also been identified from in a drill hole along an east-west structure (BOU-

DD24-329) which has returned high-grade Ag results (1,937 g/t Ag over 1.9m). This structure shows

stockworks of brecciated carbonate-quartz-pyrite-chalcopyrite ± tetrahedrite veinlets with low temperature

texture.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 74

**Table 10-2Significant intercepts from the 2024 program**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole** | **Zone** | **From** | **To** | **Length\*** | **Au** | **Ag** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq\*\*** |
| **Drill Hole** | **Zone** | **(m)** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD23-214<br> 8850N | Main | 214.0 | 223.0 | 9.0 | 4.77 | 61 | 0.12 | 0.07 | 0.19 | 5 | 535 |
| Including | Including | 216.2 | 221.5 | 5.3 | 6.61 | 90 | 0.18 | 0.10 | 0.27 | 6 | 749 |
| BOU-DD23-218<br> 8850N | Para | 244.3 | 247.5 | 3.2 | 14.72 | 19 | 0.02 | 0.19 | 0.15 | 4 | 1411 |
| BOU-DD23-218<br> 8850N | Para | 252.6 | 256.8 | 4.2 | 13.59 | 115 | 0.10 | 0.13 | 0.12 | 3 | 1409 |
| BOU-DD23-218<br> 8850N | Main | 280.3 | 286.1 | 5.8 | 9.21 | 80 | 0.21 | 0.06 | 0.14 | 8 | 978 |
| Including | Including | 280.3 | 284.3 | 4.0 | 13.05 | 108 | 0.29 | 0.07 | 0.19 | 8 | 1377 |
| BOU-DD23-220<br> 6575N | Main | 105.0 | 115.9 | 10.9 | 1.77 | 91 | 0.09 | 1.72 | 4.53 | 133 | 575 |
| Including | Including | 112.3 | 114.7 | 2.4 | 6.26 | 261 | 0.26 | 1.24 | 6.56 | 16 | 1275 |
| BOU-DD23-220<br> 6575N | Para | 133.4 | 136.8 | 3.4 | 0.89 | 76 | 0.26 | 2.47 | 6.97 | 7 | 649 |
| BOU-DD23-223<br> 6525N | Main | 131.6 | 169.9 | 38.3 | 1.53 | 311 | 0.04 | 1.80 | 4.40 | 101 | 763 |
| Including | Including | 144.9 | 155.9 | 11.0 | 2.34 | 494 | 0.06 | 1.89 | 3.93 | 36 | 996 |
| BOU-DD23-225<br> 9325N | Para | 47.4 | 53.7 | 6.3 | 1.44 | 54 | 0.02 | 0.85 | 5.34 | 12 | 508 |
| Including | Including | 50.8 | 53.7 | 2.9 | 2.88 | 86 | 0.04 | 0.96 | 9.90 | 21 | 927 |
| BOU-DD23-227<br> 9325N | Main | 259.7 | 268.3 | 8.6 | 3.34 | 18 | 0.07 | 0.13 | 0.45 | 6 | 369 |
| Including | Including | 263.5 | 268.3 | 4.8 | 5.42 | 21 | 0.07 | 0.08 | 0.11 | 7 | 545 |
| BOU-DD23-228<br> 6300N | Main | 267.2 | 276.1 | 8.9 | 1.99 | 81 | 0.02 | 1.03 | 3.36 | 59 | 488 |
| Including | Including | 267.7 | 273.0 | 5.3 | 3.09 | 119 | 0.03 | 1.45 | 4.66 | 87 | 715 |
| BOU-DD23-229<br> 6525N | Para | 111.9 | 116.0 | 4.1 | 1.6 | 175 | 0.12 | 1.86 | 7.32 | 259 | 810 |
| BOU-DD23-230<br> 6575N | Main | 166.6 | 184.2 | 17.6 | 2.64 | 247 | 0.27 | 1.24 | 7.74 | 86 | 991 |
| Including | Including | 177.6 | 181.3 | 3.7 | 2.91 | 651 | 0.08 | 3.18 | 11.49 | 106 | 1662 |
| BOU-DD23-230<br> 6575N | Para | 188.2 | 202.3 | 14.1 | 2.78 | 97 | 0.24 | 0.41 | 6.52 | 31 | 755 |
| BOU-DD23-245<br> 6450N | Main | 198.4 | 206.5 | 8.1 | 0.73 | 122 | 0.02 | 2.32 | 4.68 | 68 | 524 |
| Including | Including | 198.4 | 200.2 | 1.8 | 1.83 | 299 | 0.06 | 4.83 | 13.08 | 269 | 1355 |
| BOU-DD23-248<br> 6450N | Main | 329.5 | 335.4 | 5.9 | 5.94 | 59 | 0.13 | 0.95 | 8.75 | 23 | 1136 |
| BOU-DD23-251<br> 6450N | Main | 345.9 | 355.3 | 9.4 | 2.66 | 32 | 0.04 | 0.21 | 4.39 | 14 | 531 |
| Including | Including | 346.4 | 348.8 | 2.4 | 7.99 | 91 | 0.13 | 0.30 | 15.77 | 19 | 1719 |
| Including | Including | 314.0 | 318.8 | 4.8 | 6.76 | 36 | 0.06 | 0.11 | 0.16 | 0 | 569 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 75

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole** | **Section** | **Zone** | **From** | **To** | **Length\*** | **Au** | **Ag** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq\*\*** |
| **Drill Hole** | **Section** | **Zone** | **(m)** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD23-265 | 8850N | Main | 338.0 | 341.1 | 3.1 | 16.25 | 86 | 0.13 | 0.14 | 0.12 | 0 | 1355 |
| BOU-DD23-265 | 8850N | Para | 366.0 | 374.0 | 8.0 | 4.51 | 58 | 0.23 | 0.20 | 0.32 | 0 | 442 |
| Including | Including | Including | 369.7 | 372.3 | 2.6 | 12.17 | 160 | 0.69 | 0.31 | 0.51 | 0 | 1186 |
| BOU-DD24-284 | 9950N | Imariren | 439.7 | 441.6 | 1.9 | 15.7 | 91 | 0.16 | 0.06 | 0.05 | 4 | 1317 |
| BOU-DD24-306 | 3478100 | Tizi | 314.1 | 317.1 | 3.0 | 11.48 | 89 | 0.24 | 0.15 | 0.78 | 3 | 1021 |
| Including | Including | Including | 314.1 | 315.6 | 1.5 | 20.05 | 133 | 0.37 | 0.20 | 1.37 | 2 | 1755 |
| BOU-DD24-310 | 34777500 | Tizi | 58.0 | 71.7 | 13.7 | 4.90 | 42 | 0.06 | 0.37 | 0.35 | 9 | 445 |
| Including | Including | Including | 58.0 | 59.6 | 1.6 | 23.34 | 148 | 0.20 | 0.41 | 0.50 | 17 | 1988 |
| BOU-DD24-310 | 34777500 | Tizi | 281.4 | 282.4 | 1.0 | 0.08 | 7820 | 0.17 | 5.50 | 1.46 | 7 | 8036 |
| BOU-DD24-329 | East-West | East-West | 142.1 | 144.0 | 1.9 | 0.03 | 1937 | 1.66 | 0.16 | 0.17 | 7 | 2110 |
| BOU-DD24-353 | East-West | East-West | 354.0 | 356.3 | 2.3 | 0.06 | 107 | 0.26 | 4.78 | 36.67 | 5 | 1300 |

---

***Source:*** *Aya press releases dated January 21, 2025*

***Notes:***

*\* All assay values are uncut. All intersections are core lengths, as true width remains undetermined at this stage.*

*\*\*Ag equivalent is based on 100% recovery with the following ratios: 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 g/t Ag; 1% Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/t Ag.* 

**Table 10-3Significant intercepts from the 2025 program**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | **From** | **To** | **Au** | **Ag** | **Length\*** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq\*\*** |
| **DDH No.** | **Section** | **Zone** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(m)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD24-387 | 5000N | Boumadine | 378.3 | 381.0 | 0.37 | 297 | 2.7 | 0.0 | 3.7 | 3.2 | 74 | 497 |
| BOU-DD24-442 | 6425N | Boumadine | 173.7 | 178.3 | 0.20 | 73 | 4.6 | 0.1 | 1.3 | 4.9 | 178 | 248 |
| BOU-DD24-453 | 7025N | Boumadine | 164.4 | 169.6 | 2.68 | 38 | 5.2 | 0.2 | 0.2 | 0.7 | 12 | 284 |
| Including | Including | Including | 164.4 | 168.1 | 3.44 | 45 | 3.7 | 0.2 | 0.1 | 0.2 | 14 | 341 |
| BOU-DD24-465 | 9050N | Boumadine | 128.8 | 139.4 | 0.48 | 81 | 10.6 | 0.0 | 1.3 | 2.0 | 9 | 199 |
| BOU-DD24-472 | 3477600 | Tizi | 125.8 | 128.7 | 3.78 | 29 | 2.9 | 0.1 | 0.7 | 1.8 | 17 | 394 |
| BOU-DD24-473 | 10250N | Boumadine | 282.7 | 288.1 | 1.48 | 54 | 5.4 | 0.1 | 1.1 | 1.7 | 6 | 243 |
| BOU-DD24-474 | 3477600 | Tizi | 48.0 | 52.0 | 2.38 | 37 | 4.0 | 0.0 | 0.6 | 2.5 | 56 | 302 |
| BOU-DD24-475 | 10250N | Boumadine | 359.2 | 369.3 | 0.94 | 50 | 10.1 | 0.1 | 1.0 | 1.4 | 6 | 189 |
| BOU-DD24-475 | 10250N | Boumadine | 405.4 | 407.1 | 5.62 | 257 | 1.7 | 0.4 | 0.3 | 3.5 | 6 | 820 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 76

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | **From** | **To** | **Au** | **Ag** | **Length\*** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq\*\*** |
| **DDH No.** | **Section** | **Zone** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(m)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD24-478 | 3477600 | Tizi | 459.4 | 462.7 | 4.61 | 75 | 3.3 | 0.1 | 0.1 | 0.5 | 11 | 460 |
| BOU-DD24-487 | 9050N | Boumadine | 483.1 | 486.5 | 3.36 | 225 | 3.4 | 0.1 | 0.1 | 0.0 | 2 | 502 |
| BOU-DD25-493 | 9050N | Boumadine | 423.0 | 431.0 | 1.19 | 16 | 8.0 | 0.0 | 0.2 | 1.1 | 3 | 142 |
| BOU-DD25-497 | 9850N | Imariren | 184.6 | 190.8 | 1.93 | 18 | 6.2 | 0.1 | 0.1 | 0.9 | 3 | 201 |
| BOU-DD25-500 | 9050N | Boumadine | 537.0 | 543.6 | 2.41 | 50 | 6.6 | 0.1 | 0.2 | 0.1 | 2 | 255 |
| Including | Including | Including | 540.1 | 543.6 | 3.11 | 60 | 3.5 | 0.1 | 0.2 | 0.1 | 4 | 321 |
| BOU-DD25-501 | 9850N | Imariren | 93.0 | 99.0 | 1.73 | 48 | 6.0 | 0.1 | 0.2 | 0.5 | 16 | 210 |
| Including | Including | Including | 93.6 | 96.0 | 3.78 | 93 | 2.4 | 0.2 | 0.1 | 0.2 | 15 | 413 |
| BOU-DD25-501 | 9850N | Imariren | 192.5 | 200.1 | 1.68 | 7 | 7.6 | 0.1 | 0.0 | 0.0 | 6 | 146 |
| BOU-DD25-502 | 9250N | Boumadine | 161.5 | 169.3 | 0.99 | 26 | 7.8 | 0.1 | 0.4 | 3.0 | 17 | 191 |
| Including | Including | Including | 161.5 | 162.7 | 3.06 | 95 | 1.2 | 0.3 | 1.5 | 15.1 | 10 | 763 |
| BOU-DD25-504 | 10050N | Imariren | 141.0 | 147.6 | 3.69 | 46 | 6.6 | 0.0 | 0.2 | 0.3 | 3 | 349 |
| Including | Including | Including | 141.0 | 142.2 | 10.34 | 37 | 1.2 | 0.0 | 0.1 | 0.1 | 3 | 851 |
| BOU-DD25-506 | 9850N | Boumadine | 297.3 | 302.3 | 3.19 | 48 | 5.0 | 0.1 | 0.1 | 0.1 | 2 | 312 |
| Including | Including | Including | 297.3 | 299.5 | 4.45 | 50 | 2.2 | 0.1 | 0.0 | 0.1 | 2 | 413 |
| BOU-DD25-509 | 10050N | Imariren | 282.1 | 291.4 | 2.18 | 62 | 9.3 | 0.1 | 0.7 | 1.5 | 2 | 296 |
| Including | Including | Including | 289.8 | 291.4 | 7.16 | 215 | 1.6 | 0.5 | 0.2 | 3.2 | 3 | 897 |
| BOU-DD25-511 | 10050N | Imariren | 311.1 | 316.0 | 1.95 | 270 | 4.9 | 0.1 | 0.1 | 0.6 | 8 | 449 |
| BOU-DD25-512 | 10050N | Imariren | 338.0 | 339.0 | 15.86 | 1 | 1.0 | 0.0 | 0.1 | 0.3 | 4 | 1247 |
| BOU-DD25-513 | 9850N | Boumadine | 365.3 | 367.1 | 5.19 | 118 | 1.8 | 0.5 | 0.2 | 1.0 | 2 | 591 |
| BOU-DD25-513 | 9850N | Boumadine | 374.8 | 377.7 | 5.52 | 109 | 2.9 | 0.3 | 0.2 | 5.2 | 4 | 698 |
| BOU-DD25-516 | 9050N | Boumadine | 498.0 | 507.0 | 1.24 | 6 | 9.0 | 0.1 | 0.1 | 0.2 | 2 | 114 |
| BOU-DD25-516 | 9050N | Boumadine | 648.5 | 649.0 | 66.66 | 111 | 0.5 | 0.1 | 1.0 | 1.6 | 6 | 5373 |
| BOU-DD25-544 | 3477200 | Tizi | 31.9 | 44.2 | 0.31 | 60 | 12.3 | 0.0 | 1.1 | 1.9 | 4 | 161 |
| BOU-DD25-547 | 3477200 | Tizi | 117.0 | 126.0 | 0.42 | 80 | 9.0 | 0.0 | 1.8 | 3.6 | 5 | 248 |
| BOU-DD25-550 | 9050N | Boumadine | 54.9 | 59.5 | 1.33 | 101 | 4.6 | 0.0 | 1.1 | 1.6 | 8 | 272 |
| BOU-DD25-572 | 8850N | Boumadine | 351.8 | 364.0 | 2.60 | 23 | 12.2 | 0.1 | 0.1 | 0.0 | 5 | 232 |
| Including | 8850N | Boumadine | 352.6 | 354.8 | 5.28 | 49 | 2.2 | 0.1 | 0.1 | 0.1 | 4 | 473 |
| Including | 8850N | Boumadine | 359.3 | 361.7 | 6.29 | 48 | 2.4 | 0.1 | 0.1 | 0.0 | 7 | 551 |
| BOU-DD25-572 | 8850N | Boumadine | 381.6 | 388.1 | 2.66 | 21 | 6.5 | 0.0 | 0.2 | 0.4 | 9 | 246 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 77

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | **From** | **To** | **Au** | **Ag** | **Length\*** | **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq\*\*** |
| **DDH No.** | **Section** | **Zone** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(m)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| Including | 8850N | Boumadine | 383.0 | 385.0 | 6.49 | 25 | 2.0 | 0.0 | 0.2 | 0.2 | 8 | 544 |
| BOU-DD25-572 | 8850N | Boumadine | 573.0 | 574.8 | 9.77 | 65 | 1.8 | 0.2 | 0.7 | 2.8 | 19 | 929 |
| BOU-DD25-584 | 8750N | Boumadine | 325.7 | 334.7 | 4.04 | 41 | 9.0 | 0.1 | 0.1 | 0.1 | 7 | 369 |
| Including | 8750N | Boumadine | 327.0 | 331.2 | 5.98 | 51 | 4.2 | 0.2 | 0.1 | 0.1 | 8 | 535 |
| BOU-DD25-584 | 8750N | Boumadine | 594.0 | 595.9 | 4.11 | 17 | 1.9 | 0.0 | 0.1 | 0.3 | 3 | 345 |
| BOU-DD25-589 | 8750N | Boumadine | 341.0 | 351.2 | 2.90 | 29 | 10.2 | 0.1 | 0.1 | 0.1 | 11 | 271 |
| Including | 8750N | Boumadine | 345.4 | 348.0 | 7.46 | 71 | 2.6 | 0.4 | 0.1 | 0.1 | 15 | 692 |
| BOU-MP24-015 | 3478300 | Tizi | 475.0 | 476.6 | 0.05 | 774 | 1.6 | 0.1 | 0.1 | 0.1 | 4 | 788 |
| BOU-MP25-026 | 9250N | Boumadine | 238.5 | 243.2 | 0.58 | 36 | 4.7 | 0.1 | 1.3 | 7.2 | 12 | 296 |
| BOU-MP25-028 | 9250N | Boumadine | 392.1 | 396.4 | 3.27 | 19 | 4.3 | 0.1 | 0.1 | 0.3 | 8 | 286 |
| Including | Including | Including | 392.1 | 394.2 | 5.46 | 26 | 2.1 | 0.1 | 0.1 | 0.0 | 10 | 460 |
| BOU-MP25-029 | 9450N | Boumadine | 93.0 | 95.0 | 1.16 | 100 | 2.0 | 0.1 | 7.4 | 4.7 | 53 | 498 |
| BOU-MP25-069 | 8075N | Boumadine | 79.1 | 91.0 | 1.45 | 35 | 11.9 | 0.1 | 0.3 | 1.4 | 18 | 195 |
| BOU-RC25-024 | 7175N | Boumadine | 107.0 | 119.0 | 1.11 | 19 | 12.0 | 0.1 | 0.6 | 1.3 | 15 | 157 |

---

***Source:*** *Aya press releases, 2025*

***Notes:***

*\* All assay values are uncut. All intersections are core lengths, as true width remains undetermined at this stage.*

*\*\*Ag equivalent is based on 100% recovery with the following ratios: 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 g/t Ag; 1% Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/t Ag.* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 78

11.0**SAMPLE PREPARATION, ANALYSIS AND SECURITY**

The following section discusses the sample preparation, analyses and security procedures carried out by Aya

for the Boumadine Property between 2018 and 30 September 2025.

**11.1SAMPLE PREPARATION**

**11.1.1Logging and Sampling**

Logging and sampling of drill core are performed at Aya's onsite logging facility; a large warehouse with

ample space for logging tables and direct vehicular access for drill core box delivery.

Geotechnical personnel align drill core pieces and check for gaps. Devicore BTT is utilized during drilling to

indicate the drill core orientation of the bottom surface of the drill core, and during drill core logging this mark

is continued along the entirety of the drill core, where possible in a straight line. Logging procedure includes

using core orientation to determine the azimuth and dip of each structure encountered (e.g., veins, contacts,

faults). Digital photographs are taken of the drill core (wet and dry) and drill core recovery, RQD, basic

geotechnical information, geological and structural elements are recorded in the drill core logs. Sample

intervals are marked and samples for bulk density determination are also selected. Drill core recovery is

generally good; however, when poor, the samples are shorter and there are small gaps in the sampled drill

core to show where it was lost.

All data are entered using Geotic software and logging is regularly supervised with sign-off on all steps by a

supervisor. When logging is complete, the data are audited in a spreadsheet available to all personnel involved

before being imported into a master file with limited access to select authorized personnel only. Nominal drill

core sample intervals are 1.0m, which are adjusted to respect lithological contacts or abrupt changes in

mineralization, with smaller intervals of 0.5m where needed.

Drill core samples are cut in half lengthwise using a diamond-blade saw. The rock saw operator cuts along

contacts between samples along a line drawn by the logging geologists. One-half of the drill core is placed

into a polyethylene bag with a sample tag, and the remaining half-drill core is carefully returned to its original

position in the drill core boxes. Field duplicates are made by halving the already halved drill core again and

both ¼-drill cores are sent as duplicates to the lab, leaving the remaining ½-drill core archived in the drill core

box. Paper sample tags are stapled to the drill core boxes at the end of the sample intervals. Sample books

were utilized with pre-recorded, unique sequential number tags reserved for QC samples at pre-determined

locations.

**11.1.2Bulk Density Determinations**

Bulk density determination is performed onsite by Aya geologists, with the water immersion method selected

to determine the bulk density of rocks at Boumadine, as there is none to very limited porosity in Boumadine

drill core, this method is judged adequate by the Authors. Bulk density determinations are completed in a

dedicated area, where the equipment is protected from disturbances, such as vibration or drafts, which might

influence balance readings.

Aya's protocol requires the determination of wet (moisture percent) and dry bulk densities of mineralized and

barren samples. Full drill core pieces of ~10 to 15cm are used for the determinations. When this process is

complete, the drill core is cut and one-half returned to the original location in the drill core box, with a piece of

flagging tape stapled to the box to aid with future sample identification.

The equipment is calibrated on a daily basis with 0.5 and 1.0 kg reference materials used for wet and dry

tests, and the balance is calibrated weekly with dry certified weights. The set-up is rudimentary, although

acceptable and the equipment has been upgraded in 2024 .

As discussed in Section 14.4 of this Report, the average bulk density for the constrained sulphide material is

3.72 t/m<sup>3</sup>. For the current Mineral Resource Estimate a bulk density of 2.61 t/m<sup>3</sup> was assigned to oxide and

transitional blocks. For sulphide blocks, the median sulphide bulk density was assigned for each modelled

domain.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 79

**11.1.3Sample Preparation and Analysis**

Samples were prepared by AfriLab at its Boumadine prep-laboratory facility or at its Zgounder prep-lab. A total

of 250 g of pulverized sample material was subsequently submitted for analysis to Afrilab in Marrakech. When

received at the analytical lab, drill core samples are crushed to <2 mm with a passing rate of 85% using a

ROCKLABS jaw crusher. A sieving operation is used to ensure the sample is 85% <2 mm. To control the risk of

contamination, the jaw crusher is cleaned thoroughly between each sample using compressed air and local

barren waste rock.

The crushed sample is subsequently divided using a riffle splitter, in order to have a sub-sample of between

250 to 300 g. The splitter is cleaned thoroughly between each sample using compressed air.

The sub-samples are pulverized using a ROCKLABS pulverizer. Pulverizing performance is targeted to a size of

85% of the sample at <75 μm. One sample in twenty is selected randomly to verify this performance, by wet

sieve test (standard 75 μm sieve).

Ag, Zn, Pb, Cu, Fe, Sn, As and Mo are analyzed by Inductively Coupled Plasma ("ICP") spectrometry after 4-acid

digestion. Gold is analyzed by fire assay method with AAS finish. Silver grades of >200 g/t Ag are further

analyzed by fire assay method with gravimetric finish.

**11.1.4Security – Chain of Custody**

Drill core remains under Aya's control from the drill site, where Company geologists supervise operations, to

the on-site drill core logging facility, where drill core boxes are transported at the end of each shift for logging,

cutting and sampling. When logging and sampling are completed, the plastic drill core trays are stored

outside, on-site and cross-piled within a gated compound that is guarded by a security guard around the clock.

Sample chain of custody is simplified by the presence of the on-site AfriLab preparation laboratory. Prepared

samples are then shipped to the AfriLab facility in Marrakech and tracked through AfriLab's internal

management system.

**11.2QUALITY ASSURANCE/QUALITY CONTROL REVIEW**

Aya implemented and monitored a thorough quality assurance / quality control ("QA/QC" or "QC") program for

the drilling undertaken at the Boumadine Deposit during the 2018 to 2025 period. In addition to the internal QC

protocol implemented at the laboratories, QC protocol at Boumadine included the sequential insertion of

certified reference materials ("CRMs"), blanks and field duplicates into every batch of drill core samples sent

for analysis (each batch contains 25 samples). Samples prepared at the drill core logging facility are

numbered sequentially, such that drill core samples and QC samples are not able to be differentiated by the

laboratory.

QC sample insertion rates are as follows:

• A range of CRMs over varying grades are inserted at a rate of 1 in 25 samples;

• Blank samples are inserted at a rate of 1 in 25 samples to monitor for instrumentation

carry-over and contamination at the laboratory;

• Field duplicate samples were also inserted into the drill core sample stream, but not as systematically

as the CRMs and blanks, at a rate of ~1 in every 50 samples from 2022 to 2025. Prior to this, four field

duplicates only were inserted into three drill holes during 2018 and none were inserted during the 2019

drill program;

• At the end of each month, a selection of 5% of the coarse reject samples is submitted to Afrilab; and

• Check analyses at an umpire laboratory (ALS in Seville, Spain) are carried out on one in every 50

samples, representing ~2% of the global primary laboratory sample flow.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 80

The QA/QC procedures from 2018 to 2024 were previously evaluated by P&E and documented in the May

2024 Mineral Resource Estimate (MRE) report. The author determined that the sample preparation, security,

and analytical procedures for the Boumadine Deposit were satisfactory, and that the data were of high quality,

suitable for inclusion in the current MRE.

The current author has reviewed P&E's findings and agrees with their conclusions. For further reference,

performance graphs from the previous MRE report are provided in Appendix H.

New data from the 2024-2025 period, included in this MRE update, have been reviewed by the current author.

The performance evaluations are detailed in the subsequent sections.

**11.2.1 2024 to 2025 Diamond Drill Hole Programs**

**11.2.1.1Performance of Certified Reference Materials**

A total of 21 different OREAS certified reference materials ("CRMs") were used during the 2024 to 2025 drilling

at the Boumadine Deposit, to monitor accuracy at the lab for gold, silver, lead, zinc and copper. A summary of

CRMs inserted into the drill sample stream and analyzed at AfriLab is outlined in Figure 11-1. All 13 CRMs

were purchased from ORE Research & Exploration Pty Ltd ("ORE") in Australia and the corresponding certified

mean value for each individual CRM is indicated in Table 11-1.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 81

![image60.jpg](image60.jpg)

**Figure 11-1CRM usage at Boumadine 2024 TO 2025** 

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 82

**Table 11-1Summary of Reference Materials used at Boumadine in 2024 to 30 September 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Material** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** |
| **Reference** <br>**Material** | **Au** | **Ag** | **Pb** | **Zn** | **Cu** |
| **Reference** <br>**Material** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** |
| OREAS137 | -- | 25.9 | 0.673 | 4.92 | 0.0246 |
| OREAS138 | -- | 45.2 | 1.23 | 8.19 | 0.0266 |
| OREAS230 | 0.34 | 0.13 | 0.00085 | 0.0098 | 0.0172 |
| OREAS234b | 1.23 | 0.35 | 0.00262 | 0.0143 | 0.0162 |
| OREAS236 | 1.85 | 0.48 | 0.003 | 0.014 | 0.017 |
| OREAS240 | 5.51 | 1.3 | 0.003 | 0.014 | 0.017 |
| OREAS264 | 0.31 | 1.29 | 0.001 | 0.022 | 0.009 |
| OREAS315 | -- | 72.5 | 3.79 | 5.45 | 0.0785 |
| OREAS316 | -- | 103 | 5.02 | 11.16 | 0.161 |
| OREAS317 | -- | 232 | 12.13 | 17.45 | 0.413 |
| OREAS353b | -- | 2184.00 | 59.18 | 3.83 | 0.431 |
| OREAS354 | -- | 98 | 1.58 | 49.77 | 0.1387 |
| OREAS601c | 1 | 50.3 | 0.033 | 0.043 | 0.116 |
| OREAS608b | 1.29 | 15.2 | 0.0377 | 0.0651 | -- |
| OREAS609b | 4.97 | 24.6 | 0.045 | 0.131 | 0.498 |
| OREAS610b | 8.54 | 46.9 | 0.0758 | 0.2187 | 0.92 |
| OREAS611b | 14.38 | 76.1 | 0.097 | 0.2803 | -- |
| OREAS630b | 0.36 | 19 | 0.411 | 1.11 | 0.052 |
| OREAS992b | 15 | 340 | 0.374 | 0.862 | 44.73 |
| OREAS995 | 4.52 | 37.3 | 0.2697 | 1.29 | 22.6 |

---

***Source:*** *This Report*

CRMs were inserted into the analysis stream approximately every 25 samples. Criteria for assessing CRM

performance are based as follows: data falling outside ±3 standard deviations from the accepted mean value,

or two consecutive data points falling between ±2 and ±3 standard deviations on the same side of the mean,

fail. The CRM results are presented in Figure 11-2 to Figure 11-11. The Author of this Technical Report section

considers that the CRMs demonstrate acceptable accuracy in the Boumadine 2024 to 2025 diamond drilling

data and the relatively few failures indicate no material issues with accuracy.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 83

![image2.jpg](image2.jpg)

**Figure 11-2Performance of OREAS CRMs for Au (0.307 to 1.85 g/t data)**

*Source: This Report*

![image39.jpg](image39.jpg)

**Figure 11-3Performance of OREAS CRMs for Au (4.97 to 15 g/t data)**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 84

![image45.jpg](image45.jpg)

**Figure 11-4Performance of OREAS CRMs for Ag (19 to 25.9 g/t data)**

***Source:*** *This Report*

![image53.jpg](image53.jpg)

**Figure 11-5Performance of OREAS CRMs for Ag (50.3 to 340 g/t data)**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 85

![image78.jpg](image78.jpg)

**Figure 11-6Performance of OREAS CRMs for Ag (2184 g/t data)**

***Source:*** *This Report*

![image31.jpg](image31.jpg)

**Figure 11-7Performance of OREAS CRMs for Pb (0.270 to 1.58 % data)**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 86

![image36.jpg](image36.jpg)

**Figure 11-8Performance of OREAS CRMs for Pb (3.79 to 59.18% data)**

*Source: This Report*

![image29.jpg](image29.jpg)

**Figure 11-9Performance of OREAS CRMs for Zn (0.131 to 1.29% data)**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 87

![image57.jpg](image57.jpg)

**Figure 11-10Performance of OREAS CRMs for Zn (4.92 to 49.77% data)**

***Source:*** *This Report*

![image13.jpg](image13.jpg)

**Figure 11-11Performance of OREAS CRMs for Cu (0.116 to 0.92 % data)**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 88

![image50.jpg](image50.jpg)

**Figure 11-12Performance of OREAS CRMs for Cu (22.6 to 44.73%)**

***Source:*** *This Report*

**11.2.1.2Performance of Blanks**

The blank material used by Aya is sourced and prepared from local cobbles of arenite and a variety of barren

sandstone. The blank material is safely stored away from any source of contamination in plastic drums on-

site. Blanks are inserted into the analysis stream approximately every 25 samples. All blank data for gold,

silver, lead, zinc, and copper are graphed (Figure 11-13 to Figure 11-17). If the assayed value in the certificate

was indicated as being less than detection limit, the value was assigned half the value of the detection limit

for data treatment purposes (e.g., <1 = 0.5). An upper tolerance limit of +3 standard deviations from the

calculated mean was set. There were 4,843 data points to examine.

The vast majority of data plotted below the set tolerance limit, with very few data points plotting above the set

tolerance limit. The Author of this Report section does not consider contamination to be an issue with the

2024 to 2025 Boumadine Deposit data.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 89

![image54.jpg](image54.jpg)

**Figure 11-13Performance of Blanks for Au**

***Source:*** *This Report*

![image34.jpg](image34.jpg)

**Figure 11-14 Performance of Blanks for Ag**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 90

![image35.jpg](image35.jpg)

**Figure 11-15Performance of Blanks for Pb**

***Source:*** *This Report*

![image3.jpg](image3.jpg)

**Figure 11-16Performance of Blanks for Zn**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 91

![image55.jpg](image55.jpg)

**Figure 11-17Performance of Blanks for Cu**

***Source:*** *This Report*

**11.2.1.3Performance of Duplicates**

Field duplicate samples were inserted into the drill core sample stream, at a rate of ~1 in every 25 samples

from 2022 to 2025. Prior to this, four field duplicates only were inserted into three drill holes during 2018 and

none were inserted during the 2019 drill program. At the end of each month, a selection of 5% of the coarse

reject samples is also submitted to Afrilab for duplicate analysis and the primary lab also assays pulp

samples for duplicate analysis.

Core duplicate data for gold, silver, copper, lead and zinc were examined by the current Author for the 2024 to

2025 diamond drilling at the Boumadine Deposit. The data were graphed (Figure 11-18 and Figure 11-22) and

found to have acceptable precision.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 92

![image59.jpg](image59.jpg)

**Figure 11-18Performance of Field Duplicates for Au**

***Source:*** *This Report*

![image51.jpg](image51.jpg)

**Figure 11-19Performance of Field Duplicates for Ag**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 93

![image14.jpg](image14.jpg)

**Figure 11-20Performance of Field Duplicates for Pb**

***Source:*** *This Report*

![image21.jpg](image21.jpg)

**Figure 11-21Performance of Field Duplicates for Zn**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 94

![image46.jpg](image46.jpg)

**Figure 11-22Performance of Field Duplicates for Cu**

***Source:*** *This Report*

**11.2.1.4Umpire Sampling**

Aya conducted umpire sampling to verify the integrity of the analytical results produced by AfriLab, the

primary laboratory, for geochemical testing at the Boumadine Deposit. Select pulverized pulp samples were

submitted for check assaying at a secondary laboratory (umpire lab) to validate the original analyses

performed by AfriLab. These check analyses were conducted on one in every 50 samples, representing

approximately 2% of the samples sent for analysis, and were completed at ALS in Seville, Spain.

For the 2024 to 2025 period, a new ALS laboratory opened in Morocco at Aya's Zgounder site. Umpire

samples for Boumadine were sent to this new lab. However, as the facility was only operational by the end of

2024, none of these samples were available for the current study.

P&E, the Author of the 2024 MRE and Technical Report, reviewed the umpire assays for gold and silver for the

Q3 and Q4 2022 drilling, comparing 422 samples. P&E noted some dispersion in the gold results below 2 ppm

and around 8 ppm Au (Figure 11-22), along with a high bias in the reported umpire lab results and an R² value

of 0.891. Increased dispersion below 80 ppm Ag was observed, as expected near the lower detection limit,

while good correlation was seen above these lower grades (Figure 11-23). No significant bias was detected,

with an R² value of 0.964.

The current author verified P&E's observations and work. The current author does not consider the biases

exhibited in the gold data to have a material impact on the current Mineral Resource Estimate, as the primary

laboratory may be under-reporting these results. Overall, the current author considers the data acceptable for

use in the current Mineral Resource Estimate.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 95

![image_62.jpg](image_62.jpg)

**Figure 11-22Umpire Assay Comparison for Au: Afrilab Versus ALS 2022**

***Source:*** *P&E (May 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 96

![image_63.jpg](image_63.jpg)

**Figure 11-23Umpire Assay Comparison for Ag: Afrilab Versus ALS 2022**

***Source:*** *P&E (May 2024)*

**11.3CONCLUSION**

Aya implemented and monitored a thorough QA/QC program for the drilling completed at the Boumadine

Deposit during the 2018 to 2024 period and also completed umpire assaying to confirm sampling and

analyses undertaken during the drilling. Examination of QA/QC results for all recent sampling indicates no

material issues with accuracy, contamination or precision in the data, and the late-2022 check assaying

reviewed by the Author and P&E generally confirms the original data.

It is the opinion of the current Author that sample preparation, security and analytical procedures for the

Boumadine Deposit are adequate and that the data are of good quality and satisfactory for use in the current

Mineral Resource Estimate.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 97

12.0**DATA VERIFICATION**

**12.1DRILL HOLE DATABASE VERIFICATION**

**12.1.1MRE 2025 Assay Verification**

The current authors conducted a verification of the Boumadine Deposit drill hole assay data for silver, gold,

copper, lead, and zinc for the 2024 to 2025 period. Certificates provided by Afrilabs were re-imported into an

Excel template, and assay results were checked against the Geotic database and core photos. Approximately

5% of the certificates were verified by the author, and no errors were encountered during the verification

process.

Assay data from 2018 to 2024 for the Boumadine Deposit were verified independently by P&E in the previous

MRE report (P&E, May 2024). Approximately 15% of the overall data were verified for silver, gold, copper, lead,

zinc, molybdenum and iron. Approximately 89% of the constrained data were verified for gold and

molybdenum and ~16% for silver, copper, iron, lead and zinc. No errors were encountered in the data during

the verification process.

The database verification undertaken by P&E is summarized in Table 12-1.

**Table 12-1Boumadine Database Verification Summary: May 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **All Recent Data**<br>**(N=57,364)** | **All Recent Data**<br>**(N=57,364)** | **Constrained Recent Data**<br>**(N=1,591)** | **Constrained Recent Data**<br>**(N=1,591)** |
| **Element** | **No. Verified** | **% Verified** | **No. Verified** | **% Verified** |
| Au | 8758 | 15.3 | 1415 | 88.9 |
| Mo | 8760 | 15.3 | 1409 | 88.6 |
| Ag | 8566 | 14.9 | 259 | 16.3 |
| Cu | 8566 | 14.9 | 259 | 16.3 |
| Fe | 8566 | 14.9 | 259 | 16.3 |
| Pb | 8566 | 14.9 | 259 | 16.3 |
| Zn | 8566 | 14.9 | 259 | 16.3 |

---

***Source:*** *P&E May 2024*

**12.1.2Drill Hole Data Validation**

The Authors also validated the Mineral Resource database in Leapfrog Geo Seequent by checking for

inconsistencies in analytical units, duplicate entries, interval, length, or distance values less than or equal to

zero, blank or zero-value assay results, out-of-sequence intervals, intervals or distances greater than the

reported drill hole length, inappropriate drill hole collar locations, survey and missing interval and coordinate

fields. A few errors were identified and corrected in the database.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 98

**12.2QP SITE VISIT AND INDEPENDENT SAMPLING**

Throughout 2024 and 2025, the current Authors made several visits to the Boumadine Property.

Mr. Antoine Yassa, P.Geo., of P&E and an independent Qualified Person under the terms of NI 43-101,

completed a site visit to the Boumadine Property from March 12 to 14, 2024 as part of the independent QP

visit for the 2024 MRE. The site visit included the following activities:

• Visiting various surface drilling sites;

• Inspection of onsite drill core logging and drill core storage facilities;

• GPS location verifications along the main mineralized trend from North to South

• Inspection of Afrilab in Marrakesh;

• Review of database, drill hole collar surveying, logging, sampling and QC procedures;

• Technical discussions and;

• Drill core verification sampling.

Mr. Yassa also collected 21 verification drill core samples from seven diamond drill holes. Samples were

selected from holes drilled in 2019, 2022 and 2023. A range of high, medium and low-grade samples were

selected from the stored drill core. Samples were collected by taking a quarter drill core, with the other quarter

drill core remaining in the drill core box. Individual samples were placed in plastic bags with a uniquely

numbered tag, after which all samples were collectively placed in a larger bag. Mr. Yassa delivered the

samples to AfriLab, a certified laboratory in Marrakesh, Morocco for sample preparation and pulp shipment

directly to Actlabs Laboratories in Ancaster, Ontario for analysis. The pulp samples at Actlabs were analyzed

for silver and gold by fire assay with gravimetric finish, and by 4-acid digest with ICP-OES finish for silver,

copper, molybdenum, lead and zinc.

Actlabs is independent of Aya and P&E and runs a Quality System that is accredited to international quality

standards through ISO/IEC 17025:2017 and ISO 9001:2015. The accreditation program includes ongoing

audits, which verify the QA system and all applicable registered test methods.

Results of the Boumadine site visit verification samples are presented in Figures 12-1 to 12-7.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 99

![image_64.jpg](image_64.jpg)

**Figure 12-1Results of March 2024 Ag (ICP) Verification Sampling by P&E**

***Source:*** *P&E (May 2024)*

![image_65.jpg](image_65.jpg)

**Figure 12-2Results of March 2024 Ag (FA) Verification Sampling by P&E**

***Source:*** *P&E (May 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 100

![image_66.jpg](image_66.jpg)

**Figure 12-3Results of March 2024 Au Verification Sampling by P&E**

***Source:*** *P&E (May 2024)*

![image_67.jpg](image_67.jpg)

**Figure 12-4Results of March 2024 Cu Verification Sampling by P&E**

***Source:*** *P&E (May 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 101

![image_68.jpg](image_68.jpg)

**Figure 12-5Results of March 2024 Pb Verification Sampling by P&E**

***Source:*** *P&E (May 2024)*

![image_69.jpg](image_69.jpg)

**Figure 12-6Results of March 2024 Zn Verification Sampling by P&E**

***Source:*** *P&E (May 2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 102

![image_70.jpg](image_70.jpg)

**Figure 12-7Results of March 2024 Mo Verification Sampling by P&E**

***Source:*** *P&E (May 2024)*

**12.3CONCLUSION**

The current Author has verified the Boumadine Deposit data used for the current Mineral Resource Estimate.

This verification included site visits, validation of drill hole assay data from electronic files, and an assessment

of the available QA/QC data.

In March 2024, Mr. Antoine Yassa, P.Geo., of P&E, an independent Qualified Person, performed an

independent due diligence review, site visit, and sampling. The findings indicated a strong correlation between

the assay values in Aya's database and the independent verification samples collected and analyzed by P&E

at Actlabs. It was concluded that the supplied data were suitable for use in a Mineral Resource Estimate.

The current Author concludes that sufficient verification of the project data has been conducted and that the

supplied data are of good quality and appropriate for use in the current Mineral Resource Estimate.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 103

13.0**MINERAL PROCESSING AND METALLURGICAL TESTING**

**13.1INTRODUCTION**

Several testwork programs have been carried out at different laboratories for the Boumadine Project, with the

first pilot test program carried out between 1986-1991 and the latest lab test program completed in 2024.

Tested materials have included historical tailings, fresh rock, and produced pyrite concentrate samples. A

summary of both the historical and recent test programs is provided in Table 13-1.

**Table 13-1Summary of Testwork Programs**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Testwork Program** | **Mineralogy** | **Comminution** | **Gravity** | **Flotation** | **Direct Cyanidation/CIL** | **Chlorination** | **Roast – CIL/Cyanidation** | **POX – CIL/Cyanidation** | **BIOX – CIL/Cyanidation** | **Albion – CIL/Cyanidation** | **MACH Reactor - Cyanidation** |
| SODIM / BRPM SODECAT 1986-1991 (Pilot-scale) |  |  |  | ✓ |  |  |  |  |  |  |  |
| URSTM 2011 (tailings sample) |  |  |  |  | ✓ |  |  |  |  |  |  |
| Nicromet 2013 (tailings sample) |  |  |  |  |  | ✓ |  |  |  |  |  |
| CINF 2017 (tailings sample) |  |  |  |  | ✓ |  | ✓ | ✓ |  |  |  |
| SGS Lakefield 2018 (tailings and fresh rock samples) |  | ✓ |  | ✓ | ✓ |  | ✓ | ✓ |  |  |  |
| SGS Lakefield 2019 (fresh rock sample) | ✓ |  |  | ✓ | ✓ |  |  | ✓ |  | ✓ |  |
| SGS Lakefield 2022 (composited fresh rock sample) | ✓ | ✓ | ✓ | ✓ | ✓ |  | ✓ |  | ✓ | ✓ |  |
| AFRILAB 2023 Sample Campaign (fresh rock) | ✓ |  |  |  |  |  |  |  |  |  |  |
| SGS Lakefield 2023-2024 (composited fresh rock and <br>pyrite concentrate samples)<br>| ✓ |  | ✓ | ✓ |  |  | ✓ | ✓ |  |  |  |
| Mintek 2024 (pyrite concentrate sample) |  |  |  |  | ✓ |  |  |  |  |  | ✓ |
| BGRIMM 2025 (bulk pyrite concentrate sample) | ✓ |  |  |  |  |  | ✓ |  |  |  |  |

---

Details of the historical testwork (1986-2017) can be found in the published Technical Report and Preliminary

Economic Assessment on the Boumadine Project issued on 24 May 2019. Since the results have not been

used in the development of the process design criteria, they will not be further discussed in this report. Details

of the testwork done by Mintek (2024) have also not been provided since the results were not used toward the

development of the process plant design and contained confidential information.

The metallurgical sampling locations for the material tested in the recent programs (2021-present) are shown

by disks in the cross-sectional model renderings shown in Figure 13-1.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 104

![image47.jpg](image47.jpg)

**Figure 13-1Metallurgical Sampling Locations**

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 105

**13.1.1SGS Lakefield Testwork Program – 2018**

In 2018, SGS Lakefield conducted a metallurgical test program on fresh rock and tailings samples from the

Boumadine Project. The fresh rock sample (Sample #1) was screened at 10 mesh and any oversize was

crushed to pass 10 mesh. It was then homogenized and rotary split into the required test charges. A total of

nine tailings samples (Sample #2, 10350, 10351, 10352, 10353, 10358, 10359, 10360 and 10361) were

received, which were also homogenized (individually) and split the required test charges.

The testwork program included:

• Head analysis.

• Grindability testing (for fresh rock sample only).

• Flotation testing.

• Cyanidation testing.

• Roast-CIL testing.

• POX-CIL testing.

**13.1.1.1Head Analysis**

Representative aliquots of each sample were submitted for chemical analysis including whole rock analysis,

ICP scanning, fire assay for Au and Ag, LECO for total sulphur and sulphides, XRF for Pb, Zn, and Cu by, and

comprehensive analysis for other elements by ICP-MS and fire assay / ICP. The results for elements of

interest are shown in Table 13-2.

**Table 13-2Head Analysis of Fresh Rock and Tailings Samples**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Units** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** | **Sample ID** |
| **Element** | **Units** | **Sample #1** | **Sample #2** | **10350** | **10351** | **10352** | **10353** | **10358** | **10359** | **10360** | **10361** |
| S.G. | - | 4.04 | 3.4 | 2.31 | 2.41 | 2.31 | 3.1 | - | - | - | - |
| Fire Assay | Fire Assay | Fire Assay | Fire Assay | Fire Assay | Fire Assay | Fire Assay | Fire Assay | Fire Assay | Fire Assay | Fire Assay | Fire Assay |
| Au | g/t | 4.29 | 3.20 | 1.79 | 1.34 | 1.58 | 2.16 | 1.75 | 2.10 | 3.26 | 2.52 |
| Ag | g/t | - | - | - | - | - | - | 120 | 165 | 201 | 136 |
| LECO | LECO | LECO | LECO | LECO | LECO | LECO | LECO | LECO | LECO | LECO | LECO |
| S | % | 37.0 | 27.8 | 12.4 | 14.9 | 13.0 | 23.3 | 14.4 | 24.1 | 22.8 | 28.7 |
| S= | % | 36.1 | 24.5 | 0.40 | 5.21 | 0.53 | 20.0 | - | - | - | - |
| XRF | XRF | XRF | XRF | XRF | XRF | XRF | XRF | XRF | XRF | XRF | XRF |
| Pb | % | 0.41 | 0.30 | 0.31 | 0.23 | 0.33 | 0.64 | 0.35 | 0.55 | 0.31 | 0.30 |
| Zn | % | 1.34 | 0.098 | 0.77 | 1.00 | 0.68 | 1.03 | 0.60 | 1.19 | 0.21 | 1.12 |
| Cu | % | 0.18 | 0.012 | 0.028 | 0.045 | 0.043 | 0.17 | 0.044 | 0.12 | 0.016 | 0.051 |

---

**13.1.1.2Grindability Testwork**

The fresh rock sample was submitted for the Bond ball mill grindability test performed at 100 mesh of grind.

The Bond ball mill work index (BWi) was determined to be 10.7 kWh/t, falling in the moderately soft range of

SGS's database.

**13.1.1.3Flotation Testwork**

<u>Rougher Kinetic Flotation Testing</u>

Open circuit batch rougher kinetic flotation tests were conducted on the Sample #1 (fresh rock) and Sample

#2 (tailings).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 106

The fresh material sample responded reasonably well to conventional lead / zinc / pyrite flotation process.

Open circuit batch rougher flotation tests on the fresh rock sample resulted in 69.7% recovery of lead to a lead

rougher concentrate at a grade of 7.8% Pb, and 16.7% of the gold also reported to the lead concentrate. The

zinc rougher concentrate graded 36.8% Zn with 81.9% recovery at low mass pull (3.3%). The pyrite rougher

circuit recovered 92% of the sulfur with high mass pull of 68.6%. The pyrite rougher concentrate sulphur grade

was 50.7% and recovered 79.5% of the gold.

For the tailings sample, it was discovered that the pH of the pulped sample was very low following grinding.

The quantity of lime required to raise the pH to 8.5 for flotation was very high and weight loss was observed

during flotation. For the second test on Sample #2 material, the sample was washed, ground, filtered and

washed again prior to flotation. The filtrate and wash solutions were analyzed and showed a high

concentration of iron, indicating the presence of soluble salts which were contributing to the low pH and high

lime consumption. A bulk sulphide flotation was performed on the washed tailings, producing a pyrite rougher

concentrate recovering 99.6% of the sulphides and 91.3% of the gold at grades of 49.3% S and 6.1 g/t Au.

<u>Cleaner Flotation Testing</u>

Open circuit batch cleaner flotation tests were performed on Sample #1. The first test attempted to produce

lead, zinc, and pyrite concentrates. A lead 4<sup>th</sup> cleaner concentrate grading 33.1% Pb was produced with 56.7%

Pb recovery. The zinc 3<sup>rd</sup> cleaner concentrate assayed 51% Zn with 78% Zn recovery. The pyrite rougher

concentrate contained 49.8% S and 3.4 g/t Au with recovery rates of 92.4% S and 73% Au. The pyrite rougher

tails assayed 0.2 g/t Au. Most of the gold losses were in the lead circuit.

A second test was performed without lead flotation. A zinc concentrate was produced grading 46.4% Zn, but

with only 47.6% recovery. The pyrite rougher concentrate assayed 49.8% S and 5.28 g/t Au, with 97.5% S

recovery and 87.5% Au recovery. The gold loss to the zinc circuit was 11%, and the pyrite rougher tails

assayed 0.22 g/t Au. 85.2% of the contained lead reported to the pyrite concentrate.

A third test was performed to produce pyrite concentrate for downstream testing (roast / CIL). A lead rougher

stage was included to reduce the amount of lead in the pyrite concentrate. A zinc concentrate grading 54.2%

Zn was produced with 79.5% Zn recovery. The pyrite concentrate graded 51% S and 5.18 g/t Au with sulphur

recovery at 93.9% and gold recovery at 80.9%. The major gold loss was to the lead rougher concentrate at

15.5%. The pyrite concentrate was submitted for a roast / CIL test.

**13.1.1.4Cyanidation Testwork**

Five cyanide bottle roll tests were completed on tailings samples (Sample #2, 10350, 10351, 10352 and

10353) and two tests on pyrite concentrate samples after fine grinding to <10 microns (μm).

The tailings samples were washed before leaching. Lime and NaCN consumptions were high and further

weight losses occurred during the leaching period. The normalized recoveries (based on residue and direct

head grades) ranged from 25-69%.

The lime and NaCN consumptions for the pyrite concentrate samples were also high, and the overall

normalized recoveries were 38-41%.

Silver recoveries were higher with the overall normalized recoveries ranging between 47-98% for the tailings

samples and 59-73% for the pyrite concentrate samples.

**13.1.1.5Roast-CIL Testwork**

Four roasting tests were completed – two on the obtained flotation concentrate and two on the tailings

composite samples. The tests were conducted as two-stage roasts, in a static muffle furnace for a total of

four hours (two hours per stage). The sample was stirred every 15 minutes during the second stage. All

sulphide sulphur was oxidized during roasting.

Each calcine was subsequently subjected to a standard cyanidation test as CIL, with 2 g/L NaCN, 10 g/L

carbon for 24 hours. The RST-2 calcine (CN-9 feed) was ground in an attrition mill to <10 μm prior to

cyanidation. The CIL testing results are listed in Table 13-3.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 107

Gold extraction from the calcines ranged from 45% to 85%, whereas silver recovery ranged from 5% to 72%.

The poor recovery from the fully oxidized calcine could have been due to the presence of 0.15% to 0.25% lead

in the pyrite concentrates, which was known to cause problems in the roasting process.

**13.1.1.6POX-CIL Testwork**

Seven pressure oxidation (POX) tests were completed on the obtained flotation concentrate and tailings

composite samples. The POX tests were carried out in standard Parr 2 L titanium autoclaves. The pulp

density in the POX tests was dictated by the sulphide sulphur grade in the POX feed and the need to create

autothermal heating conditions. The POX feed was pre-acidulated to pH 1.5 for 30 minutes by addition of

sulphuric acid. After POX, the pulp was filtered, and the solids were washed. POX residues were sub-sampled

for analysis and the remaining residue forwarded for CIL. POX-4 through POX-7 tests evaluated the effect of

Hot Curing (HC) and Lime Boiling (LB) on subsequent lime consumption and silver recovery during CIL. The

POX-CIL results are summarized in Table 13-4.

Gold recovery from the flotation concentration after POX 1 pressure oxidation (POX CIL1) was high, at 97.4%.

However, lime consumption was extremely high at 321 kg/t (POX feed basis). Silver recovery was low at 49%.

The results are related to the chemistry in the pressure oxidation process, with high sulphide feeds tending to

produce significant amounts of basic iron sulphate and silver jarosite. The sulphate ion in basic iron sulphate

does not react with limestone and can only be neutralized with lime. Therefore, copious amounts of lime were

consumed during neutralization of the POX residue prior to and during cyanidation. In addition, it is well

known that silver jarosite is insoluble in cyanide solution. These are well known phenomena in processing of

refractory gold sulphide concentrates by pressure oxidation.

The consumption of lime by the POX 4 residue was reduced significantly to 16.8 kg/t in the POX CIL 4 test, by

employing a Hot Cure stage after pressure oxidation. Silver recovery in this test, however, dropped from 49%

in POX CIL 1 to just 1.2%, indicating that more silver jarosite formed during hot curing.

In the final test on the flotation concentrate, POX CIL 6, the autoclave slurry was first subjected to Hot Curing,

followed by solid-liquid separation and washing of the residue. The washed solids were then subjected to a

Lime Boil stage, which is designed to breakdown the silver jarosite complex. Excess lime is added to the

slurry (generally 100 to 200% stoichiometric excess of the sulphate in the solids), which is then held near

boiling temperature for several hours. The overall lime requirement was 60 kg/t, and recovery of both gold

and silver were high after lime boiling, at approximately 98%.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 108

**Table 13-3Roast-CIL Results**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test ID** | **Feed** | **Temperature °C** | **Temperature °C** | **Sulphide S %** | **Sulphide S %** | **Reagent Addition kg/t** | **Reagent Addition kg/t** | **Reagent** <br>**Consumption kg/t** | **Reagent** <br>**Consumption kg/t** | **CIL Recovery %** | **CIL Recovery %** |
|  |  | **Stage 1** | **Stage 2** | **Stage 1** | **Stage 2** | **NaCN** | **CaO** | **NaCN** | **CaO** | **Au** | **Ag** |
| RST-1 | F7 Pyrite Con | 400 | 700 | 49.6 | <0.05 | 2.82 | 1.16 | 1.02 | 1.16 | 62.5 | 9.1 |
| RST-2 | 240g F7 Pyrite Con +10g Pb Con | 400 | 700 |  |  | 4.17 | 4.29 | 3.91 | 4.27 | 84.8 | 72.5 |
| RST-3 | Oxidized Tailings Comp | 650 | 800 | 8.62 | <0.05 | 2.62 | 1.19 | 1.02 | 1.18 | 68.7 | 7.0 |
| RST-4 | Non-Oxidized Black Tailings Comp | 650 | 800 | 24.3 | <0.05 | 3.39 | 1.54 | 1.54 | 1.52 | 44.8 | 4.7 |

---

**Table 13-4POX-CIL Results**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test ID** | **Feed** | **Product to CIL** | **Lime Boil CaO addition** | **Lime Boil CaO addition** | **Reagents (kg/t of POX feed)** | **Reagents (kg/t of POX feed)** | **Reagents (kg/t of POX feed)** | **Reagents (kg/t of POX feed)** | **CIL Recovery %** | **CIL Recovery %** |
|  |  |  | | | **Added** | **Added** | **Consumed** | **Consumed** | | |
|  |  |  | **kg/t LB feed** | **kg/t POX feed** | **NaCN** | **CaO** | **NaCN** | **CaO** | **Au** | **Ag** |
| POX CIL 1 | F7 Pb Ro Con & F7 Pyrite Con | POX 1 residue | - | - | 7.24 | 320.8 | 3.55 | 320.8 | 97.4 | 49.2 |
| POX CIL 2 | Oxidized Tailings Comp | POX 2 residue | - | - | 1.96 | 93.2 | 1.00 | 93.2 | 87.7 | 12.1 |
| POX CIL 3 | Non-Oxidized Tailings Comp | POX 3 residue | - | - | 2.21 | 73.7 | 0.61 | 73.6 | 95.4 | 3.5 |
| POX CIL 4 | F7 Pb Ro Conc & F7 Pyrite Conc | POX 4 HC residue | - | - | 6.56 | 16.8 | 4.45 | 16.8 | 97.6 | 1.2 |
| POX CIL 5 | Non-Oxidized Tailings Comp | POX 5 HC residue | - | - | 1.49 | 2.4 | 0.37 | 2.2 | 43.7 | 65.7 |
| POX CIL 6 | F7 Pb Ro Conc & F7 Pyrite Conc | POX 6 HC-LB residue | 263 | 59.2 | 2.11 | 0.6 | 0.90 | 0.6 | 98.2 | 97.6 |
| POX CIL 7 | Non-Oxidized Tailings Comp | POX 7 HC-LB residue | 40.1 | 23.8 | 1.39 | 0.4 | 0.25 | 0.3 | 71.6 | 81.4 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 109

**13.1.2SGS Lakefield Testwork Program - 2019**

In 2019, further metallurgical testwork was carried out on the fresh rock sample that was used in previous

2018 program. The sample was stored in the freezer and therefore was considered with the same

characteristics to samples tested in the previous program.

Sequential flotation was carried out on the ground sample to produce a pyrite concentrate for gold recovery

testwork, including baseline cyanidation, POX, and Albion Process™. The Albion Process™, developed by

Xstrata Pty Ltd. (Glencore Technology Pty Limited) is a combination of fine grinding and exothermic oxidative

leaching without the need for pressure treatment or external heating.

Open circuit batch rougher flotation tests resulted in a lead rougher concentrate with a grade of 10.4% Pb at a

recovery of 67.0%, along with 12.9% of the gold and 43.7% of the silver, which also reported to the lead

concentrate of grades of 19.8 g/t and 6,906 g/t, respectively. The zinc rougher concentrate graded 51.1% Zn

at 68.8% recovery with a low mass pull (1.9%). The pyrite rougher circuit recovered 93.9% of the sulphur to the

concentrate, with a high mass pull of 70%.

A full chemical head analysis and a semi-quantitative XRD analysis were conducted on the pyrite concentrate.

The concentrate had a sulphur grade of 51.0% with 4.96 g/t Au and 310 g/t Ag, and the concentrate sample

was found to be composed of 94% pyrite with just over 5% quartz and less than 1% each of arsenopyrite and

chalcopyrite.

A bottle roll cyanidation test was conducted on the pyrite concentrate to serve as a baseline for comparing the

gold recoveries after processing the pyrite concentrate by either the Albion or POX processes. The

concentrate was first attrition-ground (250 g at 50% solids for 30 minutes), resulting in a product D80 of 4.47

µm (determined via Malvern analysis). The CIL conditions were 5.0 g/L NaCN with oxygen sparging at 40%

solids with 15 g/L carbon for 24 hours.

The Albion Process™ testing at SGS Lakefield is accredited by Glencore Technology. The attrition-ground

solids were pulped to 10%, heated to 95 °C and the slurry was first acidified using sulphuric acid to a pH of 4.5

until the pH started to fall naturally. Oxygen was sparged into the pulp at ~1 L/min and alkali addition in the

form of 20% solids limestone slurry (CaCO3) was added via a pH controller to control the pH at 5.5. The test

ran for a period of ~52 hours with constant monitoring of pH, ORP and limestone additions were recorded.

Hot water was added to the pulp throughout the leach to make up for any evaporative losses. The residue

from Albion leaching was then subjected to CIL, under the same conditions as for the baseline test.

With the relatively low level of sulphide oxidation obtained in the first Albion leach test (Neutral Albion-1R), a

repeat test was carried out. In the repeat Albion test (Neutral Albion-1R), the pyrite concentrates leach

residence time was increased from 52 to 72 hours and the oxygen sparging rate was increased from 1 L/min

to 1.7 L/min. Initial acid addition to kick-start oxidation was 2 kg/t lower than in the first test at 21 kg/t H2SO4.

Alkali addition of 1,209 kg/t CaCO3 was almost three times the amount used in the first test (440 kg/t).

Three identical POX tests were conducted, and the products were combined for downstream testing (hot cure,

lime boil and CIL). The pulp was pre-acidulated for 30 minutes at pH 1.5 with sulphuric acid in 2 L titanium

autoclave vessels. After 30 minutes, the autoclave was sealed, pressure tested and heated to target

temperature. The tests were run at 225 °C for 60 minutes, with 690 kPa (~100 psi) of oxygen over pressure

applied. The three POX pulps were combined and heated to 95°C for four hours in a 4 L Pyrex vessel with a lid

and overhead mechanical agitation (Hot Curing process, to re-dissolve basic iron sulphate to ferric sulphate in

solution). The washed hot cure residue was pulped to 10% solids and boiled at 95°C for six hours at a reagent

addition of 35.8 kg/t POX feed (Lime Boiling process, to break down the silver jarosite complex). After six

hours, the pulp was forwarded for CIL testing.

The CIL testing results of the three gold recovery processes are summarized in Table 13-5. The baseline test

had high addition and consumption rates for NaCN and demonstrated good silver recovery at 84%, but poor

recovery of 17%. CIL on the Albion leached product (NA-1, obtained from 52 hours Albion leaching) resulted in

slightly higher gold recovery to 45% with similar silver extraction (85%) as the baseline. The repeated Albion

test (NA-2, 72 hours) resulted in CIL leaching recovery of 81% for gold and 92.3% for silver. It was anticipated

that with further optimization of the Albion conditions, further sulphide oxidation can likely be achieved and

gold extraction from the residue increased even further. Pressure Oxidation of the pyrite concentrate,

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 110

followed by hot curing and lime boiling, provided the best extraction of the three processes – with extractions

of 98% and 96%, respectively.

**Table 13-5CIL Results Summary**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test** | **Reagents (kg/t of CIL feed)** | **Reagents (kg/t of CIL feed)** | **Reagents (kg/t of CIL feed)** | **Reagents (kg/t of CIL feed)** | **Recovery %** | **Recovery %** | **CIL Residue g/t** | **CIL Residue g/t** |
|  | **Added** | **Added** | **Consumed** | **Consumed** | | | | |
|  | **NaCN** | **CaO** | **NaCN** | **CaO** | **Au** | **Ag** | **Au** | **Ag** |
| CIL-1 Baseline | 24.9 | 1.83 | 22.3 | 1.60 | 17.3 | 83.9 | 4.07 | 48 |
| CIL-2 Neutral Albion-1 | 3.85 | 11.7 | 3.52 | 11.6 | 45.4 | 84.8 | 1.65 | 29.4 |
| CIL-4 Neutral Albion-1R | 5.46 | 6.79 | 5.11 | 6.79 | 81.0 | 92.3 | 0.37 | 8.6 |
| CIL-3 POX-HC-LB<sup>\*</sup> | 2.23 | 3.98 | 1.52 | 3.98 | 98.2 | 96.6 | 0.41 | 47.6 |

---

<sup>\*</sup>35.8 kg/t CaO added during LB prior to CIL-3.

**13.1.3SGS Lakefield Testwork Program - 2022**

The 2022 test program by SGS Lakefield was carried out on a composite of 75 samples received from the

Boumadine deposit (called the Main Composite). The samples were crushed, blended and split to portions for

chemical and mineralogy analysis, comminution testing (BWi), and metallurgical testing including:

• Gravity separation.

• Flotation (open circuit and locked cycle).

• Direct CIL cyanidation of pyrite flotation concentrate.

• BIOX-CIL.

• Albion Leach™-CIL.

• Roast-CIL.

**13.1.3.1Head Analysis**

The chemical analysis included gold and silver by fire assay, total organic carbon, total carbon, sulphide

sulphur, mercury, lead, zinc, and a multi-element ICP scan. The results for the elements of significant interest

are shown in Table 13-6.

**Table 13-6Composite Sample Head Analysis**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Au g/t** | **Ag g/t** | **As g/t** | **Cu %** | **S= %** | **Pb %** | **Zn %** |
| Assay | 3.33 | 113 | 834 | 1.94 | 26.5 | 1.00 | 2.25 |

---

**13.1.3.2Mineralogy**

<u>X-Ray Diffraction</u>

The XRD results provided the overall mineral composition of the composite sample as summarized in Table

13-7. Slightly more than 40% of the sample weight were sulphides with the most common being pyrite.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 111

**Table 13-7Composite Sample Mineralogy**

---

| | |
|:---|:---|
| **Mineral** | **% Weight** |
| Quartz | 34.6 |
| Pyrite | 32.6 |
| Muscovite | 17.1 |
| Chlorite | 3.3 |
| Sphalerite | 3.2 |
| Gypsum | 2.9 |
| Arsenopyrite | 2.8 |
| Biotite | 1.7 |
| Galena | 0.9 |
| Chalcopyrite | 0.9 |
| **Total** | **100** |

---

<u>TIMA-X</u>

A portion of the sample was stage-crushed, targeting a P80 of 75 µm but obtaining a true P80 of 220 µm. The

sample was screened into +53 µm and -53 µm fractions. The modal mineralogy, liberation and association

characteristics of sulphides, and gold and silver deportment of the samples were characterized by Tescan

Integrated Mineral Analyzer (TIMA-X) technology using the High-Resolution Mapping method. The results for

both size fractions were combined to represent the composite sample.

<u>Modal Mineralogy</u> 

The sulphides in the composite sample were found to consist of mainly of pyrite (55.5%), sphalerite (4.1%),

arsenopyrite (3.2%), galena (1.4%), and trace amounts of chalcopyrite (0.4%), pyrrhotite (0.1%), and

tetrahedrite (0.06%). The remainder of the sample was found to be composed of quartz (21.7%), micas/

chlorite/clays (10.6%), and trace amounts (<1% each) of other minerals.

A discrepancy was observed between the quartz and pyrite grades obtained by the XRD and TIMA analyses,

which was attributed to potential gravity settling during sample preparation.

<u>Sulphide Liberation and Association</u>

At the grind size P80 of 220 µm, the liberation and mineral association of the key minerals of interest were as

follows:

• A high amount of the contained pyrite was found to be free and liberated (approximately 94%). The

increase of pyrite liberation from the +53 µm to -53 µm size fraction was minimal at 2%.

• Approximately 77% of the contained arsenopyrite was free and liberated. The increase of arsenopyrite

liberation between the +53 μm to -53 μm size fractions was significant at 24%.

• Approximately 78% of the contained sphalerite was free and liberated. The increase of sphalerite

liberation between the +53 μm to -53 μm size fractions was significant at 47%.

• Approximately 65% of the contained galena was free and liberated. The increase of galena liberation

between the +53 μm to -53 μm size fractions was significant at 60%.

• The remainder of the arsenopyrite, sphalerite and galena occurred as complex particles and middlings

with pyrite and quartz / feldspars.

Based on individual particle liberation and grade, mineralogically limited grade-recovery analyses were carried

out to indicate theoretical maximum achievable grade by recovery of the sulphide minerals. The analysis

projected:

• Galena grades between 100% and 58% for recoveries of between 54% and 87%.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 112

• Sphalerite grades between >99% and 63% for recoveries of between 69% and 96%.

• Arsenopyrite grades between >99% and 72% for recoveries of between 56% and 96%.

<u>Gold and Silver Mineralogy</u>

69% of the contained gold in the composite sample was determined to be native gold and 30% was electrum.

The gold grains were generally very fine (<15 µm) with 78% of the gold grains below <3 µm, accounting for

23% of the gold by mass. The gold minerals were poorly liberated, with pure, free and liberated grains

accounting for only 12.4% of the total. Non-liberated grains occurred as middlings with pyrite (45.8%), and

sphalerite (1.8%), and complex particles (40.0%). These phenomena suggested that achieving high gold

concentrations by physical means would be unrealistic, and that leaching extraction would need to follow a

high degree of pyrite oxidation.

Silver was found to be widely distributed as native silver (20%) with the remainder occurring as acanthine,

electrum, tetrahedrite, polybasite, freibergite, jalpaite, native gold, and others. Only 1.6% of the silver minerals

were free, pure and liberated, with the remaining non-liberated particles occurring as middlings with pyrite

(25.8%) and quartz / feldspars (4.1%), and predominantly as complex particles (67.4%).

**13.1.3.3Comminution Testing**

The Main Composite sample was submitted for the Bond ball mill grindability test performed at a 150 mesh of

grind. The measured Bond ball mill work index (BWi) was 15.4 kWh/t, falling in the moderately hard range

when compared to SGS's database.

**13.1.3.4Gravity Separation Testing**

1.8 kg of the Main Composite sample was used for the test feed. The feed was ground in a laboratory rod mill

to a P80 of 78 μm. The mill discharge was passed through a Knelson MD-3 Concentrator, collecting a

concentrate and producing tailings. The Knelson concentrate was further upgraded on a Mozley mineral

separator. The final concentrate represented 0.1% of the feed mass and graded 312 g/t Au and 747 g/t Ag.

The combined Knelson and Mozley tailings assayed 1.55 g/t Au and 117 g/t Ag. The recovery to the final

Mozley concentrate was 19% Au and 0.7% Ag. The results indicated that gravity separation would add little

value to the flowsheet.

**13.1.3.5Flotation Testwork**

Open circuit rougher and cleaner tests were completed on the Main Composite sample, attempting to produce

a saleable lead / gold / silver concentrate and a pyrite concentrate with the maximum amount of gold and

silver, along with a zinc concentrate that would be floated prior to pyrite flotation. Locked cycle testing was

also completed to determine the effect of recirculating middling products, to test the robustness of the

conditions and to produce a pyrite concentrate for downstream testing.

<u>Rougher Flotation Tests</u>

The baseline lead-zinc-pyrite kinetic test was completed at a primary grind P80 of 58 μm. The reagents and

grind size were varied in the subsequent tests. These test conditions produced a lead-gold-silver concentrate

grading 9.39% Pb, 3.47% Zn, 1.60 % As, 30.8% S, 12.4 g/t Au, and 678 g/t Ag in the baseline test. The

concentrate recovered 87% of lead, 32.8% of gold, and 53.9% of Ag. However, 14.8% of the Zn and 13% of the

As also reported to the lead rougher concentrate.

Further tests were conducted with the objective of increasing the grade of the lead-gold-silver concentrate and

a pyrite concentrate containing the remainder of the gold and silver. The tests investigated different reagent

schemes and grind sizes. The main objective of these tests was to reduce the amount of zinc reporting to the

lead concentrate. Various zinc / sulphide depressants, in addition to ZnSO4 and NaCN, were tested, such as

sodium sulphide, sodium sulphite, and sodium metabisulphite. None of these alternatives significantly

reduced the level of zinc in the rougher concentrate. The zinc recovered to the lead concentrates ranged

from14% to 25%. The combined lead + pyrite concentrates all achieved recoveries of greater than 90% gold

and 85-87% silver.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 113

Two flotation tests were performed at finer grind sizes of P80 of 37 μm. The finer grind did not appear to have

any effect on overall grades or recoveries, although reagent additions also differed from the coarser ground

tests.

<u>Bulk Sulphide Flotation Test</u>

A single bulk sulphide flotation test was conducted a neutral pH, producing a concentrate with 1.53% Pb,

3.52% Zn, 1.79% As, 44.1% S, 5.16 g/t Au and 185 g/t Ag. The recovery of all elements was very high (>96%),

but the concentrate mass pull was also very high at 58.7%.

<u>Cleaner Flotation Tests</u>

Four open circuit batch cleaner flotation tests were performed on the Main Composite sample, trialling various

circuit arrangements, grind sizes and flotation reagents conditions. The results showed that adding sodium

cyanide to the lead flotation circuit helped to depress sphalerite and pyrite flotation, decreasing the amount of

zinc in the lead concentrate by 50%. Implementing a zinc regrind helped improve the zinc concentrate grade

slightly but the recovery increased more significantly from 59.7% to 74.8%. Implementing a finer lead grind

produced a higher-grade concentrate with lower zinc content but reduced overall recovery. These trials were

able to achieve sufficient lead recovery and zinc grade but had high grades of gold and silver in the lead

concentrate, lead grades below the saleable target, and low zinc recovery. The results suggested that to

achieve concentrate grades of 50% or more for both lead and zinc, low recoveries would be expected.

<u>Locked Cycle Flotation</u>

A locked cycle test was completed with the goals of assessing overall metallurgical performance with the

incorporation of internal recycles and producing concentrate for downstream testing. The test was

completed over six cycles with 2 kg of feed per cycle. Products were recirculated in a typical counter-current

manner. The lead and zinc first cleaner tailings were advanced to the next circuit roughing stage. The tested

flowsheet, including the recirculation of middling streams, is shown in Figure 13-2.

![image19.jpg](image19.jpg)

**Figure 13-2Locked Cycle Test Flowsheet**

The conditions for the locked cycle test were based on the results from the batch tests, with minor

adjustments in the reagent dosages. The primary grind P80 target was 58 μm, lead regrind D80 was 18 μm, and

zinc regrind D80 was 17 μm. The test conditions are summarized in Table 13-8.

The test generally exhibited satisfactory stability except for zinc, where the stability was lower than the other

elements, suggesting that steady state may not have been achieved in the zinc circuit. The results of the

locked cycle tests based on the out-products from the final 3 cycles are presented in Table 13-9.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 114

**Table 13-8Locked Cycle Test Conditions**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pb Circuit** | **Reagents Dosed (g/t)** | **Reagents Dosed (g/t)** | **Reagents Dosed (g/t)** | **Reagents Dosed (g/t)** | **Reagents Dosed (g/t)** | **Time (min)** | |
| **Pb Circuit** | **Lime** | **Zn(SO4).7H2O** | **NaCN** | **Aero3418A** | **MIBC** | **Grind** | **Cond.** |
| Grind | - | 300 | 100 | 5 | - | 70 |  |
| Pb Rougher 1 | - | - | - | - | 10 |  | 1 |
| Pb Rougher 2 | - | 15 | 5 | 5 | 5 |  | 1 |
| Pb Rougher 3 | - | 15 | 5 | 5 | 5 |  | 1 |
| Pb Regrind | - | 30 | 10 | - | - | 15 |  |
| Pb 1<sup>st</sup> Cleaner | - | - | - | 5 | 5 |  | 1 |
| Pb 1<sup>st</sup> Cl Scav | - | - | - | 2.5 | 5 |  | 1 |
| Pb 2<sup>nd</sup> Cleaner | - | - | - | - | 5 |  | 1 |
| Pb 3<sup>rd</sup> Cleaner | - | - | - | - | 5 |  | 1 |
| **Total** | **0** | **360** | **120** | **22.5** | **40** |  | **7** |
| **Zn Circuit**<br>**(Pb Ro + 1**<sup>st</sup> **Cl Sc Tails)** | **Reagents Dosed (g/t)** | **Reagents Dosed (g/t)** | **Reagents Dosed (g/t)** | **Reagents Dosed (g/t)** | **Time (min)** | **Time (min)** |  |
| **Zn Circuit**<br>**(Pb Ro + 1**<sup>st</sup> **Cl Sc Tails)** | **Lime** | **Cu(SO4).5H2O**<br>**(10% w/w)**<br>| **SIPX**<br>**(1% w/w)**<br>| **MIBC** | **Grind** | **Cond.** | **Froth** |
| Zn Conditioner 1 | 1400 | - | - | - |  | 3 |  |
| Zn Conditioner 2 | - | 225 | - | - |  | 3 |  |
|  | 265 | - | - | - |  | 2 |  |
| Zn Rougher 1 | - | - | 10 | 10 |  | 1 | 1 |
| Zn Rougher 2 | 165 | - | 10 | 7.5 |  | 1 | 2 |
| Zn Regrind | 250 | - | 5 | - | 5 |  |  |
| Zn 1<sup>st</sup> Cleaner | 60 | - | - | 7.5 |  | 1 | 2 |
| Zn 1<sup>st</sup> Cl Scav | - | - | 5 | 7.5 |  | 1 | 1 |
| Zn 2<sup>nd</sup> Cleaner | 50 | - | - | 7.5 |  | 1 | 1.5 |
| Zn 3<sup>rd</sup> Cleaner | 140 | - | 2.5 | 5 |  | 1 | 1.5 |
| **Total** | **930** | **225** | **32.5** | **45** |  | **11** | **9** |
| **Sulphide Circuit**<br>**(Zn Ro + Zn 1**<sup>st</sup> **Cl Tails)** | **Reagents Dosed (g/t)** | **Reagents Dosed (g/t)** | **Reagents Dosed (g/t)** | **Time (min)** | **Time (min)** | **pH** | **Eh** |
| **Sulphide Circuit**<br>**(Zn Ro + Zn 1**<sup>st</sup> **Cl Tails)** | **PAX** | **MIBC** | **H2SO4** | **Cond.** | **Froth** |  |  |
| Sulphide Conditioner | - | - | 1000 | 1 |  | 8.0 | 100 |
| Sulphide Rougher 1 | 100 | 10 | - | 1 | 2 | 8.2 | 75 |
| Sulphide Rougher 2 | 100 | 7.5 | - | 1 | 4 | 8.4 | 50 |
| Sulphide Rougher 3 | 100 | 10 | - | 1 | 8 | 8.5 | 50 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 115

**Table 13-9Locked Cycle Test Results Summary**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Weight %**<br>| **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** |
|  |  | **Cu%**<br>| **Pb%**<br>| **Zn%**<br>| **As%**<br>| **S%**<br>| **Au**<br>**g/t**<br>| **Ag**<br>**g/t**<br>| **Cu** | **Pb** | **Zn** | **As** | **S** | **Au** | **Ag** |
| Pb Conc | 3.0 | 4.81 | 26.7 | 4.35 | 1.67 | 35.0 | 26.6 | 1923 | 75.3 | 84.5 | 7.1 | 4.7 | 4.1 | 26.5 | 53.1 |
| Zn Conc | 2.3 | 0.37 | 0.48 | 58.1 | 0.27 | 32.9 | 1.22 | 166 | 4.3 | 1.2 | 72.0 | 0.6 | 2.9 | 0.9 | 3.5 |
| Pyrite Conc | 54.9 | 0.061 | 0.18 | 0.65 | 1.69 | 42.4 | 3.80 | 78.5 | 17.4 | 10.6 | 19.5 | 86.8 | 89.9 | 69 | 39.6 |
| Pyrite Tails | 39.9 | 0.015 | 0.089 | 0.063 | 0.21 | 2.02 | 0.27 | 10.5 | 3.0 | 3.7 | 1.4 | 7.9 | 3.1 | 3.6 | 3.8 |
| Head (calc) | 100 | 0.19 | 0.95 | 1.83 | 1.07 | 25.9 | 3.02 | 109 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| Head (direct) | - | 0.19 | 1.00 | 2.25 | 0.083 | - | 3.33 | 113 | - | - | - | - | - | - | - |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 116

The following observations were made from the locked cycle test:

• The final lead concentrate had a good lead recovery of 84.5%, but low grade of 26.7% Pb. The main

diluents were copper and zinc.

• The final zinc concentrate grade was good at 58.1% Zn in 2.3% of the total mass, but the recovery was

modest at 72%.

• The pyrite concentrate recovered 69% of the gold, 39.6% of the silver, 89.9% of the S, and 86.8% of the

arsenic, in a high mass pull of 54.9%.

• Gold and silver were mainly recovered to the lead concentrate, with 26.5% of the gold and 53.1% of the

silver reporting to the lead concentrate.

**13.1.3.6Pyrite Concentrate Testing**

The pyrite concentrates from cycles the six were combined and blended, then split into small charges for

direct CIL, Albion, BIOX, and roasting testwork. The P80 size of the concentrate composite was determined to

be 42 µm, and the composition of elements of interest is provided in Table 13-10.

**Table 13-10Pyrite Concentrate Analysis**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Au**<br>**g/t**<br>| **Ag**<br>**g/t**<br>| **Pb%**<br>| **Zn%**<br>| **Fe%**<br>| **As%**<br>| **S%**<br>| **S=%**<br>|
| Assay | 3.83 | 76.2 | 0.27 | 0.45 | 35.8 | 1.72 | 42.8 | 41.4 |

---

<u>Direct CIL Testing</u>

Two cyanidation tests were completed on the pyrite concentrate at two grind sizes: one at the "as received"

grind size of P80 42 μm and the other reground to a D80 of 6.3 μm. The other test conditions were held

constant across both trials. The results of the tests are summarized in Table 13-11.

**Table 13-11Direct CIL Extraction Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test No.** | **P80 µm** | **Reagent Added**<br>**kg/t CN Feed** | **Reagent Added**<br>**kg/t CN Feed** | **Reagent Cons.**<br>**kg/t of CN Feed** | **Reagent Cons.**<br>**kg/t of CN Feed** | **Au Extraction%** | **Ag Extraction%** |
| **Test No.** | **P80 µm** | **NaCN** | **CaO** | **NaCN** | **CaO** | **Au Extraction%** | **Ag Extraction%** |
| CIL 1 | 42 | 20.3 | 4.25 | 4.39 | 3.91 | 9.5 | 36.4 |
| CIL 2 | 6.3 | 28.5 | 15.4 | 14.5 | 15.3 | 22.4 | 80.2 |

---

Gold extraction was improved with fine grinding but was still very low for both trials. Better extractions were

seen for silver, reaching 80% for the finely ground sample. The reagent consumptions were high and increased

significantly with fine grinding.

<u>Albion Testing</u>

Glencore recommended Albion leach parameters that were in line with their standard neutral leach protocol.

The Albion oxidation test conditions and results are summarized in Table 13-12.

**Table 13-12Pyrite Concentrate Albion Testing Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Test No.** | **Retention Time h** | **P80 µm** | **Limestone Addition kg/t** | **Sulphide Oxidation %** |
| NAL-1 | 96 | 6.3 | 1647 | 96.3 |
| NAL-2 | 78 | 10 | 1261 | 74.7 |

---

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Sulphide oxidation was high (96.3%) for the test at the finer grind size P80 of 6.3 μm and longer retention time

but dropped significantly to 74.7% when the grind was coarsened to 10 μm and the retention time decreased

to 78 hours.

The Albion residues were washed before they were subjected to cyanide leaching testing. The CIL test results

are provided in Table 13-13.

**Table 13-13CIL Leaching Results for Albion Residues**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Reagent Added kg/t CN Feed** | **Reagent Added kg/t CN Feed** | **Reagent Cons kg/t of CN Feed** | **Reagent Cons kg/t of CN Feed** | **Au Extraction %** | **Ag Extraction%** |
| **Sample** | **NaCN** | **CaO** | **NaCN** | **CaO** | **Au Extraction %** | **Ag Extraction%** |
| NAL-1 Residue | 7.9 | 2.5 | 3.2 | 2.4 | 94.4 | 94.8 |
| NAL-2 Residue | 8.2 | 3.3 | 2.3 | 3.3 | 84.9 | 91.3 |

---

Gold and silver extractions were greatly improved after the Albion pre-treatment. The test at 6.3 μm grind size

achieved gold and silver extractions of 94.4% and 94.8%, respectively. The gold extraction decreased

significantly with the coarser grind and shorter retention time. Reagent consumptions for both trials were

reduced in comparison with the direct CIL tests.

<u>Bacterial Oxidation (BIOX) Testing</u>

The inoculum build up was performed in preparation of the bioleach tests. For each of the tests, the pyrite

concentrate sample was slurried with the bacteria, with conditions maintained for optimum bacterial activity

(heated to 40°C in an acidic solution, targeting ~10.5% pulp density). After 18, 26, or 35 days, the pulps were

filtered, and the filtrate was collected and measured. A filtrate sample was submitted for analysis and the rest

was retained. The filter cake was repulped with water, agitated and re-filtered. The filter cake was then

washed three times, targeting one displacement volume of water each time a representative subsample of the

washed filter cake was submitted for chemical analysis. The remainder of the filter cake was forwarded to

cyanidation. The bio-oxidation liquor would have to be neutralized prior to disposal, but no neutralization

testwork was conducted at this stage. The results of bio-oxidation are provided in Table 13-14.

**Table 13-14Bio-Oxidation Testing Results**

---

| | | |
|:---|:---|:---|
| **Test No.** | **Days** | **Sulphide Oxidation %** |
| BAT-2 | 18 | 60.6 |
| BAT-3 | 26 | 88.0 |
| BAT-1 | 35 | 92.8 |

---

Sulphide oxidation improved with increased retention time, ranging from 60.6% for the 18-day test to 92.8% for

the 35-day test. It should be noted that a 35-day residence time in a batch test translates to an ~5-day

retention in a continuous process.

The results of CIL on the bio-oxidation residue are provided in Table 13-15.

**Table 13-15Bio-Oxidation Residue CIL Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Test No.** | **Reagent Added kg/t CN** <br>**Feed** | **Reagent Added kg/t CN** <br>**Feed** | **Reagent Cons. kg/t of CN** <br>**Feed)** | **Reagent Cons. kg/t of CN** <br>**Feed)** | **Au** <br>**Extraction %** | **Ag** <br>**Extraction %** |
| **Sample** | **Test No.** | **NaCN** | **CaO** | **NaCN** | **CaO** | **Au** <br>**Extraction %** | **Ag** <br>**Extraction %** |
| BAT-2 Residue | CIL 4 | 17.7 | 9.0 | 7.9 | 8.8 | 75.2 | 75.5 |
| BAT-3 Residue | CIL6 | 15.3 | 11.4 | 8.8 | 11.2 | 82.2 | 40.1 |
| BAT-1 Residue | CIL 7 | 23.6 | 16.2 | 23.4 | 16.2 | 85.1 | 37.0 |

---

The CIL gold extractions improved from 75 to 85% with the longer oxidation period (i.e. higher sulphide

oxidation), however silver extractions decreased drastically. This result is most likely due to jarosite formation

and may be overcome with the inclusion of a lime boil stage.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 118

Reagent consumption in the CIL tests was very high. High cyanide consumption in commercial bacterial

leaching plants is generally associated with the formation of elemental sulphur as an intermediate sulphide

oxidation product in the BIOX process, and the reaction between cyanide and sulphur to produce thiocyanate

ions in solution.

<u>Roast-CIL Testing</u>

Five roasting tests were completed on the pyrite concentrate. The tests were conducted in a static muffle

furnace under various roasting conditions (changing the number of stages, temperature and/or aeration). The

samples were rabbled every 15 minutes. The results are summarized in Table 13-16.

**Table 13-16Roast Testing Results**

---

| | | |
|:---|:---|:---|
| **Test** | **Roast Conditions** | **Sulphide Oxidation %** |
| RST-1 | 1<sup>st</sup> stage 400°C and 2<sup>nd</sup> stage 700°C | 99.9 |
| RST-2 | 1<sup>st</sup> stage 400°C and 2<sup>nd</sup> stage 600°C | 97.6 |
| RST-3 | 1<sup>st</sup> stage 400°C, 2<sup>nd</sup> stage 600°C with 1L/min oxygen, 3<sup>rd</sup> stage 600°C with 2L/min <br>oxygen<br>| 99.8 |
| RST-6 | 1-stage 500°C | 89.3 |
| RST-7 | 1-stage 600°C | 95.1 |

---

The results showed that oxidation improved with more than one roasting stage with higher temperatures.

While oxidation was high with aeration, only one trial was conducted so it is difficult to attribute the results to

aeration versus the longer retention time and temperature.

The roasted product from each trial was then split in half, with one half left as-is, and the other half reground

in a lab attrition mill to a D80 of <10 μm. The calcines were then subjected to standard CIL cyanidation tests.

Results of the CIL tests are provided in Table 13-17.

**Table 13-17Roast Residue CIL Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **P80 µm** | **Reagent Added kg/t** <br>**CN Feed** | **Reagent Added kg/t** <br>**CN Feed** | **Reagent Cons. kg/t of** <br>**CN Feed** | **Reagent Cons. kg/t of** <br>**CN Feed** | **Au Extraction %** | **Ag Extraction %** |
| **Sample** | **P80 µm** | **NaCN** | **CaO** | **NaCN** | **CaO** | **Au Extraction %** | **Ag Extraction %** |
| RST 1 Calcine | 46 | 21.9 | 12.0 | 6.5 | 12.0 | 61.1 | 19.9 |
| RST 1 Calcine | 7.4 | 24.0 | 6.9 | 4.8 | 6.6 | 71.1 | 44.9 |
| RST 2 Calcine | 41.5 | 24.1 | - | 13.3 | - | 55.6 | 65.9 |
| RST 2 Calcine | 6.7 | 31.4 | 12.2 | 12.7 | 12.2 | 65.9 | 60.3 |
| RST 3 Calcine | 44.3 | 27.3 | 8.6 | 10.3 | 8.6 | 59.3 | 32.5 |
| RST 3 Calcine | 7.5 | 27.3 | 5.9 | 5.1 | 5.5 | 66.7 | 51.6 |
| RST 6 Calcine | 51.3 | 29.1 | 34.7 | 13.6 | 34.7 | 52.5 | 51.8 |
| RST 6 Calcine | 8.1 | 37.2 | 14.6 | 22.5 | 14.6 | 63.9 | 61.8 |
| RST 7 Calcine | 36.5 | 30.5 | 13.5 | 13.9 | 13.5 | 56.4 | 29.6 |
| RST 7 Calcine | 5.9 | 26.8 | 9.3 | 11.8 | 9.1 | 66.7 | 50.4 |

---

Gold extraction from the calcines was poor, ranging from 55.6% to 71.1%, whereas silver extraction ranged

from 19.9% to 60.3%. SGS stated that they were uncertain why gold and silver extractions were so poor, even

after near complete oxidation of the sulphides. The formation of an impervious molten phase during the

roasting process was suggested as a possibility.

**13.1.4SGS Testwork Program – 2023-2024**

In 2024, more testing was conducted by SGS on the Main Composite and the pyrite concentrate composite

produced during lock-cycle testing obtained from the previous 2022 program. The main objective of the 2024

program was to investigate methods of separating the arsenopyrite from the pyrite in the sulphide

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 119

concentrate prior to oxidative treatment. The idea was that improving the gold grade and Au:S ratio would

enhance the economics of sulphide oxidation by separating the higher gold grade / lower sulphide grade

arsenopyrite from the pyrite in the pyrite concentrate. By treating the two streams separately, favorable

conditions for each could be discerned to produce a more optimized and economic process. Several methods

were tested, including gravity separation and Jameson Cell flotation.

After none of the tested methods proved suitable, the 2024 program was then re-focused on the pre-oxidation

of the concentrate prior to cyanide leaching. A locked cycle test was completed on the Main Composite to

produce a lead concentrate for mineralogy and a pyrite concentrate for pressure oxidation and roasting. The

oxidative tests were performed to verify the recoveries achieved in previous programs between 2018-2022.

**13.1.4.1Mineralogy Testing**

The pyrite concentrate from the 2022 locked cycle tests had been submitted for chemical analysis at that time

but was submitted for bulk mineralogy analysis as part of the 2024 testwork. The main sulphide in the sample

was pyrite with trace pyrrhotite, followed by minor arsenopyrite, and sphalerite. Quartz and muscovite were

the main silicates. The liberation of Fe-sulphides (pyrite and pyrrhotite) was very good at 98%, and that of

arsenopyrite was 87%. Approximately 7% of the arsenopyrite was associated with Fe-sulphides. The P80 of

Fe-sulphides was 41 μm; that of arsenopyrite was 38 μm.

Eighty-three gold grains were identified, ranging in size from <3 to10 μm. The gold minerals were associated

mainly with pyrite and arsenopyrite and they occurred as poorly exposed attachments (47%) and locked

inclusions (53%) in the sulphides. This indicated that very fine regrinding would be required to liberate or

expose the gold minerals associated with the sulphides. The submicroscopic gold would not be amenable to

cyanidation, while the poorly exposed gold attachments would be theoretically amenable to cyanidation.

D-SIMS analysis of pyrite yielded an average gold concentration of 1.62 ppm, and of arsenopyrite 13.5 ppm.

The total amount of gold (both microscopic and submicroscopic) associated with Fe-sulphides accounted for

63%, arsenopyrite 14%, and both Fe-sulphides and arsenopyrite 18%. More than 95% of the total microscopic

and submicroscopic gold was associated with Fe-sulphides and arsenopyrite. Therefore, recovery of the

sulphides will also yield the maximum recovery of gold.

A total of 474 silver grains were identified, including acanthite (argentite), native silver, Ag-Cu-Sb sulphides /

sulfosalts, and hessite. The silver was not liberated and mainly associated with iron sulphides (83.6%),

arsenopyrite (3.5%), complex particles (10.9%), and with iron sulphides and arsenopyrite (1.8%).

Approximately 17% of the silver minerals occurred as inclusions while the remainder (83%) were variably

exposed. Silver minerals were fine and ranged in size from <3 to 15 µm.

**13.1.4.2Gravity Separation Testing**

Two 91 g aliquots of the pyrite concentrate were used to determine the potential for upgrading the gold and

reducing the arsenic grade using a Mozley Mineral Separator table. One of the aliquots was ground in a lab

attrition mill to a D80 grind size of 7 µm while the other was tested without a regrind. A Mozley concentrate

and three Mozley middling samples, along with the Mozley tailings, were collected, filtered, dried, and assayed

for Au, Ag, and As. The gold and arsenic recovery were calculated, and their relationship was plotted. It was

observed that gold followed the arsenopyrite, indicating no separation of arsenic was achieved.

**13.1.4.3Flotation Testing**

<u>Open Circuit Batch Cleaner Flotation</u>

A 2 kg test charge of the Main Composite was ground in a laboratory rod mill at 60% solids for 70 minutes

obtaining a P80 particle size of 58 µm. The mill discharge was subjected to lead rougher flotation followed by

zinc rougher flotation before producing a pyrite rougher concentrate from the zinc rougher tailings, using

conditions established in the 2022 testwork campaign. The pyrite rougher concentrate was reground to 37

µm in a laboratory rod mill with ceramic media. The reground concentrate was cleaned in three stages and

with a first cleaner scavenger. The flowsheet of the open circuit batch cleaner flotation test is presented in

Figure 13-3.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 120

![image76.jpg](image76.jpg)

**Figure 13-3Cleaner Flotation Flowsheet for Separating Arsenopyrite / Pyrite**

Similar to the gravity separation tests, the Au:S ratio was not improved. While the pyrite 3<sup>rd</sup> cleaner

concentrate gold grade increased from 1.41 g/t Au to 4.34 g/t Au, the sulphur grade increased even more,

from 9.8% to 52.9%. Significant gold losses were observed in the cleaning stages.

<u>Jameson Cell Dilution Test</u>

A bench flotation test was performed to evaluate the potential of a Jameson flotation cell to upgrade gold in a

cleaner application. This test followed the bench dilution test procedures supplied by Glencore Technologies

in which dilute flotation conditions are used to simulate the effects of wash water on the system. A

sequential test was performed to remove the lead and zinc first, then the tailings were used to evaluate the

pyrite cleaner circuit.

The results indicated no benefit to dilution cleaning of the pyrite concentrate, but there was a slight

improvement comparing to cleaner flotation.

<u>Arsenopyrite-Pyrite Separation Testing</u>

A 4 kg test charge of the Main Composite was ground to a P80 of 58 µm in a laboratory rod mill. The mill

discharge was subjected to sequential lead, zinc and pyrite rougher flotation to produce enough pyrite

concentrate for several tests that would investigate separating arsenopyrite from the pyrite. The obtained

pyrite concentrate was split into four equal aliquots for the testwork.

Various reagent combinations were examined during the tests. The most promising results were observed

using a simple combination of lime, copper sulphate and xanthate at a high pH, with 80% of the arsenic

reporting to the concentrate. However, there was no significant improvement in the gold grades in the

concentrate in these tests, and there was a direct correlation between gold and sulphur recoveries with R2

values very close to 1.

<u>Locked Cycle Test</u>

A single 6-cycle locked cycle test was completed to produce pyrite concentrate for POX and roasting tests,

using the same flowsheet as the 2022 locked cycle test. The same test conditions from the 2022 locked-

cycle test were used, including residence times and reagent additions (all conditions are shown in Table 13-7).

The only variance was lime addition, which was added to the zinc circuit as required to maintain the target pH.

The results are summarized in Table 13-18.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 121

**Table 13-18Locked Cycle Test Results Summary**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Weight %** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** |
| **Product** | **Weight %** | **Cu %** | **Pb %** | **Zn %** | **S %** | **Au g/t** | **Ag g/t** | **Cu** | **Pb** | **Zn** | **S** | **Au** | **Ag** |
| Pb Conc | 2.1 | 6.02 | 32.5 | 4.36 | 30.3 | 32.0 | 2244 | 71.4 | 79.4 | 4.9 | 2.4 | 21.0 | 47.7 |
| Zn Conc | 2.6 | 0.41 | 0.80 | 56.6 | 32.6 | 1.35 | 220 | 6.0 | 2.4 | 77.4 | 3.2 | 1.1 | 5.7 |
| Pyrite Conc | 52.1 | 0.07 | 0.22 | 0.59 | 46.2 | 4.61 | 83.5 | 20.2 | 13.3 | 16.2 | 90.0 | 73.7 | 43.2 |
| Pyrite Tails | 43.2 | 0.01 | 0.1 | 0.07 | 2.73 | 0.31 | 7.78 | 2.4 | 4.9 | 1.5 | 4.4 | 4.1 | 3.3 |
| Head (calc) | 100.0 | 0.18 | 0.88 | 1.91 | 26.8 | 3.25 | 101 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| Head (direct) | - | 0.19 | 1.00 | 2.25 | 26.5<sup>\*</sup> | 3.33 | 113 | - | - | - | - | - | - |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 122

The results were similar to results from the previous 2022 program by SGS (shown in Table 13-8), further

validating the test conditions. The gold, silver and sulphur grades and recoveries were slightly higher, and the

gold and sulphur ratios in the pyrite concentrates were essentially the same (0.09 and 0.1, respectively).

With a significant silver grade, the lead concentrate from the third cleaner was submitted for silver mineralogy.

The analysis found that the silver was fine-grained with most particles in tetrahedrite form, ranging widely

from 0.6 to 31% w/w Ag.

**13.1.4.4Pyrite Oxidative Treatment Testing**

To verify the previous test results, one roast test and one POX test were conducted on the locked-cycle pyrite

concentrate samples.

<u>Roast-CIL Testing</u>

A total of 500 g of concentrate was roasted in two 250 g batches as a two-stage roasting process, in a static

muffle furnace. Each stage was two hours, and the sample was rabbled every 15 minutes. The first stage was

conducted at 400°C and the second was at 700°C. Neither stage was aerated. Both batches were able to

achieve sulphide oxidation of 99.9%.

After the roast, the two calcines were blended and split in half. One half was left as-is and the other half was

reground in a lab attrition mill to a D80 particle size of 4 µm. The calcines were then subjected to a standard

cyanidation / CIL test. The results are summarized in Table 13-19.

**Table 13-19Roast Residue CIL Results**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **P80 µ** | **Test** <br>**No.** | **Reagent Added kg/t** <br>**CN Feed** | **Reagent Added kg/t** <br>**CN Feed** | **Reagent Cons. kg/t of** <br>**CN Feed** | **Reagent Cons. kg/t of** <br>**CN Feed** | **Au** <br>**Extraction %** | **Ag** <br>**Extraction %** |
| **Sample** | **P80 µ** | **Test** <br>**No.** | **NaCN** | **CaO** | **NaCN** | **CaO** | **Au** <br>**Extraction %** | **Ag** <br>**Extraction %** |
| Roast Calcine | 49 | CIL 2 | 5.84 | 5.97 | 0.62 | 5.97 | 73.0 | 11.3 |
| Roast Calcine | 4 | CIL 3 | 7.6 | 5.39 | 2.81 | 5.39 | 80.4 | 30.2 |

---

Gold recovery was 80% from the finely ground calcine by CIL and 73% from the as-received calcine. Silver

recoveries were lower at 11.3% and 30.2% for the coarse and fine sizes, respectively. The comparative test

from the previous program achieved a gold recovery of 71.1% and silver recovery of 44.9% after grinding to 7.4

µm (shown in Table 13-16).

It was also observed that the addition and consumption of NaCN and CaO for the program were significantly

lower than the previous program (results shown in Table 13.2.16). There was no explanation on this

discrepancy in the SGS report and requires further investigation. The lesser quantity of reagent added and

consumed could have led to the significant drop of silver recoveries observed in the 2024 test program.

<u>POX-HC-LB-CIL Testing</u>

Due to the high sulphide content in the feed, the POX test was conducted at 8% w/w pulp density in DI water to

simulate autothermal heating conditions in the autoclave. The pulp was pre-acidulated for 30 minutes at a pH

of 1.5, and then it was sealed and heated to the target temperature of 225°C. The test was run for 690 kPa of

oxygen over-pressure applied.

After the pressure oxidation test, the pulp was subjected to hot curing to re-dissolve the basic iron sulphate to

reduce the lime consumption in the subsequent CIL step. The hot curing process involved heating the pulp to

95°C for four hours in the autoclave. An 80% weight loss was observed when the iron sulphates were re-

dissolved, upgrading the gold and silver grades to 19.5 g/t and 430 kg/t, respectively. 96.5% of the sulphur

was oxidized during the POX step.

After the hot cure, lime boiling was conducted to break down the silver jarosite formed during POX, since it is

refractory to cyanidation. The washed hot cure residue was pulped to 10% w/w solids and boiled at 95°C for 6

hours with 294 kg/t feed of CaO added, relative to the lime boil feed (46 kg/t based on the POX feed). The

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 123

lime addition rate was based on the estimated sulphate concentration of the hot cure residue. Following the

lime boil, the pulp was sent to CIL testing.

CIL testing of the POX-HC-LB pulp resulted in extractions of 96.9% Au and 93.4% Ag. These results compared

well with the previous test program results, through which 98.2% of the contained gold and 96.6% of the

contained silver were extracted (results shown in Table 13-4).

**13.1.5AFRILAB 2023 Sample Campaign**

The African Laboratory for Mining and Environment (AFRILAB) assayed 117 samples to determine the total

sulfur content in each. Silver, zinc, lead, and iron content were determined by XRF analysis on drill cores

logged by the exploration team. The results of the 2023 Sample Campaign were used to produce a sulphur

content model based on elemental compositions and mineralogical associations. The multi-linear regression

analysis indicated a strong correlation (R² = 0.98) between the calculated values and the actual laboratory test

results, demonstrating the development of a valid relationship between the metal elements' content and the

total sulfur content. The equation and graph representing this correlation are shown in Equation 13.2.1 and

Figure 13-4, respectively.

![image61.jpg](image61.jpg)

![image5.jpg](image5.jpg)

**Figure 13-4Correlation Between Analyzed and Calculated Sulphur Content** 

**13.1.6BGRIMM 2025 Testwork Program**

In 2025 BGRIMM was contracted to perform further testwork on SGS produced samples with the primary

tasks included conducting fundamental test analyses of the sample and performing experimental studies on

processes such as roasting and cyanidation for gold leaching of the pyrite concentrate. The objective was to

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 124

determine the optimal process conditions and parameters for the main flowsheet, thereby achieving the

highest leaching recovery rates for gold and silver under the best process conditions.

SGS prepared the BGRIMM sample utilising the test conditions identified in the 2022 and 2023 locked cycle

tests. It should be noted the bulk flotation conditions were open circuit resulting in slightly lower gold and

silver in the pyrite concentrate than would be expected.

**Table 13-20SGS Bulk Flotation Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Assays, %, g/t** | **Assays, %, g/t** | **Assays, %, g/t** | **Assays, %, g/t** | **Assays, %, g/t** | **Assays, %, g/t** | **Assays, %, g/t** |
| **Product** | **Pb** | **Zn** | **Fe** | **As** | **S=** | **Au** | **Ag** |
| Pb Ro Conc | 9.57 | 5.33 | 27.4 | 2.68 | 33.6 | 15.5 | 711 |
| Zn Ro Conc | 0.56 | 29.1 | 10.8 | 0.95 | 30 | 2.17 | 128 |
| Py Ro Conc | 0.28 | 0.23 | 40.9 | 1.8 | 44.4 | 4.1 | 46.6 |
| Pyrite Rougher Tails | 0.06 | 0.07 | 2.54 | 0.091 | 1.16 | 0.19 | 7.9 |
| Head (calc.) | 0.88 | 1.86 | 19.2 | 0.97 | 21.1 | 2.9 | 81 |
| Head (direct) | 0.88 | 2.45 | 19.7 | 1.03 | 22.5 | 4.11 | 96 |

---

**13.1.6.1Feed Sample Properties**

BGRIMM received 60 kg of the bulk pyrite concentrate, measuring a d(0.9) particle size of 77.53 µm, true

density of 4491.2 kg/m<sup>3</sup>, and elemental analysis provided in Table 13-21.

**Table 13-21Elemental Analysis Results of Pyrite Concentrate (%)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Au(g/t)** | **Ag(g/t)** | **As** | **Fe** | **S** | **C** | **Si** | **Al** | **Mg** | **Sb** |
| Content | 3.96 | 80.10 | 1.86 | 37.95 | 45.64 | 0.044 | 3.24 | 0.65 | 0.067 | 0.021 |
| **Element** | **Pb** | **Ca** | **Cd** | **Bi** | **Ti** | **Bi** | **Zn** | **Mn** | **Cu** | **Sn** |
| Content | 0.22 | 0.082 | 0.021 | 0.007 | 0.017 | 0.007 | 0.24 | 0.0086 | 0.063 | 0.011 |

---

X-ray diffraction analysis indicated the received sampled primarily contains pyrite as the dominant mineral

phase with a minor presence of a mica mineral phase, while chemical phase analysis of gold indicated that

the majority of gold is encapsulated with ~15% of the gold exposed.

**13.1.6.2Roasting Condition Testing**

<u>Single Stage Roasting Condition Test</u>

To investigate the roasting behavior of this pyrite concentrate and determine the optimal single-stage roasting

temperature, single-stage roasting temperature experiments were conducted at temperatures ranging from

500 - 950℃ under a strongly oxidizing atmosphere to ensure complete reaction at each temperature.

The primary objective of roasting under a strongly oxidizing atmosphere is to remove sulfur (S). Experimental

results indicate that as the roasting temperature increases, the calcine yield gradually declines, the arsenic

(As) removal rate initially decreases and then rises, while the sulfur (S) removal rate generally exhibits an

upward trend.

As the temperature increases, the Pb volatilization rate rises. When the roasting temperature exceeds 650℃,

the Pb volatilization rate from the material accelerates significantly. Pb vapor tends to cause clogging and

corrosion of equipment pipelines. Moreover, Pb volatilization may entrain fine gold particles into the flue gas,

resulting in gold losses. Therefore, the roasting temperature should be maintained below 650℃.

Each roasting product was grinded and further subjected to 48 h leach tests at 33% w/w pulp density and 6

kg/t NaCN with the results indicated in Figure 13-5.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 125

![image40.jpg](image40.jpg)

**Figure 13-5Au and Ag Leach Rates at Different Roasting Temperatures**

As the temperature gradually increases, the Au leaching rate first rises and then declines, reaching a

maximum of ~56% at approximately 630℃. In contrast, the Ag leaching rate decreases progressively with

increasing temperature, peaking at ~48% at 500℃. Based on this evaluation, the optimal single stage roasting

temperature for this pyrite concentrate is determined to be 630℃.

<u>Two Stage Roasting Condition Test</u>

Building on the single stage roasting test, a two-stage roasting temperature condition tests were conducted

under varying first stage calcination temperatures (450-630 ⁰C), with the first stage using a weakly oxidizing

atmosphere and the second stage a strongly oxidizing atmosphere. Each roasting step was performed for 2

hours.

The experimental results indicate that when the second-stage calcination temperature is fixed at 630℃,

variations in the first-stage calcination temperature have minimal impact on calcine yield, desulfurization rate,

and deleading rate. The calcine yield remains stable between 70%~71%, while the desulfurization rate

consistently stays around 99.5%. However, the first-stage calcination temperature significantly affects arsenic

(As) removal efficiency. The arsenic removal rate initially increases and then decreases with rising

temperature, reaching a maximum of 86.34% at a calcination temperature of 580℃.

Leaching was performed on the two stage roasted product at the same conditions used for the single stage

roast products. The experimental results demonstrate that when the first stage calcination temperature is set

at 530℃, the leaching rate of gold (Au) reaches its highest value of ~63%, while the silver (Ag) leaching rate

under these conditions is ~46%. After comprehensive evaluation, the calcination method for this concentrate

was determined to be a two-stage process at 530-630℃.

<u>Roasting Time Condition Test</u>

Under the optimal two stage roasting temperature conditions, the roasting time for each stage was set in 30

min increments from 30 min to 3 hours. According to the test results, as the roasting duration increases, the

calcine yield gradually decreases, while the removal rates of As and S generally show an upward trend. When

the roasting time exceeds 2hours, the sulfur content in the calcine essentially ceases to decrease. When the

roasting time exceeds 2.5hours, the arsenic removal rate no longer shows significant improvement.

Utilizing the same leaching conditions the test results indicated, as the roasting time increases, the leaching

rates of gold and silver gradually rise. When the total time of the two stage roasting exceeds 2.5 hours, the

leaching rates of Au and Ag from the calcine basically stop increasing. Therefore, the optimal roasting time

for each stage is determined to be 2.5 hours.

<u>Sodium Roasting Exploratory Test</u>

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 126

"Sodium roasting" is an important technology in mineral processing and metallurgical pretreatment. Its core

idea is: at high temperatures (usually in the range of 500-1000℃), sodium salts are added to mineral raw

materials, causing them to chemically react with the target components or impurities in the raw materials.

This changes the chemical form or physical properties of the target components, making them easier for

subsequent leaching, separation, or purification. "Sodium roasting" also plays a certain role in the oxidative

pretreatment of some refractory gold ores (encapsulated in sulfides, arsenides, or silicates).

Three samplers were roasting, a no additive control sample, one with sodium carbonate, and one with sodium

hydroxide at the two stage roasting conditions already determined. The results indicate that the addition of

sodium salts leads to an increase in calcine yield but a decrease in the removal rates of harmful elements.

Leaching of the products indicate that soda roasting does not improve the gold leaching rate but significantly

enhances the silver leaching. However, the high content of harmful elements in the iron concentrate after soda

roasting compromises its quality. Consequently, the addition of sodium salts for roasting is not

recommended.

<u>Hydrated Lime Roasting Exploratory Test</u>

Addition of 6 g of Ca(OH)2 with 100 g pyrite concentrate sample and utilizing the optimum roasting, acid-, and

cyanide leaching conditions resulted in reduction of sulfur and arsenic removal rate as well as a reduction of

~12% gold extraction rate and ~14% silver extraction rate. Roasting with hydrated lime is not recommended at

this stage.

**13.1.6.3Cyanidation Pre-Treatment Testing**

A large quantity of calcine was produced under optimal roasting conditions (530 ⁰C for 2.5 hours, and 630 ⁰C

for 2.5 hours) for subsequent experiments achieving an average calcine yield rate of 69.7%.

<u>Leach vs CIL Testing</u>

Test conditions were grinding to P90 30µm, 33%w/w solids, pH 11, 6kg/t NaCN at 48 hour leaching, with and

without 20 g/L activated carbon.

The results show either leaching method is suitable for this material, with similar extraction raters for with and

without activated carbon addition.

<u>Grind Sensitivity Testing</u>

The same leaching conditions were used but the grind size was varied from P90 0.3-4µm. The results indicated

that the material had to be ground to below 1µm to see some improvement in gold recovery with no difference

in silver recovery. The energy requirements and material handling would be cost prohibitive to explore further

at industrial scale.

<u>Cyanidation Pre-Treatment Testing</u>

Utilizing the established leaching conditions in the leach vs CIL testing, four pre-treatments methods were

tested to establish the effect on the final leach rates, namely:

1. Roasting – Cyanidation

2. Roasting – Water Quenching – Cyanidation

3. Roasting – Acid Leaching – Cyanidation

4. Roasting – Water Quenching – Acid Leaching – Cyanidation

Roasting conditions were the established optimum, and leaching conditions were pH of 1, liquid-to-solid ration

of 4, at 90 ⁰C for 4 hours. Results are shown in Table 13-22.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 127

**Table 13-22Cyanidation Pre-Treatment Evaluation**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **No** | **Calcine** <br>**Yield（%）** | **Acid** <br>**Leaching** <br>**Residue** <br>**Rate（%）** | **Gold Grade（g/t）** | **Gold Grade（g/t）** | **Gold** <br>**Leaching** <br>**Rate**<br>**（%）** | **Silver Grade（g/t）** | **Silver Grade（g/t）** | **Silver** <br>**Leaching** <br>**Rate**<br>**（%）** |
| **No** | **Calcine** <br>**Yield（%）** | **Acid** <br>**Leaching** <br>**Residue** <br>**Rate（%）** | **Raw** <br>**Material**<br>| **Cyanidation** <br>**Residue**<br>| **Gold** <br>**Leaching** <br>**Rate**<br>**（%）** | **Raw** <br>**Material**<br>| **Cyanidation** <br>**Residue**<br>| **Silver** <br>**Leaching** <br>**Rate**<br>**（%）** |
| 1 | 69.73 | - | 3.96 | 1.98 | 65.14 | 80.10 | 58.10 | 49.42 |
| 2 | 69.73 | - | 3.96 | 1.88 | 66.90 | 80.10 | 59.60 | 48.12 |
| 3 | 69.73 | 95.34 | 3.96 | 1.82 | 69.45 | 80.10 | 43.00 | 64.31 |
| 4 | 69.73 | 94.08 | 3.96 | 1.72 | 71.51 | 80.10 | 43.90 | 64.05 |

---

Water quenching improves gold recovery by ~1% and acid leaching improves gold and silver recovery by ~5%

and ~15% respectively. It is recommended to adopt the roasting-water quenching-acid leaching-cyanidation

process for the pretreatment of pyrite concentrate.

**13.1.6.4Acid Leaching Condition Testing**

<u>Liquid-to-Solid Ratio Testing</u>

The liquid-to-solid ratio during acid leaching is one of the critical factors governing the effectiveness of both

acid leaching and subsequent cyanidation leaching processes. If the liquid-to-solid ratio is too low, the fluidity

of the acid solution becomes poor, potentially leading to insufficient contact between the acid and the slurry,

incomplete reactions, and low impurity removal efficiency. Conversely, if the liquid-to-solid ratio is too high,

excessive acid solution may be used, increasing the costs associated with subsequent filtration and waste

acid treatment. Therefore, it is necessary to determine the optimal acid leaching liquid-to-solid ratio

experimentally.

Test conditions for leaching were pH 1 with sulfuric acid, 90 ⁰C, 4 hour acid leach time with varying L/S ratios

(4:1, 5:1, 6:1, and 7:1), followed by the established cyanide leaching conditions. Based on the test results a L/S

ratio of 6:1 is recommended for acid leaching.

<u>Temperature Condition Testing</u>

Maintaining the previous acid leaching (with L/S ratio of 6:1) and cyanidation leaching test conditions and

varying the acid leach temperature from 60 – 90 ⁰C in 10 ⁰C increments, indicated that the gold and silver

leach extraction gradually increase with increasing acid leaching temperature. By increase the temperature

from 60 to 90 ⁰C the gold and silver leach rate increased by ~2% respectively.

<u>Leach Time Testing</u>

Maintaining the previous acid leaching (with 90 ⁰C Temperature) and cyanidation leaching test conditions and

varying acid leach time from 1 to 5 hours in 1 hours increments, indicated that the gold and silver leach

extraction increase by ~2% respectively from 1 to 3 hours with no further improvement beyond that.

**13.1.6.5Cyanidation Condition Testing**

A Bulk sample at the optimum roasting and acid leaching conditions were prepared.

<u>Grind Optimization Testing</u>

Cyanidation leach conditions were set at pH 11 with lime, 6 kg/t NaCN, 33%w/w pulp density, 48 hour leach

time and varying the grind from unground (P90 80µm) to P90 38, 22, 17, and 15 µm. The gold extraction

increased by ~3% between unground to P90 38µm with no further improvement in the finer grinds and the

grind had no effect on the silver extraction rate.

<u>Cyanide Dosing Optimization Testing</u>

Cyanidation leach conditions were set at previous conditions (with P90 at 38 µm) and varying the cyanide

dosage rate between 1 to 5 kg/t in 1kg/t increments. Gold extraction was found to improve by ~2% from 1 to

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 128

3 kg/t NaCN with no further improvement at higher dosages and silver had a marginal increase in extraction

rate from 1 to 2 kg/t NaCN with no increase beyond that.

<u>Leach Time Optimization Testing</u>

Cyanidation leach conditions were set at previous conditions (with 3 kg/t NaCN dosage rate) and varying the

leach time from 12 to 48 hours in 12 hour increments. The optimum leach time was determined as 36 hours

with ~72% gold dissolution and ~64% silver dissolution.

**13.1.6.6Verification Testing**

Four tests were performed at the selected optimum conditions, and the repeatability of the results were

confirmed.

From the results of the fluidized bed roasting test, in the small-scale fluidized bed roaster, the average calcine

yield is 69.27%, the average removal rate of Pb is 11.83%, the average removal rate of S is 99.60%, and the

average removal rate of As is 84.08%. The calcine yield and the removal rates of harmful elements are close

to those of the muffle furnace roasting results.

From the cyanidation results, after the calcine roasted in the fluidized bed roaster undergoes water quenching,

acid leaching, grinding and cyanidation, the average cyanide leaching rate of gold is 72.11% and that of silver

is 63.48%, which are consistent with the results of muffle furnace roasting.

**13.1.7Hazen 2025 Testwork Program**

In 2025 Hazen Research Inc. was contracted to perform roast leach extraction testwork to recover gold and

silver from pyrite flotation concentrate with a summary below extracted from the ongoing testwork campaign.

Hazen has trialed varying temperatures, roasting gas compositions, additives, and additional grinding prior to

leaching. The testwork campaign is still ongoing with gold recoveries ranging from 53 to 80% and silver

recoveries ranging from 25 to 86%, preliminary observations as follow:

• Reducing roast with nitrogen feed gas did not improve metal recoveries.

• 6% Lime addition improved silver recovery by 23.5%.

• Increasing roasting temperature (600 to 800 ⁰C) reduced gold and silver recoveries by ~50% and ~40%

respectively. Sintering of the material is expected to be the cause of the sharp decrease in recoveries

with 600 to 650 ⁰C was chosen for follow on tests.

• Sodium hydroxide shows no improvement over lime with plugging observed and agglomerates formed

in the calcine product.

• Crushing of the calcine (12 minutes in a ring and puck mill) prior to leaching provided inconsistent

results with questionable PSD measurements of the material.

• Gold and silver balances were overall poor, 77 to 125% and 69 to 111% respectively, likely due to the

"nugget" effect.

**13.2RESULTS INTERPRETATION AND CONCLUSIONS**

This section describes how the results presented in Section 13.2 have been interpreted and used in the

development of the process design criteria. At the time that the process design criteria were being developed,

only preliminary results from the SGS 2022 and SGS 2024 locked-cycle testing campaigns were available, so

these results were used with the intention that future testwork results would be confirmatory. The criteria

developed from these results are outlined in Table 17-1 in Chapter 17. Orway Mineral Consultants, a

subsidiary of Lycopodium, provided the design for the comminution circuit.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 129

**13.2.1Mineralogy / Metallurgy**

The head grades used in the process plant design were the calculated head grades from the 2022 locked

cycle tests flotation tests conducted by SGS (detailed in Section 13.2.4). The selection of these grades allows

for complete metallurgical accounting and direct alignment with reagents consumed during testwork and the

recoveries observed.

**13.2.2Comminution Design**

OMC used its testwork database to infer missing data and to recommend further testwork for subsequent

studies. While both BWi values from testwork fell outside the database range for other similar resources in

the area, the average BWi fell at the 81<sup>st</sup> percentile of the range, aligning well with OMC's typical strategy of

designing to the 85<sup>th</sup> percentile hardness. As such, the average of both test results was used in the

comminution circuit design (13.1 kWh/t). The remainder of the comminution circuit design criteria were

estimated from OMC's database.

**13.2.3Flotation Circuit Design**

The conditions tested during the 2022 and 2024 SGS locked cycle testing campaigns were used as the basis

for the concentrate recovery circuit design, since the testing incorporated recycles at steady state and

produced concentrates of acceptable grade and recovery (detailed in Section 13.1.3.5 and Section 13.1.4.3

respectively). Using locked cycle data provides a higher design certainty since it more closely represents

plant operation by the incorporation of recycles and since it validates the process conditions at steady state.

The design criteria derived from the 2022 and 2024 locked cycle testing includes:

• General circuit design (i.e. orientation, number of stages, implementation of regrinding).

• Reagent addition.

• Concentrate mass pulls, grades and recoveries.

• Residence times.

The flotation recoveries for the various metals were applied to the head grades from the mine plan to estimate

annual concentrate productions. The lead, zinc and sulphur grades from the locked-cycle tests were used to

determine the production rates of lead, zinc and pyrite concentrates, respectively. The gold and silver grades

of each concentrate was then calculated using the recovery of the metals to each concentrate, based on the

locked-cycle tests.

**13.2.4Pyrite Concentrate Production**

The correlation developed between the total sulphur and metals' content in the drill core samples (Equation

13.2.1, described in Section 13.1.5) was used to develop a model to estimate the life of mine pyrite

concentrate produced, assuming constant concentrate grades and recoveries based on SGS locked cycle

testing (2022 and 2024). This model was applied to the project financial model to estimate pyrite concentrate

production based on the mine plan. The details of the financial model are further discussed in Chapter 22.

**13.2.5Pyrite Concentrate Treatment**

Throughout recent testwork campaigns, several methods of oxidizing and leaching the pyrite concentrate

were trialled to achieve the highest recoveries of gold and silver (while minimizing costs associated with

reagent consumption, energy required, and residence time). Leaching tests to date have shown that the

material is highly refractory and resistant to direct cyanidation for gold and silver recovery. A comparison of

tested methods is provided in Table 13-23 (including only testwork conducted on fresh material, excluding the

historic tailings).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 130

**Table 13-23 Comparison of Pyrite Treatment Methods**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Treatment** <br>**Process**<br>| **Testwork** <br>**Campaign**<br>| **Process Conditions** | **Sulphide** <br>**Oxidation %**<br>| **Au** <br>**Extraction**<sup>1</sup> <br>**%**<br>| **Ag** <br>**Extraction**<sup>1</sup> <br>**%**<br>| **NaCN** <br>**Added kg/t** <br>**feed**<br>| **Lime** <br>**Added kg/t** <br>**feed**<br>| **NaCN** <br>**Consumed** <br>**kg/t feed**<br>| **Lime** <br>**Consumed** <br>**kg/t feed**<br>|
| Direct <br>Cyanidation <br>(CIL) | SGS 2018 | 30 h pre-aeration, 40% pulp density, 48-h leach | N/A | 19 | 58 | 12.3 | 31.3 | 9.96 | 31.3 |
| Direct <br>Cyanidation <br>(CIL) | SGS 2018 | 30 h pre-aeration, 40% pulp density, 48-h leach | N/A | 32 | 70 | 12.1 | 29.8 | 7.99 | 29.7 |
| Direct <br>Cyanidation <br>(CIL) | SGS 2019 | D80 4.47 µm, 40% pulp density | N/A | 17.3 | 83.9 | 24.9 | 1.83 | 22.3 | 1.60 |
| Direct <br>Cyanidation <br>(CIL) | SGS 2022 | D80 42 µm, 4-h pre-aeration (pH 10.51, 20 ppm DO, 250 g/t PbNO3), <br>72-h leach at pH 10.5-11<br>| N/A | 9.5 | 36.4 | 20.3 | 4.25 | 4.39 | 3.91 |
| Direct <br>Cyanidation <br>(CIL) | SGS 2022 | D80 6.3 µm, 4-h pre-aeration (pH 10.51, 20 ppm DO, 250 g/t PbNO3), <br>72-h leach at pH 10.5-11<br>| N/A | 22.4 | 80.2 | 28.5 | 15.4 | 14.5 | 15.3 |
| Direct <br>Cyanidation <br>(CIL) | Mintek 2024 | 24-h leach, 25% solids, 20 g/L CN, DO>10.5, then 8-h CIL | N/A | 29 | 40 | - | - | 2.11 | 39.1 |
| POX-CIL | SGS 2018 | 5.6% pulp density, pre-acidulation (pH 1.25), 225°C, 690 kPa, 120 min | 99 | 97.4 | 49.2 | 7.24 | 320.8 | 3.55 | 320.8 |
| POX-CIL | SGS 2018 | 5.6% pulp density, pre-acidulation (pH 1.39), 225°C, 690 kPa, 60 min, <br>hot cure<br>| 99 | 97.6 | 1.2 | 6.56 | 16.8 | 4.45 | 16.8 |
| POX-CIL | SGS 2018 | 5.6% pulp density, pre-acidulation (pH 1.30), 225°C, 690 kPa, 60 min, <br>hot cure and lime boil<br>| - | 98.2 | 97.6 | 2.11 | 0.6 + 59.2 <br>kg/t for lime <br>boil<br>| 0.90 | 0.6 + 59.2 <br>kg/t for lime <br>boil<br>|
| POX-CIL | SGS 2019 | 5.5% pulp density, 30-min pre-acidulation (pH 1.50), 225°C, 690 kPa, <br>60 min, hot cure and lime boil<br>| 99.8 | 98.2 | 96.6 | 2.23 | 3.98 | 1.52 | 3.98 + 35.8 <br>kg/t for lime <br>boil<br>|
| POX-CIL | SGS 2024 | 8% pulp density, 30-min pre-acidulation (pH 1.50), 225°C, 690 kPa, 60 <br>min, hot cure and lime boil<br>| 96.5 | 96.9 | 93.4 | 2.52 | 0 + 46.1 for <br>lime boil<br>| 0.58 | 0 + 46.1 for <br>lime boil<br>|
| Albion-CIL | SGS 2019 | 52-h, 95°C, 10% pulp density, pre-acidulation (pH 4.5), O2 sparge 1 L/<br>min, limestone addition to maintain pH 5.5, 23 kg/t H2SO4 and 440 <br>kg/t CaCO3<br>| 28% | 45.4 | 84.8 | 3.85 | 11.7 | 3.52 | 11.6 |
| Albion-CIL | SGS 2019 | 72-h, 95°C, 10% pulp density, pre-acidulation (pH 4.5), O2 sparge 1.7 <br>L/min, limestone addition to maintain pH 5.5, 21 kg/t H2SO4 and <br>1,209 kg/t CaCO3<br>| 68% | 81.0 | 92.3 | 5.46 | 6.79 | 5.11 | 6.79 |
| Albion-CIL | SGS 2022 | 96-h, 95°C, D80 6.3 µm, 10% pulp density, limestone addition to <br>maintain pH 5.5<br>| 96.3 | 94.4 | 94.4 | 7.92 | 2.48 | 3.22 | 2.40 |
| Albion-CIL | SGS 2022 | 72-h, 95°C, D80 10 µm, 10% pulp density, limestone addition to <br>maintain pH 5.5<br>| 74.7 | 84.9 | 91.3 | 8.25 | 3.32 | 2.29 | 3.27 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 131

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Treatment** <br>**Process**<br>| **Testwork** <br>**Campaign**<br>| **Process Conditions** | **Sulphide** <br>**Oxidation %**<br>| **Au** <br>**Extraction**<sup>1</sup> <br>**%**<br>| **Ag** <br>**Extraction**<sup>1</sup> <br>**%**<br>| **NaCN** <br>**Added kg/t** <br>**feed**<br>| **Lime** <br>**Added kg/t** <br>**feed**<br>| **NaCN** <br>**Consumed** <br>**kg/t feed**<br>| **Lime** <br>**Consumed** <br>**kg/t feed**<br>|
| Roast-CIL | SGS 2018 | Two-stage roast, 2 hours per roast, at 400°C and 700°C | 49.6 | 62.5 | 9.1 | 2.82 | 1.16 | 1.02 | 1.16 |
| Roast-CIL | SGS 2018 | Two-stage roast, 2 hours per roast, at 400°C and 700°C, ground to <br><10 µm before CIL<br>| - | 84.8 | 72.5 | 4.17 | 4.29 | 3.91 | 4.27 |
| Roast-CIL | SGS 2022 | Two-stage roast, 2 hours per roast, at 400°C and 700°C | 99.9 | 61.1 | 19.9 | 21.9 | 12.0 | 6.54 | 12.0 |
| Roast-CIL | SGS 2022 | Two-stage roast, 2 hours per roast, at 400°C and 700°C. Pre-CIL re-<br>grind to 7.4 µm<br>| 99.9 | 71.1 | 44.9 | 24.0 | 6.88 | 4.83 | 6.63 |
| Roast-CIL | SGS 2022 | Two-stage roast, 2 hours per roast, at 400°C and 600°C | 97.6 | 55.6 | 51.3 | 24.1 | N/A | 13.3 | N/A |
| Roast-CIL | SGS 2022 | Two-stage roast, 2 hours per roast, at 400°C and 600°C. Pre-CIL re-<br>grind to 6.7 µm<br>| 97.6 | 65.9 | 60.3 | 31.4 | 12.2 | 12.7 | 12.2 |
| Roast-CIL | SGS 2022 | Three-stage roast, 2 hours per roast, at 400°C and 600°C (stage 2 <br>and 3). Aeration during 2<sup>nd</sup> and 3<sup>rd</sup> stage (1 L/min and 2 L/min)<br>| 99.8 | 59.3 | 32.5 | 27.3 | 8.56 | 10.3 | 8.56 |
| Roast-CIL | SGS 2022 | Three-stage roast, 2 hours per roast, at 400°C and 600°C (stage 2 <br>and 3). Aeration during 2<sup>nd</sup> and 3<sup>rd</sup> stage (1 L/min and 2 L/min). Pre-<br>CIL re-grind to 7.5 µm<br>| 99.8 | 66.7 | 51.6 | 27.3 | 5.93 | 5.10 | 5.54 |
| Roast-CIL | SGS 2022 | One-stage roast, 2 hours, at 500°C | 89.3 | 52.5 | 51.8 | 29.1 | 34.7 | 13.6 | 34.7 |
| Roast-CIL | SGS 2022 | One-stage roast, 2 hours, at 500°C. Pre-CIL re-grind to 8.1 µm | 89.3 | 63.9 | 61.8 | 37.2 | 14.6 | 22.5 | 14.6 |
| Roast-CIL | SGS 2022 | One-stage roast, 2 hours, at 600°C | 95.1 | 56.4 | 29.6 | 30.5 | 13.5 | 13.9 | 13.5 |
| Roast-CIL | SGS 2022 | One-stage roast, 2 hours, at 600°C. Pre-CIL re-grind to 5.9 µm | 95.1 | 66.7 | 50.4 | 26.8 | 9.3 | 11.8 | 9.1 |
| Roast-CIL | SGS 2024 | Two-stage roast, 2 hours per roast, at 400°C and 700°C | 99.9 | 73.0 | 11.3 | 5.84 | 5.97 | 0.62 | 5.97 |
| Roast-CIL | SGS 2024 | Two-stage roast, 2 hours per roast, at 400°C and 700°C. Pre-CIL re-<br>grind to 4 µm<br>| 99.9 | 80.4 | 30.2 | 7.6 | 5.39 | 2.81 | 5.39 |
| Roast-CIL | BGRIMM <br>2025<br>| Roasting: Mild oxidative roasting (530 ⁰C, 2.5-h), Intensive oxidative <br>roasting (630 ⁰C, 2.5-h); Water Quenching; Acid Leaching: pH 1, 90 ⁰C, <br>L/S 6:1, 3-h; Cyanide Leaching: P90 38 µm, 3 kg/t NaCN, 36-h, 33% <br>pulp density<br>| 99.6 | 72.0 | 62.9 | 3 | N/A | N/A | 8.75 g/L <br>(Acid Leach)<br>3.28 kg/t <br>(NaCN <br>Leach)<br>|
| Roast-CIL | Hazen 2025 | Best 3 Tests: Roast at 600 ⁰C with 6% Lime and Air with 10%SO2 gas, <br>crushed, leached, recrushed and releached.<br>| N/A | 77.5 | 84.0 | N/A | N/A | 25.7 | 9.1 |
| Roast-CIL | Hazen 2025 | Average Tests: Roast at 600 ⁰C with 6% Lime and Air with 10%SO2 <br>gas, crushed, leached, (excluding: recrushed and releached)<br>| N/A | 54.4 | 71.8 | N/A | N/A | 8.4 | 14.1 |
| BIOX-CIL | SGS 2022 | 24-h stabilization, 18-day residence, 10.5% pulp density, 40°C, air <br>sparge, pH 1.6<br>| 60.6 | 75.2 | 75.5 | 17.7 | 9.01 | 7.91 | 8.77 |
| BIOX-CIL | SGS 2022 | 24-h stabilization, 26-day residence, 10.5% pulp density, 40°C, air <br>sparge, pH 1.6<br>| 88.0 | 82.2 | 40.1 | 15.3 | 11.4 | 8.75 | 11.2 |
| BIOX-CIL | SGS 2022 | 24-h stabilization, 26-day residence, 10.5% pulp density, 40°C, air <br>sparge, pH 1.6<br>| 92.8 | 85.1 | 37.0 | 23.6 | 16.2 | 23.4 | 16.2 |
| MACH <br>Reactor-CIL | Mintek 2024 | 6-h pre-oxidation, 4-h boosted leach, 72-h bottle roll cyanidation | 16-18 | 40 | 70 | - | - | 36 | 273 |
| MACH <br>Reactor-CIL | Mintek 2024 | 22-h pre-oxidation, 4-h boosted leach, 72-h bottle roll cyanidation | 54 | 60 | 75 | - | - | 32 | 639 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 132

**13.3FUTURE TESTWORK RECOMMENDATIONS**

The following testwork is recommended to progress the design to the next phase:

<u>Sample Requirement:</u>

• Spatial composites to represent different physical locations throughout the deposit

• Samples from different zones and depths for variability testing.

• Sufficient sample sizes to conduct downstream testwork.

• Number of representative samples to be determined by AGS.

• Sufficient sample size to generate representative concentrate samples for off-taker evaluation.

<u>Comminution Testwork:</u>

• Additional tests to determine:

• Crushing work index (CWi)

• SMC parameters: abrasivity (Ai) and impact breakage (A x b)

• BWi (confirmatory)

• Variability of these parameters throughout the deposit and determine correlations to lithology.

• Flotation regrind tests to determine specific energy; engage with vendors for criteria relating to

equipment sizing and specifications.

<u>Ore Characterization Testwork:</u>

• Assess material variability by assaying samples from different zones without blending according to

mine plan and to create design ranges.

• Particle size distribution of ROM material and of final concentrates in support of dewatering testwork.

• Rheology testwork to determine apparent viscosities at varying shear rates and varying slurry % solids

in support of slurry pipe and pump design.

• Physical characteristics impacting material handling, such as feed moisture content, specific gravity,

bulk density, and stacking and clumping / compaction properties.

<u>Flotation Testwork:</u>

• Variability testing – open circuit and locked cycle to determine the impacts of feed variance and

process upsets on grades and recoveries. Develop relations between open circuit and locked cycle

results

• Produce enough of each concentrate to support dewatering testwork and further pyrite concentrate

treatment testwork.

<u>Dewatering Testwork:</u>

• Particle settling testwork to determine the flux rate for thickener sizing.

• Flocculant screening tests.

• Filtration testwork to determine:

• Filter type

• Optimum feed pulp density

• Achievable cake moisture levels

• Transport moisture limit targets

• Filter cycle times

• If any filter aids are required.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 133

<u>Pyrite Concentrate Treatment Testwork:</u>

• Continue development of pyrite oxidation option.

• Assess variability of pyrite concentrate via spatial composites and variability testing.

• Generate sufficient pyrite concentrate for off-taker evaluation.

<u>Water Analysis:</u>

• Surface water quality analysis.

• Ground water quality analysis.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 134

14.0**MINERAL RESOURCE ESTIMATES**

**14.1INTRODUCTION**

This section presents the updated MRE for the Boumadine Deposit, incorporating new drilling data and

geological modeling refinements. It updates the previous MRE dated April 16, 2024. The Mineral Resource

Estimate has been prepared in accordance with the Canadian Securities Administrators' National Instrument

43-101 and Form 43-101F1, following industry best practices outlined in the "CIM Estimation of Mineral

Resources and Mineral Reserves Best Practices" guidelines. Mineral Resources have been classified in

compliance with the CIM Standards on Mineral Resources and Reserves: Definition (2014) and Best Practices

(2019), as adopted by the CIM Council.

*A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities,* 

*shape, and physical characteristics are estimated with confidence sufficient to allow the application of* 

*Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the* 

*deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is* 

*sufficient to confirm geological and grade or quality continuity between points of observation. A Measured* 

*Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or* 

*an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.*

*An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities,* 

*shape and physical characteristics are estimated with sufficient confidence to allow the application of* 

*Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the* 

*deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing* 

*and is sufficient to assume geological and grade or quality continuity between points of observation. An* 

*Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource* 

*and may only be converted to a Probable Mineral Reserve.*

*An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are* 

*estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply,* 

*but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of* 

*confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve.* 

*It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral* 

*Resources with continued exploration.* 

*Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no* 

*guarantee that all or any part of the Mineral Resource will be converted into a Mineral Reserve. Confidence in the* 

*estimate of Inferred Mineral Resources is insufficient to allow the meaningful application of technical and* 

*economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Although the* 

*Authors are not experts with respect to environmental permitting, legal, title, taxation, socio-economic,* 

*marketing, or political matters, they are not aware of any unusual factors relating to these matters that may* 

*materially affect the estimated Mineral Resources as of the effective date of this Report.*

The Authors consider the block model used for the Mineral Resource Estimates and Mineral Resource

classification, which was developed by Aya, to represents a reasonable estimation of the Mineral Resources

for the Boumadine Deposit with regard to compliance with generally accepted industry standards and

guidelines, the methodology used for grade estimation, the classification criteria used and the actual

implementation of the methodology in terms of Mineral Resource estimation and reporting. The Mineral

Resources have been estimated in conformity with the requirements of the CIM "Estimation of Mineral

Resource and Mineral Reserves Best Practices" guidelines as required by the Canadian Securities

Administrators' National Instrument 43-101. Mineral Resources are not Mineral Reserves and do not have

demonstrated economic viability.

Wireframe modelling was developed by Aya using Seequent Leapfrog Geo™ software. Mineral Resource

estimation and variography were completed by Aya using Isatis.neo™ software. Open-pit optimization was

developed by Aya using the GEOVIA Whittle software.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 135

**14.2DATA USED**

The resource estimate is based on a dataset of 428 drill holes, totaling 142,268 m. This updated MRE

incorporates an additional 93 drill holes, contributing 44,514 m of new drilling data. The drilling extends

approximately 6.0 km along strike (Figure 14-1 and Appendix A). The database was closed on January 31,

2025. Drill hole data was exported from Geotic software in .csv format and included tables for collar, survey, assay,

lithology, and bulk density. Assay data comprise gold (Au g/t), silver (Ag g/t), copper (Cu%), lead (Pb%), and

zinc (Zn%) grades.

The coordinate system used is WGS 84 UTM Zone 30N (EPSG 32630). A Digital Terrain Model surveyed by

drone was used as a reference surface for the project. Veins were extracted as .msh files from Leapfrog

Seequent software.

Industry standard validation checks were carried out on the database, and minor corrections were made

where necessary. The Authors typically validate a Mineral Resource database by checking for inconsistencies

in naming conventions or analytical units, duplicate entries, interval, length or distance values less than or

equal to zero, blank or zero-value assay results, out-of-sequence intervals, intervals or distances greater than

the reported drill hole length, inappropriate collar locations, and missing interval and coordinate fields.

No significant errors were noted within the database. The Authors consider the drill hole database to be

suitable for Mineral Resource estimation.

![image9.jpg](image9.jpg)

**Figure 14-1Drill Hole Plan View**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 136

**14.3ECONOMIC CONSIDERATIONS**

For the Mineral Resource model, Aya selected the economic parameters listed in Table 14-1.

**Table 14-1Economic Parameters**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** |
| **Zn Concentrate**  | **Metal Price** | **Concentrate** | **Smelter** | **Refining Chg.** | **Average Grade** |
| **Element** | $US/lb or oz | Recovery | Payable | $US/lb or oz | % or g/t |
| **Pb** | $1.00 | 2.17% | 0% | $0.00 | 1.00% |
| **Zn** | $1.20 | 72.00% | 85% | $0.00 | 1.00% |
| **Au** | $2200 | 1.73% | 0% | $4.00 | 1.00 |
| **Ag** | $24.00 | 5.54% | 0% | $4.00 | 1.00 |
| **Concentration Ratio** |  | 31.04 | 3.22% |  |  |
| **Trucking/Storage/Ship Loading** <br>**US $/t per WMT**<br>|  | $50 |  |  |  |
| **Ocean Freight /Unloading $US/t** <br>**per WMT**<br>|  | $0 |  |  |  |
| **Smelter Treatment Charge US $/t** <br>**per DMT incl $6 Penalty**<br>|  | $156 |  |  |  |
| **Humidity Factor**  |  | 8.0% |  |  |  |
|  | NSR |  |  |  |  |
| **Element** | US $ Val/tonne |  |  |  |  |
| **Pb** | $0.00 |  |  |  |  |
| **Zn** | $16.19 |  |  |  |  |
| **Au** | $0.00 |  |  |  |  |
| **Ag** | $0.00 |  |  |  |  |
| **Subtotal** | $16.19 |  |  |  |  |
| **Less Smelter Charges US $/t** | $5.03 |  |  |  |  |
| **Less Shipping & Handling Charges** <br>**US $/t**<br>| $1.74 |  |  |  |  |
| **Subtotal NSR US $/tonne of milled** <br>**from Zn Concentrate**<br>| $9.43 |  |  |  |  |
| **Pb Concentrate** | **Metal Price** | **Concentrate** | **Smelter** | **Refining Chg.** | **Average Grade** |
| **Element** | $US/lb or oz | Recovery | Payable | $US/lb or oz | % or g/t |
| **Pb** | $1.00 | 84.50% | 95% | $0.00 | 1.00% |
| **Cu** | $4.00 | 75.30% | 95% | $0.00 | 1.00% |
| **Zn** | $1.20 | 3.93% | 0% | $0.00 | 1.00% |
| **Au** | $2200 | 26.50% | 95% | $30.00 | 1.00 |
| **Ag** | $24.00 | 53.10% | 95% | $1.50 | 1.00 |
| **Concentration Ratio** |  | 32.91 | 3.04% |  |  |
| **Trucking/Storage/Ship Loading** <br>**US $/t per WMT**<br>|  | $50 |  |  |  |
| **Ocean Freight /Unloading $US/t** <br>**per WMT**<br>|  | $0 |  |  |  |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 137

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** | **NSR ASSESSMENT - BOUMADINE DEPOSIT Feb 25** |
| **Smelter Treatment Charge US $/t** <br>**per DMT incl $45 Penalty**<br>|  | $175 |  |  |  |
| **Humidity Factor**  |  | 8.0% |  |  |  |
|  | NSR |  |  |  |  |
| **Element** | US $ Val/tonne |  |  |  |  |
| **Pb** | $17.70 |  |  |  |  |
| **Cu** | $63.08 |  |  |  |  |
| **Zn** | $0.00 |  |  |  |  |
| **Au** | $17.56 |  |  |  |  |
| **Ag** | $0.36 |  |  |  |  |
| **Subtotal** | $98.71 |  |  |  |  |
| **Less Smelter Charges US $/t** | $5.32 |  |  |  |  |
| **Less Shipping & Handling Charges** <br>**US $/t**<br>| $1.64 |  |  |  |  |
| **Subtotal NSR US $/tonne of milled** <br>**from Pb Concentrate**<br>| $91.75 |  |  |  |  |
| **Pyrite Concentrate** | **Metal Price** | **Concentrate** | **Smelter** | **Refining Chg.** | **Average Grade** |
| **Element** | $US/lb or oz | Deportment | Payable | $US/lb or oz | % or g/t |
| **Au** | $2200 | 69.00% | 85% | $4.00 | 1.00 |
| **Ag** | $24.00 | 39.60% | 91% | $0.20 | 1.00 |
|  | NSR |  |  |  |  |
| **Element** | US $ Val/tonne |  |  |  |  |
| **Au** | $41.41 |  |  |  |  |
| **Ag** | $0.28 |  |  |  |  |
| **Subtotal** | $41.68 |  |  |  |  |
| **Subtotal NSR US $/tonne of milled** <br>**from Pb Concentrate**<br>| $41.68 |  |  |  |  |
| **Per Tonne Milled** | NSR | Value <br>Contribution<br>| TC/Fr for each <br>concentrate<br>| Net NSR $/%/<br>g/tonne<br>|  |
| **Element** | US $ Val/tonne |  |  |  |  |
| **Pb** | $17.70 | 11.3% | $6.96 | $10.74 |  |
| **Cu** | $63.08 | 40.3% |  | $63.08 | 1.44 Mass Pull <br>Factor<br>|
| **Zn** | $16.19 | 10.3% | $6.77 | $9.43 |  |
| **Au** | $58.97 | 37.7% |  | $58.97 |  |
| **Ag** | $0.64 | 0.4% |  | $0.64 |  |
| **Subtotal** | $156.58 | 100.0% | $13.72 | $142.86 |  |

---

NSR, Ag Equivalent and Au Equivalent values were calculated as follows:

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 138

**Table 14-2Calculation Formulas for NSR, Silver Equivalent, and Gold Equivalent**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Au (oz)** | **Ag (oz)** | **Zn (lb)** | **Pb (lb)** | **Cu (lb)** |
| **Prices in $USD** | $2200 | $24  | $1.20 | $1.00 | $4.00 |
| **Recovery in %** | 85.20% | 89.10% | 72.00% | 84.50% | 75.30% |
| **NSR ($/t)** | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + |
| **NSR ($/t)** | (Cu% x 63.08) | (Cu% x 63.08) | (Cu% x 63.08) | (Cu% x 63.08) | (Cu% x 63.08) |
| **Ag Equivalent (g/t)** | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/<br>oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/<br>oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/<br>oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/<br>oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/<br>oz\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 |

---

**Table 14-3Calculation Formulas for NSR, Ag Equivalent, and Au Equivalent**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Au (oz)** | **Ag (oz)** | **Zn (lb)** | **Pb (lb)** | **Cu (lb)** |
| **Prices in $USD** | $2200 | $24  | $1.20 | $1.00 | $4.00 |
| **Recovery in %** | 85.20% | 89.10% | 72.00% | 84.50% | 75.30% |
| **NSR ($/t)** | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + | (Pb% x $10.74) + (Zn% x $13.59) + (Au g/t x $50.89) + (Ag g/t x $0.56) + |
| **NSR ($/t)** | (Cu% x 63.08) | (Cu% x 63.08) | (Cu% x 63.08) | (Cu% x 63.08) | (Cu% x 63.08) |
| **Ag Equivalent (g/t)** | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag recovery)\*685.7147973 | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag recovery)\*685.7147973 | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag recovery)\*685.7147973 | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag recovery)\*685.7147973 | Ag(g/t) + (Au(g/t) \*Au price/oz\*Au recovery)/(Ag price/oz\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Ag price/oz\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/oz\*Ag <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Ag price/oz\*Ag recovery)\*685.7147973 |
| **Au Equivalent (g/t)** | Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*Au recovery)\*685.7147973 | Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*Au recovery)\*685.7147973 | Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*Au recovery)\*685.7147973 | Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*Au recovery)\*685.7147973 | Au(g/t) + (Ag(g/t) \*Ag price/oz\*Ag recovery)/(Au price/oz\*Au recovery) + Zn(%)\*Zn price/lb\* Zn <br>recovery/(Au price/oz\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/oz\*Au <br>recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu recovery/(Au price/oz\*Au recovery)\*685.7147973 |

---

**14.4MINERALIZED DOMAINS**

Interpreted mineralized wireframes (domains) were based on logged drill holes, lithology and assay grades.

Aya identified continuous zones of mineralization with a massive sulphide percentage of 70% or greater, and

zones where the assay grades were ≥100 g/t AgEq and the massive sulphide percentage was ≥30%. The

selected intervals include lower-grade mineralization where necessary to maintain continuity between drill

holes. Three-dimensional wireframes linking drill hole cross-sections were constructed using the Leapfrog™

Radial Basis Function, with hanging wall and footwall surfaces snapped directly to the selected drill hole

intercepts.

A total of 45 individual mineralized veins were developed (Figure 14.2 and Appendix B). The mineralized vein

wireframes were used to back-tag the assay, bulk density and composite tables with unique category codes

(Table 14-4).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 139

**Table 14-4Mineralized Veins**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vein Code**<br>**-**<br>**North Area** | **Vein Code**<br>**-**<br>**Central Area** | **Vein Code**<br>**-**<br>**South Area** |  |  |  |
| **Vein Code**<br>**-**<br>**North Area** | **Vein Code**<br>**-**<br>**Central Area** | **Vein Code**<br>**-**<br>**South Area** | North - Tizi Main | Central - Main | South - Main |
| North - Tizi West | Central - East 1 | South - East 1 |  |  |  |
| North - Tizi East | Central - West 1 | South - West 1 |  |  |  |
| North - Tizi East 0 | Central - West 2 | South - West 2 |  |  |  |
| North - Tizi West 0 | Central - East 0 | South - East 0 |  |  |  |
| North - Tizi West 001 | Central - East 3 | South - East 3 |  |  |  |
| North - Tizi West 01 | Central - East 2 | South - East 2 |  |  |  |
| North - Tizi Imariren | Central - FarFarEast | South - East 4 |  |  |  |
| North - Tizi Imariren 2 | Central - West 3 | South - FarFarEast |  |  |  |
| North - Tizi Imariren 3 | Central - West 4 | South - West 3 |  |  |  |
| North - Main | Central - FarWest | South - West 4 |  |  |  |
| North - East 1 | Central - East 33 | South - FarWest |  |  |  |
| North - West 1 | Central - Nord West | South - East 33 |  |  |  |
| North - West 2 |  |  |  |  |  |
| North - East 2 |  |  |  |  |  |
| North - Imariren |  |  |  |  |  |
| North - Nord West |  |  |  |  |  |
| North - North West 0 |  |  |  |  |  |
| North North West 01 |  |  |  |  |  |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 140

![image15.jpg](image15.jpg)

**Figure 14-2Mineralized Veins**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 141

**14.5EXPLORATORY DATA ANALYSIS**

The average nearest neighbor drill hole collar distance for the Boumadine drilling is 48 m. The average length

of the drill holes is 328 m. Summary statistics for the drill hole assay data constrained by the modelled

domains are listed in Table 14-5.

**Table 14-5Constrained assays summary statistics**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assay** | **Count** | **Average** | **St Dev** | **CoV** | **Minimum** | **Maximum** |
| **Ag (g/t)** | 3828 | 56.11 | 171.51 | 3.057 | 0.81 | 7720.00 |
| **Au (g/t)** | 3821 | 1.50 | 3.12 | 2.082 | 0.05 | 74.48 |
| **Cu (%)** | 3816 | 0.07 | 0.18 | 2.670 | 0.01 | 3.22 |
| **Pb (%)** | 3816 | 0.67 | 1.40 | 2.099 | 0.01 | 24.40 |
| **Zn (%)** | 3814 | 1.89 | 3.50 | 1.847 | 0.01 | 39.71 |

---

***Note:*** *St Dev = standard deviation, CoV = coefficient of variation.*

Bulk density measurements were determined by Aya using the water immersion method on drill core samples.

The average bulk density for the constrained sulphide material is 3.72 t/m<sup>3</sup>.

For the Mineral Resource Estimate a bulk density of 2.61 t/m<sup>3</sup> was assigned to oxide and transitional blocks.

For sulphide blocks the median sulphide bulk density was assigned for each modelled domain. Minor veins

with insufficient density measurements were combined into spatial sub-domains (Table 14-6).

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**Table 14-6Summary Statistics for bulk density measurements**

---

| | | | |
|:---|:---|:---|:---|
| **Domain** | **Count** | **Average Bulk Density**<br>**(t/m**<sup>3</sup>**)** <br>| **Median Bulk Density**<br>**(t/m**<sup>3</sup>**)** <br>|
| **Major Vein** | **Major Vein** | **Major Vein** | **Major Vein** |
| **1_Main** | 314 | 3.87 | 3.97 |
| **1_West1** | 124 | 3.64 | 3.67 |
| **1_West2** | 91 | 3.59 | 3.49 |
| **1_West3** | 45 | 3.64 | 3.72 |
| **1_East0** | 45 | 3.66 | 3.71 |
| **1_East1** | 147 | 3.64 | 3.68 |
| **1_East2** | 48 | 3.74 | 3.90 |
| **1_East3** | 88 | 3.49 | 3.47 |
| **3_Tizi Main** | 33 | 3.90 | 3.93 |
| **Eastern Veins** | **Eastern Veins** | **Eastern Veins** | **Eastern Veins** |
| **FarFar East** | 44 | 3.60 | 3.74 |
| **East4** | 44 | 3.60 | 3.74 |
| **East33** | 44 | 3.60 | 3.74 |
| **Western Veins** | **Western Veins** | **Western Veins** | **Western Veins** |
| **West4** | 27 | 3.62 | 3.64 |
| **FarWest** | 27 | 3.62 | 3.64 |
| **Vein between Tizi-Imariren** | **Vein between Tizi-Imariren** | **Vein between Tizi-Imariren** | **Vein between Tizi-Imariren** |
| **Between Tizi Imariren** | 17 | 3.65 | 3.76 |
| **Between Tizi Imariren 2** | 17 | 3.65 | 3.76 |
| **Between Tizi Imariren 3** | 17 | 3.65 | 3.76 |
| **Imariren - Vein System** | **Imariren - Vein System** | **Imariren - Vein System** | **Imariren - Vein System** |
| **Imariren** | 51 | 3.93 | 4.11 |
| **North West** | 51 | 3.93 | 4.11 |
| **North West 01** | 51 | 3.93 | 4.11 |
| **North West 0** | 51 | 3.93 | 4.11 |
| **Tizi Other** | **Tizi Other** | **Tizi Other** | **Tizi Other** |
| **Tizi_East** | 40 | 3.90 | 3.91 |
| **Tizi_East 0** | 40 | 3.90 | 3.91 |
| **Tizi West 001** | 40 | 3.90 | 3.91 |
| **Tizi West** | 40 | 3.90 | 3.91 |
| **Tizi West 01** | 40 | 3.90 | 3.91 |
| **Tizi West 0** | 40 | 3.90 | 3.91 |
| **Total** | **Total** | **Total** | **Total** |
| **Total** | 1114 | 3.72 | 3.78 |

---

**14.6COMPOSITING**

Constrained assay sample lengths within the defined mineralized domains range from 0.40 to 1.30 m, with an

average sample length of 0.85 m and a mode of 1.00 m. A total of 31% of the constrained assay sample

lengths equal 1.00 m.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 143

Based on the distribution of assay sample lengths, Aya chose to composite all constrained assay samples to

1.00 m in order to ensure equal length sample support. Length-weighted composites were calculated within

the defined mineralized veins. A small number of unsampled intervals in the data were treated as null

intervals.

The compositing process started at the first point of intersection between the drill hole and the mineralized

vein intersected and was halted on exit from the mineralization. Downhole residual composites that were less

than half the compositing length were merged with the preceding interval. The wireframes that represent the

mineralized veins were used to back-tag a rock code attribute into the composite workspace.

The composite data were visually validated against the mineralized wireframes and extracted for analysis and

grade estimation. Summary composite statistics are listed in Table 14-7.

**Table 14-7Composite Summary Statistics**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assay** | **Count** | **Average** | **St Dev** | **CoV** | **Minimum** | **Maximum** |
| **Ag (g/t)** | 3730 | 52.75 | 165.33 | 3.134 | 0.81 | 7720.00 |
| **Au (g/t)** | 3730 | 1.38 | 2.72 | 1.978 | 0.05 | 60.28 |
| **Cu (%)** | 3730 | 0.06 | 0.17 | 2.639 | 0.01 | 3.22 |
| **Pb (%)** | 3730 | 0.64 | 1.27 | 1.986 | 0.01 | 19.86 |
| **Zn (%)** | 3730 | 1.80 | 3.13 | 1.741 | 0.01 | 39.71 |

---

***Note:*** *St Dev = standard deviation, CoV = coefficient of variation.*

**14.7TREATMENT OF EXTREME VALUES**

Aya selected capping thresholds based on the low Coefficient of Variation of the constrained composite

grades and analysis of individual composite log-probability distributions for the composite sample

populations (Figure 14-3). Composites were capped to the defined threshold prior to grade estimation (Table

14-8).

**Table 14-8Composite Capping Thresholds**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Veins** | **Capping** <br>**Threshold**<br>**(g/t)**<br>| **Average**<br>**Uncapped Value**<br>| **Number Capped** | **Capping** <br>**Percentile**<br>| **Average Capped** <br>**Value**<br>|
| **Ag (g/t)** | 800 | 52.75 | 11 | 99.7 | 49.73 |
| **Au (g/t)** | 30 | 1.38 | 2 | 99.9 | 1.36 |
| **Cu (%)** | 1.4 | 0.06 | 11 | 99.7 | 0.06 |
| **Pb (%)** | 10 | 0.64 | 9 | 99.7 | 0.63 |
| **Zn (%)** | 28 | 1.80 | 3 | 99.9 | 1.79 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 144

![image_73.jpg](image_73.jpg)

**Figure 14-3Histogram for Composites**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 145

**14.8CONTINUITY ANALYSIS**

Three-dimensional continuity analyses (variography) were conducted by Aya on domain-coded uncapped

composite data. In general, an acceptable semi-variogram could only be developed for the Main domain.

These semi-variograms were used to guide the search ellipse parameters for inverse distance estimation.

Standardized spherical models were used to model the experimental semi-variograms (Figure 14-4).

The experimental semi-variogram for the northern Main is listed in Table 14-9.

**Table 14-9North Main Zone Semi-Variogram Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **North Main** | **Dip**<br>**(°)**<br>| **Dip Azimuth** | **Pitch** | **Ranges UVW**<br>**(m)** | **Ranges UVW**<br>**(m)** | **Ranges UVW**<br>**(m)** | **Sill** |
| Nugget |  |  |  |  |  |  | 0.1 |
| Spherical | 75° | 60° | 30° | 120 | 40 | 5 | 0.3032 |
| Spherical | 75° | 60° | 30° | 215 | 75 | 9 | 0.5941 |

---

The experimental semi-variogram for the southern Main is listed in Table 14-10.

**Table 14-10South Main Zone Semi-Variogram Results**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **South Main** | **Dip**<br>**(°)**<br>| **Dip Azimuth** | **Pitch** | **Ranges UVW**<br>**(m)** | **Ranges UVW**<br>**(m)** | **Ranges UVW**<br>**(m)** | **Sill** |
| Nugget |  |  |  |  |  |  | 0.1 |
| Spherical | 75° | 60° | 30° | 55 | 40 | 3 | 0.3282 |
| Spherical | 75° | 60° | 30° | 230 | 160 | 12 | 0.5702 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 146

![image_74.jpg](image_74.jpg)

**Figure 14-4Main Zone Semi-Variograms**

***Source:*** *This Report*

**14.9BLOCK MODEL**

Aya developed a rotated block model with the block model limits selected, in order to cover the extent of the

mineralized structures, the potential open pit dimensions, and to reflect the general nature of the mineralized

zones (Table 14-11). The block model consists of estimated Ag, Au, Cu, Pb and Zn grades, bulk density, block

volume inclusion percentage and classification criteria. NSR, Au and Ag equivalent block values were

subsequently calculated from the estimated grades of Au, Ag, Cu, Pb and Zn.

**Table 14-11Block Model Setup**

---

| | | | |
|:---|:---|:---|:---|
| **Direction** | **Origin (Corner)** | **Number of Blocks** | **Block Size**<br>**(m)**<br>|
| **Minimum X** | 316550 | 880 | 2.5 |
| **Minimum Y** | 3472800 | 1150 | 5.0 |
| **Minimum Z** | 460 | 174 | 5.0 |
| **Rotation** | 20° counter-clockwise | 20° counter-clockwise | 20° counter-clockwise |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 147

**14.10GRADE ESTIMATION AND MINERAL RESOURCE CLASSIFICATION**

Mineral Resource grade estimation and variography were undertaken by using Isatis.neo™ software.

Aya assigned bulk density values for each domain based on the median bulk density values by domain. A bulk

density of 2.61 t/m<sup>3</sup> was assigned to oxide and transition blocks.

Block grades were estimated from capped composites with two passes. The orientation of the search

ellipsoid was defined by the orientation of the modelled domains and observed grade trends. Composite

samples were selected within an oriented 200 m x 130 m x 60 m ellipsoid for the first pass and a 400 m x 260

m x 120 m ellipsoid for the second pass. Search and grade estimation were constrained by the individual

mineralized veins, which define hard boundaries for grade estimation.

Inverse Distance Squared (ID²) estimation was used for all domains. For the estimate, a minimum of four and

a maximum of twelve composites were used in the first pass, while the second pass applied a minimum of

four and a maximum of eight composites. Overall, approximately 40% of the modeled domains were

estimated for grade.

Block grades were estimated separately for each domain and subsequently combined in one model space

using the domain block inclusion percentages (see Appendices C, D, E and F).

The parameters used to define the classification limits included spatial analysis, drill hole spacing, and the

observed continuity of the mineralization. Mineral Resources were classified algorithmically based on the

local drill hole spacing within each individual mineralized domain. Grade blocks estimated in the first pass that

used a minimum of two drill holes and an average distance between composites of <50 m were classified as

Indicated, and all additional estimated blocks were classified as Inferred. Classification block model cross-

sections and plans are presented in Appendix G.

**14.11MINERAL RESOURCE ESTIMATE**

Open-pit Mineral Resources reported herein have been constrained within an optimized pit shell. The results

from the optimized pit shell are used solely for the purpose of reporting Mineral Resources and include

Indicated and Inferred Mineral Resources. Historical mining is minimal, poorly defined, and has not been

depleted from the Mineral Resource Estimate.

The constraining pit optimization parameters were 50° pit slopes, US$3.5/t for mineralized material mining,

US$2/t for waste mining, US$89/t for processing, and US$6/t for G&A, totalling US$95/t for the NSR cut-off

value (Figure 14.5). The optimized pit shell is shown in Appendix H.

The out-of-pit parameters used a US$30/t mining cost, US$89/t processing cost, and US$6/t G&A totalling

US$125/t. The out-of-pit Mineral Resource grade blocks were quantified above the US$125/t NSR cut-off

value, below the constraining pit shell, and within the constraining mineralized wireframes. Out-of-pit Mineral

Resources have been reported if they exhibit continuity and reasonable potential for extraction by the longhole

mining method.

Highlights of the Boumadine Mineral Resource Estimate include:

• The Mineral Resource is amenable to conventional open-pit and underground mining methods;

• An Indicated Mineral Resource of 5.2 Mt grading 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb

containing an estimated 15.1 Moz of Ag, 462 koz of Au, 145 kt of Zn and 44 kt of Pb;

• An Inferred Mineral Resource of 29.2 Mt grading 82 g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb

containing an estimated 76.8 Moz of Ag, 2.5 Moz of Au, 615 kt of Zn and 237 kt of Pb; and

• 49% of the Inferred Mineral Resource is pit-constrained above a US$95/t NSR cut-off value, with the

remaining 51% suitable for underground development and reported above an NSR cut-off value of

US$125/t.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 148

The Mineral Resource has an effective date of February 24, 2025 (Table 14-12).

The sensitivity of the Mineral Resource to changes in cut-off grade was also calculated across a range of

potentially economic NSR cut-offs (Table 14-13).

![image26.jpg](image26.jpg)

**Figure 14-5Boumadine Pit Shell Plan View**

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 149

**Table 14-12Boumadine MRE as of February 24, 2025**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Cutoff** | **Tonnes** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Class** | **Cutoff** | **Tonnes** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** | **Ag** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AuEq** |
| **Class** | **NSR US$/t** | **(kt)** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** | **(koz)** | **(koz)** | **(kt)** | **(kt)** | **(kt)** | **(koz)** | **(koz)** |
| **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** |
| **Indicated** | 95 | 3920 | 94.3 | 2.99 | 0.13 | 0.84 | 2.95 | 476.5 | 5.3 | 11881 | 377 | 5.1 | 33 | 116 | 60051 | 667 |
| **Inferred** | 95 | 14258 | 89.7 | 2.89 | 0.10 | 0.81 | 2.38 | 450.0 | 5.0 | 41135 | 1325 | 14.3 | 115 | 339 | 206293 | 2293 |
| **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** |
| **Indicated** | 125 | 1249 | 80.1 | 2.11 | 0.08 | 0.87 | 2.32 | 358.2 | 3.98 | 3216 | 85 | 1.0 | 11 | 29 | 14382 | 160 |
| **Inferred** | 125 | 14938 | 74.3 | 2.39 | 0.07 | 0.82 | 1.85 | 356.9 | 3.97 | 35669 | 1148 | 10.5 | 122 | 276 | 171393 | 1905 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** |
| **Indicated** | 95/125 | 5169 | 90.8 | 2.78 | 0.12 | 0.85 | 2.80 | 447.9 | 4.981 | 15097 | 462 | 6.1 | 44 | 145 | 74433 | 827 |
| **Inferred** | 95/125 | 29196 | 81.8 | 2.63 | 0.08 | 0.82 | 2.11 | 402.4 | 4.473 | 76804 | 2473 | 24.8 | 237 | 615 | 377686 | 4198 |

---

***Notes:***

*1 .Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal,* 

*title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.*

*2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably* 

*expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.*

*3. Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves Definitions* 

*(2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council*

*4. Individual calculations in tables and totals may not sum due to rounding of original numbers.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 150

**Table 14-13Mineral Resource Estimate Sensitivity**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** | **Indicated Out-of-Pit Resources** |
| **Cutoff** | **Tonnes**  | **Ag** | **Ag**  | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR US$/t**  | **(kt)**  | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  |
| 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014  | 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99  | 387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12621  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143  |
| 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064  | 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94  | 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13012  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146  |
| 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132  | 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92  | 372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13524  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152  |
| 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177  | 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90  | 366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13858  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154  |
| 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249  | 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87  | 358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14382  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159  |
| 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311  | 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83  | 352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14819  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163  |
| 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415  | 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79  | 341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171  |
| 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479  | 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77  | 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15906  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176  |
| 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559  | 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73  | 327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16391  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180  |
| 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771  | 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67  | 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17577  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189  |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** | **Indicated In-Pit Resources** |
| **Cutoff** | **Tonnes**  | **Ag** | **Ag**  | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR US$/t**  | **(kt)**  | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  |
| 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3458  | 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11244  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97  | 513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57011  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634  |
| 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561  | 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11378  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95  | 504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57739  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642  |
| 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659  | 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11512  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92  | 496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58409  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649  |
| 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756  | 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11657  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90  | 489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59040  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656  |
| 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3920  | 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11881  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87  | 476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60051  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667  |
| 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987  | 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11972  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86  | 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60431  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672  |
| 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066  | 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12067  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84  | 466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60864  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677  |
| 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168  | 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12199  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83  | 458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61414  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683  |
| 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261  | 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12303  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82  | 452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61877  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688  |
| 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513  | 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12511  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77  | 434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62994  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700  |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 151

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** | **Inferred Out-of-Pit Resources** |
| **Cutoff** | **Tonnes**  | **Ag** | **Ag**  | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR US$/t**  | **(kt)**  | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  |
| 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11463  | 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30296  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99  | 394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145297  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615  |
| 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12267  | 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31485  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94  | 384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151566  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685  |
| 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13028  | 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32773  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92  | 376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157428  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750  |
| 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13921  | 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34194  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90  | 367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164099  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824  |
| 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14938  | 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35669  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87  | 357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171393  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905  |
| 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000  | 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37062  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83  | 347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178572  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985  |
| 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16962  | 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38355  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79  | 339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184898  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055  |
| 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17810  | 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39466  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77  | 332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190290  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115  |
| 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980  | 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41154  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73  | 323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197363  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194  |
| 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22662  | 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45428  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67  | 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218136  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425  |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** | **Inferred In-Pit Resources** |
| **Cutoff** | **Tonnes**  | **Ag** | **Ag**  | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR US$/t**  | **(kt)**  | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)**  | **(g/t)** | **(koz)**  |
| 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12560  | 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39047  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29  | 484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195345  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171  |
| 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12861  | 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39452  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28  | 478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197476  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195  |
| 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13191  | 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39854  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28  | 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199726  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220  |
| 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13617  | 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40343  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27  | 462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202434  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250  |
| 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14258  | 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41135  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25  | 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206293  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293  |
| 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14517  | 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41432  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25  | 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207784  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310  |
| 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14819  | 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41744  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25  | 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209447  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328  |
| 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15381  | 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42418  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26  | 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212552  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363  |
| 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15716  | 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42778  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26  | 424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214252  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381  |
| 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16798  | 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43684  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24  | 406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219083  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435  |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 152

**14.12VALIDATION**

The block model was validated visually by the inspection of successive cross-section lines, in order to confirm

that the block models correctly reflect the distribution of high-grade and low-grade values (see Appendices).

An additional validation check was completed by comparing the correlation of the average grade of the

composites within a block to the corresponding estimated block grade.

As a further check on the model the average estimated block grades were compared to the Nearest Neighbour

block model grades generated by Aya, and to the average capped composite grades and declustered

composite grades (Table 14-14 and Figure 14-6).

The current Authors consider the validation results to be acceptable for linear estimation.

**Table 14-14Grade Block Model Check**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Grade Element** | **Composite Average** | **Declustered** <br>**Composite Average**<br>| **Block Average** | **NN Block Average** |
| Ag (g/t) | 49.73 | 48.19 | 43.63 | 47.04 |
| Au (g/t) | 0.06 | 0.06 | 0.05 | 0.06 |
| Cu (%) | 0.06 | 0.06 | 0.06 | 0.07 |
| Pb (%) | 0.63 | 0.66 | 0.59 | 0.70 |
| Zn (%) | 1.79 | 1.76 | 1.44 | 1.61 |

---

***Note:*** *NN = Nearest Neighbour*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 153

![image_76.jpg](image_76.jpg)

**Figure 14-6Composite Grade Versus Swath Plots**

***Note:*** *Ag_Cut = Composite Grade; Ag_Plot=Model Grade; NN_Ag_Cut=Nearest Neighbourhood block estimate*

***Source:*** *This Report*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 154

15.0**MINERAL RESERVE ESTIMATES**

This section is not applicable to this Report.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 155

16.0**MINING METHODS**

**16.1GENERAL DESCRIPTION OF THE MINING PROJECT**

The Boumadine deposit is a large mineralized polymetallic system, containing Au, Ag, Zn and Pb, delineated

over more than 5 km with historical mining infrastructures in the center and south zones. The mineralization

at Boumadine starts from surface in some occurrences and is generally in the form of vertical, or sub-vertical,

structures. A mix of Open Pit mining ("OP") and Underground mining ("UG") operation is planned for

Boumadine.

**16.2GEOTECHNICAL**

**16.2.1Open Pit**

**16.2.1.1Open Pit Slope Design**

Geotechnical evaluations of the Boumadine pits have been completed by empirical evaluation to produce

slope design constraints domained by on slope dip direction (see RockEng report #24017-102 for complete

documentation of geotechnical site characterization and analyses). The pit slope design guidance may be

applied to varying pit shell geometries with reliance on slope orientation (rather than geographical location).

Overall slope angle (OSA) constraints are summarized in Table 16-1). It is noted that these are maximum

allowable OSA values; slopes may be limited to a flatter angle once benches, ramps, slope breaks etc. are

accounted for in geometry.

**Table 16-1Summary of OSA recommendations.**

---

| | | | |
|:---|:---|:---|:---|
| **Slope Dip Direction** | **Overall Slope Angle (OSA)** | **Overall Slope Angle (OSA)** | **Overall Slope Angle (OSA)** |
| **Slope Dip Direction** | **Slope Height up to 380m** | **Slope Height up to 220m** | **Slope Height up to 100m** |
| 5 | 48 | 52 | 60 |
| 65 | 38 | 42 | 48 |
| 125 | 48 | 52 | 60 |
| 185 | 48 | 52 | 60 |
| 245 | 48 | 52 | 60 |
| 305 | 48 | 52 | 59 |

---

Further to the OSA summarized above, pit slope designs are constrained by the following:

• Adverse jointing is expected at Boumadine in east-northeast dipping slopes due to the presence of a

prominent ENE dipping joint set. Here, the inter ramp slope angle (IRA) should not exceed the dip of the

adverse joint (48˚).

• Minimum catch bench width are defined as follows (Ryan & Pryor, 2000 in Read & Stacey, 2009):

**Catch Bench Width (m) = 0.2 \* Bench Height + 4.5m**

• Where overburden is present, it will be stripped and laid back at a 2H:1V slope. A bench between the

toe of the overburden and the crest of rock should be left around the pit perimeter to prevent

overburden from running into the pit (bench width should be equal to overburden depth).

• The first 2 benches will be single bench height to account for the likely occurrence of poorer ground

conditions near surface (weathering horizon).

• Below the initial two benches in rock, 20 m high double benches are geotechnically feasible.

• Geotechnical slope breaks will be established every 100 vertical metres; preliminary design consider

geotechnical slope breaks to be not less than double the width of a typical catch bench.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 156

**16.2.2Underground**

Geotechnical evaluations of the Boumadine underground mine have been completed by empirical evaluations

(see RockEng report #24017-102 for complete documentation of geotechnical site characterization and

analyses).

**16.2.2.1Mining Method Selection** 

Longhole open stoping is a geotechnically sound mining method for the Boumadine underground. Based on

deposit body geometry, longitudinal open stoping and/or Avoca style stoping is deemed amenable from a

geotechnical perspective. Longitudinal stoping provides operational flexibility to adjust stope panel lengths,

thus there is an opportunity for optimizing design for local variances (good or bad) in ground conditions. This

is particularly important where the deposit body is narrow as production performance in narrow zones is likely

to be more sensitive to HW and FW dilution.

At relatively shallow depths, low stress conditions allow for operational flexibility with mine sequencing. At

this phase of study, one key aspect of sequencing that has been identified pertains to inter-lens pillar stability

and adjacent stope performance. The lead/lag between adjacent lenses is minimized as an opportunity to

mitigate loss of confinement.

**16.2.2.2Open Stope Design and Overbreak Potential**

Stope stability has been evaluated by empirical methods considering vertical stope sidewalls, HW and FW

faces dipping ENE at ~85° (based on modelled stope geometries), and horizontal stope backs. It is assumed

that both sulphides and Tuff may be exposed in stope faces. The recommended hydraulic radii limitations are

provided in Table 2. It has been concluded that 20 m level spacing (25 m stope height), with 20 m strike

lengths are well suited for Boumadine underground. Larger stopes may be achieved if cable bolting is

implemented. At these dimensions, with typical HW to FW spans, stope backs and endwalls are expected to

perform well, with stope back cable bolting required rarely (where HR exceeds 4.2). The predicted overbreak

(for 20 m strike x 20 m level spacing) is roughly 0.5 m for stope HWs and blast damage only for stope FWs.

**Table 16-2Recommended stope sizing constraints by stope face and rock type.**

---

| | | |
|:---|:---|:---|
| **Stope Face** | **Unsupported HR** | **Supported HR** |
| HW/FW | 5.6 | 7.5 |
| Back | 4.2 | 6.2 |
| Endwalls | 7.5 | - |

---

**16.2.2.3Pillar Stability** 

*<u>Inter-lens Stope Pillars</u>* 

Inter-lens pillars exist between stacked (HW to FW) mineralized zones. The Boumadine underground mine

plans intend to utilize cemented rock fill, and so the largest mining risk associated with inter-lens stope pillar

stability is dilution and oversize entering open stopes (as opposed to global mine stability). The following

pillar dimensioning constraints have been established by empirical methods.

• At W:H = 0.3 (6 m for a 20 m stope strike length), total pillar loss predicted for HW to FW sequencing is

2.3 m, and for FW to HW sequencing is 2.2 m.

• At W:H = 0.4 (8 m pillar for a 20 m stope strike length), total pillar loss for HW to FW sequencing is 1.8

m, and for FW to HW sequencing is 1.5 m.

• At W:H = 0.5 (10 m pillar for a 20 m stope strike length), total pillar loss for HW to FW sequencing is 1.1

m, and for FW to HW sequencing is 1.0 m.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 157

*<u>Rib & Sill Pillars</u>* 

Rib pillar dimensioning rely on 1:0.7 width (rib pillar horizontal thickness) to height (HW to FW span) aspect

ratio with a minimum dimension of 3 m. Permanent sill pillar dimensioning relies on 1:1 width (vertical

dimension) to height (HW to FW span) aspect ratio with a minimum dimension of 5 m.

*<u>Crown Pillar</u>* 

Based on empirical crown pillar evaluations, a 20 m pillar (in rock, negating overburden thickness) is deemed

appropriate for stable crown pillar conditions during active mining operations. This dimension relies on the

assumption that backfill will be utilized to manage long term stability for mine closure. Further, it is not

unreasonable to expect that, with appropriate engineering and planning, full crown pillar recovery may be

achieved (assuming surface disturbance is permitted, and environmental risks are tolerably low).

**16.2.2.4Infrastructure Siting** 

Given the relatively shallow mining depth, the geotechnical risks associated with stress induced damage to

permanent infrastructure are considered low; thus, allowing for reasonable design flexibility, general guidance

are as follows: Cross-cut lengths ensure that haulage drive stand-offs are at least 15 m from the deposit body

contact. Given the near-vertical nature of the deposit body, consideration may be given to either HW or FW

infrastructure placement. Lateral development lay outs ensure that wide spans and intersections are not

stacked level-to-level.

**16.2.2.5Ground Support** 

Standard lateral development (4 to 6 m spans) will be supported by 2.4 m rebar at a 1.25 x 1.25 m square

pattern applied to the back and walls, with welded wire mesh in the back and shoulders. Cable bolts will be

utilized in intersections and wide spans wit bolt lengths equal to ½ the span, at a 2 m square pattern. It is

assumed that that 2% of development will require shotcrete.

**16.3HYDROGEOLOGY**

Deemed unnecessary for this stage of the project as it is a Preliminary Economic Assessment (PEA).

**16.4MINING METHOD**

**16.4.1Mining Method Selection**

This section details the assumptions and procedures used to develop a mine plan for the project. The

Boumadine deposit extends from surface to depth well beyond what could be mined using an OP method

exclusively. It has been decided early on that the mining method used would be a mixture of OP and UG.

As a first step, pit shells were created using the Whittle software, and UG stopes created using Deswik Stope

Optimizer (DSO). With this initial design, it was possible to make a preliminary evaluation of the interaction

between OP and UG, and to work towards an OP design that would recover as much high-grade material at a

reasonable cost before the UG method could become more economical.

Historical exploration activities, including UG development, have been conducted on the deposit in the 1980's

and 1990's; and therefore, it will be necessary in the future to locate and survey these workings, so they can be

considered in the detailed mine design and planning.

**16.4.2NSR Cut-offs determination**

For the Boumadine Project, Aya used an NSR cut-off to evaluate the economic viability of mining a tonne of

diluted mineralized material. The viability is determined by comparing the material's NSR value with the

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 158

applicable NSR cut-off. An NSR cut-off represents the onsite cost to mine and process one tonne of

mineralized material, including general and administrative (G&A) expenses.

The NSR cut-offs incorporate mining, processing, and G&A costs based on a preliminary cost model, which

has then been confirmed by the operating costs estimates developed in Section 21.

Table 16-3 presents the calculations used to derive the NSR cut-offs applied in this PEA study for the open pit,

underground stopes, and underground development.

**Table 16-3NSR Cut-off Calculations**

---

| | | | |
|:---|:---|:---|:---|
| **GENERAL ASSUMPTIONS** | **GENERAL ASSUMPTIONS** | **GENERAL ASSUMPTIONS** | **GENERAL ASSUMPTIONS** |
| **Area** | **Value** | **Unit** | **Source** |
| Royalties | 3 | % |  |
| Discount Rate | 5 | % |  |
| **OPEN-PIT MINING** | **OPEN-PIT MINING** | **OPEN-PIT MINING** | **OPEN-PIT MINING** |
| **Area** | **Value** | **Unit** | **Source** |
| Mining | $4.60 | USD/t |  |
| Processing Cost | $57.85 | USD/t |  |
| G&A | $4.30 | USD/t |  |
| **Total** | **$66.75** | **USD/t** |  |
| Waste Mining | $2.00 | USD/t |  |
| Sustaining Capital | $2.27 | USD/t | Zgounder MRE |
| **UNDERGROUND MINING** | **UNDERGROUND MINING** | **UNDERGROUND MINING** | **UNDERGROUND MINING** |
| **Area** | **Value** | **Unit** | **Source** |
| Mining | $62.86 | USD/t |  |
| Processing Cost | $57.85 | USD/t |  |
| G&A | $4.30 | USD/t |  |
| **Total** | **$125.00** | **USD/t** |  |
| **UNDERGROUND DEVELOPMENT** | **UNDERGROUND DEVELOPMENT** | **UNDERGROUND DEVELOPMENT** | **UNDERGROUND DEVELOPMENT** |
| **Area** | **Value** | **Unit** | **Source** |
| Mining | $18.30 | USD/t |  |
| Processing Cost | $57.85 | USD/t |  |
| G&A | $- | USD/t |  |
| **Total** | **$76.15** | **USD/t** |  |
| *NB - assumes development is required by block - decision to sent to mill vs waste* | *NB - assumes development is required by block - decision to sent to mill vs waste* | *NB - assumes development is required by block - decision to sent to mill vs waste* | *NB - assumes development is required by block - decision to sent to mill vs waste* |

---

**16.4.3Pit optimization**

GEOVIA Whittle (2022) was used to perform pit optimization process for Boumadine. Using the Lerch-

Grossman (LG) algorithm inside of Whittle, nested shells were generated, and the optimal pit shell was

selected for each deposit. These pit shells were then leveraged for mine design and ultimately scheduling

process.

Table 16-4 describes the economic and mining inputs used for pit optimization:

• Estimated costs and cut-off grade values were provided by AYA. These costs were compared to cost

benchmarked against similar project before being implemented in the Whittle.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 159

**Table 16-4Whittle Parameters**

---

| | | |
|:---|:---|:---|
| **Mining Parameters** | **Value** | **Unit** |
| Mining Cost (Ore) | 4.60 | USD/t |
| Mining Cost (Waste) | 2.00 | USD/t |
| Processing Cost | 57.85 | USD/t |
| G&A | 4.30 | USD/t |
| Mining Recovery | 100 | % |
| Mining Dilution | 0 | % |
| Processing Plant Throughput | 8000 | t/d |
| Cut off Grade (NSR) | 66.75 | USD/%/g/t |

---

Based on recommendations from the Geotechnical team, Table 16-5 presents the pit slopes parameters used

for pit optimization depending on the ultimate depths of the pits.

**Table 16-5Geotechnical Parameters**

---

| | | | |
|:---|:---|:---|:---|
| **Slope Dip Direction** | **Overall Slope Angle (OSA)** | **Overall Slope Angle (OSA)** | **Overall Slope Angle (OSA)** |
| **Slope Dip Direction** | **Slope Height up to 380m** | **Slope Height up to 220m** | **Slope Height up to 100m** |
| 5 | 48 | 52 | 60 |
| 65 | 38 | 42 | 48 |
| 125 | 48 | 52 | 60 |
| 185 | 48 | 52 | 60 |
| 245 | 48 | 52 | 60 |
| 305 | 48 | 52 | 59 |

---

*Taken from the geotechnical report*

The first iteration of the pit shells was generated in four distinct pits, two located in the south, one central pit,

and one in the north. The initial block model was then modified to create four separate block models, each

constrained to the outlines of the pits generated during the first calculation. Each pit was subsequently

optimized individually, allowing for a more precise analysis tailored to the geological and economic

characteristics of each area.

![image17.jpg](image17.jpg)

**Figure 16-1Initial Pit Shells Generated using the Large Block Model**

***Source:*** *WSP (2025)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 160

The methodology and optimization parameters used for the Central zone is presented in this section. A similar

method and parameters was used for the other pits.

The first step consisted of re-blocking the block models to dimensions of 10 x 10 x 10 m (X, Y, Z), to ensure

adequate resolution for optimization analyses.

![image71.jpg](image71.jpg)

**Figure 16-2Whittle Reblocked Block Model Parameters**

***Source:*** *WSP (2025)*

Next, the pit slope angles were defined according to the geotechnical recommendations, with variations,

depending on pit depth, to reflect stability constraints.

![image27.jpg](image27.jpg)

**Figure 16-3Whittle Slope Setting**

***Source:*** *WSP (2025)*

For each pit, optimized pit shells were generated using a Revenue Factor (RF), ranging from 0.4 to 1.1, with

increments of 0.02. Based on these results, pit-by-pit graphs were developed, incorporating a 5% discount rate

and a selling price of 0.97cent/$ to account for a 3% royalty, thereby allowing the development of optimistic

and pessimistic scenarios.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 161

![image41.jpg](image41.jpg)

**Figure 16-4Whittle Pit Shells Iteration – Pit Center**

***Source:*** *WSP (2025)*

Once the pits were generated, and after running several scheduling scenarios for each pit individually, the

mining rate that would enable optimal extraction of the majority of the pits was evaluated.

The total mining rate, including mineralized material and waste, was set at 137,000 tonnes per day (t/d), or

50Mt per year.

The pit-by-pit graphs were then recalculated to adjust production schedules and select the optimal pit shells

based on this rate.

![image52.jpg](image52.jpg)

**Figure 16-5Whittle Pit Shells Iteration – Pit Center**

***Source:*** *WSP (2025)*

For the Center Pit iteration 18 was selected has the optimal shell, with a revenue factor of 0.74.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 162

**16.4.4UG Mining**

The currently identified UG section of the Boumadine deposit extends to approximately 640 m below surface

and spans up to ~5.6 km along strike. It is divided into three main zones: North, Center, and South. The

deposit's dip is relatively steep, varying from around 70° to around 80°, and its average width ranges between

about 1 and 4 m. Higher grade mineralized areas are concentrated in the Center zone beneath the pit also in

the far North zone, as shown in Figure 16-6.

![image30.jpg](image30.jpg)

**Figure 16-6Boumadine Mining Design**

*Source: WSP (2025)*

Given the deposit's geometry (dip and width) and its geotechnical parameters (Rock Mass Characterization)

the long-hole stoping method was judged appropriate. And because of its productivity, flexibility, and other

advantages, the modified Avoca method was selected

The deposit is planned to be mined in a bottom-up sequence using the modified Avoca method, a variant of

conventional Avoca adapted for situations lacking full dual-end access or ideal geometry. It is essentially a

longitudinal retreat long-hole stoping technique.

This method divides the deposit into sublevels, and the mineralized material between them is mined as

stopes. Most of the mineralized material on each sublevel will be mined with parallel longitudinal stopes

extending along the strike of the deposit. Each series of longitudinal stopes requires a production drive on the

upper sublevel for drilling and loading explosives and a production drive on the lower sublevel for mucking

blasted mineralized material. These production drives will be driven from a central access drift connected to

the ramp.

The longitudinal stopes will be mined in a retreating fashion, advancing in series, one after the other, towards

the access drift. Blast holes are drilled between sublevels. To initiate each bench, a slot is drilled and blasted

to form or access a void; subsequent blast hole rings are fired into that void until the desired hydraulic radius

is achieved. As mining proceeds, stopes are backfilled progressively with waste rock from the far end,

maintaining a controlled void ahead of the fill front. The cycle of drilling, blasting, mucking, and backfilling

repeats until the entire level is extracted. The method is illustrated in Figure 16-7.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 163

![image10.jpg](image10.jpg)

**Figure 16-7Modified Avocat Mining Method Illustration**

*Source: WSP (2025)*

**16.5MINE DESIGN**

**16.5.1Open Pit Mine Design**

Pit designs were developed for the three deposit areas and are based on the optimized shells and the

geotechnical design parameters from the report developed by RockEng, and are as follows:

• Bench height: 10 to 20 m

• Minimum catch bench width (m) = 0.2 \* Bench Height + 4.5

• Inter Ramp Slope Angle < 48 degrees for east dipping slopes

• Include a slope break every 100m: Slope break width is double a standard bench width

• No pre-split blasting is deemed necessary at this stage.

The pit locations are displayed in Figure 16-8.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 164

![image42.jpg](image42.jpg)

**Figure 16-8Boumadine pit locations**

The Center pit design consists of three phases of successive pushbacks around the entire pit perimeter as

illustrated in Figure 16-9 a-b-c

![image32.jpg](image32.jpg)

![image11.jpg](image11.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 165

![image6.jpg](image6.jpg)

**Figure 16-9Pit Cross section** 

***Figure 16-9 Description:*** *Center Pit cross section for years : (a) 2031-2032 (b) 2032-2036 (c) 2036-2039* 

The other small pit designs consist of one or two phases which can be scheduled independently following the

same approach typically used for satellite pits

The mining parameters are based on a production of 137 000 t/d. The production will be performed by a

contractor that will have to select their equipment. For design purposes, it is assumed that a mix of 90 tonne

CAT 777 Truck and 140-tonne CAT 785 Truck or similar truck size, will be used and paired with a 200-t Class

CAT 6020 and/or 300-t Class CAT 6030 Shovel or similar shovel size. It has been assumed that all the Open

Pit mining activities will be accomplished by a mining contractor.

With this assumed equipment. To following parameters were deduced:

• Minimum Mining Width: 30 m

• Ramp Width (Double Lane): 20 m

• Ramp Width (Single Lane): 12 m

• Turning Radius: 20m

• Maximum ramp grade: 10%

**16.5.2UG Stope design**

Stope dimensions were based on recommendations from the PEA Geomechanics Report. Each stope was

designed to be 20 m in height and 20 m in length, and mining will proceed in a retreating sequence.

Stope shapes were generated using DSO software, considering the deposit geometry, as well as geotechnical

and economic criteria. Multiple DSO scenarios were evaluated to determine the optimal results in terms of

tonnage and grade.

The DSO Shapes are visually checked and sequenced to suit the mining method (long hole longitudinal

retreat) and scheduled in Deswik scheduler to produce the production profile and LOM. The stope design

parameters are summarized in Table 16-6.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 166

**Table 16-6UG Stope Design Parameters** 

---

| | |
|:---|:---|
| **UG Stope Design parameters** | **UG Stope Design parameters** |
| **Parameter** | **Value** |
| **Stope parameters** |  |
| Mining Method | Modified Avoca |
| UG NSR COG | 125 $/t |
| Minimum Width | 2 m |
| Maximum Width | 8 m |
| Stope Height (Floor to Floor) | 20 m |
| Stope Length | 20 m |
| Pillar between veins | 8 m |
| Minimum dip angle | 55 deg |
| Mining Dilution ELOS HW | 0.5 m |
| Mining Dilution ELOS FW | 0.0 m |
| Mining recovery | 95% |
| Backfill Dilution | 5% |
| **Longhole Drilling** |  |
| Drilling Layout | Downhole Dice Five |
| Hole Diameter | 64 mm |
| Burden | 2.1 m |
| Spacing | 1.6 m |
| Drilling Factor | 4.57 t/m-drilled |
| **Longhole Blasting** |  |
| Explosive | Bulk Emulsion |
| Powder factor | 1.13 kg/m³ |
| **Backfill** |  |
| Backfill | Rock fill and CRF |

---

A summary of the stopping shapes properties for the different zones is presented in Table 16-7.

**Table 16-7Zones Stope Geometry Proprieties** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **DSO Shape Number** | **DSO Shape Width (m)** | **DSO Shape Width (m)** | **DSO Shape Width (m)** | **DSO Shape Dip (deg)** | **DSO Shape Dip (deg)** | **DSO Shape Dip (deg)** |
|  | **Unit** | **Min** | **Max** | **Average** | **Min** | **Max** | **Average** |
| **North** | 755 | 2 | 7.9 | 2.6 | 55 | 80 | 77 |
| **Centre** | 765 | 2 | 4.9 | 2.9 | 55 | 87 | 79 |
| **South** | 1295 | 2 | 8.3 | 2.8 | 55 | 80 | 76 |

---

Preliminary economic check was conducted on satellite mining areas to ensure they generate enough value to

pay for the required development and infrastructure costs. After this exercise a few non-economic areas were

eliminated from the production plan.

**16.5.3UG development design**

Lateral development will include the main access ramps (declines), level access drifts, the production drifts,

and all the necessary excavations for infrastructures.

Vertical development will consist of ventilation raises and rock passes, which are planned to be excavated

using either raise boring, or conventional raise mining methods.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 167

All lateral and vertical development activities are assumed to be carried out by a contractor. Aya has provided

the unit rates for these activities, based on quotes received from selected contractors.

The decline is driven at a maximum gradient of -15% and will provide access to mining levels for all zones. The

mining area will be accessed by driving level access and sill drifts above and below the stoping area.

For the purposes of this Preliminary Economic Assessment, a preliminary ground support design has been

developed based on recommendations from the geotechnical report. The standard support in development

headings consists of Swellex bolts installed in a 1.25 m x 1.25 m square pattern, with mesh applied across the

back and down the walls to mid-drift height.

In intersections and areas with wide spans, additional support is assumed in the form of cable bolts, with

lengths equal to half the span, installed in a 2.0 m x 2.0 m square pattern.

The main UG development heading profiles are presented in Table 16-8.

**Table 16-8Development Heading Profiles**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Tunnel Profile (without overbreak)** | **Tunnel Profile (without overbreak)** | **Tunnel Profile (without overbreak)** | **Tunnel Profile (without overbreak)** |
| | **Width (m)** | **Height (m)** | **Length (m)** | **Max grade (%)** |
| <br>**Lateral Development** | | | | |
| Spiral Ramp | 4.5 | 4 | - | ±15 |
| Level Access | 4.5 | 4 | - | ±3 |
| Ventilation Drift | 4.5 | 4 | - | ±3 |
| Connection Drift | 4.5 | 4 | - | ±15 |
| SILL Rock drift | 4 | 4 | - | ±3 |
| Rock Pass ACCESS | 4.5 | 4 | - | ±3 |
| Electrical Main Substation | 4.5 | 4 | 10 | ±3 |
| Main Pumping Station | 4.5 | 4 | 20 | ±3 |
| Ore Remuck Bay | 4.5 | 4 | 15 | ±3 |
| Level Sump (Gravity Drain/Borehole) | 4.5 | 4 | 15 | ±15 |
| Temporary Electrical Station | 4.5 | 4 | 10 | ±3 |
| Portable Refuge Bay | 4.5 | 4 | 7 | ±3 |
| Safety Bay | 1.5 | 2 | 1 | ±0 |
| **Vertical Development** | **Vertical Development** | **Vertical Development** | **Vertical Development** | **Vertical Development** |
| Ventilation Raises | 3 and 4 m Diameter | 3 and 4 m Diameter | 3 and 4 m Diameter | NA |
| Ore Pass | 4 m Diameter | 4 m Diameter | 4 m Diameter | NA |

---

Each level includes electrical stations, sumps, ventilation accesses, truck turnaround areas, and remuck bays,

as illustrated in the schematic plan of a typical level shown in Figure 16-10.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 168

![image66.jpg](image66.jpg)

**Figure 16-10Typical Level Layout**

**16.6MINE SAFETY INFRASTRUCTURE**

The Boumadine UG mining zones will have the following infrastructure related to mine safety:

• The ventilation raises connecting the sublevels will be equipped with ladderways, providing an

emergency escape alternative to the spiral ramp.

• Mine-rescue equipment will be provided for use by the mine-rescue team.

• The mine site will have a dedicated ambulance for emergency medical response.

• Portable refuge station will be strategically positioned throughout the mine, each designed and

equipped to accommodate up to eight people for 36 hours.

• The mine will have a stench gas system to provide warning in an emergency.

**16.7MINE EQUIPMENT**

The equipment fleet has been detailed for production activities only, as all development work will be

performed by a contractor, who will be responsible for supplying the necessary equipment and materials.

The Mobile equipment units needed per year for each equipment type is based on their estimated

productivities and the planned production targets outlined in the LOM plan.

The equipment fleet includes the main production vehicles as well as auxiliary vehicles, to support operations.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 169

Vertical development will be completed by contractors providing the equipment as required. The raising and

development equipment is excluded from the equipment list. The LOM mobile equipment fleet is summarized

in Table 16-9.

**Table 16-9Production Mobile Equipment** 

---

| | | |
|:---|:---|:---|
|  | **Model** | **Max Units Required** |
| **Drilling & Blasting** |  |  |
| Prod Drill, ITH | Sandvik DL311 | 3 |
| Emulsion Charger | PAUS 40 ST-LG | 2 |
| **Mucking & Haulage** |  |  |
| 30 tonnes Mine Truck | Epiroc MT436 | 6 |
| 10 tonnes LHD 10 t | Epiroc ST1030 | 7 |
| **Ground Support** |  |  |
| Cable Bolter | Sandvik DS 421 | 2 |
| Transmixer | Partindus HURON 45 | 1 |
| **Service** |  |  |
| Boom trucks | PAUS TSL 853 T7 | 2 |
| Grader | XCMG GR135C | 1 |
| Fuel Lube Truck | PAUS UNI 40SV | 2 |
| Water Truck | PAUS UNI 40SV | 1 |
| Pickup Truck | Toyota Hilux | 15 |
| Mine rescue Truck | ACCES | 1 |

---

**16.8MINE PERSONNEL**

Table 16-10 presents the annual owner's staffing requirements for a full production year, covering UG

production as well as the technical, supervisory, and support teams. it excludes contractor personnel involved

in OP production and UG development. This roster includes provisions for absences, vacations, and temporary

vacancies.

The mine will operate year-round, seven (7) days per week, twenty-four (24) hours per day (two (2) 12-hour

shifts. Most of the workforce will be recruited locally, supplemented by a few expatriate technical staff. In

addition, Aya plans to mobilize experienced personnel from its Zgounder Mine in Morocco to provide on-Site

training and to help ensure that operations are conducted safely and efficiently.

**Table 16-10Mine Personnel List**

---

| | |
|:---|:---|
| **Group / Role**<br>**UG Mining** | **Max Required**<br>|
| Longhole Drillers | 12 |
| Longhole Blasters | 8 |
| Mine Truck Operators | 24 |
| LHD Operators | 28 |
| Cable Bolter Operators | 8 |
| Transmixer Operators | 4 |
| Scissor Lift Operators | 16 |
| Boom Truck Operators | 24 |
| Grader Operators | 4 |
| Fuel Lube Truck Operators | 8 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 170

---

| | |
|:---|:---|
| **Group / Role** | **Max Required** |
| Water Truck Operators | 4 |
| **Total** | **140** |
| **UG Maintenance** |  |
| Mobile Mechanics | 11 |
| Fixed Mechanics | 4 |
| Fixed Mechanics - Batch Plant | 4 |
| Mobile Electricians | 4 |
| Fixed Electricians | 8 |
| Fixed Electricians - Batch Plant | 4 |
| **Total** | **35** |
| **Operations and technical services (UG and OP)** |  |
| Mine Supervisors - Direct | 18 |
| Maintenance Supervisors - Direct | 5 |
| Mine Manager | 1 |
| OP Captains | 1 |
| UG Captains | 3 |
| OP Mine Admin | 1 |
| UG Mine Admin | 2 |
| Maintenance Planning | 2 |
| OP Technical Services | 20 |
| UG Technical Services | 36 |
| **Total** | **89** |

---

**16.9PRODUCTION PLAN**

Both the UG and OP mining sequences were developed using Deswik Scheduler. The Boumadine project LOM

production plan extends over twelve (12) years, including pre-production.

To improve the overall project economics, the production schedule prioritizes the mining of higher-grade

material during the early years. Additionally, UG production is intentionally delayed by two (2) years following

the start of OP operations. This phased approach allows for earlier cash flow generation from the OP while

deferring the capital-intensive UG development to a later stage in the mine life.

The Net Smelter Return (NSR) is used to evaluate the economics and feasibility of Boumadine project. The

NSR value relates to the expected net value received for metal in saleable concentrate, net of costs for

transportation and associated smelting and refining charges.

The NSR of for each block in the resource model was calculated based on the block head grade and the

parameters presented in Table 16-11 .

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 171

**Table 16-11Parameters of Calculating NSR values**

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Metal Price**<br>**$US/lb or oz**<br>| **Concentrate**<br>**Recovery**<br>| **Smelter**<br>**Payable**<br>|
| **Lead Concentrate** | **Lead Concentrate** | **Lead Concentrate** | **Lead Concentrate** |
| Pb | $1.00 | 84.5% | 95% |
| Cu | $4.00 | 75.3% | 95% |
| Zn | $1.20 | 3.9% | 0% |
| Au | $2200 | 26.5% | 95% |
| Ag | $24.00 | 53.1% | 95% |
| **Zinc Concentrate** | **Zinc Concentrate** | **Zinc Concentrate** | **Zinc Concentrate** |
| Pb | $1.00 | 2.2% | 0% |
| Zn | $1.20 | 72.0% | 85% |
| Au | $2200 | 1.7% | 0% |
| Ag | $24.00 | 5.5% | 0% |
| **Pyrite Concentrate** | **Pyrite Concentrate** | **Pyrite Concentrate** | **Pyrite Concentrate** |
| Au | $2200 | 69.0% | 60% |
| Ag | $24.00 | 39.6% | 60% |

---

The NSR formulas used for the development of the Mine Plan differs slightly from the one used for the mineral

Resource estimate, and is based on the metallurgical recoveries for pyrite flotation.

NSR - Mine values were calculated as follows:

NSR $/t = (Pb% x $10.74) + (Zn% x $9.43 x 1.44) + (Au g/t x $46.85) + (Ag g/t x $0.55) + (Cu% x 63.08)

Mineralized material in the production schedule has been classified into three distinct stockpiles based on

both the overall mineralized Net Smelter Return (NSR-Mine) and the NSR-Pyrite. The NSR-Pyrite was

calculated on a per tonne of pyrite basis, with the intention of showing the potential return per tonne of pyrite

produced from each tonne of feed to the mill. Therefore, it is possible for the NSR-Pyrite to be higher than the

NSR-Mine.

The NSR-Pyrite was calculated based on the parameters presented in Table 16-12. The gold and silver values

are used to calculate the value of the precious metals in the pyrite concentrate, while the iron value is used to

calculate the mass pull to the pyrite concentrate.

**Table 16-12Parameters of Calculating NSR Pyrite values**

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Metal Price**<br>**$US/oz**<br>| **Concentrate**<br>**Recovery**<br>| **Smelter**<br>**Payable**<br>|
| **Pyrite Concentrate** | **Pyrite Concentrate** | **Pyrite Concentrate** | **Pyrite Concentrate** |
| Au | $2200 | 69.0% | 60% |
| Ag | $24.00 | 39.6% | 60% |
| Fe | $0 | 90.0% | 0% |

---

NSR-Pyrite values were calculated as follows:

NSR-Pyrite $/t = [(Au g/t x $29.28) + (Ag g/t x $0.18)] / (Fe% x 0.0246)

The criteria and thresholds used for the categorization of the three stockpiles are illustrated in Figure 16-11.

and can be summarized as follows:

• If the NSR-Mine is less than $100/t, the material is placed in the low-grade stockpile.

• If the NSR-Mine is greater than $100/t and the NSR-Pyrite is less than $160/t, the material is placed in

the low-grade pyrite stockpile.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 172

• If the NSR-Mine is greater than $100/t and the NSR-Pyrite greater than $160/t, the material is placed in

the high-grade pyrite stockpile.

![image69.jpg](image69.jpg)

**Figure 16-11Stockpiles Classification Parameters** 

**16.9.1Pre-Production Plan**

Production is scheduled to begin early 2029, during the construction phase of the project ("year 0" of the

financial model). As such, pre-production activities will need to commence sufficiently ahead of time to allow

for critical early works. The principal activities during the pre-production period will include installation of

roads, terrasses and surface stockpile. Pre-stripping for the OPs will be executed by a contractor. The waste

rock dump facilities will need to be prepared before the stripping can start.

**16.9.2OP Production Plan**

OP mining will begin in three primary areas Pit Center, Pit South 2, and Pit North 3. The Pit Center, which

contains higher-grade material, will be the main pit and will be mined first, starting in 2029. Mining of this pit

will continue for approximately eight (8) years. In parallel, Pit South 2 and Pit North 3 will be developed more

gradually to supplement production from the Pit Center.

Pit South 2 is expected to be mined over a period of six (6) years, while Pit North 3 will be mined only during

the first year of the OP operation. Subsequent phases of OP mining will include Pit North 1 and Pit North 2,

which are scheduled to be mined between 2034 and 2037.

OP production will conclude with Pit South 1, which is expected to be completed in 2038. The yearly

production, all material included, set for the pits in the schedule is 50Mt per year.

The open pits sequence is illustrated in figures 16-12 a-b-c-d-e-f.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 173

![image75.jpg](image75.jpg)

![image62.jpg](image62.jpg)

![image20.jpg](image20.jpg)

![image4.jpg](image4.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 174

![image63.jpg](image63.jpg)

![image48.jpg](image48.jpg)

**Figure 16-12Open Pit Sequence from 2030 to 2039** 

***Figure 16-12 Description:*** *Surface view of open pit circuit for the following years : (a) 2030 (b) 2032 (c) 2034 (d) 2036 (e) 2038 (f) 2039* 

Table 16-13 provides a breakdown of the OP LOM production by stockpile and Table 16-14 provides a

breakdown of the OP LOM production by Pit zone.

Figure 16-13 represents the yearly distribution of the Open pit mineralized tonnes per Zone and Figure 16-14

represents the yearly distribution of the Open pit Waste tonnes per Zone.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 175

**Table 16-13OP LOM Production by Stockpile**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Units** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **Row total** |
| **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** |
| Ore Tonnes | tonnes | 1997787 | 3588632 | 2025290 | 3788908 | 1340316 | 1037757 | 1394911 | 2261544 | 1460085 | 546525 | 19441753 |
| NSR Average | $/tonnes | 157.9 | 195.9 | 146.7 | 231.7 | 186.1 | 160.3 | 157.9 | 265.1 | 158.4 | 180.9 | 193.4 |
| **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** |
| Ore Tonnes | tonnes | 670435 | 629485 | 763365 | 555725 | 248140 | 119720 | 218587 | 221982 | 194468 | 11893 | 3633801 |
| NSR Average | $/tonnes | 77.8 | 81.2 | 74.8 | 74.4 | 70.8 | 74.1 | 75.3 | 77.2 | 72.0 | 74.7 | 76.1 |
| **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** |
| Ore Tonnes | tonnes | 484911 | 1282317 | 650908 | 1095540 | 555242 | 504769 | 702257 | 533046 | 1058604 | 484916 | 7352510 |
| NSR Average | $/tonnes | 123.9 | 124.6 | 135.5 | 137.8 | 142.8 | 142.2 | 140.0 | 126.0 | 154.4 | 181.7 | 139.7 |
| **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** |  |  |  |  |  |  |  |  |  |  |  |
| Ore Tonnes | tonnes | 842442 | 1676829 | 611017 | 2137643 | 536933 | 413269 | 474066 | 1506516 | 207012 | 49716 | 8455443 |
| NSR Average | $/tonnes | 241.3 | 293.4 | 248.5 | 320.7 | 284.3 | 207.4 | 222.4 | 342.0 | 259.6 | 198.4 | 290.4 |
| Waste Tonnes | tonnes | 18000646 | 36410341 | 47974382 | 46208802 | 48659423 | 48975925 | 48613949 | 47744026 | 45938677 | 18317528 | 406843699 |
| Strip Ratio |  | 9.0 | 10.1 | 23.7 | 12.2 | 36.3 | 47.2 | 34.9 | 21.1 | 31.5 | 33.5 | 20.9 |
| Total Tonnes | tonnes | 19998434 | 39998972 | 49999673 | 49997710 | 49999738 | 50013682 | 50008859 | 50005569 | 47398762 | 18864053 | 426285452 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 176

**Table 16-14OP LOM Production by Zone**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Units** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **Row total** |
| **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** |
| Ore Tonnes | tonnes | 1997787 | 3588632 | 2025290 | 3788908 | 1340316 | 1037757 | 1394911 | 2261544 | 1460085 | 546525 | 19441753 |
| NSR Average | $/tonnes | 157.9 | 195.9 | 146.7 | 231.7 | 186.1 | 160.3 | 157.9 | 265.1 | 158.4 | 180.9 | 193.4 |
| Waste Tonnes | tonnes | 18000646 | 36410341 | 47974382 | 46208802 | 48659423 | 48975925 | 48613949 | 47744026 | 45938677 | 18317528 | 406843699 |
| **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** | **PIT CENTER** |
| Ore Tonnes | tonnes | 1774628 | 3156451 | 1432820 | 2866656 | 831929 | 555290 | 1143980 | 2025805 | 53846 | - | 13841404 |
| NSR Average | $/tonnes | 150.1 | 188.3 | 115.6 | 238.8 | 144.4 | 143.1 | 155.5 | 280.9 | 519.4 | - | 194.0 |
| Waste Tonnes | tonnes | 13225060 | 21842338 | 33565946 | 32133091 | 39165856 | 39444178 | 38852557 | 37971859 | 956613 | - | 257157498 |
| **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** | **PIT NORTH 3** |
| Ore Tonnes | tonnes | 222933 | - | - | - | - | - | - | - | - | - | 222933 |
| NSR Average | $/tonnes | 220 | - | - | - | - | - | - | - | - | - | 220.2 |
| Waste Tonnes | tonnes | 3749869 | - | - | - | - | - | - | - | - | - | 3749869 |
| **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** | **PIT SOUTH 2** |
| Ore Tonnes | tonnes | 227 | 432181 | 592470 | 922252 | 508387 | 370448 | - | - | - | - | 2825965 |
| NSR Average | $/tonnes | 72 | 251 | 222 | 210 | 254 | 194 | - | - | - | - | 224.5 |
| Waste Tonnes | tonnes | 1019294 | 14568002 | 14408436 | 14075712 | 9493567 | 3895102 | - | - | - | - | 57460113 |
| **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** | **PIT NORTH 2** |
| Ore Tonnes | tonnes | - | - | - | - | - | 112019 | 148512 | - | - | - | 260531 |
| NSR Average | $/tonnes | - | - | - | - | - | 136 | 191 | - | - | - | 167.5 |
| Waste Tonnes | tonnes | 6424 | - | - | - | - | 5636645 | 2548245 | - | - | - | 8191314 |
| **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** | **PIT NORTH 1** |
| Ore Tonnes | tonnes | - | - | - | - | - | - | 102419 | 235738 | 1395392 | - | 1733549 |
| NSR Average | $/tonnes | - | - | - | - | - | - | 136 | 129 | 144 | - | 141.8 |
| Waste Tonnes | tonnes | - | - | - | - | - | - | 7213148 | 9772166 | 42832064 | - | 59817378 |
| **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** | **PIT SOUTH 1** |
| Ore Tonnes | tonnes | - | - | - | - | - | - | - | - | 10847 | 546525 | 557372 |
| NSR Average | $/tonnes | - | - | - | - | - | - | - | - | 175.3 | 180.9 | 181 |
| Waste Tonnes | tonnes | - | - | - | - | - | - | - | - | 2150001 | 18317528 | 20467529 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 177

![image28.jpg](image28.jpg)

**Figure 16-13Open pit Mineralized tonnes per year and per Zone**

![image12.jpg](image12.jpg)

**Figure 16-14Open pit Waste tonnes per year and per Zone**

**16.9.3UG Development Plan**

Development of the UG facility is scheduled to begin in 2031 and will require approximately one year to reach

full production capacity. All development activities will be executed by a contractor. The pre-production phase

for the UG operations will include equipment procurement, excavation of terraces for the portal and ventilation

shafts, and the recruitment of qualified mining personnel to support the commencement of UG mining

activities.

All UG mining zones in the Boumadine deposit will be accessed by developing spiral ramp either from the

surface or from existing, developed pits. Ramps will be utilized for:

• Production haulage

• Material and personnel movement

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 178

• Fresh air intakes for the mine

• Main dewatering path for the mine

Ramps will provide access to all levels of the mine and, subsequently, to the production sublevels, which will

be spaced at 20-m intervals. Return air ventilation raises, excavated in parallel with the ramp, will connect the

sublevels and be equipped with ladderways, offering an emergency escape route as an alternative to the main

ramp.

Additional supporting infrastructure are located throughout the mine such as dewatering sumps, main

pumping station, electrical substations, explosive magazine, emulsion bay, fuel bay and backfill stations.

Vertical development will consist of a surface ventilation raise, which will be excavated using raise boring. In

addition, ventilation return air raises connecting the sublevels will be constructed and equipped with

ladderways to serve as secondary egress routes. Rock passes will also be developed in selected areas and

will be excavated using conventional raising methods. Principal development headings are presented in Figure

16-15.

![image22.jpg](image22.jpg)

**Figure 16-15Principal Development Headings (North Zone Area)** 

The lateral development rate used for the project is 8 m per day and was based on performance data from the

Zgounder Mine, reflecting the multiple face advance rate. The vertical advance rate was set at 3 m per day.

For development material, a dilution factor of 0% and a recovery rate of 100% were assumed. The NSR cut-off

grade applied was $77 per tonne.

Table 16-15 presents the LOM development plan summarized by development type and separated into Capital

and Operating.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 179

**Table 16-15Life-of-Mine Development Plan**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **2039** | **2040** | **2041** | **Row total** |
| **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** | **Lateral Development** |
| Ramp<br> m | - | - | 5444 | 2722 | 1218 | 4751 | 3485 | 5477 | 2785 | 2539 | 7434 | 2708 | - | 38561 |
| Level Access<br> m | - | - | 782 | 945 | 1159 | 1416 | 1981 | 1538 | 1427 | 1273 | 1748 | 1995 | - | 14264 |
| Connection Drift<br> m | - | - | 358 | 428 | - | 417 | 66 | 319 | 160 | 730 | 324 | - | - | 2802 |
| Sublevel (Sill)<br> m | - | - | 599 | 6818 | 8799 | 6994 | 6215 | 6205 | 8852 | 8410 | 5707 | 8435 | 323 | 67358 |
| Ventilation Drift<br> m | - | - | 763 | 348 | 453 | 938 | 229 | 1256 | 275 | 846 | 924 | 985 | - | 7018 |
| Dev Infra<br> m | - | - | 111 | 78 | 51 | 69 | 99 | 138 | 88 | 126 | 192 | 131 | - | 1082 |
| Total Lateral Meters<br> m | - | - | 8057 | 11340 | 11680 | 14585 | 12075 | 14934 | 13586 | 13924 | 16330 | 14255 | 323 | 131086 |
| **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** | **Verical Development** |
| Ventilation Raises<br> m | - | - | 548 | 421 | 180 | 467 | 630 | 476 | 405 | 325 | 295 | 1031 | 39 | 4816 |
| Ore Pass<br> m | - | - | - | - | 162 | - | - | - | - | - | - | 80 | - | 242 |
| Total Vertical Meters<br> m | - | - | 548 | 421 | 342 | 467 | 630 | 476 | 405 | 325 | 295 | 1111 | 39 | 5058 |
| **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** | **Development Cost Type** |
| CAPEX Dev<br> m | - | - | 8005 | 4942 | 3222 | 8058 | 6490 | 9204 | 5139 | 5838 | 10918 | 6931 | 39 | 68787 |
| OPEX Dev<br> m | - | - | 599 | 6818 | 8799 | 6994 | 6215 | 6205 | 8852 | 8410 | 5707 | 8435 | 323 | 67358 |
| Total Devl Meters<br> m | - | - | 8604 | 11760 | 12022 | 15052 | 12705 | 15409 | 13991 | 14248 | 16625 | 15366 | 362 | 136144 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 180

**16.9.1UG Production Plan**

The UG production sequence will follow the same strategy as the OP, by prioritizing high-grade zones. For this

reason, UG mining will begin in 2031 simultaneously in the Center and North zones.

One more key reason for initiating UG production in the Center zone is to access and extract the high-grade

stopes located beneath the Center zone. These stopes represent some of the richest portions of the deposit

and starting them early ensures that this material is not sterilized or lost due to OP operations above.

As the UG operations will be conducted in parallel with OP mining for these zones, the decision has been

made to start the access ramps to these zones from the surface independently of pit operations. This

approach ensures timely access to UG stopes without being constrained by the OP mining sequence.

![image23.jpg](image23.jpg)

**Figure 16-16Primary UG Mining Area in the Center and North Zones**

The start of UG production in the remaining areas of the Center and North zones, as well as in the South zone,

is linked to the production schedule of the corresponding OPs, as access to these UG zones will be gained

through the pits once they are sufficiently developed. The portals of these declines will be excavated in the pit

walls.

![image44.jpg](image44.jpg)

**Figure 16-17Secondary UG Mining Area in the Center and North Zones** 

Production will start in 2034 in the South zones and in 2039 in the remaining North zones.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 181

![image72.jpg](image72.jpg)

**Figure 16-18Remaining UG Mining Area in the South Zone**

In zones where depth and mine design allow, the deposit has been divided into two or more mining horizons,

separated by a sill pillar level. The first mineable level in the horizon will be backfilled with Cemented Rock Fill

(CRF) upon completion, enabling safe and stable mining operations to proceed below it.

The stope production cycle time was estimated based on a typical stope with an average width of 2.5 m, a

height of 16 m (floor to back), and a length of 20 m. using an average mineralized material density of 3.7 t/m³,

a dilution of 5% and a recovery of 95%, the average stope tonnage is 2510 tonnes, to account for broken rock

volume increase a swell factor of 36.5% was used in the calculation. Results are presented in Table 16-16.

**Table 16-16Stope Production Cycle Time**

---

| | | | |
|:---|:---|:---|:---|
| **Activity** | **Duration** | **Rate** | **Unit** |
| Stope Preparation | 2 |  | d/stp |
| Production Drilling |  | 345 | m/d |
| Blasting | 0.56 |  | d/stp |
| Mucking |  | 1 530 | t/d |
| Backfill Prep | 1 |  | d/stp |
| Rock filling |  | 1 637 | t/d |
| Stope cycle time | 9.1 |  | day |
| Tonnes per stope per day |  | 276 | t/d/stope |

---

The overall UG production plan is presented in Table 16-17 and Table 16-18.

Table 16-17 shows the Boumadine UG production plan sorted by stockpile category.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 182

**Table 16-17Boumadine UG Production Plan Sorted by Stockpile Category**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Units** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **2039** | **2040** | **2041** | **Row total** |
| **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** |
| Total Mineralized Tonnes | tonnes | - | - | 30784 | 845409 | 1580951 | 1653772 | 1181957 | 991179 | 1093573 | 1599170 | 1053730 | 1292922 | 316411 | 11639858 |
| Total NSR | $/t | - | - | 242.0 | 262.6 | 276.8 | 235.4 | 155.0 | 159.6 | 150.3 | 156.5 | 138.6 | 156.2 | 163.5 | 190.0 |
| Dev Mineralized Tonnes | tonnes | - | - | 30784 | 312566 | 400612 | 294061 | 312774 | 256135 | 335300 | 338979 | 253871 | 336986 | 18394 | 2890462 |
| Dev NSR | $/t | - | - | 242.0 | 254.4 | 238.6 | 163.5 | 135.4 | 136.1 | 119.8 | 133.5 | 120.1 | 126.1 | 142.0 | 162.2 |
| Stope Mineralized Tonnes | tonnes | - | - | - | 532844 | 1180339 | 1359711 | 869183 | 735043 | 758273 | 1260191 | 799859 | 955936 | 298018 | 8749396 |
| Stope NSR | $/t | - | - | - | 267.4 | 289.8 | 250.9 | 162.0 | 167.8 | 163.8 | 162.7 | 144.5 | 166.8 | 164.8 | 199.2 |
| **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** | **Low Grade Stockpile** |
| Mineralized Tonnes | tonnes | - | - | 2093 | 14550 | 24386 | 39114 | 46102 | 56743 | 115669 | 53285 | 87818 | 73480 | 2810 | 516051 |
| NSR Average | $/t | - | - | 95.0 | 86.4 | 91.0 | 88.8 | 91.8 | 88.5 | 88.3 | 90.1 | 90.9 | 90.7 | 87.1 | 89.7 |
| **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** | **Low Grade Pyrite Stockpile** |
| Mineralized Tonnes | tonnes | - | - | 8474 | 168737 | 317272 | 607303 | 991800 | 348161 | 732970 | 1119553 | 729820 | 708518 | 201517 | 5934123 |
| NSR Average | $/t | - | - | 139.4 | 152.0 | 155.6 | 170.6 | 156.3 | 154.7 | 142.6 | 144.0 | 137.4 | 145.9 | 156.3 | 149.9 |
| **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** | **High Grade Pyrite Stockpile** |
| Mineralized Tonnes | tonnes | - | - | 20218 | 662122 | 1239293 | 1007355 | 144055 | 586274 | 244934 | 426333 | 236092 | 510924 | 112084 | 5189684 |
| NSR Average | $/t | - | - | 300.2 | 294.7 | 311.5 | 280.2 | 166.4 | 169.4 | 202.8 | 197.6 | 159.9 | 179.8 | 178.4 | 245.9 |
| UG WASTE TONNES | tonnes | - | - | 360484 | 244149 | 192495 | 425431 | 304635 | 479542 | 335856 | 370790 | 544792 | 372403 | 11007 | 3641586 |
| ROCKFILL TONNES | tonnes | - | - | - | 356514 | 1198051 | 1415029 | 866075 | 757898 | 701032 | 1265605 | 796760 | 991106 | 337485 | 8685555 |
| CRF TONNES | tonnes | - | - | - | 203983 | 101401 | 60680 | 13828 | 24310 | 114950 | 46385 | - | - | - | 565536 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 183

**Table 16-18Boumadine UG Production Plan Sorted by Mining Zone**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Units** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **2039** | **2040** | **2041** | **Row total** |
| **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** |
| Total Mineralized Tonnes | tonnes | - | - | 30784 | 845409 | 1580951 | 1653772 | 1181957 | 991179 | 1093573 | 1599170 | 1053730 | 1292922 | 316411 | **11639858** |
| Total NSR | $/t | - | - | 242.0 | 262.6 | 276.8 | 235.4 | 155.0 | 159.6 | 150.3 | 156.5 | 138.6 | 156.2 | 163.5 | **190.05** |
| **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** | **ZONE CENTRE** |
| Mineralized Tonnes | tonnes | - | - | - | 523342 | 743433 | 923251 | 641413 | 11375 | - | - | 22236 | 254039 | 143898 | **3262987** |
| NSR Average | $/t | - | - | - | 263.9 | 264.1 | 223.1 | 158.0 | 179.9 | - | - | 184.7 | 177.0 | 158.8 | **219.3** |
| **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** | **ZONE NORTH** |
| Mineralized Tonnes | tonnes | - | - | 30784 | 322067 | 837518 | 698699 | - | - | - | - | 141472 | 560636 | 130762 | **2721939** |
| NSR Average | $/t | - | - | 242.0 | 260.5 | 288.2 | 256.6 | - | - | - | - | 132.7 | 144.3 | 167.7 | **232.8** |
| **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** | **ZONE SOUTH** |
| Mineralized Tonnes | tonnes | - | - | - | - | - | 31822 | 540543 | 979803 | 1093573 | 1599170 | 890022 | 478246 | 41752 | **5654932** |
| NSR Average | $/t | - | - | - | - | - | 126.5 | 151.5 | 159.4 | 150.3 | 156.5 | 138.4 | 159.0 | 166.5 | **152.6** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 184

**16.9.2Combined Production Plan**

The total mineralized material tonnage for the mine is estimated at 31.1 million tonnes, with an average NSR

grade of 192.1 $/t. OP mining will contribute with 62.6% of the total tonnage, while UG mining will account for

the remaining 37.4%. In the final three years of the mine life, production will be exclusively from UG

operations.

As the total tonnage from the OPs and UG has not been fully balanced, the strategy is to use the different

stockpiles to regulate and optimize the feed to the processing plant, ensuring a consistent tonnage and grade

profile over the LOM. Boumadine production plan is summarized in Table 16-19, Figure 16-19 and Figure

16-20.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 185

**Table 16-19Boumadine LOM Production Plan**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Units** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **2039** | **2040** | **2041** | **Row total** |
| **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** | **Total Pits** |
| Ore Tonnes | tonnes | 1997787 | 3588632 | 2025290 | 3788908 | 1340316 | 1037757 | 1394911 | 2261544 | 1460085 | 546525 | - | - | - | **19441753** |
| NSR Average | $/tonnes | 157.9 | 195.9 | 146.7 | 231.7 | 186.1 | 160.3 | 157.9 | 265.1 | 158.4 | 180.9 | 0.0 | 0.0 | 0.0 | **193.4** |
| **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** | **Total Underground** |
| Ore Tonnes | tonnes | - | - | 30784 | 845409 | 1580951 | 1653772 | 1181957 | 991179 | 1093573 | 1599170 | 1053730 | 1292922 | 316411 | **11639858** |
| NSR Average | $/t | - | - | 242.0 | 262.6 | 276.8 | 235.4 | 155.0 | 159.6 | 150.3 | 156.5 | 138.6 | 156.2 | 163.5 | **190.1** |
| **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** | **Mine Total** |
| Ore Tonnes | tonnes | 1997787 | 3588632 | 2056075 | 4634317 | 2921266 | 2691529 | 2576867 | 3252722 | 2553657 | 2145695 | 1053730 | 1292922 | 316411 | **31081611** |
| NSR Average | $/t | 157.9 | 195.9 | 148.2 | 237.3 | 235.2 | 206.5 | 156.6 | 233.0 | 154.9 | 162.7 | 138.6 | 156.2 | 163.5 | **192.1** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 186

![image77.jpg](image77.jpg)

**Figure 16-19Boumadine LOM Production Plan breakdown by OP and UG Mining Methods**

![image56.jpg](image56.jpg)

**Figure 16-20Boumadine LOM Production Plan Tonnes and NSR**

**16.10ELECTRICAL UG DISTRIBUTION**

The electrical distribution for the underground mine's medium voltage is planned from the portals and service

boreholes to provide a redundancy loop. Main substations equipped with 1.5-MW transformers and low

voltage distribution switchgear are planned for every three levels. These substations are expected to be skid-

mounted, featuring standard equipment and distribution breakers. As underground mine development

progresses, some main substations will be relocated from completed areas to newly developed zones.

Low voltage will be supplied via boreholes from the main substations to both upper and lower levels. Each

level will therefore contain an electrical bay with distribution panels and motor starters to supply equipment

and services, including jumbo drills, fans, pumps, lighting, and power outlets. All equipment must be certified

by the appropriate regulatory bodies and allow for padlocking to ensure safe zero-energy maintenance.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 187

Electrical connections for the underground mine and surface ventilator feed will come from the surface

overhead line.

For communications, a robust fiber optics cable system will be installed during mine development, ensuring

high-speed and reliable data transmission throughout all underground operations. This advanced network will

be integrated with patch panels and junction boxes located in each electrical bay, providing effective

connectivity for underground mine communications. The fiber optics infrastructure will allow real-time

monitoring, remote equipment operation, and emergency response capabilities, enhancing both operational

efficiency and safety across the mine. Additionally, the system is designed for scalability, allowing future

upgrades to accommodate evolving technology and increased data demands as mine development

progresses.

**16.11VENTILATION**

This section of the report outlines the ventilation design and strategy for the Boumadine Project, based on the

proposed mine layout, production schedule, and diesel equipment fleet. The design aims to ensure safe and

efficient airflow distribution across all zones of the mine, while optimizing energy consumption and fan

performance. All calculations and design assumptions comply with Canmet (Canada, 2021) ventilation

standards. MSHA (MSHA, n.d.) will be used in case Canmet standards are not available. In the absence of

specific standards, a default airflow rate of 0.06 m³/s/kW will be used as per industry standard. Additional

assumptions are defined for diesel engine ventilation:

• New vehicles: Tier 4 emissions standard

• Contractor fleet: Tier 2

**16.11.1Design Criteria**

Ventilation demand is based on the equipment fleet used throughout the LOM. Airflow requirements per

vehicle type were calculated assuming the following assumptions:

• LHD 10T (ST1030): Tier 2, Canmet requirements

• Mine truck 30T (MT46): Tier 3, Canmet requirements

• Remainder of fleet: 0.06 m<sup>3</sup>/s/kW

Using the equipment fleet, the number of equipment and utilization factor to capture the worst-case scenario,

the airflow demand for the project is shown in Table 16-20 for a total of 413 m<sup>3</sup>/s. Utilization factor for LHDs

and trucks have been assumed at 100%, 50% for most of utility vehicles and 25% for equipment that primarily

operates on electric such as Jumbos and production drills.

**Table 16-20Airflow Requirements Calculations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** |
| **Equipment** | **Engine kW** | **No. of units** | **Utilization rate** | **Requirement** <br>**per unit m³/s**<br>| **Total requirement** <br>**m³/s**<br>|
| **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** |
| Prod Drill, ITH w/ Raise Head | 129 | 12 | 25% | 7.7 | 6 |
| Emulsion Charger | 120 | 8 | 35% | 7.2 | 5 |
| **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** |
| 30 tonnes Mine Truck Tier 3 | 350 | 9 | 100% | 10.8 | 65 |
| 10 tonnes LHD 10 t | 256 | 9 | 100% | 11.2 | 78 |
| **Ground Support** | **Ground Support** | **Ground Support** | **Ground Support** | **Ground Support** | **Ground Support** |
| Cable Bolter | 119 | 12 | 25% | 7.1 | 4 |
| Transmixer | 185 | 9 | 25% | 11.1 | 3 |
| **Service** | **Service** | **Service** | **Service** | **Service** | **Service** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 188

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** | **Mining Equipment airflow requirement** |
| **Equipment** | **Engine kW** | **No. of units** | **Utilization rate** | **Requirement** <br>**per unit m³/s**<br>| **Total requirement** <br>**m³/s**<br>|
| Telehandler | 75 | 4 | 25% | 4.5 | 5 |
| Boom trucks | 120 | 7 | 25% | 7.2 | 4 |
| Grader | 123 | 15 | 100% | 7.4 | 7 |
| Fuel Lube Truck | 126 | 8 | 50% | 7.6 | 8 |
| Water Truck | 126 | 8 | 50% | 7.6 | 4 |
| Mobile rock breaker | 200 | 11 | 25% | 12 | 3 |
| Pickup Truck | 150 | 5 | 50% | 9 | 68 |
| Mine rescue Truck | 150 | 16 | 0% | 9 | 0 |
| **Development** | **Development** | **Development** | **Development** | **Development** | **Development** |
| Jumbo |  | 3 | 25% | 7 | 5 |
| Scissor Lifts |  | 3 | 50% | 7 | 11 |
| Boom Truck |  | 3 | 50% | 7 | 11 |
| Shotcrete Sprayer |  | 1 | 25% | 7 | 2 |
| Pickup Truck |  | 6 | 50% | 9 | 27 |
| LHD |  | 3 | 100% | 8 | 24 |
| Truck |  | 6 | 100% | 12.7 | 76 |
|  |  |  |  | **Total** | **413** |

---

Other design criteria for the ventilation design are defined as follows:

• Maximum air velocity in ramps: 7 m/s

• Main fan pressure limit: 5000 Pa to avoid high pressures in return air raise system for safety and

bulkhead design purposes to access the egress.

• Fan efficiency of main fans: 75%

• Fan efficiency of auxiliary fans: 80%

• Mains fans power utilization rate: 80%.

• Motor efficiency: 95%

• Heating or cooling of mine air is not required.

• Any open stopes are sealed with a ventilation curtain

• Optimize blast clearing times

• Leakage factor: 50 mm²/m² for auxiliary duct network

• Hydraulic resistance of closed regulator and personnel doors bulkheads: 15 N s<sup>2</sup>/m<sup>8</sup>

• When airflow is divided between two raises on a given zone, a 70/30% split is assumed for worst-case

pressure balance.

• Electricity cost: $US 90/MWh

• Main fans operate 365 days/year, 24 hours/day

• Auxiliary fans operate 365 days/year, 24 hours/day with On/Off starters only

**16.11.2Ventilation Demand and Distribution**

The mine is divided in the ventilation zones shown in Figure 16-16. Each ventilation zone share the same main

fans and are connected UG.

• Zone South 1

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 189

• Zone South 2

• Zone South 3

• Zone South 4

• Zone South 5

• Zone Center

• Zone North 1

• Zone North 2

• Zone North 3

![image7.jpg](image7.jpg)

**Figure 16-21Ventilation Zones**

Based on the mine plan, the annual mining activity proportion per ventilation zones in terms of development

and production was estimated as shown in Table 16-21. The airflow distributed for each zone is assumed to

be proportional to the mining activity split by multiplying it to the total airflow requirement of 413 m<sup>3</sup>/s. A

contingency of 20% contingency is then added to ensure total airflow meets worst-case operational scenarios.

The maximum airflow requirement per zone is shown in Table 16-22. The main fans sizing has been

performed based on this airflow requirement.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 190

**Table 16-21Production Profile Based On Ventilation Zones**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year/zone** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **2039** | **2040** | **2041** |
| Nord 1 |  |  |  |  |  |  |  |  |  |  | 30% | 30% |
| Nord 2 | 50% | 50% | 50% | 50% | 50% |  |  |  |  |  |  |  |
| Nord 3 |  |  |  |  |  |  |  |  |  |  | 10% | 10% |
| Centre | 50% | 50% | 50% | 50% | 50% |  |  |  |  |  |  |  |
| Sud 5 |  |  |  |  |  |  |  |  |  |  | 30% | 30% |
| Sud 4 |  |  |  |  |  |  |  |  |  |  | 30% | 30% |
| Sud 3 |  |  |  |  |  | 5% | 5% | 50% | 50% | 50% |  |  |
| Sud 2 |  |  |  |  |  | 90% | 90% |  |  |  |  |  |
| Sud 1 |  |  |  |  |  | 5% | 5% | 50% | 50% | 50% |  |  |

---

Main fans are sized to meet the maximum airflow requirements defined by the production profile, ensuring

adequate ventilation capacity across all operational zones. The fan pressure has been calculated using the

Ventsim<sup>TM</sup> model assuming that the air is sent to the lower levels while allowing leakage at each of the

bulkheads with a hydraulic resistance of 15 N s<sup>2</sup>/m<sup>8</sup> and a 70/30% split if the Return Air Raise (RAR) system is

divided. A pressure of 500 Pa is added to each of the operating point to account for the fan installation

pressure losses. The power is then estimated with the assumed fan efficiency.

**Table 16-22Main Fans Sizing**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Zone** | **Max % of** <br>**prod.**<br>| **Max airflow** <br>**req. (m**<sup>3</sup>**/s)**<br>| **Fan** <br>**pressure**<br>| **Fan type** | **Nominal** <br>**motor power** <br>**(kW)**<br>|
| North 1 | 50% | 206 | 1882 | Surface horizontal parallel arrangement | 2 x 300 |
| North 2 | 70% | 288 | 2671 | Surface horizontal parallel arrangement | 2 x 600 |
| North 3 | 30% | 124 | 1379 | Surface horizontal parallel arrangement | 2 x 150 |
| Center | 70% | 288 | 4367 | Surface horizontal parallel arrangement | 2 x 1000 |
| South 5 | 50% | 206 | 2417 | Surface horizontal parallel arrangement | 2 x 400 |
| South 4 | 50% | 206 | 2009 | Surface horizontal parallel arrangement | 2 x 350 |
| South 3 | 70% | 288 | 4270 | Parallel Horizontal fans in portal in bulkhead | 2 x 1000 |
| South 2 | 1 | 412 | 2930 | Parallel Horizontal fans in portal in bulkhead | 2 x 1000 |
| South 1 | 0.7 | 288 | 3561 | Surface horizontal parallel arrangement | 2 x 850 |

---

**16.11.3 Main Ventilation system Design**

The main ventilation system design for a typical zone is shown in Figure 16-17. Each zone has a single intake

portal and is connected to return air network converging toward the surface main exhaust fans. This design

was chosen to optimize blast clearing times. The airflow is distributed to the different ramps and production

levels with the use of bulkheads and drop board regulators. The drop board regulators are adjusted manually

to supply enough air on each of the levels. When a level becomes inactive, the regulator is completely sealed.

Zones Nord 1, Nord 2, Nord 3, Centre, Sud 1, and Sud 5 have one exhaust raise with surface horizontal parallel

arrangement fans (total of two fans per zone) as illustrated in Figure 16-17 and Zones Sud 2, Sud 3, and Sud 4

have one dedicated exhaust drift connected to surface with parallel UG fans in wall arrangement (total of two

fans per zone) as illustrated in Figure 16-18.

To comply with maximum airspeed and fan pressure limits, in addition to the intake portals, Zones Sud 1, Sud

2, Sud 3, Sud 5, Centre, and Nord 2 have each a new Fresh Air Raise (FAR), as shown in Figure 16-19. No fans

are required for the FARs.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 191

![image67.jpg](image67.jpg)

**Figure 16-22Main Ventilation Design Zone Nord 1**

![image24.jpg](image24.jpg)

**Figure 16-23Main Ventilation Design Zone Sud 3**

Raise sizing was performed based on the available sizes and to avoid having excessive fan power and

pressure. All ventilation raises to surface will be raisebore type with maximum of 5.0 m diameter for the RARs.

The FARs are raisebore type and have been sized at 3.0 and 4.0 m diameter to comply with the design

requirements. All UG ventilation raise have been assumed as internal drop raises at a maximum size of 4.5 ×

4.5 m and minimum of 3.0 m x 3.0 m. The RAR system is also used as an egress using laddertube type. The

laddertube is maintained open to minimize the impact on the hydraulic resistance of the RAR system. Double

personnel doors are therefore installed in each of the bulkheads for egress purposes.

The main fans are equipped with Variable Frequency Drives (VFDs), enabling speed modulation and energy

optimization throughout the ventilation system. Main fans are assumed to operate at an average power

utilization of 80% which is equivalent to an average speed reduction of 8%. The speed of the main fans will be

modulated manually based on the expected fleet scheduled for the zone. The average annual power cost for

the main fans is estimated at **$US1.8 M**, assuming $90/MWh electricity rate, as detailed in Table 16-23.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 192

**Table 16-23Energy Consumption of Main Fans**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Zone** | **Max % of** <br>**prod.**<br>| **Max** <br>**airflow** <br>**req. (m**<sup>3</sup>**/s)**<br>| **Fan** <br>**pressure**<br>| **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **2037** | **2038** | **2039** | **2040** | **2041** |
| Nord 1 | 50% | 206 | 1882 |  |  |  |  |  |  |  |  |  |  | 435 | 435 |
| Nord 2 | 70% | 288 | 2671 | 865 | 865 | 865 | 865 | - |  |  |  |  |  |  |  |
| Nord 3 | 30% | 123 | 1379 |  |  |  |  |  |  |  |  |  |  | 191 | 191 |
| Centre | 70% | 288 | 4367 | 1414 | 1414 | 1414 | 1414 |  |  |  |  |  |  |  |  |
| Sud 5 | 50% | 206 | 2417 |  |  |  |  |  |  |  |  |  |  | 559 | 559 |
| Sud 4 | 50% | 206 | 2009 |  |  |  |  |  |  |  |  |  |  | 465 | 465 |
| Sud 3 | 70% | 288 | 4270 |  |  |  |  | 519 | 519 | 1383 | 1383 | 1383 | 1383 |  |  |
| Sud 2 | 100% | 412 | 2930 |  |  |  |  | 1355 | 1355 |  |  |  |  |  |  |
| Sud 1 | 70% | 288 | 3561 |  |  |  |  | 432 | 432 | 1153 | 1153 | 1153 | 1153 |  |  |
| **Total (kW)** | **Total (kW)** | **Total (kW)** | **Total (kW)** | **2279** | **2279** | **2279** | **2279** | **2306** | **2306** | **2536** | **2536** | **2536** | **2536** | **1650** | **1650** |
| **Annual (MWh)** | **Annual (MWh)** | **Annual (MWh)** | **Annual (MWh)** | **19964** | **19964** | **19964** | **19964** | **20204** | **20204** | **22214** | **22214** | **22214** | **22214** | **14458** | **14458** |
| **Annual energy cost ($M US)** | **Annual energy cost ($M US)** | **Annual energy cost ($M US)** | **Annual energy cost ($M US)** | **$1.797** | **$1.797** | **$1.797** | **$1.797** | **$1.818** | **$1.818** | **$1.999** | **$1.999** | **$1.999** | **$1.999** | **$1.301** | **$1.301** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 193

**16.11.4Auxiliary Ventilation system Design**

For both production and ramp development systems, a leakage factor of 50 mm²/m² has been considered to

account for ventilation losses. The systems operate with a fan efficiency of 65% and a motor efficiency of

95% to account for the difference in duct lengths based on the advanced rate and production levels geometry.

*Ramp Development*

For the ramp development, the system consists of two flexible ducts with a diameter of 1.0 m and a maximum

length of 800 m. The ramp system will use the fresh air from the main ventilation network assuming that the

RAR system will be connected at every five levels. 200 kW auxiliary fans have been sized for each duct system

to supply 37 m<sup>3</sup>/s to support the operation of a truck, LHD, bolter, and pickup. Once the RAR is connected, the

fans and duct would be moved to the new connection with the lower raise. It is assumed that a total of two

ramp development systems are operating at any given time. The schematic of a typical arrangement for a

ramp development ventilation system is shown in Figure 16-24.

![image64.jpg](image64.jpg)

**Figure 16-24Auxiliary Ventilation on Ramp Development Zone Centre**

*Production Levels*

Each active level is equipped with a 150-kW main auxiliary fan and a 15-kW auxiliary fan for secondary

headings. The regulator opening is adjusted to supply enough fresh air for the auxiliary ventilation fans to

avoid re-circulation while ensuring that the other active levels have sufficient air. Ventilation requirements

include one primary heading (servicing LHD and truck) requiring 21 m³/s of airflow, and one secondary

heading (LHD only) requiring 10 m³/s. Flexible ducts have a diameter of 1.0 m, with average lengths of 300 m

for main headings and 200 m for secondary headings. Across the mine, a total of eleven levels operate with

fans at any given time; four active, four on standby, and three in development. For both production levels and

ramp development, a leakage factor of 50 mm²/m² is applied to estimate the pressure and airflow supplied to

the working face with fan. The layout for the auxiliary ventilation system of a typical production level is shown

in Figure 16-25.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 194

![image37.jpg](image37.jpg)

**Figure 16-25Auxiliary Ventilation on Production Levels Zone Centre**

The annual energy cost for the auxiliary and ramp development fans is estimated at $US1.9 M/yr, assuming

$90 /MWh electricity rate, as detailed in Table 16-24.

**Table 16-24Energy Consumption of Auxiliary and Ramp Development Fans**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Airflow**<br>**(m**<sup>3</sup>**/s)**<br>| **Pressure** <br>**(Pa)**<br>| **Consumed** <br>**power per** <br>**fan (kW)**<br>| **Average** <br>**number of** <br>**fans** <br>**operating**<br>| **Annual** <br>**energy** <br>**consumptio**<br>**n (MWh)**<br>| **Annual** <br>**energy cost** <br>**($US)**<br>|
| Production level main auxiliary fan | 21 | 4117 | 140 | 11 | 13491 | $1214234 |
| Production level secondary fan | 10 | 656 | 11 | 11 | 1024 | $92131 |
| Ramp development fan | 18.5 | 6364 | 191 | 4 | 6681 | $601273 |
|  |  |  |  | **Total** | **21196** | **$1907638** |

---

The combined annual energy cost for auxiliary and main ventilation systems is estimated at **$US 3.7 M/yr**.

**16.12MINE BACKFILL**

Given that the mining method adopted for the UG mine is modified Avoca, the main type of backfill will be rock

fill using waste rock generated either from the UG mine development or from the OP operations. CRF will be

used in the stopes located at the lowest extraction levels within each mining horizon. The use of CRF at these

levels will provide sufficient ground support to enable the safe extraction of the overlying sill pillar stopes.

Rock fill will be placed in the stopes by direct dumping from access levels, depending on stope geometry and

accessibility. The material will consist of waste rock with a controlled size distribution to ensure adequate

compaction and minimize voids. Placement will generally proceed in lifts, with each lift allowed to settle

before subsequent filling to maintain stability and prevent bridging. The rock fill mass will act primarily as

passive support rather than structural strength to provide confinement and maintain stability during adjacent

stope extraction.

The rock fill system should be designed to ensure efficient delivery, placement, and performance. The system

will comprise a network of UG and surface fill raises and loading bays integrated into the mine's development

layout. Where necessary, drawpoints or remote-controlled dumping systems will be incorporated to manage

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 195

fill distribution. The overall system must provide operational flexibility and efficiency enabling continuous

backfilling concurrent with mineralized material extraction.

The secondary mine backfill would be CRF. CRF slurry will be mixed in a surface batch plant and then stored in

an agitated tank for delivery into a transmixer.

The transmixer will transport the CRF slurry UG and dump it onto a measured amount of waste rock stored in

an available remuck bay near the stope to be backfilled. It is important that the correct proportion of CRF

slurry be added to the correct amount of waste rock to ensure the cured target strength of the CRF is

achieved. An LHD will thoroughly mix the CRF slurry into the waste rock, ensuring a homogeneous mixture is

delivered to the stope.

Following the placement of the CRF in the stope, time must be allowed to cure to the target backfill strength

required prior to adjacent mining activities.

WSP recommends conducting a Particle Size Distribution (PSD) test of waste material to confirm its suitability

for use as rock fill or as aggregate in cemented rock fill. In addition, it is recommended to determine the

required strength parameters for the CRF and develop and optimize the mix design accordingly to ensure that

the specified mechanical performance and stability criteria are achieved.

**16.13MINE DEWATERING**

Mine dewatering is planned with typical pumping station with submersible pumps are located in the low point

of each level, lifting infiltration water to the upper level, then up to the surface for collection to the final effluent

treatment plant. When needed, additional floor sumps are added, collecting water through ditches by gravity in

each low point. The liquid level inside the pumping station sump is monitored and controlled with level

transmitters, indicators and controllers, so the submersible pumps can start and stop accordingly. Typical

motor ranges are 2-5.5 kW for sump pumps, and 15-25 kW for the submersible pumps.

**Table 16-25Mine Dewatering**

---

| | |
|:---|:---|
| **UG Mine** | **# of pumping stations** |
| UG Center | 9 |
| UG South | 23 |
| UG North | 9 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 196

17.0**RECOVERY METHODS**

**17.1PROCESS DESIGN**

The process plant design for the Project is based on a conventional flotation flowsheet. Lead, zinc and pyrite

concentrates will be recovered and sold to market.

The plant design criteria were selected to minimize operating costs and maximize the use of proven

technology. The key criteria for equipment selection are suitability for duty, safety, reliability, and ease of

maintenance.

**17.1.1Selected Process**

The process plant design comprises the following unit operations:

• Single stage primary crushing with a jaw crusher to produce an 80% Passing (P80) crushed product size

of 136 mm.

• Crushed rock stockpile with a live capacity of approximately 8,115 tonnes to provide 24 hours of live

storage. During extended periods of primary crusher equipment maintenance, additional crushed

material inventory can be generated in the weeks leading up to the planned shutdown by dozing

crushed material from this stockpile to the area adjacent to the stockpile. This material can then be

reclaimed during the shutdown by front-end loader to feed the grinding circuit.

• SAB type grinding circuit consisting of a SAG mill and a ball mill to produce a ground product with a P80

of 58 microns (µm), with hydrocyclones for particle size classification.

• Lead rougher flotation, classification, regrinding and cleaner flotation to produce a lead concentrate of

29.6% grade. The lead concentrate will be thickened, filtered, and bagged prior to shipment.

• Zinc rougher flotation, classification, regrinding and cleaner flotation to produce a zinc concentrate of

57.4% grade. The zinc concentrate will be thickened and filtered for stockpiling prior to shipment.

• Pyrite rougher flotation to produce a pyrite concentrate with 4.2 Au g/t and 81.0 Ag g/t. The pyrite

concentrate will be thickened and filtered for stockpiling prior to shipment.

• Tailings thickening and storage in a tailings management facility.

The unit operations incorporated in the selected process flowsheet are shown in Figures 17-1 and 17-2.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 197

![image49.jpg](image49.jpg)

**Figure 17-1Simplified Process Flowsheet**

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 198

![image25.jpg](image25.jpg)

**Figure 17-2Simplified Process Flowsheet (Continued)** 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 199

**17.1.2Key Process Design Criteria**

The key design criteria for the process plant are outlined in Table 17-1.

**Table 17-1Key Process Design Criteria**

---

| | | | |
|:---|:---|:---|:---|
| **Criteria Description** | **Units** | **Nominal** | **Source** |
| **Plant Throughput** | Mtpa | 2.92 | AGS |
| **Life of Mine** | y | 11 | AGS |
| **Head Grade - Design** | g/t Au | 3.15 | Testwork |
| **Head Grade - Design** | g/t Ag | 105 | Testwork |
| **Head Grade - Design** | % Pb | 0.92 | Testwork |
| **Head Grade - Design** | % Zn | 1.87 | Testwork |
| **Flotation Recovery:**<br>•Pb to Pb Concentrate<br>•Zn to Zn Concentrate<br>•Au to Py Concentrate<br>•Ag to Py Concentrate<br>| %%%%<br>| 82.0<br>74.7<br>71.4<br>41.4<br>| Testwork<br>Testwork<br>Testwork<br>Testwork<br>|
| **Concentrate Grades:**<br>•Pb grade in Pb Concentrate<br>•Zn grade in Zn Concentrate<br>•Au grade in Py Concentrate<br>•Ag grade in Py Concentrate<br>| %%<br>g/t<br>g/t<br>| 29.6<br>57.4<br>4.2<br>81.0<br>| Testwork<br>Testwork<br>Testwork<br>Testwork<br>|
| **Reagent Addition**<sup>1</sup>**:**<br>•Zinc Sulphate (ZnSO4·7H2O)<br>•Sodium-Diisobutyl Dithiophosphinate (Aerophine <br>3418A)<br>•Methyl Isobutyl Carbinol (MIBC)<br>•Copper Sulphate (CuSO4·5H2O)<br>•Sodium Isopropyl Xanthate (SIPX)<br>•Potassium Amyl Xanthate (PAX)<br>•Sulphuric Acid (H2SO4)<br>•Sodium Cyanide (NaCN)<br>•Lime (@91% CaO)<br>| g/t<br>g/t<br>g/t<br>g/t<br>g/t<br>g/t<br>g/t<br>g/t<br>g/t<br>| 360<br>22.5<br>106.3<br>225<br>32.5<br>300<br>1,000<br>120<br>2,350<br>| Testwork<br>Testwork<br>Testwork<br>Testwork<br>Testwork<br>Testwork<br>Testwork<br>Testwork<br>Testwork<br>|
| **Crushing Plant Availability** | % | 75 | Agreed |
| **Milling and Flotation Circuit Availability** | % | 91.3 | Agreed |
| **Filtration Circuit Availability** | % | 80 | Agreed |
| **Crushing Work Index (CWi)** | kWh/t | 10.2 | Assumption |
| **Bond Ball Mill Work Index (BWi)** | kWh/t | 13.1 | Testwork |
| **SMC Axb** | 0 | 46.2 | Assumption |
| **Bond Abrasion Index (Ai)** | 0 | 0.402 | Assumption |
| **Grind Size, P80** | µm | 58 | Testwork |
| **Pb Flotation Conc. Mass Pull – Rougher / Cleaner** | % | 9.7 / 2.6 | Testwork |
| **Pb Regrind Size, P80** | µm | 16 | Testwork |
| **Pb Concentrate Thickener Solids Loading** | t/h/m<sup>2</sup> | 0.2 | Assumption |
| **Zn Flotation Conc. Mass Pull – Rougher / Cleaner** | % | 4.4 / 2.4 | Testwork |
| **Zn Regrind Size, P80** | µm | 15 | Testwork |
| **Zn Concentrate Thickener Solids Loading** | t/h/m<sup>2</sup> | 0.2 | Assumption |
| **Py Rougher Flotation Conc. Mass Pull** | % | 53.5 | Testwork |
| **Py Concentrate Thickener Solids Loading** | t/h/m<sup>2</sup> | 0.5 | Assumption |
| **Flotation Tailings Thickener Solids Loading** | t/h/m<sup>2</sup> | 0.5 | Assumption |
| **Tailings Disposal** | - | Pumped to TSF (by others) | AGS |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 200

**17.2PROCESS PLANT DESCRIPTION**

ROM material will be delivered to a local feed bin by a mine truck to feed the crushing plant. The crushed

product will be stockpiled prior to feeding the grinding circuit, consisting of a SAG mill and a ball mill with

hydrocyclones for particle size classification. The ground product will feed the lead rougher flotation

conditioning tank, which will feed the lead rougher flotation cells. The lead rougher flotation concentrate will

proceed to a classification and regrind circuit, while the tails will feed the zinc rougher flotation conditioning

tanks. Following regrinding, the ground lead rougher concentrate will report to a lead cleaner flotation circuit,

consisting of three cleaning stages and one cleaner-scavenger stage. The lead cleaner tailings will report to

zinc rougher flotation, while the final lead cleaner concentrate will be thickened, filtered and bagged prior to

shipment. The filtrate from the lead filter will circulate back to the lead concentrate thickener and the lead

thickener overflow will report to the lead water circuit and any excess will report back to the process water

pond.

The lead rougher tails and the lead first cleaner-scavenger tails will feed the zinc rougher flotation

conditioning tank, which will feed the zinc rougher flotation cells. The zinc rougher flotation concentrate will

proceed to a classification and regrind circuit, while the tails will feed the pyrite rougher flotation conditioning

tanks. Following regrinding, the zinc rougher concentrate will report to a zinc cleaner flotation circuit,

consisting of three cleaning stages and one cleaner-scavenger stage. The zinc cleaner-scavenger tailings will

report to pyrite rougher flotation, while the third zinc cleaner concentrate will be thickened and filtered prior to

stockpiling for truck loading and shipment. The filtrate from the zinc filter will circulate back to the zinc

concentrate thickener and the zinc thickener overflow will report to the zinc water circuit and any excess will

report back to the process water pond.

The zinc rougher tails and the zinc first cleaner-scavenger tails will feed the pyrite rougher flotation

conditioning tank, which will feed the pyrite rougher flotation cells. The pyrite rougher flotation tailings will be

thickened in a tailings thickener before getting pumped to the flotation tailings management facility. The

flotation tailings thickener overflow will report to the process water pond. The pyrite concentrate will be

thickened, filtered and stockpiled by a radial stacker from where it is loaded on trucks and shipped. The filtrate

from the pyrite concentrate filter will report to the pyrite concentrate thickener, and the pyrite concentrate

thickener overflow will report to the process water pond.

**17.2.1Crushing Circuit** 

The crushing circuit will be fed through the ROM bin by direct tipping of the mine truck or reclaimed by a front-

end loader. The ROM bin will be fitted with a static grizzly with an aperture size of 800x800 mm to prevent

oversized rocks from entering the crusher. Oversized rocks will be crushed by a fixed rock breaker. The ROM

bin will discharge onto an apron feeder that will feed a vibrating grizzly with an aperture size of 90 mm. The

grizzly undersize will bypass the primary crusher to reduce wear on the crusher, while the grizzly oversize will

directly feed the primary crusher. The primary crusher will be a 160 kW jaw crusher, and will crush the grizzly

oversize at a rate of 444 dry t/h from an F80 of 501 mm to a P80 of 156 mm. The crushed rock will discharge

onto the primary crusher discharge conveyor together with the grizzly undersize to feed the 24h live capacity

crushed rock stockpile.

**17.2.2Grinding Circuit**

Crushed material will be reclaimed from the crushed rock stockpile by two apron feeders, which may be

operated together or with one on standby. The apron feeders will discharge on to the SAG mill feed conveyor

to feed the primary mill. Flotation reagents zinc sulphate, sodium cyanide and Aero 3418A will be added to the

primary mill with process water to pre-condition the material and to achieve a target moisture level of 75 %w/

w in the mill.

The primary mill will be a SAG mill with a diameter of 7.92 m and effective grinding length of 4.39 m. It will

have a high-speed variable speed drive and installed motor power of 6.1 MW. It will be charged with forged

steel balls with a maximum size of 125 mm, equipped with a grate discharge and a trommel screen. The

trommel screen oversize will discharge into a scats bunker or onto one of two pebble transfer conveyors for

recirculation back to the SAG mill via the SAG mill feed conveyor. The trommel screen undersize will discharge

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 201

to the cyclone feed pump box. The trommel screen will be equipped with a spray water mechanism to improve

screening efficiency.

The secondary mill will be a ball mill with a diameter of 6.10 m and an effective grinding length of 9.32 m.

Process water will be fed to the mill to achieve a target moisture content of 75%. The ball mill will have a fixed

speed drive with a wound round induction motor and liquid resistance starter. The installed motor power will

be 6.1 MW. It will be charged with high-chromium steel balls with a maximum size of 50 mm, discharging by

overflow and equipped with a trommel screen. The trommel screen oversize will discharge to a scats bunker,

and the trommel screen undersize will discharge to the cyclone feed pump box. The trommel screen will be

equipped with a spray water mechanism to improve screening efficiency.

The combined SAG and Ball Mill discharge will be pumped to the cyclones for classification from the cyclone

feed pump box, targeting an overflow P80 of 58 µm. There will be a total of twelve installed cyclones with six

duty and six standby. The cyclones will be operated at a pressure of 85 kPa(g) and are expected to have a

nominal recirculation rate of 382%. The cyclone overflow will report to the lead rougher flotation circuit, and

the underflow will feed the secondary mill.

**17.2.3Lead Rougher Flotation Circuit** 

The cyclones' overflow will gravitate to the lead rougher conditioning tank. Zinc sulphate, sodium cyanide and

Aero 3418A will be fed to the agitated conditioning tank where the rougher feed will be conditioned for five

minutes. The conditioned slurry will then feed the lead rougher flotation cells. The circuit will consist of a

single train of six forced-air mechanical cells. Zinc sulphate, sodium cyanide, Aero 3418A, and MIBC will be

added to the lead rougher cells to maximize lead recovery. The lead rougher flotation concentrate will report

to the lead regrind and cleaner flotation circuits, while the tails will feed the zinc rougher flotation circuit.

**17.2.4Lead Regrind Circuit**

The lead rougher concentrate and the lead first cleaner-scavenger concentrate will report to the lead regrind

cyclone pump box and will be pumped to the lead regrind cyclone cluster for classification and to increase the

percent solids of the slurry feeding the regrind mill. The lead cyclone cluster will consist of sixteen cyclones in

total, with 11 duty and 5 standby. The cyclones will be operated at a pressure of 64 kPa(g) and will target an

overflow particle d50 of 21 µm. The lead regrind cyclones' overflow will report directly to the lead cleaner

flotation surge tank, while the underflow will gravitate to the lead regrind mill feed pump box before getting

pumped to the lead regrind stirred media mill (SMM). The SMM will reduce the particle size from an F80 of 58

µm to a P80 of 16 µm. It will be charged with zirconia toughened alumina ceramic beads and will have an

installed motor power of 1.6 MW. The SMM discharge will combine with the cyclone overflow in the lead

cleaner flotation surge tank.

**17.2.5Lead Cleaner Flotation Circuit**

Zinc sulphate and sodium cyanide will be added to the lead cleaner flotation surge tank for conditioning ahead

of flotation. The flotation feed will be conditioned for five minutes prior to feeding the first lead cleaner

flotation circuit. The lead cleaner flotation circuit will consist of three cleaning stages and one cleaner-

scavenger stage. The first cleaner stage will contain one train of four forced-air mechanical cells and all other

stages will contain one train of three forced-air mechanical cells. MIBC will be added to each stage and Aero

3418A will be added to the second and third cleaner flotation circuits to promote lead recovery.

The concentrate and tails will travel through the circuit counter-currently. The lead first cleaner flotation

concentrate will feed the lead second cleaner flotation cells, the lead second cleaner flotation concentrate will

feed the lead third cleaner flotation cells, and the lead third cleaner flotation concentrate will feed the lead

concentrate thickener. The lead third cleaner flotation tails will report to the lead second cleaner flotation

cells, the lead second cleaner flotation tails will feed the lead first cleaner flotation cells, and the lead first

cleaner flotation cell tails will feed the lead first cleaner-scavenger flotation cells. The lead first cleaner-

scavenger flotation concentrate will be recirculated back to the lead regrind cyclone pump box, while the tails

will report to the zinc rougher flotation conditioning tank with the lead rougher flotation tails.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 202

**17.2.6Lead Concentrate Thickening, Filtration, and Bagging Circuit**

The lead third cleaner flotation concentrate will be pumped to the lead concentrate thickener, where flocculant

will be added to the feed well to promote particle settling. The thickener will be high rate with a diameter of 11

m. The slurry will be thickened to 55% (w/w) solids in the underflow. The thickener overflow will report to the

lead process water tank, while the thickener underflow will be pumped to the lead concentrate filter feed tank.

The filter feed tank will be sized to hold 24 hours of feed slurry. The slurry will be pumped to a pressure filter

to dewater the concentrate cake to 10% (w/w) moisture. The thickener and filter design criteria will be further

defined upon the completion of dewatering testwork. The filtrate from the lead concentrate filter will be

discharged to a filtrate tank and pumped back to the lead concentrate thickener, while the lead concentrate

filter cake will be discharged via a belt feeder, bucket elevator and shuttle conveyor into lead concentrate

hoppers. The hoppers will feed automatic bagging systems, with the bags transported and stacked by forklift

prior to loading on highway trucks for shipment offsite.

**17.2.7Zinc Rougher Flotation Circuit**

The first zinc rougher conditioning tank will receive the lead rougher flotation tails and the lead first cleaner

scavenger tails. Lime will be added to the first conditioning tank to achieve a target pH of 11.5, and the

second conditioning tank will be dosed with additional lime and copper sulphate. The zinc rougher flotation

feed will be conditioned in the agitated conditioning tanks for a total of 10 minutes – five minutes in each

tank. The conditioned slurry from the second conditioning tank will feed the zinc rougher flotation cells. The

circuit will consist of a single train of six forced-air mechanical cells. SIPX, lime and MIBC will be added to the

zinc rougher cells to maximize zinc recovery. The zinc rougher flotation concentrate will report to the zinc

regrind and cleaner flotation circuits, while the tails will feed the pyrite rougher flotation circuit.

**17.2.8Zinc Regrind Circuit**

The zinc rougher concentrate and the zinc first cleaner-scavenger concentrate will report to the zinc regrind

cyclone pump box and will be pumped to the zinc regrind cyclone cluster for classification and to increase the

percent solids of the feed entering the regrind mill. The zinc cyclone cluster will consist of eight cyclones in

total, with 5 duty and 3 standby. The cyclones will be operated at a pressure of 81 kPa(g) and will target an

overflow particle d50 of 20 µm. The zinc regrind cyclones overflow will report directly to the zinc cleaner

flotation surge tank, while the underflow will gravitate to the zinc regrind mill feed pump box before being

pumped to the zinc regrind stirred media mill (SMM). The SMM will reduce the particle size from an F80 of 58

microns to a P80 of 15 µm. It will be charged with zirconia toughened alumina ceramic beads and will have an

installed motor power of 700 kW. The SMM discharge will combine with the cyclone overflow in the zinc

cleaner flotation surge tank.

**17.2.9Zinc Cleaner Flotation Circuit**

SIPX and lime will be added to the zinc cleaner flotation surge tank for conditioning ahead of flotation. The

flotation feed will be conditioned for five minutes prior to feeding the first zinc cleaner flotation circuit. The

zinc cleaner flotation circuit will consist of three cleaning stages and one cleaner-scavenger stage. Each stage

will contain one train of three forced-air mechanical cells. MIBC will be added to each stage, SIPX will be

added to the first cleaner-scavenger and the third cleaner, and lime will be added to the first through third

cleaners to maximize zinc recovery.

The concentrate and tails will travel through the circuit counter-currently. The zinc first cleaner flotation

concentrate will feed the zinc second cleaner flotation cells, the zinc second cleaner flotation concentrate will

feed the zinc third cleaner flotation cells, and the zinc third cleaner flotation concentrate will feed the zinc

concentrate thickener. The zinc third cleaner flotation tails will report to the zinc second cleaner flotation cells,

the zinc second cleaner flotation tails will be recycled to the zinc first cleaner flotation cells, and the zinc first

cleaner flotation cell tails will report to the zinc first cleaner-scavenger flotation cells. The zinc first cleaner-

scavenger flotation concentrate will be recirculated back to the zinc regrind cyclone pump box, while the tails

will report to the pyrite rougher flotation conditioning tank with the zinc rougher flotation tails.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 203

**17.2.10Zinc Concentrate Thickening and Filtration Circuit**

The zinc third cleaner flotation concentrate will be pumped to the zinc concentrate thickener, where flocculant

will be added to the feed well to promote particle settling. The slurry will be thickened in a 11 m diameter,

high-rate thickener to 55% (w/w) solids in the underflow. The thickener overflow will report to the zinc process

water tank, while the thickener underflow will be pumped to the zinc concentrate filter feed tank. The filter

feed tank will be sized to hold 24 hours of feed slurry. The slurry will be pumped to a pressure filter to dewater

the concentrate cake to 10% (w/w) moisture. The thickener and filter design criteria will be further defined

upon the completion of dewatering testwork. The zinc concentrate filter filtrate will be discharged to filtrate

tank and pumped back to the zinc concentrate thickener, while the zinc concentrate filter cake will be

discharged to a stockpile in a covered shed prior to loadout. The zinc concentrate will be loaded into highway

haulage trucks by a front-end loader for shipment offsite.

**17.2.11Pyrite Rougher Flotation Circuit**

The pyrite rougher flotation conditioning tank will receive the tails from the zinc rougher flotation and the zinc

first cleaner-scavenger flotation. Sulphuric acid will be fed to the agitated conditioning tank to lower the pH

between 7-8.5. The pyrite rougher feed will be conditioned for five minutes. The conditioned slurry will feed the

pyrite rougher flotation cells. The circuit will consist of a single train of six forced-air mechanical cells. PAX

and MIBC will be added to the pyrite rougher cells to maximize pyrite recovery. The pyrite rougher flotation

concentrate will report to pyrite concentrate thickening and filtration, while the tails will report to the flotation

tailings thickener.

**17.2.12Pyrite Concentrate Thickening and Filtration Circuit**

The pyrite rougher flotation concentrate will be pumped to the pyrite concentrate thickener, where flocculant

will be added to the feed well to promote particle settling. The slurry will be thickened to 65% (w/w) solids in

the underflow in a 32 m diameter high-rate thickener. The thickener design criteria will be further defined upon

the completion of dewatering testwork. The thickener overflow will report to the process water pond, while the

thickener underflow will be pumped to the pyrite concentrate filter feed tank. The filter feed tank will be sized

to hold 24 hours of feed slurry. From the filter feed tank, the pyrite concentrate slurry is pumped to one of two

parallel pressure filters to dewater the concentrate cake to 15% (w/w) moisture for stockpiling.

The filtrate from the pyrite concentrate filter will recirculate back to the pyrite concentrate thickener. The filter

design criteria will be further defined upon the completion of dewatering testwork. The stockpile will be a

radially stacked dead stockpile with a live capacity of 7,250 m<sup>3</sup>, holding approximately 24 hours of filtered

pyrite concentrate. The pyrite concentrate will be loaded into highway haulage trucks by a front-end loader for

shipment offsite.

**17.2.13Flotation Tailings Disposal**

The pyrite rougher flotation tails will be pumped to the flotation tails thickener, where flocculant will be added

to the feed well to promote particle settling. The thickener will be a high-rate type with a diameter of 22 m. The

slurry will be thickened to 40% (w/w) solids in the underflow. The thickener overflow will report to the process

water pond, while the thickener underflow will be pumped to the flotation tailings management facility. It is

estimated that 129 m<sup>3</sup>/h of water will be decanted from the flotation tailings management facility back to the

process water pond. The thickener design criteria will be further defined upon the completion of dewatering

testwork.

**17.2.14Reagents**

Plant operations will require a reagent inventory of flocculant, zinc sulphate, Aero 3418A, MIBC, copper

sulphate, SIPX, PAX, sulphuric acid, sodium cyanide, lime, and anti-scalant. The site will maintain six weeks'

worth of supply of each reagent onsite in the reagent shed. All reagents will be dosed to their respective

injection sites by metered dosing pumps (one per dosing site), except for lime and flocculant. Lime will be

dosed by a centrifugal pump and flocculant will be dosed by helical screw pumps, with one per dosing

application.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 204

**17.2.14.1Flocculant**

Flocculant will be used in each of the thickeners to promote particle settling. It will be delivered to site as a

solid powder in 750 kg bags. The bags will be split by a bag breaker and mixed for five hours with filtered

process water. The mixing concentration will be 0.25% (w/v). The flocculant will be diluted in-line with process

water to a concentration of 0.025% (w/v). The type and quantity of flocculant used will be further defined upon

the completion of thickening testwork.

**17.2.14.2Zinc Sulphate**

Zinc sulphate is an activator in lead flotation. It will be fed to the SAG mill, lead rougher flotation and lead

cleaner flotation feed. It will be delivered to site as a heptahydrate crystal in 1,000 kg bags at 98% purity. It will

be diluted to 25% (w/v) concentration for dosage. Three bags will be required for the mixing of one batch,

which is enough to supply 22 hours of operation.

**17.2.14.3Aero 3418A**

Aero 3418A will be used as a collector and promoter in lead flotation. It will be fed to the SAG mill, lead

rougher flotation, the lead first cleaner and the lead first cleaner scavenger. It will be delivered to site and

stored in 1 m<sup>3</sup> IBC totes.

**17.2.14.4MIBC**

MIBC will be delivered as a liquid in 1 m<sup>3</sup> IBC totes for usage as a frothing agent in all flotation circuits and

stages.

**17.2.14.5Copper Sulphate**

Copper sulphate will be used as an activator in zinc rougher flotation. It will be fed to the second zinc

conditioning tank. The copper sulphate will be delivered as solid pentahydrate crystals at 98% purity in 1,200

kg bulk bags. The copper sulphate will be diluted to 20% (w/v) for dosage. Two tonnes of crystals will be

required per mix, which is enough to supply operations for 24 hours.

**17.2.14.6Sodium Isopropyl Xanthate (SIPX)**

SIPX will be used as a collector in zinc rougher and cleaner flotation. It will be fed to the zinc rougher, zinc

regrind feed, zinc first and second cleaners, and the zinc first cleaner scavenger. SIPX will be delivered to site

in 1,000 kg bulk bags as pellets with a purity of at least 90%. One tonne of material will be used per mix,

through which the SIPX will be diluted to 10% (w/v). One mix will last for approximately three days of

operation.

**17.2.14.7Potassium Amyl Xanthate (PAX)**

PAX will be used as a collector in the pyrite rougher flotation, fed directly to the rougher cells. PAX will be

delivered to site in pellet format packed in 1,000 kg bulk bags, with a purity of at least 90%. Three tonnes of

PAX will be mixed per makeup batch, which will dilute the reagent to 10% (w/v) and will last for 25 hours of

operation.

**17.2.14.8Sulphuric Acid**

Sulphuric acid will be used for pH adjustment prior to pyrite flotation, fed to the pyrite conditioning tank. It will

be delivered to site as a liquid in 1 m<sup>3</sup> IBC totes with a purity of 98%. Three totes will be kept in the dosing

area, which will be enough supply for 15 hours of operation.

**17.2.14.9Sodium Cyanide**

Sodium cyanide will be used in lead flotation and will be fed to the SAG mill, lead conditioning tank, lead

rougher flotation cells and to the lead cleaner flotation surge tank. It will be delivered to site as solid

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 205

briquettes packed in one-tonne bulk bags in boxes. The briquettes will be mixed at a rate of one tonne per

batch, diluted to 20% (w/v). This will be sufficient supply for 22 hours of operation.

**17.2.14.10Lime (CaO)**

Lime will be used in zinc flotation and will be dosed to the zinc conditioning tanks, zinc rougher flotation, zinc

cleaner flotation surge tank, and the first, second and third zinc cleaners. It will be delivered to site as a

quicklime powder. It will be stored in a 150-tonne silo and slaked for dosage. The lime slurry will be prepared

at a 20% (w/w) solids concentration. The storage tank will have a 24-hour residence time, and the dosage

system will have a ring main for constant recirculation to prevent scaling. Lime will be delivered to site in full

truckloads pneumatically offloading into the silo, requiring approximately one truckload per day.

**17.2.14.11Anti-Scalant**

Anti-scalant will be used to prevent process water scaling and will be dosed to the process water pond pump

suction line. It will be delivered to site as a liquid in 1 m<sup>3</sup> IBC totes. One tote will service approximately 3.6

days of operation.

**17.2.15Plant Services**

**17.2.15.1Air**

Plant and instrument air will be supplied from air compressors. The air will be dried before it is distributed to

various air receivers and users.

**17.2.15.2Water**

Raw water will be sourced from the city sewage treatment effluent into a Raw Water Basin and transferred

into a combined raw and fire water tank located in the process plant. Raw water will be used for gland service

water, reagent mixing, dust suppression in the crushing circuit, process water makeup and the fire water

reserve.

The main process water will be stored in a pond and will be supplied by thickener overflows, tailings

management facility decant return, and raw water makeup. Separate lead and zinc process water tanks are

fed from the lead and zinc concentrate thickeners respectively and used for the last cleaning and filter stages

in each respective circuits to avoid contamination of the final products.

Potable water will be sourced from an aquifer and will be treated through an onsite treatment plant prior to

use at the camp and in the operations facilities.

**17.2.15.3Fuel**

fueling stations.

**17.3PLANT CONSUMPTION**

**17.3.1Water**

Nominal water consumption figures are provided in Table 17.3.1.

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**Table 17-2Daily Water Consumption (Nominal)**

---

| | |
|:---|:---|
| **Type** | **Daily Consumption (m**<sup>3</sup>**/d)** |
| Raw Water | 2997 |
| Potable Water | 128 |

---

**17.3.2Energy**

A breakdown of the estimated annual energy consumption for the process plant is provided in Table 17-3.

**Table 17-3Annual Energy Consumption**

---

| | |
|:---|:---|
| **Area** | **Annual Energy Consumption (MWh/y)** |
| Feed Preparation – Crushing & Stockpiling | 2012 |
| Milling – Grinding & Classification | 93487 |
| Flotation & Concentrate Handling | 36512 |
| Tails Thickening & Handling | 2701 |
| Reagents | 1841 |
| Water Services | 2692 |
| Air Services | 4576 |
| Fuel Storage & Distribution | 102 |
| Water Supply, Sewage, TSF, Plant Infrastructure (Buildings <br>& Offices)<br>| 2494 |
| **Total** | **172396** |

---

**17.3.3Reagents and Consumables**

Annual consumption figures for each reagent and major consumables are shown in Table 17-4.

**Table 17-4Annual Consumption of Reagents and Consumables**

---

| | |
|:---|:---|
| **Reagent** | **Annual Consumption**<sup>1</sup> **(t/y)** |
| Flocculant | 60 |
| Zinc Sulphate | 1051 |
| Aero 3418A | 66 |
| MIBC | 310 |
| Copper Sulphate | 657 |
| SIPX | 95 |
| PAX | 876 |
| Sulphuric Acid | 2920 |
| Sodium Cyanide | 350 |
| Lime | 6862 |
| Anti-Scalant | 91 |
| Grinding Media – SAG Mill | 1679 |
| Grinding Media – Ball Mill | 2307 |
| Grinding Media – Regrind Mills | 59 |

---

<sup>1</sup>*Reagent consumptions are provided at supply concentration*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 207

18.0**PROJECT INFRASTRUCTURE**

**18.1OVERALL SITE DEVELOPMENT**

The overall site plan is shown in Figure 18-1 and includes major facilities of the Project, including the

proposed open pit mines, underground mine, crushing and feed preparation facilities, flotation process plant,

electrical substations, administrative buildings, and tailings facilities.

**18.2SITE ACCESS ROAD**

**18.2.1Access to Site**

The project site is located approximately 450 kilometers from the capital of Marrakesh, with the main access

being via the National 10 highway. The N10 passes through the town of Tinejdad, which is connected to the

mine site through an upgraded dirt road.

The Port of Agadir, approximately 600 km away, will enable the transportation of goods and products for

shipping, with an expected truck round trip from the mine to the port and back taking about 24 hours. The

Nador Beni Ansar Port, also located approximately 600 km away, can also be utilized. All ports are accessible

via national highways.

**18.2.2Project Site Roads**

Internal roads will provide access between the open pits, underground portals, crushing facilities, process

plant area, mine service areas, and tailings storage facilities. These roads will be six metres wide and

constructed flush with bulk earthworks pads to facilitate stormwater management.

**18.3PROCESS PLANT FACILITIES**

The infrastructure will support mining, processing, and construction activities. Located north-east of the

central zone open pit, the main site will host a ROM pad, crushing and feed preparation facilities, stockpile

with live reclaim, processing plant operations, and a security and site office buildings. Open pit mines will

operate independently but connect to the central site via haul roads and mine access roads. A portion of the

mining activity will also be carried out through an underground portal.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 208

![image68.jpg](image68.jpg)

**Figure 18-1Overall Site Plan**

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 209

![image73.jpg](image73.jpg)

**Figure 18-2Process Plant Layout**

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 210

Key infrastructure includes:

• Run of mine (ROM) pad.

• Crushing and feed preparation.

• Stockpile with reclaim chamber.

• Lead and zinc flotation plant.

• Lead and Zinc Concentration Handling

• Reagents Storage.

• Plant security and site office building.

• Plant administration and first aid building.

• Mine services area.

• Waste rock facility.

• Laboratory.

• Explosive magazine.

• Fuel and lubricant storage.

• Maintenance workshops and warehouse.

• Electrical Switchrooms.

Services provided cover power generation and distribution, water supply and distribution, surface water

management, sewage and waste management, mine pit access, and haul roads. Portable / prefabricated

structures will house security office and assay lab, while maintenance shops and warehousing will be brick

and mortar buildings on concrete slabs.

Electrical Switchrooms will be located near areas of use.

Due to scarce water sources, an on-site water harvesting reservoir will be constructed near the process plant.

A site water balance assessment will determine storage needs. A containerized water treatment system will

ensure potable water availability for safety showers and personnel consumption.

Wastewater storage and treatment facilities will be established on-site. Solid waste, excluding domestic

waste, will be managed off-site by licensed contractors, with on-site incineration for domestic waste.

Dedicated areas for waste collection and sorting will facilitate disposal off-site, with no on-site long-term

storage planned.

**18.4MINING FACILITIES**

**18.4.1Truck Shop** 

A 1,000 m² truck shop will be adjacent to the ROM Pad for heavy equipment and light vehicles maintenance.

There will be three bays dedicated to maintenance and one enclosed wash bay. All heavy equipment garage

doors will be roll-type to maximize inside working space.

A 10-ton overhead crane equipped with two hooks will be installed in the heavy equipment maintenance area,

while a single 5-ton overhead crane will cover the light vehicle area. Other maintenance equipment will be

available for the workers, considering both the mining and the site maintenance fleets.

Various sections will be installed in the truck shop, including a tool crib, an oil and grease deposit with a

carousel distribution system, a mechanical / electrical room, storage rooms, a foreman office, bathrooms,

locker rooms, a dining room, and a meeting room.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 211

All water on the truck shop floor will be collected to an oil separation system with an integrated coalescent

filter to ensure efficiency even if emulsification occurs. A sand pre-separator is included in the wash bay.

**18.4.2Site Roads** 

The haulage roads will be 20 m wide based on the mine trucks selected and will connect the open pits, the

underground mine portals, the mineralized material stockpile, the ROM pad and the waste rock stockpiles. The

service roads to access ventilation raises and other mine services will be 10 m wide.

**18.4.3Low-grade Material Stockpile**

The low-grade mineralized material stockpile will be located near the ROM pad to allow for the deposition of

low-grade material for eventual blending or mineralized material storage, should the crushing or process plant

be shut down. The stockpiled material will be rehandled by a loader and will have a capacity of 3.5 Mt (1.7

Mm³), with a planned height of 5 meters. A more detailed design will be developed during the next stage of the

project, to possibly increase the height of the stockpile.

In the absence of geochemical characterization results, it is assumed that material may be potentially acid-

generating and/or leachable. Based on this, it is assumed that the mineralized material stockpile will require a

foundation consisting of a 2 mm thick HDPE geomembrane with a 300 mm sand protection layer on each

side. This assumption will be revisited at the next stage of the project.

Additionally, the stockpile will be located at least 60 meters from the surrounding watercourses and 50 meters

from the open pit wall.

**18.4.4Rom Pad**

Mineralized material that is over the cut-off for low grade material, as described in 16.9, will be trucked and

stored on the mill ROM pad. The material will be separated based on the NSR-Pyrite value into two stockpiles

– low- and high-grade pyrite. The ROM will be sufficiently sized for the estimated LOM stockpile volume

requirements.

The feed to the concentrator will be blended from the two stockpiles, and material will be fed to the crushing

plant with a front-end loader.

**18.4.5Waste Rock Stockpiles**

Two waste rock stockpiles with a combined capacity of 215 million cubic meters (Mm³), equivalent to 430

million tonnes (Mt), are planned. The North waste rock stockpile will have a capacity of 150 Mm³ and will be

required at the start of mining operations; however, its southern section is scheduled for construction later

during ongoing operations. The South waste rock stockpile will have a capacity of 65 Mm³ and will receive

waste rock from both the South pits and a portion of the Central pit.

Because a large portion of the waste rock will be used for backfilling in the underground mine, only 5 million

tonnes will be added to the waste rock stockpile throughout the underground mining operations.

The design of the waste rock stockpiles will adhere to all relevant mining industry standards, utilizing

conservative parameters at this stage due to the absence of geotechnical studies and geochemical

characterization results. It is currently assumed that the stored waste rock could be potentially acid-

generating and/or leachable. In this optic, it is assumed that each pile will require a foundation consisting of a

2 mm thick HDPE geomembrane with a 300 mm sand protection layer on both sides, or a similar design that

would prevent potential contamination. This assumption will be revisited at the next stage of the project.

Additionally, each stockpile will be situated at least 60 meters from surrounding watercourses and 50 meters

from the open pit wall.

The following design criteria were used for the waste rock stockpiles:

• Bench slope 2.5H: 1V

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 212

• Bench maximum height: 10 m

• Bench maximum width: 10 m

• Maximum height: 100 m

• Waste in-situ density: 2.75 t/m³

• Swelling factor : 1.36

**18.5TAILINGS STORAGE FACILITY**

Boumadine Global Mining SA has appointed Epoch Resources (Pty) Ltd (Epoch) to review and provide the

Qualified Person's signature for the update to the Pre-Economic Assessment (PEA) for a Flotation Tailings

Storage Facility (TSF). A preliminary site selection study was completed in 2024 by an independent third-party

Moroccan based consultancy, Groupement des Consultants et Ingénieurs de Maroc (GCIM) for two potential

TSFs. The study design criteria have since been updated from two TSFs to only one Flotation TSF, with an

updated storage capacity and tailings production rate based on the Life of Mine (LOM) production.

A summary of the key design criteria for the TSF is summarized in Table 18-1 below.

**Table 18-1Design Criteria** 

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Design Criteria** | **Flotation TSF** | **Source / Comment** |
| 1 | Tailings Annual Deposition <br>Rate (Mtpa)<br>| 1.65 | Aya |
| 2 | Life of Mine Storage (Years) | 11.3 | Aya |
| 3 | Total tonnage stored <br>(Million)<br>| 18.6 | Aya |
| 4 | Lining Requirement | Lined | Best Practice |
| 5 | Construction Methodology | Full Containment Walls | GISTM compliance |

---

The conceptual design for the preferred TSF site comprises the components that affect the major costs at a

high level. The tailings will be deposited from a slurry pipeline into a lined basin, behind earth-fill downstream

wall raises. Drainage measures are included along the upstream wall slope and within the basin. Outside of

the TSF basin, storm diversion channels along the perimeter of the TSF and an emergency basin located

downstream of the TSF manage storm events, and a return water basin receives water pumped from a

floating barge on the TSF pool.

The key design parameters entail calculating quantities according to the dimensions of the TSF as per the

PEA mine plan. The construction phasing will include five lifts, with each lift's height increased to

accommodate the additional tonnage required by the design criteria.

**18.6WATER SUPPLY**

**18.6.1Raw Water Supply System**

Due to water scarcity, off-site water sourcing has been evaluated. This could be done by using treated

wastewater from nearby communities. Three raw water lines will provide up to 4230 m<sup>3</sup>/d to the site, from the

towns of Tinejdad, Goulmima and Tinghir. An on-site water treatment plant will be used to ensure that the

water quality is acceptable for the process. The raw water will be stored in the on-site water harvesting

reservoir prior to being transferred to the open top raw water tank for distribution.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 213

![image58.jpg](image58.jpg)

**Figure 18-3Raw Water Sourcing**

It is assumed that raw water will also be obtained from nearby boreholes and non-contact surface run-off

water. A rainwater catchment pond will also harvest water for raw water usage and supplement in the

flotation plant.

Raw water will be provided from the raw water tank for use as fire water. Feed to the potable water treatment

plant and other users at the process plant will be sourced directly from boreholes and other non-contact water

sources.

**18.6.2Fire Water Supply System**

Fire water will be piped to all main facilities via buried underground fire water ring mains around each of the

facilities. The raw water tank live volume will hold a four-hour reserve of fire water equalling 288 m<sup>3</sup>. In

addition, all buildings will be equipped with hose cabinets and supplemented with handheld fire extinguishers

of two types - general purpose extinguishers for inside plant areas, and dry type extinguishers for inside

electrical and control rooms.

**18.6.3Potable Water Supply**

The potable water treatment plant will be designed to local drinking water guidelines. The water treatment

plant is expected to include multimedia filtration for reduction of turbidity, followed by ultraviolet disinfection

for primary disinfection, and the addition of sodium hypochlorite for secondary disinfection. Treated potable

water from the potable water treatment plant will be stored in the plant potable water tank and distributed via

the plant potable water pump in a piping ring main to serve all potable water users in the process plant, heap

leach, feed preparation and crushing facilities.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 214

**18.7WATER MANAGEMENT**

Studies and assessments required to complete a site wide water management will be done as part of the next

phase of project.

**18.8POWER SUPPLY**

The Plant is estimated to have a Maximum Demand (running) of an estimated 26.3 MVA and a connected load

of approximately 30.9 MVA. The main substation is sized at 40 MVA @ 65.75% load capacity.

Primary power to the Boumadine site will be provided by Office National de l'Electricité et de l'Eau Potable

(ONEE) via a 220 kV high-voltage overhead transmission line. This newly constructed high-voltage overhead

line will tee-off from the existing high-voltage overhead line that supplies power to the town of Tinejdad. The

overhead line will connect to the main substation located north-east of the process plant. Power will be

supplied to all areas of the site via the main 40 MVA substation.

**18.9SEWAGE AND SOLID WASTE MANAGEMENT**

The project will utilize a modular sewage treatment plant based on a bio-oxidation process. Sewage and

wastewater from various areas of site will be collected and transported to the plant via pump stations,

strategically located to ensure efficient gravity flow. The plant will treat the water to the required

environmental standards before being released into the environment. Solid waste will be periodically removed

from the facility for off-site disposal.

**18.10SECURITY**

The Process Plant site area will be surrounded by fencing and access shall be through a main gate located at

plant north direction. A 'Main Gate House' at the entrance shall provide station to any security personnel with a

more security resources stationed at the 'Plant Security and Changehouse' Building.

**18.11ACCOMMODATIONS**

Effort of local hiring will be made given the proximity of the nearby town of Tinejdad and reduce the need for

onsite accommodation.

Offsite accommodation shall include 200 prefabricated rooms. Senior staff and expatriate employees will be

accommodated in rental units in the town of Tinejdad.

A construction/ permanent camp of 200-300 people capacity will be setup to accommodate any on-site

accommodation needs.

**18.12ADMINISTRATION AND PLANT BUILDINGS**

Administration and Plant Buildings area will be situated at the plant north entrance. Administration area will

include the following:

• Main gate House, Emergency Services / Clinic Building, Plant Security and Changehouse, Admin

Building, Admin Mess, Project Office, Laboratory, Warehouse.

Plant area buildings, which are accessible after passing by the Plant Security and Changehouse, will include

the following:

• Plant Office, Plant Mess, Plant Workshop.

Three Ablutions facilities are located between the Administration and Plant Buildings. One Ablutions facility

will also be located inside the Process Plant area close to the ROM Pad.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 215

**18.13CONCENTRATE TRANSPORTATION AND LOADOUT**

The three concentrate products will be shipped by road to the port of Nador-West, located 641 km from

Boumadine. The zinc and pyrite concentrates will be shipped in bulk, while the lead concentrate will be

shipped in big bags. The road haulage of concentrate will be contractor operated, with transportation along

national highways.

A concentrate handling facility will be located near or at the port of Nador-West. This facility will be covered

and allow for approximately 250,000 t of storage capacity overa surface area of 13,500 m<sup>2</sup>.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 216

19.0**MARKET STUDIES AND CONTRACTS**

**19.1Market Studies**

The commodities produced at Boumadine are gold, silver, zinc and lead, in the form of concentrates. The

concentrates are sold under the terms of preliminary offers received and detailed in Section 19.2. As most of

the value is contained in the gold and silver, AYA considered there were no need to carry out a proper market

studies at this stage of the project.

**19.2Commodity price projections**

This study used the following prices for the different commodities:

• Gold: $2800/oz

• Silver: $30/oz

• Lead: $1.00/lbs

• Zinc: $1.20/lbs

Metals prices were kept constant for the entire life of mine plan of Boumadine.

**19.3Contracts**

**19.3.1Concentrates sales**

Aya Gold & Silver contacted several potential off-taker for the different concentrates that will be produced at

Boumadine. Three different commodity traders have well received the request of interest sent by Aya Gold &

Silver and have provided preliminary terms for off-take agreement for the purchase of the Lead-concentrate,

Zinc-concentrate and Pyrite-concentrate of the Boumadine project. These terms are summarized as follows:

• Lead concentrate:

• Lead: payable at 95%, subject to a minimum deduction of 3 units

• Silver: payable at 95%, subject to a minimum deduction of 50 grams

• Gold: payable at 95%, subject to a minimum deduction of 1 gram

• Treatment charges: based on the annual Lead Asian Benchmark, with a $10/dmt in favor of the

seller.

• Refining charges: for silver, based on annual benchmark, with $0.15 premium per Ag payable

ounces in favor of the seller; for gold, $20 per gold payable ounces.

• Penalty: for arsenic penalty, $2.5 for each 0.10% above 0.6% arsenic content in the lead

concentrate

• Zinc concentrate:

• Zinc: payable at 85%, subject to a minimum deduction of 8 units

• Silver: deduction of 3 ounces, then payable at 70%

• Gold: deduction of 1 gram, then payable at 70%

• Treatment charges: based on annual Zinc Asian Benchmark, with a $15/dmt in favor of the

seller.

• Refining charges: for silver, based on annual benchmark, with $0.15 premium per Ag payable

ounces in favor of the seller; for gold, $20 per gold payable ounces.

• Penalty: for Arsenic penalty, $2.5 for each 0.10% above 0.6% arsenic content in the zinc

concentrate; for Cadmium penalty, $2.5 for each 0.1% above 0.3% cadmium content in the zinc

concentrate

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 217

• Pyrite concentrate:

• Gold: if the gold content is between 2g/t and 4g/t in the pyrite concentrate, payable of 57%; if

gold content is between 4g/t and 6g/t, payable of 64%,

• Silver: payable of 60% if silver content is above 40 g/t in the each tonne of pyrite concentrate,

• Penalty: Arsenic penalty of $3.5 for each 0.10% above 1% arsenic content between 1% and

1.5%, and penalty of $4 for each 0.10% above 1.5%

• No refining charges for gold or silver in the Pyrite concentrate

**19.3.2Other contracts**

There are no other material contracts or agreements in place as of the effective date of this Report. AYA Gold

& Silver has not hedged nor committed any of its production to an off-take agreement with any of the

commodity traders that have expressed their interest to the Boumadine project.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 218

20.0**ENVIRONMENTAL STUDIES, PERMITS, AND SOCIAL** 

**OR COMMUNITY IMPACTS**

**20.1Project Setting**

The Project is located in the Drâa-Tafilalet region of western Morocco, approximately 19 km south of the

nearest town of Tinejdad. The biophysical and social characteristics of the Project area are defined by its

semi-arid climate and relatively rural and remote nature. Urban settlements are concentrated along main

transport routes with villages located along valleys with access to water resources. Climatic conditions

influence local ecosystems and land uses including agriculture, concentrated in areas of water availability.

**20.2Environmental and Social Studies**

Limited environmental studies have been completed in the past. As part of the environmental and social work

currently being undertaken, an environmental baseline sampling program was initiated by BGM in September

2024 and a high-level screening for critical biodiversity habitat was undertaken by SLR in September 2024.

The baseline sampling, covering soils, air quality and water, was undertaken by AfriLabs, a Moroccan-based

laboratory specializing in mineral and environmental analysis. Preliminary findings from the surveys and

screening assessment reflect the following:

• Air Quality: Preliminary results indicate elevated particulate matter less than 10µm in diameter PM₁₀

and dust deposition levels, likely due to a combination of natural arid conditions and historical mining

activities on site. Gaseous pollutants (NO2, SO2) were well below guideline thresholds.

• Water Resources: water resources are influenced by the semi-arid nature of the Project site. The Oued

Akrouz, which crosses the area, is ephemeral but plays a key role in local irrigation feeding the Barrage

d'Akrouz and acting as a pathway for aquifer recharge. Several wells are located along the valley of the

Oued supplying local villages and farmers with domestic and irrigation water. Preliminary results

indicate background water quality in the wells around the douars, , with some elevated concentrations

of metals and metalloids reflecting the local geology and geochemistry. In the area of historical mining

activities, water in the old shafts reflect the local mineralized geology with high acidity and elevated

concentrations of some metals, metalloids, and major ion compared to the background groundwater

quality from the irrigation well samples..

• Soils and Sediments: Background soil samples, i.e. soil samples which are distant from the area of

historical mining activities on site, show some differences in chemical composition compared to the

soil and sediment samples on site. Preliminary results of all samples indicate elevated levels of heavy

metals and trace elements related to the local geology and geochemistry, and in some instances due

to historical mining activities. While the survey included a preliminary review of the suitability of the

soil for agriculture, environmental factors such as rainfall and evaporation / evapotranspiration, are

probably the key limiting factor on soil use for agriculture in the local area.

• Biodiversity: most of the survey area includes a varying terrain of hills, small mountains and rocky

outcrops all sparsely vegetated with a low density of plant cover. Preliminary flora and fauna surveys

have identified the potential for some species of importance to occur on site. This will be confirmed

through detailed seasonal surveys. The closest protected area to the Project is the Aferdou (El Kheng)

Biological Reserve located 35km northeast of the site. While the Project site falls within an

internationally recognised area, the Oasis du Sud Marocain Biosphere Reserve, the core zone of this

reserve is located approximately 200km west of the Project site. Further engagement is required during

the ESIA to better understand the biosphere reserve and any requirements for the ESIA and Project.

Additional baseline sampling is planned together with subsequent E&S studies as part of the international

ESIA process outlined below. These studies will cover the topics of biodiversity, hydrology, hydrogeology, soils

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 219

and sediments, air quality, noise, GHG, climate change, stakeholder engagement, labour and working

conditions, community health and safety, and other social elements.

**20.3Permitting and Applicable Standards**

The Project will require national permits to support the development of the mine and the requirement to carry

out an Environmental Impact Assessment under Moroccan Law. In addition to meeting national permitting

requirements, the Project is being undertaken to meet international ESIA lender standards. At the time of

writing, the Project is yet to initiate the national EIA permitting process. The plan is to initiate this process in

2026, at the same time as undertaking an ESIA to international lender standards.

In this regard, applicable standards that will be applied to the ESIA preparation include:

• The existing legal framework in Morocco with respect to environmental protection, EIA processes,

sustainable development, climate change, water management, soil protection, waste management,

landfill management, oil management, energy efficiency, air quality, pollution prevention and control,

biodiversity protection and conservation, cultural heritage protection, property expropriation, mining,

labour and working conditions, and occupational health and safety, as well as any regulation that may

influence the content of the ESMP measures either for construction or operation;

• The Lenders policies, including the 2024 EBRD Environmental and Social Policy and supporting E&S

Requirements, the 2012 IFC Performance Standards, and the World Bank Group Environmental, Safety,

and Health Guidelines (general and sector-specific guidelines), and supporting good practice E&S

reference documents; and

• The relevant AYA corporate policies, sustainability framework and requirements.

**20.4Key Environmental and Social Issues**

**20.4.1Potentially Affected Communities**

Available preliminary information on potential project affected persons reflects a Project site that is

unoccupied and a study area that, in general, is sparsely populated. Villages are located mainly, along the

valleys of the wadis where there is access to water resources and related livelihoods such as date and olive

farming, and livestock. The closest settlements to the Project site are the downstream villages and farms

located along the Oued Akrouz; the nearest is the village and farms of Bouydoud, about 1.5km to the

northeast. These are reported by BGM to be home to large families who have their origins in the area. Farming

is subsistence and/or for local markets. To the southwest and west, the villages and farms situated in the

adjacent valley, along the Oued Taghoucht, lie approximately 7.5 km from the Project site. These villages are

reported by BGM to be younger in age. Similarly, associated farms are for subsistence and/or local markets.

With the allocation of land plots (visible from aerial imagery) and the establishment of the new barrage

(Barrage de Taghoucht) it can be expected that occupation and farming in this area will increase over time. It

was reported by BGM that people in the villages to the south do not usually travel north to the Project area. No

villages or farms are located along the planned access road.

Occasionally, groups of nomads pass through the Project site accompanied by their livestock, primarily

camels and goats. The BGM exploration team, familiar with the region, observed a decline in nomadic

lifestyles attributed to the influence of modernity. Local nomadic populations utilise the land seasonally and

predominantly for grazing purposes. Access to water is via two water wells, one of which is located within

proximity of the Project site.

The Project site is understood to be located on communal land belonging to local tribes. The land acquisition

for the Project facilities is expected to be done through a long-term lease of the required area, with initial

discussions underway with local authorities.

Social baseline surveys and a social impact assessment will be undertaken as part of the ESIA.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 220

**20.4.2Environmental and Social Management**

As part of the ESIA, potential impacts associated with the Project will be identified and assessed in a

systematic approach. The impact assessment will inform a comprehensive Environmental and Social

Management and Monitoring Plan to be developed for the Project. It will include:

• Mitigation measures for construction and operations

• Framework management plans covering biodiversity, erosion and sediments, waste, air and noise,

water, community health and safety, community development and investment, supply chain, cultural

heritage, rehabilitation

• Stakeholder engagement plan including grievance management

• Monitoring plans for Project performance and the receiving environment (water, air, noise and

biodiversity)

Water management planning will include the following elements:

• Characterization of the groundwater systems on site

• Environmental testwork to understand the geochemical composition and acid generating potential of

the host rock and mineral residues

• Development of a site-wide climatic water balance to understand the water circuit and confirm water

use, storage and discharge volume requirements.

• Establishment of an engineered stormwater runoff system catering for the diversion of clean water

runoff around Project sites, separation of clean and potentially dirty water runoff on site, storage of

potentially dirty water runoff in appropriately designed and engineered facilities, and collection and re-

use of potentially dirty water runoff.

• Flood protection analysis and measures, if needed.

• Prioritizing water reuse and recycling.

• Water treatment for potable water supply, raw water supply, and discharge to the environment (if

discharge is required).

**20.4.3Mine Closure**

A conceptual mine closure plan governed by Aya's HSEC Policy will be prepared as part of the ESIA.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 221

21.0**CAPITAL AND OPERATING COSTS**

**21.1CAPITAL COST ESTIMATE**

**21.1.1Summary**

The capital cost estimates for the Boumadine Project PEA was compiled by Lycopodium and is presented

here in summary format. The capital cost estimate reflects the Project scope as described in this report.

All costs are expressed in United States Dollars (US$) unless otherwise stated and are based on Q4 2025

pricing and deemed to have an overall accuracy of +50%/-30%. The capital cost estimate conforms to AACE

International (Association for the Advancement of Cost Engineering) Class 5 estimate standards.

The capital estimate for the Project is summarized in Table 21-1 by the major cost elements.

**Table 21-1Capital Estimate Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Item** | **Directs** | **Indirects** | **Contingency** | **Contingency (%)** | **Total** |
| OP Mining - Infrastructure | 7358216 | 0 | 1839554 | 25.00% | 9197770 |
| Open Pit Pre-Stripping Costs | 46523915 | 0 | 11630979 | 25.00% | 58154894 |
| Process Plant | 166643296 | 61895704 | 62631157 | 27.41% | 291170157 |
| Shipping Infrastructure | 10870368 | 0 | 5435184 | 50.00% | 16305552 |
| Electrical Line | 17204211 | 0 | 4301053 | 25.00% | 21505264 |
| Raw Water Supply | 30426944 | 536842 | 7606736 | 24.57% | 38570522 |
| Tailings Storage Facility (TSF) | 8817164 | 263158 | 2204291 | 24.28% | 11284613 |
| **Total** | **287844114** | **62695704** | **95648954** | **27.29%** | **446188772** |

---

The following exchange rates have been used in the compilation of the estimate:

**Table 21-2Currency Exchange Rate**

---

| | |
|:---|:---|
| **Currency** | **USD** |
| AUD | 0.65 |
| USD | 1 |
| GBP | 1.35 |
| Euro | 1.15 |
| Rand | 0.06 |
| CAD | 0.72 |

---

The capital cost estimate is broken down into mining capex, process plant and infrastructure capex, and

tailings facility.

**21.1.2Mining Capex**

All costs are reported in 2025 USD unless otherwise specified and conversion rates used as per Table 21-2.

Escalation of 3% has been applied to estimates from prior years where required. Contingency is excluded from

this estimate and will be applied separately.

Capital costs for mining activities include:

• General surface infrastructure – Roads, electrical distribution and other surface facilities.

• Open Pit facilities – Mineralized material and waste stockpiles

• Underground development – Lateral and vertical

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 222

• Underground mobile equipment – Acquisition and sustaining costs

• Underground mine infrastructure – Ventilation, electrical facilities, dewatering and facilities

Equipment costs for open-pit mobile equipment are included in the contractor mining cost. No equipment is

forecast to be purchased by the owner. Other than the first year of mining, all waste mining costs for the open-

pit operations are classified as an operating cost . A portion of these costs could eventually be reclassified as

capital stripping at a later phase. First year mining costs have been capitalized.

A summary of the capital costs is shown in Figure 21-1 and Table 21-3.

![image43.jpg](image43.jpg)

**Figure 21-1Capital Cost Summary – Mining**

**Table 21-3Capital Cost Estimate - Mining**

---

| | |
|:---|:---|
| **Area** | **$M** |
| UG Capital Development - Lateral | 137.9 |
| UG Capital Development - Vertical | 16.7 |
| UG Mobile Equipment - Acquisition | 17.8 |
| UG Mobile Equipment - Sustaining | 8.2 |
| General Infrastructure | 9.0 |
| Open Pit Infrastructure | 56.5 |
| Underground Infrastructure | 69.8 |
| Capitalized OP Mining Costs (Y1) | 46.5 |
| **Total** | **362.5** |

---

**21.1.2.1General Surface Infrastructure**

Surface facilities include roads, electrical distribution, and a truck shop. Costs are summarized in Table 2.

The plan includes 10 km of site roads and 2 km of service roads, with respective unit costs of $252,000/km

and $84,000/km. Site roads are 20 m wide, while the service road linking the ventilation raise to the plant is 10

m wide. Electrical distribution will cover the total road length of 12 km at a unit cost of $95,000/km.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 223

The truck shop has an estimated cost of $5.1 M. This includes three service bays as well as auxiliary bays,

office space and a warehouse.

**Table 21-4General Facilities Cost** 

---

| | |
|:---|:---|
| **Area** | **$M** |
| Site Road | 2.6 |
| Service Road | 0.2 |
| Electrical Distribution | 1.1 |
| Surface Facilities | 5.1 |
| **Total** | **9.0** |

---

**21.1.2.2Open Pit Facilities**

Open pit mining will be performed by a contractor, who will provide and maintain all equipment and materials

required.

Construction of mineralized material and waste stockpile facilities is included in the OP estimate. Stockpiles

assume that geomembrane is required throughout; this requirement may be reduced at a later date as a result

of further environmental testing. No clearing is required due to lack of vegetation.

Unit costs include surface preparation, foundations, and construction costs. Construction of waste stockpiles

will be distributed over the mine life according to the production plan. Costs are summarized in Table 21-5.

**Table 21-5Open Pit Facilities Cost**

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **m**<sup>2</sup> | **$/m**<sup>2</sup> | **$M** |
| Ore Stockpiles | 370000 | 13.00 | 4.8 |
| Waste Stockpiles | 4920509 | 10.51 | 51.7 |
| **Total** |  |  | **56.5** |

---

**21.1.2.3Underground Development**

All underground development is forecast to be completed by a contractor. An average unit cost of $2,150 was

provided by Aya for this estimate, based on current contracts. This applies to ramp and lateral development

and includes all labour, materials and equipment.

A vertical cost of $2,442/m was provided for 3-meter diameter raisebores. This quote was scaled to obtain an

estimate of $2,900/m for 4-meter diameter raises. Raisebore costs include allowances for mobilisation/

demobilisation.

Table 21-6 summarises the underground development costs.

**Table 21-6Underground Development Cost**

---

| | |
|:---|:---|
| **Area** | **$M** |
| Ramp | 82.9 |
| Lateral Development | 55.0 |
| Raisebores - 3 m | 13.5 |
| Raisebores - 4 m | 3.1 |
| **Total** | **154.6** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 224

**21.1.2.4Underground Mobile Equipment**

Underground mobile equipment is included for all production activities. Mine development is expected to be

completed by the contractor who will provide all required equipment.

Recent quotes were provided by Aya for most of the mobile equipment costs. Quotes for similar recent

projects were used to estimate costs for the remaining equipment.

Pickup trucks are assumed to be replaced after the useful life of 5 years. An overhaul of 50% of the initial

acquisition cost was included for all other equipment at mid-life. Equipment exceeding useful life was

replaced at initial cost.

Table 21-7 summarizes the parameters used to develop the mobile equipment estimate.

**Table 21-7Mobile Equipment**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Activity** | **Unit** | **Quantity** | **Unit price** | **Life Years** | **Sustaining** |
| **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** |
| Production Drill | Sandvik DL 311 ITH | 3 | $931000 | 12 | $465500 |
| Mobile Compressors for Drill | Atlas Copco | 3 | $113000 | 12 | $56500 |
| Emulsion Charger | PAUS | 2 | $373000 | 8 | $186500 |
| **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** |
| 30 tonnes Mine Truck | Epiroc MT436 | 6 | $720000 | 9 | $360000 |
| 10 tonnes LHD 10 t | Epiroc ST1030 | 7 | $634000 | 9 | $317000 |
| **Ground Support** | **Ground Support** | **Ground Support** | **Ground Support** | **Ground Support** | **Ground Support** |
| Cable Bolter | BoltecS | 2 | $817000 | 12 | $408500 |
| Transmixer | PARTINDUS | 1 | $343000 | 9 | $171500 |
| **Service** | **Service** | **Service** | **Service** | **Service** | **Service** |
| Scissor Lift | Paus | 2 | $188000 | 8 | $94000 |
| Boom Truck | Paus | 3 | $363000 | 7 | $181500 |
| Grader | XCMG GR135 | 1 | $96000 | 15 | $48000 |
| Fuel Lube Truck | Paus | 2 | $287000 | 8 | $143500 |
| Water Truck | Paus | 1 | $287000 | 8 | $143500 |
| Pickup Truck | Toyota Hilux | 15 | $44000 | 5 | REPLACE |
| Mine rescue Truck | Access | 1 | $93000 | 16 | $46500 |
| **Total - Mine Life** |  |  | **$17788000** |  | **$8204000** |

---

**21.1.2.5Underground Mine Facilities**

Underground facilities costs include egress, ventilation, electrical, dewatering, and rock passes. The estimate

is summarised in Table 21-8.

**Table 21-8Underground Facilities Cost**

---

| | |
|:---|:---|
| **Area** | **$M** |
| Egress Raises | 3.1 |
| Ventilation – Main Fans | 30.3 |
| Ventilation – Auxiliary Fans | 2.0 |
| Ventilation – Mercaptan | 0.3 |
| Electrical Stations | 12.2 |
| Pumping Stations | 12.1 |
| General Services - GFP, Lighting and Vent | 8.7 |
| Ore Passes | 1.2 |
| **Total** | **69.9** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 225

Egress assumes safescapes will be installed in all egress raises at a unit cost of $700/m. A fixed cost of

$75,000 is also included.

Main fans costs have been assumed based on existing quotes for similar projects in Europe and Canada, the

cost includes the Electrical substation, the fan with dampers and accessories, mechanical and electrical

installation, 15% of material cost to account for freight and civil works. In total there are nine different fan

system, one for each zone, the total cost for each fan is shown in the Table 21-9 below.

**Table 21-9Main fans cost**

---

| | |
|:---|:---|
| **Ventilation Zone** | **$M** |
| North 1 | 2.1 |
| North 2 | 4.2 |
| North 3 | 1.6 |
| Centre | 4.3 |
| South 5 | 2.2 |
| South 4 | 2.2 |
| South 3 | 4.2 |
| South 2 | 5.2 |
| South 1 | 4.3 |
| **Total** | **30.3** |

---

Auxiliary fans cost has been estimated based assuming a total of 27 fans are required initially at the start of

the project, 22 for the production levels (two (2) per level) and five (5) for the ramp development. It then

includes an allowance of 20% for spares per year.

Underground bulkheads with drop board regulators and double personnel doors for egress have not been

included in the cost and need to be included in the next phase of the project.

A mercaptan system is included for all surface raises at a unit cost of $26,000, based on a quote for a similar

project.

Electrical stations are estimated at a unit cost of $329,000. This includes electrical panels and components,

cable and installation. Estimate assumes that 30% of electrical panels and components will be reused as the

underground mine moves from area to area. Cables and installation are included for each station. A total of 37

electrical stations will be required over the life of the underground mines.

Pumping stations are estimated at a unit cost of $294,000. This includes pumps, starters, structural

allowances, instrumentation, cabling and installation. A total of 41 pumping stations will be required over the

life of the underground mines.

An allowance of $344/m is included for all capital development to account for all general services, such as

local electrical distribution, lighting and ventilation ducting.

Ore passes are estimated to cost $1.2 M for the South and North mining areas. 13 dump points are forecast in

this area. The Center mining area includes only trucking to surface. Rock pass costs include truck chutes,

grizzlies, lining, discharging gates as well as construction/installation costs.

**21.1.3Process Plant and Infrastructure Capex**

The Table 21-10 below shows the Capital cost breakdown of the Process Plant and Infrastructure.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 226

**Table 21-10Process Plant and Infrastructure Capital Cost Breakdown**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Process Plant** <br>**Main Areas**<br>| **Supply Cost** | **Installation** <br>**Hours**<br>| **Labour** <br>**Installation** <br>**Cost**<br>| **Freight Cost** | **Subtotal** <br>**Cost**<br>| **Project** <br>**Contingency**<br>| **Project Total** |
| 000 <br>Construction <br>Distributables<br>| 3886500 | 5000 | 198620 | - | 4085120 | 1021280 | 5106400 |
| 100 Treatment <br>Plant Cost<br>| 89252329 | 1243741 | 31605949 | 12470446 | 133328724 | 36760703 | 170089427 |
| 200 Reagents & <br>Plant Services<br>| 11506610 | 138552 | 3680704 | 1595996 | 16783311 | 4791217 | 21574527 |
| 300 <br>Infrastructure<br>| 10063976 | 81544 | 1132876 | 1249289 | 12446141 | 4584031 | 17030173 |
| 500 <br>Management <br>Costs<br>| 19965140 | 49913 | - | - | 19965140 | 4991285 | 24956425 |
| 600 Owners <br>Project Costs<br>| 41327536 | 397295 | - | 603028 | 41930564 | 10482641 | 52413205 |
| Infrastructure |  |  |  |  |  |  |  |
| Shipping <br>Infrastructure<br>| - | - | - | - | 10870368 | 5435184 | 16305552 |
| Electrical Line | - | - | - | - | 17204211 | 4301053 | 21505264 |
| Raw Water <br>Supply<br>| - | - | - | - | 30426944 | 7606736 | 38570522 |
| **Grand Total** | **176002091** | **1916045** | **36618149** | **15918760** | **287040523** | **79974130** | **367551495** |

---

**21.1.3.1Estimating Methodology**

Engineering lists, general arrangement drawings and a layout 2D model have been produced with sufficient

detail to permit the assessment of the engineering quantities for concrete, steelwork, mechanical and

electrical for the process plant and associated infrastructure. Quantities have also been benchmarked against

similar flowsheet and throughput executed Lycopodium projects.

The unit rates and labour rates are based on historical in-house information or budgetary quoted and reflect

current project market conditions. Budget pricing for major mechanical equipment was obtained from

suitable, reputable suppliers and contractors.

**21.1.3.2Quantity Development**

The Project works were quantified to represent the defined scope of work and to enable the application of

rates to determine costs.

Quantity information was derived from a combination of sources and categorized to reflect the maturity of

design information as follows:

• Material Take Offs: detailed quantities derived from drawings and Navis work model of Boumadine.

• Estimated: includes quantities derived from sketches or redline mark-ups of previous project

drawings/data by estimating or similar projects.

• Factored: quantities derived from percentages applied as a factor based on experience or similar

projects.

• Allowance: lump sum added to the cost estimate to account for costs that are certain to occur, but

they cannot be identified with any accuracy.

The derivation of quantities is provided in Table 21-4 below, weighted by value of the direct permanent works

(i.e. excluding temporary works, construction services, commissioning assistance, engineering costs,

escalation and contingency).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 227

**Table 21-11Derivation of Quantities**

---

| | | |
|:---|:---|:---|
| **Classification** | **MTO Prepared** | **Factored** |
| Earthwork |  | 1 |
| Concrete |  | 1 |
| Structural Steel |  | 1 |
| Platework |  | 1 |
| Mechanical Equipment | 1 | 0 |
| Process Piping |  | 1 |
| Overland Piping |  | 1 |
| Electrical Bulks |  | 1 |
| Electrical Equipment |  | 1 |
| Instrumentation and Control |  | 1 |
| Buildings |  | 1 |

---

The table below identifies the sourcing of costs included in the estimate.

**Table 21-12Supply Cost Source**

---

| | | | |
|:---|:---|:---|:---|
| **Classification** | **Total Supply Cost** | **Estimated / Historical Pricing** | **Budgetary Quote** |
| F Mechanical | 59877365 | 0.48 | 0.52 |

---

**21.1.3.3Installation Basis**

This component represents the cost to install the plant equipment and bulk materials on site or to perform

site activities. Installation costs are further divided between direct labour, equipment and construction

indirect costs.

The labour component reflects the cost of the direct workforce required to construct the Project scope. The

labour cost is the product of the estimated work hours spent on site multiplied by the cost of labour, inclusive

of overtime premiums, statutory overheads, and payroll burden.

The equipment component reflects the cost of the construction equipment and running costs required to

construct the Project. The equipment cost also includes cranes, vehicles, small tools, consumables, and

Personal Protective Equipment (PPE).

The installation of the mechanical equipment has been built up using historical data of similar projects. The

other disciplines installation costs were estimated as a percentage of mechanical costs and validated against

historical data from similar projects.

**21.1.3.4Field Indirects**

Construction indirect costs encompass the remaining cost of installation and include items such as offsite

management, onsite staff and supervision above trade level, crane drivers, equipment and labour mobilization

and demobilization.

Construction indirect costs for all direct labour is included for all works in the capital estimate. This is

inclusive of PPE, travel and clothing. Earthworks rates are inclusive of fuel, maintenance and running costs of

machinery. Construction equipment and project cranes are included in the capital cost estimate.

Field In-directs costs have been calculated based on a percentage of direct installation cost. The percentage

applied is derived from similar projects.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 228

**21.1.3.5Engineering Services**

The estimate for engineering design and construction management services was factored based on previous

Lycopodium experience for similar sized projects and based on an allowance typical for projects of similar

size and nature.

**21.1.3.6Vendor Representatives**

Some equipment will require vendor representation during construction and or commissioning. A provision

has been included in the estimate to cover the vendor representatives' services, including mob/demob and

site expenses. It is based on an allowance typical for projects of similar size and nature.

**21.1.3.7Freight**

The freight estimate was derived from the following:

• By calculation as a percentage of supply costs for items where freight tonnes and bulk volumes are yet

to be determined.

• By benchmarking against similar projects.

**21.1.3.8Owners Costs**

A summary of the Owners costs is given below based on estimates. A total cost, including contingency is

shown to be $52.4M. This includes some general costs, Plant and Admin Pre-Production, Spare Parts and

Plant Mobile Equipment. Owner's costs were developed by Aya, and include costs for engineering studies,

project-specific home office costs, field staffing, pre-production in-country expenses, and a construction

camp.

**Table 21-13Owners Project Cost Total**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Plant Area** | **Supply Cost** | **Installation** <br>**Hours**<br>| **Labour** <br>**Installation** <br>**Cost**<br>| **Freight Cost** | **Subtotal** <br>**Cost**<br>| **Project** <br>**Contingency**<br>| **Project Total** |
| 610 Owners Costs - General | 21572167 | 107861 | - | - | 21572167 | 5393042 | 26965209 |
| 620 Plant & Admin Pre-<br>Production<br>| 11192110 | 289434 | - | - | 11192110 | 2798027 | 13990137 |
| 640 Spare Parts | 5750000 | - | - | - | 5750000 | 1437500 | 7187500 |
| 670 Plant Mobile Equipment | 2813259 | - | - | 603028 | 3416288 | 854072 | 4270359 |
| **Total** | **41327536** | **397295** | **-** | **603028** | **41930564** | **10482641** | **52413205** |

---

**21.1.4Tailings Storage Facility Capex**

The high-level cost estimate was determined for the Capital Expenditure (CAPEX), Engineering Fees, Operating

Expenditure (OPEX) and Closure CAPEX costs, as described below and detailed in *Update to the Pre-Economic* 

*Assessment of the Boumadine Tailings Storage Facilities (Epoch, 2025).* The total LoM capital cost estimate is

$42.7 M (406M MAD (Moroccan Dirhams)), and comprises the following:

• The initial LoM CAPEX is $11.3M (107 MAD),

• The sustaining capital, including contingency, is $22.0M (209M MAD),

• Engineering consultant and construction supervision fees for the TSF over the LoM amounts to $0.7M

(6,5M MAD), and

• The rehabilitation and closure of the TSF and post-closure monitoring costs amounts to $9.0M (85,8M

MAD).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 229

**Table 21-14LoM Capital Costs (Million MAD)**

---

| | |
|:---|:---|
| **LoM Costs** | **TSF ($M)** |
| TSF Capex | 8.8 |
| Contingency | 2.2 |
| Engineering Consultant Fees: Monitoring and EOR | 0.3 |
| Total Initial Capex | 11.3 |
| Sustaining CAPEX (Including Contingency) | 22.0 |
| Engineering Consultant Fees: Monitoring and EOR | 0.4 |
| Closure CAPEX | 9.0 |
| **Total** | **42.7** |

---

**21.1.5TSF Closing Costs**

The rehabilitation and closure and post-closure monitoring costs were estimated to be $9.0 M (85.8M MAD)

for the study, and includes the following:

• The closure design work amounts to $0.1M (1.1M MAD).

• Closure CAPEX is $8.7M (82.6M MAD) phased over three years. The assumptions of the CAPEX

estimates are based on the following items and associated works.

• Spillway channel, and

• TSF basin capping layer.

• The construction supervision of closure works amounts to $0.2M (2,1M MAD).

**21.1.6Sustaining and Closing Costs**

The sustaining and closing costs are detailed in each respective section.

The overall capital costs for the project, including sustaining and closing costs, are shown in Table 21-15.

**Table 21-15Capital Expenditures including Sustaining and Closing Costs**

---

| | | | |
|:---|:---|:---|:---|
| **Capital Expenditures ($M)**<br>**Direct Costs** | **Initial**<br>**288** | **Sustaining**<br>**340** | **Total**<br>**628** |
| Open Pit Mining | 54 | 58 | 112 |
| Underground Mining | - | 250 | 250 |
| Processing Plant | 167 | - | 167 |
| Shipping Infrastructure | 11 | - | 11 |
| Electrical Line | 17 | - | 17 |
| Raw Water Supply | 30 | - | 30 |
| Tailings Storage Facility | 9 | 22 | 31 |
| TSF Closure Costs | - | 9 | 9 |
| **Indirects Costs** | 63 | - | 63 |
| **Subtotal** | **351** | **340** | **691** |
| Contingency | 96 | - | 96 |
| **Total** | **446** | **340** | **786** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 230

**21.1.7Contingency**

An amount of contingency has been provided in the estimate to cover anticipated variances between the

specific items allowed in the estimate and the final total installed project cost. The contingency does not

cover scope changes, etc., or the listed qualifications and exclusions.

Contingency has been applied to the estimate as a percentage allowance and is varied for different cost

elements but typically around 25% for all areas except electrical costs where the contingency applied was

50%. The average project contingency is 27%. It should be noted that contingency is not a function of the

specified estimate accuracy which should be measured against the project total that includes contingency.

**21.1.8Qualifications and Assumptions**

The capital estimate is qualified by the following assumptions:

• The base date for the bulk of pricing for the estimate is Q32025

• Prices of materials and equipment with an imported content have been converted to US$ at the rates

of exchange stated previously in this document. All pricing has been entered into the estimate utilizing

native currencies wherever possible.

• Suitable construction/fill materials will be available from borrow pits within 2 km of the work fronts. It

must be reviewed following the results of the geotechnical investigation.

• There is no allowance for unforeseen blasting in the bulk earthworks cost estimates.

• It has been assumed mobile equipment purchased and used by the owner's construction team will be

handed over to the owner's operations team upon completion of construction. No allowance for

additional mobile equipment has been made for operations.

**21.1.9Exclusions**

The following items are specifically excluded from the capital cost estimate:

• Permits and licenses

• Project sunk costs

• Federal and state taxes and duties

• Exchange rate variations

• Sustaining Capital Costs

• Fuel Distribution

**21.1.10Process Plant Pre-Production and Working Capital Costs**

The costs incurred by operations during the latter stages of construction and commissioning are included in

the capital cost estimate but are derived in this estimate. Pre-production costs associated with mining are

excluded.

**21.1.10.1Pre-Production Labour** 

The pre-production site administration expenses cost covers the establishment of operations during the eight

months preceding start-up and includes provision for power consumption, mobile equipment, and other

expenses during this period.

**21.1.10.2First Fill Reagents and Opening Stocks** 

Costs have been allowed in the project financial model cash flow estimates to purchase the mill balls, regrind

ceramic media and reagents needed to commission the plant. Other consumables and reagents required for

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 231

the process plant first fill and opening stocks are expected to be paid for in the commissioning and ramp up

period, from the operating cost budget.

Sufficient first fill reagents and consumables have been estimated for the initial ball mill steel ball load to fill

the reagent tanks, fill the regrind mills with ceramic media, and for other plant consumable requirements.

Opening stocks refer to the purchase of the reagents and consumables required to sustain the operations for

6 weeks, which is the minimum on-site start-up storage quantity nominated by Aya Gold and Silver.

Quantities allowed have been based on either consumption over the minimum period or minimum shipping

quantities, considering package size.

**21.1.10.3Vendor Representatives** 

This cost allows for specialist vendor representatives to oversee commissioning of their processing

equipment and include allowances for labour, airfares, and expenses.

**21.2OPERATING COST ESTIMATE**

**21.2.1Mining Opex**

Operating costs for mining activities include:

• Open-pit variable costs –mineralized material and waste mining, grade control and haulage

• Open-pit fixed costs – owners's labour

• Underground variable costs – definition drilling, developing, stoping, haulage and backfill

• Underground fixed costs – labour, maintenance, electricity, mine services

A summary of the operating costs is shown in Figure 2 and Table 7. Year 1 open pit mining costs have been

capitalized.

![image8.jpg](image8.jpg)

**Figure 21-2Operating Cost Summary – Mining**

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 232

**Table 21-15Operating Cost Estimate - Mining**

---

| | |
|:---|:---|
| **Area** | **$M** |
| Open-Pit Variable Costs | 856.6 |
| Open-Pit Fixed Costs | 13.3 |
| Underground Variable Costs | 311.8 |
| Underground Fixed Costs | 152.2 |
| **Total** | **13311** |
| **Unit Cost** | **$43/t** |

---

**21.2.1.1Open-Pit Costs** 

Open pit mining will be performed by a contractor. Unit costs were provided by Aya based on current

contracts. The following costs were used.

**Table 21-16Open-Pit Unit Costs**

---

| | |
|:---|:---|
| **Area** | **$/t** |
| Ore Mining | 1.50 |
| Waste Mining | 2.00 |
| Grade Control | 1.10 |
| Surface Haulage | 2.00 |

---

Owner's labour was estimated on an annual basis based on the Aya salary tables. Senior managers are

budgeted as expatriate labour while technical services are a blend of local and expatriate labour.

**Table 21-17Open-Pit Owner's Team**

---

| | |
|:---|:---|
| **Area** | **QUANTITY** |
| Captains | 1 |
| Mine Admin | 1 |
| Technical Services | 20 |
| Annual Labour Cost | $1.3 M |

---

**21.2.1.2Underground Variable Costs**

Variable costs were calculated for all stoping activities, based on production cycles and provided

consumables cost. Costs for definition drilling and development were provided as per current contracts.

Cemented rockfill costs were benchmarked from a similar project. Overall cost of backfill in the unit cost

considers 94% rockfill and 6% CRF as per the production plan

Unit costs include all consumables (including a 10% loss allowance) and operating costs for direct equipment.

Drilling costs include electricity. As no provision is made for a compressed air network, mobile compressors

are included for all production drills. Costs are shown in Table 21-18.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 233

**Table 21-18Underground Variable Costs**

---

| | |
|:---|:---|
| **Activity** | **$/T** |
| Definition Drilling | 3.00 |
| Development | $2,150/m |
| Drilling | 3.20 |
| Blasting | 2.69 |
| Mucking | 1.96 |
| UG Haulage | 3.04 |
| Backfill – Rockill | 1.18 |
| Backfill – CRF | 7.94 |

---

**21.2.1.3Underground Fixed Costs**

Fixed costs include labour, maintenance of service equipment, electricity and mine services.

LOM costs are summarized in Table 21-19.

**Table 21-19Underground Fixed Costs**

---

| | |
|:---|:---|
| **Area** | **$M** |
| Mining Labour | 27.6 |
| Maintenance - Parts and Diesel | 9.9 |
| Maintenance Labour | 10 |
| Staff and Technical Services | 49.5 |
| Electricity | 48.9 |
| Infrastructure Maintenance and Mine Services | 6.3 |
| **Total** | **152.2** |

---

All labour is budgeted on an annual basis according to provided salary tables. All labour is local except for

certain managers that are expatriate. 1 supervisor is allocated for every 8 employees. The labour estimate is

shown in Figure 21-3.

![image1.jpg](image1.jpg)

**Figure 21-3Underground Labour Profile**

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 234

Maintenance costs were developed based on annual operating hours. Annual maintenance costs are based

on a 20-30% factor of initial acquisition cost and then converted to hourly rates. Diesel is also factored based

on operating hours. Mobile maintenance labour is estimated using a factor of 4 units per mechanic and 12

units per electrician. Twelve (12) mechanics and 12 electricians are included to maintain the mine

infrastructure. Diesel is budgeted at $1.30/L. Mobile maintenance costs are summarized in Table 21-20.

**Table 21-20Mobile Maintenance Costs**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Activity** | **Unit** | **Annual** <br>**Hours**<br>| **Annual Mtc** <br>**Factor**<br>| **Parts $/hr** | **Diesel $/hr** |
| **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** | **Drilling & Blasting** |
| Production Drill | Sandvik DL 311 ITH | 1500  | 20% | $124.13  | $5.57  |
| Mobile Compressors for Drill | Atlas Copco | 1500  | 20% | $15.07  | $13.36  |
| Emulsion Charger | PAUS | 1500  | 20% | $49.73  | $1.78  |
| **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** | **Mucking & Haulage** |
| 30 tonnes Mine Truck | Epiroc MT436 | 5000  | 30% | $43.20  | $29.68  |
| 10 tonnes LHD 10 t | Epiroc ST1030 | 5000  | 30% | $38.04  | $18.55  |
| **Ground Support** | **Ground Support** | **Ground Support** | **Ground Support** | **Ground Support** | **Ground Support** |
| Cable Bolter | BoltecS | 3000  | 20% | $54.47  | $2.41  |
| Transmixer | PARTINDUS | 1500  | 20% | $45.73  | $7.11  |
| **Service** | **Service** | **Service** | **Service** | **Service** | **Service** |
| Scissor Lift | Paus | 2500  | 20% | $15.04  | $3.29  |
| Boom Truck | Paus | 2000  | 20% | $36.30  | $4.57  |
| Grader | XCMG GR135 | 2000  | 20% | $9.60  | $5.85  |
| Fuel Lube Truck | Paus | 2000  | 20% | $28.70  | $4.99  |
| Water Truck | Paus | 1500  | 20% | $38.27  | $3.92  |
| Pickup Truck | Toyota Hilux | 2000  | 20% | $4.40  | $1.45  |
| Mine rescue Truck | Access | 1200  | 20% | $15.50  | $0.59  |

---

Electricity for production drills is included in the drilling unit cost. Electricity consumption for the mine is

based on the following factors:

• 4.85 kWh/T for dewatering

• 1.37 kW/T for lighting and services

• ~20,000 MWh/year for main fans

• ~20,000 MWh/year for auxiliary fans

Electricity is budgeted at $0.09/kWh for a total of $48.9M.

Other fixed costs included in estimate include an annual allowance of $150,000 for infrastructure

maintenance, $100,000 for mine services, and $326,000 for ventilation maintenance (1% of initial capital).

**21.2.2Process Operating Cost Estimate**

**21.2.2.1Introduction**

The operating costs have been compiled by Lycopodium based on costs developed by Aya Gold & Silver and

Lycopodium for all processing related costs.

Operating costs for Mining and TSF are detailed separately in Section 21.2.1 and Section 21.2.3 Respectively.

The estimate is considered to have an accuracy of +50 / -30%, is presented in US$ and is based on

information obtained or adjusted for the third quarter of 2025 (Q3 2025).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 235

**21.2.2.2Process Plant Operating Costs** 

Processing operating costs have been developed by Lycopodium for a life of mine (LOM) blend. It is expected

that the plant will operate on a range of mineralized material blends. The LOM processing costs are a

weighted average of the various mineralized material type processing costs based on the LOM blend.

Processing operating costs have been developed for a plant with an annual throughput equivalent to

2.92 Mtpa of fresh mineralized material plant feed at a P80 grind size of 58 µm for the SAB circuit, 16 µm for

the Pb regrind circuit, and 15 µm for the Zn regrind circuit, based on a 24 hour per day operation, 365 days per

year. The plant will operate at the following utilization:

• 6,570 h/y (75%) - Primary jaw crusher with a crushed rock stockpile.

• 8,000 h/y (91.3%) - SAB grinding circuit and all flotation, regrind, thickening, reagents, and services

processing plant sections.

• 7,008 h/y (80%) – Concentrate filtration and handling.

The operating costs have been compiled from a variety of sources, including the following:

• Labour pay rates and manning as advised by Aya Gold & Silver.

• Laboratory rates as advised by Aya Gold & Silver.

• Grid power costs as advised by Aya Gold & Silver at a rate of 0.090 US$/kWh.

• Consumable prices from supplier budget quotations obtained in Q3 2025. Aya Gold & Silver advice, and

the Lycopodium database.

• Crushing and grinding consumable prices from supplier budget quotations, OMC modelled crushing

and grinding energy and consumables, based on physical mineralized material characteristics

determined from comminution testwork and estimated material properties from OMC database.

• Reagent consumptions, mass pulls and recoveries based on the results from a metallurgical testwork

program.

• First principal estimates based on typical operating data / standard industry practice.

The processing operating cost estimate is summarized in Table 21-21. The relative proportions of each

operating cost center for the processing and process plant (processing plus G&A) operating costs are shown

in Figure 21-4.

The operating costs include all direct costs to allow production of concentrates. The battery limits for the

processing operating costs are as follows:

• Mineralized material delivered to the ROM bin.

• Tailings discharged onto the tailings storage facility (TSF).

• Pb concentrate in bags, with Zinc and Pyrite concentrates on stockpiles.

Qualifications

The operating cost estimate presented in this section excludes the following:

• All sunk costs.

• ROM stockpile rehandling costs.

• General and Administration:

• All head office costs and corporate overheads.

• Withholding taxes and other taxes.

• Any impact from fluctuations in foreign exchange rate.

• Any escalation from the date of the estimate.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 236

• Project finance costs.

• Interest charges.

• Corporate Overheads.

• Political risk insurance.

• GST and/or VAT.

• All costs associated with areas beyond the battery limits of the Study.

• Plant rehabilitation costs.

• Land or crop compensation costs (included in CAPEX).

• Subsidies to local communities.

• License fees.

• Royalties.

• No allowance for contingency.

• Any business interruption costs.

• Concentrate:

• Pyrite concentrate processing or further refining costs.

• In transit insurance costs.

• Transport or transit costs.

• Process / Tailings:

• Tailings storage costs, including future lifts and rehabilitation.

• Tailings dust suppression costs.

• External Government required monitoring and compliance costs.

• Raw water sourcing costs.

• Environmental:

• Any rehabilitation or closure costs.

• Labour:

• Union fees.

• Contract labour other than maintenance (generally self-performed by Aya Gold and Silver).

• Overtime allowances.

• First fill/opening stocks are captured in the CAPEX

The operating cost estimate includes the following:

• Import duties on consumable unit costs (in the consumables cost).

• Costs for the preparation and assaying of mine grade control samples and routine laboratory tests on

the site water samples (in the laboratory cost).

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 237

![image65.jpg](image65.jpg)

**Figure 21-4Processing Plant Operating Cost Breakdown**

**Table 21-21Process Plant Operating Cost Summary (US$, Q3 2025, +50 / -30%)**

---

| | | |
|:---|:---|:---|
| **Process Stream Costs** | **LOM Blend** | **LOM Blend** |
| **Cost Centre** | **US$/y** | **US$/t** |
| Operating Consumables | 25928100 | 8.88 |
| Maintenance | 4923734 | 1.69 |
| Contract Maintenance | 1102125 | 0.38 |
| Power (Plant) | 13177570 | 4.51 |
| Concentrate Handling | 1637364 | 0.56 |
| Laboratory | 396000 | 0.14 |
| Process Plant Labour | 3282230 | 1.12 |
| **Total Process Plant** | **50447122** | **17.28** |
| **General & Administration** | **General & Administration** | **General & Administration** |
| Labour (G&A) | 3460906 | 1.19 |
| Laboratory (Exploration, Mining, Environmental) | 2628793 | 0.90 |
| Miscellaneous Costs | 8982750 | 3.08 |
| **Total G&A** | **15072450** | **5.16** |
| **Total Overall OPEX** | **65519572** | **22.44** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 238

**21.2.2.3Power**

The power cost estimate has been based on grid power at a unit cost of US$0.09/kWh. The average

continuous power draw and power cost for the LOM blend by plant area is summarized in Table 21-22.

**Table 21-22LOM Blend - Power Cost Summary (US$, Q3 2025, +50 / -30%)**

---

| | | | |
|:---|:---|:---|:---|
| **Plant Area** | **Connected** <br>**Power kW**<br>| **LOM Average** <br>**Continuous** <br>**Power Draw kW**<br>| **LOM Power Cost** <br>**US$/y**<br>|
| 120 – Feed Preparation – Crushing and Stockpiling | 437 | 230 | 181043 |
| 130 – Milling – Grinding and Classification | 14774 | 10672 | 8413850 |
| 150 – Flotation and Concentrate Handling | 5941 | 4168 | 3286037 |
| 180 – Tails Thickening and Handling | 446 | 308 | 243132 |
| 210 – Reagents | 350 | 210 | 165695 |
| 220 – Water Services | 423 | 307 | 242274 |
| 240 – Air Services | 776 | 522 | 411866 |
| 250 – Fuel Storage and Distribution | 16 | 12 | 9173 |
| 330/350/360/370 – Water Supply, Sewage, TSF, and <br>Plant Infrastructure<br>| 605 | 285 | 224499 |
| 410 – Mining General<sup>1</sup> | 7414 | 5171 | N/A |
| **Total** | **31182** | **21885** | **13177570** |

---

*Note 1: Mining Power Costs are covered in Section 21.2.1*

The power consumption for the crushers and ball mills has been calculated by OMC based on the physical

mineralized material properties determined from comminution testing and database estimation. The power

consumption for the remainder of the individual plant mechanical equipment items has been calculated from

the load list derived from the vendor supplied equipment and estimated based on the installed motor size of

individual items of equipment, excluding standby equipment, adjusted by efficiency, load, and utilization

factors to arrive at the annual average power draw. This is then multiplied by total hours per annum and the

electricity price to obtain the power cost.

**21.2.2.4Operating Consumables**

Costs for processing operating consumables, including reagents, liners, fuels, and process supplies have been

estimated and are summarized for the LOM blend by plant area in Table 21-23.

**Table 21-23Consumables Cost Summary (US$, Q3 2025, +50 / -30%)**

---

| | | |
|:---|:---|:---|
| **Plant Area** | **LOM Blend** | **LOM Blend** |
| | **US$/y** | **US$/t** |
| Crushing | 733074 | 0.25 |
| Milling | 9464632 | 3.24 |
| Pb Regrinding | 310115 | 0.11 |
| Pb Concentrate Handling | 36595 | 0.01 |
| Zn Regrinding | 267019 | 0.09 |
| Zn Concentrate Handling | 32126 | 0.01 |
| Py Concentrate Handling | 506517 | 0.17 |
| Reagents | 12632419 | 4.33 |
| Fuel (Plant) | 1945602 | 0.67 |
| **Total** | **25928100** | **8.88** |

---

The consumables cost for mining is included in the mining operating cost.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 239

The consumption of reagents and other consumables has been calculated from laboratory testwork and

comminution circuit modelling at estimated material properties, calculated from first principles, or has been

assumed based on experience with other operations. No additional allowance for process upset conditions

and wastage of reagents has been made.

Reagent costs have been sourced from a combination of budget quotations, Client supplied costs, and in-

house data relating to similar projects in the region. Transport and freight to site and import duties and taxes

have been added based on vendor information. In absence of vendor information, a cost of 17.5% is added for

transport, customs, and duties.

A diesel price, delivered to site, of US$1.30 per litre has been used, as provided by the Client. Diesel will be

used in plant mobile equipment and the diesel consumption is based on industry standard vehicle

consumption rates and estimated equipment utilization.

Allowances have been made for water treatment reagents.

**21.2.2.5Maintenance**

The plant maintenance cost allowance has been factored from the capital supply cost using factors from the

Lycopodium database and is summarized for the LOM blend.

The allowance covers mechanical spares and wear parts, but excludes crushing and grinding wear

components, grinding media, liners, and general consumables which are allowed for in the consumables cost.

The maintenance cost excludes payroll maintenance labour which is included in the labour cost. No additional

contract labour has been allowed for.

Allowances for plant mobile equipment and general maintenance expenses have been made.

The mobile equipment allowance is based on unit costs for maintenance of the light vehicles, portable

generators, and other mobile equipment for the process plant.

General maintenance expenses include specialist maintenance software, maintenance manuals, training

costs, vendor visits, and control system maintenance and license fees.

**21.2.2.6Labour**

The labour rates, manning levels and rosters used to determine the labour operating cost estimate have been

provided by Aya Gold & Silver.

The plant labour cost includes all labour costs associated with site-based administration, plant operations,

laboratory, and maintenance personnel. The plant labour cost excludes all mining personnel (included in the

Mining cost category) and all head office (included in the General & Administrative Overheads costs).

The estimate of the labour contingent has been based on a four shift operation (two shifts working 12 hours

per day, tow rotation shifts), to provide continuous coverage for the plant operation with allowance for leave

and absenteeism coverage. Provision has been made in the manning numbers to accommodate annual and

sick leave requirements.

**21.2.2.7Laboratory Costs**

The laboratory cost has been provided by Aya Gold and Silver for a similar operation in the region. The

laboratory cost includes, 21,000 mining production samples, 6,000 exploration samples, 4,451 processing

plant samples, 177 met lab samples, and 80 environmental samples per month.

**21.2.2.8Services and Utilities**

<u>Mobile Equipment</u>

Plant mobile equipment requirements have been agreed with Aya Gold and Silver. Mobile equipment costs

provide for the rental fees, fuel, and maintenance of the mobile equipment fleet (excluding the mining fleet

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 240

and mining light vehicles). The purchase cost of this equipment has been included in the capital cost

estimate.

The rental fees, fuel, and maintenance costs for the mobile equipment are included in the maintenance cost

center.

<u>Water Supply</u>

As informed by Aya Gold & Silver, no direct water supply costs are incurred and allowance have been made

related to the mechanical equipment maintenance and associated power consumption for pumping water,

which are captured under the respective headings.

**21.2.3Site General and Administration**

The general and administration costs is based on Lycopodium's internal database, and from information and

costs provided by Aya Gold and Silver. Costs were benchmarked with other similar operations by Lycopodium.

The general and administration expenses include the following ongoing operating expenses:

• Site office expenses including communications and communication maintenance, office equipment

and supplies, computer supplies and software licenses.

• Insurance expenses covering industrial special risks, third party liability, motor vehicle and security.

Labour associated insurances (medical, death and disability and workers liability insurances) are

included in the labour costs.

• Financial expenses including banking charges, legal fees, auditing costs and accounting consultants.

Concentrate refining and royalties are excluded as they are deducted directly from revenue in a

separate cost category.

• Government charges including permits and environmental inspection fees.

• Personnel expenses such as first aid and medical costs, safety supplies, travel and accommodation,

expatriate travel, international expat recruiting / relocation costs, training, recreational and local

facilities costs, professional memberships and subscriptions, and entertainment allowances. The

allowances for expatriate travel (international and regional) and international expat recruiting /

relocation include all personnel (mining as well as administration and process plant).

• Contract costs for personnel transport (in country charter flights and on site bussing), camp, catering

and cleaning, environmental compliance testing, OH&S and other consultants. The camp catering and

cleaning contract cost includes all personnel (mining as well as administration and process plant).

• Community relations expenses including general expenses, community projects and scholarships.

• Infrastructure operating costs

• Co-disposal facility operating costs

**21.2.4Concentrate Shipping and Handling Costs**

Ground concentrate shipping costs were provided by Aya, and were developed in cooperation with local

Moroccan logistics company. These costs were developed based on the concentrate production from the

mine plan, and developed from first principles.

The shipping costs include road transportation, handling at the port, and associated port fees. The total of

these costs were estimated to be be 479 MAD/t, or $50.44/t.

Maritime shipping costs were estimated at $25/t based on costs for similar operations and publicly available

data for bulk transportation of concentrates along similar shipping routes.

**21.2.5TSF Opex**

The OPEX of $0.3M to $0.4M (3.1 to 3.8M MAD) per annum for the TSF comprises:

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 241

• $30k to $60k (0,27 to 0.57M MAD) per annum for pumping of recovering water,

• $0.1M to $0.2m (1.1 to 2.0M MAD) per annum for operational management, pipeline management and

equipment maintenance, and

• $0.2M (1.5M MAD) per annum for quarterly inspections, monitoring and quarterly reports by the design

engineer.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 242

22.0**ECONOMIC ANALYSIS**

**22.1INTRODUCTION**

The preliminary economic assessment is preliminary in nature, it includes Inferred Mineral Resources that are

considered too speculative geologically to have the economic considerations applied to them that would

enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic

assessment would be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated

economic viability.

A preliminary economic analysis has been carried out for the Project using a cash flow model. The model is

constructed using annual cash flows by taking into account annual processed tonnages and grades. The

associated process recoveries, metal prices, operating costs and refining charges, royalties and capital

expenditures (both initial and sustaining) were also taken into account. The financial model was completed on

a 100% project basis and includes a 3% gross royalty to the ONHYM (Office National des Hydrocarbures et

des Mines). As a general rule, the financial assessment of projects of this nature is carried out on a '100%

equity' basis, i.e. the debt and equity sources of capital funds are ignored. No provision is made for the effects

of inflation. Results are given before and after taxation. All amounts in this chapter are presented in United

States Dollars (US$) and unless otherwise stated, are referred to '$'.

The model reflects the base case and technical assumptions shown in the preceding chapters of this report.

Discounting has been applied from the first year of mine construction (Year 0 onward).

According to Canadian securities law, the outcomes of the economic assessments mentioned in this section

constitute forward-looking information. Results depend on inputs that could differ considerably from those

predicted here due to known and unknowable risks, uncertainties, and other factors

**22.2FISCAL AND ECONOMIC PARAMETERS**

**22.2.1Royalties and Duties**

The economic analysis incorporates royalties due to the ONHYM. The Government of Morocco also collects

various taxes and duties on the importation of fuels, supplies, equipment, and outside services as specified in

the Mining Code.

The ONHYM is entitled to collect a 3% royalty on the total revenues from metal production.

**22.2.2Taxes**

Aya's understanding of current Morocco tax regulations are applied to assess the tax liabilities. Taxation

calculations are based on a 35% corporate tax rate as prescribed by Moroccan tax regulations. It also includes

a mining tax rate of $0.32/t extracted.

Depreciation allowance uses a linear method based on life of mine (11 years) for initial investment as

prescribed by Moroccan tax regulations. Investments made during the course of the operations are amortized

on the remaining years of life.

**22.2.3Economic Parameters**

All costs have been estimated in US Dollars. All capital and operating costs are provided in Q4 2025 money

terms. Inflation rates have not been applied in the financial model as the evaluation has been carried out on a

real terms constant money basis.

No price escalation has been applied to the model, and cost input parameters were considered fixed for the

life-of-mine for the purposes of this financial valuation.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 243

No salvage value has been considered within the economic model for the Project equipment or infrastructure

such as buildings, earth works, or remediation works.

The financial valuation has been completed using base-case prices shown in Table 22-1 below for the various

metals produced, with a sensitivity analysis provided for Gold and Silver.

**Table 22-1Base Case Prices and Sensitivity Ranges**

---

| | | | |
|:---|:---|:---|:---|
| **Metal Prices** | **Units** | **Base Case Price** | **Sensitivity Range** |
| Gold Price | $/oz | $2800 | $1567 - $4000 |
| Silver Price | $/oz | $30 | $17 - $48 |
| Zinc Price | $/lb | $1.20 | - |
| Lead Price | $/lb | $1.00 | - |

---

**22.3PROJECT TIMING**

Key assumptions with respect to project timing used in developing the financial model are:

• For the purposes of the financial valuation, project capital expenditure is spent over 2 years prior to

production (Year 0). In the actual planned ramp up, it is estimated that 40% of the capital cost is likely

to be incurred in Year -1 (2 years before production) of the implementation period, and the remaining

60% of the capital cost incurred in Year 0.

• For the financial valuation it has been assumed that the capital expenditure is incurred in full during the

year prior to project commissioning and ramp-up.

• Commissioning, ramp-up and initial mining occurs during Year 1 of the schedule.

• Process plant commissioned and first material in the plant in Year 1 of the schedule.

• It is assumed that the project will reach 100% of name plate capacity within six (6) months of

commissioning, in line with experience at other similar projects that have been constructed by

Lycopodium elsewhere in Africa during the last few years.

**22.4FINANCIAL MODELLING**

The financial assessment of the Project was carried out on a 100% equity basis, not accounting for potential

sources of funding which may include debt. The technical parameters and key assumptions described

elsewhere in this report are reflected in the financial model, with the LOM Project cash flow shown in

Table 22-2.

**Table 22-2Key PEA Assumptions and Economic Parameters**

---

| | | | |
|:---|:---|:---|:---|
| **Parameter** | **Units** | **Value** | **Source** |
| **General** | | | |
| Tonnes per day processed | tpd | 8000 | Aya |
| Process Plant Capacity Year 1 | % | 75% | Aya / Lycopodium |
| Process Plant Capacity Subsequent Years | % | 100% | Aya / Lycopodium |
| Shipping Capacity Year 1 | % | 75% | Aya / Lycopodium |
| Shipping Capacity Subsequent Years | % | 100% | Aya / Lycopodium |
| Process Plant CAPEX year 1 Split | % | 40% | Aya |
| **Metal Prices** |  |  |  |
| Gold Price | $/oz | $2800 | Aya/Lycopodium |
| Silver Price | $/oz | $30 | Aya/Lycopodium |
| Zinc Price | $/lb | $1.20 | Aya/Lycopodium |
| Lead Price | $/lb | $1.00 | Aya/Lycopodium |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 244

---

| | | |
|:---|:---|:---|
| **Parameter** | **Value** | **Source** |
| **Other Expenses** | | |
| ONHYM Royalties | 3.00% | Aya |
| Aya Technical Assistance | 2.75% | Aya |
| Mining Tax (per mineralized tonne) | 0.32 | Moroccan Tax Law |
| Income Taxes | 35.0% | Moroccan Tax Law |
| **Payables** |  |  |
| **Lead Concentrate** | **Lead Concentrate** | **Lead Concentrate** |
| Pb Payable | 95 | Prel. off-taker terms |
| Pb Minimum Deductible | 3 | Prel. off-taker terms |
| Au Payable | 95 | Prel. off-taker terms |
| Au Minimum Deductible | 1 | Prel. off-taker terms |
| Ag Payable | 95 | Prel. off-taker terms |
| Ag Minimum Deductible | 50 | Prel. off-taker terms |
| **Zinc Concentrate** | **Zinc Concentrate** | **Zinc Concentrate** |
| Zn Payable | 85 | Prel. off-taker terms |
| Zn Minimum Deductible | 8 | Prel. off-taker terms |
| Au Deduction | 1 | Prel. off-taker terms |
| Au Payable (After Deduction) | 70 | Prel. off-taker terms |
| Ag Deduction | 93.3 | Prel. off-taker terms |
| Ag Payable (After Deduction) | 70 | Prel. off-taker terms |
| **Pyrite Concentrate** | **Pyrite Concentrate** | **Pyrite Concentrate** |
| *Au Payable Level 1* |  |  |
| Au Minimum Grade | 2 | Prel. off-taker terms |
| Au Payable | 57 | Prel. off-taker terms |
| *Au Payable Level 2* |  |  |
| Au Minimum Grade | 4 | Prel. off-taker terms |
| Au Payable | 64 | Prel. off-taker terms |
| *Ag Payable* |  |  |
| Ag Minimum Grade | 40 | Prel. off-taker terms |
| Au Payable | 60 | Prel. off-taker terms |
| **Deductables** |  |  |
| Lead Concentrate | Lead Concentrate | Lead Concentrate |
| Treatment Charge | 100 | Estimated based on historical TC Values |
| Au Refining Charge | 20 | Prel. off-taker terms |
| Ag Refining Charge | 1.5 | Prel. off-taker terms |
| Zinc Concentrate | Zinc Concentrate | Zinc Concentrate |
| Treatment Charge | 200 | Estimated based on historical TC Values |
| Au Refining Charge | 20 | Prel. off-taker terms |
| Ag Refining Charge | 1.5 | Prel. off-taker terms |
| **Penalties** |  |  |
| **Lead Concentrate** | **Lead Concentrate** | **Lead Concentrate** |
| *Arsenic Penalty Level 1* |  |  |
| As grade threshold | 0.6 | Prel. off-taker terms |
| As penalty interval | 0.1 | Prel. off-taker terms |
| As penalty per interval | $2.5 | Prel. off-taker terms |
| **Zinc Concentrate** | **Zinc Concentrate** | **Zinc Concentrate** |
| *Arsenic Penalty Level 1* |  |  |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 245

---

| | | |
|:---|:---|:---|
| **Parameter** | **Value** | **Source** |
| As grade threshold | 0.6 | Prel. off-taker terms |
| As penalty interval | 0.1 | Prel. off-taker terms |
| As penalty per interval | $2.5 | Prel. off-taker terms |
| *Cadmium Penalty Level 1* |  |  |
| Cd grade threshold | 0.3 | Prel. off-taker terms |
| Cd penalty interval | 0.1 | Prel. off-taker terms |
| Cd penalty per interval | $2.5 | Prel. off-taker terms |
| **Pyrite Concentrate** | **Pyrite Concentrate** | **Pyrite Concentrate** |
| *Arsenic Penalty Level 1* |  |  |
| As grade threshold | 1 | Prel. off-taker terms |
| As penalty interval | 0.1 | Prel. off-taker terms |
| As penalty per interval | $3.5 | Prel. off-taker terms |
| *Arsenic Penalty Level 2* |  |  |
| As grade threshold | 1.5 | Prel. off-taker terms |
| As penalty interval | 0.1 | Prel. off-taker terms |
| As penalty per interval | $4 | Prel. off-taker terms |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 246

**Table 22-3Cash Flow Model**

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Unit** | **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** | **yr 12** | **yr 13** | **yr 14** | **yr 15** | **Total** |
| **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** | **Mining** |
| **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** | **Open Pit Mining** |
| Mineralized Material | kt | - | 1998 | 3589 | 2025 | 3789 | 1340 | 1038 | 1395 | 2262 | 1460 | 547 | - | - | - | - | - | - | 19442 |
| Waste | kt | - | 18001 | 36410 | 47974 | 46209 | 48659 | 48976 | 48614 | 47744 | 45939 | 18318 | - | - | - | - | - | - | 406844 |
| Strip Ratio |  | - | 9.0 | 10.1 | 23.7 | 12.2 | 36.3 | 47.2 | 34.8 | 21.1 | 31.5 | 33.5 | - | - | - | - | - | - | 20.9 |
| **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** | **Underground Mining** |
| Mineralized Material | kt | - | - | - | 31 | 845 | 1581 | 1654 | 1182 | 991 | 1094 | 1599 | 1054 | 1293 | 316 | - | - | - | 11640 |
| Waste to Surface | kt | - | - | - | 360 | 244 | 192 | 425 | 305 | 480 | 336 | 371 | 545 | 372 | 11 | - | - | - | 3642 |
| **Processing** | **Processing** | **Processing** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Feed to Processing Plant** | **kt** | **-** | **-** | **2190** | **2920** | **2920** | **2920** | **2920** | **2920** | **2920** | **2920** | **2920** | **2920** | **2295** | **316** | **0** | **0** | **0** | **31082** |
| Pb | % | - | - | 0.63 | 0.86 | 0.69 | 0.68 | 0.45 | 0.52 | 0.72 | 1.05 | 0.82 | 0.61 | 0.66 | 0.51 | 0.00 | 0.00 | 0.00 | 0.70 |
| Zn | % | - | - | 2.41 | 2.95 | 1.80 | 1.69 | 1.48 | 1.89 | 1.50 | 2.09 | 1.87 | 1.88 | 1.48 | 1.59 | 0.00 | 0.00 | 0.00 | 1.91 |
| Au | g/t | - | - | 2.85  | 1.96  | 4.04  | 3.85  | 2.99  | 2.22  | 3.85  | 1.49  | 1.26  | 0.88  | 1.28  | 1.97  | 0.00  | 0.00  | 0.00  | 2.43  |
| Ag | g/t | - | - | 107  | 91  | 92  | 90  | 55  | 46  | 67  | 74  | 82  | 43  | 59  | 72  | 0  | 0  | 0  | 73  |
| Fe | % | - | - | 17.3 | 16.4 | 18.6 | 17.5 | 16.1 | 18.5 | 18.4 | 15.0 | 12.8 | 10.4 | 11.2 | 14.8 | 0.0 | 0.0 | 0.0 | 15.7 |
| As | % | - | - | 0.6 | 0.5 | 0.6 | 0.6 | 0.7 | 1.1 | 0.8 | 0.5 | 0.4 | 0.4 | 0.4 | 1.3 | 0.0 | 0.0 | 0.0 | 0.6 |
| Cu | % | - | - | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 |
| S | % | - | - | 19.9 | 19.1 | 20.9 | 19.7 | 17.5 | 19.9 | 20.2 | 17.3 | 15.0 | 11.8 | 12.8 | 16.5 | 0.0 | 0.0 | 0.0 | 17.7 |
| Au-Eq<sup>1</sup> | g/t | - | - | 4.77  | 3.85  | 5.67  | 5.42  | 4.08  | 3.31  | 5.12  | 3.02  | 2.76  | 1.92  | 2.42  | 3.27  | 0.00  | 0.00  | 0.00  | 3.85  |
| Ag-Eq<sup>1</sup> | g/t | - | - | 444  | 359  | 528  | 505  | 380  | 308  | 477  | 281  | 256  | 179  | 225  | 304  | 0  | 0  | 0  | 358  |
| **Lead Concentrate** | **kt** |  |  | **38** | **70** | **56** | **55** | **36** | **42** | **58** | **85** | **66** | **49** | **42** | **4** | **0** | **0** | **0** | **601** |
| Pb Grade | % | - | - | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 | 0.0 | 0.0 | 0.0 | 29.6 |
| Au Grade | g/t | - | - | 39.1  | 19.5  | 50.1  | 48.9  | 57.5  | 36.9  | 45.9  | 12.2  | 13.3  | 12.3  | 16.7  | 33.2  | 0.0  | 0.0  | 0.0  | 29.9  |
| Ag Grade | g/t | - | - | 3116  | 1912  | 2430  | 2414  | 2237  | 1608  | 1690  | 1279  | 1822  | 1272  | 1620  | 2584  | 0  | 0  | 0  | 1892  |
| As Grade | % | - | - | 1.6 | 1.0 | 1.4 | 1.5 | 2.8 | 3.8 | 1.9 | 0.7 | 0.8 | 1.2 | 0.9 | 4.3 | 0.0 | 0.0 | 0.0 | 1.5 |
| **Zinc Concentrate** | **kt** |  |  | **69** | **112** | **68** | **64** | **56** | **72** | **57** | **79** | **71** | **71** | **44** | **7** | **0** | **0** | **0** | **772** |
| Zn Grade | % | - | - | 57.4 | 57.4 | 57.4 | 57.4 | 57.4 | 57.4 | 57.4 | 57.4 | 57.4 | 57.4 | 57.4 | 57.4 | 0.0 | 0.0 | 0.0 | 57.4 |
| Au Grade | g/t | - | - | 0.9  | 0.5  | 1.7  | 1.7  | 1.6  | 0.9  | 2.0  | 0.5  | 0.5  | 0.4  | 0.7  | 1.0  | 0.0  | 0.0  | 0.0  | 1.0  |
| Ag Grade | g/t | - | - | 157  | 108  | 181  | 187  | 131  | 85  | 157  | 125  | 154  | 81  | 140  | 161  | 0  | 0  | 0  | 134  |
| As Grade | % | - | - | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | 0.0 | 0.0 | 0.0 | 0.1 |
| **Pyrite Concentrate** | **kt** |  |  | **886** | **1132** | **1237** | **1166** | **1037** | **1181** | **1198** | **1027** | **887** | **701** | **597** | **106** | **0** | **0** | **0** | **11156** |
| Au Grade | g/t | - | - | 5.0  | 3.6  | 6.8  | 6.9  | 6.0  | 3.9  | 6.7  | 3.0  | 3.0  | 2.6  | 3.5  | 4.2  | 0.0  | 0.0  | 0.0  | 4.8  |
| Ag Grade | g/t | - | - | 110  | 97  | 90  | 93  | 64  | 47  | 67  | 87  | 111  | 74  | 93  | 89  | 0  | 0  | 0  | 83.7  |
| As grade | % | - | - | 1.3 | 1.1 | 1.2 | 1.3 | 1.8 | 2.4 | 1.7 | 1.1 | 1.1 | 1.6 | 1.2 | 3.4 | 0.0 | 0.0 | 0.0 | 1.5 |
| S Grade | % | - | - | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 | 44.3 |
| **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** | **Metal Profile** |
| **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** | **Metal Produced** |
| **Pb** | **Mlbs** | - | - | **25** | **45** | **36** | **36** | **24** | **27** | **38** | **55** | **43** | **32** | **27** | **3** | **0** | **0** | **0** | **392** |
| Pb - Pb Concentrate | Mlbs | - | - | 25 | 45 | 36 | 36 | 24 | 27 | 38 | 55 | 43 | 32 | 27 | 3 | 0 | 0 | 0 | 392 |
| **Zn** | **Mlbs** | - | - | **87** | **142** | **86** | **81** | **71** | **91** | **72** | **100** | **90** | **90** | **56** | **8** | **0** | **0** | **0** | **975** |
| Zn - Zn Concentrate | Mlbs | - | - | 87 | 142 | 86 | 81 | 71 | 91 | 72 | 100 | 90 | 90 | 56 | 8 | 0 | 0 | 0 | 975 |
| **Au** | **koz** | - | - | **193** | **176** | **365** | **347** | **270** | **201** | **347** | **135** | **114** | **79** | **91** | **19** | **0** | **0** | **0** | **2337** |
| Au - Pb Concentrate | koz | - | - | 48 | 44 | 90 | 86 | 67 | 50 | 86 | 33 | 28 | 20 | 22 | 5 | 0 | 0 | 0 | 577 |
| Au - Zn Concentrate | koz | - | - | 2 | 2 | 4 | 4 | 3 | 2 | 4 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 24 |
| Au - Py Concentrate | koz | - | - | 143 | 131 | 271 | 258 | 200 | 149 | 258 | 100 | 85 | 59 | 67 | 14 | 0 | 0 | 0 | 1735 |
| **Ag** | **koz** | - | - | **7278** | **8192** | **8356** | **8108** | **4960** | **4129** | **6032** | **6687** | **7391** | **3869** | **4162** | **710** | **0** | **0** | **0** | **69874** |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 247

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Unit** | **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** | **yr 12** | **yr 13** | **yr 14** | **yr 15** | **Total** |
| Ag - Pb Concentrate | koz | - | - | 3805 | 4283 | 4369 | 4239 | 2593 | 2159 | 3154 | 3496 | 3864 | 2023 | 2176 | 371 | 0 | 0 | 0 | 36532 |
| Ag - Zn Concentrate | koz | - | - | 347 | 391 | 399 | 387 | 237 | 197 | 288 | 319 | 353 | 185 | 199 | 34 | 0 | 0 | 0 | 3334 |
| Ag - Py Concentrate | koz | - | - | 3125 | 3518 | 3589 | 3482 | 2130 | 1773 | 2591 | 2872 | 3174 | 1662 | 1787 | 305 | 0 | 0 | 0 | 30008 |
| **Au-eq**<sup>1</sup> | **koz** | - | - | **317** | **341** | **504** | **482** | **362** | **294** | **456** | **269** | **247** | **171** | **169** | **31** | **0** | **0** | **0** | **3643** |
| **Ag-eq**<sup>1</sup> | **koz** | - | - | **29612** | **31843** | **47060** | **44968** | **33778** | **27399** | **42561** | **25128** | **23055** | **15937** | **15761** | **2937** | **0** | **0** | **0** | **340038** |
| **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** | **Metal Payable** |
| **Pb** | **Mlbs** | - | - | **22** | **41** | **33** | **32** | **21** | **24** | **34** | **50** | **39** | **29** | **25** | **3** | **0** | **0** | **0** | **352** |
| Pb - Pb Concentrate | Mlbs | - | - | 22 | 41 | 33 | 32 | 21 | 24 | 34 | 50 | 39 | 29 | 25 | 3 | 0 | 0 | 0 | 352 |
| **Zn** | **Mlbs** | - | - | **74** | **120** | **73** | **69** | **61** | **77** | **61** | **85** | **77** | **77** | **47** | **7** | **0** | **0** | **0** | **829** |
| Zn - Zn Concentrate | Mlbs | - | - | 74 | 120 | 73 | 69 | 61 | 77 | 61 | 85 | 77 | 77 | 47 | 7 | 0 | 0 | 0 | 829 |
| **Au** | **koz** | - | - | **137** | **116** | **260** | **248** | **192** | **132** | **248** | **88** | **74** | **51** | **59** | **14** | **0** | **0** | **0** | **1619** |
| Au - Pb Concentrate | koz | - | - | 45 | 41 | 86 | 82 | 63 | 47 | 81 | 31 | 26 | 18 | 21 | 5 | 0 | 0 | 0 | 546 |
| Au - Zn Concentrate | koz | - | - | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Au - Py Concentrate | koz | - | - | 92 | 75 | 173 | 165 | 128 | 85 | 165 | 57 | 48 | 33 | 38 | 9 | 0 | 0 | 0 | 1069 |
| **Ag** | **koz** | - | - | **5588** | **6218** | **6439** | **6252** | **3789** | **3115** | **4632** | **5101** | **5672** | **2919** | **3186** | **545** | **0** | **0** | **0** | **53457** |
| Ag - Pb Concentrate | koz | - | - | 3615 | 4069 | 4150 | 4027 | 2464 | 2051 | 2996 | 3321 | 3671 | 1922 | 2067 | 352 | 0 | 0 | 0 | 34705 |
| Ag - Zn Concentrate | koz | - | - | 98 | 38 | 136 | 136 | 47 | 0 | 82 | 57 | 97 | 0 | 46 | 10 | 0 | 0 | 0 | 747 |
| Ag - Py Concentrate | koz | - | - | 1875 | 2111 | 2153 | 2089 | 1278 | 1064 | 1554 | 1723 | 1904 | 997 | 1072 | 183 | 0 | 0 | 0 | 18005 |
| **Au-eq**<sup>1</sup> | **koz** | - | - | **237** | **249** | **372** | **356** | **266** | **207** | **336** | **197** | **182** | **126** | **123** | **23** | **0** | **0** | **0** | **2673** |
| **Ag-eq**<sup>1</sup> | **koz** | - | - | **22088** | **23228** | **34735** | **33202** | **24860** | **19342** | **31325** | **18351** | **16950** | **11753** | **11444** | **2191** | **0** | **0** | **0** | **249470** |
| **Revenue** | **Revenue** | **Revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Lead Concentrate** | **$M** |  |  | **247** | **264** | **382** | **367** | **262** | **206** | **338** | **221** | **209** | **128** | **137** | **24** | **0** | **0** | **0** | **2786** |
| Pb | $M | - | - | 22 | 41 | 33 | 32 | 21 | 25 | 34 | 50 | 39 | 29 | 25 | 3 | 0 | 0 | 0 | 352 |
| Au | $M | - | - | 127 | 116 | 240 | 228 | 177 | 132 | 228 | 86 | 73 | 50 | 59 | 13 | 0 | 0 | 0 | 1529 |
| Ag | $M | - | - | 108 | 122 | 125 | 121 | 74 | 62 | 90 | 100 | 110 | 58 | 62 | 11 | 0 | 0 | 0 | 1041 |
| Penalties | $M | - | - | -1 | -1 | -1 | -1 | -2 | -3 | -2 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | -13 |
| Deductions | $M | - | - | -6 | -7 | -8 | -8 | -5 | -4 | -6 | -6 | -6 | -3 | -4 | -1 | 0 | 0 | 0 | -63 |
| TC | $M | - | - | -4 | -7 | -6 | -6 | -4 | -4 | -6 | -9 | -7 | -5 | -4 | 0 | 0 | 0 | 0 | -60 |
| **Zinc Concentrate** | **$M** |  |  | **78** | **123** | **81** | **77** | **64** | **78** | **68** | **88** | **80** | **77** | **49** | **7** | **0** | **0** | **0** | **869** |
| Zn | $M | - | - | 89 | 145 | 88 | 83 | 73 | 93 | 74 | 103 | 92 | 92 | 57 | 9 | 0 | 0 | 0 | 995 |
| Au | $M | - | - | 0 | 0 | 3 | 3 | 2 | 0 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 |
| Ag | $M | - | - | 3 | 1 | 4 | 4 | 1 | 0 | 2 | 2 | 3 | 0 | 1 | 0 | 0 | 0 | 0 | 22 |
| Penalties | $M | - | - | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4 |
| Deductions | $M | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 |
| TC | $M | - | - | -14 | -22 | -14 | -13 | -11 | -14 | -11 | -16 | -14 | -14 | -9 | -1 | 0 | 0 | 0 | -154 |
| **Pyrite Concentrate** | **$M** |  |  | **305** | **268** | **541** | **514** | **368** | **204** | **478** | **206** | **188** | **110** | **135** | **21** | **0** | **0** | **0** | **3337** |
| Au | $M | - | - | 257 | 209 | 485 | 462 | 359 | 238 | 462 | 160 | 135 | 94 | 107 | 26 | 0 | 0 | 0 | 2993 |
| Ag | $M | - | - | 56 | 63 | 65 | 63 | 38 | 32 | 47 | 52 | 57 | 30 | 32 | 6 | 0 | 0 | 0 | 540 |
| Penalties | $M | - | - | -8 | -5 | -9 | -11 | -30 | -66 | -31 | -5 | -4 | -14 | -4 | -10 | 0 | 0 | 0 | -197 |
| Deductions | $M | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| TC | $M | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| **Total Revenues** | $M | - | - | **629** | **654** | **1004** | **957** | **694** | **489** | **884** | **515** | **476** | **315** | **322** | **53** | **0** | **0** | **0** | **6991** |
| **Operating Expenditures** | **Operating Expenditures** | **Operating Expenditures** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Open Pit Mining Cost | $M | - | - | 91 | 107 | 111 | 105 | 104 | 105 | 107 | 100 | 41 | 0 | 0 | 0 | 0 | 0 | 0 | 870 |
| UG Mining Cost | $M | - | - | 2 | 11 | 39 | 56 | 55 | 44 | 42 | 49 | 57 | 42 | 50 | 16 | 0 | 0 | 0 | 461 |
| Processing Charges | $M | - | - | 38 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 40 | 6 | 0 | 0 | 0 | 537 |
| G&A | $M | - | - | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 8 | 0 | 0 | 0 | 173 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 248

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Unit** | **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** | **yr 12** | **yr 13** | **yr 14** | **yr 15** | **Total** |
| TSF | $M | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Raw water cost | $M | - | - | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 11 |
| Concentrate Shipping | $M | - | - | 88 | 116 | 120 | 113 | 100 | 114 | 116 | 105 | 90 | 72 | 60 | 10 | 0 | 0 | 0 | 1105 |
| **Total Costs** | **$M** | - | - | **234** | **300** | **337** | **341** | **325** | **330** | **332** | **321** | **254** | **182** | **166** | **40** | **0** | **0** | **0** | **3162** |
| ONHYM Royalties (on sales | $M | - | 0 | 19 | 20 | 30 | 29 | 21 | 15 | 27 | 15 | 14 | 9 | 10 | 2 | 0 | 0 | 0 | 210 |
| Mining Taxes | $M | - | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Aya technical assistance | $M | - | 0 | 17 | 18 | 28 | 26 | 19 | 13 | 24 | 14 | 13 | 9 | 9 | 2 | 0 | 0 | 0 | 192 |
| **Total of Expenses** | **$M** | - | **1** | **272** | **338** | **396** | **397** | **366** | **359** | **384** | **351** | **282** | **200** | **185** | **43** | **0** | **0** | **0** | **3573** |
| **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** | **Taxes (Excluding Interest)** |
| EBITDA | $M | 0 | -1 | 358 | 316 | 608 | 561 | 328 | 130 | 500 | 163 | 194 | 115 | 136 | 10 | 0 | 0 | 0 | 3418 |
| Amortization | $M | 0 | 0 | 57 | 62 | 65 | 70 | 75 | 80 | 88 | 93 | 101 | 116 | 136 | 0 | 3 | 3 | 3 | - |
| Use of LCF | $M | 0 | 0 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | 0 | - |
| Taxable income | $M | 0 | -1 | 300 | 254 | 543 | 491 | 253 | 50 | 412 | 70 | 93 | -2 | 0 | 8 | -3 | -3 | -3 | - |
| VAT | $M | 0 | 0 | 42 | 12 | 7 | 1 | -3 | 1 | 0 | -2 | -12 | -13 | -3 | -23 | -7 | 0 | 0 | - |
| Taxes payable | $M | 0 | 0 | 147 | 101 | 197 | 172 | 86 | 18 | 145 | 23 | 21 | -13 | -3 | -20 | -7 | 0 | 0 | 866 |
| **Capital Expenditures** | **Capital Expenditures** | **Capital Expenditures** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Initial Capital Expenditure | $M | 155 | 292 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 446 |
| Sustaining Capital Expenditure | $M | - | - | 17 | 45 | 31 | 37 | 36 | 31 | 39 | 21 | 23 | 30 | 20 | 0 | 3 | 3 | 3 | 340 |
| Total Capital Expenditure | $M | 155 | 292 | 17 | 45 | 31 | 37 | 36 | 31 | 39 | 21 | 23 | 30 | 20 | 0 | 3 | 3 | 3 | 786 |
| **Cashflow Statement** | **Cashflow Statement** | **Cashflow Statement** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenue | $M | 0 | 0 | 629 | 654 | 1004 | 957 | 694 | 489 | 884 | 515 | 476 | 315 | 322 | 53 | 0 | 0 | 0 | 6991 |
| Production Costs | $M | 0 | 0 | 234 | 300 | 337 | 341 | 325 | 330 | 332 | 321 | 254 | 182 | 166 | 40 | 0 | 0 | 0 | 3162 |
| Royalties | $M | 0 | 0 | 19 | 20 | 30 | 29 | 21 | 15 | 27 | 15 | 14 | 9 | 10 | 2 | 0 | 0 | 0 | 210 |
| Mining Taxes | $M | 0 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Aya technical assistance | $M | 0 | 0 | 17 | 18 | 28 | 26 | 19 | 13 | 24 | 14 | 13 | 9 | 9 | 2 | 0 | 0 | 0 | 192 |
| Income Taxes | $M | 0 | 0 | 147 | 101 | 197 | 172 | 86 | 18 | 145 | 23 | 21 | -13 | -3 | -20 | -7 | 0 | 0 | 866 |
| Capex | $M | 155 | 292 | 17 | 45 | 31 | 37 | 36 | 31 | 39 | 21 | 23 | 30 | 20 | 0 | 3 | 3 | 3 | 786 |
| Pre-Tax Free Cash Flow | $M | -155 | -292 | 358 | 289 | 604 | 550 | 311 | 113 | 485 | 156 | 184 | 93 | 125 | 11 | -3 | -3 | -3 | 2824 |
| Pre-Tax Free Cash Flow - 5% <br>Discount<br>| $M | -155 | -292 | 350 | 268 | 535 | 464 | 250 | 86 | 353 | 108 | 121 | 59 | 75 | 6 | -2 | -2 | -2 | 2224 |
| Post-Tax Free Cash Flow  | $M | -155 | -292 | 211 | 188 | 408 | 378 | 226 | 94 | 341 | 134 | 163 | 106 | 128 | 31 | 4 | -3 | -3 | 1958 |
| Post-Tax Free Cash Flow - 5% | $M | -155 | -292 | 206 | 175 | 361 | 319 | 181 | 72 | 248 | 93 | 108 | 67 | 77 | 18 | 2 | -2 | -2 | 1475 |

---

<sup>1</sup>*Au-Eq and Ag-Eq are calculated at metal prices of Au = $2800oz, Ag = $30/oz, Pb = $1.00/lb, Zn = $1.20/lb*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 249

![image16.jpg](image16.jpg)

**Figure 22-1Boumadine Project - Annual Free Cash Flow Profile**

**22.5RESULTS**

**22.5.1Key Economic Results**

On a pre-tax basis, the Project has a Net Present Value (NPV) of $2,224M at a discount rate of 5%, an Internal

Rate of Return (IRR) of 69%, and a payback period of 1.3 years. On an post-tax basis, the NPV is $1,475M at a

discount rate of 5%, the IRR is 47%, and the payback period is 2.1 years. The payback period corresponds to

the time at which the cumulative cash flow becomes positive.

The key economic results of the PEA for the Boumadine Project are presented in the tables below.

**Table 22-4Key Economic Results**

---

| | | | |
|:---|:---|:---|:---|
| **Project Economics** | **Units** | **Base Case** | **Base Case** |
| **Project Economics** | **Units** | **Pre-tax** | **Post-tax** |
| NPV5% | $B | 2.2 | 1.5 |
| IRR | % | 69% | 47% |
| Payback | Years | 1.3 | 2.1 |
| NPV: Capex<sup>1</sup> | - | 5.0 | 3.3 |
| Revenue LOM | $B | 7.0 | - |
| Avg. Annual Revenue | $M/y | 629 | - |
| EBITDA LOM | $B | 3.4 | - |
| Avg. Annual EBITDA | $M/y | 308 | - |
| Cumulative FCF LOM | $B | 2.8 | 2.0 |
| Avg. Annual FCF | $M/y | 254 | 176 |

---

*1.NPV:Capex ratio is the ratio of Net Present Value, discounted at 5%, to the initial capital expenditure.*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 250

**Table 22-4Additional Economic Model Outputs**

---

| | | |
|:---|:---|:---|
| **Item** | **Year 1-5** | **LOM** |
| **General** | **General** | **General** |
| Total Mine Life | - | 11.1 |
| Open Pit Strip Ratio1 | 19.4 | 20.9 |
| Throughput Capacity | 8000 | 8000 |
| Total Tonnes Processed  | 13.9 | 31.1 |
| Open-pit | 10.4 | 19.4 |
| Underground | 3.5 | 11.6 |
| **Processed Grade** | **Processed Grade** | **Processed Grade** |
| Au | 3.15 | 2.43 |
| Ag | 85.8 | 72.5 |
| Zn | 2.05 | 1.91 |
| Pb | 0.66 | 0.70 |
| Au-eq | 4.76 | 3.85 |
| Ag-eq | 443 | 358 |
| **Recoveries** | **Recoveries** | **Recoveries** |
| Au rec (%) | 96.1% | 96.1% |
| Ag Rec (%) | 96.4% | 96.4% |
| Zn rec (%) | 74.7% | 74.7% |
| Pb Rec (%) | 82.0% | 82.0% |
| **Metal Production** | **Metal Production** | **Metal Production** |
| Gold Production | 1351 | 2337 |
| Silver Production | 36894 | 69874 |
| Zinc Production | 468 | 975 |
| Lead Production | 166 | 392 |
| Gold-Equivalent Production (Au-eq) | 2006 | 3643 |
| Silver-Equivalent Production (Ag-eq) | 187261 | 340038 |
| Avg. Annual AuEq Production | 401 | 328 |
| Avg. Annual AgEq Production | 37452 | 30611 |
| **Cost per tonne milled** | **Cost per tonne milled** | **Cost per tonne milled** |
| Mining | 48.93 | 42.83 |
| Processing | 17.28 | 17.28 |
| G&A | 5.43 | 5.58 |
| Tailings, Environmental and Water Management  | 0.46 | 0.48 |
| **Total On-Site Operating Cost** | **72.10** | **66.16** |
| Transportation | 38.70 | 35.56 |
| Royalties | 8.52 | 6.75 |
| Mining Tax | 0.36 | 0.32 |
| **Total Cash Cost** | **119.68** | **108.78** |
| OP Sustaining Capital | 3.06 | 1.87 |
| UG Sustaining Capital | 7.95 | 8.06 |
| TSF Sustaining Capital | 0.95 | 1.01 |
| **Total Costs Including Sustaining** | **131.65** | **119.72** |
| **Operating Cost per Ounce** | **Operating Cost per Ounce** | **Operating Cost per Ounce** |
| Total Cash Costs<sup>1</sup> | 827 | 928 |
| Total AISC<sup>2</sup> | 910 | 1021 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 251

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Units** | **Year 1-5** | **LOM** |
| Total Cash Costs<sup>1</sup> | $/oz AgEq | 8.9 | 9.9 |
| Total AISC<sup>2</sup> | $/oz AgEq | 9.8 | 10.9 |

---

*1.Cash costs include mine-site operating costs such as mining, processing, and direct site G&A, as well as product shipping, royalties and* 

*mining taxes.*

*2.AISC is calculated as the sum of treatment and refining charges, onsite operating costs, sustaining capital costs, and closure costs,* 

*divided by the quantity of ounces equivalent produced.*

**22.5.2Life of Mine Cash Flow Analysis**

Figure 22-2 shows the cumulative and annual cash flow for the project at a base case metal prices.

The cash flows starting for years 13 through 15 relate to closure and environmental monitoring.

![image16.jpg](image16.jpg)

**Figure 22-2Annual Free Cash Flow**

**22.5.3Project Parameter Sensitivities**

Sensitivity analysis was carried out to determine the effect of changes to input parameters on the base-case

financial model. Each sensitivity analysis was performed independent of others.

An overall Projects Economic Sensitivity based on Gold and Silver Price is shown in Table 22-5 below. The

objective was to show a range of possible prices for gold and silver to best show the range of economic

viability.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 252

**Table 22-5Project Economics Sensitivity - Gold and Silver Price**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Units** | **Zero-NPV**<sup>1</sup> | **- 25%** | **Base Case** | **+ 25%** | **Spot Price**<sup>2</sup> |
| Gold Price | $/oz | 1567 | 2100 | 2800 | 3500 | 4000 |
| Silver Price | $/oz | 17 | 22.5 | 30 | 37.5 | 48 |
| NPV5% Pre-Tax | $M | 150 | 1032 | 2224 | 3416 | 4479 |
| NPV5% Post-Tax | $M | 0 | 657 | 1475 | 2262 | 2963 |
| IRR Pre-Tax | % | 13% | 42% | 69% | 90% | 107% |
| IRR Post-Tax | % | 4% | 27% | 47% | 63% | 77% |
| LOM Revenue | $M | 4322 | 5457 | 6991 | 8526 | 9896 |
| LOM EBITDA | $M | 902 | 1972 | 3418 | 4864 | 6156 |
| FCF-Unlevered (Pre-Tax) | $M | 235 | 1336 | 2824 | 4312 | 5642 |
| FCF-Unlevered (Post-Tax) | $M | 90 | 927 | 1958 | 2940 | 3818 |
| Payback Period (Pre-Tax) | Years | 3.2 | 2.2 | 1.3 | 0.9 | 0.7 |
| Payback Period (Post-Tax) | Years | 6.8 | 2.8 | 2.1 | 1.5 | 1.2 |
| NPV5% : CAPEX Ratio | - | - | 1.5 | 3.3 | 5.1 | 6.6 |

---

*1.Gold and silver prices at which NPV5% - post-tax is equal to $0M.*

*2.Assumed Spot Prices as of 2025-10-31*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 253

**22.5.3.1Gold and Silver Price Sensitivity Based Parameters**

A series of sensitivity analyses were performed at different combinations of gold and silver prices. The ranges

are shown in Table 22-6.

**Table 22-6Base Case Prices and Sensitivity Ranges**

---

| | | | |
|:---|:---|:---|:---|
| **Metal Prices** | **Units** | **Base Case Price** | **Sensitivity Range** |
| Gold Price | $/oz | $2800 | $2200 - $3400 |
| Silver Price | $/oz | $30 | $24 - $36 |
| Zinc Price | $/lb | $1.20 | - |
| Lead Price | $/lb | $1.00 | - |

---

The results are shown in Tables 22-7 to 22-10.

**Table 22-7Gold and Silver Price Based IRR - Pre-Tax**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** |
| **Ag Price** |  | **2200** | **2400** | **2600** | **2800** | **3000** | **3200** | **3400** |
| **Ag Price** | **24** | 47% | 53% | 58% | 64% | 68% | 73% | 78% |
| **Ag Price** | **26** | 49% | 55% | 60% | 65% | 70% | 75% | 79% |
| **Ag Price** | **28** | 51% | 57% | 62% | 67% | 72% | 76% | 81% |
| **Ag Price** | **30** | 53% | 59% | 64% | 69% | 73% | 78% | 82% |
| **Ag Price** | **32** | 55% | 60% | 66% | 70% | 75% | 80% | 84% |
| **Ag Price** | **34** | 57% | 62% | 67% | 72% | 77% | 81% | 85% |
| **Ag Price** | **36** | 59% | 64% | 69% | 74% | 78% | 83% | 87% |

---

**Table 22-8Gold and Silver Price Based IRR - Post-Tax**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** |
| **Ag Price** |  | **2200** | **2400** | **2600** | **2800** | **3000** | **3200** | **3400** |
| **Ag Price** | **24** | 31% | 35% | 39% | 43% | 47% | 51% | 54% |
| **Ag Price** | **26** | 32% | 37% | 41% | 45% | 48% | 52% | 55% |
| **Ag Price** | **28** | 34% | 38% | 42% | 46% | 50% | 53% | 56% |
| **Ag Price** | **30** | 35% | 39% | 43% | 47% | 51% | 54% | 58% |
| **Ag Price** | **32** | 37% | 41% | 45% | 48% | 52% | 55% | 59% |
| **Ag Price** | **34** | 38% | 42% | 46% | 50% | 53% | 57% | 60% |
| **Ag Price** | **36** | 39% | 43% | 47% | 51% | 54% | 58% | 61% |

---

**Table 22-9Gold and Silver Price Based NPV5% Pre-Tax in $M**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** |
| **Ag Price** |  | **2200** | **2400** | **2600** | **2800** | **3000** | **3200** | **3400** |
| **Ag Price** | **24** | 1220 | 1473 | 1725 | 1978 | 2230 | 2483 | 2735 |
| **Ag Price** | **26** | 1302 | 1555 | 1807 | 2060 | 2312 | 2565 | 2817 |
| **Ag Price** | **28** | 1384 | 1637 | 1889 | 2142 | 2394 | 2647 | 2899 |
| **Ag Price** | **30** | 1466 | 1719 | 1972 | 2224 | 2477 | 2729 | 2982 |
| **Ag Price** | **32** | 1549 | 1801 | 2054 | 2306 | 2559 | 2811 | 3064 |
| **Ag Price** | **34** | 1631 | 1883 | 2136 | 2388 | 2641 | 2893 | 3146 |
| **Ag Price** | **36** | 1713 | 1965 | 2218 | 2470 | 2723 | 2976 | 3228 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 254

**Table 22-10Gold and Silver Price Based NPV5% Post-Tax in $M**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** | **Au Price** |
| **Ag Price** |  | **2200** | **2400** | **2600** | **2800** | **3000** | **3200** | **3400** |
| **Ag Price** | **24** | 791 | 963 | 1135 | 1306 | 1478 | 1646 | 1813 |
| **Ag Price** | **26** | 848 | 1020 | 1192 | 1363 | 1533 | 1700 | 1867 |
| **Ag Price** | **28** | 905 | 1077 | 1248 | 1420 | 1588 | 1754 | 1921 |
| **Ag Price** | **30** | 962 | 1134 | 1305 | 1475 | 1642 | 1809 | 1975 |
| **Ag Price** | **32** | 1019 | 1191 | 1362 | 1529 | 1696 | 1863 | 2029 |
| **Ag Price** | **34** | 1076 | 1247 | 1417 | 1584 | 1750 | 1917 | 2084 |
| **Ag Price** | **36** | 1133 | 1304 | 1471 | 1638 | 1805 | 1971 | 2138 |

---

**22.5.3.2CAPEX and OPEX Sensitivity Based Parameters**

Sensitivity analyses were also evaluated based on capital expenditures and operating expenses.

The results are shown in Tables 22-11 to 22-14.

**Table 22-11CAPEX and OPEX Based IRR - Pre-Tax**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** |
|  | | **-30%** | **-20%** | **-10%** | **0%** | **10%** | **20%** | **30%** |
| **OPEX** | **-30%** | 108% | 98% | 89% | 81% | 75% | 69% | 64% |
| **OPEX** | **-20%** | 104% | 93% | 84% | 77% | 71% | 65% | 61% |
| **OPEX** | **-10%** | 99% | 88% | 80% | 73% | 67% | 62% | 57% |
| **OPEX** | **0%** | 94% | 84% | 76% | 69% | 63% | 58% | 53% |
| **OPEX** | **10%** | 88% | 79% | 71% | 64% | 59% | 54% | 49% |
| **OPEX** | **20%** | 83% | 74% | 66% | 60% | 54% | 50% | 45% |
| **OPEX** | **30%** | 77% | 68% | 61% | 55% | 50% | 45% | 41% |

---

**Table 22-12CAPEX and OPEX Based IRR - Post-Tax**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** |
|  | | **-30%** | **-20%** | **-10%** | **0%** | **10%** | **20%** | **30%** |
| **OPEX** | **-30%** | 79% | 70% | 63% | 57% | 52% | 48% | 44% |
| **OPEX** | **-20%** | 75% | 66% | 60% | 54% | 49% | 45% | 41% |
| **OPEX** | **-10%** | 70% | 63% | 56% | 51% | 46% | 42% | 38% |
| **OPEX** | **0%** | 66% | 59% | 52% | 47% | 43% | 39% | 35% |
| **OPEX** | **10%** | 62% | 54% | 49% | 44% | 39% | 35% | 32% |
| **OPEX** | **20%** | 57% | 50% | 45% | 40% | 36% | 32% | 29% |
| **OPEX** | **30%** | 52% | 46% | 40% | 36% | 32% | 28% | 25% |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 255

**Table 22-13CAPEX and OPEX Based NPV5% Pre-Tax in $M**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** |
| **OPEX** |  | **-30%** | **-20%** | **-10%** | **0%** | **10%** | **20%** | **30%** |
| **OPEX** | **-30%** | 3180 | 3109 | 3038 | 2967 | 2895 | 2824 | 2753 |
| **OPEX** | **-20%** | 2932 | 2861 | 2790 | 2719 | 2648 | 2577 | 2506 |
| **OPEX** | **-10%** | 2685 | 2614 | 2543 | 2472 | 2401 | 2329 | 2258 |
| **OPEX** | **0%** | 2437 | 2366 | 2295 | 2224 | 2153 | 2082 | 2011 |
| **OPEX** | **10%** | 2190 | 2119 | 2048 | 1977 | 1906 | 1835 | 1764 |
| **OPEX** | **20%** | 1942 | 1871 | 1800 | 1729 | 1658 | 1587 | 1516 |
| **OPEX** | **30%** | 1695 | 1624 | 1553 | 1482 | 1411 | 1340 | 1269 |

---

**Table 22-14CAPEX and OPEX Based NPV5% Post-Tax in $M**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** | **CAPEX** |
|  | | **-30%** | **-20%** | **-10%** | **0%** | **10%** | **20%** | **30%** |
| **OPEX** | **-30%** | 2177 | 2106 | 2035 | 1964 | 1893 | 1822 | 1751 |
| **OPEX** | **-20%** | 2014 | 1943 | 1872 | 1801 | 1730 | 1659 | 1588 |
| **OPEX** | **-10%** | 1851 | 1780 | 1709 | 1638 | 1567 | 1496 | 1425 |
| **OPEX** | **0%** | 1688 | 1617 | 1546 | 1475 | 1404 | 1333 | 1262 |
| **OPEX** | **10%** | 1519 | 1448 | 1377 | 1306 | 1235 | 1164 | 1093 |
| **OPEX** | **20%** | 1347 | 1276 | 1205 | 1134 | 1063 | 992 | 921 |
| **OPEX** | **30%** | 1173 | 1102 | 1031 | 960 | 889 | 818 | 747 |

---

**22.6CONCLUSION**

An economic analysis of the mine schedule at the metal base prices shown earlier in Table 22-6 shows the

project is financially viable. The project is highly sensitive to the metal price and recovery. However, the

project remains economically viable in all sensitivity cases shown in this section.

On a pre-tax basis, the Project has a Net Present Value (NPV) of $2,224M at a discount rate of 5%, an Internal

Rate of Return (IRR) of 69%, and a payback period of 1.3 years.

On an post-tax basis, the NPV is $1,475M at a discount rate of 5%, the IRR is 47%, and the payback period is

2.1 years.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 256

23.0**ADJACENT PROPERTIES**

Several vein occurrences of Ba, Pb, Cu, and Zn that vary in size and thickness are recognized regionally. Some

of these veins are subject of artisanal exploitation by individuals or small Moroccan companies.

Regionally, Boumadine is located near several mineral deposits that have been recently exploited, are currently

active, or are under development. The largest nearby deposit is the Imiter Silver Mine. Imiter is a major silver

deposit that is owned by the Moroccan mining company Managem. The Imiter Mine is located on the north

side of the Saghro Massif, ~80 km west of the Boumadine Property (Figure 23-1).

![map_operationsxworldxdecem.jpg](map_operationsxworldxdecem.jpg)

**Figure 23-1Location of the Imiter Mine**

***Source:*** *Aya corporate presentation dated April 2024* 

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 257

24.0**OTHER RELEVANT DATA AND INFORMATION**

**24.1Project Execution Schedule**

The Project Execution Schedule was developed to provide a high level overview of all activities required to

complete the project. The project execution plan is summarized and presented in Figure 24-1.

![a5208executioinschedule-le.jpg](a5208executioinschedule-le.jpg)

**Figure 24-1Project Execution Schedule**

***Source:*** *Lycopodium 2025*

**24.2Pyrite Treatment**

While not included within this report, Aya has continued to work on the metallurgical development for a pyrite

treatment circuit. A portion of the gold and silver included in Boumadine is refractory to direct cyanide

leaching. The refractoriness to cyanidation is due to the high sulfur content in the pyrite concentrate.

Boumadine's gold is in the form of fine grains (below 15 µm) and mainly associated with pyrite. A pre-

treatment is necessary to oxidize the sulfur of pyrite prior to cyanide leaching.

Internal and external trade-off studies have indicated that roasting is the best option for pyrite pre-treatment

prior to conventional cyanidation. Roasting would allow for reduced tailings generation and lower operating

costs while also producing sulfuric acid, for which there is a high demand within the Kingdom of Morocco.

Testwork is on-going to determine optimal conditions for operation of a pyrite roasting plant. A flowsheet has

been developed, and engineering will continue to be progressed in parallel to the mine and concentrator

designs. This will provide flexibility for Aya to decide whether it will sell all of the pyrite or if a portion can be

strategically treated within the country to produce doré ingots and a sulfuric acid byproduct.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 258

25.0**INTERPRETATION AND CONCLUSIONS**

**25.1Geology**

The Boumadine Property is located in the Province of Errachidia, in the eastern part of the Kingdom of

Morocco. Aya's Property in the Boumadine area consists of 12 mining licenses and 19 exploration permits

totalling 341 km<sup>2</sup> in size. The Boumadine Mining License, which contains the Boumadine Deposit and is the

focus of this Boumadine Report, consists of mining license LE-383661 and covers the historical Boumadine

Mine, the Boumadine Camp, and the current MRE described in this Report, which total 32 km<sup>2</sup> in area. The

additional thirty exploration permits and mining licenses are distributed within a 25 km radius of the

Boumadine Deposit and collectively cover an additional 309 km<sup>2</sup> in area. In addition, an Exploration

authorization of 600 km<sup>2</sup> was granted to Aya in January 2025.

The historical Boumadine Mine is one of the oldest known mines in the Kingdom of Morocco. It was probably

exploited by the Portuguese in the 15<sup>th</sup> and 16<sup>th</sup> centuries. Between 1956 and 1998, exploration and mining

activities in the Boumadine area were completed by the BRPM.

The Boumadine Property is located at the eastern end of the Anti-Atlas Mountain Range, which extends east-

northeast to west-southwest, >600 km, from the Atlantic Ocean in the west to the interior of the African plate

in the east. The Boumadine polymetallic deposit (Ag, Au, Cu, Pb, Zn) is located on the northwest side of the

Ougnat Massif (or Boutonnière). The geology of the Massif consists of a Neoproterozoic metasedimentary

basement overlain unconformably by a Late Neoproterozoic volcano-sedimentary rock sequence and

Paleozoic lacustrine sedimentary and minor volcanic rocks. The basement consists of sandstone, pelites and

greywackes that are intruded locally by granite, granodiorite, and diorite bodies. The volcano-sedimentary

sequence consists of felsic and mafic volcanic rock units separated by volcano-sedimentary units.

The Boumadine Deposit, including Tizi and Imariren Zones has been traced on surface and in drilling for over

6.0km along strike. The Boumadine Deposit mineralized zones consist of 1 to 4 m-wide massive sulphide

lenses/veins oriented N20°W and dipping 70° east. The massive sulphide veins (approximately 70% sulphide)

consist of pyrite, sphalerite, galena, arsenopyrite and chalcopyrite, with subordinate amounts of cassiterite,

silver-rich sulphosalts, stannite, enargite, bismuthinite, native copper and bismuth. The main mineralization

zone is surrounded by a 1 to 10 m thick halo of 10 to 30% disseminated pyrite and two types of veinlets: 1)

quartz-carbonate-galena-sphalerite veinlets; and 2) massive pyrite veinlets. Geochemically, there is a strong

positive correlation of gold with silver and copper and a weaker correlation of zinc with lead and molybdenum.

The Boumadine Deposit has been described in literature as being an high-sulphidation epithermal polymetallic

deposit in a shallow submarine setting. However, field and drilling evidences suggests a deeper environment

of formation.

Exploration activities completed by Aya on the Boumadine Property since 2020, other than drilling, include

surface trenching, satellite-based hyperspectral surveys, aerial electromagnetic and magnetic survey, mineral

prospecting, geological mapping, grab sampling and assaying. Between May 2022 and September 2025, Aya

completed 660 diamond drill holes, 94 multipurpose holes (MP) and 49 Reverse circulation holes (RC), totaling

192,957 m. The drilling programs aimed to extend the mineralization of the North, Central, and South Zones

while also testing targets located farther from the main mineralized trend. In addition, all historical drill holes

from 2018 to 2021 were re-logged and resampled in 2023 for a total of 77 drill holes and 9,510 m of drill core.

Aya implemented and monitored a thorough QA/QC program for the drilling completed at the Boumadine from

2018 to 2025. Examination of QA/QC results for all recent sampling indicates no material issues with

accuracy, contamination or precision in the data. It is the Author's opinion that sample preparation, security

and analytical procedures are adequate and that the data are of good quality and satisfactory for use in the

current Mineral Resource Estimate. Verification of the Boumadine Deposit data, had also been undertaken by

independent Qualified Person in the previous MRE, including a site visit in March 2024, due diligence sampling,

verification of drill hole assay data from electronic assay files, and assessment of the available QA/QC data.

Independent Authors stated that sufficient verification of the Project data has been undertaken and that the

supplied data are of satisfactory quality and suitable for use in the Mineral Resource Estimate.

The updated MRE of the Boumadine Deposit is amenable to conventional open-pit and to underground mining

methods. The updated MRE for Boumadine contains an Indicated Mineral Resource of 5.2 Mt grading 91 g/t

Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an estimated 15.1 Moz of Ag, 462 koz of Au, 145 kt of Zn

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 259

and 44 kt of Pb, and an Inferred Mineral Resource of 29.2 Mt grading 82 g/t Ag, 2.63 g/t Au, 2.11% Zn, and

0.82% Pb containing an estimated 76.8 Moz of Ag, 2.5 Moz of Au, 615 kt of Zn and 237 kt of Pb. Pit-

constrained Mineral Resources have been estimated within an optimized pit shell for the purpose of reporting

Mineral Resources and includes Indicated and Inferred Mineral Resources. The pit-constrained Mineral

Resources are reported using a NSR cut-off value of US$95/t. Out-of-pit Mineral Resources are reported

beneath the pit shell that exhibit continuity and reasonable potential for extraction by longhole mining

methods. Out-of-pit Mineral Resources are reported using an NSR cut-off of US$125/t. The Mineral Resource

has an effective date of February 24, 2025. The sensitivity of the Mineral Resource to changes in cut-off grade

was also calculated across a range of potentially economic NSR cut-offs.

The Mineral Resource Estimates have been classified with respect to CIM Standards as Indicated Mineral

Resources and Inferred Mineral Resources, according to the geological confidence and sample spacing that

currently define the Deposits, with Indicated Mineral Resources requiring <50 m spaced drill hole centres. All

additional estimated grade blocks were classified as Inferred. The Authors are of the opinion that the current

Mineral Resource Estimate meets the reasonable prospect of eventual economic extraction. The Authors have

experience with other similar projects and are of the opinion that the cut-off grade and cost assumptions are

reasonable.

The Authors are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing,

political, or other relevant factors that may materially affect the Mineral Resource Estimate. A material

decrease in metal prices below those utilized for the current Mineral Resource Estimates or a significant

increase in operating costs could materially affect the cut-off and average grades, and potentially result in a

revised lower Mineral Resource Estimate tonnage.

**25.2Mining**

The OP mining area is present at shallow depths and accounts for 63 % of the total production, with an

average NSR value of $193 per tonne. LOM for the OP operation is projected at 9 years. Mining will be carried

out by conventional truck and shovel pairing; the bench height varies between 10 and 20 m depending on the

pit. Material will be excavated and hauled by a contractor fleet to three separate surface stockpiles, which will

supply the processing plant based on operational needs and overall project strategy.

The UG mining area is an extension of the mineralized zones from the OPs and accounts for 37 % of the total

production, with an average NSR value of $190 per tonne. LOM for the UG operation is projected at 10 years.

Mining will be carried out using the modified Avoca method, with stope dimensions of 2.0-m minimum width,

20 m in height, and 20 m in length. Material will be hauled by 30-ton trucks, via a ramp system, to three

separate surface stockpiles.

Capital and operating lateral and vertical development will be carried out by a contractor, while all subsequent

mine production activities will be performed by owner crews.

WSP has identified several risks associated with the UG operations, which are summarized as follows:

• Interaction between OP and UG operations: Since both activities will be conducted simultaneously,

delays in OP operations could directly impact the UG schedule.

• Critical pre-production period: The pre-production phase is essential to the overall success of the

project. As such, a detailed and well-coordinated schedule for this period is crucial.

• Dependence on rock fill availability for the Avoca method: The effectiveness of the modified Avoca

mining method relies on a consistent supply of rock fill. This necessitates a robust system for

managing waste material, whether generated UG or transported from the surface.

• • • • **AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 260

**25.2.1Mining Geotechnical**

Project risks and opportunities identified during mining geotechnical evaluations are as follows:

***Risks:*** 

• Some major faults have been delineated in the Boumadine geological model, however these do not

transect intended production areas. The spatial distribution of adverse geological features is a large

unknown that will have to be resolved to achieve FS level of study.

• The mining depths evaluated in this study are shallower than those in the updated mine plan. Stress

magnitudes are likely to be more adverse than those estimated in this study.

***Opportunities:*** 

• Reasonable conservatism has been applied to the overall pit slope angle recommendations. There

may be opportunity to increase slope angles once additional geotechnical data is available.

• Due to data limitations, this study has applied reasonably conservative global rock strength values to

the design evaluations. Laboratory testing efforts will substantially improve confidence in material

strength parameterization and help to resolve geological controls and spatial variability. Opportunity to

increase stope sizing (or reduce dilution expectations) may be resolved from more detailed material

strength data.

• In situ stress assumptions applied to stope design are somewhat conservative. Later phases of study

should rely on numerical stress modelling to improve confidence in likely induced stress conditions.

Opportunity to increase stope sizing (or reduce dilution expectations) may be resolved from more

detailed estimates of in situ stresses.

• Longitudinal stoping provides operational flexibility to adjust stope panel lengths, thus there is an

opportunity for optimizing design for local variances (good or bad) in ground conditions. This is

particularly important where the deposit body is narrow as production performance in narrow zones is

likely to be more sensitive to HW and FW dilution.

• Level spacing in the updated mine plan is 15 m. There is an opportunity to reduce development costs

by increasing this spacing (e.g. this study assumed a 20 m level spacing as development plans were

not available in July, 2024).

**25.3Processing**

Conclusions from the metallurgical and comminution testwork conducted on the Boumadine deposit include:

• The average BWi from two tests was used in the comminution circuit design (13.1 kWh/t), with the

remainder of comminution design criteria estimated from OMC's database.

• Locked cycle flotation tests with three circuits (Pb, Zn and Py) achieved acceptable recoveries with

grades in the salable range required. The lead and zinc circuits performed best with regrind after

rougher flotation, including three cleaning stages and one cleaner-scavenger stage.

• Sulfur content can be estimated based on the metals' content in the material, proven via multilinear

regression analysis showing a strong correlation between the laboratory and calculated values (R<sup>2</sup> =

0.98). By assuming constant concentrate grades and recoveries, the LOM pyrite concentration

production could be estimated based on the sulfur content equation for varying metals' grades in the

deposit.

• The Boumadine mineralized material is highly refractory and resistant to direct cyanidation.

Based on the metallurgical testwork completed thus far, the following unit operations have been selected for

the PEA flowsheet:

• Single stage primary crushing to reduce the ROM material size to a P80 of 136 mm.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 261

• Crushed rock stockpile with a live capacity of approximately 8,115 tonnes, allowing for 24 hours of live

storage and additional capacity for periods of primary crusher maintenance.

• SAB type grinding circuit consisting of a SAG mill and a ball mill to produce a ground product P80 of

58 microns (µm), with hydrocyclones for particle size classification.

• Lead rougher flotation, classification, regrinding and cleaner flotation to produce a lead concentrate of

29.6% grade. The lead concentrate will be thickened, filtered, and bagged prior to shipment.

• Zinc rougher flotation, classification, regrinding and cleaner flotation to produce a zinc concentrate of

57.4% grade. The zinc concentrate will be thickened and filtered for stockpiling prior to shipment.

• Pyrite rougher flotation to produce a pyrite concentrate with 4.2 Au g/t and 81.0 Ag g/t. The pyrite

concentrate will be thickened and filtered for stockpiling prior to shipment.

• Tailings thickening and storage in a tailings management facility.

The process plant operating cost estimate was developed in Q3 2025 using data from database projects,

studies, and previous operations by Lycopodium, and Aya Gold & Silver. The operating cost estimate

conforms to preliminary economic assessment accuracy of +50%/-30%. The estimate covers general and

administrative (G&A), and processing costs. The unit operating cost per tonne of material milled is estimated

at US$22.44/t processed.

Lycopodium have identified the following risks for the project:

• Additional variability testing is required focussing on specific pit locations to verify material properties

used for design parameters and recovery predictions for the deposit body correlates with the

established mine plan.

• Thickening and filtration tests should be performed to confirm design assumptions and sizing. The

selected filtration technology should also conform to required transport moisture limits yet to be

determined.

• Filtration of ultrafine material can prove to be challenging possibly requiring the use of drying pads to

further reduce product moisture content prior to shipment. The additional material handling is not

currently costed and has the potential to impact final product quality if not performed well.

• **25.4Infrastructure**

The Project is supported by a fully integrated site layout including open-pit mines, underground access,

processing facilities, and support services.

Site access via the N10 highway through Tinejdad; internal haulage and service roads link pits, portals, ROM

pad, process plant, and stockpiles.

Process plant facilities include ROM pad, crushing and feed preparation, flotation plant, concentrate handling,

reagent storage, laboratories, workshops, fuel storage, and administration buildings.

Water supply relies on pipelines from nearby towns, boreholes, runoff capture, and an on-site water harvesting

reservoir; containerized treatment systems ensure process and potable water quality.

Mining facilities include a 1,000 m² truck shop, low-grade stockpile (3.5 Mt), ROM stockpiles, and two waste

rock stockpiles (215 Mm³ total) designed with HDPE liners and conservative geotechnical assumptions.

Tailings management uses a single lined Flotation TSF with downstream raises, internal drainage, storm

diversion channels, an emergency basin, and a return water system.

Power supply delivered through a new 220 kV line feeding a 40 MVA substation serving all site loads.

Additional infrastructure includes sewage treatment, security fencing, communications, explosives storage,

and limited on-site accommodation supplemented by housing in Tinejdad.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 262

Concentrate transport will be contractor-operated, shipping by road to Nador-West Port with a covered

250,000-t storage facility.

The Authors have identified the following risks associated with the project infrastructure:

• The supply of water will rely on off-site sources as the area receives little rainfall annually. It will be

important to include redundancy and storage capacity to reduce risks associated with water supply.

• The transportation of pyrite will require well-coordinated logistics due to the large quantities of material

to transport annually.

**25.5Environmental and Social**

The Project is located in the Drâa-Tafilalet region of western Morocco, approximately 19 km south of the

nearest town of Tinejdad. The biophysical and social characteristics of the Project area are defined by its

semi-arid climate and relatively rural and remote nature. Urban settlements are concentrated along main

transport routes with villages located along valleys with access to water resources. Climatic conditions

influence local ecosystems and land uses including agriculture, concentrated in areas of water availability.

Limited environmental studies have been completed in the past. As part of the environmental and social work

currently being undertaken, an environmental baseline sampling program was initiated by BGM in September

2024 and a high-level screening for critical biodiversity habitat was undertaken by SLR in September 2024.

The baseline sampling, covering soils, air quality and water, was undertaken by AfriLabs, a Moroccan-based

laboratory specializing in mineral and environmental analysis.

Additional baseline sampling is planned together with subsequent E&S studies as part of the international

ESIA process outlined below. These studies will cover the topics of biodiversity, hydrology, hydrogeology, soils

and sediments, air quality, noise, GHG, climate change, stakeholder engagement, labour and working

conditions, community health and safety, and other social elements.

The Project will require national permits to support the development of the mine and the requirement to carry

out an Environmental Impact Assessment under Moroccan Law. In addition to meeting national permitting

requirements, the Project is being undertaken to meet international ESIA lender standards. At the time of

writing, the Project is yet to initiate the national EIA permitting process. The plan is to initiate this process in

2026, at the same time as undertaking an ESIA to international lender standards.

A conceptual mine closure plan governed by Aya's HSEC Policy will be prepared as part of the ESIA.

**25.6Capital Cost Estimate**

The preliminary economics of the Boumadine Project can be assessed using the capital and operational cost

estimates detailed in this PEA. The calculations are based on an open pit and underground mining operation

concept, the development of a processing plant, infrastructure, and the Owner's expenses and provisions.

The capital cost estimate conforms to Class 5 guidelines for a preliminary economic assessment level

estimate with a +50%/-30% accuracy according to the Association for the Advancement of Cost Engineering

International (AACE International). The capital cost estimate was developed in Q4 2025 based on

Lycopodium's in-house database of projects and studies, experience from similar operations and inputs from

WSP and Epoch Resources.

The total initial capital cost for the Boumadine Project is $446 M and the life-of-mine sustaining cost is $340

M. **AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 263

**25.7Operating Cost Estimate**

The operating cost estimate was developed in Q4 2025 using data from projects, studies, and previous

operations from Lycopodium's internal database. The operating cost estimate conforms to preliminary

economic assessment accuracy of +50%/-30%. The estimate covers the general and administrative (G&A),

and mining and processing. The unit operating cost per tonne of material milled is $66.16/t.

**25.8Economic Analysis**

The economic analysis was performed assuming a 5% discount rate typical for silver-gold projects. Cash

flows have been discounted to the start of construction, assuming that the project execution decision will be

made, and major project financing will be carried out at this time.

The pre-tax NPV discounted at 5% is $2.2B, with a pre-tax IRR of 69% and payback period of 1.3 years. On an

after-tax basis, the NPV discounted at 5% is $1.5B, with an after-tax IRR of 47%, and payback period of 2.1

years. Cumulative after-tax unlevered free cash flow totals $2.8B. Tax calculations are based on Aya's

understanding of current Moroccan tax regulations as of the effective date of this report.

Readers are cautioned that the PEA is preliminary in nature. It includes Inferred Mineral Resources that are

considered too speculative geologically to have the economic considerations applied to them that would

enable them to be categorized as Mineral Reserves and there is no certainty that the PEA will be realized.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

A summary of the project economics is listed in Table 25-1 , and after-tax free cash flow is shown graphically

in Figure 25-1.

**Table 25-1Key Economic Results**

---

| | | | |
|:---|:---|:---|:---|
| **Project Economics** | **Units** | **Base Case** | **Base Case** |
| **Project Economics** | **Units** | **Pre-tax** | **Post-tax** |
| NPV5% | $B | 2.2 | 1.5 |
| IRR | % | 69% | 47% |
| Payback | Years | 1.3 | 2.1 |
| NPV: Capex | - | 5.0 | 3.3 |
| Revenue LOM | $B | 7.0 | - |
| Avg. Annual Revenue | $M/y | 629 | - |
| EBITDA LOM | $B | 3.4 | - |
| Avg. Annual EBITDA | $M/y | 308 | - |
| Cumulative FCF LOM | $B | 2.8 | 2.0 |
| Avg. Annual FCF | $M/y | 254 | 176 |

---

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 264

![image16.jpg](image16.jpg)

**Figure 25-1Boumadine Project - Annual Free Cash Flow Profile**

**25.9Conclusion**

The Mineral Resources currently estimated for the Boumadine Polymetallic Project consist of:

• An Indicated Mineral Resource of 5.2 Mt grading 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb

containing an estimated 15.1 Moz of Ag, 462 koz of Au, 145 kt of Zn and 44 kt of Pb;

• An Inferred Mineral Resource of 29.2 Mt grading 82 g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82% Pb

containing an estimated 76.8 Moz of Ag, 2.5 Moz of Au, 615 kt of Zn and 237 kt of Pb;

The PEA provides a base case assessment for developing the Boumadine mineral resource by conventional

open pit and underground mining methods, and a crushing-milling-flotation processing plant with a tailings

dam.

The PEA economic analysis shows the Boumadine Polymetallic Project has an after-tax NPV5% of $1.5B, IRR

of 47%, and a payback period of 2.1 years. The PEA economics support a decision to continue to advance the

Project and carry out additional detailed studies, including a pre-feasibility study.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 265

26.0**RECOMMENDATIONS**

**26.1Summary**

The results presented in this technical report demonstrate that the Boumadine Project is technically and

economically viable. It is recommended that the Project advance from the current PEA stage into the

subsequent study phases, including Pre-Feasibility work toward a full Feasibility Study. Table 26-1

summarizes the proposed budget to advance the Project through the Feasibility stage.

**Table 26-1Budget for Advancing Project to Next Stages**

---

| | |
|:---|:---|
| **Area** | **$M, USD** |
| MRE Reporting | 0.3 |
| Metallurgical Testwork | 1.4 |
| Processing Plant | 1.5 |
| Mining Consultant | 0.5 |
| Tailings Storage Facility | 0.4 |
| Geotechnical | 0.9 |
| Infrastructure | 0.2 |
| Hydrogeology | 0.9 |
| Environmental Studies, Permitting and Social Considerations | 0.7 |
| Contingency | 0.7 |
| **Total** | **7.3** |

---

**26.2Geology**

Aya owns or controls 31 mining licenses and exploration permits in the Boumadine Property area (341 km<sup>2</sup>) in

the eastern part of the Kingdom of Morocco. At Boumadine, silver–gold polymetallic sulphide mineralization

is hosted within a vein system striking approximately 6 km.

Additional expenditures are recommended by the Authors for the following activities:

• Drilling to advance Inferred to Indicated Mineral Resources;

• Drilling down-dip in order to develop additional Mineral Resources at depth;

• Follow-up geological mapping, mineral prospecting, and assays;

• Development of a comprehensive bulk density model;

• Review grade anisotropy by individual mineralized domain; and

• Advance the project to its next development phase

The Authors also recommend that Aya continue with the current QC protocol and monitor QC data on an

ongoing basis, and continue refining the metallurgical work for improved recoveries.

The estimated cost of the recommended work program is US$101.6M, which includes 10% contingency

(without applicable taxes) (Table 26-2). Phase 1 of the recommended work program should be completed in

2026 and Phase 2 in 2027. Phase 2 is contingent on a successful Phase 1.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 266

**Table 26-2Recommended programs and budgets for 2026-2027**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Item** | **Activity** | **Unit (m)** | **Cost Estimate** <br>**($M, USD)**<br>|
| **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** |
| **2026** |  | Drilling (all-in costs) | 200000 | 42.0 |
|  |  | Administration and Management |  | 4.2 |
|  | Sub-Total |  |  | 46.2 |
|  | Contingency (10%) |  |  | 4.6 |
|  | Total - 2026 |  |  | 50.8 |
| **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** |
| 2027 |  | Drilling (all-in costs) | 200000 | 42.0 |
|  |  | Administration and Management |  | 4.2 |
|  | Sub-Total |  |  | 46.2 |
|  | Contingency (10%) |  |  | 4.6 |
|  | Total - 2027 |  |  | 50.8 |

---

**26.3Mining**

The PEA study has demonstrated the positive potential of the Boumadine Project. Based on these results,

WSP recommends that Aya undertake the following additional studies in preparation for a Pre-Feasibility

Study:

• Conduct further geotechnical investigations to validate the data used for determining wall angles,

stope design parameters and ground support requirements.

• Conduct hydrogeological investigations to determine ground water inflows in the pits and the UG

workings.

• Perform a trade-off study comparing the planned longitudinal Avoca mining method with alternative

methods such as shrinkage stoping and Alimak mining, to identify the most suitable approach for the

project.

• Refine estimates of unplanned dilution and mining recovery factors based on the selected mining

method, site-specific geotechnical conditions, and backfill properties.

• Consider implementing dedicated escapeway raises instead of installing ladderways in ventilation

raises. Ladderways within ventilation raises reduce airflow efficiency due to increased friction losses

and can be accommodated in smaller diameter raisebores than those required for ventilation.

• Incorporate truck bypasses into the ramp design and conduct a haulage simulation to assess the ramp

traffic and confirm the haulage cycle and the optimal number of trucks required.

• Evaluate the potential for automated and tele-remote operation of mining equipment. These

technologies could enhance equipment utilization during shift changes and improve productivity

following blasting and smoke clearance.

**26.4Processing**

The following testwork is recommended to progress the design to the next phase:

<u>Sample Requirement:</u>

• Spatial composites to represent different physical locations throughout the deposit

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 267

• Samples from different zones and depths for variability testing.

• Sufficient sample sizes to conduct downstream testwork.

• Number of representative samples to be determined by AGS.

• Sufficient sample size to generate representative concentrate samples for off-taker evaluation.

<u>Comminution Testwork:</u>

• Additional tests to determine:

• Crushing work index (CWi)

• SMC parameters: abrasivity (Ai) and impact breakage (A x b)

• BWi (confirmatory)

• Variability of these parameters throughout the deposit and determine correlations to lithology.

• Flotation regrind tests to determine specific energy; engage with vendors for criteria relating to

equipment sizing and specifications.

<u>Ore Characterization Testwork:</u>

• Assess material variability by assaying samples from different zones without blending according to

mine plan and to create design ranges.

• Particle size distribution of ROM material and of final concentrates in support of dewatering testwork.

• Rheology testwork to determine apparent viscosities at varying shear rates and varying slurry % solids

in support of slurry pipe and pump design.

• Physical characteristics impacting material handling, such as feed moisture content, specific gravity,

bulk density, and stacking and clumping / compaction properties.

<u>Flotation Testwork:</u>

• Variability testing – open circuit and locked cycle to determine the impacts of feed variance and

process upsets on grades and recoveries. Develop relations between open circuit and locked cycle

results

• Produce enough of each concentrate to support dewatering testwork and further pyrite concentrate

treatment testwork.

<u>Dewatering Testwork:</u>

• Particle settling testwork to determine the flux rate for thickener sizing.

• Flocculant screening tests.

• Filtration testwork to determine:

• Filter type

• Optimum feed pulp density

• Achievable cake moisture levels

• Transport moisture limit targets

• Filter cycle times

• If any filter aids are required.

<u>Pyrite Concentrate Treatment Testwork:</u>

• Continue development of pyrite oxidation option.

• Assess variability of pyrite concentrate via spatial composites and variability testing.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 268

<u>Water Analysis:</u>

• Surface water quality analysis.

• Ground water quality analysis.

**26.5Tailings Storage Facility**

The following recommendations are applicable to the next stage of the study:

• As per Requirement 5.1, a Multiple Accounts Analysis (MAA) should be conducted to assess

alternative tailings technologies in the design of the TSF. The selection of an alternative technology to

that described in the PEA may alter the cost estimates for the TSF, as well as for that of the tailings

processing and TSF conveyance system.

• The appropriate site location selected for the TSF should be confirmed during the MAA, incorporating

the input from experts in the relevant fields, including environmental, social, process, etc, to assess the

consequences of hazards posed by the TSF. The selection of an alternative site location to that

described in the PEA may alter the cost estimates for the TSF, as well as that of the tailings

conveyance system.

• The following design aspects of TSF, documented by GCIM, may be reviewed in the next stage of the

study and may impact the TSF CAPEX estimate:

• Investigate the suitability of a single 2mm HDPE liner, incorporating the consideration of the

permeability of the material upon which it is installed, to mitigate seepage in the case of a liner

leak,

• Investigate the suitability of the inclusion of the geotextile beneath the liner. This entails

considering both the use as a liner protection measure as well as the resulting seepage in the

case of a liner leak,

• Significant floods are generated by the catchments upstream of the TSF. As stated by GCIM,

the design of the storm diversion channels is required, adequately sized to cater for the design

floods,

• Sizing of the return water and emergency basins based on a monthly TSF pool water balance.

**26.6Environmental and Social**

As part of the ESIA, potential impacts associated with the Project will be identified and assessed in a

systematic approach. The impact assessment will inform a comprehensive Environmental and Social

Management and Monitoring Plan to be developed for the Project. It will include:

• Mitigation measures for construction and operations

• Framework management plans covering biodiversity, erosion and sediments, waste, air and noise,

water, community health and safety, community development and investment, supply chain, cultural

heritage, rehabilitation

• Stakeholder engagement plan including grievance management

• Monitoring plans for Project performance and the receiving environment (water, air, noise and

biodiversity)

Water management planning will include the following elements:

• Characterization of the groundwater systems on site

• Environmental testwork to understand the geochemical composition and acid generating potential of

the host rock and mineral residues

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 269

• Development of a site-wide climatic water balance to understand the water circuit and confirm water

use, storage and discharge volume requirements.

• Establishment of an engineered stormwater runoff system catering for the diversion of clean water

runoff around Project sites, separation of clean and potentially dirty water runoff on site, storage of

potentially dirty water runoff in appropriately designed and engineered facilities, and collection and re-

use of potentially dirty water runoff.

• Flood protection analysis and measures, if needed.

• Prioritizing water reuse and recycling.

• Water treatment for potable water supply, raw water supply, and discharge to the environment (if

discharge is required).

**26.7Project Next Phases**

To progress the project, it is recommended to conduct pre-feasibility level trade offs, design, and engineering

to improve the accuracy of cost estimation. This shall include optimizing the mine plan, updating the process

design using results from additional metallurgical test data, and conduct engineering of other disciplines such

as mechanical, civil, structural and electrical engineering producing MTOs. The information from this phase of

project will then feed into a Feasibility Study.

The advancement to a Feasibility Study will be dependent on project economics from pre-feasibility level

designs and progress of drilling to advance classification of resources.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 270

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Abia, E.H., Nachit, H., Christian Marignac, C., Abderrahmane, I. and Saadi, S.A. 2003. The Polymetallic Au–Ag-

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Ait Saadi. 1992. Contribution à l'étude de l'environnement paléovolcanique du Protérozoique Supérieur (PIII) et

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on western Milos Island, Aegean Volcanic Arc, Greece: Mineralogical, geological and geochemical constraints.

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2014. 217 pages.

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BRPM. 1998. Gisement Polymétallique de Boumadine. Géologie et États des Réserves. BRPM, 30 p.

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Cheilletz, A., Levresse, G., Gasquet, D., Azizi Samir, M.R., Zyadi, R. and Archibald, D. 2002. The Imiter

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Implications: Australian Institute of Geoscientists North Queensland Exploration Conference, dated June

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evolution of the Bou Azzer Neoproterozoic ophiolite (Anti-Atlas, Morocco). Precambrian Res 182: p. 1–14.

Doi:10.1016/j.precamres.2010.06.011.

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REP-0-02-10-2024, Submitted to Aya Silver & Gold Inc. on December 9, 2024.

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255-100-REP-0-02-10-2024, Submitted to Aya Silver & Gold Inc. on November 20, 2025.

Freton, R. 1988. Contribution à l'Étude Métallogénique ou District de Bou-Madine Anti-Atlas, Maroc,

Environnement Tectonique et Concentrations Épithermales B.P.G.C à Ag et Au. Thèse de Doctorat, Institut

National Polytechnique de Lorraine de Géologie Appliquée et de Prospection Minière, 63 pages.

GCIM, Boumadine Project, TSF Preliminary Economic Assessment - Rapport du PEA du TSF Flottation Option

18.6 MT. September 17, 2025

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Rapport Alimentation en eau. October 31, 2024

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Systems. Economic Geology 100<sup>th</sup> Anniversary Volume, 111-142.

Hefferan K, Soulaimani A, Samson SD et al. 2014. A reconsideration of Pan African orogenic cycle in the Anti-

Atlas Mountains, Morocco. Journal of African Earth Sciences 98, 34–46. Doi:10.1016/j. jafrearsci.2014.03.007

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Maroc). Contrôles des minéralisations, hypothèse génétique et perspectives pour l'exploration. Chron Rech

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Levresse, G. 2001. Contribution à l'établissement d'un modèle génétique des gisements d'Imiter (Ag–Hg), Bou

Madine (Pb –Zn –Cu –Ag–Au) et Bou Azzer (Co –Ni –As–Au –Ag) dans l'Anti-Atlas marocain. Unpubl. Ph.D.

thesis, INPL, Nancy, France.

Levresse, G., Cheilletz, A., Gasquet, D., Reisberg, L., Deloule, E., Marty, B. and Kyser, K. 2004. Osmium, sulphur,

and helium isotopic results from the giant Neoproterozoic epithermal Imiter silver deposit, Morocco: evidence

for a mantle source. Chemical Geology 207, 59-79.

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d'Imiter (Anti-Atlas, Maroc); Implication métallogénique. Bull. Soc. Géol. Fr. 165, 233–248.

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Boumadine Polymetallic Project, Kingdom of Morocco. Prepared for Aya Gold & Silver Inc. by Stone, W.,

Brown, F., Barry, J., Yassa, A., Feasby, G. and Puritch, E. Effective Date: May 08, 2024. Issue Date : May 31,

2024. 214 p.

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ses minéralisations plombo-zincifères complexes associées (Gîte de Bou Madine), Thèse 3ème cycle,

Université Paris, Orsay. 290 pages.

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Mouttaqi et al., 2001.

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Soulaimani A, Michard A, Ouanaimi H et al. 2014. Late Ediacaran–Cambrian structures and their reactivation

during the Variscan and Alpine cycles in the Anti-Atlas (Morocco). Journal of African Earth Sciences 98, 94–

112. Doi :10.1016/j.jafrearsci.2014.04.025.

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30 January 2025.

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 273

28.0**CERTIFICATES**

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT 274

![boumadine_qpxcertificatexp.jpg](boumadine_qpxcertificatexp.jpg)

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![ayaboumadinepea_peqpcertifc.jpg](ayaboumadinepea_peqpcertifc.jpg)

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![ayaboumadinepea_peqpcertif.jpg](ayaboumadinepea_peqpcertif.jpg)

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![boumadine_peaxqpcertificat.jpg](boumadine_peaxqpcertificat.jpg)

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![a20251209_boumadinexcertxpa.jpg](a20251209_boumadinexcertxpa.jpg)

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![ni43-101certificateofqualie.jpg](ni43-101certificateofqualie.jpg)

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![ni43-101certificateofquali.jpg](ni43-101certificateofquali.jpg)

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**Appendix ADRILL HOLE PLAN**

![image_78.jpg](image_78.jpg)

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**Appendix B3-D DOMAINS**

Boumadine 3D-Domains

*main veins in red (Central_main, South_main, Tizi_Main, Imariren)*

![image_79.jpg](image_79.jpg)

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT293

**Appendix CTIZI & NORTH ZONES BLOCK MODEL CROSS SECTIONS**

![image_80.jpg](image_80.jpg)

![image_81.jpg](image_81.jpg)

![image_82.jpg](image_82.jpg)

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![image_84.jpg](image_84.jpg)

![image_86.jpg](image_86.jpg)

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![image_87.jpg](image_87.jpg)

![image_88.jpg](image_88.jpg)

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**Appendix DCENTRAL ZONE BLOCK MODEL CROSS SECTIONS**

![image_93.jpg](image_93.jpg)

![image_94.jpg](image_94.jpg)

![image_95.jpg](image_95.jpg)

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![image_97.jpg](image_97.jpg)

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![image_99.jpg](image_99.jpg)

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![image_100.jpg](image_100.jpg)

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**Appendix ESOUTH ZONE BLOCK MODEL CROSS SECTIONS**

![image_106.jpg](image_106.jpg)

![image_107.jpg](image_107.jpg)

![image_108.jpg](image_108.jpg)

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![image_110.jpg](image_110.jpg)

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![image_112.jpg](image_112.jpg)

![image_113.jpg](image_113.jpg)

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**Appendix F BLOCK MODEL PLAN VIEWS**

![image_120.jpg](image_120.jpg)

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![image_122.jpg](image_122.jpg)

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![image_125.jpg](image_125.jpg)

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**Appendix GOPTIMIZED PIT SHELLS**

**Optimized Pit Shells in 3D**![image_128.jpg](image_128.jpg)

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**Appendix HQAQC– 2018 TO 2024 DIAMOND DRILL HOLE PROGRAMS**

**Performance of CRM Materials – 2018 to 2024**

**OREAS CRMs for Au (0 to 2.5ppm)**

![image_129.jpg](image_129.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Au (2.5 to 18.5ppm)**

![image_130.jpg](image_130.jpg)

***Source:*** *P&E (2024)*

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**OREAS CRMs for Ag (0 to 120 ppm)**

![image_131.jpg](image_131.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Ag (120 to 2,300 ppm)**

![image_132.jpg](image_132.jpg)

***Source:*** *P&E (2024)*

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**OREAS CRMs for Pb (0 to 12,000 ppm)**

![image_133.jpg](image_133.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Pb (12,000 to 140,000 ppm)**

![image_134.jpg](image_134.jpg)

***Source:*** *P&E (2024)*

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**OREAS CRMs for Pb (590,000 to 630,000 ppm)**

![image_135.jpg](image_135.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Zn (400 to 12,400 ppm)**

![image_136.jpg](image_136.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT314

**OREAS CRMs for Zn (12,400 to 192,400 ppm)**

![image_137a.jpg](image_137a.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Mo (0 to 50 ppm)**

![image_137a.jpg](image_137a.jpg)

*Source: P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT315

**OREAS CRMs for Mo (50 to 350 ppm)**

![image_139.jpg](image_139.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Cu (0 to 6,000 ppm)**

![image_140.jpg](image_140.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT316

**OREAS CRMs for Cu (6,000 to 36,000 ppm)**

![image_141.jpg](image_141.jpg)

***Source:*** *P&E (2024)*

**OREAS CRMs for Cu (20,000 to 50,000 ppm)**

![image_142.jpg](image_142.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT317

**Performance of Blanks – 2018 to 2024**

**Performance of Blanks for Au**

![image70.jpg](image70.jpg)

***Source:*** *P&E (2024)*

**Performance of Blanks for Ag**

![image_144.jpg](image_144.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT318

**Performance of Blanks for Pb**

![image_145.jpg](image_145.jpg)

***Source:*** *P&E (2024)*

**Performance of Blanks for Zn**

![image_146.jpg](image_146.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT319

**Performance of Blanks for Mo**

![image_147.jpg](image_147.jpg)

***Source:*** *P&E (2024)*

**Performance of Blanks for Cu**

![image_148.jpg](image_148.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT320

**Performance of Field Duplicates – 2018 to 2024**

**Performance of Field Duplicates for Au**

![image_149.jpg](image_149.jpg)

***Source:*** *P&E (2024)*

**Performance of Field Duplicates for Ag**

![image_150.jpg](image_150.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT321

**Performance of Field Duplicates for Pb**

![image_151.jpg](image_151.jpg)

***Source:*** *P&E (2024)*

**Performance of Field Duplicates for Zn**

![image_152.jpg](image_152.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT322

**Performance of Field Duplicates for Mo**

![image_153.jpg](image_153.jpg)

***Source:*** *P&E (2024)*

**Performance of Field Duplicates for Cu**

![image_154.jpg](image_154.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT323

**Performance of Lab Pulp Duplicates – 2018 to 2024**

**Performance of Lab Pulp Duplicates for Au**

![image_155.jpg](image_155.jpg)

***Source:*** *P&E (2024)*

**Performance of Lab Pulp Duplicates for Ag (4 Acid/ICP)**

![image_156.jpg](image_156.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT324

**Performance of Lab Pulp Duplicates for Ag (Fire Assay)**

![image_157.jpg](image_157.jpg)

***Source:*** *P&E (2024)*

**Performance of Lab Pulp Duplicates for Pb**

![image_158.jpg](image_158.jpg)

***Source:*** *P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT325

**Performance of Lab Pulp Duplicates for Zn**

![image_159.jpg](image_159.jpg)

*Source: P&E (2024)*

**Performance of Lab Pulp Duplicates for Mo**

![image_160.jpg](image_160.jpg)

*Source: P&E (2024)*

**AYA GOLD & SILVER INC.**, BOUMADINE POLYMETALLIC PROJECT326

**Performance of Lab Pulp Duplicates for Cu**

![image_161.jpg](image_161.jpg)

***Source:*** *P&E (2024)*

## Exhibit 99.102

![cover_aif-2025xv2a.jpg](cover_aif-2025xv2a.jpg)

**Exhibit 99.102**

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 20252

**Table of Contents**

---

| | |
|:---|:---|
| **[DATE OF INFORMATION, CURRENCY AND](#i97072a1b98944e23bbe66e3dc2e1e0fa)**<br>**[DEFINITIONS](#i97072a1b98944e23bbe66e3dc2e1e0fa)**<br>| **[3](#i97072a1b98944e23bbe66e3dc2e1e0fa)** |
| [General Definitions](#ic59228a28bd5479b83be2808a5144c4a) | [4](#ic59228a28bd5479b83be2808a5144c4a) |
| [Abbreviations](#icc864d144a8e458cb0074c7847d7a04a) | [10](#icc864d144a8e458cb0074c7847d7a04a) |
| [Note to Investors Concerning Certain Measures of](#i2f945b2078fc42ad90415cf445c2ee89)<br>[Performance](#i2f945b2078fc42ad90415cf445c2ee89)<br>| [11](#i2f945b2078fc42ad90415cf445c2ee89) |
| [Note to Investors Concerning Estimates of Mineral](#i217ec7cdd4384fa7aedfe1e92f493205)<br>[Reserves and Mineral Resources](#i217ec7cdd4384fa7aedfe1e92f493205)<br>| [11](#i217ec7cdd4384fa7aedfe1e92f493205) |
| [Technical Information](#i66d3247e084149d5b54dd749c43ce975) | [12](#i66d3247e084149d5b54dd749c43ce975) |
| **[FORWARD-LOOKING STATEMENTS](#i2958ecb180e6488b8ba1e3a06b5b7dbf)** | **[12](#i2958ecb180e6488b8ba1e3a06b5b7dbf)** |
| [Name, Address and Incorporation](#i5af024d36d7147e5b94dc705cd408ee6) | [15](#i5af024d36d7147e5b94dc705cd408ee6) |
| [Intercorporate Relationships](#i2034253166e84bd4a66d2b482143dcbf) | [16](#i2034253166e84bd4a66d2b482143dcbf) |
| **[GENERAL DEVELOPMENT OF THE BUSINESS](#i22dff003a53941369eeab2b80f3f1d76)** | **[17](#i22dff003a53941369eeab2b80f3f1d76)** |
| [Year Ended December 31, 2023](#icb652f6057f447ec9f3691d4861b1b8b) | [17](#icb652f6057f447ec9f3691d4861b1b8b) |
| [Year ended December 31, 2024](#i84b9440c1c694d8a85bf27c64968dbe3) | [20](#i84b9440c1c694d8a85bf27c64968dbe3) |
| [Year Ended December 31, 2025](#ib6d262d44d554c36af542b00bd1bf205) | [23](#ib6d262d44d554c36af542b00bd1bf205) |
| [Recent Events - 2026](#i84a877e8f90b4412876b0eb848e5f7a2) | [28](#i84a877e8f90b4412876b0eb848e5f7a2) |
| **[BUSINESS](#i88b3c9f65b804a83835d59697c012b53)** | **[29](#i88b3c9f65b804a83835d59697c012b53)** |
| **[ZGOUNDER SILVER MINE](#i394cbc922c36453b9fb5863e689e66f5)** | **[34](#i394cbc922c36453b9fb5863e689e66f5)** |
| [Current Technical Report](#i7fc221582fe0454c96a59f486f701d56) | [35](#i7fc221582fe0454c96a59f486f701d56) |
| [Project Description, Location and Access](#i3a2ef66533e74a568cba3b3b1cf1375f) | [35](#i3a2ef66533e74a568cba3b3b1cf1375f) |
| [History](#idc38dd29e53c42c59b2101c67c0f7252) | [38](#idc38dd29e53c42c59b2101c67c0f7252) |
| [Geological Setting, Mineralization and Deposit](#i02b3fec5777d44d9819215d2c55fcae3)<br>[Types](#i02b3fec5777d44d9819215d2c55fcae3)<br>| [39](#i02b3fec5777d44d9819215d2c55fcae3) |
| [Exploration](#i50ec245c0a9145d2aadef932b31799d8) | [40](#i50ec245c0a9145d2aadef932b31799d8) |
| [Drilling](#i2bbb5b69fd144186bc571c7c864ca6a1) | [43](#i2bbb5b69fd144186bc571c7c864ca6a1) |
| [Sampling, Analysis and Data Verification](#i16bbf57e23794dca82ba022ae62e6c4d) | [47](#i16bbf57e23794dca82ba022ae62e6c4d) |
| [Mineral Processing and Metallurgical Testing](#i668b036a707c47f9b26166b7aed2357a) | [51](#i668b036a707c47f9b26166b7aed2357a) |
| [Mineral Resource and Mineral Reserve Estimates](#ie9a58132877e4ff3b2f1d066958cc63c) | [52](#ie9a58132877e4ff3b2f1d066958cc63c) |
| [Mining Operations](#i977ab715fdd54a20aa92ce596491024e) | [54](#i977ab715fdd54a20aa92ce596491024e) |
| [Processing and Recovery Operations](#i1c76cfcbb9b448ca968f279b6d5a05d4) | [57](#i1c76cfcbb9b448ca968f279b6d5a05d4) |
| [Infrastructure, Permitting, and Compliance](#ifc20bdaa10b6419ab116759203d4b54d)<br>[Activities](#ifc20bdaa10b6419ab116759203d4b54d)<br>| [58](#ifc20bdaa10b6419ab116759203d4b54d) |
| [Capital and Operating Costs](#i5035ef4ec82d4e30b862911699ed1d0c) | [59](#i5035ef4ec82d4e30b862911699ed1d0c) |
| [Exploration, Development, and Production](#iaadb1b040cb8497bbb9fe97bb38b1c46) | [61](#iaadb1b040cb8497bbb9fe97bb38b1c46) |
| **[BOUMADINE](#ica87416248b4422ab25ca79aa5eeeaa9)** | **[63](#ica87416248b4422ab25ca79aa5eeeaa9)** |
| [Current Technical Report](#ic1028ad3779f4dce9822f7d454afb66b) | [64](#ic1028ad3779f4dce9822f7d454afb66b) |
| [Project Description, Location, and Access](#i03498e5b8aa74476acb58ece774231b0) | [64](#i03498e5b8aa74476acb58ece774231b0) |
| [History](#i80ff2145a15e44ae8be28621fbfb8b58) | [67](#i80ff2145a15e44ae8be28621fbfb8b58) |
| [Geological Setting, Mineralization, and Deposit](#i33c6dc3cc1c349858840c27f1cbec12a)<br>[Types](#i33c6dc3cc1c349858840c27f1cbec12a)<br>| [69](#i33c6dc3cc1c349858840c27f1cbec12a) |

---

---

| | |
|:---|:---|
| [Exploration](#i1b6110798f054d069c052a7eee1de8e8) | [71](#i1b6110798f054d069c052a7eee1de8e8) |
| [Drilling](#i84d9be677c9b40549fac661f3f3b9e13) | [74](#i84d9be677c9b40549fac661f3f3b9e13) |
| [Sampling, Analysis and Data Verification](#i37df872be46641d18753e580cbcd97b3) | [76](#i37df872be46641d18753e580cbcd97b3) |
| [Mineral Processing and Metallurgical Testing](#i5f1cc019af7b4f7386eddf3c9a8c79ae) | [80](#i5f1cc019af7b4f7386eddf3c9a8c79ae) |
| [Mineral Resource and Mineral Reserve Estimates](#i329722844d004fc39997cd3f5b27a00b) | [84](#i329722844d004fc39997cd3f5b27a00b) |
| [Mining Operations](#id9d7f58c836d47c0b5b33d4997ec9a29) | [87](#id9d7f58c836d47c0b5b33d4997ec9a29) |
| [Processing and Recovery Operations](#i041d21e46ee34ff1a2b7e3ad32f65089) | [88](#i041d21e46ee34ff1a2b7e3ad32f65089) |
| [Infrastructure, Permitting, and Compliance](#ie8a795fb0e054079b176474a971928fa)<br>[Activities](#ie8a795fb0e054079b176474a971928fa)<br>| [89](#ie8a795fb0e054079b176474a971928fa) |
| [Capital and Operating Costs](#i4dd8119945cc456691a0ca0356b5d842) | [90](#i4dd8119945cc456691a0ca0356b5d842) |
| [Exploration, Development, and Production](#i0f5c425b4af141e3807901d02e23d0b2) | [97](#i0f5c425b4af141e3807901d02e23d0b2) |
| **[RISK FACTORS](#i66fd8c3b5e6a42998e35eb8d05cbc3e9)** | **[99](#i66fd8c3b5e6a42998e35eb8d05cbc3e9)** |
| [Operational Risks](#idd8f6921e29c4eec9d8ede77f0c6162a) | [99](#idd8f6921e29c4eec9d8ede77f0c6162a) |
| [Financial Risks](#i877022336f5543779fb24da0744b057d) | [113](#i877022336f5543779fb24da0744b057d) |
| **[DIVIDENDS](#i75be49d11f4345e38c50b0d9ea686a3b)** | **[120](#i75be49d11f4345e38c50b0d9ea686a3b)** |
| **[CAPITAL STRUCTURE](#i287f139d205543e6ad8beaefddb82fdb)** | **[120](#i287f139d205543e6ad8beaefddb82fdb)** |
| **[MARKET FOR SECURITIES](#i50a38b697e8946af887623e422f5b069)** | **[120](#i50a38b697e8946af887623e422f5b069)** |
| [Trading Price and Volume](#ife14559602b74f91b974780095dac8a3) | [120](#ife14559602b74f91b974780095dac8a3) |
| **[DIRECTORS AND OFFICERS](#i8a02cd02886a47e280417d5c1de73528)** | **[121](#i8a02cd02886a47e280417d5c1de73528)** |
| [Directors and Officers](#i7ff3e7905d1549889ffd710080321973) | [121](#i7ff3e7905d1549889ffd710080321973) |
| [Cease Trade Orders, Bankruptcies, Penalties or](#ied894b801e164324bb1ee884d5e3ca69)<br>[Sanctions](#ied894b801e164324bb1ee884d5e3ca69)<br>| [127](#ied894b801e164324bb1ee884d5e3ca69) |
| [Conflicts of Interests](#i693e1d88e0e44dd69758b43055b10078) | [128](#i693e1d88e0e44dd69758b43055b10078) |
| **[AUDIT COMMITTEE INFORMATION](#icc5bae1643fb4d35838b4883ec70e425)** | **[129](#icc5bae1643fb4d35838b4883ec70e425)** |
| [The Audit Committee Charter](#i8e848569f478463da92ca49e0cfc8b30) | [129](#i8e848569f478463da92ca49e0cfc8b30) |
| [Composition of the Audit Committee](#ie6f07b70b525470d8035190c6cf0c464) | [129](#ie6f07b70b525470d8035190c6cf0c464) |
| [Relevant Education and Experience](#i3c9d4dd879f742ea86a66e4eece613dc) | [129](#i3c9d4dd879f742ea86a66e4eece613dc) |
| [Reliance on Certain Exemptions](#i75d4ed0675df4db28d99b45f9e023922) | [130](#i75d4ed0675df4db28d99b45f9e023922) |
| [Audit Committee Oversight](#ic437e3563b86431cbf400cf5857618e5) | [130](#ic437e3563b86431cbf400cf5857618e5) |
| [Pre-Approval Policies and Procedures](#if76a2d264a374b6f993cf6dae03fe42c) | [130](#if76a2d264a374b6f993cf6dae03fe42c) |
| [External Auditor Service Fees](#i6132c592fce54384826687fea3d12ad5) | [131](#i6132c592fce54384826687fea3d12ad5) |
| **[LEGAL PROCEEDINGS AND REGULATORY](#iebfd351ac10d42e7a3e9e4fff8041522)**<br>**[ACTIONS](#iebfd351ac10d42e7a3e9e4fff8041522)**<br>| **[132](#iebfd351ac10d42e7a3e9e4fff8041522)** |
| **[INTEREST OF MANAGEMENT AND OTHERS IN](#iffef80954da7417ab6dfb43a7b1fbfdd)**<br>**[MATERIAL TRANSACTIONS](#iffef80954da7417ab6dfb43a7b1fbfdd)**<br>| **[133](#iffef80954da7417ab6dfb43a7b1fbfdd)** |
| **[TRANSFER AGENT AND REGISTRAR](#i24199e3bfe824184859bd0609a12e4e1)** | **[133](#i24199e3bfe824184859bd0609a12e4e1)** |
| **[MATERIAL CONTRACTS](#i12162ecc8339498998b78958084020ea)** | **[133](#i12162ecc8339498998b78958084020ea)** |
| **[NAMES AND INTERESTS OF EXPERTS](#i42204cf114e54e9dbe01fcd13018e868)** | **[135](#i42204cf114e54e9dbe01fcd13018e868)** |
| **[ADDITIONAL INFORMATION](#iea369f2d95a94504a4f47efdb16fd967)** | **[135](#iea369f2d95a94504a4f47efdb16fd967)** |
| **[SCHEDULE "A" - AUDIT AND RISK MANAGEMENT](#i6725e0f9cddc4a268193f24ae6398377)**<br>**[COMMITTEE CHARTER](#i6725e0f9cddc4a268193f24ae6398377)**<br>| **[A-1](#i6725e0f9cddc4a268193f24ae6398377)** |

---

AYA GOLD & SILVER INC. INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 20253

**DATE OF INFORMATION, CURRENCY AND DEFINITIONS**

All the information contained in this AIF is up to date as at December 31, 2025, unless stated otherwise. For greater certainty,

this AIF sets forth the results for the fiscal year ended December 31, 2025, and is dated March 30, 2026.

All currency references in this AIF are in USD, unless otherwise indicated.

Capitalized terms and abbreviations used in the AIF but not otherwise defined have the meanings set out below unless the

context otherwise indicates:

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 20254

General Definitions

**ACAB Policy** means the Corporation's Anti-Corruption and Anti-Bribery Policy.

**AIF** means this Annual Information Form.

**AISC** means all-in sustaining costs per ounce.

**AfriLab** means African Laboratory for Mining and Environment.

**AGSM** means Aya Gold & Silver Morocco S.A.

**ALS** means ALS Global / ALS Laboratory.

**ALS Zgounder** means the laboratory operated by ALS at the Zgounder Silver Mine.

**Amizmiz** means the Corporation's gold-bearing exploration property located in the Western High Atlas mountains, Morocco,

55 kilometers SSW from the city of Marrakech.

**Audit Committee** means the Audit and Risk Management Committee of the Board.

**Azegour** means the Corporation's property consisting of a mining permit and two exploration permits located in the Occidental

range of the High Atlas mountains, in Morocco.

**BGM** means Boumadine Global Mining S.A.

**Board** means the Board of Directors of Aya.

**BWI** means Bond ball mill work index.

**Boumadine** or **Boumadine Project** means the polymetallic deposit and exploration project located in the Errachidia Province, in

Morocco.

**Boumadine Deposit** means all of the resources within the mineralized envelope in the area covered by Boumadine Mining

License.

**Boumadine Mining License** has the meaning set forth in "*Mining Properties – Boumadine – Project Description, Location and* 

*Access*".

**Boumadine Property** means all of the licenses, permits and exploration authorization owned by Aya or its subsidiaries within

the Boumadine area.

**Boumadine MRE Report** means the NI 43-101 technical report entitled "Technical Report and updated Mineral Resource

Estimate of the Boumadine Polymetallic Project, Kingdom of Morocco" dated March 31, 2025, with an effective date of March

31, 2025, prepared for Aya and authored by David Lalonde, (P.Geo.) Patrick Pérez, (P.Eng.), both Qualified Persons.

**Boumadine PEA Report** has the meaning set forth in "*Business – Boumadine– Current Technical Report".*

**Boumadine PEA Report Authors** means the authors of the Boumadine PEA Report, who are listed as Qualified Persons in the

section of this AIF entitled "*Interests of Experts".*

**BRPM** means Bureau de Recherches et de Participations Minières.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 20255

**Capex** means Capital Expenditures/Capital Cost Estimate.

**CBCA** means the Canada Business Corporations Act.

**CCD** means counter-current decantation.

**CEO** means Chief Executive Officer.

**CFO** means Chief Financial Officer.

**CIL** means carbon in the leach.

**CIM** means the Canadian Institute of Mining, Metallurgy and Petroleum.

**CIM Standards** means the definitions for Mineral Resources, Mineral Reserves and mining studies adopted by the CIM Council

(May 19, 2014), which are incorporated by reference in NI 43-101.

**CIP** means Carbon-in-Pulp.

**CMT** means Compagnie Minière de Touissit.

**CGG** means Compagnie Générale de Geophysique – Veritas.

**COG** means cut-off grade.

**Corporation**, **we**, our, **us** and **Aya** means Aya Gold & Silver Inc., and where applicable, its subsidiaries.

**CTF** means the Climate Technology Fund of the Climate Investment Funds.

**CRMs** mean certified reference materials.

**DD** means diamond drilling.

**DF** means Duro Felguera S.A. and Dufel Marruecos.

**DRA** means DRA Global Limited.

**EBRD** means European Bank for Reconstruction and Development.

**EPC Agreements** has the meaning set forth in "*Material Contracts*".

**EBRD Facility** has the meaning set forth in "*Material Contract – ZMSM EBRD Agreement*s".

**EGRG** means Extended Gravity Recoverable Gold.

**EIA** means an Environmental Impact Assessment.

**Englobe** means Englobe Inc.

**EPC** means Engineering, Procurement and Construction.

**EPC Agreements** has the meaning set forth in "*Material Contracts*".

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 20256

**ESG** means Environmental, Social and Governance.

**ESIA** means Environmental and Social Impact Assessment.

**FEED** means Front-End Engineering Design.

**Form 52-110F1** means Form 52-110F1 "Audit Committee Information Required in an AIF" within NI .

**GCIM** means Groupement des Consultants et Ingénieurs du Maroc.

**GMG** means GoldMinds Geoservices Inc.

**ICP** means Inductively Coupled Plasma.

**IFRS** means International Financial Reporting Standards.

**Independent Director** has the meaning set forth in NI 52-110.

**Indicated Mineral Resource** is defined under the CIM Standards as that part of a Mineral Resource for which quantity, grade or

quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of

Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to

assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower

level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral

Reserve.

**Inferred Mineral Resource** is defined under the CIM Standards as that part of a Mineral Resource for which quantity and grade

or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply

but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that

applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the

majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

**IT Systems** has the meaning set forth in "*Risk Factors - Information Technology Systems and Cyber Security Threats*".

**LOM** means life of mine.

**MAD** means Moroccan dirham.

**Maya** means "Maya Gold & Silver", being the former name of the Corporation.

**MD&A** means management's discussion and analysis of results of operations and financial condition of the Corporation,

prepared in accordance with Form 51-102F1 "Management's Discussion & Analysis".

**Measured Mineral Resource** is defined under the CIM Standards as that part of a Mineral Resource for which quantity, grade

or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of

Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological

evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and

grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than

that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral

Reserve or to a Probable Mineral Reserve.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 20257

**Mineral Reserves** is defined under the CIM Standards as the economically mineable part of a Measured and/or Indicated

Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or

extracted and is defined by studies at pre-feasibility or feasibility level as appropriate that include application of Modifying

Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified. The reference point

at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is

important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is

included to ensure that the reader is fully informed as to what is being reported. The public disclosure of a Mineral Reserve

must be demonstrated by a pre-feasibility study or feasibility study.

**Mineral Resource** is defined under the CIM Standards as a concentration or occurrence of solid material of economic interest

in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic

extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are

known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are

sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

**Modifying Factors** are defined under the CIM Standards as considerations used to convert Mineral Resources to Mineral

Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal,

environmental, social and governmental factors.

**Morocco** means the Kingdom of Morocco.

**Mineral Resource Estimate** or **MRE** means Mineral Resource estimate.

**NSR** means Net Smelter Return.

**NI 43-101** means National Instrument 43-101 "*Standards of Disclosure for Mineral Projects*" adopted by the Canadian

Securities Administrators.

**NI 51-102** means National Instrument 51-102 "*Continuous Disclosure Obligations*" adopted by the Canadian Securities

Administrators.

**NI 52-110** means National Instrument 52-110 "*Audit Committees*" adopted by the Canadian Securities Administrators.

**Non-GAAP** means financial measures that are not defined under the Corporation's generally accepted accounting principles

("GAAP"), being IFRS, and may not be comparable to similar measures presented by other issuers.

**ONEE** means the Office National de l'Électricité et de l'Eau Potable.

**ONHYM** means the Office National des Hydrocarbures et des Mines.

**OP** means open pit.

**Opex** means Operating expenditures.

**OTCQX** means OTCQX® Best Market.

**PEA** means Preliminary Economic Assessment, as defined in NI 43-101.

**Plant # 1** has the meaning set forth in "*Mining Properties – Zgounder Silver Mine – Processing and Recovery Operations*".

**Plant #2** has the meaning set forth in "*Mining Properties – Zgounder Silver Mine – Processing and Recovery Operations*".

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 20258

**Plant # 3** has the meaning set forth in "*Mining Properties – Zgounder Silver Mine – Processing and Recovery Operations*".

**POX** means pressure oxidization.

**PPA** means Power Purchase Agreement.

**Probable Mineral Reserve** is defined under the CIM Standards as the economically mineable part of an Indicated, and in some

circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral

Reserve is lower than that applying to a Proven Mineral Reserve.

**Proven Mineral Reserve** is defined under the CIM Standards as the economically mineable part of a Measured Mineral

Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors.

**P&E** means P&E Mining Consultants Inc.

**P&P** means the total Proven and Probable Mineral Reserves.

**QA/QC** or **QA** or **QC** means quality assurance and/or quality control.

**Qualified Person** means a qualified person as defined in NI 43-101.

**Reorganization** means the corporate reorganization undertaken by Aya within the last year, as described in the section of this

AIF entitled "*Business - Reorganizations".* 

**RPEEE** means reasonable prospects of eventual economic extraction.

**RC** means reverse circulation drilling.

**ROM** means run-of-mine.

**RQD** means Rock Quality Designation.

**SEDAR+** means the System for Electronic Document Analysis and Retrieval+ (sedarplus.ca).

**SGS** means SGS Canada Inc.

**Shares** means the common shares in the capital of the Corporation.

**SNAM** means Société Nationale des Autoroutes du Maroc.

**SOFR** means the Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York.

**SOMIL** means Société Minière de Sidi Lahcen.

**TCFD** means Task Force on Climate-Related Financial Disclosures.

**Tijirit** means the gold project located in northwestern Mauritania, owned on a 75%-15%-10% basis by the Corporation, the

Government of Mauritania and Wafa Mining.

**Tirzzit** means the Corporation's property consisting of seven permits located in the Anti-Atlas mountains, 25 kilometers SSW

of Zgounder, in Morocco.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 20259

**TSF** means tailings storage facility.

**TSX** means the Toronto Stock Exchange.

**TTF** means the Tamerzaga-Timrachine Formation as further defined in "*Business – Boumadine - Geological Setting,* 

*Mineralization, and Deposit Types*".

**T28** means T28 percussion hammer drill rig (Jackleg drill).

**UAE** means the United Arab Emirates.

**UG** means underground.

**Updated Zgounder Technical Report** has the meaning set forth in "*Business - Zgounder silver Min - Current Technical Report*".

**USD** or **US$** means United States Dollar.

**VTEM** means versatile time domain electromagnetic.

**XRD** means X-Ray Diffraction.

**YAK** means percussion drill Yak.

**YoY** means year over year.

**Zgounder** or **Zgounder Silver Mine** means the open pit and underground mine as well as all related infrastructure and licenses

and permits described under "*Mining Properties – Zgounder Silver Mine - Property Description, Location and Access*".

**Zgounder Expansion** or **Zgounder Project** means the construction project to expand the Zgounder Silver Mine from 700 tpd to

2,700 tpd capacity.

**Zgounder Mining License** means the mining license LE-393459.

**Zgounder Deposit** means to the Zgounder silver ore body, the volume of mineralized material which includes the resources

and reserve of the Zgounder Project currently in operation and its potential adjacent expansion known or unknown.

**Zgounder Regional** means all of the exploration permits and mining licenses outside of the Zgounder Mining License.

**Zgounder Feasibility Study** means the NI 43-10 technical report entitled "NI 43-101 Technical Report – Feasibility Study

Zgounder Expansion Project", originally dated March 31, 2022, and amended on June 16, 2022, with an effective date of

December 13, 2021, prepared for Aya by DRA, under the supervision of Daniel M. Gagnon (P. Eng.), with the participation of

William Stone (P. Geo.), Antoine Yassa (P. Geo.), Jarita Barry (P. Geo.), Fred Brown (P. Geo.), Eugene Puritch (P. Eng., FEC,

CET), Daniel Morrison (P. Eng.), André-François Gravel (P. Eng., PMP), Claude Bisaillon (P. Eng.), Julie Gravel (P. Eng.), Kathy

Kalenchuk (Ph. D., P. Eng., PE), Hugo Dello Sbarba (P. Eng.), Philippe Rio Roberge (P. Eng.), Richard Barbeau (P. Eng.), and

Stephen Coates (P. Eng.), all Qualified Persons.

**ZMSM** means Zgounder Millenium Silver Mining S.A.

**3-D** means three dimensions.

**2019 CIM Guidelines** means the Mineral Resources and Mineral Reserves Best Practice Guidelines adopted by the CIM

Council on November 29, 2019.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202510

**2023 Bought Deal Offering** has the meaning set forth in "*General Business – Year Ended December 31, 2023*".

**2023 Upsized Bought Deal Offering** has the meaning set forth in "*General Business – Year Ended December 31, 2023*".

**2023 Underwriters** has the meaning set forth in "*General Business – Year Ended December 31, 2023*".

**2024 Offering** has the meaning set forth in "*General Business – Year Ended December 31, 2024*".

**2024 Offering Issue Price** has the meaning set forth in "*General Business – Year Ended December 31, 2024*".

**2024 Underwriters** has the meaning set forth in "*General Business – Year Ended December 31, 202*4".

**2025 Bought-Deal Issue Price** has the meaning set forth in "*General Business – Year Ended December 31, 2025*".

**2025 Underwriters** has the meaning set forth in "*General Business – Year Ended December 31, 2025*".

**2025 Upsized Bought-Deal Offering** has the meaning set forth in "*General Business – Year Ended December 31, 2025*".

Abbreviations

---

| | |
|:---|:---|
| **Abbreviation** | **Definition** |
| **Ag** | **silver** |
| **Ag2S** | **silver sulfide** |
| **Ag3AsS3** | **silver arsenic sulfide** |
| **AgEq\*** | **silver equivalent** |
| **Au** | **gold** |
| **AuEq** | **gold equivalent** |
| **Ba** | **barium** |
| **cm** | **centimeter** |
| **Cd** | **cadmium** |
| **Co** | **cobalt** |
| **Cu** | **copper** |
| **d** | **day** |
| **g** | **gram** |
| **gpt** | **grams per tonne** |
| **kt** | **kilotonne** |
| **ha** | **hectare** |
| **HCL** | **hydrochloric acid** |
| **Hg** | **mercury** |
| **HNO₃** | **nitric acid** |
| **H2O2** | **hydrogen peroxide** |
| **K** | **potassium** |
| **kg** | **kilogram** |
| **km** | **kilometer** |
| **koz** | **thousand troy ounces** |
| **kPa** | **kilopascal** |
| **kt** | **thousand tonnes** |
| **kV** | **kilovolt** |
| **L** | **liter** |
| **m** | **meter** |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202511

---

| | |
|:---|:---|
| **mm** | **millimeter** |
| **M** | **million** |
| **MASL** | **meters above sea level** |
| **Moz** | **million troy ounces** |
| **Mt** | **million tonnes** |
| **NaCN** | **sodium cyanide** |
| **Ni** | **nickel** |
| **oz** | **troy ounce** |
| **Pb** | **lead** |
| **pH** | **potential of hydrogen** |
| **ppm** | **parts per million** |
| **S** | **sulphur** |
| **Sr** | **strontium** |
| **t** | **metric tonne** |
| **Th** | **thorium** |
| **U** | **uranium** |
| **μm** | **micron, micrometer** |
| **tpd** | **tonnes per day** |
| **tph** | **tonnes per hour** |
| **w** | **weight** |
| **Zn** | **zinc** |

---

**\* AgEq is referenced in the "General Development of the Business" section of this AIF to represent silver equivalents as reported** 

**in various Corporation press releases. Each press release specifies the exact formula used for calculating silver equivalents.**

Note to Investors Concerning Certain Measures of Performance

This AIF discloses certain non-GAAP financial performance measures, including "cash costs", that are non-GAAP financial

measures. These measures are not standardized financial measures prescribed under IFRS and therefore should not be

confused with, or used as an alternative for, performance measures calculated in accordance with IFRS. Furthermore, these

measures should not be compared with similarly titled measures provided or used by other silver producers. Management

believes that these measures provide additional insight into the Corporation's operating performance and trends and facilitate

comparisons across reporting periods. For a description and reconciliation of "cash costs" to the most directly comparable

IFRS measure (cost of sales), please refer to the section entitled "Non-GAAP Measures" in the Corporation's MD&A for the year

ended December 31, 2025, dated March 30, 2026, available under Aya's profile at SEDAR+, which section is incorporated herein

by reference.

Note to Investors Concerning Estimates of Mineral Reserves and Mineral Resources

This AIF has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from

the requirements of United States securities laws. The Company's mineral reserves and mineral resources have been

estimated in accordance with NI 43-101, as required by Canadian securities regulatory authorities. These standards differ from

the requirements of the United States Securities and Exchange Commission (the "**SEC**") that are applicable to domestic United

States reporting companies. Accordingly, information in this AIF that describes the Company's mineral reserves and mineral

resources may not be comparable to information made public by United States companies subject to the SEC's reporting and

disclosure requirements.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202512

Investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and

"inferred mineral resources", investors should not assume that any part or all of the mineral deposits in these categories will

ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of

uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any "measured

mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this AIF are or

will be economically or legally mineable. Further, "inferred mineral resources" have a great amount of uncertainty as to their

existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral

resource will ever be upgraded to a higher category. Under Canadian regulations, estimates of inferred mineral resources may

not form the basis of feasibility or pre-feasibility studies, except in limited circumstances. Investors are cautioned not to

assume that all or any part of an inferred mineral resource exists or is or will ever be economically or legally mineable.

The mineral reserve and mineral resource data set out in this AIF are estimates, and no assurance can be given that the

anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized.

Technical Information

The scientific and technical information set out in this AIF has been prepared under the supervision of, or reviewed by, and

approved by Mr. David Lalonde (P.Geo.), Vice-President, Exploration. and Mr. Raphael Beaudoin (P.Eng.), Vice-President,

Operations, each a Qualified Person.

**FORWARD-LOOKING STATEMENTS**

Certain statements in this AIF referred herein as "forward-looking statements" within the meaning of applicable Canadian

securities legislation. All statements, other than statements of historical fact, contained or incorporated by reference in this

AIF, that address circumstances, events, activities or developments that could, or may occur, are forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results

could differ materially from those expressed or implied in such statements. Forward-looking statements can generally be

identified with words such as "plan", "aim" "expect", "budget", "strategy", "scheduled", "estimate", "forecast", "target", "future",

"guide", "likely", "anticipate", "believe", "intend", "intention", "assume", "commitment", "potential", "project", "schedule", "track",

"pursuit", "goal", "continue", "ongoing" and similar expressions or statements to the effect that certain actions, events or

results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements in this AIF include, but are not limited to:

• statements with respect to Aya's future growth;

• results of operations (including, without limitation, past and expected future production and capital expenditures);

• anticipated financial and operational performance and results;

• business prospects and opportunities (including the timing and development of new deposits and the success of

exploration activities);

• Aya's expectation regarding its ability to raise capital and grow its business;

• anticipated trends and challenges in Aya's business and the industry in which it operates;

• estimated exploration expenditures and budgets;

• strategic plans;

• potential acquisitions;

• market price and demand for gold and silver;

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202513

• permitting or other timelines;

• government regulations and relations;

• the estimates of expected or anticipated results and economic returns from mining projects and operations at the

Zgounder Silver Mine;

• Zgounder Expansion project cash flows and economic viability estimates;

• mineral reserve and mineral resources estimates;

• plans relating to the Zgounder Silver Mine, including potential exploration activities and related expenditures;

• the estimated costs of the recommended work program at Zgounder and the expected phases and timelines;

• plans relating to the Boumadine Deposit, including potential exploration activities and related expenditures;

• the estimated costs of the recommended work program at the Boumadine Property and the expected phases and

timelines;

• Aya's guidance and corporate outlook;

• preliminary results from exploration programs;

• the intended use of the proceeds of public offerings;

• the objectives and ability of Aya to implement responsible mining and climate change initiatives in Morocco;

• the resiliency of the Zgounder Silver Mine to climate impacts;

• Aya's ability to conduct business in a way that safeguards public health and the environment;

• Aya's ability to receive and maintain licenses and permits from appropriate governmental authorities;

• laws and regulations, including those pertaining to environment, health and safety;

• exchange rates;

• the estimated project cash flows and economic viability of exploration and expansion projects;

• the sufficiency of the water and storage facilities at the Zgounder Silver Mine; and

• capital and operating costs required over the LOM of the Zgounder Silver Mine.

Forward-looking statements contained in this AIF are based upon a number of factors, assumptions and information currently

available to management that Aya believes to be reasonable at the time of the statements. Key assumptions upon which Aya's

forward-looking information is based include Aya's ability to raise additional financing when needed and on reasonable terms;

Aya's ability to achieve current exploration, development and other objectives concerning Aya's properties; Aya's expectation

that the current price and demand for gold and silver and other commodities will be sustained or will improve; Aya's ability to

obtain and maintain requisite licenses and necessary governmental approvals; Aya's ability to attract and retain key personnel;

and general business and economic conditions, including competitive conditions, in the market in which the Aya operates.

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 performance,

prospects and opportunities in future periods can differ materially from those expressed or implied with such forward-looking

statements. A number of factors could cause actual results, performance or achievements to differ materially from the results

expressed or implied in the forward-looking statements. These factors include, without limitation:

• Aya's ability to execute plans relating to its Zgounder Project and Boumadine Project, including the timing thereof;

• risks and hazards associated with the business of mineral exploration, development, and mining, including environmental

hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or

structural formations, pressures, cave-ins, and flooding;

• risks related to Aya's operations in Morocco;

• the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as

properties are mined;

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202514

• the inability to determine, with certainty, the production of metals and cost estimates, or the prices to be received before

mineral reserves or mineral resources are actually mined;

• inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward

markets for silver and other commodities (such as natural gas, fuel oil and electricity); restrictions on mining in the

jurisdictions in which Aya operates;

• change of laws and regulations governing our operation, exploration, and development activities, including international

laws and legal norms, such as those relating to Indigenous peoples and human rights; the Corporation's ability to mitigate

the risks pertaining to fund repatriation;

• expectations with respect to any future pandemics on our operations, and assumptions related thereto;

• Aya's ability to attract and retain qualified employees and contractors;

• Aya's ability to obtain necessary permits and licenses; inherent risks associated with tailings facilities and heap leach

operations, including failure or leakages;

• Aya's growth strategy;

• Aya's ability to obtain insurance;

• occupational health and safety risks;

• adverse publicity risks;

• third party risks;

• disruptions to Aya's business operations;

• Aya's reliance on technology and information systems;

• litigation risks;

• interest and exchange rates risks;

• tax risks;

• unforeseen expenses;

• public health crises;

• climate change;

• general economic conditions;

• commodity prices and exchange rate risks;

• gold and silver demand;

• volatility of share price;

• public company obligations;

• competition risk;

• policies and legislation;

• force majeure;

• climate risks;

• the effectiveness of our internal control over financial reporting;

• risks related to competition in the mining industry;

• changes in technology; and

• other risks described in the Corporation's documents filed with Canadian securities regulatory authorities. Further

information with respect to these and other risks can be found in the "Risk Factors" section of this AIF and other filings

with the Canadian securities regulatory authorities and available on SEDAR+.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202515

These factors are not intended to represent a complete list of the factors that could affect Aya. These factors should be

considered carefully and prospective or existing investors should not place undue reliance on any forward-looking statements

contained in them.

Forward-looking statements and other information contained herein concerning, among other things, mineral exploration and

management's general expectations concerning the mineral exploration industry are based on estimates prepared by

management using data from publicly available industry sources as well as from market research and industry analysis as well

as assumptions based on data and knowledge of the industry which management believes to be reasonable, including, among

other things, the ability to obtain any requisite Moroccan governmental approvals, the accuracy of mineral reserve and mineral

resource estimates, silver price, exchange rates, fuel and energy costs, future economic conditions and courses of action.

However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and

performance characteristics. While management is not aware of any misstatements regarding any industry data presented

herein, mineral exploration involves risks and uncertainties, and industry data is subject to change based on various factors.

Readers are cautioned that the foregoing risk factors and assumptions are not exhaustive of all risk factors and assumptions

which may have been used. In addition, please note that statements relating to "reserves" or "resources" are deemed to be

forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the

resources and reserves described can be profitably mined in the future.

All of the forward-looking statements made in this AIF and the documents incorporated by reference herein are qualified by

these cautionary statements and other cautionary statements or factors contained herein. Although Aya believes its

expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual

actions, events or results to differ materially from those described in forward-looking statements, there may be other factors

that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-

looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated

in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks

or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found

herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place

undue reliance on forward-looking statements. Forward-looking statements contained herein are presented for the purpose of

assisting investors in understanding Aya's business plans, financial performance and condition and may not be appropriate for

other purposes.

The forward-looking statements contained herein are made only as of the date hereof. Aya disclaims any intention or

obligation to update or revise any forward-looking statements, whether as a result of new information, future events or

otherwise, except to the extent required by applicable law.

**CORPORATE STRUCTURE**

Name, Address and Incorporation

Aya Gold & Silver Inc. was incorporated pursuant to the CBCA on December 19, 2007. The head and registered office of the

Corporation is located at 1320 boulevard Graham, Suite 132, Mont-Royal, Québec, Canada, H3P 3C8. On February 27, 2018,

articles of amendment were issued to consolidate the common shares of the Corporation on a 4 for 1 basis. On July 22, 2020,

articles of amendment were issued to change the name of the Corporation from Maya Gold & Silver Inc. to Aya Gold & Silver

Inc. On January 1, 2026, the Corporation completed a vertical short-form amalgamation with its wholly-owned subsidiary,

Algold Resources Ltd., pursuant to which articles of amalgamation were issued. The securities of the Corporation were not

affected.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202516

The Corporation is a reporting issuer in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec,

New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland. Its common shares are listed on the TSX under the

ticker symbol "AYA" and on the OTCQX under the ticker symbol "AYASF".

Intercorporate Relationships

The following figure shows the intercorporate relationships among Aya and its material subsidiaries:

![intercorporaterelationshipa.jpg](intercorporaterelationshipa.jpg)

**Figure 1: Intercorporate Relationships**

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202517

• Aya International Holdings SPV Ltd., was incorporated on December 31, 2024 under the laws of Abu Dhabi Global Market.

Its registered office address is Suite 204, Level 15, AL Sarab Tower, Abu Dhabi Global Market Square, 764629, Abu Dhabi,

Al Maryah Island, UAE.

• Boumadine International Holding SPV Ltd. was incorporated on January 29, 2025 under the laws of Abu Dhabi Global

Market. Its registered office address is Suite 204, Level 15, AL Sarab Tower, Abu Dhabi Global Market Square, 764629, Abu

Dhabi, Al Maryah Island, UAE.

• AGS Group Services Ltd. was incorporated on May 6, 2025 under the laws of Abu Dhabi Global Market. Its registered

office address is Level 7, Al Maryah Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, UAE.

• Aya Gold & Silver Maroc S.A., previously Compagnie Minière Maya-Maroc S.A., was incorporated on August 24, 2009

under the laws of Morocco. Its registered office is located at the corner of Boulevard Ibnou Sina and Rue Abou Rayane Al

Falaki, 20370, Casablanca, Morocco. AGSM is involved in the exploration of mining properties located in Morocco.

• Zgounder Millenium Silver Mining S.A. was incorporated on October 19, 2013 under the laws of Morocco. Its registered

office is located at corner Boulevard Ibnou Sina and Rue Abou Rayane Al Falaki, 20370, Casablanca, Morocco. ZMSM is

involved in the development, ownership and operation of mining properties located in Morocco.

• Boumadine Global Mining S.A. was incorporated on December 31, 2019 under the laws of Morocco. Its registered office is

located at corner Boulevard Ibnou Sina and Rue Abou Rayane Al Falaki, 20370, Casablanca, Morocco. BGM is owned on a

85%-15% basis with the ONHYM<sup>1</sup>. BGM is involved in the exploration of mining properties in Morocco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Note:**

1. Prior to the Reorganization, BGM was owned on a 85%-15% basis by Aya and the ONHYM. Further to the Reorganization, the ONHYM

was diluted with the right to re-subscribe to 15% of the share capital of BGM at any time upon notice until December 31, 2026.

**GENERAL DEVELOPMENT OF THE BUSINESS**

For additional information concerning the business developments described in this section, please refer to the relevant press

releases available under Aya's profile on SEDAR+.

**THREE-YEAR HISTORY** 

Year Ended December 31, 2023

Operations

On January 10, 2023, the Corporation announced its 2022 fourth quarter and annual silver production results at the Zgounder

Silver Mine, including 661,621 oz of Ag produced, 63,283 t of ore processed at a head grade of 364 g/t, an Ag recovery rate of

89.9%, combined mill availability of 88.8% and mine production of 80,426 t, for the quarter. The Corporation also announced

that, for the year 2022, a total of 1,880,707 oz of Ag was produced, 254,976 t of ore were processed at 265 g/t, there was an Ag

recovery of 86.6%, the combined mill availability was 91.7% and the total mine production was of 283,090 t of ore.

On February 9, 2023, the Corporation provided guidance and a corporate outlook for the Corporation's activities in Morocco.

The guidance included Ag production of between 1.7 and 1.9 Moz, in-line with 2022 and, an exploration budget of $14.3 million

of which $8.8 million was allocated to Zgounder.

On February 14, 2023, the Corporation announced new high-grade exploration drill results, which confirm the extension of

mineralization by 20% south of the main mineralized trend and confirm the discovery of several parallel structures at

Boumadine, including hole BOU-DD22-080 which intercepted 2,715 g/t AgEq over 1.40m and hole BOU-DD22-041 which

intercepted 609 g/t AgEq over 3.6m.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202518

On February 28, 2023, the Corporation announced additional drill results at the Zgounder Silver Mine, including with intercepts

such as ZG-DCD-22-07, which intersected 846 g/t Ag over 9.5m, confirming high-grade mineralization at depth toward the

contact with the granite.

On March 29, 2023, the Corporation reported results for the fourth quarter and year ended December 31, 2022, including a

record annual Ag production of 1,880,707 oz, operating cash flow for the year of $9.6M, revenue of $38.2M, Ag sales of

1,935,154 oz, net income of $1.5M and milling operations averaging 699 tpd.

On April 19, 2023, the Corporation announced high-grade exploration drill results at Boumadine, including the definition of a

new high-grade mineralized stockwork area that expands the south zone in such way that the main mineralized trend now

extends over 3.4 km and remains open along strike and at depth, including with hole BOU-DD23-095 which intercepted 192 g/t

AgEq over 129.4 m and, hole BOU-DD23-092 which intersected 610 g/t AgEq over 6.6m.

On May 12, 2023, the Corporation announced interim financial and operational results for the first quarter ended March 31,

2023, including Ag production of 474,813 oz, Ag sales of 508,204 oz, revenue of $10.4M, total ore processed of 72,737 t, mill

recoveries reaching 87.1%, average grade 235 g/t and, an average daily mining rate of 922 tpd.

On May 30, 2023, the Corporation announced additional drill results, confirming high-grade silver mineralization at the

Zgounder Silver Mine, including hole ZG-RC-23-2260-70 in the open-pit area which intercepted 1,611 g/t Ag over 27m including

4,771 g/t Ag over 5.0m, which demonstrated the continuity of the deposit. The Corporation also provided preliminary results

from the Zgounder Regional program, which, although anomalous, confirmed the potential for the discovery of satellite

deposits for the Zgounder Silver Mine.

On July 5, 2023, the Corporation announced high-grade exploration drill results at Boumadine confirming the continuity and

extension of the mineralized footprint south of the Boumadine Main Zone, including hole BOU-DD23-142 which intersected 475

g/t AgEq over 11.8m and, hole BOU-DD23-111 which intersected 539 g/t AgEq over 9.6m. The Corporation also announced the

discovery of a new mineralized zone in the Northwest through the surface mapping program, with surface samples returning

values up to 460 g/t AgEq over a >1.5km structure of N030 orientation. Finally, the Corporation announced that a first site visit

was conducted by RSC Consulting Limited, which was mandated to conduct a NI 43-101-compliant mineral resource estimate

of Boumadine.

On August 11, 2023, the Corporation announced interim financial and operational results for the second quarter ended June

30, 2023, including silver production of 526,703 oz, mill recovery of 87.3%, 72,190 t of ore processed, revenue of $9.6 M and

operating cash flow of $3.7M. In terms of exploration and development, the Corporation announced having completed the

following over the course of the quarter: 12,424m of drilling at Zgounder; 4,634m of diamond drill hole drilling on Zgounder

Regional properties; 18.7km of the 36km diamond drill hole program at Boumadine and; the acquisition of the Tirzzit historical

copper mine property in Morocco. The Corporation finally informed having settled a dispute with its former CEO.

On August 17, 2023, the Corporation announced an increase of its 2023 exploration program at its Moroccan properties

including 40,000m added to the 2023 diamond drill hole program at Boumadine; 7,300m added to the 2023 diamond drill hole

program at Zgounder Regional; 3,000m of surface drilling near the open-pit added to the 2023 diamond drill hole program at

Zgounder and; an initial stream sediment and mapping campaign and a high resolution hyperspectral survey at Tirzzit.

On August 22, 2023, the Corporation announced exploration drill results from its Tijirit gold project, located in Mauritania. The

results confirmed high-grade mineralization that will be used to complete the resources and reserves update for the project,

including hole T23RC155 which intersected 10.40 g/t Au over 10.0m, and hole T23RC145 which intersected 12.86 g/t Au over

4.0m.

On September 6, 2023, the Corporation announced high-grade drill results at the Zgounder Silver Mine which continued to

demonstrate continuity of mineralization from surface and at depth over the larger footprint of the deposit, including hole ZG-

RC-23-2230-212 near the open-pit area to the East which intercepted 1,242 g/t Ag over 9.0 m.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202519

On September 18, 2023, the Corporation announced high-grade exploration drill results at Boumadine, which extended the

main mineralized trend by 400 meters and continued to demonstrate continuity of the Boumadine Main Zone, including hole

BOU-DD23-143 which intersected 1,410 g/t AgEq over 9.3 m and, hole BOU-DD23-161 which intersected 664 g/t AgEq over

8.4m. The Corporation also announced the acquisition of a 6 km² exploration permit east of Boumadine.

On October 12, 2023, the Corporation announced high-grade silver drill results at the Zgounder Silver Mine, including the RC

drill hole ZG-RC-C3-23-25 in the open-pit area which intercepted 480 g/t Ag over 17 m, and hole ZG-RC-C3-23-36 which

intercepted 1,043 g/t Ag over 5.0m. The Corporation also announced the acquisition of 62.6 km² of exploration permits less

than 25km east of the Zgounder Silver Mine as part of a reallocation of exploration permits by the Moroccan Directorate of

Mines.

On November 9, 2023, the Corporation reported results from metallurgical test work on its Boumadine project. The results

reported were from a two-step process involving phase I consisting of a flotation circuit and, Phase II completed using the

Albion Process<sup>TM</sup>. The results obtained were of 89% for Ag, 85% for Au, 85% for lead and 72% for zinc.

On November 14, 2023, the Corporation announced interim financial and operational results for the third quarter ended

September 30, 2023, including an Ag production of 519,085 oz, Ag sales of 543,983 oz, mill recovery of 86.6%, 70,258 t of ore

processed, revenue of $11.7M, and operating cash flow of $7.7M.

On November 20, 2023, the Corporation announced high-grade drill exploration results at Boumadine, including hole BOU-

DD23-180 which intersected 1,039 g/t AgEq over 23.5m and hole BOU-DD23-184 which intersected 474 g/t AgEq over 30.1m.

These results confirmed both continuity of the Main Trend and its potential from surface and over a very wide area. The

Corporation also announced the acquisition of 2 new mining permits totaling 15.8 km² north-east and south-west of

Boumadine and 1 new mining and exploration permit for a total of 20 km² west of Boumadine.

On November 29, 2023, the Corporation announced high-grade silver drill results from its at-depth drill program at the

Zgounder Silver Mine, including diamond drill hole ZG-23-25 which intercepted 1,075 g/t Ag over 7.5 m, and diamond drill hole

ZG-SF-23-037 which intercepted 1,356 g/t Ag over 4.0m. The results announced confirmed the mineralization at depth at the

granite contact outside the resource boundary.

Corporate

On January 13, 2023, the Corporation announced that it had obtained a receipt for a final short form base shelf prospectus

further to the filing of a preliminary short form base shelf prospectus, announced on November 4, 2022. The filing of the final

short form base shelf prospectus will allow the Corporation, if it chooses, to make offerings of common shares, debt

securities, warrants, subscription receipts, or any combination thereof, of up to CA$200M during the next 25 months in

Canada.

On January 17, 2023, the Corporation announced that it had entered into an agreement pursuant to which Eight Capital and

Desjardins Capital Markets, as joint bookrunners and co-lead underwriters, together with a syndicate of underwriters

(collectively, the "2023 Underwriters"), had agreed to purchase, on a bought deal basis, 8,485,000 Shares at a price of CA$8.25

per Share for gross proceeds of CA$70,001,250 (the "2023 Bought Deal Offering"). The Corporation informed that it intended

to use the net proceeds of the 2023 Bought Deal Offering to advance its business objectives including for the advancement of

its exploration program namely at Boumadine and Zgounder, the funding of the Zgounder Expansion, and for working capital

and general corporate purposes.

On January 18, 2023, the Corporation announced the upsizing of its previously announced 2023 Bought Deal Offering and that

it had entered into an amended agreement with the 2023 Underwriters pursuant to which the latter had agreed to purchase, on

a bought deal basis, 9,697,000 Shares at a price of CA$8.25 per Share for gross proceeds of CA$80,000,250 (the "2023

Upsized Bought Deal Offering").The Corporation agreed to grant the 203 Underwriters an over-allotment option to purchase up

to an additional 15% of the Shares at the same price, exercisable in whole or in part, at any time on or prior to the date that is

30 days following the closing of the Upsized 2023 Bought Deal Offering.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202520

On January 25, 2023, the Corporation announced that it had closed its previously announced 2023 Upsized Bought Deal

Offering of 11,151,550 Shares at a price of $8.25 per Share for gross proceeds of approximately CA$92,000,000, including the

full exercise of the over-allotment option in the amount of approximately CA$12,000,000.

On February 7, 2023, the Corporation announced that it had closed the $100M ZMSM EBRD Facility to support the Zgounder

Expansion, previously announced on October 25, 2022. The key terms of the ZMSM EBRD Facility include a $92M loan

provided by the EBRD and a $8M loan provided by the CTF.

On February 16, 2023, the Corporation announced that its subsidiary, ZMSM, had entered into a 20-year PPA with Energie

Éolienne du Maroc, for the procurement of renewable energy starting upon completion of the Zgounder Expansion. The PPA

will allow the new and existing processing plants and surrounding infrastructure to operate predominantly with renewable

electricity and supports the Corporation's objective of implementing responsible mining and climate change initiatives in

Morocco.

On June 15, 2023, the Corporation announced that all nominee directors had been elected at its Annual General Meeting of

shareholders and, that Ms. Annie Torkia Lagacé would be imminently appointed to fill the vacancy created the departure of Mr.

Nolet de Brauwere, which would increase women Board representation to over 37%.

On June 29, 2023, the Corporation announced its acquisition of the Tirzzit project, comprising: seven permits, including five

exploration permits and two mining licenses, one of which hosts a high-grade historical copper mine; historical data including

drill results and geophysics, which Aya will use to launch fieldwork to enhance its understanding of Tirzzit and; a property

totaling 67.7 square kilometers.

On July 11, 2023, the Corporation informed that it had released its 2022 Sustainability Report, which sets out its 2022

performance and strategy in ESG matters and shares the story and journey behind the data.

On August 29, 2023, the Corporation announced the first drawdown on the ZMSM EBRD Facility for the Zgounder Expansion, in

the amount of $35M.

Year ended December 31, 2024

Operations

On January 11, 2024, the Corporation announced its 2023 fourth quarter results at the Zgounder Silver Mine, including a total

of 450,046 oz of Ag produced, 66,449 t of ore processed at a head grade of 239 g/t, an Ag recovery rate of 86.7%, combined

mill availability of 91.3% and mine production of 180,726 t of ore. The Corporation also announced that, for the year 2023, a

total of 1,970,646 oz of Ag was produced, 281,634 t of ore were processed at 250 g/t, there was an Ag recovery of 86.9%, the

combined mill availability was 93.6% and the total mine production was of 505,989 t of ore, consisting of a 78.7% increase

compared with 2022, in line with its mine ramp up plan. The results beat the performance guidance provided by the

Corporation for the year 2023.

On January 18, 2024, the Corporation announced high-grade drill results from its 2023 completed drill exploration program of

76,000 m at Boumadine, including hole BOU-DD23-223 which intersected 763 g/t AgEq over 38.3 m and, hole BOU-DD23-218

which intersected 1,409 g/t AgEq over 4.2m and 978 g/t AgEq over 5.8m. The results confirmed the continuity and grade of the

Main Trend at Boumadine.

On January 31, 2024, the Corporation announced high-grade silver drill results from its at-depth drill program at the Zgounder

Silver Mine. Results validated the very high-grade nature of the Zgounder Silver Mine, including with diamond drill hole G-23-54

which intercepted 1,846 g/t Ag over 7.0 m and hole DZG-SF-23-292 which intercepted 2,430 g/t Ag over 4.5m. Results also

confirmed mineralization near the granite contact including with hole ZG-SF-23-055 which intercepted 672 g/t Ag over 7.5m

and, hole ZG-SF-23-056 which intercepted 391 g/t Ag over 11.5m.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202521

On March 5, 2024, the Corporation announced high-grade silver drill results from its at-depth drill exploration program at the

Zgounder Silver Mine, which continued to confirm high-grade silver mineralization near the granite contact. The results

included holes ZG-SF-23-084 and ZG-SF-23-092 located in the Central Zone from the 1,950m level, which respectively

intercepted 1,089 g/t Ag over 13.5m and, 322 g/t Ag over 17.6m.

On March 28, 2024, the Corporation announced financial and operational results for the fourth quarter and year ended

December 31, 2023, including a record annual Ag production of 1,97M oz, annual ore processed of 281,634 t, cash flow

generated by operating activities during the year of $21.2M, revenue of $42.8M, total Ag sales of 2,012,344 oz, and a net

income of $5.3M.

On May 2, 2024, the Corporation announced high-grade silver drill results from its at-depth drill exploration program at the

Zgounder Silver Mine in Morocco, comprising holes DZG-SF-24-018 and DZG-SF-24-025, which intercepted 902 g/t Ag over

11.0m, including 1,453 g/t Ag over 6.5m and, 1,548 g/t Ag over 4.0m, including 5,794 g/t Ag over 1.0m, respectively. The

results continued to confirm high-grade continuity of silver mineralization at Zgounder. Furthermore, it was announced that the

new silver rich intercepts near the granite contact, demonstrated strong resource potential at depth at Zgounder.

On May 13, 2024, the Corporation announced new high-grade drill exploration results from its 2024 program of 120,000 m at

Boumadine. The results announced extended the main mineralized trend by 800m and continued to demonstrate continuity of

the Boumadine Main Zone, which remained open in all directions. The Corporation also reported that it had secured the right to

7 additional exploration permits, expanding the Boumadine exploration footprint to over 198 km<sup>2</sup>.

On May 15, 2024, the Corporation announced its interim financial and operational results for the first quarter ended March 31,

2024, including , including an Ag production of 366,362oz, Ag sales of 238,266 oz, mill recovery of 81.8 %, 106,880 t of ore

mined , 81,331 t of ore processed and revenue of $5.1M. The Corporation also highlighted that it held 157,457oz of silver in

concentrate inventory with an approximate fair value of $3.5 million as at March 31, 2024.

On June 26, 2024, the Corporation announced the beginning of commissioning activities at its new 2,000 tpd mill at the

Zgounder Silver Mine. The announcement specified that the Zgounder Expansion was completed over 95%, with pre-

commissioning activities ongoing in the main process plant areas, tests being conducted on the ball mill, the energization of

the silver furnace and systems checks having been completed, the conveyors having been energized and tested, the retort and

ventilation having been energized, the pre-commissioning of the renewable-energy power line nearing completion for

energization and, the operations commissioning team being fully mobilized, and readiness activities processing in-line with its

plan. The Corporation added that the Zgounder Expansion was on track for mill ore feed in early Q3-2024, that the mine's

electrical substation was complete along with the commissioning of the underground electrification, mobile maintenance

workshop, and ventilation systems. The Corporation informed that the stockpile now holds over 275,000 t of medium-grade

material, in preparation for full-scale commissioning, and in line with its start-up target.

On July 2, 2024, the Corporation announced high-grade silver drill results from its at-depth drill exploration program at the

Zgounder Silver Mine in Morocco, including hole DZG-SF-24-065 having intercepted 2,870 g/t Ag over 6.5 meters m, including

7,229 g/t Ag over 2.0m, which continued to confirm high-grade continuity of silver mineralization at Zgounder.

On July 3, 2024, the Corporation announced that it had completed commissioning of its electrical line and begun powering its

Zgounder Silver Mine with renewable energy.

On July 9, 2024, the Corporation announced that the first silver pour was achieved one week prior at its expanded Zgounder

Silver Mine and that the commissioning activities were progressing to plan.

On July 23, 2024, the Corporation announced preliminary results from its regional geophysical survey of Boumadine. The

results announced highlighted the completion of an extensive 2024 regional airborne geophysical survey and multiple

potentially parallel, on-trend conductive anomalies similar to known conductors identified at Boumadine main trend.

On August 14, 2024, the Corporation announced interim financial and operational results for the second quarter ended June

30, 2024, including Ag production of 432,667 oz, Ag sales of 521,971 oz, revenue of $13.7M, cash flow generated by operating

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202522

activities of $5.3M, total ore processed of 80,562 t, total ore mined of 114,025 t, combined mill recovery of 84.7%, and average

grade processed of 196 g/t Ag.

On September 4, 2024, the Corporation reported additional high-grade silver drill results from its at-depth drill exploration

program at the Zgounder Silver Mine which continued to confirm high-grade continuity of silver mineralization, including hole

DZG-SF-24-111 intercepted 2,372 g/t Ag over 6.5m; and 1,042 g/t Ag over 4.5mhole DZG-SF-24-098 intercepted 1,244 g/t Ag

over 4.0m, including 2,242 g/t Ag over 2.0m.

On September 6, 2024, the Corporation provided an update on the Zgounder Expansion, informing that it was 98% complete as

at August 30, 2024, fully funded, and on budget. The Corporation also informed that its EPC partner, DF, had encountered

issues during commissioning of the hydraulic unit of the ball mill and requested a two-month extension for hot commissioning

and ramp-up of the Zgounder expanded plant.

On September 16, 2024, the Corporation announced new high-grade drill exploration results from its 2024 program of 120,000

m at Boumadine, including hole BOU-DD24-376 which intercepted 462 g/t AgEq over 2.8m, 2.25 g/t Au, 49 g/t Ag, 7.8% Zn,

0.6% Pb and 0.1% Cu including 2.0m at 494 g/t AgEq. This result extended the Boumadine strike length to 5.4km.

On November 7, 2024, the Corporation announced that the new Zgounder Silver Mine plant had begun processing ore, that it

was mechanically complete and that hot commissioning was progressing well.

On November 14, 2024, the Corporation announced its interim financial and operational results for the third quarter ended

September 30, 2024, including Ag production of 355,927 oz, revenue of $11M, total ore processed of 83,352 t, total ore mined

of 120,985 t, combined mill recovery of 83% and average grade processed of 161 g/t Ag.

On November 19, 2024, the Corporation reported high-grade silver drill results from its at-depth drill exploration program at the

Zgounder Silver Mine, which showed good continuity of high-grade silver mineralization, including hole DZG-SF-24-172 which

intercepted 2,165 g/t Ag over 21.0 m, including 4,600 g/t Ag over 3.5m and, hole DZG-SF-24-145 which intercepted 4,645 g/t

Ag over 3.0m, including 6,703 g/t Ag over 2.0m.

On December 2, 2024, the Corporation announced that the first silver pour from its expanded Zgounder Silver Mine was

completed on November 2, 2024. Additionally, it announced that the hot commissioning was now complete with the gravity

circuit currently being commissioned and that all equipment and circuits were operating as expected.

On December 30, 2024, the Corporation announced that it had reached commercial production at its Zgounder Silver Mine on

December 29, 2024. It informed that over a thirty-day period ending on December 29, 2024 a total of 45,683 t of ore were

processed at the new mill, that processing rates averaged 84 tph, at 75% availability and, as such, the mill processed an

average of 1,523 tpd, equivalent to 76% of nameplate capacity. Ag recovery was 79%.

Corporate

On January 3, 2024, the Corporation announced the release of its inaugural Climate Change Report that was prepared in

alignment with the recommendations of the TCFD and outlines how Aya is addressing climate change risks and opportunities

and the resiliency of its Zgounder Silver Mine to climate impacts.

On February 6, 2024, the Corporation announced that it had entered into an agreement pursuant to which Eight Capital, as sole

bookrunner, together with a syndicate of underwriters including National Bank Financial Inc., as co-lead underwriter

(collectively, the "2024 Underwriters"), had agreed to purchase, on a bought deal basis, 6,586,000 Shares, at a price of CA$

10.25 per Share (the "2024 Offering Issue Price") for gross proceeds of CA$67,506,500 (the "2024 Offering"). The Company

agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% of the Shares at the Issue Price,

exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. The

Corporation informed that it intended to use the net proceeds of the Offering for the advancement of its exploration and

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202523

development programs at Boumadine, the exploration program at Zgounder Regional, as well as for working capital and

general corporate purposes.

On February 14, 2024, the Corporation announced that it had closed its previously announced 2024 Offering and that 7,573,900

Shares were purchased at the 2024 Offering Issue Price, for gross proceeds of approximately CA$77,600,000. In connection

with the 2024 Offering, the 2024 Underwriters exercised their over-allotment option in full where an additional 987,900 Shares

were purchased for aggregate gross proceeds of approximately CA$10,125,000.

On February 20, 2024, the Corporation announced a third drawdown on the ZMSM EBRD Facility for the Zgounder Expansion, in

the amount of US $25M. The Corporation informed that a total of US$85M had been disbursed from the ZMSM EBRD Facility

and that the construction was approximately 83% complete and on budget.

On March 19, 2024, the Corporation announced that it had completed 50% of its airborne MobileMT geophysical survey and

secured the right to 6 exploration permits at its Boumadine Project, bringing the Boumadine exploration portfolio to a total of

up to 141.4 km².

On April 16, 2024, the Corporation announced that it had filed a Mineral Resource Estimate at its Boumadine Project. The

Mineral Resource Estimate had an effective date of April 15, 2024, and incorporated drilling from 2018 until December 7, 2023,

with the addition of 4 later drill holes with results received in early 2024. The Mineral Resource Estimate database consisted of

336 surface diamond drill holes totaling 96,301m.

On May 30, 2024, the Corporation announced the publication of its 2023 Sustainability Report for the year ended December 31,

2023, which presented the Corporation's progress and achievements across a range of ESG practices and outlined the

Corporation's commitments to stakeholders.

On May 31, 2024, the Corporation announced that it had filed on SEDAR+ an updated independent technical report prepared in

accordance with NI 43-101 for the Boumadine Project.

On June 10, 2024, the Corporation announced that its Shares would be added to the S&P/TSX Composite Index effective prior

to the open of trading on June 24, 2024.

On June 21, 2024, the Corporation announced that all director nominees listed in the management proxy circular had been

elected as directors of Aya at its annual general meeting of shareholders held the same day and that, all the other proposed

resolutions in the proxy circular had been passed by a majority of votes cast.

On June 24, 2024, the Corporation announced that it had completed its fourth and final drawdown under the ZMSM EBRD

Facility for the Zgounder Expansion. The fourth drawdown was in the amount of $15M and brought the total drawn to date

equal to the total of the committed ZMSM EBRD Facility at $100M. It followed a site visit by the lenders and their technical

advisor.

On September 12, 2024, the Corporation reported that it had entered into non-binding term sheets for the spinout of its

Amizmiz property and the granting of an option on its Tijirit gold project to Mx2 Mining and, that the transaction was subject to

confirmatory due diligence and market standard closing conditions.

Year Ended December 31, 2025

Operations

On January 7, 2025, the Corporation announced additional high-grade silver drill results from its at-depth drill exploration

program at the Zgounder Silver Mine, including holes ZG-RC-24-277 and ZG-RC-24-228 having respectively intercepted 2,425 g/

t Ag over 17.0 m, including 6,311 g/t Ag over 5.0m and, 1,356 g/t Ag over 20.0m, including 1,799 g/t Ag over 14.0m. The silver

grade results confirmed the continuity of silver mineralization at Zgounder.

<sup>1</sup>Cash and restricted cash consists of cash and cash equivalents of $30.9M and restricted cash of $18.2M as at December 31, 2024..

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202524

On January 21, 2025, the Corporation provided an annual exploration update on its 2024 drill exploration program at the

Zgounder Silver Mine and the Boumadine Project. Regarding the Zgounder exploration, the Corporation highlighted significant

mineralization at depth toward the granite contact, extension of the open pit and West near the fault, including hole DZG-

SF-24-172 which intercepted 2,165 g/t Ag over 21.0 me, including 4,600 g/t Ag over 3.5m and, hole ZG-RC-24-277 which

intercepted 2,425 g/t Ag over 17.0m including 6,311 g/t Ag over 5.0m. Regarding exploration at Boumadine, the Corporation

informed of the extension of Boumadine Main trend to 5.4 km with intersections including hole BOU-DD23-223 which

intercepted 763 g/t AgEq over 38.3m (1.53 g/t Au, 311 g/t Ag, 4.4% Zn, 1.8% Pb and 0.04% Cu) and, hole BOU-DD23-230 which

intercepted 991 g/t AgEq over 17.6m (2.64 g/t Au, 247 g/t Ag, 7.7% Zn, 1.2% Pb and 0.3% Cu). The Corporation also informed

of extension of Boumadine's Tizi zone to 2.0km with intersection such as hole BOU-DD24-310 which intercepted 445 g/t AgEq

over 13.7m (4.9 g/t Au, 42 g/t Ag, 0.4% Zn, 0.4% Pb and 0.06% Cu) and, hole BOU-DD24-306 intercepted 1,021 g/t AgEq over

3.0m (11.5 g/t Au, 89 g/t Ag, 0.8% Zn, 0.2% Pb and 0.2% Cu).

On January 23, 2025, the Corporation announced that it had reached and surpassed the nameplate milling capacity at the

expanded Zgounder Silver Mine and more specifically that, over a consecutive 30-day period ending on January 20, 2025, the

new plant processed a total of 65,990 t of ore, an average of 2,200 tpd and equivalent to 110% of nameplate capacity.

Processing rates averaged 96 tph, at 96% availability and, Ag recovery was 85%.

On February 11, 2025, the Corporation announced production of 491,310 oz of Ag in Q4-2024 at its Zgounder Silver Mine and

production of 383,515 oz of Ag, in January 2025.

On February 24, 2025, the Corporation announced an updated Mineral Resource Estimate at its Boumadine Project, which

marked a 120% increase in indicated resources and 19% in inferred resources since the Corporation's April 2024 update.

On March 11, 2025, the Corporation announced production metrics for the month of February 2024, including Ag production of

357,333 oz or 12,762 oz per day, Ag recovery of 83% due to oxidized ore processing and plant shut down, combined mill

availability of 88% and, mine production of 68,967t.

On March 26, 2025, the Corporation announced high-grade silver drill results from its drill exploration program at the Zgounder

Silver Mine, confirming the presence of an additional high-grade zone to the west by the fault, reinforcing the potential to

expand Zgounder resources at depth, including holes ZG-SF-24-290 and ZG-SF-24-259 near the granite contact which

intercepted 23 g/t Ag over 10.0m and 2,055 g/t Ag over 4.5m and, 1,082 g/t Ag over 8.5m, including 2,133 g/t Ag over 2.7m,

respectively. Additionally, holes ZG-RC-24-413 which intercepted 1,001 g/t Ag over 28.0 m, including 2,787 g/t Ag over 7.0m

and, ZG-RC-24-452, which intercepted 1,364 g/t Ag over 14.0m, including 2,433 g/t Ag over 6.0m, confirmed the continuity of

high-grade mineralization to the east, supporting our confidence in extending the open-pit operation.

On March 28, 2025, the Corporation announced financial and operational results for the fourth quarter and year ended

December 31, 2024, including an annual silver production of 1,65M oz, annual ore processed of 358,919 t, annual revenues

reported from silver sales having generated $39.1M and a robust financial position with $49.2M in cash and restricted cash<sup>1</sup>,

as at December 31, 2024.

On March 31, 2025, the Corporation announced the filing of a technical report with an updated Mineral Resource Estimate of

the Boumadine Project.

On April 8, 2025, the Corporation reported high-grade drill exploration results from its 2024 - 2025 program at Boumadine,

which extended the Tizi mineralized trend by 200 meters, confirmed high-grade continuity along the Boumadine Main Trend

and revealed new mineralized structures within the Boumadine regional permits.

On April 11, 2025, the Corporation announced record production results, with 1.07 M oz of Ag produced over the course of the

first quarter of 2025 at the Zgounder Silver Mine. The Corporation also reported, for the first quarter of 2025, 249,743t

processed, Ag recovery of 82%, a combined mill availability of 91%, mine production of 194,661t and a mining rate of 2,163

tpd.

<sup>2</sup> Non-GAAP Measure. Please refer to the section entitled "Non-GAAP Measures" of the Corporation Q1-2025 MD&A available under Aya's profile

on SEDAR+ at <u>www.sedarplus.ca</u> for additional information about this measure.

<sup>3</sup> Cash and restricted cash consists of cash and cash equivalents of $18.3M and restricted cash of $18.3M as at March 31, 2025.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202525

On May 9, 2025, the Corporation reported continued operational progress at the Zgounder Silver Mine, driven by a strong mine

ramp up, exceptional mill performance, a clear path to improve recovery, and solid production for the month of April. It was

reported that, for the month of April 2025, 2,750 tpd were mined and, mill throughput and availability were averaging 3,025 tpd

at 98% availability.

On May 13, 2025, the Corporation announced its interim financial and operational results for the first quarter ended March 31,

2025, including , including an Ag production of 1,068,652 oz, 249,743t of ore processed, mine production increase to 194,661t,

record revenues of $33,8M, operating cash flow of $7.9M, cash cost per silver ounce sold<sup>2</sup> decrease to $18,93/oz, net income

of $6,9M and a robust financial position with $37M in cash and restricted cash<sup>3</sup>.

On May 21, 2025, the Corporation reported high-grade silver results from its ongoing drill program at the Zgounder Silver Mine,

including hole ZG-SF-24-123 near the granite contact which intercepted 1,640 g/t Ag over 12.6m, including 10,104 g/t Ag over

1.0m and 2,747 g/t Ag over 7.0m and, hole DZG-SF-25-412 in the Central zone which intercepted 3,279 g/t Ag over 8.0 m,

including 6,425 g/t Ag over 4.0m. The results confirmed strong continuity at depth and reveal a new high-grade zone in the

core of the orebody. The Corporation additionally reported that they had identified multiple high-potential targets within the

broader Zgounder Regional area

On June 5, 2025, the Corporation reported high-grade drill exploration results from its 2024 - 2025 program at Boumadine,

including hole BOU-DD25-513 which intercepted 591 g/t AgEq over 1.8m (5.19 g/t Au, 118 g/t Ag, 1.0% Zn, 0.2% Pb and 0.5%

Cu) and 698 g/t AgEq over 2.9m (5.52 g/t Au, 109 g/t Ag, 5.2% Zn, 0.2% Pb and 0.3% Cu) and, hole BOU-DD25-516 which

intercepted 5,373 g/t AgEq over 0.5m (66.7 g/t Au, 111 g/t Ag, 1.6% Zn, 1.0% Pb and 0.1% Cu" and 114 g/t AgEq over 9.0m

(1.24 g/t Au, 6 g/t Ag, 0.2% Zn, 0.1% Pb and 0.1% Cu). These results confirmed strong continuity of the Boumadine Main Trend

at depth. Results also extended the of the Imariren mineralized trend by 400 m, including hole BOU-DD25-504 which

intercepted 349 g/t AgEq over 6.6m (3.69 g/t Au, 46 g/t Ag, 0.3% Zn, 0.2% Pb and 0.05% Cu), including 1.2m at 851 g/t AgEq

and, hole BOU-DD25-511 which intercepted 449 g/t AgEq over 4.9m (1.95 g/t Au, 270 g/t Ag, 0.6% Zn, 0.1% Pb and 0.1% Cu).

The Corporation also informed of the addition of 4 new permits to the west, expanding the Boumadine exploration footprint by

15.7% to over 314.5 km<sup>2</sup>.

On June 25, 2025, the Corporation reported on silver production for the month of May 2025 at the Zgounder Silver Mine,

including Ag production of 353,879 oz, 91,077 kt processed, 88% Ag recovery, 98% mill availability and 71,814 mine production.

On June 26, 2025, the Corporation announced having launched the drill exploration program at Zgounder Far East and the

addition of 6 new regional permits to the north, expanding the Zgounder exploration footprint by 11.9% . The Corporation also

announced that it had drilled high-grade intercepts which further confirmed the continuity and strength of the mineralization to

the east, including hole ZG-RC-24-303 which intercepted 1,970 g/t Ag over 6.0m and, hole ZG-RC-24-434 which intercepted 305

g/t Ag over 11.0m, including 1,348 g/t Ag over 1.0m.

On July 7, 2025, the Corporation reported high-grade drill exploration results from its 2025 program at Boumadine, including

the following intercepts on the Boumadine Main Trend: hole BOU-MP25-038 which intercepted 258 g/t AgEq over 3.3 m (2.85

g/t Au, 27 g/t Ag, 0.1% Zn, 1.0% Pb and 0.05% Cu, including 563 g/t AgEq over 1.3m (6.13 g/t Au, 65 g/t Ag, 0.3% Zn, 0.2% Pb

and 0.1% Cu) and, hole BOU-MP25-028 which intercepted 286 g/t AgEq over 4.3m (3.27 g/t Au, 19 g/t Ag, 0.3% Zn, 0.1% Pb and

0.1% Cu), including 460 g/t AgEq over 2.1m (5.46 g/t Au, 26 g/t Ag, 0.05% Zn, 0.1% Pb and 0.1% Cu). The following results were

reported and marked the extension of the Imariren strike length to 1km: hole BOU-DD25-503 which intercepted 876 g/t AgEq

over 1.0m (9.92 g/t Au, 49 g/t Ag, 1.6% Zn, 0.2% Pb and 0.1% Cu) and, hole BOU-DD25-529 which intercepted 365 g/t AgEq

over 2.0m (3.66 g/t Au, 52 g/t Ag, 0.5% Zn, 0.5% Pb and 0.1% Cu) The Corporation also highlighted the identification of a new

prospective high-grade Asirem zone to the west of Boumadine Main Trend, with grab samples including 3.34 g/t Au and 4.0%

Cu.

<sup>4</sup> Non-GAAP Measure. Please refer to the section entitled "*Non-GAAP Measures*" of the Corporation Q2-2025 MD&A available under Aya's

profile on SEDAR+ for additional information about this measure.

<sup>5</sup> Non-GAAP Measure. Please refer to the section entitled "*Non-GAAP Measures*" of the Corporation Q3-2025 MD&A available under Aya's

profile on SEDAR+ for additional information about this measure.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202526

On July 24, 2025, the Corporation announced production results of the second quarter of 2025, which included Ag production

of 1.04M oz, 273,471 t processed, with an average milling rate of 3,005 tpd, Ag recovery of 87%, mine production of 241,288t

with an average mining rate of 2,652 tpd and, mill availability of 98%. The Corporation also announced that the operations had

been outperforming expectations in the first half of the month of July 2025, that the underground development at the

Zgounder Silver Mine remained on track with the ramp advancing to the 1,825m level and that the ramp-up at the open pit

continued with accelerated waste stripping to access high-grade zones.

On August 14, 2025, the Corporation announced interim financial and operational results for the second quarter ended June

30, 2025, including silver production of 1.04M oz, an average of 3,005 tpd of ore processed with mill availability of 98%, Ag

recovery average of 86.5% in the second quarter and, a total of 241,288 t of ore mined, consistent with ramp-up plans. The

Corporation announced the following financial metrics for the quarter: record revenue of $38.6M, up 182% YoY, cash cost per

silver ounce sold<sup>4</sup> of $21.26, operating cash flow of $7.8M and, net income of $8.6M.

On September 9, 2025, the Corporation announced the discovery of a new mineralized zone located north of the open-pit at the

Zgounder Silver Mine, notably with hole ZG-25-156 which intercepted 167 g/t Ag over 2.0m, in a broader interval of 19.0m.

Moreover, the Corporation reported high-grade results, notably in the west area near the granite contact which further

demonstrated the mineralization at depth, including hole ZG-SF-25-319 which intercepted 655 g/t Ag over 4.5m, 670 g/t Ag

over 3.0m and 442 g/t Ag over 2.5m.

On September 15, 2025, the Corporation announced drilling results supporting the supporting the discovery of new gold zone

at Asirem Zone, west of the Boumadine Main Trend, with hole BOU-DD25-629 which intercepted 1.52 gpt Au over 4.3 m, 1.49

g/t Au over 1.0m and 1.95 g/t over 1.0m, hole BOU-DD25-632 which intercepted 4.53 g/t Au over 1.0m, 2.05 g/t Au over 1.0m,

1.82 g/t Au over 1.0m, 1.47 g/t Au over 1.0m and 0.98 g/t Au over 2.0m and, grab samples up to 12.20 g/t Au and 4.1% Cu

north of the Asirem trend. Aya also reported high-grade drill results from the Boumadine Main Trend, including hole BOU-

DD25-584 which intercepted 369 g/t AgEq over 9.0 m (4.04 g/t Au, 41 g/t Ag, 0.1% Zn, 0.1% Pb and 0.1% Cu, including 535 g/t

AgEq over 4.2m (5.98 g/t Au, 51 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu) and hold BOU-DD25-589 which intercepted 271 g/t

AgEq over 10.2m (2.90 g/t Au, 29 g/t Ag, 0.1% Zn, 0.1% Pb and 0.1% Cu), including 692 g/t AgEq over 2.6m (7.46 g/t Au, 71 g/t

Ag, 0.1% Zn, 0.1% Pb and 0.4% Cu). High-grade results from the Tizi Zone were also reported, including hole BOU-DD25-550

which intercepted 272 g/t AgEq over 4.6m (1.33 g/t Au, 101 g/t Ag, 1.6% Zn, 1.1% Pb and 0.03% Cu). Finally, it was announced

that two new mining licenses had been secured, adding 25.km<sup>2</sup>to Aya's regional footprint.

On October 15, 2025, the Corporation announced its operational results for the three-month period ended September 30, 2025,

including Ag production of 1,346,882 oz, 305,964t of ore processed, and average head grade of 146 g/t Ag, Ag recovery of

92.5%, mill availability of 95.9% and mine production of 215,405t. The Corporation also provided an operational update,

informing that underground development and stope sequencing had advanced during the quarter, supporting an average

mining rate of 1,276 tpd at 158 g/t Ag.

On November 4, 2025, the Corporation announced the results of its 2025 Boumadine PEA, which confirmed that the

Boumadine Project is a robust, capital-efficient project.

On November 11, 2025, the Corporation announced third quarter financial and operational results for the three-month period

ended September 30, 2025, including record revenue of $54.3M, a net realized silver price of $39.85/oz, cash costs per Ag oz

sold<sup>5</sup> of $20.79 and record net income of $12.4M. The Corporation informed that the ramp-up at the Zgounder Silver Mine was

nearly complete and that the mill was now running at a steady rate.

<sup>6</sup> The reference to "commercial production" relates solely to the processing and sale of material from a historical stockpile and does not indicate

that the Boumadine Polymetallic Project has reached commercial production. The project remains at the exploration and evaluation stage.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202527

On November 19, 2025, the Corporation announced the start of commercial production<sup>6</sup> from a historical flotation stockpile of

precious metal rich pyrite concentrate, located within its Boumadine mining license and, the execution of an offtake agreement

with an international buyer for the purchase of the legacy stockpile.

On November 26, 2025, the Corporation announced high-grade results from the ongoing 2025 drill program at Boumadine. The

Corporation reported on its best-ever mineralized intercept as at that day: hole BOU-MP25-087, which intercepted 2,323 g/t

AgEq over 15.0 m (3.31 g/t Au, 1,900 g/t Ag, 4.8% Zn, 1.8% Pb and 0.03% Cu, including 3,858 g/t AgEq over 8.7m (5.37 g/t Au,

3,208 g/t Ag, 6.3% Zn, 2.8% Pb and 0.05% Cu). The Corporation also reported that it had uncovered a new high-grade parallel

structure with a long continuous mineralized interval, opening further exploration potential, namely BOU-DD25-623 which

intercepted 540 g/t AgEq over 47.3m (0.94 g/t Au, 399 g/t Ag, 1.4% Zn, 1.2% Pb and 0.03% Cu), including 681 g/t AgEq over

10.6m (1.84 g/t Au, 489 g/t Ag, 1.3% Zn, 0.6% Pb and 0.04% Cu) and 1,286 g/t AgEq over 11.7m (1.55 g/t Au, 1,002 g/t Ag, 3.0%

Zn, 3.5% Pb and 0.1% Cu). Moreover, multiple additional high-grade intercepts were reported, including hole BOU-RC25-026) –

located approximately 75m south of the current Central pit shell. which intercepted 3,336 g/t AgEq over 6.0m (37.03 g/t Au,

334 g/t Ag, 2.8% Zn, 1.0% Pb and 0.2% Cu), including 8,163 g/t AgEq over 2.0m (102.38 g/t Au, 94 g/t Ag, 2.4% Zn, 1.0% Pb and

0.1% Cu).

On December 9, 2025, the Corporation announced high-grade silver drill results from its at-depth drill exploration program at

the Zgounder Silver Mine, including the following intersections which confirmed strong continuity of silver mineralization both

at depth and around the open-pit area: hole ZG-RC-25-478 located in the open-pit area, which intercepted 677 g/t Ag over 15.0

m, including 2,138 g/t Ag over 3.0m and, hole T28-25-904, located in the Central Area, which intercepted 1,631 g/t Ag over

7.2m, including 3,100 g/t Ag over 3.6m. Additionally, it was reported that hole ZG-SF-25-336, which intercepted 2,718 g/t Ag

over 1.3m, extended mineralization further west, thereby continuing to push the limits of the Corporation's then-current

resource model.

On December 18, 2025, the Corporation announced that it had filed the Boumadine PEA Report presenting the recently

completed PEA for Boumadine, and presented project highlights. along with an updated sensitivity analysis from its November

4, 2025 press release.

Corporate

On February 4, 2025, the Corporation announced it had secured the right to four additional mining licenses, expanding the

Boumadine exploration footprint by 28.3% to over 272 km<sup>2</sup>.

On April 14, 2025, the Corporation announced the appointment of Mr. John Burzynski to its Board as an Independent Director

and, concurrently, that Mr. Nikolaos Sofronis had stepped down from the Board for health reasons.

On April 16, 2025, the Corporation announced the closing of the strategic transaction with Mx2 Mining Inc., which included the

transfer of rights to the Amizmiz Gold Project to Mx2, and the continued involvement of Aya in the project with an investment

of CA$1M in the financing of the transaction resulting in a 42.3% ownership interest and, the appointment of Aya CEO and

CFO to Mx2's Board of Directors.

On May 12, 2025, the Corporation announced that it had secured a $25M credit facility from EBRD (the "BGM EBRD Facility"),

which proceeds were intended to support the development of the Corporation's Boumadine Project and enhance financial

flexibility as part of Aya's growth strategy in Morocco.

On May 15, 2025, the Corporation announced that it had published its 2024 Sustainability Report, which was prepared in

alignment with the TCFD framework and the 2021 Global Reporting Standards, including those pertaining specifically to

mining.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202528

On June 10, 2025, the Corporation announced that it had entered into an agreement pursuant to which Desjardins Capital

Markets ("Desjardins"), as sole bookrunner, together with a syndicate of underwriters including National Bank Financial Inc.

and BMO Capital Markets, together with Desjardins as co-lead underwriters, (collectively, the "2025 Underwriters"), had agreed

to purchase, on a bought deal basis, 7,491,000 common Shares, at a price of CA$13.35 per Share (the "2025 Bought-Deal

Issue Price") for gross proceeds of CA$100,004,850 (the "2025 Bought-Deal Offering"). As part of the bought-deal, the

Corporation agreed to grant the 2025 Underwriters an over-allotment option to purchase up to an additional 15% of the Shares

at the Issue Price, exercisable in whole or in part, within 30 days following the closing of the 2025 Bought-Deal Offering (the

"Over-Allotment Option").

On June 11, 2025, the Corporation announced the upsize of the previously announced 2025 Bought-Deal Offering, with the

2025 Underwriters having agreed to increase the size of its equity financing to purchase 9,363,300 Shares at the Issue Price

for gross proceeds of CA$125,000,055 (the "2025 Upsized Bought-Deal Offering").

On June 12, 2025, the Corporation announced the filing of a prospectus supplement to its short form base shelf prospectus

dated June 10, 2025, with respect to the 2025 Upsized Bought-Deal Offering previously announced.

On June 18, 2025, the Corporation announced the closing of the previously announced 2025 Upsized Bought-Deal Offering and

the full exercise of the Over-Allotment Option, for aggregate gross proceeds of approximately CA$143,750,000. The

Corporation informed that it intended to use the net proceeds of the 2025 Upsized Bought-Deal Offering to advance its

business objectives, including for the advancement of its exploration program at Boumadine, the exploration program at

Zgounder Regional, and for working capital and general corporate purposes.

On June 20, 2025, the Corporation announced the results of its Annual General Meeting, including the election of all director

nominees.

On June 23, 2025, the Corporation announced the closing of the previously announced BGM EBRD Facility.

On August 7, 2025, the Corporation announced that its subsidiary, ZMSM, had received a payment of approximately US$8 M

under bank guarantees issued on behalf of DF, the engineering, procurement and construction contractor for the Zgounder

Expansion Project. See section "*Legal Proceeding and Regulatory Actions*".

On December 16, 2025, the Corporation announced that it had filed the Updated Zgounder Technical Report, which includes

updated P&P Reserves, and MRE, along with an accompanying updated LOM plan.

Recent Events - 2026

Operations

On January 13, 2026, the Corporation announced the 2025 fourth quarter and full year silver production results. For the fourth

quarter of 2025, were reported: a record of 1.37M oz of Ag produced, an average of 3,796 tpd of ore processed, and an average

head grade processed of 134 g/t Ag. For the full year, Ag production was 4,829,151 oz (193% YoY increase), 1,178,420 t of ore

were processed (228% YoY increase), and average head grade processed of 125 g/t Ag (15% YoY decrease), Ag recovery of

88.4% (5% YoY increase), mill availability of 96% (2% YoY increase) and, mine production of 1,038,132 t (134% YoY increase).

On January 20, 2026, the Corporation announced having achieved financial completion under its US$100 million project loan

with the EBRD for the expansion of the Zgounder Silver Mine, demonstrating the mine's successful transition to commercial

production, as well as material compliance with financial covenants and the Environmental and Social Action Plan.

On January 21, 2026, the Corporation provided a full-year 2025 exploration update, summarizing the results of its drilling

programs at the Zgounder Silver Mine and the Boumadine Project.

<sup>7</sup> Non-GAAP measures refer to the Corporation's news release dated January 27, 2026 entitled "*Aya Gold & Silver Provides 2026 Outlook and* 

*Strategic Priorities*", available under Aya's profile on SEDAR+ , for additional information on these measures.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202529

On February 18, 2026, the Corporation announced high-grade silver drill results from its drill exploration program at the

Zgounder Silver Mine, which confirmed the strong continuity of silver mineralization both at depth and around the open-pit

area. The Corporation also reported that the new intersection at depth near the Western Fault contact in hole ZG-SF-25-340,

which intercepted 336 g/t Ag over 5.5m, extends mineralization further west, continuing to push the boundary of the

Corporation's resource model.

On February 24, 2026, the Corporation announced that it had identified a new parallel structure 500m East of the Boumadine

Main Trend, with hole BOU-DD25-707 having intercepted 115 g/t AgEq over 2.5m (1.15 g/t Au, 18g/t Ag, 0.0% Zn, and 0.1% Cu),

and 331 g/t AgEq over 0.8m (3.68 g/t Au, 27 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu). The Corporation also reported new high-

grade drill intercepts, including hole BOU-DD25-728 which intercepted 255 g/t AgEq over 11.9m (1.55 g/t Au, 83 g/t Ag, 1.7%

Zn, 0.5% Pb and 0.1% Cu, including 337 g/t AgEq over 7.9m (2.07 g/t Au, 112 g/t Ag, 2.1% Zn, 0.6% Pb and 0.1% Cu) and, hole

BOU-DD25-742 which intercepted 166 g/t AgEq over 17.1m (1.34 g/t Au, 25 g/t Ag, 1.2% Zn and 0.5% Pb), including 301 g/t

AgEq over 3.5m (2.80 g/t Au, 35 g/t Ag, 1.8% Zn and 0.3% Pb).

On March 12, 2026, the Corporation announced the commencement of a work program designed to support a feasibility-level

study for the Boumadine Project, representing the next key milestone in advancing the Boumadine Project.

Corporate

On January 14, 2026, the Corporation announced that Mr. Robert Taub, Chair of the Board, and Dr. Jürgen Hambrecht, Lead

Independent Director, would not stand for re-election at the Corporation's upcoming annual meeting of shareholders, and will

retire from the Board at the conclusion of their current terms. In connection with the Board transition, the Corporation informed

that the above-mentioned Board members had sold, by way of secondary market transaction, a total of 7.5M Shares and, that,

on the same date, members of the executive management team had sold 1.1M Shares.

On January 27, 2026, the Corporation provided a 2026 outlook and presented the Corporation's key operational and strategic

priorities. The 2026 outlook included Zgounder production of 5.2 to 5.8M oz Ag, at an average cost of $21.50/oz and,

Boumadine pyrite stockpile reclaiming and commercialization of approximately 1.0Moz AgEq1 at $10.10/oz AgEq cash cost<sup>7</sup>.

The 2026 operational and strategic priorities announced included the optimization of the Zgounder Silver Mine through growth

capital investments of $36M allocated to key projects and the proposed listing of the Corporation's Shares on a U.S. stock

exchange to broaden investor access and enhance liquidity.

**BUSINESS**

Aya is a publicly traded Canadian company focused on the operation, acquisition, exploration and development of silver and

gold deposits. The Corporation currently has one operating asset – the Zgounder Silver Mine, and one advanced stage

development asset – the Boumadine Project. The Zgounder Silver Mine, the Boumadine Project and its exploration asset

Imiter-bis, are located along the prospective South-Atlas Fault in Morocco.

Summary

The Corporation mines, produces, exports, and sells its silver doré bars from its Zgounder operation. All of the revenue from

the Zgounder Silver Mine is derived from the production and sale of silver doré bars, which is refined in Switzerland and sold

on a regular basis at prevailing market prices.

The Corporation also recovers precious metals from a stockpile generated during legacy lead and zinc flotation operations.

The pyrite concentrate is reclaimed from the stockpile, crushed, and shipped to an international buyer, and is sold pursuant to

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202530

an offtake agreement under which payable gold and silver are priced based on prevailing market prices, subject to agreed

payable percentages, and net of applicable treatment and refining charges.

In 2025, total sales of silver doré and pyrite concentrate for the year amounted to $202,102,000 compared to $39,116,711 in

2024. Silver and gold prices fluctuate widely and are affected by numerous factors such as, but not limited to, industrial and

investment demand (such as from banks and other investors), retail demand for the metal, macro economic conditions,

inflation, exchange rates, interest rates, global and regional political and economic crises. The demand and supply of silver

usually affects prices but not necessarily in the same manner as other commodities.

Production

Zgounder is mined through a combination of open-pit and underground methods, with the open pit utilizing conventional drill-

and-blast, and the underground employing both cut-and-fill and longhole stoping. Commercial production from the expanded

plant was declared on December 29, 2024, with silver produced through cyanide leaching and refined into silver-doré bars.

Silver concentrate production was stopped in January 2025.

Aya significantly changed its mining operations at the Zgounder Silver Mine in 2021 by moving from a shrinkage-stope mining

method to a cut-and-fill method. Furthermore, increased mechanization began in 2021 with the introduction of the mine's first

jumbo. The changes remained in effect in 2022 with a look towards increasing mechanization, while looking towards ramp up

of production with bringing online the new plant in 2024.

The year 2022 had a production of 1,880,707 oz, a 17.5% increase compared with 2021 (1,600,646 oz), the processing of

254,976 t of ore, at 265 g/t in 2022, a 13.6% increase compared with 2021, combined silver recovery of 86.6%, combined mill

availability of 91.7%, and mine production of 283,090 t of ore.

In 2023, 1,970,646 oz were produced, a 4.7% increase compared with 2022. 281,634 t of ore were processed at a grade of 250

gpt through 2023. Mining rate significantly increased in preparation of the new plant commissioning and 493,340 t of ore were

mined at a grade of 213 gpt. 88,586 t came from the open pit at a grade of 185 gpt, as per mining plan.

In 2024, 1,646,265 oz of silver were produced. 358,919 t of ore were processed at a grade of 171 gpt. The Zgounder Expansion

was completed, commissioned and commercial production was declared on December 30, 2024. 444,375 t of ore were mined

at a grade of 162 gpt. 182,914 t came from the open pit at a grade of 184 gpt.

In 2025, for the Zgounder mine: 4,829,151 oz of silver were produced, 1,178,420 t of ore were processed at a grade of 145 gpt

Ag, 1,038,132t of ore were mined at a grade of 139gpt Ag, out of which 644,956t came from the open pit at a grade of 130

ppm, and 393,176t came from the underground at a grade of 154gpt. For the Boumadine stockpile reclaim: a total of 172,129

oz of silver equivalent were produced, at a Ag/Au ratio of 71. 13 498t were extracted and crushed from the historical pyrite

stockpile at a grade of 2.87gpt Au and 192gpt Ag. For the corporation, in 2025, a total of 5,001,280 oz of silver equivalent were

produced.

Specialized Skills and Knowledge

The Corporation hired its personnel from different mining operations across Morocco, West African countries, Australia and

Canada, amongst others, each of which are hosts to several higher education institutions specializing in mining engineering

and geology, as well as to several significant mining companies and operations. The team has extensive skills, knowledge and

experience in geology, engineering, mining planning, mining operations, legal and regulatory compliance, finance and

accounting. This know-how and workforce pool allows Aya to advance its projects with confidence. See "Risk Factors –

Availability of Workforce and Labour Relations".

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202531

Competitive Conditions

Mining is a competitive industry, particularly when it comes to acquiring mineral reserves and resources. Aya competes with

numerous other mining companies, including larger, and well-established mining companies with significant financial and

technical capabilities, in the identification and acquisition of prospective silver and other precious metals mining properties.

Aya's continued success and growth depend not only on developing its current properties, but also on its ability to identify,

evaluate, and acquire future exploration or producing properties and permits. Although Aya is a fully permitted silver producer

in Morocco, is well established and has a reputation as an effective operator, there can be no assurance that its acquisition or

organic development efforts will succeed in the future. See "Risk Factors".

Components

The Corporation imports most of its reagents and consumables such as cyanide, zinc powder, steel balls, flocculant, and lead

nitrate from China and Europe. The prices are based on international market rates. The Corporation, with a view to manage

market fluctuations and availability, maintains a four-month reserve at its storage facilities. The remainder of the raw materials

are available locally without issue.

Cycles

Mineral exploration, development, and production are influenced by commodity price cycles. Gold and silver prices can be

highly volatile and are impacted by a variety of factors, such as global supply and demand, inflation, exchange rates, interest

rates, producers' forward selling, central bank activity, production levels, and political, economic and financial conditions at

both a global and regional levels, as well as other factors outside the Corporation's control. See also "*Risk Factors - Precious* 

*Metal Price Volatility*" and "*Risk Factors - Price Volatility of Other Commodities*".

Environmental Protection

Aya's primary objective is to minimize potential impacts of its activities and to continue to improve its environmental

performance. Each mining project is subject to environmental assessment and permitting processes during development. The

Corporation works closely with regulatory authorities in each jurisdiction where it operates to ensure ongoing compliance.

Aya is subject to strict environmental laws and regulations in connection with its exploration, development, construction,

mining, and reclamation activities in Morocco. Our policy is to conduct business in a way that safeguards public health and the

environment. All of Aya's mining, exploration and development activities are subject to local laws and statutory and regulatory

requirements relating to the protection of the environment, including, but not limited to, air quality, water management and

quality, solid and hazardous waste management and disposal, land use and reclamation. Failure to comply with these

environmental laws or regulations could result in fines, penalties, the suspension or revocation of permits, civil sanctions or

lawsuits. For a complete discussion on environmental risks and their potential impact on the Corporation, see "Environmental

Matters" and "Uninsured Risks" in the Risks Factors section of this AIF.

The Corporation's total liability for reclamation and closure cost obligations on December 31, 2025 was $3,243,775. For more

information, please see note 11 to the Corporation's annual financial statements for the fiscal year ended December 31, 2025.

Permits

Exploration and production activities on the Corporation's properties require permits from local authorities. Such activities are

subject to local laws and regulations governing exploration activities, mining activities, exports, taxation, labor standards,

health and safety, land use and environmental protection. Failure to comply with applicable laws and regulations and permit

requirements or amendments to them could have a harmful effect on the Corporation and could cause an increase of capital

expenditures, exploration costs or production costs, or a decrease in the levels of production. Such amendments or the

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202532

implementation of such laws and regulations could further cause the abandonment or delay the development of certain

properties of the Corporation.

In order for the Corporation to commence exploration or mining activities on its various properties, the Corporation must

obtain all the required approvals and permits including local, provincial and other government approvals. Additional permits or

studies, which may include environmental impact studies, are necessary prior to launching the mining phase on properties in

which the Corporation may have an interest. To that effect, no assurance can be provided or obtained that the Corporation will

be able to obtain or maintain all required permits to commence the construction, development or operation of mining facilities

on these properties on terms which enable operations to be conducted at economically justifiable costs.

As of January 1st, 2025, Aya owns or has options to own, in relation to all of its properties in Morocco: 23 mining licenses; 2

mining permit issued under the former mining legal regime in Morocco and currently in process of being converted into a

mining license; 36 exploration permits, and one exploration authorization.

Employees

As at February 1<sup>st</sup>, 2026, the Corporation had a total of 786 employees based in Morocco and 24 employees based in Canada.

Foreign Operations

As at December 31, 2025, all mining properties in exploration and development of the Corporation as well as production

activities and equipment are located in Morocco.

Reorganizations

As part of its development and optimization strategy, at the end of 2025 and beginning of 2026 the Corporation proceeded to a

corporate reorganization which consisted in transferring ownership of Aya's Moroccan subsidiaries (BGM and ZMSM) to its

UAE-based subsidiaries. The intercorporate relationships among Aya and its subsidiaries further to the reorganization is

presented in the section of this AIF entitled *"Corporate Structure - Intercorporate Relations"*.

Social and Environmental Policies

The Corporation has a broad range of policies covering environmental, social and governance topics including the following,

which are all available on our Website at: https://ayagoldsilver.com/about/governance/.

• Anti-Corruption and Anti-Bribery Policy

• Code of Business Conduct and Ethics

• Cybersecurity Policy

• Environment Policy

• Health and Safety Policy

• Human Rights Policy

• People Policy

• Social Performance Policy

• Suppliers Code of Conduct

• Tailings Management Policy

• Whistleblowing Policy

Aya's policies reflect its engagement to the health and safety of its workers, the environment, and local communities. It is

applicable to all aspects of Aya's operations, including exploration, project development, mining, and closure and rehabilitation

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202533

of mine sites. The policies apply to the directors, officers and employees of Aya. The policies also apply to Aya's suppliers,

consultants, contractors and sub-contractors who do business with the Corporation. Employees are trained periodically on the

policies and suppliers are required to meet the standards set out in all corporate policies referenced therein, including the

Suppliers Code of Conduct.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202534

**ZGOUNDER SILVER MINE**

![zgounder_pagexaif2026a.jpg](zgounder_pagexaif2026a.jpg)

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202535

Current Technical Report

The most recent technical report on the Zgounder Silver Mine (**"Zgounder**", the "**Zgounder Silver Mine**", or the "**Project**") is the

technical report entitled "Technical Report - Updated Mineral Resource and Mineral Reserves Estimate of the Zgounder Silver

Mine Operation, Kingdom of Morocco" dated December 16, 2025, with an effective date of December 16, 2025, prepared for

Aya and authored by the Qualified Persons named in paragraph (i) of the Section of this AIF entitled "Interests of Experts" (the

"**Updated Zgounder Technical Report**"). Except if stated otherwise hereinafter, the information set forth below is based on and

stated as of the effective date of the Updated Zgounder Technical Report, which is available under Aya's profile on SEDAR+ at

www.sedarplus.ca.

The scientific and technical information set out in this section has been prepared under the supervision of, or reviewed by, and

approved by Mr. David Lalonde (P.Geo.), Vice-President, Exploration, and Mr. Raphael Beaudoin (P.Eng.), Vice-President,

Operations, each a Qualified Person under NI 43-101.

Project Description, Location and Access

**<u>Project Description</u>**

The Zgounder Silver Mine is located in the province of Taroudant. The Zgounder exploitation license 393459 (formerly

exploitation permit No. 2306) covers 16 km<sup>2</sup> and is valid until October 17, 2027. It includes the Zgounder mine, tailing facilities,

mine infrastructure and camp. The mining license provides surface rights and access to the Zgounder Mine and allows any

type of mining. In addition, property in the Zgounder area consists of 8 mining licenses and 15 exploration permits spread over

an area of 378 km<sup>2</sup> (Figure 2). The permits and licenses are distributed within a 40 km radius of the Zgounder Silver Mine

(Figure 2 and Table 1).

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202536

**Figure 2 - Land Tenure in the Zgounder Property Area**

![figure4-1xlocationofthezgoa.jpg](figure4-1xlocationofthezgoa.jpg)

**Table 1- Aya Mining Licenses and Exploration Permits in the Zgounder Property Area**<sup>1</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Permit ID** | **Permit Type**<sup>2</sup> | **Area (km²)** | **Interest of Aya**<sup>3</sup> | **Granted** | **Expires** |
| LE-393459<sup>4</sup> | Licence d'exploitation | 16 | 100% ownership | 10/17/2017 | 10/16/2027 |
| LE-383782 | Licence d'exploitation | 16 | 100% ownership | 7/28/2023 | 7/27/2033 |
| LE-383784 | Licence d'exploitation | 15.14 | 100% ownership | 7/28/2023 | 7/27/2033 |
| LE-393478 | Licence d'exploitation | 11.86 | 100% ownership | 11/16/2018 | 11/16/2028 |
| LE-393507 | Licence d'exploitation | 4.63 | 100% ownership | 7/30/2018 | 7/29/2028 |
| LE-393571<sup>7</sup> | Licence d'exploitation | 52.07 | Option to acquire 100% <br>interest<br>| 8/4/2019 | 8/3/2029 |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202537

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| LE-393612 | Licence d'exploitation | 12.44 | 100% ownership | 7/30/2015 | 7/29/2032 |
| PR-3843287 | Permis de Recherche | 13.92 | 100% ownership | 6/17/2023 | 6/16/2026 |
| PR-3843289 | Permis de Recherche | 15.93 | 100% ownership | 6/17/2023 | 6/16/2026 |
| PR-3843461 | Permis de Recherche | 16 | 100% ownership | 5/27/2025 | 5/26/2028 |
| PR-3843465 | Permis de Recherche | 6.66 | 100% ownership | 5/27/2025 | 5/26/2028 |
| PR-3843466 | Permis de Recherche | 11.07 | 100% ownership | 5/27/2025 | 5/26/2028 |
| PR-3843474 | Permis de Recherche | 4.83 | 100% ownership | 5/27/2025 | 5/26/2028 |
| PR-3843476 | Permis de Recherche | 3.8 | 100% ownership | 5/27/2025 | 5/26/2028 |
| PR-3942763 | Permis de Recherche | 5.78 | 100% ownership | 5/29/2025 | 5/28/2028 |
| PR-3942111<sup>6</sup> | Permis de Recherche | 71.09 | 100% ownership | 7/8/2022 | 7/7/2025 |
| PR-3942112<sup>6</sup> | Permis de Recherche | 71.09 | 100% ownership | 7/8/2022 | 7/7/2025 |
| PR-3942113<sup>6</sup> | Permis de Recherche | 71.09 | 100% ownership | 7/8/2022 | 7/7/2025 |
| PR-3942114<sup>6</sup> | Permis de Recherche | 71.09 | 100% ownership | 7/8/2022 | 7/7/2025 |
| PR-2341044<sup>6</sup> | Permis de Recherche | 71.09 | 100% ownership | 7/29/2015 | 7/29/2022 |
| PR-2341045<sup>6</sup> | Permis de Recherche | 71.09 | 100% ownership | 7/29/2015 | 7/29/2022 |
| PR-2341046<sup>6</sup> | Permis de Recherche | 71.09 | 100% ownership | 7/29/2015 | 7/29/2022 |
| PR-2341047<sup>6</sup> | Permis de Recherche | 11.48 | 100% ownership | 7/29/2015 | 7/29/2022 |
| PR-3842368 | Permis de Recherche | 16 | 100% ownership | 4/29/2021 | 4/28/2028 |
| PR-3842385 | Permis de Recherche | 15.83 | 100% ownership | 4/29/2021 | 4/28/2028 |
| PR-3842387 | Permis de Recherche | 9.52 | 100% ownership | 4/29/2021 | 4/28/2028 |
| PR-3842394 | Permis de Recherche | 13.14 | 100% ownership | 4/29/2021 | 4/28/2028 |
| PR-3842424 | Permis de Recherche | 3.59 | 100% ownership | 4/29/2021 | 4/28/2028 |
| PR-3941556<sup>5</sup> | Permis de Recherche | 16 | 100% ownership | 3/22/2018 | 3/22/2025 |
| PR-3941282<sup>7</sup> | Permis de Recherche | 16 | Option to acquire 100% <br>interest<br>| 5/12/2020 | 5/12/2024 |

---

***Notes*** 

*1. Mineral tenure information is effective as of November 11, 2025.*

*2. "Permis de recherche" means exploration permit, and "licence d'exploitation" means mining license.*

*3. In this table, "Aya" refers to the Corporation or it subsidiary ZMSM.*

*4. The Zgounder Mining License.* 

*5. Permits expired with application submitted for conversion into mining licenses, waiting of signature by the competent* 

*authority.*

*6. Permits expired with application submitted for conversion into mining licenses, waiting of signature by the competent* 

*authority. Permits to be transformed into one mining license*

*7. Permits in the process of being transferred from the ONHYM.*

In 2012, Maya and ONHYM signed an agreement for the development and the operation of the Zgounder Silver Mine through a

local operating company, ZMSM. As part of this agreement: (i) the ONHYM received a 15% free-carried interest in ZMSM,

which would become participating once the historical resource would be mined; (ii) Maya retained 85% in ZMSM; and (iii) the

ONHYM received a royalty of 3% payable annually on the revenues from the mining permit no. 2306 (now known as mining

license LE-393459), without expiry.

On December 14, 2022, Aya acquired the ONHYM's 15% interest in the Zgounder Silver Mine and five adjacent permits to the

Zgounder Silver Mine for a total consideration of 67 million dirhams (approximately US$6.5 million). The ONHYM maintained

its 3% royalty on the mining permit no. 2306 (now known as mining license LE-393459), and was extended to cover production

from the newly acquired permits.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202538

On May 17, 2013, Maya entered into a net-profit interest agreement with Global Works, Assistance and Trading S.A.R.L

("Glowat") whereby Maya would pay Glowat annually a royalty equal to 5% of the gross revenues from sales generated by the

mining permit no. 2306, less mining and processing costs. On June 28, 2023, Aya and Glowat jointly agreed to terminate the

net-profit interest agreement with no amount remaining payable to Glowat thereunder.

**<u>Project Location, Access and Facilities</u>**

Zgounder is accessible from the City of Agadir via well-maintained paved highways N10 and P1706 that run east for 205 km to

Taliouine in the Taroudant Province. Most of the remaining 61 km to the Mine are via a paved road to the village of Askaoun.

The final 5km drive to the Zgounder Silver Mine site is via a dirt road that could be upgraded. A 225 km paved road from

Marrakesh to Askaoun via Agouim is presently under construction.

The Zgounder Silver Mine is located between 1,825 and 2,200 MASL, on the western flank of the Siroua Massif of the Anti-

Atlas Mountains. This region is separated from the influence of the Mediterranean climate by the High Atlas Mountains to the

north, and therefore, shares the Sahara climate. Vegetation is limited to minor alpine flowers, mosses, lichens and small

evergreen trees. Wheat is cultivated.

The main villages are located near rivers for water sources and select vegetation (cereals, vegetables and some trees). The

local population is exclusively Amazigh with a semisedentary lifestyle. The economy is principally supported by livestock,

agriculture and food trade (saffron, potatoes, dates), and manufacture of traditional carpets. Basic supplies, such as food and

limited accommodation, are available at Askaoun. The larger City of Talioune offers more amenities and services. Special

items must be purchased from Agadir. The mining manpower for the Zgounder Silver Mine resides in nearby villages, located

from 5 km to 10 km from the Zgounder Silver Mine site. Skilled labour is available in nearby villages and some inhabitants were

employees of previous operators of the Zgounder Silver Mine. Mine site facilities include crew houses, offices, drill core shack,

a mine portal and trails linking mine entrances. Power is connected to the national grid by an electrical station.

History

The Zgounder Deposit has a long history of intermittent exploration and mining activities from ancient times to present day.

Zgounder was first exploited between the 10<sup>th</sup> and 12<sup>th</sup> Century mainly in exposed oxidized zones with native silver stringers in

veins.

Modern history commenced with the Bureau de Recherches et Participations Minières ("BRPM") and the completion of several

drilling campaigns between 1950-1979. The Société Minière de Sidi Lahcen ("SOMIL"), a subsidiary company from the BRPM,

started mining activity in 1982. Production ceased in 1990 due to the drop of the silver price below $5/oz. During that period,

the SOMIL mined exclusively underground; extracting approximately 500,000 tonnes at an average grade of 330 g/t Ag, for a

total of 5.3 Moz of silver.

Despite the cessation of mining production, BRPM continued exploration activities until the project was ceded in 1999. In

2002, Comagnie Minière de Touissit ("CMT") looked at resuming mining production; over 2 years, they conducted exploration

drilling from surface and underground. In parallel, CMT also developed 980 m of exploration underground cross-cuts and

drives.

The Corporation acquired Zgounder in January 2012 and directly committed to rehabilitate dormant infrastructures. In 2014,

the Corporation commissioned GoldMinds Geoservices Inc. ("GMG") to prepare the first MRE and a PEA in compliance with NI

43-101 for the Zgounder Silver Mine, in order to resume mining and exploitation. The Corporation publicly disclosed a Pre-

Feasibility Study on May 2014, which was jointly prepared by GMG and SGS. Processing operations commenced in July 2014

and the Corporation announced the first silver pour in August 2014 and production of the first 20 silver ingots.

In 2018, the Corporation released a PEA that included the construction of a new flotation plant. The plant was completed in

early 2019, commissioned in April, and achieved commercial production in May 2019.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202539

In 2021, Aya mandated P&E to prepare a new MRE based on new drilling information. The MRE was prepared in October 2021

and a subsequent update was completed in December 2021. The 2021 MRE supported the project expansion for the Zgounder

Feasibility Study.

In 2025, a new MRE was prepared, including all drilling done until June 30th, 2025.

Geological Setting, Mineralization and Deposit Types

Zgounder is located on the northwestern flank of the Siroua inlier, near the central part of the Anti-Atlas. The Zgounder Deposit,

within the Siroua inlier, is dominated by Neoproterozoic volcano-sedimentary rocks of the Sarhro Group. Within this sequence,

the Tadmant Rhyolite intrudes the greywackes of the Sarhro Group. Deformation of the Sarhro Group was followed by the

emplacement of the Assarag intrusive suite, which includes the Askaoun Batholith, at the far west of Zgounder. Subsequent

post-orogenic collapse produced a series of extensional basins and the deposition of the volcano-sedimentary Ouarzazate

Group, which overlies the older units unconformably. Post-orogenic collapse also generated a network of N-, E-, NE-trending

conjugate faults and fractures.

The deposit occurs along the northern contact between the Tadmant Rhyolite/dolerite intrusion and laminated siltstones of

the Imghi Formation, western segment of the Sarhro Group. Both units strike approximately east–west, and the sedimentary

beds dip steeply (~70°) southward. The rhyolite–sediment contact is subvertical and irregular. The deposit trends west over 1

km, from the eastern granophyre, Assarag Suite, contact at surface westward to the Zgounder Fault, a major north-trending

subvertical structure. Further east, the Ouarzazate Group volcanics, consisting of horizontally stacked ignimbrites, overlie the

intrusive contact. The granophyre outcrops at surface in the east and extends westward beneath the Imghi sediments at a

shallow (~30°) dip toward the WSW, where it transitions into more granitic and granodioritic phases.

Zgounder structural framework is typically characterized by pinch-and-swell structures with intense brecciation, associated

damage zones on both sides of the fault, multiple minor structures in close. The deposit-scale principal structures-oriented E–

W are interpreted as relatively late, brittle faults. These faults crosscut and have possibly re-activated NNW- to NE-oriented

conjugate fault sets. The apparent dip-slip movement on the E-striking principal fault may have led to the development of drag

fold or 'rip-up' features at the rhyolite-metasediments contact, creating a high strain corridor. Enhanced permeability were

created along pre-existing faults and fault intersections at the rhyolite-metasediments contact, in which subsequent Ag

deposition was facilitated by Ag-rich circulating fluids.

The Ag mineralization in the metasediments is predominately fracture filling or disseminated but can also be associated with

hydrothermal breccias and quartz veins. Locally, silver occurs as fracture-filling hosted by the younger intrusive units—both

within the rhyolite at the metasediment contact and within centimeter-thick granite offshoots that intrude the metasediments.

Mineralization at Zgounder can be separated into two successive paragenetic stages (Essarraj et al., 1998; Marcoux and

Wadjinny, 2005). The first stage (Fe-As) was pyrite and arsenopyrite with rare native Ag. The second stage (Ag-Zn-Pb-Cu-Hg) is

characterized by native Ag-Hg amalgam and small quantities of the Ag sulphide acanthite. Other subordinate Ag mineral

species include polybasite, pearceite and argentiferous sulphosalt minerals (proustite, tennantite and tetrahedrite). Additional

sulphide minerals, such as pyrite, galena, sphalerite and chalcopyrite, are accompanied by the gangue minerals quartz, chlorite

and carbonate. The age of Ag mineralization is poorly constrained, but it is known to postdate the volcano-sedimentary units at

Zgounder due to crosscutting relationships. It has been interpreted to be coeval with the magmatic event responsible for the

emplacement of the Askaoun batholith.

Zgounder has been described as an epithermal Ag–Hg system, associated with felsic magmatism and hydrothermal activity.

Although some geological, structural, mineralogical, and geochemical observations support this interpretation, recent field and

drilling evidence indicate a mesothermal character of the mineral deposit. These findings indicate the need for further

refinements of the genetic model and warrant further investigation as part of the Corporation's ongoing geological evaluation.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202540

Exploration

Exploration activities conducted within the Zgounder Mining License area are multidisciplinary, aimed at improving geological

understanding and identifying new zones of mineralization. Work completed to date includes regional and detailed geological

mapping, mineral prospection, stream-sediment and rock sampling, hyperspectral imagery acquisition, both airborne and

ground geophysical surveys, and drilling.

Satellite-Based Hyperspectral Surveys

At the end of 2021, CGG carried out a satellite-based geological and mineral mapping study for Aya. The objective of the

hyperspectral program was to enhance the regional geological understanding of the Zgounder property by identifying

lithological and structural features, and by generating exploration targets from spectral alteration patterns that vector toward

hydrothermal centers and ore zones.

The program was completed over the mining license and the surrounding region (650 km<sup>2</sup>) in two stages: a regional

interpretation at 1:25,000 scale outlining the main structural trends and alteration zones, followed by a detailed study at

1:5,000 scale focused on priority areas.

Several satellite datasets were processed and interpreted by CGG to support regional and detailed geological mapping.

Copernicus elevation data and multispectral Sentinel-2 imagery provided the base for regional geological interpretation and

structural analysis. ASTER and PRISMA imagery was used for its spectral capability to identify clay, iron, and carbonate

alteration associated with hydrothermal systems and intrusive activity. For high-resolution work over the license area,

WorldView-3 imagery was employed for detailed structural and spectral mineral mapping, as well as lithological classification.

Results highlighted strong argillic alteration zones overlapping at surface with the mapped metasedimentary unit that hosts

the deposit mineralization, and chlorite alteration at the dolerite/rhyolite contact zone. PRISMA data mapped the argillic

alteration to include montmorillonite and goethite. This alteration signature is characteristic for hydrothermal alteration zones

enriched in Fe-bearing minerals and can be applied to look for similar zones of alteration during a regional scale acquisition.

Interpretation of WorldView-3 imagery enabled the identification of dykes as narrow as a few meters in width, visible on both

optical and mineral composite maps. Regional structural analysis reveals dominant NNE–SSW and NW–SE trends, with a

subordinate E–W orientation also observed. Evidence of fault kinematics is limited but locally indicated by minor offsets in the

dykes. ASTER data further distinguishes iron-oxide alteration associated with the Miocene volcanic rocks east of Zgounder,

highlighting the lithological unconformity that separates it from the Proterozoic formations to the west, which host the deposit

and exhibit elevated argillic and chlorite alteration.

In early 2024, Aya re-engaged CGG to conduct a new satellite-based study over the areas of Tirzzit, Zgounder Far East and the

western portion of the Touchkal proporties, covering 930 km<sup>2</sup>. The project has been carried out using high resolution satellite

imagery to provide detailed 1:5,000 scale structural interpretation and 1:10,000 scale lithological classification with key areas

of alteration mapped to 1:5,000 scale.

The use of WorldView-3 satellite imagery has significantly improved lithological classification and structural mapping

compared to the previous 1:200,000 regional map. The higher resolution provided clearer boundaries and more detailed

structural features. The enhanced spatial and spectral resolution of WorldView-3 imagery allowed for the mapping of narrow

geological features such as dykes and delimitated the contact of intrusives at Zgounder Far East. The structural mapping has

helped establish relationships between faults and advance the regional structural framework.

In June 2025, Aya engaged Viridien (formerly known as CGG) to processed and interpreted EMIT and PRISMA hyperspectral

data from the areas of previous studies, particularly using newly developed processing techniques such as minimum

wavelength mapping. The study was completed by mid-November.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202541

The findings are consistent with the Zgounder geological framework and will contribute to refine the mapping and

interpretation of structural features and mineral alteration across the licensed area. It will also serve as a guide for prospecting

similar alteration types during regional exploration.

Airborne Geophysical Surveys

Geotech Ltd. conducted an airborne geophysical survey over the Zgounder property between April and June 2022. The survey

covered an area of 783 km², comprising a total of 8,611 line-kilometers, with east–west traverse lines spaced at 100m and

north–south tie lines spaced at 1,000m.

The principal geophysical sensors included a Versatile Time Domain Electromagnetic ("VTEM") system, a caesium

magnetometer, and an RSI ARGS RSX-5 spectrometer. The survey provided electromagnetic, magnetic, and radiometric

datasets across the property.

The objective of the airborne geophysical survey was to investigate the regional continuity of structural features beyond the

mine area to improve the understanding of the broader regional structural framework and to generate new exploration targets

across the Zgounder property.

Results from the VTEM survey were used to support geological and structural interpretation. They highlight key lithological

domains, including the Askaoun granite to the west of the Zgounder Silver Deposit, characterized by variable medium to low

magnetic responses and high resistivity, and the Miocene volcanic sequence to the east, marked by higher conductivity and

locally elevated magnetic signatures. The volcano-sedimentary sequence hosting the Zgounder D exhibits variable medium to

high magnetic responses and generally low conductivity. The deposit area itself is characterized by a magnetic and conductive

low.

The radiometric dataset (K-Th-U) provides additional constraints on lithological discrimination. K counts are strongly elevated

over the rhyolite, forming a prominent east–west linear anomaly consistent with the mapped intrusive body. High K responses

also occur over the granophyre in the east, in contrast to the comparatively low K values in the Askaoun granite to the west.

The metasedimentary sequence north of the rhyolite exhibits very low K, Th, and U responses, consistent with its lower

feldspar and accessory-mineral content. U and Th show moderate values within the rhyolite and granophyre, supporting their

classification as evolved felsic units enriched in incompatible elements. The Ouarzazate volcanic rocks display low-to-

moderate K-Th-U signatures that clearly differentiate them from the Miocene Sirwa volcanic suite to the east, which shows

strong K-Th enrichment. This contrast is particularly useful for refining volcanic stratigraphy, delineating intrusive contacts,

and tracing structures that juxtapose the Miocene volcanics against the Proterozoic basement.

Following the 2022 geophysical survey, a new airborne geophysical survey commenced on April 6, 2024, and concluded on

May 2, 2024. Completed by Expert Geophysics Limited ("EGL"), this helicopter-borne MobileMT electromagnetic and magnetic

survey covered the Tirzzit property.

The survey involved 17 production flights, covering a total of 1,764 line-km over 254 km<sup>2</sup>. The survey lines were oriented E-W at

100m spacing, while tie lines are oriented perpendicular to the survey lines and spaced at 1,000m. Electromagnetic readings

were obtained using an EGL AFMAG & VLF MobileMT system, which includes an airborne three-component magnetic sensor

and a base station with two horizontal electric components.

Groundborne Geophysical Surveys

Terratec Geophysical Services completed a combined ground geophysical survey using Electrical Resistivity Tomography

("ERT") and Time Domain Induced Polarization ("TDIP") techniques, and a ground magnetic survey ("WalkMag") at the

Zgounder property in 2021. The ERT and TDIP measurements were carried out between 2nd of February and 15th of March

2021, while the WalkMag was carried out between April 7 and April 26, in 2021.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202542

The combined ERT-TDIP program covered three target areas with north–south oriented traverse lines, for a total of 37.9 line-

kilometers. The survey identified sub-vertical, moderately to highly resistive zones interpreted as rhyolitic units, which

correspond well with lithological contacts observed on surface geological maps. The chargeability models revealed a

pronounced, high-intensity anomaly spatially coincident with the known zones of silver mineralization.

In addition, the ground magnetic survey (WalkMag) helped to support geological interpretation and investigate mineralized

structures within the mining license area. The program consisted of 40 north–south oriented lines, each approximately 4 km

long and spaced 100m apart, covering an area of roughly 15.5km<sup>2</sup>. Continuous magnetic readings were collected at an

average station spacing of 1 m (ranging from 0.5m to 1.4m) using a GEM GSM-19 Overhauser Version 7 magnetometer with

GPS for both rover and base stations. The data, recorded as total magnetic intensity ("TMI"), were processed to generate

derivative products, including reduction to the pole and tilt derivative, and others.

The objective of the ground geophysical campaign was to investigate structural features and conductivity–resistivity

variations over the mine area to better understand the controls on mineralization and to support the refinement of near-mine

drilling programs.

ERT–TDIP results north of the mine stratigraphy outline a strong resistive feature interpreted as a felsic intrusion, with near-

surface expressions matching mapped rhyolitic dykes. This suggests that the dykes are offshoots of a deeper intrusive body

and highlights additional granite contact zones as prospective exploration targets.

The RTP magnetic data delineate major structures, including a prominent north–south fault that offsets all lithologies and

separates the Zgounder stratigraphy into eastern and western blocks, indicating a deep-rooted, late cross-cutting structure.

Magnetic contrasts also distinguish the metasedimentary rocks north of the deposit, which show higher magnetic responses

than the host stratigraphy. These variations assist in mapping lithological units and refining exploration targeting where

magnetic susceptibility relates to favorable structural or alteration settings.

Geological Mapping and Sampling

Geological mapping of the Zgounder property has been conducted continuously since 2022, with work progressively refined

and updated as new information became available. The objective of the mapping was to detail the geology of the property,

both to characterize the main lithological units and structural features in the near-mine area, and to complete coverage across

the property to define the regional geological framework. This regional context serves as a guideline for future field programs

and prospecting activities.

The program involved systematic traverses across the property to document lithological contacts, alteration zones, and major

structures. Mapping was carried out along roads, ridgelines, open fields, and stream cuts to ensure representative coverage of

the main geological domains. Prospecting and rock sampling were conducted in areas showing alteration or visible

mineralization to verify historical occurrences and identify new zones of interest. The results were compared against previous

geological compilations to refine interpretations and ensure consistency across the property.

A comprehensive, property-scale geological map was completed in 2023, then digitized and integrated into a geographic

information system platform to support ongoing exploration planning and interpretation.

Rock and stream-sediment sampling were carried out in conjunction with the mapping program to support geochemical

targeting. Since 2022, a total of 215 grab samples have been collected across the Zgounder M License during in-house

prospecting and mapping campaigns. Rock samples were taken from in-situ outcrop material using a hammer. All samples

were prepared and analyzed by Afrilab, using fire assay with an atomic absorption spectroscopy finish for Au, and four-acid

digestion with an ICP finish for base and trace metals (Ag, Cu, Fe, Pb, Zn). Results include anomalous silver values ranging

from 20–80 g/t in samples collected from the host rocks within the mine footprint. Interpretations from the 2022 work indicate

that rock samples collected directly along the dolerite–rhyolite contact within the mine area confirm the continuation of the E–

W mineralized trend at surface, while samples taken along the granophyre–sediment contact in the east support the continuity

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202543

of surface mineralization and supported extending the open pit exploration toward the NE. One anomalous sample in the

southeast (97.6 g/t Ag) guided follow-up drilling along the granophyre–volcanic contact.

In parallel, Atlas GeoServices ("AGS") conducted a stream-sediment sampling campaign from July 14 to August 12, 2022,

during which 955 stream-sediment samples were collected across the Zgounder properties, including 47 samples within the

Zgounder Mining License area. Stream-sediment samples were collected at a depth of approximately 5–10 cm and were a

composite of three to four sub-samples spaced 5–10 m apart. The material was sieved to <2 mm and quartered to obtain a

final sample mass of approximately 2.5 kg. Each batch of 50 samples included one blank and one field duplicate, on

alternation, inserted at the 1<sup>st</sup> and 20<sup>th</sup> positions of the batch as part of the QA/QC protocol. Sample preparation and analytical

work were carried out by Afrilab. Preparation included crushing and pulverizing to 75 µm, followed by multi-element

geochemical analyses. Stream-sediment results were generally below mineralization thresholds (<10 g/t Ag); although a few

ppb-scale anomalies were detected, their proximity to mine workings suggests possible contamination, and the data are not

considered fully representative.

Trenching

In 2022, four trenches were excavated, for a total of 542.5m, in the northeastern part of the Zgounder Deposit area. Two

trenches were positioned directly along the eastern margin of the Eastern Zone, while the other two were located

approximately 100–200m farther northeast, beyond the known extent of mineralization at the time. The trenches were oriented

roughly north-northwest to northwest. The objective of this program was to examine the contact between the

metasedimentary units and the felsic intrusions east of the deposit, providing surface geological information to support

ongoing structural and lithological interpretation in that sector. Three of the four trenches delineated a contact with the granite

(granophyre) at surface. The trenches were not sampled.

Televiewer

In 2024, a televiewer survey was completed over select drill holes in the mine area to collect detailed structural orientation

data representative of the western, central, and eastern zones of the deposit. The program included six drill holes, using both

optical and acoustic televiewer measurements to obtain high-resolution structural imagery and orientation data, and measured

gamma radiation. The drill holes were selected based on their proximity to major faults, such as the Zgounder Fault in the

west, EW fault across the central deposit, and NE pit fault in order to test if the those faults, or similar orientations were

captured with televiewer. The structural results supported the ongoing interpretation of the Zgounder Deposit and confirmed

the presence and continuity of the main structural EW, NS, NE, and NW features previously identified through underground and

surface mapping. The borehole radiometric data showed no significant response over lithological or structural contacts.

Drilling

This section summarizes drilling activities completed on the Zgounder Mining License since the MRE published in December

2021. The drilling program was ongoing at the effective date of this report.

As of June 30, 2025, a total of 158,459m of new diamond drilling—completed from both surface and underground platforms—

has been executed at Zgounder. In addition, 46,552m of new RC drilling and 69,965m of new underground percussion drilling

(YAK-T28) have been completed across Zgounder.

Drilling programs were designed to address specific objectives depending on the method employed. Diamond drilling,

conducted both from surface and underground, has supported near-mine exploration and resource delineation at the deposit

scale, as well as definition drilling and grade control underground. Underground percussion drilling has been systematically

applied for orebody definition and operational grade control. RC drilling, primarily completed from surface, has been used to

support grade control, delineate open-pit limits, and evaluate potential extensions.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202544

The cumulative amount of new drilling information has progressively improved geological understanding of the deposit and

established the framework for ongoing development.

Exploration diamond drilling conducted between 2021 and 2025 has identified extensions of the mineralization at depth, as

well as to the west and east of the deposit. In addition, definition drilling carried out during the same period aimed to better

constrain the geometry of the mineralization across the entire extent of the deposit.

The significant intercepts presented in Table 2 and Table-3 highlight the distribution of silver mineralization throughout the

Zgounder Deposit, including the Western, Central, and Eastern sectors.

**Table 2 - Significant intercepts from the 2021-2025 diamond drilling programs**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill hole** | **Type** | **Zone** | **From (m)**  | **To (m)**  | **Length (m)**  | **Ag (g/t)**  |
| **ZG-22-64** | Surface | West | 336.50 | 340.00 | 3.50 | 2074 |
| Including | Including | Including | 336.50 | 339.00 | 2.50 | 2861 |
| **ZG-22-66** | Surface | East | 104.50 | 106.00 | 1.50 | 2940 |
| **DZG-SF-22-176** | Underground | West | 16.00 | 23.50 | 7.50 | 4980 |
| Including | Including | Including | 16.00 | 20.50 | 4.50 | 8228 |
| **DZG-SF-22-162** | Underground | West | 49.50 | 58.50 | 9.00 | 1242 |
| **ZG-23-02** | Surface | East | 38.00 | 44.50 | 6.50 | 1753 |
| Including | Including | Including | 38.00 | 43.50 | 5.50 | 2038 |
| **DZG-SF-22-144** | Underground | West | 64.00 | 68.50 | 4.50 | 2192 |
| **DZG-SF-22-153** | Underground | West | 55.00 | 59.00 | 4.00 | 3386 |
| **ZG-SF-23-010** | Underground | West | 27.50 | 41.00 | 13.50 | 812 |
| **ZG-23-25** | Surface | East | 326.50 | 334.00 | 7.50 | 1075 |
| **ZG-23-54** | Surface | East | 56.00 | 63.00 | 7.00 | 1846 |
| Including | Including | Including | 56.00 | 61.00 | 5.00 | 2095 |
| **ZG-SF-23-084** | Underground |  | 133.50 | 147.00 | 13.50 | 1089 |
| Including | Including | Including | 133.50 | 144.00 | 10.50 | 1330 |
| **ZG-SF-23-084** | Underground | Centre | 163.50 | 168.00 | 4.50 | 4469 |
| **ZG-23-07** | Surface | West | 85.00 | 87.00 | 2.00 | 3460 |
| **ZG-23-58** | Surface | East | 10.00 | 14.00 | 4.00 | 1828 |
| **ZG-SF-23-037** | Underground | Centre | 140.50 | 144.50 | 4.00 | 1356 |
| Including | Including | Including | 140.50 | 144.00 | 3.50 | 1537 |
| **ZG-23-35** | Surface | East | 85.00 | 100.00 | 15.00 | 683 |
| Including | Including | Including | 85.00 | 93.00 | 8.00 | 947 |
| **ZG-SF-23-038** | Underground | West | 42.00 | 56.00 | 14.00 | 675 |
| Including | Including | Including | 42.00 | 53.50 | 11.50 | 782 |
| **DZG-SF-23-251** | Underground | Centre | 21.00 | 30.50 | 9.50 | 988 |
| Including | Including | Including | 21.00 | 25.50 | 4.50 | 1918 |
| **DZG-SF-23-233** | Underground | East | 90.50 | 102.00 | 11.50 | 950 |
| Including | Including | Including | 90.50 | 95.00 | 4.50 | 2102 |
| **DZG-SF-23-214** | Underground | Centre | 2.50 | 8.50 | 6.00 | 2653 |
| **DZG-SF-23-249** | Underground | Centre | 46.00 | 48.50 | 2.50 | 5755 |
| **ZG-SF-24-092** | Underground | Centre | 76.50 | 94.10 | 17.60 | 322 |
| Including | Including | Including | 76.50 | 89.10 | 12.60 | 404 |
| **ZG-SF-24-107** | Underground | East | 100.00 | 105.50 | 5.50 | 1459 |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202545

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Including | Including | Including | 100.00 | 102.50 | 2.50 | 3086 |
| **ZG-SF-24-108** | Underground | West | 67.70 | 70.70 | 3.00 | 1292 |
| **ZG-SF-24-123** | Underground | West | 274.00 | 276.50 | 2.50 | 5696 |
| **ZG-SF-24-123** | Underground | West | 276.50 | 289.10 | 12.60 | 1640 |
| Including | Including | Including | 276.50 | 279.00 | 2.50 | 4258 |
| **ZG-SF-24-164** | Underground | East | 136.00 | 146.50 | 10.50 | 657 |
| Including | Including | Including | 136.00 | 145.00 | 9.00 | 587 |
| **ZG-SF-24-170** | Underground | East | 28.50 | 35.50 | 7.00 | 977 |
| Including |  |  | 28.50 | 31.00 | 2.50 | 2432 |
| **ZG-SF-24-170** | Underground | East | 109.00 | 112.50 | 3.50 | 1094 |
| **ZG-SF-24-200** | Underground | West | 265.00 | 286.00 | 21.00 | 1151 |
| Including | Including | Including | 265.00 | 284.50 | 19.50 | 765 |
| **ZG-SF-24-203** | Underground | West | 176.00 | 186.00 | 10.00 | 911 |
| Including | Including | Including | 176.00 | 182.00 | 6.00 | 1367 |
| **ZG-SF-24-209** | Underground | West | 299.00 | 303.50 | 4.50 | 1756 |
| Including | Including | Including | 299.00 | 301.00 | 2.00 | 3492 |
| **ZG-SF-24-219** | Underground | West | 65.00 | 70.00 | 5.00 | 1147 |
| Including | Including | Including | 65.00 | 67.50 | 2.50 | 2174 |
| **ZG-SF-24-259** | Surface | East | 66.00 | 74.50 | 8.50 | 1082 |
| **DZG-SF-24-007** | Underground | East | 88.50 | 92.50 | 4.00 | 2511 |
| **DZG-SF-24-111** | Underground | East | 4.50 | 11.00 | 6.50 | 2372 |
| **DZG-SF-24-145** | Underground | Centre | 13.00 | 16.00 | 3.00 | 4645 |
| **DZG-SF-24-153** | Underground | East | 56.00 | 60.00 | 4.00 | 3955 |
| **DZG-SF-24-018** | Underground | West | 10.50 | 21.50 | 11.00 | 902 |
| **DZG-SF-24-027** | Underground | West | 69.50 | 71.00 | 1.50 | 7631 |
| **DZG-SF-24-065** | Underground | West | 79.00 | 85.50 | 6.50 | 2870 |
| Including | Including | Including | 79.00 | 82.00 | 3.00 | 4957 |
| **DZG-SF-24-172** | Underground | Centre | 22.50 | 43.50 | 21.00 | 2165 |
| Including | Including | Including | 22.50 | 34.00 | 11.50 | 3633 |
| **DZG-SF-24-228** | Underground | East | 6.00 | 16.00 | 10.00 | 3794 |
| **ZG-SF-25-290** | Underground | West | 275.00 | 285.00 | 10.00 | 823 |
| Including | Including | Including | 275.00 | 281.00 | 6.00 | 955 |
| **ZG-SF-25-290** | Underground | West | 297.50 | 302.00 | 4.50 | 2055 |
| **DZG-SF-25-412** | Underground | Centre | 56.50 | 64.50 | 8.00 | 3279 |
| Including | Including | Including | 56.50 | 60.50 | 4.00 | 6425 |
| **DZG-SF-25-422** | Underground | Centre | 48.00 | 52.00 | 4.00 | 5297 |

---

***Note:*** *All assay values are core lengths.*

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202546

**Table 3- Significant intercepts from the 2023-2025 reverse circulation drilling programs**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill hole** | **Type** | **Zone** | **From (m)**  | **To (m)**  | **Length (m)**  | **Ag (g/t)**  |
| **ZG-RC-23-2260-70** | Surface | East | 22.00 | 49.00 | 27.00 | 1611 |
| **ZG-RC-23-2230-212** | Surface | East | 5.00 | 13.00 | 8.00 | 2812 |
| **ZG-RC-CT7-P63-23-63** | Surface | East | 8.00 | 15.00 | 7.00 | 2227 |
| **ZG-RC-CT4-P33-23-33** | Surface | East | 7.00 | 20.00 | 13.00 | 1009 |
| **ZG-RC-23-2230-197** | Surface | East | 0.00 | 11.00 | 11.00 | 1087 |
| **ZG-RC-23-2230-232** | Surface | East | 0.00 | 2.00 | 2.00 | 5592 |
| **ZG-RC-23-2260-99** | Surface | East | 3.00 | 17.00 | 14.00 | 795 |
| **ZG-RC-CT3-P20-23-20** | Surface | East | 16.00 | 22.00 | 6.00 | 1819 |
| **ZG-RC-CT1-P1-23-01** | Surface | East | 5.00 | 17.00 | 12.00 | 897 |
| **ZG-RC-23-2230-231** | Surface | East | 0.00 | 5.00 | 5.00 | 2145 |
| **ZG-RC-23-01** | Surface | East | 10.00 | 17.00 | 7.00 | 1457 |
| **ZG-RC-24-277** | Surface | East | 33.00 | 50.00 | 17.00 | 2425 |
| **ZG-RC-24-413** | Surface | East | 10.00 | 38.00 | 28.00 | 1001 |
| **ZG-RC-24-228** | Surface | East | 25.00 | 45.00 | 20.00 | 1356 |
| **ZG-RC-24-028** | Surface | East | 2.00 | 26.00 | 24.00 | 986 |
| **ZG-RC-24-452** | Surface | East | 39.00 | 53.00 | 14.00 | 1364 |
| **ZG-RC-24-082** | Surface | East | 24.00 | 40.00 | 16.00 | 1155 |
| **ZG-RC-24-345** | Surface | East | 15.00 | 31.00 | 16.00 | 876 |
| **ZG-RC-24-154** | Surface | East | 19.00 | 38.00 | 19.00 | 711 |
| **ZG-RC-24-303** | Surface | East | 22.00 | 28.00 | 6.00 | 1970 |
| **ZG-RC-24-232** | Surface | East | 0.00 | 11.00 | 11.00 | 1054 |
| **ZG-RC-24-355** | Surface | East | 0.00 | 20.00 | 20.00 | 555 |
| **ZG-RC-24-401** | Surface | East | 17.00 | 20.00 | 3.00 | 3565 |
| **ZG-RC-24-169** | Surface | East | 20.00 | 42.00 | 22.00 | 485 |
| **ZG-RC-24-243** | Surface | East | 0.00 | 25.00 | 25.00 | 420 |
| **ZG-RC-24-031** | Surface | East | 8.00 | 22.00 | 14.00 | 744 |
| **ZG-RC-24-318** | Surface | East | 8.00 | 17.00 | 9.00 | 1143 |
| **ZG-RC-24-235** | Surface | East | 0.00 | 13.00 | 13.00 | 778 |
| **ZG-RC-24-234** | Surface | East | 6.00 | 7.00 | 1.00 | 7040 |
| **ZG-RC-24-400** | Surface | East | 43.00 | 44.00 | 1.00 | 4720 |
| **ZG-RC-25-478** | Surface | East | 3.00 | 18.00 | 15.00 | 677 |
| **ZG-RC-25-412** | Surface | East | 27.00 | 37.00 | 10.00 | 745 |
| **ZG-RC-25-462** | Surface | East | 11.00 | 22.00 | 11.00 | 502 |
| **ZG-RC-25-449** | Surface | East | 11.00 | 15.00 | 4.00 | 1347 |

---

***Note:*** *All assay values are core lengths.*

The underground definition drilling summarized in Table 2 (drill holes with the prefix DZG) represents definition drilling

completed from levels 1950, 1975, 2000, 2030, 2075, and 2100. This drilling improved the geological interpretation and

resource definition within the upper portion of the deposit (to ~220 m vertical depth), complementing ongoing underground

mining. For example, drill hole DZG-SF-22-162 intersected mineralization that directly informed the design of a stope

subsequently mined from level 1950. Definition drilling remains focused within the main orebody hosted in the

metasedimentary unit.

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The resource and exploration drilling in Table 3 (drill holes prefixed ZG), completed from both surface and underground (ZG-

SF), achieved its objectives of increasing confidence in the central ore zone and identifying additional mineralization laterally

and at depth. Holes ZG-23-35 and ZG-SF-23-010 returned significant intercepts that supported resource conversion and

upgrading. In contrast, deeper intersections in ZG-22-64, ZG-SF-23-203, and ZG-23-25 extended mineralization toward the

granitic contact approximately 100m below the main orebody, enhancing the understanding of deeper exploration potential.

One of the deepest silver mineralization intersected to date along the western extension of the granite contact was reported

from ZG-SF-24-209, confirming that the mineralized zone continues to at least 400m vertical depth in this area.

Results from the RC drilling programs at Zgounder supported both grade control and pit planning objectives (Table 3). The

2023 program focused on definition and grade control drilling to inform short-term open-pit design. In 2024, drilling expanded

the open-pit footprint and contributed to the definition of pit extensions to the west and to the north. The 2025 program was

dual-phased: ongoing definition and grade control drilling in the active open-pit operation, and a northern condemnation

campaign to define the waste pile margins. Condemnation drilling successfully sterilized the near-surface zone, enabling the

development of the waste rock storage facility.

Sampling, Analysis and Data Verification

Logging and Sampling

Drill core logging and sampling are performed at the Zgounder Silver Mine drill core shed facility, while logging and sampling

of RC chip samples are conducted at the drill rig site. Internationally accepted procedures and standards are applied by Aya's

technical team.

Geotechnical personnel align drill core pieces and check for gaps Logging procedure includes using core orientation to

determine the azimuth and dip of each structure encountered (e.g., veins, contacts, faults). Digital photographs are taken of

the drill core (wet and dry) and storage in a online server by Imago from Seequent. Drill core recovery, rock quality designation,

basic geotechnical information, geological and structural elements are recorded in the drill core logs. Sample intervals are

marked and samples for bulk density determination are also selected.

The collected data are entered using Geotic Log software, since January 2022, and logging is regularly supervised with sign-off

on all steps by a supervisor. When logging is complete, the data are audited in a spreadsheet available to all personnel

involved before being imported into a master file with limited access to select authorized personnel only and overview by the

database administrator. Nominal drill core sample intervals are 1.0m and 1.5m, and are adjusted to respect lithological

contacts or abrupt changes in mineralization, with smaller intervals that could vary from 0.3m to 2.0m where needed.

Drill core material are cut in half lengthwise using a diamond-blade saw. The rock saw operator cuts along contacts between

samples along a line drawn by the logging geologists. An arrow to mark downhole direction is drawn along each drill core

sample by the geologist, for future reference. One-half of the drill core is placed into a polyethylene bag with a sample tag, with

a QR code, and the remaining half-drill core is carefully returned to its original position in the drill core boxes. Core duplicates

are made by halving the already halved drill core again and both ¼-drill cores are sent as duplicates to the lab, leaving the

remaining ½-drill core archived in the drill core box. Since 2025 sample tags are printed with a QR code and stuck to the drill

core boxes at the end of the sample intervals. Prior to the QR code system, introduced in 2025, sample books were utilized

with pre-recorded, unique sequential number tags reserved for QC samples at pre-determined locations.

RC samples of 2–4 kg were collected at the RC drill rig from a rig-mounted cyclone and a dump box combined with a two-

tiered riffle splitter. Bulk samples (13–25 kg) were retained and discarded once laboratory analytical results were received and

validated. RC chips were collected from the bulk sample and sieved to obtain representative chip samples for logging. A

duplicate sample was taken regularly at a rate of 1:22 (4.5%) from the 2–4 kg sample.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202548

Bulk Density Determination

Bulk density determination is performed onsite by Aya geologists, with the water immersion method (Archimedes method)

selected as an appropriate method to determine the bulk density of rocks at Zgounder.

Aya's protocol calls for the determination of wet (moisture percent) and dry densities of mineralized and barren samples. Full

drill core pieces of approximately 10cm to 15cm are used for the determinations. When this process is complete, the drill core

is returned to the original location in the drill core box, with a piece of flagging tape stapled to the box to aid with future sample

identification.

**Table 4 - Bulk Density Factor for Each Rock Type and Mineralized Material Observed at the Zgounder Deposit**

---

| | | | |
|:---|:---|:---|:---|
| **Facies** | **Rock Code** | **No. Samples** | **Dry Bulk Density** |
| **Sedimentary Sequence** | **Sedimentary Sequence** | **Sedimentary Sequence** | **Sedimentary Sequence** |
| Schist + Ag | 300 | 62 | 2.76 |
| Schists not mineralised | 200310320330, 350 | 256 | 2.75 |
| Schist + Pyrite | 340 | 20 | 2.77 |
| **Volcanics Units** | **Volcanics Units** | **Volcanics Units** | **Volcanics Units** |
| Andesite | 400 | 7 | 2.54 |
| Diorite | 500 | 19 | 2.7 |
| Rhyolite | 475 | 30 | 2.67 |
| **Intrusives** | **Intrusives** | **Intrusives** | **Intrusives** |
| Pink Granite | 600 | 5 | 2.61 |
| Granodiorite | 650 | 26 | 2.71 |
| Fault (BX, Cis, FZ) | 70 | 0 | 2.7 |
|  | Total | 425 |  |

---

Security – Chain of Custody

Drill core is under ZMSM's control from the drill site, where ZMSM geologists supervise operations, to the drill core shed at the

mine site, where drill core boxes are transported at the end of each shift for logging, cutting and sampling. Prepared samples

are stored at the Aya facility until a sufficient number of samples have accumulated, at which time samples are packed into 50

litre plastic drums and transported to the AfriLab preparation facility on site, or to the ALS laboratory in Seville, using a

commercial transport group. Samples analyzed by ALS in Ireland are shipped directly to the ALS facility in Ireland from the ALS

laboratory in Seville, Spain and tracked through ALS's Global Enterprise Management System.

All samples remain under constant surveillance until delivery to the laboratory facility, thereby preserving a continuous chain of

custody. When logging and sampling are completed, the drill core boxes are safely stored at the warehouse with the coarse

reject and pulp samples returned from the laboratory.

Preparation and Analysis

Sample preparation and analysis are carried out by ALS Zgounder and Afrilab Morocco.

RC and DD samples produced by the Exploration campaign are prepared by AfriLab; the preparation is made directly on site

since April 2022 in the newly installed AfriLab preparation unit. The prepared pulps are then shipped to AfriLab Laboratory in

Marrakesh, Morocco. While, the RC and DD samples produced by the production are prepared by ALS Zgounder; preparation

and analysis are carried out in the laboratory on-site.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202549

Sample preparation and analysis for samples collected from T28 production drilling were carried out in Aya's laboratory

facilities at the Zgounder Silver Mine. During 2025, the T28 samples were prepared and analyses by Afrilab on site.

Zgounder Laboratory

Prior to the 2020 drilling program, all percussion drilling samples were prepared and analyzed at the Zgounder Silver Mine

laboratory.

Samples are completely crushed to 80% passing 2mm and riffle-split to obtain a 100g subsample, which is then pulverized to a

pulp 80% passing 75 μm. Each sample is subject to chemical digestion using aqua regia. The solutions are analyzed by atomic

absorption spectrometer. Fire assay is used for high-grade silver samples.

Chip samples collected from the T28 drilling operation are collected on a 1.2m length basis. The samples are dried and

analyzed for silver at the Zgounder Silver Mine laboratory using aqua regia (1/3 HNO₃ and 2/3 HCL) with atomic absorption

finish. In October 2020, Aya's geologists began inserting Certified Reference Materials ("**CRMs**"), blanks and duplicates, in

accordance with industry accepted QA/QC procedures. Select pulps were also sent to ALS in Seville, Spain laboratory for

external check assays of Ag only, using aqua regia and atomic absorption spectroscopy finish.

Afrilab

Afrilab has been the primary assay laboratory for Aya since 2019. Afrilab is independent of Aya.

RC and DD samples are processed at an Afrilab preparation facility that was commissioned on site at Zgounder in June 2023

to streamline sampling logistics. Previously, all samples were sent to Afrilab in Marrakech for preparation. Samples were

crushed and pulverized at the Zgounder preparation laboratory, and pulps sent to Afrilab in Marrakech for further processing.

Sample preparation procedures (laboratory procedure PRE.MO/ANA/015) and equipment at the Zgounder Afrilab preparation

laboratory were the same as those at the Afrilab Marrakech facility.

Upon receipt, samples from DD and RC drilling were registered, dried in an oven at 105±5°C for 8 hours, and weighed. Samples

were crushed using a Rocklabs crusher to 85% passing 2 mm. To control the risk of contamination, the jaw crusher is cleaned

thoroughly between each sample using compressed air and local waste rock. Crushed samples were split into subsamples of

250–300 g using a riffle splitter (second split) and pulverized using Rocklabs tungsten-carbide ring mills for ~4 minutes to 85%

passing 75 µm. The splitter is cleaned thoroughly between each sample using compressed air.

For analyses, samples of 0.5 g were scooped from 250–300 g pulp sample bags for aqua regia digestion. Analysis of samples

at Afrilab included the elements Ag, Cu, Fe, Pb and Zn by AR digest with AAS finish (laboratory procedure PRE.MO/ANA/006;

since 10 April 2024, PRE.MO/ANA/002).

For samples with Ag concentrations exceeding 200 ppm, an additional aliquot of 30 g is split from the master pulp sample and

analyzed using the FA method with gravimetric finish (laboratory procedure PRE.MO/ANA-Ag-FA/006; since April 10, 2024,

PRE.MO/ANA/035). Pulp split repeats for acid-digest analysis were taken at a rate of 1:10 (10%), and at a rate of

approximately 1:2 (50%) for the Fire Assay analysis.

ALS

A new ALS preparation and analytical facility was commissioned at the Zgounder Silver Mine site to routinely process

production, blasthole, and concentrate samples. The laboratory was established in October 2024, began routine operations in

February 2025 and processed a part of the 2025 DD and RC drilling samples informing the most recent MRE. ALS is

independent of Aya.

Upon receipt, samples from DD and RC drilling are registered under ALS' Laboratory Information Management System, known

as Global Enterprise Management System , labelled with barcodes, weighed, and dried in an oven at 110°C for 4 hours.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202550

Samples were crushed in two steps: first using a Terminator jaw crusher and second by a Rocklabs Boyd Elite jaw crusher with

rotating sample divider, crushing samples to 70% passing 2 mm and splitting to 1 kg (laboratory procedure CRU-31).

The 1-kg sample splits were pulverized to 85% passing 75 µm using LM2 pulverizer ring mills with stainless steel B2000 rings

(laboratory procedure PUL-32). Splits of 200–300 g were taken by scooping material directly from the bowl.

Samples of 0.4 g were scooped from 200–300 g pulp sample bags for 3ACD analysis (fourth split). MP-AES analysis of

samples at ALS Zgounder included the elements Ag, Cu, Mo, Pb, S and Zn (laboratory procedure ME-MP46ZG).

For samples with Ag concentrations exceeding 250 ppm, an additional aliquot of 30 g is split from the master pulp sample and

analyzed using the FA method with gravimetric finish (laboratory procedure Ag-GRA21). Pulp split repeats for acid-digest

analysis and FA analysis were taken, both at a rate of 1:20 (5%).

Table 5 below lists various independent and reputable Spanish, Moroccan, and Canadian laboratories used since the 1980s

and includes the laboratory certification/accreditation details.

**Table 5 - Summary of the Independent and Reputable Assay Laboratories Used Since 1980s** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Drill Program** | **Sample Preparation** | **Analytical**<br>**Laboratory**<br>| **Analythical Methods** | **Accreditation** | **Independent** <br>**of Aya**<br>|
| 1980s to 2024 | Aya | Aya | Aqua Regia ICP-AES/GR-FA |  | No |
| 2013 | ALS Val d'Or, Canada | ALS Val d'Or | AG-GRA21 | ISO/IEC 17025:2017 | Yes |
| 2015 to present | Afrilab, Morocco | Afrilab | Aqua Regia ICP-AES | SGS MA20/819942595 | Yes |
| 2015 | ALS, Seville, Spain | ALS Spain | AG-GRA21 | INAB NO.173T | Yes |
| 2019 to 2024 | Afrilab, Morocco | ALS Spain-Ireland | AG-GRA21 | INAB NO.173T | Yes |
| 2025 to present | ALS, Zgounder | ALS, Zgounder | 3ACD-MP-AES / AG-GRA21 | ISO/IEC 17025 | Yes |

---

Quality Assurance/Quality Control

Aya implemented and monitored a thorough QA/QC program for the drilling undertaken at the Zgounder Deposit since 2021. In

addition to the internal QC protocol implemented at the laboratories, QC protocol at Zgounder included the sequential insertion

of CRMs, blanks and field duplicates into every batch of drill core samples sent for analysis (each batch contains 25 samples).

Samples prepared at the drill core logging facility are numbered sequentially, such that drill core samples and QC samples are

not able to be differentiated by the laboratory.

QC sample insertion rates are as follows:

• A range of CRMs over varying grades are inserted at a rate of 1 in 25 samples.

• Blank samples are inserted at a rate of 1 in 25 samples to monitor for instrumentation carry-over and contamination at the

laboratory.

• Core duplicate samples were also inserted into the drill core samples, every 25 samples, since 2025. Prior to this, samples

marked as duplicate were not half-core duplicates, but coarse crush duplicates taken at the laboratory after crushing.

• RC duplicate samples are taken regularly at a 1:22 (4.5%) interval by quartering the first-split sample. The duplicate was

taken by laying out the sample on a mat and then taking one quarter of this material as a duplicate while three quarters

remained as the original sample.

The QA/QC procedures from 2021 to 2025 were previously evaluated by RSC and documented in the Updated Zgounder

Technical Report.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202551

Umpire Sampling

ALS Seville, Spain, was selected by Aya for umpire analysis of 5% of all samples from DD and percussion drilling. Submitted

samples comprised either crush rejects or pulp splits of about 50–120 g each. The ALS Seville sample processing protocol

included the registration and weighing of received samples (laboratory procedures LOG-21 and WEI-21). Crushed split samples

were pulverized to 85% passing 75 µm (laboratory procedure PUL-32) and subsequently sent to ALS Loughrea, Ireland, for

analysis.

All umpire analyses for Ag at ALS Loughrea (Ireland) were done by FA of a 30-g sample with gravimetric finish (laboratory

procedure Ag-GRA21). The ALS Loughrea laboratory is ISO 17025:2017 accredited.

Data Verification

The Qualified Person for the Updated Zgounder Technical Report (Honza Catchpole) reviewed the provided drill hole database

exports provided by Aya and verified the internal consistency of the database. The same QP also reviewed laboratory

certificates and compared the certificates with drill hole database exports.

The Qualified Person for the Updated Zgounder Technical Report (Honza Catchpole) confirmed that the processes, and the

quality of samples and associated data, as determined by their accuracy and precision, meet the Zgounder data quality

objective of being fit for the purpose of classifying Mineral Resources estimates in the Measured, Indicated, and Inferred

categories, in accordance with 2019 CIM Guidelines.

The processes underlying the collection of informing data reflects mostly good practice and the risk with respect to the data

quality objective is low, in a few cases low to medium. The Qualified Person for the Updated Zgounder Technical Report noted

that the RC primary samples have a low average recovery (40–60%) and grade bias is significant when compared with paired

diamond drilling (DD) sample results. The QPs (Abraham Whaanga and Honza Catchpole) noted a moderate risk and

considered that the overall quality of the RC primary sample is sufficient for the purpose of classifying an Inferred and

Indicated Mineral Resource, but not for a Measured Mineral Resource.

Verification completed by the Qualified Person for the Updated Zgounder Technical Report (name), or under the direct

supervision of the QP, only uncovered minor inconsistencies with respect to the drilling, logging and sampling processes. A

repeat sampling program with 740 quarter core samples from 31 DD holes covering a representative spread of Ag values from

the mineralized zones, included samples with low-, intermediate- to high-grade Ag concentrations. Results of this program

demonstrate no bias for Ag >100 ppm, and a positive average bias of ~25% towards the repeat samples for Ag <100 ppm (i.e.

indicating that Ag in the database is underreported for values below 100 ppm).

Mineral Processing and Metallurgical Testing

Various levels of metallurgical testwork has been carried out since 1979. The most significant testwork, which served as the

basis for the mill design, was performed in 2021 by SGS Lakefield. The interpretation and analysis of this test work results

were carried out by DRA. This analysis was then used to determine the process design basis and flowsheet of the new Plant

(Plant # 1) for the Zgounder Feasibility Study.

Since the completion of the Zgounder Feasibility Study, modifications were made to the process flowsheet, and the flotation

circuit was removed in favor of a cyanidation plant with a gravity circuit. This resulted in additional testwork being completed

in 2022-2023.

From the test work results, the following findings were used for determination of the process flow diagrams and design

criteria:

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202552

• Based on the mineralogical examination, the anticipated silver recoveries were expected to be in the high 80% to low 90%

range. This was confirmed throughout the test program.

• The ore can be considered to be very hard, with all samples testing in the 90<sup>th</sup>-100<sup>th</sup> percentile of hardness.

• The E-GRG number for the Main Comp was 33.8%, indicating that the inclusion a gravity circuit in the final flowsheet is

justified.

• Flotation tests confirmed that the gravity tailings are amenable to flotation. The flotation option was retained during the

Feasibility Study, however the direct cyanidation of the gravity tailings option was ultimately selected for engineering and

construction.

• Cyanidation testwork showed that the best recoveries are achieved at extended durations and high cyanide levels.

• Merrill-Crowe silver recovery was selected for the final design.

• The presence of copper can have a negative impact on silver recovery and cyanide consumption, as noted in the

2022-2023 testwork program.

Mineral Resource and Mineral Reserve Estimates

Geological modelling was conducted in Leapfrog Geo, using the interval selection and the vein system tools to create a

geological model (litho-structural model) consisting primarily of a lithological model and a simplified structural model. Using

the lithological and simplified structural domain models as a basis, estimation domains were created in Leapfrog using

indicator radial basis function interpolants. Domains were constrained at three different modelling grade cut-offs: 10.0 g/t Ag

for low-grade mineralization (LG10), 60.0 g/t Ag for medium grade (MG60) and 150.0 g/t Ag for high grade (HG150). A contact

analysis was completed to investigate the boundary conditions of each domain. The mean grade was reviewed inside the

domains, around the boundaries and outside the domains. Grades were interpolated using ordinary kriging for the LG10 and

MG60 domains and residual indicator kriging for the HG150 domain. The search neighborhoods were orientated to match the

structural trend used to create the indicator domains. Block model grades were validated by comparing the input mean grades

with the block model mean grade, using swath plots, and visually using cross-sections. Sensitivity testing was undertaken to

assess the input parameters. Depletion for underground and open pit mining up until June 2025 was applied.

The Qualified Persons under the Updated Zgounder Technical Report (Abraham Whaanga and Olivier Bertoli) classified the

Mineral Resource in the Inferred, Indicated and Measured Mineral Resource categories in accordance with NI 43-101 and the

CIM Standards. For the Inferred portion of the MRE, geological evidence is sufficient to imply but not verify geological and

grade continuity. For the Indicated portion of the MRE, geological evidence is sufficient to assume geological and grade or

quality continuity between points of observation. For the Measured portion of the MRE, geological evidence is sufficient to

confirm geological and grade or quality continuity between points of observation. The Mineral Resource is based on

exploration, sampling and assaying information gathered through appropriate techniques from drill holes.

The Qualified Persons under the Updated Zgounder Technical Report (Abraham Whaanga and Olivier Bertoli) considered that

the overall quality of the RC primary sample is sufficient for the purpose of classifying an Inferred and Indicated Mineral

Resource only, where not supported by >20% DD core samples. The impact on the total classified resource is a 4% downgrade

of material previously classified as Measured to Indicated.

Cut-off grades were selected for the reporting of Mineral Resources based on a high-level initial assessment of potential

modifying factors. The Qualified Persons for the Updated Zgounder Report (Abraham Whaanga & Olivier Bertoli) completed a

high-level initial assessment of various factors solely for the purpose of meeting the criteria for RPEEE. The cut-off grade value

was determined using mining and development costs and modifying factors for open pit, longhole stoping, and cut and fill

mining methods.

The Mineral Resource has been reported at a cut-off grade of 40 g/t Ag for the open pit and 90 g/t Ag for the underground.

Selection of the cut-off grade was based on consideration of previous studies of comparable deposits, as well as assumed

mining parameters with respect to meeting the criterion of having reasonable prospects for eventual economic extraction. For

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202553

the Mineral Resource estimate, the cut-off grades are calculated using a silver price of USD 28/oz Ag, a process recovery of

90% and a USD 25/t rock process cost (including G&A). Taxes and royalties have been considered in the optimization process,

with a royalty of 3% and a mining tax of MAD 3/t of ore. A refinery cost of US 0.2/oz of silver produced has also been

considered. A cut-off grade of 40 g/t Ag was calculated for the open pit and 90 g/t Ag underground for reporting the Mineral

Resource.

**Table 6 - Mineral Resource estimate for the Zgounder Deposit as of June 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RPEEE** | **Cut-off Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Contained Metal** <br>**(koz)**<br>|
| **Pit Constrained** | 40 | Measured | 13820 | 144 | 64140 |
| **Pit Constrained** | 40 | Indicated | 2150 | 131 | 9070 |
| **Pit Constrained** | 40 | Inferred | 56 | 190 | 350 |
| **Out-of-Pit** | 90 | Measured | 324 | 280 | 2912 |
| **Out-of-Pit** | 90 | Indicated | 2640 | 284 | 24100 |
| **Out-of-Pit** | 90 | Inferred | 360 | 360 | 4200 |
| **Total** | 40/90 | Measured | 14150 | 147 | 67050 |
| **Total** | 40/90 | Indicated | 4790 | 216 | 33200 |
| **Total** | 40/90 | Inferred | 410 | 340 | 4500 |

---

***Notes:***

*1.Mineral Resource Estimate for the Zgounder Deposit as of June 30, 2025.*

*2.The Mineral Resource is reported in compliance with NI 43-101 and CIM Standards.*

*3.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may* 

*be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. There is no* 

*certainty that Mineral Resources will be converted to Mineral Reserves.*

*4.Mineral Resources are reported inclusive of Mineral Reserves.*

*5.A silver price of USD 28/oz with a process recovery of 90%, and a USD 25/t rock processing cost (including G&A) were used.*

*6.The constraining pit optimization parameters were 50º pit slopes with a 40 g/t Ag cut-off.*

*7.The out-of-pit Mineral Resource grade blocks were quantified above the 90 g/t Ag cut-off, below the constraining pit shell and within the* 

*constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the cut* 

*and fill underground mining method.*

*8.The mining costs are USD 2/t in waste and USD 6.8/t in ore, with a mining dilution of 5%.*

*9.The Mineral Resource is reported at an in-pit cut-off of 40 g/t Ag and an out of pit cut-off of 90 g/t Ag.* 

*10.A royalty of 3% payable to the ONHYM applies.*

*11.Mineral Resources have been rounded to reflect their confidence.*

*12.Totals may vary due to rounding.* 

Mineral Reserves are reported for the open-pit and underground mines, both currently in operation, and for the surface

stockpiles. Measured and Indicated Mineral Resources were converted to Proven and Probable Mineral Reserves, respectively.

For the stockpile material, Proven Mineral Reserves are reported. These are based on grade control data and have been

converted from Measured Mineral Resources.

The Mineral Reserves are supported by life of mine designs, underground development plans, production schedules, and costs

estimates (for both operating and sustaining capital) that have been completed as part of Zgounder operation LOM update. All

inferred Mineral Resources within the mine designs have been converted into waste.

The Mineral Reserves tonnes and grades are stated at mill feed reference point, allowing for dilution and mining recovery, and

are reported accounting for mine depletion as of September 30<sup>th</sup>, 2025.

The Mineral Reserve for Zgounder total approximately 15.7Mt at an average grade of 145 g/t Ag, containing approximately

73.4Moz of silver in the Proven and Probable categories. The Mineral Reserve has been prepared in accordance with CIM

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202554

Standards . The Mineral Reserve has been estimated using accepted industry practices for open pit and underground mines,

including appropriate modifying factors and cut-off values based on detailed cost estimation considering actual mining

performance.

**Table 7 - Mineral Reserve estimate for Zgounder operation, as of September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Cut-off Ag (g/t)** | **Classification** | **Tonnes (kt)** | **Ag (g/t)** | **Metal (koz)** |
| **Stockpile** | N/A | Proven | 160 | 134 | 690 |
| **In-Pit Reserves** | 40 | Proven | 11750 | 137 | 51800 |
| **In-Pit Reserves** | 40 | Probable | 1220 | 133 | 5200 |
| **Underground** <br>**Reserves** | 90 | Proven | 180 | 207 | 1200 |
| **Underground** <br>**Reserves** | 90 | Probable | 2390 | 189 | 14500 |
| **Total** | 40/90 | Proven | 12090 | 138 | 53690 |
| **Total** | 40/90 | Probable | 3610 | 170 | 19700 |
| **Total P&P** | 40/90 | P&P | 15700 | 145 | 73390 |

---

***Notes:*** 

*1.Mineral Reserves have been estimated by the Corporation's Technical Service team, under the supervision of Patrick Pérez, P.Eng, full-*

*time employee of Aya and Qualified Person 1. The estimate is conform to the CIM Standards.* 

*2.Mineral Reserves have been estimated using metal price assumption of US26$/oz for silver.* 

*3.Open-Pit Mineral Reserves are reported at a cut-off grade of 40g/t Ag, and Underground Mineral Reserves are reported at a cut-off grade* 

*of 90 g/t Ag.* 

*4.The cut-off calculation is based on a process and general & administration cost of 25.25$/t, a metallurgical recovery of 90%, a* 

*throughput rate of 1.4Mt per annum, an open pit ore mining cost of 4.19$/t and an underground mining cost of 40$/t, and an exchange* 

*rate of 9.5 MAD:USD* 

*5.Numbers may not add-up due to rounding.* 

Mining Operations

The Zgounder Silver 'Mine operation employs a mix of open pit and underground mining methods.

The open pit mine is divided into an East and West sector, and the mining method is a conventional open pit, drill & blast, truck

and shovel operation. The open pit consists of a single pit.

The underground mine is focussing on the operation of the deeper ore zones and levels; all located below the final pit limit.

The underground mine has one active portal accessible from the main platform at the 2000m elevation, which will in the future

be relocated inside the pit once the active level of the open pit operation will be below the 2000m level.

Geotechnical design parameters are based on information obtained from: geotechnical drilling campaigns; mapping;

laboratory testing; and modeling. These studies are continuously updated by confirming initial models, updating structural

models with as-built data, continuous pit mapping and underground monitoring, and addition geotechnical drilling as

necessary. Geotechnical controls include an annual internal geotechnical audit and continuous geotechnical support provided

by third-party consultants.

In the open pit, all the ore and waste material is drilled and blasted. Material is then loaded into 8x6 rigid haul trucks by the

backhoe excavators. Ore material is hauled to the ROM pad or to one of the stockpiles, and the crusher is fed by a wheel-

loader. Waste material is deposited on the waste dump and then spread and compacted by bulldozers. Final bench height is at

10m high, and presplit drilling is planned to be completed on the final walls.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202555

Open pit mining, based on the current Mineral Reserves, is planned to end in 2036, which corresponds to the end of the current

LOM of the Zgounder Silver Mine operation. Ex-pit mining rates are planned to be maintained at around 45 ktpd until 2030, then

to decrease to 22 ktpd until 2033 and thereafter gradually decrease to 12-14 ktpd until the end of the LOM.

For the Zgounder Silver Mine underground operation, a mix of cut & fill and longhole mining methods has been planned. A total

of approximately 8,340m of lateral development and 2,402m of vertical development will be completed in the Zgounder

underground mine until 2029; the cut and fill mining area will be in operation until late 2031 and the longhole mining area will

start in 2026 and be complete in mid 2032. Based on the current Mineral Reserves, underground operation is planned to end in

mid 2032, but there is potential to extend the duration of the underground operation by potential conversion of Mineral

Resources, and also with additional exploration especially in the deeper levels of the mine and towards the west of the lower

levels.

The following Table 8 presents a summary of the LOM production schedule for both the open pit and the underground mines.

The processing plant is expected to operate at 3,650 tpd until end of 2026 and at 3,850 tpd once the finalization of the

debottlenecking of the different circuits and small upgrades will be completed.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202556

**Table 8 - Open Pit and Underground Mines LOM Production Schedules**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q4-2025** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **Total** |
| **OPEN PIT** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Open Pit Waste tonnes** | t | 5100491 | 14445341 | 14541407 | 15516705 | 13742843 | 15513173 | 5670064 | 7670516 | 3212272 | 3250013 | 3898606 | 1630630 | 10419206<br>0<br>|
| **Open Pit Total Ore - tonnes** | t | 314542 | 937957 | 891638 | 1291489 | 1179849 | 1508580 | 1182066 | 1437125 | 1191803 | 1216152 | 1255939 | 562056 | 12969195 |
| **Open Pit Total Ore - grade** | g/t | 117 | 161 | 166 | 125 | 135 | 106 | 146 | 127 | 149 | 145 | 142 | 122 | 137 |
| **Open Pit Total Ore - metal** | oz | 1188231 | 4840756 | 4751995 | 5179524 | 5113763 | 5142754 | 5563577 | 5888470 | 5699493 | 5687490 | 5751897 | 2202283 | 57010233 |
| **UNDERGROUND** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Capital Development** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Capital Development - DECLINE** | m | 191 | 890 | 481 | 289 | 18 |  |  |  |  |  |  |  | 1870 |
| **Capital Development - ALL OTHER** | m | 805 | 3032 | 1344 | 920 | 369 |  |  |  |  |  |  |  | 6470 |
| **TOTAL LATERAL DEVELOPMENT** | m | 997 | 3922 | 1825 | 1209 | 387 |  |  |  |  |  |  |  | 8340 |
| **Capital Development - Vertical** | m | 672 | 986 | 260 | 111 | 371 |  |  |  |  |  |  |  | 2402 |
| **TOTAL LATERAL & VERTICAL DEVELOPMENT** | m | 1669 | 4908 | 2085 | 1321 | 758 |  |  |  |  |  |  |  | 10742 |
| **Underground production** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Cut & Fill Production - tonnes** | t | 94617 | 422797 | 231908 | 153561 | 121601 | 33354 | 12962 | 889 |  |  |  |  | 1071690 |
| **Cut & Fill Production - grade** | g/t | 133 | 152 | 168 | 218 | 211 | 138 | 118 | 144 |  |  |  |  | 169 |
| **Cut & Fill Production - metal** | oz | 404116 | 2070308 | 1254410 | 1078375 | 825523 | 147685 | 49048 | 4109 |  |  |  |  | 5833573 |
| **Long Hole Production - tonnes** | t |  | 79992 | 214994 | 165496 | 199011 | 337445 | 345704 | 153155 |  |  |  |  | 1495798 |
| **Long Hole Production - grade** | g/t |  | 176 | 173 | 210 | 276 | 270 | 131 | 188 |  |  |  |  | 205 |
| **Long Hole Production - metal** | oz |  | 452422 | 1196181 | 1117619 | 1764391 | 2933513 | 1460217 | 926522 |  |  |  |  | 9850865 |
| **Total Waste production** | t | 144732 | 573139 | 280490 | 150968 | 119213 | 13736 | 14022 | 431 |  |  |  |  | 1296731 |
| **Total production - tonnes** | t | 94617 | 502789 | 446901 | 319058 | 320613 | 370799 | 358666 | 154044 |  |  |  |  | 2567487 |
| **Total production - grade** | g/t | 133 | 156 | 171 | 214 | 251 | 258 | 131 | 188 |  |  |  |  | 190 |
| **Total production - metal** | oz | 404116 | 2522730 | 2450591 | 2195993 | 2589914 | 3081199 | 1509265 | 930631 |  |  |  |  | 15684438 |
| **PROCESSING PLANT** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Mill Feed tonnes** | T | 328500 | 1332250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1405250 | 1387229 | 15695229 |
| **Mill Feed grade** | g/t | 155 | 148 | 150 | 153 | 154 | 153 | 154 | 150 | 148 | 146 | 143 | 98 | 145 |
| **Mill feed metal** | oz | 1638130 | 6346747 | 6768702 | 6929424 | 6959055 | 6909970 | 6948002 | 6776728 | 6699517 | 6587440 | 6458910 | 4362098 | 73384723 |
| **Overall metallurgical recovery** | % | 91.5% | 91.5  | 91.5  | 91.5  | 91.5  | 91.5  | 91.5  | 91.5  | 91.5  | 91.5  | 91.5  | 91.5% | 91.5% |
| **Metal Production** | oz | 1498889 | 5807273 | 6193363 | 6340423 | 6367536 | 6322623 | 6357422 | 6200706 | 6130058 | 6027508 | 5909903 | 3991320 | 67147021 |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202557

Processing and Recovery Operations

The processing infrastructures at Zgounder consists of 3 processing facilities that collectively feed the silver extraction circuit

of Plant #1. The functions of each plan are described below:

• Plant # 1 is a new processing plant integrates a 2,000 tpd design comminution circuit and a 2,500 tpd design silver

extraction circuit. The extraction plant, consisting of cyanide leaching, CCD, Merrill-Crowe precipitation, and final refining,

produces silver doré bars. Plant #1 receives the combined slurries of ground ore from Plants #1, #2, and #3. The

centralized extraction flowsheet enables integrated silver recovery and refining for all mineralized material processed on

site.

• Plant #2 is a flotation plant equipped with a 500 tpd design capacity of crushing and grinding circuit, flotation and silver

concentrate production. Currently the resulting slurry of ground ore is pumped to the pre-leach thickener of plant #1,

where it is combined with the slurry produced by the plant #1 grinding circuit. The combined slurry is thickened prior to

entering the silver extraction process. The flotation section is not currently operated; the flotation circuits remain in care

and maintenance and can be reactivated if needed.

• Plant #3 is a cyanidation plant which operates an independent comminution circuit consisting of crushing and grinding.

The slurry of ground ore is thickened and pumped directly to the leaching circuit of Plant #1, where silver extraction is

performed.

Plant #1 was constructed and commissioned in 2024 and achieved nameplate of 2,000 tpd in January 2025. Plant #1 was

subsequently debottlenecked during the following months, and the combined slurry flow (from Plants #1, #2 and #3) reached

3,650 tpd. Further optimization and small upgrades of parts of the circuit flowsheet will continue in 2026 to reliably achieve

3,850 tpd.

The Plant #1 flowsheet consists of the following unit operations:

• Two stage crushing closed out by a dry vibrating screening.

• Single stage ball milling circuit closed out by hydrocyclones.

• Gravity concentration and intensive leaching

• Leaching circuit, preceded by a pre-leach stage.

• CCD.

• Silver Recovery in a Merrill-Crowe circuit, followed by product drying and smelting of ingots.

• Tailings disposal to the Tailings Storage Facility (TSF) with natural degradation of residual cyanide.

• Reagents preparation systems.

Plant #3 includes the following unit operations:

• Crushing: two stage crushing circuit closed out by a vibrating screen.

• Grinding: single stage ball milling circuit closed out by hydrocyclones to grind the mineralized material to 80% passing 100

microns.

• Gravity Separation: gravity concentrator integrated within the grinding circuit. Fed by diverting some cyclone underflow to

the scalping screen. Gravity tailings will return to the ball mill feed chute.

• Intensive cyanidation of the gravity concentrate with the pregnant solution combining with the CCD overflow solution

recovered solution ahead of the Merrill-Crowe section.

• Pre-thickening of the cyclone overflow followed by cyanidation of the whole ore slurry.

• CCD: Cyanidation of the liquid-solid separation in a train of CCD thickeners with the CCD overflow reporting to the Merrill-

Crowe and the barren CCD underflow reporting the TSF.

• Merrill-Crowe: to recover silver from the combined pregnant solutions through zinc cementation.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202558

• Refinery: drying and smelting of sludge to produce doré silver bars.

Key design parameters (most from testwork results) are as follows:

• Crushing circuit utilization of 68.5% and the remainder of the plant at 91.3%.

• Silver recovery into the gravity concentrate of 16% with 84% of the remaining silver recovered into the flotation

concentrate.

• Cyanidation extraction efficiencies of 96% for both the gravity concentrate and the flotation concentrate.

• An overall extraction of 91%.

• A hardness Axb of 23.2 units which classifies the ore as very hard.

• A ball mill work index of 23.1 kWh/t which confirms the hardness classification.

Infrastructure, Permitting, and Compliance Activities

Infrastructure

The surface infrastructures to support the Zgounder operations are in place, and include:

• The Zgounder open pit mine and the related open contractor's workshop and installations;

• The processing facilities, Plant #1, Plant #2 and Plant #3 described in the previous section entitled *"Processing and* 

*Recovery Operations*";

• The process plant service buildings, such as the main warehouse, the open storage area, the plant workshop, the reagent

warehouse, and the process plant office buildings;

• The mine facilities, such as the mine offices (for underground and open pit), the change houses, the surface workshops

(for contractors and ZMSM), the mine consumables storage areas, explosive storage area and detonators storage area,

the diesel storage area, the weight bridge area, and the mine electrical substation;

• Administration buildings, which include the site management offices, the health and safety induction building and mine

rescue building, the first aid building / infirmary building, and the site canteen;

• The site accommodation camp;

• The main incoming electrical substation, with 60/22kV transformers, and the different electrical substations and

distribution network;

• The assay laboratories;

• All the ore stockpiles;

• The water management facilities, including the water storage basins and water harvesting dams;

• The decommissioned TSF;

• The active TSF (TSF-E); and

• The waste storage area.

Logistics

• Multiple roads exists to reach the Zgounder mine from Agadir and Marrakesh. Roads used are public, maintained by

government and are open all year around.

• Reagents and other consumables arrive at the port of Casablanca and are transported to the site by truck.

• Multiple buses insure employees' transportation nationwide.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202559

• Multiple flights are available to Agadir and Marrakesh from the international airport in Morocco.

• Silver ingots are transported by a security company from the site to Casablanca before being flown for refining.

• Ore and waste from the mine are transported by onsite roads to the mill and waste dump respectively.

Environmental Studies, Permitting and Social or Community Impact

The first EIA for the Zgounder Silver Mine was prepared in 2013 by Hydraumet, Morocco. Subsequently, operating permit No.

2306 (now the Zgounder Mining License), which included exploration permit, surface rights, access to property and any type of

mining operations, was issued to Maya by the ONHYM. On August 15, 2014, the operation of the Zgounder Silver Mine by

ZMSM obtained its environmental acceptability from the prefecture of Agadir Ida-Outanane. An environmental monitoring

program was developed by ENGITECH/TEVARI in 2014 and implemented in 2015.

In December 2021, NOVEC submitted a new ESIA as part of the Zgounder Silver Mine expansion project. This expansion

project included an open pit mine, a waste dump, a new 2,000 t/d concentrator and a new tailings impoundment. The

International Finance Corporation's Performance Standards were applied when defining the scope and terms of reference of

this new ESIA.

Under the current regulatory framework, no new environmental permits were required for the Zgounder Expansion Project. On

February 23, 2022, ZMSM received environmental acceptability by the Regional Center of Investment of the Souss-Massa

region. An updated version of the environmental monitoring and surveillance plan was prepared in December 2021 with the

addition of new elements and indicators.

Capital and Operating Costs

Capital Cost Estimate (CAPEX)

This section summarizes the capital and operating costs required over the LOM. It assumes a mixture of owner operated

functions and contractors. as per existing conditions at Zgounder. Only costs from 2026 and forward are shown and detailed.

Capital costs for the LOM of $71.42 million will be required to support underground development and services, mining

equipment, tailing storage facility raises, closure costs and, finally, milling equipment to sustain current tonnage through

harder ore through the LOM.

**Table 9 - Capital Cost Estimate for Zgounder LOM**

---

| | |
|:---|:---|
| **Capital cost** | **$ Millions** |
| Lateral and Declined Development | 17.62 |
| Vertical Development | 3.22 |
| Mining Equipment | 6.62 |
| Mining Services | 4.10 |
| Tailing storage facility | 24.77 |
| Closure Costs | 4.09 |
| Process Plant | 11.00 |
| **Total** | **71.42** |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202560

Operating Cost Estimate (OPEX)

Operating costs for the LOM are $69.47 on a per tonne processed basis, as follows.

**Table 10 - Operating Expenditures for Zgounder LOM**

---

| | |
|:---|:---|
| **Unit cost per tonne mined or processed** | **$/t** |
| Mining cost per tonne of open pit ore | 23.87 |
| Mining cost per tonne of underground ore | 64.63 |
| Blended mining cost per tonne of ore mined | 30.53 |
| Processing cost per tonne processed | 21.16 |
| G/A cost per tonne processed<sup>1</sup> | 18.25 |
| **Total cost per tonne processed**<sup>2</sup> | **69.47** |

---

1. G/A includes site support, external costs, Casablanca and Montreal operation support, mining tax and royalties.

2. Sum of unit cost (blended mining cost, processing costs and G/A) is different at $69.94 considering existing stockpiles. Total cost

per tonne of $94.47 per tonne processed is the average cost over the LOM as of 2026 forward.

Operating costs are divided into four larger categories: open pit mine, underground mine, processing and General and

administration. The overall cost per tonnes processed over the LOM, starting in 2026, is $69.47.

Unit cost for the open pit mining cost are $23.87 per tonne of ore mined. This includes definition drilling and assay, drill, blast,

haul to the mill and all waste movement cost associated with it. Unit cost for the underground mine are $64.63 per tonne of

ore mine. This includes production development, production definition drilling, geological services, and a mixture of cut and fill

and long hole stopes. This results into a blended mining cost for both open pit and underground of $30.53 per tonne of ore

mined over the LOM.

Processing costs are estimated at $21.16 per tonne of ore processed over the LOM. This includes both fixed and variable

costs. Crushing, milling, gravity circuit and intensive leach, leaching, solid-liquid separation and pregnant solution washing,

tailing disposal and, finally, cementation and smelting.

General and administration costs are $18.25 per tonne of ore processed over the LOM. It includes; site support, which consists

of technical services, a portion of maintenance costs, health and safety and, logistics; external costs, which consists of silver

offsite transport and smelting; corporate support from Casablanca and Montreal offices, which consists of procurement,

human resources, IT, cost control, community relation, accounting and administration. Finally, it includes a mining tax of

30MAD per tonne of ore mined, and a 3% royalties on revenues. Conversion factor of 9.37 MAD/USD was used.

**Table 11 -Zgounder LOM Plan Summary**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Production** |  | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034** | **2035** | **2036** | **Total** |
| Open pit waste | Mt | 14.4 | 14.5 | 15.5 | 13.7 | 15.5 | 5.7 | 7.7 | 3.2 | 3.3 | 3.9 | 1.6 | 99.1 |
| Open pit ore | Mt | 0.9 | 0.9 | 1.3 | 1.2 | 1.5 | 1.2 | 1.4 | 1.2 | 1.2 | 1.3 | 0.6 | 12.7 |
| Underground ore | Mt | 0.5 | 0.4 | 0.3 | 0.3 | 0.4 | 0.4 | 0.2 | - | - | - | - | 2.5 |
| Processed ore | Mt | 1.3 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 15.4 |
| **Silver produced** | **Moz** | **5.8** | **6.2** | **6.3** | **6.4** | **6.3** | **6.4** | **6.2** | **6.1** | **6.0** | **5.9** | **4.0** | **65.6** |
| **Operating costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Open pit production | $M | 39.7 | 39.8 | 44.0 | 39.2 | 45.1 | 19.4 | 25.5 | 13.5 | 13.7 | 15.5 | 6.6 | 302.0 |
| Underground prod. | $M | 29.8 | 27.2 | 20.3 | 21.3 | 25.0 | 24.6 | 11.6 | - | - | - | - | 159.8 |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202561

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Processing | $M | 28.3 | 29.7 | 29.7 | 29.7 | 29.7 | 29.7 | 29.7 | 29.7 | 29.7 | 29.7 | 29.4 | 325.1 |
| G/A | $M | 25.3 | 25.8 | 26.1 | 26.1 | 26.1 | 26.1 | 25.9 | 25.7 | 25.5 | 25.4 | 22.6 | 280.5 |
| **Total** | **$M** | **123.2** | **122.5** | **120.1** | **116.3** | **125.9** | **99.8** | **92.8** | **68.8** | **68.9** | **70.6** | **58.7** | **1 067.5** |
| **Cash cost** | **$/oz** | **21.21** | **19.78** | **18.94** | **18.26** | **19.91** | **15.70** | **14.96** | **11.23** | **11.44** | **11.94** | **14.70** | **16.26** |
| **Capital cost** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lat. Declined Dev | $M | 9.4 | 4.4 | 2.9 | 0.9 | - | - | - | - | - | - | - | 17.6 |
| Vertical Dev. | $M | 1.8 | 0.5 | 0.2 | 0.7 | - | - | - | - | - | - | - | 3.2 |
| Mining Equipment | $M | 2.2 | 1.2 | 0.9 | 1.3 | 0.7 | 0.1 | 0.1 | 0.1 | 0.1 | - | - | 6.6 |
| Mining Services | $M | 1.3 | 1.2 | 1.1 | 0.3 | - | - | - | 0.2 | - | - | - | 4.1 |
| Tailing Facility | $M | 7.4 | - | - | 7.4 | - | - | 7.0 | - | 3.0 | - | - | 24.8 |
| Closure Costs | $M | - | - | - | - | - | - | - | - | - | 2.0 | 2.0 | 4.1 |
| Process Plant | $M | 6.0 | 5.0 | - | - | - | - | - | - | - | - | - | 11.0 |
| **Total** | **$M** | **28.1** | **12.3** | **5.1** | **10.6** | **0.7** | **0.1** | **7.1** | **0.2** | **3.1** | **2.0** | **2.0** | **71.4** |

---

Economic Analysis

A financial model was included in the Updated Zgounder Technical Report and developed to include the relevant study results

in order to estimate and evaluate the Zgounder Expansion project cash flows and economic viability. The evaluation method

took into account mill feed tonnages and grades (including dilution) for the ore and the associated recoveries, silver price,

operating costs, transport and refining charges, government royalties and capital expenditures (both initial and sustaining).

The project was evaluated on a 100% ownership basis, with no debt financing.

The economic analysis demonstrated that the Zgounder Expansion project had positive economics under the assumptions

used. On a before tax basis, the Zgounder Expansion project had a 5% NPV of $471 M and an IRR of 57%. On an after-tax basis,

the project had a 5% NPV of $373M and an IRR of 48%. Total undiscounted cash flow over the LOM equaled $522 M and

payback period is estimated at 1.7 years post expansion.

The Zgounder Expansion project also demonstrated a favorable cost structure with an all-in sustaining cost of $9.58 per ounce

of silver produced.

Exploration, Development, and Production

Aya owns or controls 15 exploration permits (168km<sup>2</sup>) and 9 mining licenses (210km<sup>2</sup>) in the Zgounder property area

(378km2) in the central part of the Anti-Atlas Mountains of the Kingdom of Morocco. The Zgounder Ag mineralization is

primarily hosted within metasedimentary rocks and follows the contact with a rhyolitic unit along a 1 km east-west trend. Silver

occurs predominantly as fracture filling or disseminations, but can also be hosted within hydrothermal breccias and, more

rarely, in quartz veins.

Additional expenditure on exploration activities is recommended by the Updated Zgounder Technical Report authors for the

following:

• Infill drilling in specific areas of the Zgounder deposit to upgrade Mineral Resources from Inferred to Indicated categories.

• Extension drilling to test the continuity of the Mineral Resources, including: (A) West of the Zgounder N–S fault; (B) North

of the open pit at depth near the granite contact.

• Drilling of potential near-mine targets generated by follow-up geological work and prospecting.

• Follow-up geological work, including detailed mapping, mineral prospecting, and systematic grab sampling for assay.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202562

• Deposit-scale study focusing on the identification, spatial distribution, and geochemical characterization of the distinct

types of Ag-rich hydrothermal breccias, to support vectoring toward ore shoots.

• Deposit-scale geochemical characterization of lithologies and alteration types, and their correlation with Ag

mineralization.

The estimated cost of the recommended work program is US$18.2M which includes 10% contingency (excluding applicable

taxes) (Table 12). The program is expected to span two years (2026–2027). Phase 1 is planned for completion in 2026, while

Phase 2, scheduled for 2027, is contingent upon the results obtained from Phase 1.

**Table 12 - Recommended Programs and Budgets for 2026-2027**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Item** | **Activity** | **Unit (m)** | **Cost Estimate** <br>**(US$)**<br>|
| **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** |
| **2026** |  | Drilling (all-in costs) | 25000 | 4000000 |
| **2026** |  | Administration and Management |  | 280000 |
| **2026** |  | Geological Mapping, Mineral Prospecting, Assays |  | 120000 |
| **2026** | Sub-Total |  |  | 4400000 |
| **2026** | Contingency (10%) |  |  | 440000 |
| **2026** | Total - 2026 |  |  | 9240000 |
| **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** |
| **2027** |  | Drilling (all-in costs) | 25000 | 4000000 |
| **2027** |  | Administration and Management |  | 280000 |
| **2027** | Sub-Total |  |  | 4280000 |
| **2027** | Contingency (10%) |  |  | 428000 |
| **2027** | Total - 2027 |  |  | 8988000 |

---

Underground activities focus on ore mining, stope access, level development and an ongoing ramp down to lower levels, where

ore had been found and included in the life of mine. Open pit activities consists of destructive definition drilling, and waste and

ore mining.

The open pit and underground mine provide ore to the new and previous mineral processing plants to reach production

objectives.

Project development in the coming years will focus on ore definition, mining, processing as well as regional and local

exploration to continuously improve the LOM of the asset. The water infrastructures will be maintained to provide sufficient

water to ongoing operations, and the tailing storage facility will be enlarged by two other phases as the operation carry, as

needed.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202563

**BOUMADINE**

![boumadine_pagexaif2026a.jpg](boumadine_pagexaif2026a.jpg)

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202564

Current Technical Report

The most recent technical report on the Boumadine Project is the technical report entitled "Technical Report - Preliminary

Economic Assessment for the Boumadine Polymetallic Project, Kingdom of Morocco" dated December 18, 2025, with an

effective date of November 4, 2025, prepared for Aya and authored by the Qualified Persons named in paragraph (ii) of the

Section of this AIF entitled "*Interests of Experts*" (the "**Boumadine PEA Report**"). Except as otherwise specified hereinafter, the

information set forth below is based on and stated as of the effective date of the Boumadine PEA Report, which is available

under Aya's profile on SEDAR+ at www.sedarplus.ca.

The scientific and technical information set out in this section has been prepared under the supervision of, or reviewed by, and

approved by Mr. David Lalonde (P.Geo.), Vice-President, Exploration, and Mr. Raphael Beaudoin (P.Eng.), Vice-President,

Operations, each a Qualified Person under NI 43-101.

Project Description, Location, and Access

Project Description

Boumadine Deposit is a polymetallic deposit (Au, Ag, Zn, Pb, Cu) located in the Errachidia Province, in Morocco. The

Boumadine Property consists of 13 mining permits and 19 exploration permits totaling 355 km<sup>2</sup> in size. The Boumadine Mining

License, which contain Boumadine Deposit and is the focus of this Boumadine Report, consists of mining permit LE-383661

and covers the historical Boumadine Mine, the Boumadine Camp, and the current MRE described in the Boumadine PEA

Report. Mining Permit LE-383661 covers a total of 32 km<sup>2</sup> in area. The additional thirty one permits are distributed within a 25

km radius of the Boumadine Deposit and collectively cover an additional 323 km<sup>2</sup> in area (see Figure 3 and Table 13). In

addition, an Authorization of Exploration of 600 km<sup>2</sup> was granted to Aya in January 2025.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202565

![foragergional_engxv5a.jpg](foragergional_engxv5a.jpg)

**Figure 3 - Land Tenure in the Boumadine Property Area** 

On October 9, 2012, Aya and the ONHYM signed a joint venture agreement for the acquisition, development and exploitation of

the Boumadine Deposit. Under the terms of said agreement, Aya acquired 85% of mining license LE-383661 for total cash

payments of MAD 28 million, being approximately USD 2.8 million at the time. A new Moroccan company - BGM, was created

with Aya and the ONHYM as 85%-15% shareholders respectively. The mining title of the Boumadine Mining License was

transferred to BGM by the ONHYM. For further details on the ONHYM's participation in BGM, see the section of this AIF entitled

"*Corporate Structure - Intercorporate Relations"*. The ONHYM is entitled to receive a 3% royalty and Aya will receive a 2.75%

management fee on BGM sales revenue as of the first year of operation. In addition to its ownership of the Boumadine Mining

License, Aya, through its subsidiaries, has 100% ownership of a total of 15 mining licenses and exploration permits related to

the Boumadine Property and an option to earn 100% interest in 15 other mining licenses and exploration permits, as

summarized in Table 13.

In order to convert an exploration permit into a mining license, an EIA needs to be submitted to the regional center of

investment.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202566

**Table 13 - Aya's Mining and Exploration Permits in the Boumadine Property Area**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Permit ID** | **Permit Type** | **Interest of Aya\*** | **Area** <br>**(km2)**<br>| **Granted** | **Expires** |
| LE-383661\* | Licence d'exploitation | 85% ownership | 31.67 | 5/17/2016 | 5/16/2026 |
| LE-383631\*\* | Licence d'exploitation | Option to own 100% | 10.34 | 7/13/2017 | 7/12/2027 |
| LE-383657\*\* | Licence d'exploitation | Option to own 100% | 8 | 10/18/2015 | 10/17/2025 |
| LE-383685\*\* | Licence d'exploitation | Option to own 100% | 14.67 | 6/18/2017 | 6/17/2027 |
| LE-383692\*\* | Licence d'exploitation | Option to own 100% | 4.02 | 5/14/2016 | 5/13/2026 |
| LE-383722\*\* | Licence d'exploitation | Option to own 100% | 9.53 | 9/27/2014 | 9/26/2024 |
| LE-383724\*\* | Licence d'exploitation | Option to own 100% | 6.16 | 11/25/2017 | 11/24/2027 |
| LE-383852\*\* | Licence d'exploitation | Option to own 100% | 9.49 | 10/16/2018 | 10/15/2028 |
| LE-383853\*\* | Licence d'exploitation | Option to own 100% | 17.59 | 12/21/2018 | 12/21/2028 |
| LE-383856\*\* | Licence d'exploitation | Option to own 100% | 25.87 | 7/20/2016 | 7/19/2026 |
| LE-383874\*\* | Licence d'exploitation | Option to own 100% | 8.1 | 12/2/2015 | 12/1/2025 |
| PE-3052\*\* | Permis d'exploitation | Option to own 100% | 11.68 | 7/17/2014 | 7/16/2026 |
| PR-3842950\*\* | Permis de recherche | Option to own 100% | 15.57 | 6/27/2023 | 6/26/2026 |
| PR-3843051\*\* | Permis de recherche | Option to own 100% | 16 | 6/10/2023 | 6/9/2026 |
| PR-3843056\*\* | Permis de recherche | Option to own 100% | 15.89 | 6/10/2023 | 6/9/2026 |
| PR-3843057\*\* | Permis de recherche | 100% Ownership | 9.43 | 6/10/2023 | 6/9/2026 |
| PR-3843146\*\* | Permis de recherche | Option to own 100% | 8.54 | 6/14/2023 | 6/13/2026 |
| PR-3843156\*\* | Permis de recherche | 100% Ownership | 11.72 | 6/14/2023 | 6/13/2026 |
| PR-3843332\*\* | Permis de recherche | 100% Ownership | 4.7 | 10/12/2023 | 10/11/2026 |
| PR-3843342\*\* | Permis de recherche | 100% Ownership | 11.4 | 6/14/2023 | 6/13/2026 |
| PR-3843370\*\* | Permis de recherche | 100% Ownership | 3.99 | 3/8/2024 | 3/7/2027 |
| PR-3843371\*\* | Permis de recherche | 100% Ownership | 3.03 | 3/8/2024 | 3/7/2027 |
| PR-3843372\*\* | Permis de recherche | 100% Ownership | 7.99 | 3/8/2024 | 3/7/2027 |
| PR-3843387\*\* | Permis de recherche | 100% Ownership | 8.28 | 6/29/2024 | 6/28/2027 |
| PR-3843388\*\* | Permis de recherche | 100% Ownership | 5.73 | 6/29/2024 | 6/28/2027 |
| PR-3843389\*\* | Permis de recherche | 100% Ownership | 1.56 | 6/29/2024 | 6/28/2027 |
| PR-3843390\*\* | Permis de recherche | 100% Ownership | 14.34 | 6/29/2024 | 6/28/2027 |
| PR-3843391\*\* | Permis de recherche | 100% Ownership | 13 | 6/29/2024 | 6/28/2027 |
| PR-3843448\*\* | Permis de recherche | 100% Ownership | 12.55 | 5/20/2025 | 5/19/2028 |
| PR-3843449\*\* | Permis de recherche | 100% Ownership | 14.37 | 5/20/2025 | 5/19/2028 |
| PR-3843450\*\* | Permis de recherche | 100% Ownership | 5.59 | 5/20/2025 | 5/19/2028 |

---

***Notes :***

*1. Mineral Tenure information effective January 1, 2026.*

*2.« Permis de recherche » means « exploration permit » and « licence d'exploitation » means « mining license ».*

*3.Permits marked with \* are within the Boumadine Mining License and permits marked with \*\* are located outside the Boumadine Mining* 

*License.*

*4.The Boumadine Mining License (LE-383661) renewal process is underway.*

*5.Mining License LE-383874 is currently being renewed for an additional 10 years. The Corporation is awaiting a final decision from the* 

*competent authority.*

*6.Mining License LE-383657 and LE-383722 were renewed for an additional 10 years. The decision from the competent authority was* 

*received after the publication of the Boumadine PEA Report.*

7.*For this table, "Aya" means the Corporation or one of its subsidiaries, AGSM, ZMSM or BGM.*

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202567

Project Location, Access and Facilities

The Boumadine Property is located in the Errachidia Province of the Meknès-Tafilalet Region, in the Anti-Atlas Mountains. It is

accessible via the National Highway 10 (N10), ~220 km east-northeast from Ouarzazate City or ~70 km southwest from

Errachidia City. The nearest town is Tinejdad, ~16 km north from the historical Boumadine Mine. The nearest village, Bouyoud,

is 4 km away from the site. The historical Boumadine Mine is located at approximately Longitude 4°55'18" West, Latitude

31°24'40" North (and altitude 1,145 m asl), or in UTM WGS 84 Zone 30 R 317,310 m East and 3,476,770 m North. The

Boumadine Property can be accessed by two roads: 1) by a 16-km dirt road southwards from Tinejdad; and 2) by a 3-km dirt

road from east through the Village of Bouyoud. The National Highway 10 (N10) goes through the City of Tinejdad and connects

to Ouarzazate City to the west and Errachidia City to the east of Tinejdad. The Property is connected to the national electricity

grid.

There are numerous dirt roads and paths that lead to former shafts and other remnants of the historical mining infrastructure.

Water is currently sourced from historical underground workings and wells. Electricity on site is provided via the national

electricity grid. The facilities on-site are adapted for exploration operations. They include an office, drill core shack, the AfriLab

sample preparation laboratory, drill contractor workshops, and drill contractor camps.

History

The historical Boumadine Mine is one of the oldest known mines in Morocco. It was probably exploited by the Portuguese in

the 15<sup>th</sup> and 16<sup>th</sup> centuries. They extracted the oxidized part of the polymetallic veins to a depth of as much as 20 meters. Such

workings are found along north-south orientation for strike of few hundred meters on the Boumadine Mining License. Between

1956 and 1998, exploration and mining activities on the Boumadine Mining License were completed by the BRPM, with and

without partners. These activities included mineral prospecting, geophysical surveys, drilling, mineralogical studies, mineral

resource estimations, metallurgical testwork, engineering and economic studies, shaft excavation, underground development

and mining. Underground mining from 1986 to 1992 produced 261,485 tons of mineralized material from four mining levels for

mineral processing on-site. In 1998, the BRPM issued its final report summarizing all the workings completed on the

Boumadine Mining License, including a summary of all its drilling (Table 14).

**Table 14 - Summary of BRPM Exploration Work**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Diamond Holes** | **Diamond Holes** | **Shafts/Raises** | **Drifts** | | |
| **Period** | **Diamond Holes** | **Diamond Holes** | **Shafts/Raises** | **Drifts** | **Number** | **(m)** |
| **Period** | **1956 to 1957** | 2 | 144 | 27 | 191 |  |
| **1962 to 1964** | 40 | 6248 | - | - |  |  |
| **1964 to 1966** | 36 | 1984 | 77 | 981 |  |  |
| **1973 to 1975** | 25 | 7132 | 152 | 874 |  |  |
| **1981 to 1982** | - | - | 82 | 340 |  |  |
| **1984 to 1985** | 13 | 1029 | 140 | 1885 |  |  |
| **1989 to 1992** | unknown | 1570 | 298 | 1376 |  |  |

---

In 2013, Maya acquired the Boumadine Mining License through a joint venture with the ONHYM (new entity of the BRPM) on an

85%-15% ownership basis, respectively. Between 2013 and 2016, Maya completed geological mapping and grab sampling of

the historical mineralized structures. In 2017, Maya completed a drilling program to confirm the historical mineral resources.

Fourteen drill holes totalling 3,158 m were completed over the Central, South and Tizi Zones. Between 2018 and 2020, Maya

completed a sampling program on two historical tailings deposits and 9,503 m of diamond drilling on the South, Central, North,

Imariren and Tizi Zones. In addition, Maya completed a drone survey over part of the Boumadine Mining License.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202568

**Table 15 - Summary of Diamond Drilling Completed by Maya from 2017 to 2020**

---

| | | | |
|:---|:---|:---|:---|
| **Summary of Diamond Drilling** <br>**Completed by Maya from** <br>**2017 to 2020**<br>| **Zone** | **Metres Drilled** | **Objective** |
| **2017** | Centre | 1490.4 | Historical resource and old workings <br>verification |
| **2017** | Sud | 1137.6 | Historical resource and old workings <br>verification |
| **2017** | Tizi | 530.0 | Historical resource and old workings <br>verification |
| **2018** | Centre | 1597.0 |  |
| **2018** | Sud | 608.0 | Check southern continuity of the vein |
| **2018** | Tizi | 466.1 |  |
| **2018** | Imariren Est | 804.9 | Follow-up on grab samples positive <br>results |
| **2018** | Imariren Ouest | 1168.4 | Follow-up on grab samples positive <br>results |
| **2019** | Centre | 1446.7 |  |
| **2019** | Imariren Est | 670.8 | Increase Imariren resource |
| **2019** | Imariren Ouest | 1297.8 |  |
| **2019** | Nord | 543.9 | Test northern historical resource |
| **2020** | Nord | 899.0 | Increase Zone Nord resource |
| **Total** |  | 12661.0 |  |

---

Exploration activities completed by Aya on the Boumadine Property since 2020, other than drilling, include surface trenching,

satellite-based hyperspectral surveys, aerial electromagnetic, magnetic and radiometric survey, mineral prospecting,

geological mapping, grab sampling and assaying. These programs were successful in finding and confirming presence of

mineralization on surface. From May 2022 to September 2025, Aya completed 660 diamond drill holes, 94 multipurpose holes

(MP) and 49 Reverse circulation holes (RC), totaling 192,957 m. Of these, 214 new drill holes totaling 44,514 m were

completed along the Boumadine Deposit and utilized for the Boumadine MRE Report. In 2025, Aya completed 523 drill holes,

amounting to 150,328 m, on the Boumadine Property. The drilling programs aimed to extend the mineralization of the North,

Central, South, Tizi and Imariren Zones and test targets located farther from the main mineralized trend.

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Geological Setting, Mineralization, and Deposit Types

The Boumadine Property is located at the eastern end of the Anti-Atlas Mountain range, which extends east-northeast to west-

southwest, over approximately 600 km from the Atlantic Ocean in the west to the interior of the African Plate in the east. The

Anti-Atlas basement rocks are mainly Neoproterozoic in age and consist of ophiolites, island arc-related gneiss and intrusive

rocks, particularly near to the northern edge of the West African Craton.

The Boumadine Deposit (Au, Ag, Zn, Pb, Cu) is located on the northwest side of the Ougnat Massif (or Boutonnière). The

geology of the Massif consists of a Neoproterozoic metasedimentary basement overlain unconformably by a Late

Neoproterozoic volcano-sedimentary rock sequence and by Paleozoic lacustrine sedimentary and minor volcanic rocks. The

basement consists of sandstone, pelites and greywackes that are intruded locally by granite, granodiorite, and diorite bodies.

The volcano-sedimentary sequence consists of felsic and mafic volcanic rock units separated by volcano-sedimentary units.

The volcanic and volcanic-sedimentary rock unit have been grouped into three formations, which from the oldest to youngest

are:

• Tamerzaga-Timrachine Formation ("TTF"): Consists of ignimbrites, rhyodacites and andesites;

• Isilf-Ouinou-Oufroukh Formation: Consists of volcano-sedimentary rocks, specifically tuffs and breccia, andesite flows;

and fine- to coarse-grained sedimentary rocks; and

• Aoujane-Aissa-Akchouf Formation: Formed of ignimbrites, dacite domes and flows, and andesite flows.

These three formations are intruded by dolerite, microdiorite and andesite dykes. At the historical Boumadine Mine, only the

andesite dykes are present and trend north-south.

The Ougnat Massif area was subjected to a Neoproterozoic shearing, which generated regional-scale faults trending N30°E

and associated secondary fractures. The area has also been affected by a late-stage series of north-south extensional

fractures that were subsequently reactivated by a compressive Hercynian tectonic event.

The TTF volcaniclastic sequence of felsic tuffs and mafic tuffs host the Boumadine Deposit. The felsic tuffs consist of angular

to rounded cm-size felsic fragments, quartz eyes, plagioclase grains, and locally mafic fragments. This felsic sequence is

homogeneous and massive, and sits unconformably on mafic tuffs. Mafic tuffs consist of amphibole and fragments/clasts of

sedimentary rocks. Mafic tuffs are interpreted as underwater-deposited volcaniclastic eruptives.

Many intrusions are observed on the Boumadine Property. The intrusions are divided into a pre-to syn-mineralization group and

a post-mineralization group. The pre- to syn-mineralization intrusions are mainly felsic to intermediate in composition, show

aphanitic to porphyritic textures, and form dykes and sills. Locally porphyritic mafic dykes, similar in composition to mafic

tuffs, cross cut the felsic tuff sequence and syn-mineralization dykes, suggesting bimodal magmatism.

The post-mineralization intrusions consist of rhyolite subvolcanic domes associated with normal faults. These domes are

interpreted as being synchronous with a post-mineralization deformation episode that disrupted the Boumadine mineralized

zones. Subsequently, a swarm of regionally extensive mafic dykes intruded every lithological unit on the Boumadine Property.

Two events of hydrothermal alteration are observed on the Boumadine Property. The first alteration event affects the felsic tuff

sequence as phyllic alteration (quartz-sericite-pyrite). Proximal to massive sulphide veins (1 to 5 m thick), there is an advanced

clay alteration composed of kaolinite and pyrophyllite. The second sequence of alteration affects mainly the underlying mafic

tuffs and consists of propylitic alteration (epidote and chlorite). Near the veins, the alteration minerals are black chlorite,

pyrophyllite and pyrite. The transition between these two alteration events is relatively sharp and consistent with the change in

tuff composition.

Due to the extensive weathering to clay minerals, the Boumadine Deposit has a very light colour that contrasts with the

surrounding landscape. The mantos, "chapeau de fer" or "iron cap" alteration extends from 5 to 10 m depth. The mantos

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consists principally of goethite and jarosite with sparse hematite and no lepidochrosite. This mineralogical assemblage

indicates that the oxidation fluids were strongly acidic. In this case, Mn, Zn, Cd, Ni, Co, Pb are highly mobile in the acid and

sulphur-rich fluids and are commonly leached at surface. However, Ag, Au, Ba, Sr and Pb are immobile and form stable

sulphosalts. The hydroxide-rich "mantos" has been partially mined out by artisanal workers for ochre and precious metals.

The Boumadine Deposit has been traced on surface and in drilling for approximately 5,400 m along strike. Strike direction

varies from mainly northwest to northerly and dips vary from steeply northeast to steeply southwest. The Boumadine Deposit

consists of 45 mineralized domains that have been grouped into five separate zones. The South and Central Zones consist of

13 stacked mineralized vein domains. From the south end of the South Zone to the north end of the Central Zone, these

domains extend for 4,800 meters along strike, up to 300 to 400 meters across strike and up to 1,000 meters down-dip. The

South Zone appears to be offset dextrally along a northeast-trending fault from the Central Zone. The north end of the Central

Zone appears to be offset sinistrally along a northeast-trending fault from the North Zone. The North Zone consists of eight

closely-spaced mineralized vein domains. This Zone is 650 m long, 5 to 10 m in thickness and 500 m down-dip. It strikes

northwest and dips steeply southwest. The Imariren Zone and the Tizi Zone are two sub-parallel, single mineralized vein

domains that are 200 m apart in the south and 500 m apart in the north, strike northerly, and dip vertically. The Tizi Zone has

been extended to 2.0 km in length, while Imariren has been traced over 1,000 m. Both zones extend 600 m down-dip.

The Boumadine Deposit mineralized zones consist of 1 to 4 meters-wide massive sulphide lenses/veins oriented N20°W and

dipping 70° east. The massive sulphide veins (approximately 70% sulphide) consist of pyrite, sphalerite, galena, arsenopyrite

and chalcopyrite, with subordinate amounts of cassiterite, silver-rich sulphosalts, stannite, enargite, bismuthinite, native copper

and bismuth. The main mineralization zone is surrounded by a 1 to 10 m thick halo of 10 to 30% disseminated pyrite and two

types of veinlets: 1) quartz-carbonate-galena-sphalerite veinlets; and 2) massive pyrite veinlets. Geochemically, there is a

strong positive correlation of gold with silver and copper and a weaker correlation of zinc with lead and molybdenum. The

Boumadine Deposit has been described in literature as being an epithermal polymetallic deposit in a shallow submarine

setting, but field and drilling evidences seems to suggest a deeper environment of formation.

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Exploration

Exploration activities completed by Aya on the Boumadine Property since 2020, other than drilling, include surface trenching,

satellite-based hyperspectral surveys, aerial electromagnetic and magnetic survey, mineral prospecting, geological mapping,

grab sampling and assaying. Each of these activities are summarized below.

Trenching

One trench (37 m) was excavated during the early 2022 drilling campaign on section 8125N between drill holes BOU-DD22-001

and BOU-DD22-006. The goal was to find mineralization at surface. Assaying failed to return any significant values.

Satellite-Based Hyperspectral Surveys

At the end of 2021, CGG carried out a satellite-based geological and mineral mapping study for Aya over the Boumadine

Mining License. The aim of the study was to process satellite imagery and identify areas of possible mineral alteration and

place these in a geological context. This study enabled the generation of geologically valid target areas that were subsequently

visited in the field during geological mapping in 2022 and 2023. The program was completed in two stages: 1) a regional

project outlining the main structural controls and areas of alteration carried out at 1:25,000 scale; and 2) a detailed 1:5,000

scale project that focused on the Boumadine Mining License (LE-383661).

Several satellite datasets were supplied by CGG, processed and interpreted over the Boumadine Property. For the regional

mapping, Sentinel-2 imagery was used for the geological interpretation with Copernicus elevation data being merged to

enhance this process. ASTER imagery was utilized for its spectral range, which enables clay/iron/carbonate alteration related

to hydrothermal alteration associated with intrusions to be imaged. For the detail mapping, at the Boumadine Mining License

scale, WorldView-3 imagery was used for both the structural and spectral mineral mapping.

The mineral outputs exhibited a strong correlation with the main structures mapped (at 1:25,000 scale). There is significant

argillic alteration along the northwest-trending fault in the northeastern area of the Boumadine Mining License. There is also

significant argillic alteration along a northeast-trending fault, slightly to the west of the Boumadine Mining License (out of the

mining license). Mineral outputs also display a strong correlation with the underlying geology in the Northern Zone, with the

altered rhyodacite-rhyolite ignimbrite clearly highlighted.

In early 2024, Aya re-engaged CGG to conduct a new satellite-based study over larger part of the Boumadine Property. The

project has been carried out using high resolution satellite imagery to provide detailed 1:5,000 scale structural interpretation

and 1:10,000 scale lithological classification with key areas of alteration mapped to 1:5,000 scale. This time the study

integrated Geological maps and other spatial geological datasets provided by Aya.

The use of WorldView-3 satellite imagery has significantly improved lithological classification (up to 1:10,000 scale) and

structural mapping (1:5,000 scale) compared to the previous 1:200,000 regional map. The higher resolution provided clearer

boundaries and more detailed structural features. Additionally, CGG's ASTER Bare Earth+ multi-spectral imagery was utilized to

map large alteration footprints while filtering out non-geological artifacts. This integration identified new areas of interest

beyond the Boumadine Deposit. The enhanced spatial and spectral resolution of WorldView-3 imagery allowed for the

mapping of narrow intrusive dykes and faults, and the identification of intrusive not visible in optical imagery. At 1:5,000 scale,

the structural mapping has helped establish relationships between faults, dyke intrusions, and alteration zones.

Airborne Geophysical Surveys

In March 2022, an airborne geophysical survey was conducted by Geotech Ltd. over the Boumadine Mining License. A total of

366 linear-km (33 km²) was flown in a west to east (N90°E) direction with traverse line spacing of 100 m. Tie lines were flown

perpendicular to the traverse lines at a spacing of 1,000 m.

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Principal geophysical sensors included a VTEM system, airborne magnetic using a cesium magnetometer, and RSI ARGS

RSX-5 spectrometer system. The purpose of the survey was to provide magnetic and resistivity coverage over the permit with

sufficient resolution to map the footprint of the known mineralization and any potential extensions.

The airborne results of both methods were of good quality and meaningful. Electromagnetically, Boumadine Deposit

corresponds to a prominent, large (>6 x 1.5 km), variably conductive, north-south elongate resistivity low feature in the centre

of the block that roughly coincides with all the historical mining work. The resistivity low also coincides well with the northern

half of the magnetic low. Those anomalies accurately mapped the known mineralization and supports extension of the

favorable prospective corridor to the north and the south.

Following the success of the VTEM geophysical survey, a new airborne geophysical survey commenced on February 2, 2024,

and concluded on July 18, 2024. Conducted by Expert Geophysics Limited (EGL), this helicopter-borne MobileMT

electromagnetic and magnetic survey covered three blocks: Boumadine, Boumadine West, and Boumadine East,

encompassing all of Aya's permits in the Boumadine Property.

The survey involved 105 production flights, covering a total of 14,353 line-kilometers. Specifically, Boumadine covered 6,771

line-kilometers over 609 square kilometers, Boumadine West covered 4,535 line-kilometers over 414 square kilometers, and

Boumadine East covered 3,047 line-kilometers over 278 square kilometers.

Electromagnetic readings were obtained using an EGL AFMAG & VLF MobileMT system, which includes an airborne three-

component magnetic sensor and a base station with two horizontal electric components. Additionally, a cesium vapor

magnetometer in a separate towed-bird was used to measure the intensity of the Earth's magnetic field.

The geophysical acquisition was successful, identifying multiple potentially parallel, on-trend conductive anomalies similar to

those previously identified at Boumadine Deposit. Notably, a very large potential conductive anomaly was detected

approximately 5 kilometers west of Boumadine, exhibiting a similar orientation but stronger intensity than the Boumadine

Deposit conductor. This extensive system also includes strong potential conductors oriented east-west. Additionally, the

survey revealed the continuation of the conductivity anomaly, South of Boumadine Deposit and a series of new N340 and

north-south oriented potential conductive anomalies.

Mapping

Detailed mapping was carried out on Boumadine Mining License, with the objective to improve geological understanding of the

mineralization and geological events.

From the mapping work, two major fault sets were recognized: 1) a fault event N030 that intersects the main Boumadine

corridor (N340) and could be responsible for the Au-Zn mineralization event; and 2) an N70°E fault event cutting both the

N20°W and N70°E structures that appears to be responsible for the Ag-Pb mineralization event.

Following the proximal mapping around the deposit, a larger scale mapping of our regional permit was launched and remains

ongoing. Six areas of interest with the highest potential have been subjected to more detailed mapping. Some of these areas

were drilled late 2025 and other are planned to be drilled during 2026.

Grab Sampling and Assaying

In 2023, 127 surface grab samples were taken, leading to identification of a new mineralized structure to the northwest of the

Boumadine Mining License. The structure, which can be followed for >1.5 km, graded up to 3.45 g/t Au (sample 2260129), 186

g/t Ag (sample 2274547), 9.40% Cu (sample 2274534), 27.40% Pb (sample 2274545), and 1.80% Zn (sample 2274547) (Table

9.1 below). The mineralization exhibits stockwork quartz-pyrite-chalcopyrite veinlets associated with silicified felsic dykes

injected into a corridor of faults located at the contact of volcanic rocks and sedimentary rocks. This discovery shows the

mineralization potential outside of the main Boumadine corridor.

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Mapping and grab sampling activities continued throughout 2024 and 2025, extending to properties beyond the Boumadine

Mining License. A total of 993 grab samples were collected on the Boumadine permits since 2022.

**Table 16 - Grab Sampling Assay Highlights**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample ID** | **Au**<br>**(g/t)**<br>| **Ag**<br>**(g/t)**<br>| **Cu**<br>**(%)**<br>| **Pb**<br>**(%)**<br>| **Zn**<br>**(%)**<br>|
| 2393526 | 12.20 | 226 | 4.10 | 0.78 | 0.18 |
| 2393529 | 7.40 | 211 | 4.20 | 1.64 | 0.33 |
| 2393527 | 4.78 | 81 | 1.00 | 0.32 | 0.04 |
| 2394147 | 3.93 | 163 | 0.05 | 0.43 | 0.84 |
| 2393509 | 3.50 | 90 | 3.25 | 0.62 | 0.02 |
| 2260129 | 3.41 | 40 | 0.75 | 0.16 | 0.06 |
| 2393498 | 3.38 | 58 | 36.64 | 0.02 | 0.01 |
| 2260130 | 3.37 | 23 | 0.28 | 0.04 | 0.03 |
| 2393412 | 3.34 | 32 | 4.04 | 0.68 | 0.04 |
| 2260131 | 2.78 | 44 | 0.54 | 0.06 | 0.02 |
| 2394143 | 2.66 | 132 | 0.13 | 0.28 | 1.00 |
| 2393516 | 2.28 | 9 | 0.49 | 0.06 | 0.03 |
| 2393518 | 2.13 | 16 | 1.12 | 0.84 | 0.08 |
| 2393470 | 2.13 | 26 | 0.27 | 0.05 | 0.01 |
| 2394146 | 2.02 | 82 | 0.03 | 0.43 | 0.47 |
| 2393251 | 0.03 | 747 | 59.58 | 0.01 | 0.01 |
| 2393421 | 0.16 | 482 | 0.12 | 8.49 | 0.01 |
| 2393505 | 0.11 | 475 | 0.40 | 18.93 | 0.54 |
| 2394526 | 0.03 | 410 | 22.47 | 1.38 | 0.10 |
| 2393295 | 0.03 | 359 | 1.33 | 39.98 | 0.33 |
| 2393287 | 0.03 | 354 | 1.32 | 43.43 | 10.52 |
| 2393318 | 0.15 | 326 | 7.90 | 9.13 | 0.56 |
| 2393549 | 0.19 | 323 | 11.18 | 19.29 | 1.81 |
| 2390608 | 0.03 | 300 | 29.56 | 0.01 | 0.01 |
| 2393467 | 0.03 | 17 | 48.15 | 0.04 | 0.02 |
| 2389945 | 0.03 | 74 | 34.46 | 0.05 | 0.05 |
| 2393329 | 0.06 | 5 | 23.97 | 0.01 | 0.01 |
| 2393482 | 0.03 | 24 | 20.91 | 0.02 | 0.02 |
| 2393537 | 0.03 | 32 | 20.18 | 0.28 | 0.02 |
| 2393473 | 0.03 | 17 | 19.76 | 0.02 | 0.01 |
| 2394519 | 0.03 | 56 | 19.27 | 5.07 | 13.46 |
| 2393368 | 0.06 | 116 | 18.24 | 0.55 | 0.60 |

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Drilling

From May 2022 to September 2025, Aya completed 660 DD holes, 94 multipurpose holes (MP) and 49 Reverse circulation

holes (RC), totaling 192,957 m. Of these, 214 new drill holes totaling 44,514 m were completed along the Boumadine Deposit

and utilized for the Boumadine PEA Report. In 2025, Aya completed 523 drill holes, amounting to 150,328 m, on the Boumadine

Property. The drilling programs aimed to extend the mineralization of the North, Central, South, Tizi and Imariren Zones and

test targets located farther from the main mineralized trend.

In addition, all historical drill holes from 2018 to 2021 were re-logged and resampled by Aya in 2023 for a total of 77 drill holes

and 9,510 m of drill core. The historical BRPM drill holes and Maya's 2017 drill holes have not been retrieved in the Aya drill

core yard. Therefore, it was not possible to proceed with re-sampling and the decision was made to include those drill holes

for geological interpretation and exclude them from the MRE database. Information from the drill holes completed in 1992 by

the SODECAT-BRPM has not been found, and those drill holes are not included in Aya's MRE database.

In general, drilling exploration and definition has identified and further defined the distribution of mineralization in five areas:

North Zone, Central Zone, South Zone, Tizi and Imariren. Drilling results on the main structure show a strong continuity of the

mineralization.

In 2025, the strongest mineralized intercept to date, featuring a long, high-grade interval that results in a record metal factor

was intercepted along the main trend, on hole BOU-MP25-087, with 2,323 g/t AgEq over 15m, including 3,858 g/t AgEq over

8.7m. In addition, the identification of a new high-grade parallel structure in the southern portion of Boumadine's Main Trend,

within hole BOU-DD25-623, showing 540 g/t AgEq over 47.3m, including 681 g/t AgEq over 10.6m and 1,286 g/t AgEq over

11.7. **Table 17 - Significant Intercepts From the 2025 Drilling Program**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DDH No.** | **Section** | **Zone** | **From** | **To** | **Au** | **Ag** | **Length** <br><sup>(1)</sup><br>| **Cu** | **Pb** | **Zn** | **Mo** | **Ag Eq**<sup>(2)</sup> |
| **DDH No.** | **Section** | **Zone** | **(m)** | **(m)** | **(g/t)** | **(g/t)** | **(m)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(g/t)** |
| BOU-DD24-387 | 5000N | Boumadine | 378.3 | 381 | 0.37 | 297 | 2.7 | 0 | 3.7 | 3.2 | 74 | 497 |
| BOU-DD24-442 | 6425N | Boumadine | 173.7 | 178.3 | 0.2 | 73 | 4.6 | 0.1 | 1.3 | 4.9 | 178 | 248 |
| BOU-DD24-453 | 7025N | Boumadine | 164.4 | 169.6 | 2.68 | 38 | 5.2 | 0.2 | 0.2 | 0.7 | 12 | 284 |
| Including | Including | Including | 164.4 | 168.1 | 3.44 | 45 | 3.7 | 0.2 | 0.1 | 0.2 | 14 | 341 |
| BOU-DD24-465 | 9050N | Boumadine | 128.8 | 139.4 | 0.48 | 81 | 10.6 | 0 | 1.3 | 2 | 9 | 199 |
| BOU-DD24-472 | 3477600 | Tizi | 125.8 | 128.7 | 3.78 | 29 | 2.9 | 0.1 | 0.7 | 1.8 | 17 | 394 |
| BOU-DD24-473 | 10250N | Boumadine | 282.7 | 288.1 | 1.48 | 54 | 5.4 | 0.1 | 1.1 | 1.7 | 6 | 243 |
| BOU-DD24-474 | 3477600 | Tizi | 48 | 52 | 2.38 | 37 | 4 | 0 | 0.6 | 2.5 | 56 | 302 |
| BOU-DD24-475 | 10250N | Boumadine | 359.2 | 369.3 | 0.94 | 50 | 10.1 | 0.1 | 1 | 1.4 | 6 | 189 |
| BOU-DD24-475 | 10250N | Boumadine | 405.4 | 407.1 | 5.62 | 257 | 1.7 | 0.4 | 0.3 | 3.5 | 6 | 820 |
| BOU-DD24-478 | 3477600 | Tizi | 459.4 | 462.7 | 4.61 | 75 | 3.3 | 0.1 | 0.1 | 0.5 | 11 | 460 |
| BOU-DD24-487 | 9050N | Boumadine | 483.1 | 486.5 | 3.36 | 225 | 3.4 | 0.1 | 0.1 | 0 | 2 | 502 |
| BOU-DD25-493 | 9050N | Boumadine | 423 | 431 | 1.19 | 16 | 8 | 0 | 0.2 | 1.1 | 3 | 142 |
| BOU-DD25-497 | 9850N | Imariren | 184.6 | 190.8 | 1.93 | 18 | 6.2 | 0.1 | 0.1 | 0.9 | 3 | 201 |
| BOU-DD25-500 | 9050N | Boumadine | 537 | 543.6 | 2.41 | 50 | 6.6 | 0.1 | 0.2 | 0.1 | 2 | 255 |
| Including | Including | Including | 540.1 | 543.6 | 3.11 | 60 | 3.5 | 0.1 | 0.2 | 0.1 | 4 | 321 |
| BOU-DD25-501 | 9850N | Imariren | 93 | 99 | 1.73 | 48 | 6 | 0.1 | 0.2 | 0.5 | 16 | 210 |
| Including | Including | Including | 93.6 | 96 | 3.78 | 93 | 2.4 | 0.2 | 0.1 | 0.2 | 15 | 413 |
| BOU-DD25-501 | 9850N | Imariren | 192.5 | 200.1 | 1.68 | 7 | 7.6 | 0.1 | 0 | 0 | 6 | 146 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| BOU-DD25-502 | 9250N | Boumadine | 161.5 | 169.3 | 0.99 | 26 | 7.8 | 0.1 | 0.4 | 3 | 17 | 191 |
| Including | Including | Including | 161.5 | 162.7 | 3.06 | 95 | 1.2 | 0.3 | 1.5 | 15.1 | 10 | 763 |
| BOU-DD25-504 | 10050N | Imariren | 141 | 147.6 | 3.69 | 46 | 6.6 | 0 | 0.2 | 0.3 | 3 | 349 |
| Including | Including | Including | 141 | 142.2 | 10.34 | 37 | 1.2 | 0 | 0.1 | 0.1 | 3 | 851 |
| BOU-DD25-506 | 9850N | Boumadine | 297.3 | 302.3 | 3.19 | 48 | 5 | 0.1 | 0.1 | 0.1 | 2 | 312 |
| Including | Including | Including | 297.3 | 299.5 | 4.45 | 50 | 2.2 | 0.1 | 0 | 0.1 | 2 | 413 |
| BOU-DD25-509 | 10050N | Imariren | 282.1 | 291.4 | 2.18 | 62 | 9.3 | 0.1 | 0.7 | 1.5 | 2 | 296 |
| Including | Including | Including | 289.8 | 291.4 | 7.16 | 215 | 1.6 | 0.5 | 0.2 | 3.2 | 3 | 897 |
| BOU-DD25-511 | 10050N | Imariren | 311.1 | 316 | 1.95 | 270 | 4.9 | 0.1 | 0.1 | 0.6 | 8 | 449 |
| BOU-DD25-512 | 10050N | Imariren | 338 | 339 | 15.86 | 1 | 1 | 0 | 0.1 | 0.3 | 4 | 1247 |
| BOU-DD25-513 | 9850N | Boumadine | 365.3 | 367.1 | 5.19 | 118 | 1.8 | 0.5 | 0.2 | 1 | 2 | 591 |
| BOU-DD25-513 | 9850N | Boumadine | 374.8 | 377.7 | 5.52 | 109 | 2.9 | 0.3 | 0.2 | 5.2 | 4 | 698 |
| BOU-DD25-516 | 9050N | Boumadine | 498 | 507 | 1.24 | 6 | 9 | 0.1 | 0.1 | 0.2 | 2 | 114 |
| BOU-DD25-516 | 9050N | Boumadine | 648.5 | 649 | 66.66 | 111 | 0.5 | 0.1 | 1 | 1.6 | 6 | 5373 |
| BOU-DD25-544 | 3477200 | Tizi | 31.9 | 44.2 | 0.31 | 60 | 12.3 | 0 | 1.1 | 1.9 | 4 | 161 |
| BOU-DD25-547 | 3477200 | Tizi | 117 | 126 | 0.42 | 80 | 9 | 0 | 1.8 | 3.6 | 5 | 248 |
| BOU-DD25-550 | 9050N | Boumadine | 54.9 | 59.5 | 1.33 | 101 | 4.6 | 0 | 1.1 | 1.6 | 8 | 272 |
| BOU-DD25-572 | 8850N | Boumadine | 351.8 | 364 | 2.6 | 23 | 12.2 | 0.1 | 0.1 | 0 | 5 | 232 |
| Including | 8850N | Boumadine | 352.6 | 354.8 | 5.28 | 49 | 2.2 | 0.1 | 0.1 | 0.1 | 4 | 473 |
| Including | 8850N | Boumadine | 359.3 | 361.7 | 6.29 | 48 | 2.4 | 0.1 | 0.1 | 0 | 7 | 551 |
| BOU-DD25-572 | 8850N | Boumadine | 381.6 | 388.1 | 2.66 | 21 | 6.5 | 0 | 0.2 | 0.4 | 9 | 246 |
| Including | 8850N | Boumadine | 383 | 385 | 6.49 | 25 | 2 | 0 | 0.2 | 0.2 | 8 | 544 |
| BOU-DD25-572 | 8850N | Boumadine | 573 | 574.8 | 9.77 | 65 | 1.8 | 0.2 | 0.7 | 2.8 | 19 | 929 |
| BOU-DD25-584 | 8750N | Boumadine | 325.7 | 334.7 | 4.04 | 41 | 9 | 0.1 | 0.1 | 0.1 | 7 | 369 |
| Including | 8750N | Boumadine | 327 | 331.2 | 5.98 | 51 | 4.2 | 0.2 | 0.1 | 0.1 | 8 | 535 |
| BOU-DD25-584 | 8750N | Boumadine | 594 | 595.9 | 4.11 | 17 | 1.9 | 0 | 0.1 | 0.3 | 3 | 345 |
| BOU-DD25-589 | 8750N | Boumadine | 341 | 351.2 | 2.9 | 29 | 10.2 | 0.1 | 0.1 | 0.1 | 11 | 271 |
| Including | 8750N | Boumadine | 345.4 | 348 | 7.46 | 71 | 2.6 | 0.4 | 0.1 | 0.1 | 15 | 692 |
| BOU-MP24-015 | 3478300 | Tizi | 475 | 476.6 | 0.05 | 774 | 1.6 | 0.1 | 0.1 | 0.1 | 4 | 788 |
| BOU-MP25-026 | 9250N | Boumadine | 238.5 | 243.2 | 0.58 | 36 | 4.7 | 0.1 | 1.3 | 7.2 | 12 | 296 |
| BOU-MP25-028 | 9250N | Boumadine | 392.1 | 396.4 | 3.27 | 19 | 4.3 | 0.1 | 0.1 | 0.3 | 8 | 286 |
| Including | Including | Including | 392.1 | 394.2 | 5.46 | 26 | 2.1 | 0.1 | 0.1 | 0 | 10 | 460 |
| BOU-MP25-029 | 9450N | Boumadine | 93 | 95 | 1.16 | 100 | 2 | 0.1 | 7.4 | 4.7 | 53 | 498 |
| BOU-MP25-069 | 8075N | Boumadine | 79.1 | 91 | 1.45 | 35 | 11.9 | 0.1 | 0.3 | 1.4 | 18 | 195 |
| BOU-RC25-024 | 7175N | Boumadine | 107 | 119 | 1.11 | 19 | 12 | 0.1 | 0.6 | 1.3 | 15 | 157 |

---

***Notes:***

*1. All assay values are uncut. All intersections are core lengths, as true width remains undetermined at this stage.*

*2. Ag equivalent is based on 100% recovery with the following ratios: 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 g/t Ag; 1% Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/*

*t Ag.* 

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Sampling, Analysis and Data Verification

Logging and Sampling

Logging and sampling of drill core are performed at Aya's onsite logging facility; a large warehouse with ample space for

logging tables and direct vehicular access for drill core box delivery. Logging procedure includes using core orientation to

determine the azimuth and dip of each structure encountered (e.g., veins, contacts, faults). Digital photographs are taken of

the drill core and drill core recovery, RQD, basic geotechnical information, geological and structural elements are recorded in

the drill core logs. Sample intervals are marked and samples for bulk density determination are also selected. Drill core

recovery is generally good; however, when poor, the samples are shorter and there are small gaps in the sampled drill core to

show where it was lost.

All data is entered using Geotic software and logging is regularly supervised with sign-off on all steps by a supervisor. When

logging is complete, the data is audited in a spreadsheet available to all personnel involved before being imported into a

Master file with limited access to selected authorized personnel only. Nominal drill core sample intervals are 1.0 m, which are

adjusted to respect lithological contacts or abrupt changes in mineralization, with smaller intervals of 0.5 m.

Drill core samples are cut in half lengthwise using a diamond-blade saw. The rock saw operator cuts along contacts between

samples along a line drawn by the logging geologists. One-half of the drill core is placed into a polyethylene bag with a sample

tag, and the remaining half-drill core is carefully returned to its original position in the drill core boxes. Field duplicates are

made by halving the already halved drill core again and both ¼-drill cores are sent as duplicates to the lab, leaving the

remaining ½-drill core archived in the drill core box. Paper sample tags are stapled to the drill core boxes at the end of the

sample intervals. Sample books were utilized with pre-recorded, unique sequential number tags reserved for QC samples at

pre-determined locations.

Bulk Density Determination

Bulk density determination is performed onsite by Aya geologists, with the water immersion method selected to determine the

bulk density of rocks at Boumadine. Bulk density determinations are completed in a dedicated area, where the equipment is

protected from disturbances, such as vibration or drafts, which might influence balance readings.

Aya's protocol requires the determination of wet (moisture percent) and dry bulk densities of mineralized and barren samples.

Full drill core pieces of ~10 to 15 cm are used for the determinations. When this process is complete, the drill core is returned

to the original location in the drill core box, with a piece of flagging tape stapled to the box to aid with future sample

identification. The equipment is calibrated on a daily basis with 0.5 and 1.0 kg reference materials used for wet and dry tests,

and the balance is calibrated weekly with dry certified weights. The set-up is rudimentary, although acceptable and the

equipment is scheduled to be upgraded with new apparatus currently on order.

The average bulk density for the constrained sulphide material is 3.70 t/m<sup>3</sup>. For the current Mineral Resource Estimate a bulk

density of 2.61 t/m<sup>3</sup> was assigned to oxide and transitional blocks. For sulphide blocks, the median sulphide bulk density was

assigned for each modelled domain.

Sample Preparation and Analysis

Samples were prepared by AfriLab at its Boumadine prep-laboratory facility or at its Zgounder prep-lab. A total of 250 g of

pulverized sample material was subsequently submitted for analysis to Afrilab in Marrakech. When received at the analytical

lab, drill core samples are crushed to <2 mm with a passing rate of 85% using a ROCKLABS jaw crusher. A sieving operation is

used to ensure the sample is 85% <2 mm. To control the risk of contamination, the jaw crusher is cleaned thoroughly between

each sample using compressed air and local barren waste rock.

The crushed sample is subsequently divided using a riffle splitter, in order to have a sub-sample of between 250 to 300 g. The

splitter is cleaned thoroughly between each sample using compressed air.

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The sub-sample (of 250 to 300 g) is pulverized using a ROCKS LABS pulverizer. Pulverizing performance is targeted to a size

of 85% of the sample at <75 μm. One sample in twenty is selected at random to verify this performance, by wet sieve test

(standard 75 μm sieve). Silver, zinc, lead, copper, iron, arsenic, tin and molybdenum are analyzed by ICP spectrometry after 4-

acid digestion.

Gold is analyzed by fire assay method with AAS finish. Silver grades of >200 g/t Ag are further analyzed by fire assay method

with gravimetric finish. Drill core remains under Aya's control from the drill site, where the Corporation's geologists supervise

operations, to the on-site drill core logging facility, where drill core boxes are transported at the end of each shift for logging,

cutting and sampling. When logging and sampling are completed, the plastic drill core trays are stored outside, on-site and

cross-piled within a gated compound that is guarded by a security guard around the clock. Sample chain of custody is

simplified by the presence of the on-site AfriLab preparation laboratory. Prepared samples are then shipped to the AfriLab

facility in Marrakech and tracked through AfriLab's internal management system.

Quality Assurance/Quality Control Review

Aya implemented and monitored a thorough QA/QC program for the drilling undertaken at the Boumadine Deposit during the

2018 to 2025 period. In addition to the internal QC protocol implemented at the laboratories, QC protocol at Boumadine

included the sequential insertion of CRMs, blanks and field duplicates into every batch of drill core samples sent for analysis

(each batch contains 25 samples). Samples prepared at the drill core logging facility are numbered sequentially, such that drill

core samples and QC samples are not able to be differentiated by the laboratory.

QC sample insertion rates are as follows:

A range of CRMs over varying grades are inserted at a rate of 1 in 25 samples;

• Blank samples are inserted at a rate of 1 in 25 samples to monitor for instrumentation carry-over and contamination at the

laboratory;

• Field duplicate samples were also inserted into the drill core sample stream, but not as systematically as the CRMs and

blanks, at a rate of ~1 in every 50 samples from 2022 to 2024. Prior to this, four field duplicates only were inserted into

three drill holes during 2018 and none were inserted during the 2019 drill program;

• At the end of each month, a selection of 5% of the coarse reject samples is submitted to AfriLab; and

• Check analyses at an umpire laboratory (ALS in Seville, Spain) are carried out on one in every 50 samples, representing

~2% of the global primary laboratory sample flow.

The QA/QC procedures from 2018 to 2024 were previously evaluated by P&E and documented in the Boumadine's 2024 MRE

report. P&E determined that the sample preparation, security, and analytical procedures for the Boumadine Deposit were

satisfactory, and that the data were of high quality, suitable for inclusion in the most current MRE included in the Boumadine

PEA Report. Aya's Qualified Person reviewed P&E's findings and agrees with their conclusions. All new data included in the

Boumadine PEA Report has been reviewed by Boumadine PEA Report Authors.

A total of 20 different OREAS CRMs were used during the 2024 to 2025 drilling at the Boumadine Deposit, to monitor accuracy

at the lab for gold, silver, lead, zinc, molybdenum and copper. A summary of CRMs inserted into the drill sample stream and

analyzed at AfriLab is outlined in Table xx.1. All 20 CRMs were purchased from ORE Research & Exploration Pty Ltd in Australia

and the corresponding certified mean value for each individual CRM is indicated in Table 18.

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**Table 18 - Summary of Reference Materials used at Boumadine between January 2024 to September 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference** <br>**Material** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** | **Certified Mean Value** |
| **Reference** <br>**Material** | **Au** | **Ag** | **Pb** | **Zn** | **Cu** |
| **Reference** <br>**Material** | **(g/t)** | **(g/t)** | **(%)** | **(%)** | **(%)** |
| OREAS137 | -- | 25.9 | 0.673 | 4.92 | 0.0246 |
| OREAS138 | -- | 45.2 | 1.23 | 8.19 | 0.0266 |
| OREAS230 | 0.34 | 0.13 | 0.00085 | 0.0098 | 0.0172 |
| OREAS234b | 1.23 | 0.35 | 0.00262 | 0.0143 | 0.0162 |
| OREAS236 | 1.85 | 0.48 | 0.003 | 0.014 | 0.017 |
| OREAS240 | 5.51 | 1.3 | 0.003 | 0.014 | 0.017 |
| OREAS264 | 0.31 | 1.29 | 0.001 | 0.022 | 0.009 |
| OREAS315 | -- | 72.5 | 3.79 | 5.45 | 0.0785 |
| OREAS316 | -- | 103 | 5.02 | 11.16 | 0.161 |
| OREAS317 | -- | 232 | 12.13 | 17.45 | 0.413 |
| OREAS353b | -- | 2184.00 | 59.18 | 3.83 | 0.431 |
| OREAS354 | -- | 98 | 1.58 | 49.77 | 0.1387 |
| OREAS601c | 1 | 50.3 | 0.033 | 0.043 | 0.116 |
| OREAS608b | 1.29 | 15.2 | 0.0377 | 0.0651 | -- |
| OREAS609b | 4.97 | 24.6 | 0.045 | 0.131 | 0.498 |
| OREAS610b | 8.54 | 46.9 | 0.0758 | 0.2187 | 0.92 |
| OREAS611b | 14.38 | 76.1 | 0.097 | 0.2803 | -- |
| OREAS630b | 0.36 | 19 | 0.411 | 1.11 | 0.052 |
| OREAS992b | 15 | 340 | 0.374 | 0.862 | 44.73 |
| OREAS995 | 4.52 | 37.3 | 0.2697 | 1.29 | 22.6 |

---

CRMs were inserted into the analysis stream approximately every 25 samples. Criteria for assessing CRM performance are

based as follows: data falling outside ±3 standard deviations from the accepted mean value, or two consecutive data points

falling between ±2 and ±3 standard deviations on the same side of the mean, fail. The Boumadine PEA Report author Antoine

Yassa considered that the CRMs demonstrated acceptable accuracy in the Boumadine 2018 to 2025 DD data and the relative

few failures indicated no material issues with accuracy.

Performance of Blanks

The blank material used by Aya is sourced and prepared from local cobbles of arenite and a variety of barren sandstone. The

blank material is safely stored away from any source of contamination in plastic drums on-site. Blanks are inserted into the

analysis stream approximately every 25 samples. If the assayed value in the certificate was indicated as being less than

detection limit, the value was assigned half the value of the detection limit for data treatment purposes (e.g., <1 = 0.5). An

upper tolerance limit of +3 standard deviations from the calculated mean was set. There were 4,843 data points to examine.

The vast majority of data plotted below the set tolerance limit, with very few data points plotting above the set tolerance limit.

The Boumadine PEA Report author Antoine Yassa did not consider contamination to be an issue with the 2024 to 2025

Boumadine Deposit data.

Performance of Duplicates

Field duplicate samples were inserted into the drill core sample stream, at a rate of ~1 in every 25 samples from 2022 to 2025.

Prior to this, four field duplicates only were inserted into three drill holes during 2018 and none were inserted during the 2019

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202579

drill program. At the end of each month, a selection of 5% of the coarse reject samples is also submitted to Afrilab for

duplicate analysis and the primary lab also assays pulp samples for duplicate analysis.

Core duplicate data for gold, silver, copper, lead and zinc were examined by the Boumadine PEA Report author Antoine Yassa

for the 2024 to 2025 diamond drilling at the Boumadine Deposit. The data were graphed and found to have acceptable

precision.

Umpire Sampling

Aya conducted umpire sampling to verify the integrity of the analytical results produced by AfriLab, the primary laboratory, for

geochemical testing at the Boumadine Deposit. Select pulverized pulp samples were submitted for check assaying at a

secondary laboratory (umpire lab) to validate the original analyses performed by AfriLab. These check analyses were

conducted on one in every 50 samples, representing approximately 2% of the samples sent for analysis, and were completed

at ALS in Seville, Spain.

For the 2024 to 2025 period, a new ALS laboratory opened in Morocco at Aya's Zgounder site. Umpire samples for Boumadine

were sent to this new lab. However, as the facility was only operational by the end of 2024, none of these samples were

available for the current study.

P&E, the an author of the 2024 MRE and Boumadine PEA Report, reviewed the umpire assays for gold and silver for the Q3 and

Q4 2022 drilling, comparing 422 samples. P&E noted some dispersion in the gold results below 2 ppm and around 8 ppm Au,

along with a high bias in the reported umpire lab results and an R² value of 0.891. Increased dispersion below 80 ppm Ag was

observed, as expected near the lower detection limit, while good correlation was seen above these lower grades. No

significant bias was detected, with an R² value of 0.964.

The Boumadine PEA Report author Antoine Yassa and the Qualified Person at Aya did not consider the biases exhibited in the

gold data to have a material impact on the current MRE, as the primary laboratory may be under-reporting these results.

Overall, P&E considered the data acceptable for use in the current MRE.

Data Verification

Boumadine PEA Report Authors verified the Boumadine Deposit drill hole assay data for silver, gold, copper, lead, zinc,

molybdenum, and iron by comparing database entries with assay certificates. These certificates were provided directly by

AfriLab in Excel (.xlsx) format.

Assay data from 2018 to 2025 were verified for the Boumadine Deposit by the Boumadine PEA Report Authors. Approximately

15% of the overall data were verified for silver, gold, copper, lead, zinc, molybdenum and iron. Approximately 89% of the

constrained data were verified for gold and molybdenum and ~16% for silver, copper, iron, lead and zinc. No errors were

encountered in the data during the verification process.

The database verification undertaken by the Boumadine PEA Report Authors is summarized in Table 19.

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**Table 19 - Boumadine Database Verification Summary: March 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **All Recent Data**<br>**(N=57,364)** | **All Recent Data**<br>**(N=57,364)** | **Constrained Recent Data**<br>**(N=1,591)** | **Constrained Recent Data**<br>**(N=1,591)** |
| **Element** | **No. Verified** | **% Verified** | **No. Verified** | **% Verified** |
| Au | 8758 | 15.3 | 1415 | 88.9 |
| Mo | 8760 | 15.3 | 1409 | 88.6 |
| Ag | 8566 | 14.9 | 259 | 16.3 |
| Cu | 8566 | 14.9 | 259 | 16.3 |
| Fe | 8566 | 14.9 | 259 | 16.3 |
| Pb | 8566 | 14.9 | 259 | 16.3 |
| Zn | 8566 | 14.9 | 259 | 16.3 |

---

The Boumadine PEA Report Authors also validated the Mineral Resource database in Leapfrog and Micromine by checking for

inconsistencies in analytical units, duplicate entries, interval, length, or distance values less than or equal to zero, blank or zero-

value assay results, out-of-sequence intervals, intervals or distances greater than the reported drill hole length, inappropriate

drill hole collar locations, survey and missing interval and coordinate fields. A few errors were identified and corrected in the

database.

Mr. Antoine Yassa, P.Geo., of P&E and a Qualified Person , completed a site visit to the Boumadine Property from March 12 to

14, 2024. The site visit included the following activities:

• Visiting various surface drilling sites;

• Inspection of onsite drill core logging and drill core storage facilities;

• GPS location verifications along the main mineralized trend from North to South;

• Inspection of AfriLab in Marrakesh;

• Review of database, drill hole collar surveying, logging, sampling and QC procedures;

• Technical discussions; and

• Drill core verification sampling.

Mr. Yassa collected 21 verification drill core samples from seven diamond drill holes. Samples were selected from holes

drilled in 2019, 2022 and 2023. A range of high, medium and low-grade samples were selected from the stored drill core.

Samples were collected by taking a quarter drill core, with the other quarter drill core remaining in the drill core box. Individual

samples were placed in plastic bags with a uniquely numbered tag, after which all samples were collectively placed in a larger

bag. Mr. Yassa delivered the samples to AfriLab, a certified laboratory in Marrakesh, Morocco for sample preparation and pulp

shipment directly to Actlabs Laboratories in Ancaster, Ontario for analysis. The pulp samples at Actlabs were analyzed for

silver and gold by fire assay with gravimetric finish, and by 4-acid digest with ICP-OES finish for silver, copper, molybdenum,

lead and zinc.

Actlabs is independent of Aya and P&E and runs a quality system that is accredited to international quality standards through

ISO/IEC 17025:2017 and ISO 9001:2015. The accreditation program includes ongoing audits, which verify the quality

assurance system and all applicable registered test methods.

Mineral Processing and Metallurgical Testing

Several testwork programs have been carried out at different laboratories for the Boumadine Project, with the first pilot test

program carried out between 1986-1991 and the latest lab test program completed in 2024. Tested materials have included

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historical tailings, fresh rock, and produced pyrite concentrate samples. A summary of both the historical and recent test

programs is provided in Table 20 below.

**Table 20 - Summary of Testwork Programs**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Testwork Program** | **Mineralogy** | **Comminution** | **Gravity** | **Flotation** | **Direct Cyanidation/CIL** | **Chlorination** | **Roast – CIL/Cyanidation** | **POX – CIL/Cyanidation** | **BIOX – CIL/Cyanidation** | **Albion – CIL/Cyanidation** | **MACH Reactor - Cyanidation** |
| SODIM / BRPM SODECAT 1986-1991 (Pilot-scale) |  |  |  | ✓ |  |  |  |  |  |  |  |
| URSTM 2011 (tailings sample) |  |  |  |  | ✓ |  |  |  |  |  |  |
| Nicromet 2013 (tailings sample) |  |  |  |  |  | ✓ |  |  |  |  |  |
| CINF 2017 (tailings sample) |  |  |  |  | ✓ |  | ✓ | ✓ |  |  |  |
| SGS Lakefield 2018 (tailings and fresh rock samples) |  | ✓ |  | ✓ | ✓ |  | ✓ | ✓ |  |  |  |
| SGS Lakefield 2019 (fresh rock sample) | ✓ |  |  | ✓ | ✓ |  |  | ✓ |  | ✓ |  |
| SGS Lakefield 2022 (composited fresh rock sample) | ✓ | ✓ | ✓ | ✓ | ✓ |  | ✓ |  | ✓ | ✓ |  |
| AFRILAB 2023 Sample Campaign (fresh rock) | ✓ |  |  |  |  |  |  |  |  |  |  |
| SGS Lakefield 2023-2024 (composited fresh rock and pyrite <br>concentrate samples)<br>| ✓ |  | ✓ | ✓ |  |  | ✓ | ✓ |  |  |  |
| Mintek 2024 (pyrite concentrate sample) |  |  |  |  | ✓ |  |  |  |  |  | ✓ |
| BGRIMM 2025 (bulk pyrite concentrate sample) | ✓ |  |  |  |  |  | ✓ |  |  |  |  |

---

Details of the historical testwork (1986-2017) can be found in the published Technical Report and Preliminary Economic

Assessment on the Boumadine Project issued on 24 May 2019. Since the results have not been used in the development of

the process design criteria, they will not be further discussed in this report. Details of the testwork done by Mintek (2024) have

also not been provided since the results were not used toward the development of the process plant design and contained

confidential information.

Based on the 2022 and 2024 metallurgical testwork completed by SGS Canada Inc., the process plant design for the

Boumadine Project considers a conventional flotation flowsheet. Lead, zinc and pyrite concentrates will be recovered and sold

to market.

OMC used its testwork database to infer missing data and to recommend further testwork for subsequent studies. While both

BWi values from testwork fell outside the database range for other similar resources in the area, the average BWi fell at the

81<sup>st</sup> percentile of the range, aligning well with OMC's typical strategy of designing to the 85<sup>th</sup> percentile hardness. As such, the

average of both test results was used in the comminution circuit design (13.1 kWh/t). The remainder of the comminution

circuit design criteria were estimated from OMC's database.

Next steps include continued refinement of the metallurgical testwork, particularly comminution, variability and dewatering.

Mineralogy

The 2022 testwork program included mineralogy work on the master composite. During TIMA analysis, the sulphides in the

composite sample were found to consist of mainly of pyrite (55.5%), sphalerite (4.1%), arsenopyrite (3.2%), galena (1.4%), and

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trace amounts of chalcopyrite (0.4%), pyrrhotite (0.1%), and tetrahedrite (0.06%). The remainder of the sample was found to

be composed of quartz (21.7%), micas/chlorite/clays (10.6%), and trace amounts (<1% each) of other minerals.

**Gold and Silver Mineralogy**

69% of the contained gold in the composite sample was determined to be native gold and 30% was electrum. The gold grains

were generally very fine (<15 µm) with 78% of the gold grains below <3 µm, accounting for 23% of the gold by mass. The gold

minerals were poorly liberated, with pure, free and liberated grains accounting for only 12.4% of the total. Non-liberated grains

occurred as middlings with pyrite (45.8%), and sphalerite (1.8%), and complex particles (40.0%). These phenomena suggested

that achieving high gold concentrations by physical means would be unrealistic, and that leaching extraction would need to

follow a high degree of pyrite oxidation.

Silver was found to be widely distributed as native silver (20%) with the remainder occurring as acanthine, electrum,

tetrahedrite, polybasite, freibergite, jalpaite, native gold, and others. Only 1.6% of the silver minerals were free, pure and

liberated, with the remaining non-liberated particles occurring as middlings with pyrite (25.8%) and quartz / feldspars (4.1%),

and predominantly as complex particles (67.4%).

Locked Cycle Flotation

The conditions tested during the 2022 and 2024 SGS locked cycle testing campaigns were used as the basis for the

concentrate recovery circuit design, since the testing incorporated recycles at steady state and produced concentrates of

acceptable grade and recovery. Using locked cycle data provides a higher design certainty since it more closely represents

plant operation by the incorporation of recycles and since it validates the process conditions at steady state.

The design criteria derived from the 2022 and 2024 locked cycle testing includes:

• General circuit design (i.e. orientation, number of stages, implementation of regrinding).

• Reagent addition.

• Concentrate mass pulls, grades and recoveries.

• Residence times.

The locked cycle results are presented in Tables 21 and 22 below.

**Table 21 -2022 Locked Cycle Test Results Summary**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Weight %** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** |
| **Product** | **Weight %** | **Cu%**<br>| **Pb%**<br>| **Zn%**<br>| **As%**<br>| **S%**<br>| **Au**<br>**g/t**<br>| **Ag**<br>**g/t**<br>| **Cu** | **Pb** | **Zn** | **As** | **S** | **Au** | **Ag** |
| Pb Conc | 3.0 | 4.81 | 26.7 | 4.35 | 1.67 | 35.0 | 26.6 | 1923 | 75.3 | 84.5 | 7.1 | 4.7 | 4.1 | 26.5 | 53.1 |
| Zn Conc | 2.3 | 0.37 | 0.48 | 58.1 | 0.27 | 32.9 | 1.22 | 166 | 4.3 | 1.2 | 72.0 | 0.6 | 2.9 | 0.9 | 3.5 |
| Pyrite Conc | 54.9 | 0.061 | 0.18 | 0.65 | 1.69 | 42.4 | 3.80 | 78.5 | 17.4 | 10.6 | 19.5 | 86.8 | 89.9 | 69 | 39.6 |
| Pyrite Tails | 39.9 | 0.015 | 0.089 | 0.063 | 0.21 | 2.02 | 0.27 | 10.5 | 3.0 | 3.7 | 1.4 | 7.9 | 3.1 | 3.6 | 3.8 |
| Head (calc) | 100 | 0.19 | 0.95 | 1.83 | 1.07 | 25.9 | 3.02 | 109 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| Head (direct) | - | 0.19 | 1.00 | 2.25 | 0.083 | - | 3.33 | 113 | - | - | - | - | - | - | - |

---

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**Table 22 - 2024 Locked Cycle Test Results Summary**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Weight %** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **Assays** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** | **% Distribution** |
| **Product** | **Weight %** | **Cu %** | **Pb %** | **Zn %** | **S %** | **Au g/t** | **Ag g/t** | **Cu** | **Pb** | **Zn** | **S** | **Au** | **Ag** |
| Pb Conc | 2.1 | 6.02 | 32.5 | 4.36 | 30.3 | 32.0 | 2244 | 71.4 | 79.4 | 4.9 | 2.4 | 21.0 | 47.7 |
| Zn Conc | 2.6 | 0.41 | 0.80 | 56.6 | 32.6 | 1.35 | 220 | 6.0 | 2.4 | 77.4 | 3.2 | 1.1 | 5.7 |
| Pyrite Conc | 52.1 | 0.07 | 0.22 | 0.59 | 46.2 | 4.61 | 83.5 | 20.2 | 13.3 | 16.2 | 90.0 | 73.7 | 43.2 |
| Pyrite Tails | 43.2 | 0.01 | 0.1 | 0.07 | 2.73 | 0.31 | 7.78 | 2.4 | 4.9 | 1.5 | 4.4 | 4.1 | 3.3 |
| Head (calc) | 100.0 | 0.18 | 0.88 | 1.91 | 26.8 | 3.25 | 101 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| Head (direct) | - | 0.19 | 1.00 | 2.25 | 26.5<sup>\*</sup> | 3.33 | 113 | - | - | - | - | - | - |

---

Comparison of Pyrite Treatment Methods

Throughout recent testwork campaigns, several methods of oxidizing and leaching the pyrite concentrate were trialled to

achieve the highest recoveries of gold and silver (while minimizing costs associated with reagent consumption, energy

required, and residence time). Leaching tests to date have shown that the material is highly refractory and resistant to direct

cyanidation for gold and silver recovery. A comparison of tested methods is provided in Table 23 below (including only

testwork conducted on fresh material, excluding the historic tailings).

**Table 23 - Details of roasting testwork on Boumadine pyrite concentrate**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Treatment Process** | **Testwork** <br>**Campaign**<br>| **Process Information** | **CIL**<br>**Au Rec. %**<br>| **CIL**<br>**Ag Rec. %**<br>|
| **Direct Cyanidation** <br>**(CIL)** | **SGS 2018** | Pyrite concentrate | 19.0 | 58.0 |
| **Direct Cyanidation** <br>**(CIL)** | **SGS 2018** | Pyrite concentrate | 32.0 | 70.0 |
| **Direct Cyanidation** <br>**(CIL)** | **SGS 2019** | D80 4.47 µm | 17.3 | 83.9 |
| **Direct Cyanidation** <br>**(CIL)** | **SGS 2022** | D80 42 µm | 9.5 | 36.4 |
| **Direct Cyanidation** <br>**(CIL)** | **SGS 2022** | D80 6.3 µm | 22.4 | 80.2 |
| **Roast-CIL** | **SGS 2018** | Two-stage roast at 400°C and 700°C | 62.5 | 9.1 |
| **Roast-CIL** | **SGS 2018** | Two-stage roast at 400°C and 700°C, ground to <10 µm before CIL | 84.8 | 72.5 |
| **Roast-CIL** | **SGS 2022** | Two-stage roast at 400°C and 700°C | 61.1 | 19.9 |
| **Roast-CIL** | **SGS 2022** | Two-stage roast at 400°C and 700°C. Pre-CIL re-grind to 7.4 µm | 71.1 | 44.9 |
| **Roast-CIL** | **SGS 2022** | Two-stage roast at 400°C and 600°C | 55.6 | 51.3 |
| **Roast-CIL** | **SGS 2022** | Two-stage roast at 400°C and 600°C. Pre-CIL re-grind to 6.7 µm | 65.9 | 60.3 |
| **Roast-CIL** | **SGS 2022** | Three-stage roast at 400°C and 600°C | 59.3 | 32.5 |
| **Roast-CIL** | **SGS 2022** | Three-stage roast at 400°C and 600°C. Pre-CIL re-grind to 7.5 µm | 66.7 | 51.6 |
| **Roast-CIL** | **SGS 2022** | One-stage roast 2 hours at 500°C | 52.5 | 51.8 |
| **Roast-CIL** | **SGS 2022** | One-stage roast 2 hours. Pre-CIL re-grind to 8.1 µm | 63.9 | 61.8 |
| **Roast-CIL** | **SGS 2022** | One-stage roast at 600°C | 56.4 | 29.6 |
| **Roast-CIL** | **SGS 2022** | One-stage roast at 600°C. Pre-CIL re-grind to 5.9 µm | 66.7 | 50.4 |
| **Roast-CIL** | **SGS 2024** | Two-stage roast at 400°C and 700°C | 73.0 | 11.3 |
| **Roast-CIL** | **SGS 2024** | Two-stage roast at 400°C and 700°C. Pre-CIL re-grind to 4 µm | 80.4 | 30.2 |
| **Roast-CIL** | **BGRIMM 2025** | Two-stage roast at 530°C and 630°C followed by acid leaching | 72.0 | 62.9 |
| **Roast-CIL** | **Hazen 2025** | Best 3 results - 600 <sup>o</sup>C with 6% lime addition | 77.5 | 84.0 |
| **Roast-CIL** | **Hazen 2025** | Average all tests - 600 <sup>o</sup>C with 6% lime addition | 54.4 | 71.8 |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202584

---

| | | | | |
|:---|:---|:---|:---|:---|
| **POX-CIL** | **SGS 2018** | POX 1 residue | 97.4 | 49.2 |
| **POX-CIL** | **SGS 2018** | POX 2 residue | 87.7 | 12.1 |
| **POX-CIL** | **SGS 2018** | POX 3 residue | 95.4 | 3.2 |
| **POX-CIL** | **SGS 2018** | POX 4 HC residue | 97.6 | 1.2 |
| **POX-CIL** | **SGS 2018** | POX 5 HC residue | 43.7 | 65.7 |
| **POX-CIL** | **SGS 2018** | POX 6 HC-LB residue | 98.2 | 97.6 |
| **POX-CIL** | **SGS 2018** | POX 7 HC-LB residue | 71.6 | 81.4 |
| **POX-CIL** | **SGS 2019** | HC-LB Pyrite Concentrate | 98.2 | 96.6 |
| **POX-CIL** | **SGS 2024** | HC-LB Pyrite Concentrate | 96.9 | 93.4 |
| **BIOX-CIL** | **SGS 2022** | 18-day residence, 60.6% sulphide oxidation | 75.2 | 75.5 |
| **BIOX-CIL** | **SGS 2022** | 26-day residence, 88.0% sulphide oxidation | 82.2 | 40.1 |
| **BIOX-CIL** | **SGS 2022** | 35-day residence, 92.8% sulphide oxidation | 85.1 | 37.0 |
| **Albion - CIL** | **SGS 2019** | 52-h, 28% sulphide oxidation | 45.4 | 84.8 |
| **Albion - CIL** | **SGS 2019** | 72-h, 68% sulphide oxidation | 81.0 | 92.3 |
| **Albion - CIL** | **SGS 2022** | 96 - h, 96% sulphide oxidation, D80 6.3 µm | 94.4 | 94.8 |
| **Albion - CIL** | **SGS 2022** | 72-h, 75% sulphide oxidation, D80 10 µm | 84.9 | 91.3 |

---

Mineral Resource and Mineral Reserve Estimates

The MRE included in the Boumadine PEA Report is amenable to conventional open-pit and to underground mining methods.

The MRE contains an Indicated Mineral Resource of 5,2 Mt grading 91 g/t Ag, 2.78 g/t Au, 2.8% Zn and 0.85% Pb containing an

estimated 15.1 Moz of Ag, 462 koz of Au, 145 kt of Zn and 44 kt of Pb, and an Inferred Mineral Resource of 29.2 Mt grading 82

g/t Ag, 2.63 g/t Au, 2.11% Zn, and 0.82% Pb containing an estimated 76.8 Moz of Ag, 2.5 Moz of Au, 615 kt of Zn and 237 kt of

Pb, as shown in Table 24. The MRE has an effective date of February 24, 2025. Approximately 49% of the Inferred Mineral

Resource is pit-constrained and reported above a cut-off NSR value of $95/t, and 51% is deemed for underground development

and reported above a cut-off NSR value of US$125/t. The sensitivity of the out-of-pit Mineral Resource to changes in potentially

economic NSR cut-off value was also calculated and the results are listed in Table 25.

A total of 428 drill holes for 142,268 m were available for Mineral Resource modelling. Mineralization models were developed

by Aya, reviewed and accepted by the Authors. Forty-five individual mineralized domains were identified through drilling and

surface sampling. The modelled mineralized domains are constrained by individual wireframes, based on sulphide content and

a nominal 100 g/t AgEq cut-off value. Mineralized wireframes were used as hard constraining boundaries for the purposes of

block coding, statistical analysis, compositing limits, and estimation of the Mineral Resources.

A rotated three-dimensional block model, with 2.5 m x 5.0 m x 5.0 m blocks, was used for the MRE. The block model consists

of estimated Au, Ag, Cu, Pb and Zn grades, bulk density, block volume inclusion percent, and classification criteria. Net smelter

return ("NSR"), AuEq and AgEq block values were subsequently calculated from the estimated Ag, Au, Cu, Pb and Zn grades,

incorporating metal prices, metallurgical recoveries, concentrate freight and smelter charges.

Sampled assays were composited to a 1.00 m standard length. Grades were estimated using Inverse Distance Squared (ID2)

estimation, with two estimation passes. Composites were capped prior to estimation. Composite samples were selected

within an oriented search ellipse, based on domain orientation and grade trends. Bulk density values specific to each

mineralized domain were assigned based on bulk density measurements obtained from drill core.

Classification criteria were determined from observed grade, geological continuity and variography. Grade blocks estimated in

the first pass that used a minimum of two drill holes and with an average distance between composites of <50 m were

classified as Indicated, and all remaining estimated grade blocks were classified as Inferred.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202585

Pit-constrained Mineral Resources have been estimated within an optimized pit shell for the purpose of reporting Mineral

Resources and includes Indicated and Inferred Mineral Resources. The pit-constrained Mineral Resources are reported using a

NSR cut-off value of US$95/t. Out-of-pit Mineral Resources are reported beneath the pit shell which exhibit historical continuity

and reasonable potential for extraction by longhole mining methods. Out-of-pit Mineral Resources are reported using an NSR

cut-off of US$125/t.

**Table 24- Boumadine MRE as of February 24, 2025** 

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> | **Boumadine MRE as of February 24, 2025** <sup>(1-12)</sup> |
| **Class** | **Cut-off**<br>**NSR** <br>**US$/t** | **Tonne**<br>**s**<br>**(kt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Class** | **Cut-off**<br>**NSR** <br>**US$/t** | **Tonne**<br>**s**<br>**(kt)** | **Ag**<br>**(g/t)**<br>| **Au**<br>**(g/t)**<br>| **Cu**<br>**(%)**<br>| **Pb**<br>**(%)**<br>| **Zn**<br>**(%)**<br>| **AgEq**<br>**(g/t)**<br>| **AuEq**<br>**(g/t)**<br>| **Ag**<br>**(koz)**<br>| **Au**<br>**(koz)**<br>| **Cu**<br>**(kt)**<br>| **Pb**<br>**(kt)**<br>| **Zn**<br>**(kt)**<br>| **AgEq**<br>**(koz)**<br>| **AuEq**<br>**(koz)**<br>|
| **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** | **Pit-Constrained** |
| **Indicated** | 95 | 3920 | 94.3 | 2.99 | 0.13 | 0.84 | 2.95 | 476.5 | 5.3 | 11881 | 377 | 5.1 | 33 | 116 | 60051 | 667 |
| **Inferred** | 95 | 14258 | 89.7 | 2.89 | 0.1 | 0.81 | 2.38 | 450 | 5 | 41135 | 1325 | 14.3 | 115 | 339 | 206293 | 2293 |
| **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** | **Out-of-Pit** |
| **Indicated** | 125 | 1249 | 80.1 | 2.11 | 0.08 | 0.87 | 2.32 | 358.2 | 3.98 | 3216 | 85 | 1 | 11 | 29 | 14382 | 160 |
| **Inferred** | 125 | 14938 | 74.3 | 2.39 | 0.07 | 0.82 | 1.85 | 356.9 | 3.97 | 35669 | 1148 | 10.5 | 122 | 276 | 171393 | 1905 |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** |
| **Indicated** | 95/125 | 5169 | 90.8 | 2.78 | 0.12 | 0.85 | 2.8 | 447.9 | 4.981 | 15097 | 462 | 6.1 | 44 | 145 | 74433 | 827 |
| **Inferred** | 95/125 | 29196 | 81.8 | 2.63 | 0.08 | 0.82 | 2.11 | 402.4 | 4.473 | 76804 | 2473 | 24.8 | 237 | 615 | 377686 | 4198 |

---

***Notes:***

*1.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may* 

*be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no* 

*certainty that Mineral Resources will be converted to Mineral Reserves.*

*2.The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and* 

*must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be* 

*upgraded to an Indicated Mineral Resource with continued exploration.*

*3.The Mineral Resources were estimated in accordance with the CIM Standards and 2019 CIM Guidelines.*

*4.A silver price of US$24/oz with a process recovery of 89%, a gold price of US$2,200/oz with a process recovery of 85%, a zinc price of* 

*US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of 85%, and a copper price of US$4.00/lb* 

*with a process recovery of 75% were used.*

*5.AgEq = Ag(g/t) + (Au(g/t) \*Au price/gram\*Au recovery)/(Ag price/gram\*Ag recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Ag price/*

*gram\*Ag recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Ag price/gram\*Ag recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu* 

*recovery/(Ag price/gram\*Ag recovery)\*685.7147973*

*6.AuEq = Au(g/t) + (Ag(g/t) \*Ag price/gram\*Ag recovery)/(Au price/gram\*Au recovery) + Zn(%)\*Zn price/lb\* Zn recovery/(Au price/*

*gram\*Au recovery)\*685.7147973 + Pb(%)\*Pb price/lb\* Pb recovery/(Au price/gram\*Au recovery)\*685.7147973 + Cu(%)\*Cu price/lb\* Cu* 

*recovery/(Au price/gram\*Au recovery)\*685.7147973*

*7.The constraining pit optimization parameters were US$3.5/t for mineralized material mining. US$2/t for waste mining US$89/t for* 

*processing and US$6/t for G&A totalling US$95/t for a cut-off and 50-degree pit slopes*

*8.The out-of-pit parameters used a US$30/t mining cost, US$89/t processing cost and US$6/t G&A totalling US$125/t for a cut-off The* 

*out-of-pit Mineral Resource grade blocks were quantified above the US$125 NSR cut-off, below the constraining pit shell and within the* 

*constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the long* 

*hole underground mining method.*

*9.Individual calculations in tables and totals may not sum due to rounding of original numbers.*

*10.Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade estimation.*

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202586

*11.Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m*<sup>3</sup> *determined from drill core* 

*samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m*<sup>3</sup> *was used.*

*12.1.0 m composites were used during grade estimation.*

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202587

**Table 25 - Cut-Off Sensitivity MRE** <sup>(1-12)</sup>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** | **Indicated & Inferred Out-of-Pit Resources** |
| **Cutoff** | **Tonnes** | **Ag** | **Ag** | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR US$/t** | **(kt)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** |
| 145 | 12476 | 83 | 33164 | 2.45 | 985 | 0.07 | 0.91 | 2.03 | 394 | 157918 | 4.38 | 1755 |
| 140 | 13331 | 80 | 34430 | 2.40 | 1028 | 0.07 | 0.88 | 1.98 | 384 | 164578 | 4.27 | 1829 |
| 135 | 14159 | 79 | 35820 | 2.34 | 1064 | 0.07 | 0.87 | 1.96 | 376 | 170951 | 4.17 | 1900 |
| 130 | 15098 | 77 | 37306 | 2.27 | 1103 | 0.07 | 0.85 | 1.94 | 367 | 177957 | 4.08 | 1978 |
| 125 | 16186 | 75 | 38885 | 2.21 | 1148 | 0.07 | 0.82 | 1.91 | 357 | 185775 | 3.97 | 2065 |
| 120 | 17311 | 73 | 40374 | 2.15 | 1194 | 0.07 | 0.80 | 1.86 | 347 | 193392 | 3.86 | 2150 |
| 115 | 18376 | 71 | 41803 | 2.09 | 1235 | 0.06 | 0.79 | 1.83 | 339 | 200397 | 3.77 | 2227 |
| 110 | 19289 | 69 | 42987 | 2.04 | 1267 | 0.06 | 0.78 | 1.80 | 332 | 206197 | 3.70 | 2292 |
| 80 | 20539 | 68 | 44787 | 1.98 | 1306 | 0.06 | 0.77 | 1.77 | 324 | 213754 | 3.60 | 2376 |
| **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** | **Indicated & Inferred In-Pit Resources** |
| **Cutoff** | **Tonnes** | **Ag** | **Ag** | **Au** | **Au** | **Cu** | **Pb** | **Zn** | **AgEq** | **AgEq** | **AuEq** | **AuEq** |
| **NSR US$/t** | **(kt)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** | **(%)** | **(%)** | **(%)** | **(g/t)** | **(koz)** | **(g/t)** | **(koz)** |
| 120 | 16018 | 98 | 50290 | 3.21 | 1653 | 0.11 | 0.84 | 2.43 | 490 | 252356 | 5.45 | 2805 |
| 115 | 16423 | 96 | 50830 | 3.16 | 1666 | 0.11 | 0.84 | 2.43 | 483 | 255215 | 5.37 | 2837 |
| 110 | 16850 | 95 | 51366 | 3.10 | 1679 | 0.11 | 0.84 | 2.42 | 476 | 258136 | 5.30 | 2869 |
| 105 | 17373 | 93 | 52000 | 3.03 | 1695 | 0.11 | 0.83 | 2.41 | 468 | 261474 | 5.20 | 2906 |
| 100 | 17792 | 92 | 52504 | 2.98 | 1707 | 0.10 | 0.82 | 2.40 | 462 | 264055 | 5.13 | 2935 |
| 95 | 18178 | 91 | 53016 | 2.94 | 1716 | 0.10 | 0.82 | 2.39 | 456 | 266344 | 5.07 | 2961 |
| 90 | 18504 | 90 | 53404 | 2.90 | 1723 | 0.10 | 0.81 | 2.38 | 451 | 268214 | 5.01 | 2981 |
| 85 | 18885 | 89 | 53811 | 2.85 | 1730 | 0.10 | 0.81 | 2.38 | 445 | 270310 | 4.95 | 3005 |
| 80 | 19550 | 87 | 54616 | 2.77 | 1739 | 0.10 | 0.81 | 2.38 | 436 | 273966 | 4.84 | 3045 |
| 75 | 19977 | 86 | 55082 | 2.72 | 1745 | 0.10 | 0.80 | 2.38 | 430 | 276129 | 4.78 | 3069 |
| 70 | 20491 | 84 | 55570 | 2.66 | 1753 | 0.10 | 0.80 | 2.37 | 423 | 278585 | 4.70 | 3097 |

---

*Notes 1-12 listed below Table 24 apply to this Table 25.*

Mining Operations

The Boumadine Deposit is divided into three main zones, the Center, North, and South. Mining will commence with Open Pit

(OP) operations, followed by the introduction of Underground (UG) mining starting the third year of the project. Open pit

production is expected to contribute 62.6% of the total mined tonnage, while UG mining will account for the remaining 37.4%.

The current LOM spans 12 years, with OP mining scheduled from Year 1 through Year 10, and UG mining beginning in Year 3

and continuing through Year 12.

Open Pit Mining

OP mining is scheduled to begin pre-stripping in Year 0, with mineralized material production ramping up to production by Year

1. Initial OP production will be phased to target near surface mineralized material and initial waste removal.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202588

The mining method selected is standard truck and shovel pairing with a contractor fleet selected for all OP operations. The

mining operation will be handled by a mining contractor. The pit roads will be 20 metres (m) wide for a double lane road at a

maximum grade of 10%. The waste material will be stored in proximity to the pits in waste rock dumps with a maximum height

of 100 m.

Underground Mining

UG mining is scheduled to begin two years after the start of OP operations. This phased approach is intended to defer the

capital expenditure associated with UG development and enhance the project's economic viability, provided that OP production

remains sufficient to meet the plant's feed requirements. Initial UG production will focus on the highest-grade zones,

particularly in the Center and North areas. Access to these zones will be established via surface ramps.

Based on the geometry and geotechnical conditions of the deposit, the selected mining method is modified Avoca, a variation

of the longhole stoping method that uses rock fill as backfill. Stopes are designed with dimensions of 2 m minimum width, 20

m in height, and 20 m in length. Mined material will be hauled by 30-ton trucks, via a ramp system, to three designated surface

stockpiles.

The various zones of the deposit will be accessed via ramps driven either from surface or from the existing OPs. Additional

lateral development will include level access drifts, production (sill) drifts, and other necessary excavations to accommodate

mine infrastructure. Vertical development will consist of ventilation raises and rock passes, which are planned to be excavated,

using either raise boring, or conventional raise mining methods.

Capital and operating lateral and vertical development will be performed by a contractor, while all subsequent mine production

activities will be performed by owner crews.

Processing and Recovery Operations

The process plant design for the Boumadine Project is based on a conventional flotation flowsheet. Lead, zinc and pyrite

concentrates will be recovered and sold to market.

The plant design criteria were selected to minimize operating costs and maximize the use of proven technology. The key

criteria for equipment selection are suitability for duty, safety, reliability, and ease of maintenance.

The process plant design comprises the following unit operations, based on metallurgical testwork results presented in the

Section of this AIF entitled "*Boumadine - Mineral Processing and Metallurgical Testing"*:

• Single stage primary crushing with a jaw crusher to produce an 80% Passing (P80) crushed product size of 136 mm.

• Crushed rock stockpile with a live capacity of approximately 8,115 tonnes to provide 24 hours of live storage. During

extended periods of primary crusher equipment maintenance, additional crushed material inventory can be generated in

the weeks leading up to the planned shutdown by dozing crushed material from this stockpile to the area adjacent to the

stockpile. This material can then be reclaimed during the shutdown by front-end loader to feed the grinding circuit.

• SAB type grinding circuit consisting of a SAG mill and a ball mill to produce a ground product with a P80 of 58 microns

(µm), with hydrocyclones for particle size classification.

• Lead rougher flotation, classification, regrinding and cleaner flotation to produce a lead concentrate of 29.6% grade. The

lead concentrate will be thickened, filtered, and bagged prior to shipment.

• Zinc rougher flotation, classification, regrinding and cleaner flotation to produce a zinc concentrate of 57.4% grade. The

zinc concentrate will be thickened and filtered for stockpiling prior to shipment.

• Pyrite rougher flotation to produce a pyrite concentrate with 4.2 Au g/t and 81.0 Ag g/t. The pyrite concentrate will be

thickened and filtered for stockpiling prior to shipment.

• Tailings thickening and storage in a tailings management facility.

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ROM material will be delivered to a feed bin by mine truck to supply the crushing plant. The crushed product will be stockpiled

before entering the grinding circuit, which will include a SAG mill, ball mill, and hydrocyclones for particle size classification.

The ground product will feed the lead rougher flotation circuit. The lead rougher concentrate will proceed to a classification

and regrind circuit, followed by three cleaner flotation stages and a cleaner-scavenger stage. The final lead concentrate will be

thickened, filtered and bagged for shipment.

The lead rougher tails and cleaner-scavenger tails will feed the zinc rougher flotation circuit. The zinc rougher concentrate will

follow a similar regrind and cleaning process, including three cleaning stages and a cleaner-scavenger stage. The final zinc

concentrate will be thickened, filtered, and stockpiled for shipment.

The zinc rougher tails and cleaner-scavenger tails will feed the pyrite rougher flotation circuit. The pyrite rougher tails will be

thickened and pumped to the flotation tailings management facility. The pyrite concentrate will be thickened, filtered and

stockpiled for shipment. Filtrate and thickener overflows from all circuits will return to the process water pond.

Infrastructure, Permitting, and Compliance Activities

Infrastructure

Infrastructure on the Boumadine Project includes an integrated mining and processing operation including open pits, an

underground mine, and a central processing plant supported by crushing, flotation, stockpiling, and concentrate handling

facilities. Site access is via the National 10 highway with upgraded roads connecting all major areas.

Key infrastructure includes the ROM pad, workshops, laboratories, security and administration buildings, and extensive haul

and service roads. Waste rock storage, a lined TSF with staged raises, and on-site water harvesting and treatment support

operational needs. Power is provided through a new 225 kV ONEE supply to a 40 MVA substation. Additional services include

fuel storage, sewage treatment, waste management, security, limited accommodation, and concentrate transport to Nador-

West Port.

Logistics

The three concentrate products will be shipped by road to the port of Nador-West, located 641 km from Boumadine. The zinc

and pyrite concentrates will be shipped in bulk, while the lead concentrate will be shipped in big bags. The road haulage of

concentrate will be contractor operated, with transportation along national highways.

A concentrate handling facility will be located near or at the port of Nador-West. This facility will be covered and allow for

approximately 250,000 t of storage capacity over a surface area of 13,500 m<sup>2</sup>.

Environmental Studies, Permits and Social or Community Impact

The Boumadine Project is located in the Drâa-Tafilalet region of western Morocco, approximately 19 km south of the nearest

town of Tinejdad. The biophysical and social characteristics of the Project area are defined by its semi-arid climate and

relatively rural and remote nature. Urban settlements are concentrated along main transport routes with villages located along

valleys with access to water resources. Climatic conditions influence local ecosystems and land uses including agriculture,

concentrated in areas of water availability.

Limited environmental studies have been completed in the past. As part of the environmental and social work currently being

undertaken, an environmental baseline sampling program was initiated by BGM in September 2024 and a high-level screening

for critical biodiversity habitat was undertaken by SLR in September 2024.

The baseline sampling, covering soils, air quality and water, was undertaken by AfriLabs, a Moroccan-based laboratory

specializing in mineral and environmental analysis.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202590

Additional baseline sampling is planned together with subsequent environmental and social studies as part of the international

ESIA process outlined below. These studies will cover the topics of biodiversity, hydrology, hydrogeology, soils and sediments,

air quality, noise, GHG, climate change, stakeholder engagement, labour and working conditions, community health and safety,

and other social elements.

The Boumadine Project will require national permits to support the development of the mine and the requirement to carry out

an Environmental Impact Assessment under Moroccan Law. In addition to meeting national permitting requirements, the

Project is being undertaken to meet international ESIA lender standards. At the time of writing, the Project is yet to initiate the

national EIA permitting process. The plan is to initiate this process in 2026, at the same time as undertaking an ESIA to

international lender standards.

A conceptual mine closure plan governed by Aya's HSEC Policy will be prepared as part of the ESIA.

Capital and Operating Costs

Capital Costs

The capital cost estimates for the Boumadine PEA Report were compiled by Lycopodium. All costs are expressed in United

States Dollars (US$) unless otherwise stated and are based on Q4 2025 pricing and deemed to have an overall accuracy of

+50%/-30%. The capital cost estimate conforms to AACE International (Association for the Advancement of Cost Engineering)

Class 5 estimate standards as prescribed in recommended practice 47R11.

The total initial capital cost for the Boumadine Project is $446 M and the LOM sustaining cost is $340 M. The initial capital and

sustaining capital, for the Boumadine Project is summarized in Table 26 by major area.

**Table 26 - Capital Expenditures including Sustaining and Closing Costs**

---

| | | | |
|:---|:---|:---|:---|
| **Capital Expenditures ($M)**<br>**Direct Costs** | **Initial**<br>**288** | **Sustaining**<br>**340** | **Total**<br>**628** |
| Open Pit Mining | 54 | 58 | 112 |
| Underground Mining | - | 250 | 250 |
| Processing Plant | 167 | - | 167 |
| Shipping Infrastructure | 11 | - | 11 |
| Electrical Line | 17 | - | 17 |
| Raw Water Supply | 30 | - | 30 |
| Tailings Storage Facility | 9 | 22 | 31 |
| TSF Closure Costs | - | 9 | 9 |
| Indirect Costs | 63 | - | 63 |
| Subtotal | 351 | 340 | 691 |
| Contingency | 96 | - | 96 |
| **Total** | **446** | **340** | **786** |

---

Operating Costs

The operating cost estimate conforms to a preliminary economic assessment level estimate with a +50/-30% accuracy. The

operating cost estimate was developed in Q4 2025 using data from projects, studies, and previous operations from

Lycopodium, WSP, and Aya.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202591

The LOM average unit operating cost is $66.16/t and the total LOM cost including cash cost and sustaining cost is $119.72/t.

Table 27 provides a summary of the operating costs for the Boumadine Project.

**Table 27 - Operating Costs for First 5 Years of Operation and for LOM**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Units** | **Year 1-5** | **LOM** |
| Mining | $/t milled | 48.93 | 42.83 |
| Processing | $/t milled | 17.28 | 17.28 |
| G&A | $/t milled | 5.43 | 5.58 |
| Tailings, Environmental and Water Management  | $/t milled | 0.46 | 0.48 |
| **Total On-Site Operating Cost** | **$/t milled** | **72.10** | **66.16** |
| Transportation | $/t milled | 38.70 | 35.56 |
| Royalties | $/t milled | 8.52 | 6.75 |
| Mining Tax | $/t milled | 0.36 | 0.32 |
| **Total Cash Cost** | **$/t milled** | **119.68** | **108.78** |
| OP Sustaining Capital | $/t milled | 3.06 | 1.87 |
| UG Sustaining Capital | $/t milled | 7.95 | 8.06 |
| TSF Sustaining Capital | $/t milled | 0.95 | 1.01 |
| **Total Costs Including Sustaining** | **$/t milled** | **131.65** | **119.72** |

---

Economic Analysis

**<u>Summary</u>**

The economic analysis was performed assuming a 5% discount rate typical for silver-gold projects. Cash flows have been

discounted to the start of construction, assuming that the project execution decision will be made, and major project financing

will be carried out at this time.

The pre-tax NPV discounted at 5% is $2.2B, with a pre-tax IRR of 69% and payback period of 1.3 years. On an after-tax basis,

the NPV discounted at 5% is $1.5B, with an after-tax IRR of 47%, and payback period of 2.1 years. Cumulative after-tax

unlevered free cash flow totals $2.8B. Tax calculations are based on Aya's understanding of current Moroccan tax regulations

as of the effective date of the Boumadine PEA Report.

Readers are cautioned that the Boumadine PEA Report is preliminary in nature. It includes Inferred Mineral Resources that are

considered too speculative geologically to have the economic considerations applied to them that would enable them to be

categorized as Mineral Reserves and there is no certainty that the PEA will be realized. Mineral Resources are not Mineral

Reserves and do not have demonstrated economic viability.

**<u>Technical Parameters</u>**

The financial assessment of the Project was carried out on a 100% equity basis, not accounting for potential sources of

funding which may include debt. The technical parameters and key assumptions reflected in the financial model are detailed in

the table below.

**Table 28 - Key PEA Assumptions and Economic Parameters**

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| | | | |
|:---|:---|:---|:---|
| **Parameter** | **Units** | **Value** | **Source** |
| **General** | | | |
| Tonnes per day processed | tpd | 8000 | Aya |
| Process Plant Capacity Year 1 | % | 75% | Aya / Lycopodium |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202592

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| | | | |
|:---|:---|:---|:---|
| Process Plant Capacity Subsequent Years | % | 100% | Aya / Lycopodium |
| Shipping Capacity Year 1 | % | 75% | Aya / Lycopodium |
| Shipping Capacity Subsequent Years | % | 100% | Aya / Lycopodium |
| Process Plant CAPEX year 1 Split | % | 40% | Aya |
| **Metal Prices** |  |  |  |
| Gold Price | $/oz | $2800 | Aya/Lycopodium |
| Silver Price | $/oz | $30 | Aya/Lycopodium |
| Zinc Price | $/lb | $1.20 | Aya/Lycopodium |
| Lead Price | $/lb | $1.00 | Aya/Lycopodium |
| **Other Expenses** |  |  |  |
| ONHYM Royalties | % | 3.00% | Aya |
| Aya Technical Assistance | % | 2.75% | Aya |
| Mining Tax (per mineralized tonne) | $/t | 0.32 | Moroccan Tax Law |
| Income Taxes | % | 35.0% | Moroccan Tax Law |
| **Payables** |  |  |  |
| **Lead Concentrate** | **Lead Concentrate** | **Lead Concentrate** | **Lead Concentrate** |
| Pb Payable | % | 95 | Prel. off-taker terms |
| Pb Minimum Deductible | % | 3 | Prel. off-taker terms |
| Au Payable | % | 95 | Prel. off-taker terms |
| Au Minimum Deductible | g/t | 1 | Prel. off-taker terms |
| Ag Payable | % | 95 | Prel. off-taker terms |
| Ag Minimum Deductible | g/t | 50 | Prel. off-taker terms |
| **Zinc Concentrate** | **Zinc Concentrate** | **Zinc Concentrate** | **Zinc Concentrate** |
| Zn Payable | % | 85 | Prel. off-taker terms |
| Zn Minimum Deductible | % | 8 | Prel. off-taker terms |
| Au Deduction | g/t | 1 | Prel. off-taker terms |
| Au Payable (After Deduction) | % | 70 | Prel. off-taker terms |
| Ag Deduction | g/t | 93.3 | Prel. off-taker terms |
| Ag Payable (After Deduction) | % | 70 | Prel. off-taker terms |
| **Pyrite Concentrate** | **Pyrite Concentrate** | **Pyrite Concentrate** | **Pyrite Concentrate** |
| *Au Payable Level 1* |  |  |  |
| Au Minimum Grade | g/t | 2 | Prel. off-taker terms |
| Au Payable | % | 57 | Prel. off-taker terms |
| *Au Payable Level 2* |  |  |  |
| Au Minimum Grade | g/t | 4 | Prel. off-taker terms |
| Au Payable | % | 64 | Prel. off-taker terms |
| *Ag Payable* |  |  |  |
| Ag Minimum Grade | g/t | 40 | Prel. off-taker terms |
| Au Payable | % | 60 | Prel. off-taker terms |
| **Deductables** |  |  |  |
| Lead Concentrate | Lead Concentrate | Lead Concentrate | Lead Concentrate |
| Treatment Charge | $/t | 100 | Estimated based on historical TC Values |
| Au Refining Charge | $/oz | 20 | Prel. off-taker terms |
| Ag Refining Charge | $/oz | 1.5 | Prel. off-taker terms |
| Zinc Concentrate | Zinc Concentrate | Zinc Concentrate | Zinc Concentrate |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202593

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| | | |
|:---|:---|:---|
| Treatment Charge | 200 | Estimated based on historical TC Values |
| Au Refining Charge | 20 | Prel. off-taker terms |
| Ag Refining Charge | 1.5 | Prel. off-taker terms |
| **Penalties** |  |  |
| **Lead Concentrate** | **Lead Concentrate** | **Lead Concentrate** |
| *Arsenic Penalty Level 1* |  |  |
| As grade threshold | 0.6 | Prel. off-taker terms |
| As penalty interval | 0.1 | Prel. off-taker terms |
| As penalty per interval | $2.5 | Prel. off-taker terms |
| **Zinc Concentrate** | **Zinc Concentrate** | **Zinc Concentrate** |
| *Arsenic Penalty Level 1* |  |  |
| As grade threshold | 0.6 | Prel. off-taker terms |
| As penalty interval | 0.1 | Prel. off-taker terms |
| As penalty per interval | $2.5 | Prel. off-taker terms |
| *Cadmium Penalty Level 1* |  |  |
| Cd grade threshold | 0.3 | Prel. off-taker terms |
| Cd penalty interval | 0.1 | Prel. off-taker terms |
| Cd penalty per interval | $2.5 | Prel. off-taker terms |
| **Pyrite Concentrate** | **Pyrite Concentrate** | **Pyrite Concentrate** |
| *Arsenic Penalty Level 1* |  |  |
| As grade threshold | 1 | Prel. off-taker terms |
| As penalty interval | 0.1 | Prel. off-taker terms |
| As penalty per interval | $3.5 | Prel. off-taker terms |
| *Arsenic Penalty Level 2* |  |  |
| As grade threshold | 1.5 | Prel. off-taker terms |
| As penalty interval | 0.1 | Prel. off-taker terms |
| As penalty per interval | $4 | Prel. off-taker terms |

---

**<u>Fiscal and Economic Parameters</u>**

*<u>Royalties and Duties</u>*

The economic analysis incorporates royalties due to the ONHYM. The Government of Morocco also collects various taxes and

duties on the importation of fuels, supplies, equipment, and outside services as specified in the Mining Code.

The ONHYM is entitled to collect a 3% royalty on the total revenues from metal production.

*<u>Taxes</u>*

Aya's understanding of current Morocco tax regulations are applied to assess the tax liabilities. Taxation calculations are

based on a 35% corporate tax rate as prescribed by Moroccan tax regulations. It also includes a mining tax rate of $0.32/t

extracted.

Depreciation allowance uses a linear method based on life of mine (11 years) for initial investment as prescribed by Moroccan

tax regulations. Investments made during the course of the operations are amortized on the remaining years of life.

*<u>Economic Parameters</u>*

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202594

All costs have been estimated in US Dollars. All capital and operating costs are provided in Q4 2025 money terms. Inflation

rates have not been applied in the financial model as the evaluation has been carried out on a real terms constant money

basis.

No price escalation has been applied to the model, and cost input parameters were considered fixed for the life-of-mine for the

purposes of this financial valuation.

No salvage value has been considered within the economic model for the Project equipment or infrastructure such as

buildings, earth works, or remediation works.

The financial valuation has been completed using base-case prices shown below for the various metals produced, with a

sensitivity analysis provided for Gold and Silver. The Base Case was established at the following prices:

• Gold: $2800/oz

• Silver: $30/oz

• Lead: $1.00/lbs

• Zinc: $1.20/lbs

**<u>Project Timing</u>**

Key assumptions with respect to project timing used in developing the financial model are:

• For the purposes of the financial valuation, project capital expenditure is spent over 2 years prior to production (Year

0). In the actual planned ramp up, it is estimated that 40% of the capital cost is likely to be incurred in Year -1 (2 years

before production) of the implementation period, and the remaining 60% of the capital cost incurred in Year 0.

• For the financial valuation it has been assumed that the capital expenditure is incurred in full during the year prior to

project commissioning and ramp-up.

• Commissioning, ramp-up and initial mining occurs during Year 1 of the schedule.

• Process plant commissioned and first material in the plant in Year 1 of the schedule.

• It is assumed that the project will reach 100% of name plate capacity within six (6) months of commissioning, in line

with experience at other similar projects that have been constructed by Lycopodium elsewhere in Africa during the

last few years.

**<u>Financial Modelling</u>** 

The technical parameters and key assumptions described elsewhere in the Boumadine PEA Report are reflected in the

financial model, with the LOM Project cash flow shown in Figure 3.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202595

![imagec.jpg](imagec.jpg)

**Figure 4 - Boumadine Project - Annual Free Cash Flow Profile**

**<u>Project Parameter Sensitivities</u>**

Sensitivity analysis was carried out to determine the effect of changes to input parameters on the base-case financial model.

Each sensitivity analysis was performed independent of others. An overall projects economic sensitivity based on sold and

silver price is shown below in Table 29.

**Table 29 - Project Economics Sensitivity - Gold and Silver**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameter**<sup>1</sup> | **Units** | **Zero-NPV** | **(25)%** | **Base Case** | **25%** | **Upside Case**<sup>2</sup> |
| Gold Price | $/oz | 1567 | 2100 | 2800 | 3500 | 4000 |
| Silver Price | $/oz | 17 | 22.5 | 30 | 37.5 | 48 |
| NPV5% Pre-Tax | $M | 150 | 1032 | 2224 | 3416 | 4479 |
| NPV5% Post-Tax | $M |  | 657 | 1475 | 2262 | 2963 |
| IRR Pre-Tax | % | 13% | 42% | 69% | 90% | 107% |
| IRR Post-Tax | % | 4% | 27% | 47% | 63% | 77% |
| LOM Revenue | $M | 4322 | 5457 | 6991 | 8526 | 9896 |
| LOM EBITDA | $M | 902 | 1972 | 3418 | 4864 | 6156 |
| FCF-Unlevered (Pre-Tax) | $M | 235 | 1336 | 2824 | 4312 | 5642 |
| FCF-Unlevered (Post-Tax) | $M | 90 | 927 | 1958 | 2940 | 3818 |
| Payback Period (Pre-Tax) | Years | 3.2 | 2.2 | 1.3 | 0.9 | 0.7 |
| Payback Period (Post-Tax) | Years | 6.8 | 2.8 | 2.1 | 1.5 | 1.2 |
| NPV5%: CAPEX Ratio |  |  | 1.5 | 3.3 | 5.1 | 6.6 |

---

1. Certain financial metrics presented in this table, including NPV (5%), IRR, EBITDA, free cash flow, NPV (5%)-to-CAPEX ratio and

payback period, are based on the Boumadine PEA and represent projected financial metrics that do not have standardized meanings

under IFRS. Such metrics should not be considered as measures of financial performance under IFRS. For additional information,

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202596

refer to the Corporation's news release dated December 18, 2025 entitled "Aya Gold & Silver Files Preliminary Economic Assessment

Technical Report for Boumadine Project", available under Aya's profile on SEDAR+.

2. Assumed Spot Prices as of 10/31/2025.

**<u>Results</u>**

On a pre-tax basis, the Project has a NPV of $2,224M at a discount rate of 5%, an IRR of 69%, and a payback period of 1.3

years. On a post-tax basis, the NPV is $1,475M at a discount rate of 5%, the IRR is 47%, and the payback period is 2.1 years.

The payback period corresponds to the time at which the cumulative cash flow becomes positive.

A summary of the project economics is listed in Table 30 and Table 31, and after-tax free cash flow is shown graphically in

Figure 4.

**Table 30 - Key Economic Results**

---

| | | | |
|:---|:---|:---|:---|
| **Project Economics**<sup>1</sup> | **Units** | **Base Case**<sup>2</sup> | **Base Case**<sup>2</sup> |
| **Project Economics**<sup>1</sup> | **Units** | **Pre-tax** | **Post-tax** |
| NPV5% | $B | 2.2 | 1.5 |
| IRR | % | 69% | 47% |
| Payback | Years | 1.3 | 2.1 |
| NPV: Capex | - | 5.0 | 3.3 |
| Revenue LOM | $B | 7.0 | 0.0 |
| Avg. Annual Revenue | $M/y | 629 | - |
| EBITDA LOM | $B | 3.4 | - |
| Avg. Annual EBITDA | $M/y | 308 | - |
| Cumulative FCF LOM | $B | 2.8 | 2.0 |
| Avg. Annual FCF | $M/y | 254 | 176 |

---

1. Certain financial metrics presented in this table, including NPV (5%), IRR, EBITDA, free cash flow, NPV (5%)-to-CAPEX ratio and

payback period, are based on the Boumadine PEA and represent projected financial metrics that do not have standardized meanings

under IFRS. Such metrics should not be considered as measures of financial performance under IFRS. For additional information,

refer to the Corporation's news release dated December 18, 2025 entitled "Aya Gold & Silver Files Preliminary Economic Assessment

Technical Report for Boumadine Project", available under Aya's profile on SEDAR+.

2. The Base Case was established at the following prices: Gold: $2800/oz; Silver: $30/oz; Lead: $1.00/lbs; Zinc: $1.20/lbs.

**Table 31 - Additional Economic Model Outputs**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Units** | **Year 1-5** | **LOM** |
| **Processed Grade** | **Processed Grade** | **Processed Grade** | **Processed Grade** |
| Au | g/t | 3.15 | 2.43 |
| Ag | g/t | 85.8 | 72.5 |
| Zn | % | 2.05 | 1.91 |
| Pb | % | 0.66 | 0.70 |
| Au-eq | g/t | 4.76 | 3.85 |
| Ag-eq | g/t | 443 | 358 |
| Recoveries | Recoveries | Recoveries | Recoveries |
| Au rec (%) | % | 96.1% | 96.1% |
| Ag Rec (%) | % | 96.4% | 96.4% |
| Zn rec (%) | % | 74.7% | 74.7% |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202597

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| | | | |
|:---|:---|:---|:---|
| **Item** | **Units** | **Year 1-5** | **LOM** |
| Pb Rec (%) | % | 82.0% | 82.0% |
| Metal Production | Metal Production | Metal Production | Metal Production |
| Gold Production | koz | 1351 | 2337 |
| Silver Production | koz | 36894 | 69874 |
| Zinc Production | Mlbs | 468 | 975 |
| Lead Production | Mlbs | 166 | 392 |
| Gold-Equivalent Production (Au-eq) | koz | 2006 | 3643 |
| Silver-Equivalent Production (Ag-eq) | koz | 187261 | 340038 |
| Avg. Annual AuEq Production | koz/y | 401 | 328 |
| Avg. Annual AgEq Production | koz/y | 37452 | 30611 |
| Operating Cost per Ounce | Operating Cost per Ounce | Operating Cost per Ounce | Operating Cost per Ounce |
| Total Cash Costs<sup>1</sup> | $/oz AuEq | 827 | 928 |
| Total AISC<sup>2</sup> | $/oz AuEq | 910 | 1021 |
| Total Cash Costs<sup>1</sup> | $/oz AgEq | 8.9 | 9.9 |
| Total AISC<sup>2</sup> | $/oz AgEq | 9.8 | 10.9 |

---

1. Cash costs include mine-site operating costs such as mining, processing, and direct site G&A, as well as product shipping, royalties

and mining taxes.

2. AISC is calculated as the sum of treatment and refining charges, onsite operating costs, sustaining capital costs, and closure costs,

divided by the quantity of ounces equivalent produced.

Exploration, Development, and Production

Aya owns or controls 32 mining licenses and exploration permits in the Boumadine Property area (355 km<sup>2</sup>) in the eastern part

of the Kingdom of Morocco. At Boumadine, silver–gold polymetallic sulphide mineralization is hosted within a vein system

striking approximately 6 km.

Additional expenditures are recommended by the Boumadine PEA Report Authors for the following activities:

• Drilling to advance Inferred to Indicated Mineral Resources;

• Drilling down-dip and along strike in order to develop additional Mineral Resources;

• Follow-up geological mapping, mineral prospecting, and assays;

• Development of a comprehensive bulk density model;

• Review grade anisotropy by individual mineralized domain; and

• Advance the project to its next development phase

The Boumadine PEA Report Authors also recommend that Aya continue with the current QC protocol and monitor QC data on

an ongoing basis, and continue refining the metallurgical work for improved recoveries.

The estimated cost of the recommended work program is US$101.6M, which includes 10% contingency (without applicable

taxes) This is shown in Table 32. Phase 1 of the recommended work program should be completed in 2026 and Phase 2 in

2027. Phase 2 is contingent on a successful Phase 1.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202598

**Table 32 - Recommended Programs and Budgets for 2026-2027**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Item** | **Activity** | **Unit (m)** | **Cost Estimate ($M, USD)** |
| **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** | **Phase 1 - 2026** |
| 2026 |  | Drilling (all-in costs) | 200000 | 42 |
| 2026 |  | Administration and Management |  | 4.2 |
| 2026 | Sub-Total |  |  | 46.2 |
| 2026 | Contingency (10%) |  |  | 4.6 |
| 2026 | **Total - 2026** |  |  | **50.8** |
| **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** | **Phase 2 - 2027** |
| 2027 |  | Drilling (all-in costs) | 200000 | 42 |
| 2027 |  | Administration and Management |  | 4.2 |
| 2027 | Sub-Total |  |  | 46.2 |
| 2027 | Contingency (10%) |  |  | 4.6 |
| 2027 | **Total - 2027** |  |  | **50.8** |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 202599

**RISK FACTORS** 

The business of the Corporation is subject to a number of risks and uncertainties which are typically out of its control, and

which may impact significantly its financial and operational outcomes and conditions, as well as the valuation of its Shares.

Current holders and prospective buyers of the securities of the Corporation should give careful consideration to all information

contained or incorporated by reference in this AIF and, in particular, the following risk factors. If any of these risks described

below occurs, or if any other risk not currently anticipated or fully appreciated occurs, the business and prospects of Aya could

be materially adversely affected, which could have a material adverse effect on Aya's financial condition, results of operations,

valuation and the trading price of its Shares.

Operational Risks

Uncertainty in the Calculation of Mineral Reserves, Resources and Recovery

The figures for mineral reserves and mineral resources presented herein, including the anticipated tonnages and grades that

will be achieved or the indicated level of recovery that will be realized, are estimates and no assurances can be given as to

their accuracy. Such estimates are, in large part, based on interpretations of geological data obtained from drill holes and other

sampling techniques. There is a degree of uncertainty attributable to the calculation of Mineral Reserves and Mineral

Resources (as defined in NI 43-101). Until Mineral Reserves or Mineral Resources are mined, extracted, and processed, the

quantity of minerals and their grades must be considered estimates only. In addition, the quantity of Mineral Reserves and

Mineral Resources may vary depending on, among other things, applicable metal prices. Actual mineralization or formations

may be different from those predicted. It may also take many years from the initial phase of drilling before production is

possible, and during that time the economic feasibility of exploiting a deposit may change. Reserve and resource estimates are

materially dependent on prevailing gold, silver, lead and zinc prices and price assumptions used in those estimates, the current

understanding of the geological genesis of the area which underlies our models and, the cost of recovering and processing

minerals at the individual mine sites. Any material change in the quantity of Mineral Reserves, Mineral Resources, grade or

mining widths may affect the economic viability of some or all of the Corporation's mineral properties and may have a material

adverse effect on the Corporation's operational results and financial condition. Mineral Resources on the Corporation's

properties have been calculated based on economic factors at the time of calculation; variations in such factors may have an

impact on the amount of the Corporation's Mineral Resources. In addition, there can be no assurance that gold, silver, lead or

zinc recoveries or other metal recoveries in small-scale laboratory tests will be duplicated in larger scale tests under on-site

conditions or during production, or that the existing known and experienced recoveries will continue.

Risks Inherent to Mining

The Corporation is engaged in the business of operating, exploring, developing, and acquiring mineral properties in the hope of

locating or expanding on economic mineral deposits. Except for the Zgounder Silver Mine, all of the Corporation's property

interests are at the exploration stage and are without a known mineral reserve. Accordingly, there is little likelihood that the

Corporation will realize any profits in the short to medium term from these properties. Any profitability in the future from the

Corporation's business will be dependent upon locating economic mineral deposits. There can be no assurance, even if an

economic mineral deposit is located, that it can be commercially mined.

Inaccuracies in Production, Cost Estimates and Cash Flow

From time to time, the Corporation prepares estimates of future production and future production costs for operations. No

assurance can be given that production and cost estimates, including the forecasts set forth in our yearly guidance reports, will

be achieved. These production and cost estimates are based on, among other things, the following factors: the accuracy of

Mineral Reserve estimates; the accuracy of assumptions regarding ground conditions and physical characteristics of ores,

such as hardness and presence or absence of particular metallurgical characteristics; equipment and mechanical availability;

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025100

labour; and the accuracy of estimated rates and costs of mining and processing, including the cost of human and physical

resources required to carry out the Corporation's activities. Failure to achieve production or cost estimates, or increases in

costs, could have an adverse impact on the Corporation's future cash flows, earnings, results of operations and financial

condition.

Actual production and costs may vary from estimates for a variety of reasons, including actual ore mined varying from

estimates of grade, tonnage, dilution and metallurgical and other characteristics; short-term operating factors relating to the

Mineral Reserves, such as the need for sequential development of ore bodies and the processing of new or different ore

grades; and risks and hazards associated with mining. In addition, there can be no assurance that silver recoveries or other

metal recoveries (including gold, lead and zinc) in small-scale laboratory tests will be duplicated in larger scale tests under on-

site conditions or during production, or that the existing known and experienced recoveries will continue. Costs of production

may also be affected by a variety of factors including dilution, widths, ore grade and metallurgy, labour costs, costs of supplies

and services (such as, for example, fuel and power), general inflationary pressures and currency exchange rates. Failure to

achieve production estimates could have an adverse impact on the Corporation's future cash flows, earnings, results of

operations and financial condition.

Access to Water

Access to water constitutes a critical consideration for mining activities. Sufficient and constant water access are necessary

for Aya's operations, including for drilling, exploration, subsistence, processing ore, dust suppression, and other essential

activities. Aya's operations are located in Morocco, in a region which is prone to periodic droughts due to its arid climate, with

limited rainfall and high evaporation rates. Droughts in Morocco can result from various factors, including irregular

precipitation patterns, climate change, and unsustainable water management practices. Water scarcity risks can arise when

the Corporation's operations demand more water than the available supply during a specific period, whether caused by

drought or inability to rely on efficient water infrastructure and technology. Water scarcity risks may be heightened by

competition for water resources among companies, agriculture and communities surrounding Aya's operations. Said risks

include increased delays and costs for obtaining and using water for mining operations and unforeseen expenses related to

water extraction, storage, treatment, transportation and disposal. The Corporation could be forced, for example, to construct

reservoirs, pipelines, drill groundwater wells or find alternative water resources than it currently uses. In addition, governments

in Morocco could, without notice to the Corporation, adopt new laws or regulations governing the access, storage, use,

disposal and distribution of water and its quality. Any shortages or restrictions on water availability and compliance with new

water-related laws or regulations could significantly increase operational complexity and costs and force Aya to reduce

production, suspend operations temporarily, or seek alternative water sources, leading to delays and additional expenses. In

case of prolonged limitations in access to water, the Corporation may be unable to continue its operations or to do so in a

profitable manner. The occurrence of any of the aforementioned risks could have material adverse effects on our business,

financial condition and results of operations.

Floods

Heavy seasonal rains and flash floods pose a risk to the Corporation's operations in Morocco. The Corporation's Zgounder

Silver Mine and Boumadine Project are susceptible to experiencing sudden and intense rainfall, leading to the overflow of

rivers and watercourses. This can result in the flooding of exploration and mining sites, damage to equipment, and

contamination of mined materials in addition to blocking roads and preventing transportation to or from the work sites, and

may render access roads unstable or unsafe for use, increasing the risk of vehicle accidents, personal injury or loss of life.

Excessive rainfall may also result in significant accumulation of water at the Corporation's project sites, which must be

discharged by the Corporation, in accordance with applicable permits and environmental requirements. As a result, the

Corporation may be required to accelerate the construction, expansion or reinforcement of tailings and other residues

management infrastructure, including storage, containment and water treatment facilities. Any such acceleration may result in

increased capital expenditures, operational costs, permitting requirements, construction risks and potential delays.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025101

In addition, excessive water inflows may disrupt the planned water balance for tailings storage facilities and other residues

management systems. An inability to effectively manage site-wide water balance could affect the stability, capacity and

performance of tailings facilities, increase the risk of overtopping or uncontrolled discharges, require curtailment or

suspension of operations, and expose the Corporation to environmental liabilities, regulatory action, fines, remediation

obligations and reputational harm.

Furthermore, flooding can cause delays in production, increase safety hazards for workers, and lead to costly repairs or

operational shutdowns. Additionally, improper drainage systems or lack of flood mitigation measures in remote mining areas

can exacerbate the risks, leading to long-term environmental damage and regulatory non-compliance.

Reliance on Contractors

Aya retains the services of contractors for exploration, engineering, development and construction projects as well as mining

operations. For instance, we currently outsource our open-pit operations at the Zgounder Silver Mine and all of our drilling

programs to contractors. While the Corporation is diligent in retaining reputable and competent contractors, we remain

subjected to a number of risks related to the reliance on such contractors, including but not limited to, contract risk, execution

risk, dispute and litigation risk, regulatory risk and labor risk, which could result in additional costs and liabilities. The

Corporation is currently involved in litigation with contractors retained in connection with the Zgounder Expansion (see Legal

Proceedings and Regulatory Actions), which illustrates the potential for disputes, cost overruns, delays and performance

deficiencies in respect of contractor-led work. There can be no assurance that such litigation will be resolved on favorable

terms, or that any damages awarded would be sufficient to fully compensate the Corporation for losses incurred. Should our

open-pit contractors fail to perform according to the terms of the agreements negotiated, fail to conform to expected quality,

safety and environmental standards, act contrarily to applicable laws and regulations, not maintain proper licenses and

approvals, or experience business disruptions or shortages in properly trained staff, fail to complete work within projected

timelines or approved budgets, or otherwise default under their contractual obligations, our operations could be suspended,

delayed or be entirely stopped, which may materially impact our operations as a whole. In such circumstances, the Corporation

may not be adequately compensated for breach of contract, defective work, delays or other damages, including where

contractor financial capacity, insurance coverage or enforceability limitations restrict recovery.

Should this happen, we may not be able to engage replacement contractors on similar terms or at all in a timely manner.

Additionally, we may become engaged in disputes with our contractors, which could lead to additional expenses, distractions

and potential loss of production time and additional costs, any of which could materially and adversely affect our business,

financial condition and results of operations. Moreover, any failure by contractors to meet any of our quality, safety and

environmental standards may result in liabilities to us and could also affect our compliance with government rules and

regulations relating to exploration, mining and workers' safety.

Boumadine Project

The majority of the gold and silver found at the Boumadine project is in the mineralized rock associated with pyrite and is

considered to be encapsulated within the pyrite crystal structures or in small inclusions. As a result, the extraction of silver and

gold is refractory to conventional leaching methods and that leaching extraction would need to follow a high degree of pyrite

oxidation. The Au/Ag ratio for Boumadine is significantly lower than what is typically found in current operating projects. The

economic viability of the Boumadine Project depends on the Corporation's ability to sell the produced quantities of precious

metal bearing pyrite at a economically viable price. The mineral resource estimate related to the project may prove to be

materially inaccurate or otherwise negatively or positively affected as the metallurgical testwork and future engineering

continue to progress.

What is more, the Boumadine Project requires the timely availability of qualified contractors, subcontractors, construction

labour, equipment and materials to complete planned infrastructure. The ability to secure such resources on commercially

reasonable terms is critical to maintaining project schedules and budgets.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025102

Morocco has been selected, together with Spain and Portugal, to host the 2030 FIFA World Cup. In anticipation of this event,

significant public and private investment is expected in national and regional infrastructure, including transportation networks,

stadiums, hospitality facilities and related works. Increased construction activity associated with these and other economic

development initiatives may heighten demand for experienced contractors, skilled labour, construction equipment and

materials within Morocco. As a result, the Corporation may experience increased competition for reputable and qualified

contractors and subcontractors, which could limit availability, extend procurement timelines, or require the Corporation to

engage contractors at higher cost. In addition, heightened demand may contribute to inflationary pressures on labour rates,

equipment rental, fuel, raw materials and other construction inputs. Any such constraints or cost increases could adversely

affect the Corporation's capital expenditure estimates, project economics, construction schedules and overall financial

condition.

There can be no assurance that the Corporation will be able to secure the necessary construction resources on acceptable

terms, or at all. Delays in contractor mobilization, reduced contractor performance resulting from overextension, or disputes

arising from resource constraints may further impact the timely completion and cost of the Boumadine Project. Any of the

foregoing factors could have a material adverse effect on the Corporation's business, results of operations and financial

position.

Uninsured Risks

The Corporation's business is subject to several risks and hazards, including environmental conditions, changes in regulatory

environment, political and foreign country uncertainties, industrial accidents, labour disputes, cyber incidents unusual or

unexpected geological conditions, ground or slope failures, cave-ins, and natural phenomena such as inclement weather

conditions, floods, and earthquakes. Such occurrences could result in damage to mineral properties or production facilities,

personal injury or death, environmental damage to the Corporation's properties or the properties of others, delays in mining,

monetary losses, and legal liability. The insurance coverage of the Corporation does not cover all potential risks because of

customary exclusions, limitations in availability or, in the Corporation's opinion, disproportionate cost in relation to insurable

risks. In particular, the Corporation does not subscribe to cyber risk insurance, including losses arising from cybersecurity

incidents or information technology system failures. There can be no assurance that the current coverage will remain available

to the Corporation, that it will be fully renewed by the Corporation or that, in the event an insured risk materializes, the coverage

will be sufficient or that the insurers involved will be able to fulfill their obligations. The occurrence of an uninsured or

underinsured loss, including a cyber-related incident, could have a material adverse effect on the Corporation's business,

results of operations and financial condition.

Integration of Future Acquisitions in Current Operations

The Corporation may make future acquisitions. If the Corporation does make acquisitions, any positive effect on the

Corporation's results will depend on a variety of factors, including, but not limited to: integrating the operations of an acquired

business or property in a timely and efficient manner; maintaining the Corporation's financial and strategic focus while

integrating the acquired business or property; implementing uniform standards, controls, procedures and policies at the

acquired business, as appropriate; and to the extent that the Corporation makes an acquisition outside of markets in which it

has previously operated, conducting and managing operations in a new operating environment. Acquiring additional

businesses or properties could place pressure on the Corporation's cash reserves if such acquisitions involve cash

consideration or if such acquisitions involve share consideration existing shareholders may experience dilution. The

integration of the Corporation's existing operations with any acquired business may require significant expenditures of time,

attention and funds. Achievement of the benefits expected from consolidation may require the Corporation to incur significant

costs in connection with, among other things, implementing financial and planning systems. The Corporation may not be able

to integrate the operations of a recently acquired business or restructure the Corporation's previously existing business

operations without encountering difficulties and delays. In addition, this integration may require significant attention from the

Corporation's management team, which may detract attention from the Corporation's day-to-day operations. Over the short-

term, difficulties associated with integration could have a material adverse effect on the Corporation's business, operating

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025103

results, financial condition and the price of the Shares. In addition, the acquisition of mineral properties may subject the

Corporation to unforeseen liabilities, including environmental liabilities, which could have a material adverse effect on the

Corporation. There can be no assurance that any future acquisitions will be successfully integrated into the Corporation's

existing operations.

Compliance with Evolving Legal Requirements

Mining operations, development and exploration activities are subject to extensive laws and regulations governing

prospecting, development, production, exports, taxes, labour standards, occupational health, waste disposal, environmental

protection and remediation, protection of endangered and protected species, mine safety, toxic substances and other matters.

Changes in these regulations or in their application are beyond the control of the Corporation and could adversely affect its

operations, business and results of operations. Government approvals, licenses and permits are currently, and may in the

future be, required in connection with the Corporation's mining exploration and development projects. There can be no

assurance that any of the obligations required to maintain or obtain each approval, license or permit will be met. To the extent

such approvals are required and not obtained, the Corporation may not be able to obtain all necessary licenses and permits

that may be required to carry out exploration, development and mining operations and may be restricted or prohibited from

proceeding with planned exploration or development activities. In addition, the grant of required licenses and permits may be

delayed for reasons outside the Corporation's control. Failure to obtain such licenses and permits on a timely basis, or failure

to comply with the terms of any such licenses and permits that the Corporation does obtain, may adversely affect the

Corporation as it would be unable to legally conduct its intended exploration, development or production.

In addition, as its Shares are publicly traded, the Corporation must adhere to rules and policies set forth by various Canadian

and international governmental and self-regulatory bodies, such as the Canadian Securities Administrators and the Toronto

Stock Exchange, which are constantly changing and expanding in complexity.

Compliance with applicable laws, regulations, permitting requirements, rules and policies requires Aya to incur administrative

and legal expenses which are generally increasing and may divert management's focus from revenue-generating endeavors to

regulatory compliance tasks.

Failure to comply with applicable laws, regulations, permitting requirements, rules or policies may result in enforcement

actions, including orders issued by regulatory or judicial authorities causing operations to be paused or cease, and may include

corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions.

Community Relations

Aya's relationships with communities located near the sites where it conducts its exploration, development and operation

activities as well as with other stakeholders are important to the success of its operations. The Corporation has developed

longstanding relationships with local communities surrounding the Zgounder Silver Mine and stakeholders over time, which

contributes to a certain operational stability at that site. However, there can be no assurance that such social acceptability will

continue uninterrupted. In contrast, the Corporation's Boumadine Project is located in an area where the Corporation has not

yet established comparable relationships with local communities, authorities and other stakeholders. As a result, the level of

social acceptability for the development and operation of this new project is uncertain. The realization of the project, including

the construction of infrastructure, roads and facilities, land access, and the use of water and other natural resources, may give

rise to concerns among local communities and other stakeholders. There can be no assurance that the Corporation will be

able to obtain or maintain the necessary social license to operate for this new project on acceptable timelines or at all.

There are some groups located in Morocco, who have shown, in the past from time to time, opposition to the mining activities

of the Corporation, including with regards to the use of limited water resources by the Corporation. Such opposition from local

groups may also affect the activities of the Corporation in the future. In addition, there is an increased level of concern from

the public in general with regards to the social and environmental impacts of mining activities. Non-governmental

organizations and civil society groups often critique the extractive industries generally. Any legal challenges, work stoppages

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025104

and adverse publicity generated by them or local groups could have a material adverse impact on the Corporation, particularly

on its ability to secure new permits, advance development activities related to the Boumadine Project, continue its operations,

the laws governing its activities and its reputation.

Such impacts may lead to increased project delays, increased costs, decreased investor confidence and could adversely affect

the Corporation's operational results, financial position and cash flow. While the Corporation is committed to operating in a

socially responsible manner, there is no assurance that its efforts will be successful in establishing or maintaining social

acceptability for its current and new projects or in fully mitigating these risks.

Health and Safety

Mining exploration and operational activities inherently carry safety risks, including but not limited to surface or geotechnical

incidents, underground fires, underground rockfalls, blasting accidents, vehicle collisions, unsafe road conditions, falls from

heights and contact with energized sources. In addition, mining operations activities can lead to mental and physical diseases

related to, among other things, dust and chemical exposure, work in underground, confined spaces and hot environments,

exposure to noise, ergonomic injuries and prolonged periods of strenuous work and isolation. The Corporation maintains an

unwavering commitment to the health and safety of its employees and contractors on site and within its offices. Under this

commitment, the Corporation invests heavily in employee training and continuous education as well as on-site precautionary

measures and procedures. Notwithstanding ongoing efforts, the aforementioned risks may arise and cause injury, fatality, as

well as legal action and regulatory measures taken against the Corporation. In the past, the Corporation has had accidents

leading to loss time, injury and, in a single case, death. Any such event could damage the Corporation's reputation and hinder

its ability to continue its operations and achieve its goals.

Environmental Matters

The Corporation's operations are subject to environmental regulations, which can make operations expensive or prohibit them

altogether.

The Corporation may be subject to potential risks and liabilities associated with pollution of the environment and the disposal

of waste products that could occur as a result of its mineral exploration, development and production. In addition, other

environmental hazards may exist on a property in which the Corporation directly or indirectly holds an interest that are

unknown to the Corporation at present which have been caused by previous or existing owners or operators of the property.

The Zgounder Silver Mine is a historical mining operation that was originally developed and constructed in accordance with

the standards and regulatory requirements applicable at the time of its development, which may differ from current

environmental standards and industry best practices. As a result, the environmental footprint at the Zgounder Silver Mine may

be greater than that of a more recently constructed mining operation built to modern design, engineering and environmental

management standards.

Environmental legislation provides for restrictions and prohibitions on spills, releases or emissions of various substances

produced in association with certain mining industry operations, such as seepage from tailings disposal areas, which would

result in environmental pollution. A breach of such legislation may result in the imposition of fines and penalties.

To the extent the Corporation is subject to environmental liabilities, the payment of such liabilities or the costs that it may incur

to remedy environmental pollution would reduce funds otherwise available to it and could have a material adverse effect on

the Corporation. If the Corporation is unable to fully remedy an environmental problem, it might be required to suspend

operations or enter into interim compliance measures pending completion of the required remedy. The potential exposure may

be significant and could have a material adverse effect on the Corporation.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025105

Geopolitics, Restrictions on Repatriation of Earning and Changes in Tax Regimes

The government of Morocco, where the Corporation's projects are currently located, support the development of their natural

resources by foreign companies, but there is no assurance that, in the future, the government will not adopt new or different

policies, laws, regulations or interpretations thereof respecting foreign ownership of mineral resources, taxation, currency

controls, environmental protection, labour relations, community rights, repatriation of income or return of capital, restrictions

on production, price controls, capital controls, export controls, local refining of silver or gold, restrictions of earnings,

expropriation of property, foreign investment, maintenance of claims, water use and mine safety.

Political and social instability and changes in policies, laws, regulations or interpretations thereof in Morocco are beyond the

Corporation's control and, may result in the restriction or halting of the Corporation's operations, limitations on the possibility

of it engaging international consultants and personnel and, the curtailment of physical access to it projects. The possibility

that a government in Morocco may adopt new or substantially different laws, regulations, policies or interpretations thereof,

might extend to the renegotiation or nullification of existing agreements and permits or to the expropriation of assets, cannot

be ruled out. The materialization of such risks could have material adverse effects on our business, results of operations and

financial condition.

Substantially all the Corporation's assets are held in its Moroccan subsidiaries though which it conducts its operations. As

such, any new restrictions on the repatriation of earnings from our subsidiaries could impact on our ability to receive cash

from our operations, which could have a material adverse effect on our financial condition.

Tax regimes and applicable tax rates in Morocco may change without notice. Moreover, the Corporation's interpretation of tax

laws and regulations, as applied to its transactions and activities, may not coincide with that of the authorities in Morocco and

may be disputed. Consequently, the taxation applicable to transactions and operations involving the Corporation's subsidiaries

may be challenged or revised by the tax authorities, which could result in significant additional taxes, penalties and interest

and could impact the Corporation's cash flow forecasts, all-in sustaining costs and operating costs, and ultimately have a

material adverse effect on our financial condition.

Cross-Border Regulatory Risks

Given Aya's operations in Morocco, changes in cross-border regulations, including international trade policies, export

restrictions, and jurisdiction-specific mining laws, could disrupt its operations and supply chain. Unforeseen regulatory

requirements or delays in obtaining permits in foreign jurisdictions may negatively impact the Corporation's ability to meet its

strategic objectives.

Particularly, the current United States administration has demonstrated a willingness to rapidly and unilaterally alter trade

policy, including the imposition, increase, reduction, or removal of tariffs, sometimes at extreme levels and with limited

advance notice. This highly dynamic and often unpredictable approach to trade regulation has created significant uncertainty

for global markets, which could affect Aya's business. Changes to these and other tariffs adversely affect the Corporation's

business planning and may lead to increased costs for raw materials, components and equipment, and could impact existing

operations and material growth projects.

Foreign Subsidiaries

A significant portion of Aya's business is carried on through subsidiaries, including foreign subsidiaries. Accordingly, any

limitation on the transfer of cash or other assets between the parent corporation and such entities, or among such entities,

could restrict Aya's ability to fund its operations and projects efficiently. Any such limitations, or the perception that such

limitations may exist now or in the future, could have an adverse impact on Aya's valuation and price of its Shares.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025106

Uncertainty of Titles

The acquisition of title to mineral properties is a very precise and time-consuming process. Although the Corporation has

obtained title opinions with respect to its key properties and has taken all possible measures to ensure proper title to its

properties, including filing of necessary documents and payment of rents to local regulatory authorities, there can be no

guarantee that the title to any of its properties will not be challenged or that they are not subject to unregistered liens,

agreements, transfers or claims, including land claims to the lands immediately adjacent to the Corporation's leased lands,

and title may be affected by, among other things, undetected defects. Third parties may, unbeknownst to the Corporation, have

valid claims to underlying portions of the Corporation's interests. In addition, the Corporation may be unable to conduct its

operations on one or more of its properties as currently anticipated or permitted or to enforce its rights in respect of its

properties.

Conflicts of Interests

Certain directors and officers of the Corporation may also serve as directors and/or officers of other public and private

companies and devote a portion of their time managing other business interests. Furthermore, certain directors and officers of

the Corporation may also serve as directors of other companies involved in mineral exploration and development.

Consequently, the possibility of conflict of interest exists at several levels.

To the extent that such other companies may participate in ventures in which the Corporation is also participating, or

participate in business transactions with the Corporation, such directors and officers may have a conflict of interest in

negotiating and reaching an agreement with respect to the extent of each Corporation's participation. Canadian law requires

the directors and officers of the Corporation to act honestly, in good faith, and in the best interests of the Corporation and its

shareholders. However, in conflict-of-interest situations, our directors and officers may owe the same duty to another

Corporation and will need to balance the competing obligations and liabilities of their actions or declare and refrain from

voting on any matters in which such directors have a conflict of interest.

Availability of Workforce and Labour Relations

The Corporation is dependent on its ability to attract and retain employees and contractors at all levels with appropriate

technical, business and management skills and operating experience necessary to execute its exploration, development and

exploitation activities. The Corporation competes with mining companies on a global basis to attract and retain skilled labor.

The remote locations at which its employees and contractors are called to work poses an additional challenge in terms of

recruitment and retention. The employment of foreign workers in Morocco can be difficult due to the necessary work visas and

permits the government requires. Inadequate access to an available skilled workforce could compromise many aspects of the

projects' feasibility, viability and/or profitability, including, but not limited to, the construction and production schedules, capital

and operating results..

While the Corporation is not currently party to any collective bargaining agreements and there are presently no labour unions or

syndicates representing its workforce, there can be no assurance that employees will not seek union representation or that

labour syndicates will not be established in the future. The formation of labour unions or employee representative bodies could

result in collective bargaining processes, work stoppages, strikes, slowdowns or other labour disruptions. Such developments

could lead to increased labour costs, changes to working conditions, limitations on operational flexibility, or delays in project

development and operations.

The loss of current employees and contractors due to failure in maintaining satisfactory labour relations could also adversely

affect its business and operations. To this effect, the Corporation offers competitive remuneration and benefits and also

implemented regular training sessions to improve general and specific skills of its workforce. As part of its succession

planning, the Corporation also identified a limited number of high potential employees whose development aims at making

them key managers within a short to medium term.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025107

Infrastructure

Mining operations, as well as development and exploration activities, rely on adequate infrastructure such as reliable roads,

power sources, water supply and telecommunications equipment, which all significantly impact both capital and operating

costs. Any shortage of infrastructure elements or delay in their availability, weather caused by natural phenomena, lack of

maintenance, human interference or other reasons, could delay or stop exploitation and/or development of or projects and

negatively affect the Corporation's business, operational results and financial condition. By way of example, significant or

prolonged rainfall may disrupt transportation infrastructure, including rail lines used to transport production and, cause

interruptions in export activities at ports. Such disruptions could delay shipments to customers, increase logistics and storage

costs, affect revenue recognition timing, and potentially result in contractual penalties or loss of customers. Persistent or

severe shortages or delay in availability could also potentially lead to the alteration or abandonment of the Corporation's

exploration and development plans.

Dependence on a Single Mine

Any event affecting negatively the Zgounder Silver Mine could have a material adverse effect on the Corporation's business,

financial performance and operation results. The Corporation is actively working on the realization of the Boumadine Project,

seeking new projects and exploring its other mineral properties with the aim of developing additional producing assets. Until it

succeeds in doing so, for which there can be no assurance, the Corporation will remain dependent on its operations at the

Zgounder Silver Mine for all of its cash flow.

Tailings Facilities and Dams

The waste rock, tailings and wastewater generated by our mining activities are kept in storage facilities and dams, at our sites.

Any failure or breach of these facilities or dams on our sites could result in extensive environmental and property damages

and, personal injury or death. Poor design or inadequate maintenance of the tailings facilities or improper management of site

water may contribute to facility failure or tailings release and could also result in damage or injury. Some upstream dams at

the Zgounder Silver Mine were constructed according to outdated norms and remain unsecured to this day – should such

dams collapse, villages surrounding the site could be inundated and destroyed and residents could be injured or killed.

Unpredictable natural events, such as extreme weather, seismic events, or other incidents out of the corporation's control

could induce or contribute to failures in dams and tailings facilities. Should any of the aforementioned risks materialize, the

corporation's operations could be delayed or stopped and the financial condition and reputation of the corporation could also

be materially and adversely affected. In such event, the corporation could face enforcement actions, obligations to remediate

environmental contamination, personal injury claims, securities litigation and other consequences including but not limited to

fines and penalties and third-party claims, the suspension or revocation of its exploration and exploitation permits. What is

more, any failure to comply with environmental, health and safety laws or regulations pertaining to tailings facilities and dams

may also result in injunctions and other consequences as those listed above. The costs associated with responsibilities and

liabilities pertaining to tailings facilities and dams may be significant, higher than expected and result in a situation where it is

no longer profitable to continue operations.

Reputation

Damage to the Corporation's reputation can be the result of its actual or perceived actions or inactions and a variety of events

and circumstances, and could result in negative publicity, whether or not true.The consequence of reputational risk is a

negative impact to the Corporation's public image, which may influence its ability to acquire future mining projects and retain

or attract key employees. Reputational risk may arise under many situations including, among others, cyber-attacks, media

crisis, public criticism by stakeholders, the publication of reports or allegations regarding the Corporation's business,

management, operations or financial condition. In the past year, the Corporation was the subject of a short-seller report

containing allegations about its business and operations, following which the Corporation's share price declined significantly.

Although the Corporation believes that the allegations were unfounded and took steps to respond publicly and disclaim such

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allegations, there can be no assurance that similar reports or allegations will not be published in the future. The publication of

any additional short-seller reports or other critical analyses, regardless of their accuracy or merit, could result in substantial

volatility in the Corporation's share price, reduced shareholder confidence, increased scrutiny from regulators, analysts and

investors, and potential litigation. Such events may divert management's time and resources, require additional legal, advisory

and public relations costs, and adversely affect the Corporation's access to capital markets.

Prior to acquiring a particular project, the Corporation mitigates reputational risk by performing due diligence, which includes a

review of the mining project, the country, the scope of the project and local laws and culture. Once the decision to participate

in a mining project has been taken, the Corporation continues to assess and mitigate reputational risk through regular Board

and Board Committees reviews. However, there can be no assurance that these measures will be sufficient to prevent or

effectively address reputational risks, any of which could have a material adverse effect on the Corporation's business,

financial condition, results of operations and share price.

Information Technology Systems and Cyber Security Threats

The Corporation's operations depend, in part, on information technology systems and services as well as digital technologies

(collectively, "IT Systems"). The reliability and security of these IT Systems are critical for the secure processing, storage and

transmission of information and data. Should the IT Systems' functionality or security fail or be interrupted without the

possibility of being restored quickly, the Corporation's ability to operate its facilities and conduct its business could be

materially compromised. A failure in IT Systems or a breach in its security features could be caused by incidents including but

not limited to cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, as well as unauthorized

access to information and data, vandalism, theft, cyber-attacks and cyber-crimes targeting the Corporation's systems or those

of third parties on which it relies. While the Corporation performs audits and maintains its IT Systems to mitigate risks of

failures and has implemented a series of security measures in respect of its information and data, there is no assurance that it

will be successful in preventing risks of failures and security breaches from materializing. The failure of IT Systems or any part

thereof could cause disruptions or delays in operations, theft of funds, misappropriation of assets, and lead to the loss,

destruction, inappropriate or unauthorized use of data and information, including personal data, confidential information or

intellectual property of the Corporation, its employees, suppliers or customers. The occurrence of any of the foregoing could

have a material adverse affect on the Corporation's cash flows, earnings, results of operations, financial condition and

reputation. The Corporation may incur additional time and expense in relation to the remediation of the failure or breach, the

improvement the IT Systems subject to the failure or breach and the notification of victims and appropriate authorities further

to the breach. The Corporation could be subject to legal proceedings in respect of the failure or breach, which could require

unexpected legal expenditures, and which could ultimately lead to a finding of liability, including under laws relating the

protection of personal information, and the imposition of damages/fines/penalties. (see also "Risk Factors - Uninsured Risks").

Public Health Threats

Any pandemic, epidemic, endemic or other public health threat, could negatively impact the global economy and result in

abnormal levels of volatility in financial markets and in the prices and demand for commodities, including gold and silver. As a

result of the COVID-19 pandemic, the Corporation encountered challenges in terms of mobilization of its staff to and from its

sites, delayed shipments of materials and augmentation of costs for supplies and transportation. The extent to which the

Corporation may be operationally or financially adversely impacted by any other pandemic, epidemic or public health threat in

the future is highly uncertain and could be material, depending on a variety of factors including the locations, severity and

spread of outbreaks, the actions taken by governments in the countries where the Corporation operates in response to any

outbreaks and the degree of disruption of supply chains. Significant outbreaks could result in a widespread crisis that could

adversely affect the economies and financial markets of many countries and ultimately, Aya's business, operation results and

financial condition.

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Wars

The Corporation's business, financial condition, results of operations and prospects may be materially adversely affected by

wars, armed conflicts and geopolitical instability around the world. The current global security environment is characterized by

an elevated and interconnected set of conflicts and tensions that pose risks to the Corporation both directly, through their

potential impact on the Corporation's operations in Morocco, and indirectly, through their effects on global commodity

markets, supply chains, capital markets and the broader macroeconomic environment. This risk intersects with, contributes to

and may amplify many of the other risks discussed in this "Risk Factors" section.

Notably, a number of active and potential armed conflicts around the world pose material risks to the Corporation. The conflict

in the Middle East, including hostilities involving Israel, Hamas, Iran and the United States, escalated significantly in late 2025

and early 2026, resulting in direct military strikes between Israel and Iran, retaliatory actions affecting United States assets in

the region and threats to the Strait of Hormuz and global energy supply routes. The ongoing war in Ukraine continues to

disrupt global energy and commodity markets, contribute to inflationary pressures and drive geopolitical realignment.

Tensions in the South China Sea and the broader strategic competition between the United States and China, including the use

of export controls on critical minerals and rare earths as instruments of geopolitical leverage, are fragmenting global supply

chains and reshaping trade flows for mining and metals products. These conflicts and tensions interact with one another and

with broader trends of trade protectionism, sanctions and the weaponization of economic interdependence to create a

complex and unpredictable risk environment. Wars and geopolitical instability have had, and may continue to have, a direct and

significant impact on the market for the Corporation's principal products. Gold prices surged to record highs exceeding

US$5,000 per ounce in early 2026, driven in substantial part by safe-haven demand amid the escalation of conflict in the

Middle East, continued central bank purchasing to diversify reserves away from United States dollar-denominated assets and

broader investor flight from risk assets. Silver prices have similarly reached unprecedented levels, supported by both safe-

haven buying and growing industrial demand. While elevated precious metals prices have benefited the Corporation's revenues

and margins, these prices are inherently volatile and are sensitive to changes in geopolitical conditions. A de-escalation of

conflicts, successful diplomatic resolutions or a reduction in perceived global risk could lead to a significant decline in gold

and silver prices, which would adversely affect the Corporation's revenues, profitability and the economic viability of its mining

operations.

Changes in Climate

Several governments have introduced or are moving to introduce climate legislation and treaties at the international, national,

state/provincial and local levels. Violations of environmental requirements or permits may result in fines, sanctions, orders to

install pollution control equipment, or even suspension of operations. These regulations, often mandating standards for waste

disposal, emissions, and land reclamation, can increase operational costs and complexity. Frequent amendments or new

legislation may adversely affect the Corporation's operations, financial condition, or competitive position. The Corporation may

face costly claims and lawsuits by authorities and third parties relating to environmental matters.

Heightened public awareness of climate change may generate more intense scrutiny of Aya's activities. Even in the absence of

formal mandates, stakeholders such as investors, customers, and local communities may expect the Corporation to

demonstrate robust sustainability practices. Failure to meet expectations or negative publicity could harm the Corporation's

reputation, limit financing, or reduce marketability.

In addition, the physical risks of climate change may also have an adverse effect on the Corporation's operations. These risks

include the following:

• Changes in sea levels could affect ocean transportation and shipping facilities that are used to transport supplies,

equipment and workforce and products from the Corporation's operations to world markets.

• Extreme weather events (such as prolonged drought or flooding) have the potential to disrupt operations at the

Corporation's mines and may require the Corporation to make additional expenditures to mitigate the impact of such

events. Extended disruptions to supply lines could result in interruption to production.

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• Continued desertification of the region around the Zgounder Silver Mine may cause a disruption in its water supply which

may require additional costs to ensure sufficient water supply to support its operations.

• The Corporation's facilities depend on regular supplies of consumables (diesel, tires, sodium cyanide, etc.) and reagents

to operate efficiently. If the effects of climate change or extreme weather events cause prolonged disruption to the

delivery of essential commodities, production levels at the Corporation's operations may be reduced. There can be no

assurance that efforts to mitigate the risks of climate changes will be effective and that the physical risks of climate

change will not have an adverse effect on the Corporation's operations and profitability.

Enforcement of Rights in Foreign Jurisdictions

Aya's material subsidiaries, which directly own substantially all the Corporation's assets, are incorporated under the laws of

foreign jurisdictions. In addition, all the Corporation's operations are located outside of Canada. As such, in case of disputes

arising from its operations, the Corporation may be subject the exclusive jurisdiction of foreign courts or face difficulties in

bringing foreign parties under to the jurisdiction of the courts in Canada. The legal systems of countries where disputes may

be brought against the Corporation may not be mature and the legal practice may not be developed, such that the correct legal

position may be uncertain or that we may be unable of enforcing our understanding of rights or titles. Any adverse or arbitrary

decision of a foreign court may have a material and adverse impact on our business, financial condition, and results of

operations.

Anti-Corruption and Anti-Bribery

Aya conducts its business activities in some parts of the world where corruption, including bribery, is reportedly widespread.

As such, there is a risk that dishonest, illegal or unethical conduct be used to achieve personal gain or to benefit a particular

group or individuals in the course of business and, that things of value in any form, including money, gifts or benefits, be

offered, given or promised to governmental officials to influence their actions or decisions or, in order to gain retain a business

advantage. While said conducts may be considered an acceptable part of business culture in some countries, they may be

illegal under anti-corruption, anti-bribery, anti-money laundering, or export control regulations and related laws. All such

conducts would be in clear contravention of the Corporation's ACAB Policy and of its Code of Business Conduct and Ethics.

The ACAB Policy applies to the Corporation, any subsidiary over which the Corporation holds control, directors, officers and

employees of the Corporation and persons that are authorized to interface with foreign officials for the Corporation as agents,

representatives or independent contractors. The ACAB Policy provides that any failure to comply with its provisions

constitutes grounds for termination or other disciplinary action. It also sets forth an obligation for the Corporation and its

controlled subsidiaries to conduct periodic training for employees on the policy. The directors and officers of the Corporation

and of its controlled subsidiaries, as well as managers and employees designated from time to time by the legal officer, must

certify at the commencement of their engagement with the Corporation, and annually thereafter, that they have read the ACAB

Policy and have complied with its provisions. To further safeguard against the risks of corruption and unethical dealings, the

Corporation retained the services of an independent whistle-blower line, accessible to anyone who wishes to elevate their

concerns, and available on an anonymous basis. Notwithstanding the preventative measures taken by the Corporation, should

there be a violation of applicable local and/or extraterritorial anti-corruption, anti-bribery laws in the course of the Corporation's

business activities, civil and criminal fines, penalties and consequences could apply against the Corporation or its

representatives, which could lead to material operational, financial and reputational damages.

Supply Chain Disruptions

Global supply chain disruptions, including prolonged disruptions to the procurement of equipment, or the flow of materials,

supplies and services to the Corporation could have adverse impacts on its operating costs and capital expenditures and delay

its exploration, construction and production activities. These disruptions may be the result of macroeconomic matters outside

of the Corporation's control or ability to mitigate, such as from natural disasters, transportation disruptions, economic

instability, global pandemics and international sanctions, including those imposed in the context of the invasion of Ukraine by

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Russia, and geopolitical concerns, such as the conflicts in the Middle East, among others. Supply chain impacts may also

manifest as rising costs or shortages of certain commodities and labor.

Particularly, as a result of recent violent attacks on vessels in the Red Sea area, several carriers have diverted their commercial

vessels from the Suez Canal, to sail around the Cape of Good Hope. This critical maritime route disruption has caused the

expected delivery time of new equipment at the Corporation's facilities in Morocco to be delayed. The duration of the

disruption and the potential ripple effects thereof, including potential upward inflationary pressure on future shipping costs, are

unknown and could result in further materialization of the aforementioned risks.

In addition, any disruption, blockage or heightened geopolitical tensions affecting the Strait of Hormuz could further constrain

global shipping routes and energy markets, potentially forcing the Corporation to seek alternative suppliers or logistics

solutions. While the duration and extent of such disruptions remain uncertain, they may exacerbate supply chain delays,

increase input and transportation costs, and adversely impact the Corporation's operations and capital projects.

Raw Materials Costs

Unexpected increases in raw material costs could significantly impair Aya's profitability. Aya's mining operations use

significant amounts of steel, petroleum products and other raw materials in various pieces of mining equipment, supplies and

materials. If the petroleum products, price of steel or other input materials increase, Aya's operational expenses will increase,

which could have a significant negative impact on its profitability.

Delays, Postponement and Incompletion of Projects

Exploration, development and construction projects in the mining industry are inherently risky, subject to many uncertainties

and, capital intense. It is not unusual for legal, administrative, engineering and operational challenges to delay the

advancement of such projects and require more capital than anticipated, especially in developing countries. Such challenges

include acquiring all of the necessary mining and surface rights, project economics, inability to obtain sufficient funding,

delays in obtaining environmental and construction authorizations and permits, as well as unforeseen difficulties encountered

during the development process, including labour disputes. Any of these challenges among many others could cause delays in

the achievement of targeted operational milestones and production targets pertaining to exploration and development projects

of the Corporation, which could in turn affect its ability to raise sufficient funds for the advancement of projects, cause the

Corporation to choose to indefinitely postpone or abandon a project, cause the project expenditures, operation and financial

outcomes to be inconsistent with the budget, plans and forecasts or, result in defaults, and accelerated repayment obligations

under its current financing arrangements or restrictions on access to additional capital. The materialization of any such risk

could have a material adverse effect on the Corporation's business, financial condition and results of operations.

Increased Costs and Compliance Risks as a Result of Being a Public Company

Legal, accounting and other expenses associated with public company reporting requirements have increased significantly in

the past few years. Aya anticipates that general and administrative costs associated with regulatory compliance will continue

to increase with recently adopted or amended corporate governance requirements. The additional demands associated with

being a public company may also disrupt regular operations of our business by diverting the attention of some of its senior

management team away from revenue producing activities to management and administrative oversight, adversely affecting

our ability to attract and complete business opportunities and increasing the difficulty in both retaining professionals and

managing and growing our businesses. In addition, failure to comply with any laws or regulations applicable to us as a public

company may result in legal proceedings and/or regulatory investigations, and may cause reputational damage. Any of these

effects could harm our business, financial condition and results of operations.

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Activist Stakeholders

The Corporation's relationships with stakeholders are critical to ensure the future success of its existing operations and the

construction and development of its projects. In recent years, publicly-traded companies in the mining industry have been

increasingly subject to demands from non-governmental organizations ("NGOs") and activist shareholders advocating for

changes to corporate governance practices, such as executive compensation practices, social issues, or for certain corporate

actions (such as greenhouse gas emissions reduction commitments and adoption of responsible water use and management

practices) or reorganizations. There is an increasing level of public concern relating to the perceived effect of mining and

processing activities on the environment and on communities impacted by such activities. Activist shareholder activity could

cause a disruption to the Corporation's strategy, operations, and leadership, resulting in a material unfavorable impact on its

operational and financial performance and longer-term value creation strategy.

Responding to challenges from activist shareholders, such as proxy contests, media campaigns or other activities, could be

costly and time consuming and could have an adverse effect on the Corporation's reputation and divert the attention and

resources of the management and Board. Reputation loss may result in decreased investor confidence, increased challenges

in developing and maintaining community relations and impede the Corporation's overall ability to advance its projects, obtain

permits and licenses or continue its operations, which could have a material adverse impact on the Corporation's business,

results of operations and financial condition.

Highly Competitive Mining Industry

Significant and increasing competition exists for mineral acquisition opportunities throughout the world, particularly for

opportunities in jurisdictions considered to be politically and economically stable. This may increase the risk of higher costs

when acquiring suitable claims, properties and assets or completing any such acquisitions on terms acceptable to the

Corporation. Accordingly, there can be no assurance that the Corporation will be able to compete successfully with its

competitors in acquiring such properties and assets. The Corporation's inability to acquire such interests could have an

adverse impact on its financial condition. In addition, even if the Corporation does acquire such interests, the resulting

business arrangements may not ultimately prove beneficial to its business

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Financial Risks

Moroccan Taxation and Exposure to Changes in the Fiscal Regime

The Corporation's operations are primarily conducted through subsidiaries in Morocco, including ZMSM, the owner and

operator of the Zgounder Mine. The taxation of corporations in Morocco is complex and may involve overlapping layers of

taxation applied on different tax bases, with limited availability of offsets or credits between certain tax liabilities. The

Corporation is subject to various taxes in the normal course of business, including corporate income tax, social contributions,

value added tax, mining extraction taxes (which may be calculated on production or revenue rather than profits), withholding

taxes, customs duties and other governmental levies, all of which are administered by Moroccan authorities. The overall tax

burden applicable to the Corporation may therefore be significant and may materially affect its cash flows, earnings, operating

costs, cash costs and financial condition.

As at the date hereof, ZMSM is subject to corporate income tax in Morocco at an effective rate of approximately 31.25% for

2025 on its taxable income, together with an additional social solidarity contribution of approximately 5% on profits. Corporate

income tax rates in Morocco have increased in recent years for large taxpayers, with the applicable rate rising from 20% in

prior years to 31.25% for fiscal years beginning on or after January 1, 2025, and scheduled to further increase to 35% for fiscal

years beginning on or after January 1, 2026. In addition, the social solidarity contribution, initially introduced in 2021 as a

temporary measure, has been extended in recent years and is currently expected to remain in effect until 2028. While the

social solidarity contribution was initially introduced as a temporary measure, it has been extended in recent years and may be

reconducted beyond its current term. There can be no assurance that applicable tax rates will not increase over time, including

through changes to corporate income tax rates or brackets, the introduction or extension of additional contributions, or

modifications to the tax base applicable to mining companies.

Certain mining-related taxes, including mining extraction taxes, may be based on production or revenues rather than

profitability and may therefore be payable irrespective of the Corporation's operating margins, which could adversely affect

cash costs and cash flows.

Moroccan tax laws, rates and administrative practices have undergone reforms in recent years and may continue to evolve.

Changes to corporate income tax, mining-related taxes, withholding taxes or value added tax rules, including those affecting

the timing and recoverability of VAT receivables, could increase the Corporation's tax burden or adversely affect liquidity. In

particular, the Corporation may be exposed to delays in the recovery of VAT, which could have a material impact on working

capital and cash flows.

The application of Moroccan tax law to mining operations requires the Corporation to make judgments and interpretations in

respect of various matters, including the deductibility and timing of expenditures, the treatment of capital expenditures, the

computation of taxable income, transfer pricing, the application of withholding taxes to cross-border payments, and the

interpretation of mining-specific fiscal provisions. There can be no assurance that the Corporation's tax filing positions,

interpretations or estimates will be accepted by the relevant tax authorities. Any reassessment, audit challenge, denial of

deductions or refunds, or adverse interpretation of applicable law could result in additional taxes, duties, interest and penalties

becoming payable.

Taxation in Multiple Jurisdictions

In the normal course of business, the Corporation is subject to assessment by taxation authorities in various jurisdictions.

Income tax provisions and income tax filing positions require estimates and interpretations of income tax rules and

regulations of the various jurisdictions in which the Corporation and its subsidiaries operate and judgments as to their

interpretation and application to the specific situation. The Corporation's business and operations and the business and

operations of its subsidiaries is complex, and the Corporation has, historically, undertaken a number of significant financings,

acquisitions and other material transactions.

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In assessing the probability of realizing income tax assets recognized, the Corporation makes estimates related to

expectations of future taxable income, applicable tax planning opportunities, expected timing of reversals of existing

temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax

authorities. In making its assessments, the Corporation gives additional weight to positive and negative evidence that can be

objectively verified. Estimates of future taxable income are based on forecasted cash flows from operations and the

application of existing tax laws in each jurisdiction. While management believes that the Corporation's provision for income

tax is appropriate and in accordance with IFRS Accounting Standards and applicable legislation and regulations, tax filing

positions are subject to review and adjustment by taxation authorities who may challenge the Corporation's interpretation of

the applicable tax legislation and regulations. Examination by applicable tax authorities is supported based on individual facts

and circumstances of the relevant tax position examined in light of all available evidence. Any review or adjustment may result

in the Corporation or its subsidiaries incurring additional tax liabilities. Any such liabilities may have a material adverse effect

on the Corporation's financial condition.

The introduction of new tax laws, tax reforms, regulations or rules, or changes to, or differing interpretation of, or application

of, existing tax laws, regulations or rules in Canada, Morocco, the UAE, Barbados, or Cayman Islands or any other countries in

which the Corporation's subsidiaries may be located, or to which shipments of products are made, could result in an increase

in the Corporation's taxes payable, or other governmental charges, interest and penalties, duties or impositions. No assurance

can be given that new tax laws, tax reforms, regulations or rules will not be enacted or that existing tax laws, regulations or

rules will not be changed, interpreted or applied in a manner which could result in the Corporation's earnings being subject to

additional taxation, interest and penalties, or which could otherwise have a material adverse effect on the Corporation.

Liquidity

Liquidity risk refers to the risk that the Corporation will not be able to meet its financial obligations as they fall due. The

Corporation's liquidity and operating results may be adversely affected if the Corporation's access to the capital market is

hindered, whether as a result of a downturn in stock market conditions generally or related to matters specific to the

Corporation. Over the years, the Corporation generates cash flow from its financing activities and from the sales realized at the

Zgounder Silver Mine.

Indebtedness

In connection with the financing of the Zgounder Expansion and Boumadine development, the Corporation and its subsidiaries

entered into various agreements with the EBRD. These agreements require us to comply with various provisions that may limit

or inhibit our ability to pursue strategies and projects. Such provisions include but are not limited to obligation to maintain

certain financial ratios as well as prohibitions or limitations on: the disposition of assets, the completion of mergers or

acquisitions, transactions involving any change in control, specific investments, engaging in new business activities, incurring

additional indebtedness, encumbering assets, paying dividends or making other distributions to shareholders and, engaging in

transactions with our affiliates. These agreements include specific undertakings requiring the Corporation to upgrade and

operate its tailings storage and related infrastructure in compliance with applicable standards, including alignment with the

Global Industry Standard on Tailings Management (GISTM) and other internationally recognized best practices. The

Corporation's tailings facilities are brownfield in nature and certain infrastructure is aged or was not originally designed to

current standards. As a result, significant engineering studies, redesign, reinforcement and construction activities are required.

There can be no assurance that such upgrades can be designed, permitted, financed and implemented within the timelines

prescribed under the agreements. Although the Corporation has sought extensions and is engaging with its lenders in respect

of implementation timelines, there is no assurance that such extensions will be granted or that the required works can be

completed within any extended timeframe. Deficiencies in historical engineering, data gaps, evolving regulatory expectations

and site-specific constraints may further delay or complicate compliance efforts.

If we default under the agreements, including but not limited to failing to meet tailing-related undertakings, and such event of

default is not cured or waived, the lenders could terminate their commitments under the debt instruments and cause all

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amounts outstanding with respect to the debt to become due and payable immediately, which could also potentially cause the

acceleration of indebtedness under other agreements of the Corporation that contain cross default or cross-acceleration

provisions. If the indebtedness under the Agreements is accelerated and the Corporation is not able to repay or borrow

sufficient funds to refinance its indebtedness, the lenders under the Agreements could proceed to enforce the collateral

interests granted to them to secure that indebtedness, which could result in the loss of all of our assets including, but not

limited to, mining permits, cash and accounts receivable. Should this occur, we may lose control over our business and/or be

forced into a reorganization or liquidation of our assets and/or, bankruptcy, which could have a material adverse effect on our

business, financial condition, and results of operations.

We may also incur additional indebtedness in the future. The debt instruments governing such indebtedness could contain

provisions that are as restrictive or more restrictive than those to which we are presently subject under the Agreements

summarized above and any default under such debt instruments could entail similar consequences.

Our ability to make our scheduled payments and to meet our other obligations under our existing and future debt instruments

depends on our financial condition and operational performance, as well as to general economic, financial, competitive,

legislative, and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business

will generate cash flow or that future borrowings will be available to us in amounts sufficient to enable us to pay all principal

and interest on our debt and to meet other liquidity needs. If we are not able to generate sufficient cash flow to service our

debt obligations, we may need to refinance or restructure our debt, sell assets, reduce or delay capital investments, or seek to

raise additional capital, which may have an adverse impact on our business, financial condition, and results of operations.

Additional Funding Requirements

The continuation of our exploration and development activities, including in particular the construction of the Boumadine

Project, relies on cash flow from our operations and external financing and will require additional capital. In addition, any future

decision to expand our exploration programs or operations and/or to acquire assets may require additional capital.

Accordingly, to sustain its current activities, to execute its business projects and strategy and to discharge its unanticipated

liabilities, the Corporation depends on its ability to generate operating cash flow from its operating mine and to obtain external

financing through debt financing, equity financing, the joint venturing of projects or other means. The availability of this capital

is subject to general economic conditions and lender and investor interest in the Corporation's projects and there can be no

guarantee that the Corporation will be successful in securing financing for these purposes in a timely manner, on favorable

terms, or at all. Any disruption and volatility in the global capital markets, could increase the Corporation's cost of capital and

adversely affect its ability to obtain financing. Should the Corporation raise funds by issuing additional equity securities, such

financing may substantially dilute the interests of the current shareholders in the Corporation and reduce the value of their

investment in the Corporation's securities.

Fund Repatriation

Repatriating funds from Morocco to the Corporation (the parent company) in Canada, in Dirhams and foreign currency requires

several authorizations from the foreign exchange office ("Office des Changes"), the government and the banks. This process is

cumbersome and despite an existing regulatory framework, remains subject to discretion in the application. To mitigate this

risk, the Corporation seeks pre-approval by the Office Des Changes of the contractual obligations of repatriation from its

subsidiary prior to advancing any money. The pre-clearance and pre-approval minimize the risk at the time of execution. We

have also tested repatriation of funds from Morocco to Canada with success. We continue to transact money from one

country to another on a regular basis to continually validate this mechanism.

Precious Metal Price Volatility

Aya's revenue is significantly affected by changes in the market price of gold and silver. Gold and silver prices fluctuate on a

daily basis and are affected by numerous factors beyond Aya's control. The price of gold and silver can be subject to volatile

price movements and future significant price declines could cause continued commercial production to be uneconomical.

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Depending on the prices of gold and silver, cash flow from mining operations may not be sufficient to cover costs of

production and capital expenditures. If, as a result of a decline in silver prices, revenues from metal sales were to fall below

cash operating costs, production may be discontinued, and may require the mine plans to be changed, which may result in

reduced production, higher costs than anticipated, or both. The factors that may affect the price of gold and silver include:

industrial and jewelry demand; the level of demand for the metal as an investment; central bank lending, sales and purchases

of the metal; speculative trading; and costs of and levels of global production by producers of the metal. Precious metal prices

have historically been affected by macroeconomic factors, including: expectations of the future rate of inflation; the strength

of, and confidence in, currency exchange rate fluctuations, interest rates, speculative market activities, worldwide production

and inventory levels, sales programs by central bank and global or regional political or economic uncertainties.

Global Financial Conditions

Global financial markets are experiencing extreme volatility as a result of increasing input cost inflation, increased interest

rates, hostilities in Ukraine and the Middle East, sanctions imposed by nations on Russia and Belarus and uncertainty with

respect to international trade regimes. Events in global financial markets, and the volatility of global financial conditions, will

continue to have an impact on the global economy. Many industries, including the mining sector, are impacted by market

conditions. Some of the key impacts of financial market turmoil include devaluations and high volatility in global equity,

commodity, foreign exchange and precious metal markets and a lack of market liquidity. Access to financing may also be

negatively impacted by liquidity crises. These factors may impact the Corporation's ability to obtain equity or debt financing

and, where available, to obtain such financing on terms favorable to the Corporation.

Increased levels of volatility and market turmoil could have an adverse impact on the Corporation's operations and planned

growth and the trading price of the securities of the Corporation may be adversely affected.

Price Volatility of Other Commodities

The Corporation's cost of operations and profitability are also affected by the market prices of commodities that are

consumed or otherwise used in connection with the Corporation's operations, such as diesel fuel, electricity, cyanide,

explosives and other reagents and chemicals, steel and cement. Prices of such consumable commodities may be subject to

volatile price movements over short periods of time and are affected by factors that are beyond the Corporation's control, such

as changes in legislation and hostilities in Ukraine and the Middle East, sanctions imposed by many nations on Russia and

Belarus and uncertainty with respect to international trade disputes. Increases in the prices for such commodities could

materially adversely affect the Corporation's results of operations and financial condition.

Value-Added Tax Receivables

The Corporation is subject to credit risk through value-added tax ("VAT") receivables collectible from the government of

Morocco. Due to legislative rules and a complex collection process, there is a risk that the Corporation's VAT receivable

balance may not be refunded, or payment may be delayed. Even though the Corporation has in the past recovered VAT

routinely, VAT recovery in Morocco remains a highly regulated, complex and, at times, lengthy collection process. Should the

Corporation not receive the VAT receivable balances or if payment to us is delayed, the Corporation's financial condition may

be materially adversely affected.

Transfer Pricing

The Corporation conducts business operations in various jurisdictions and through legal entities incorporated in several

jurisdictions, including Canada, Morocco and the United Arab Emirates. The tax laws of these jurisdictions and other

jurisdictions in which the Corporation may conduct future business operations have detailed transfer pricing rules which

require that all transactions with non-resident related parties be priced using arm's-length pricing principles and that

contemporaneous documentation must exist to support that pricing. The taxation authorities in the jurisdictions where the

Corporation carries on business could challenge its arm's-length related party transfer pricing policies. International transfer

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025117

pricing is a subjective area of taxation and generally involves a significant degree of judgment. If any of these taxation

authorities were to successfully challenge the Corporation's transfer pricing policies, the Corporation may be subject to

additional income tax expenses and could also be subject to interest and penalty charges. Any such increase in the

Corporation's income tax expense and related interest and penalties could have a significant impact on the Corporation's

future earnings and future cash flows.

Internal Controls

The Corporation has implemented internal controls over the preparation of its financial statements and other financial

disclosures, to provide reasonable assurance that its financial reporting is reliable in all material respects and that the

quarterly and annual financial statements are being prepared in accordance with IFRS. The Corporation also oversees financial

transactions based on various controls to prevent fraud and inadequate operations. Our internal controls do not provide

absolute assurances regarding the reliability of financial statement preparation, financial reporting and financial transactions.

In assessing our internal controls from time to time, we may find some internal controls to be lacking or insufficient to prevent

or detect all errors or fraud, potentially leading to detrimental consequences in terms of investor confidence and for our

business and the value of our securities in the market. The Corporation's internal controls are designed in accordance with the

current legal framework applicable to it and the listing of its Shares on the TSX Exchange. Should the Corporation's Shares be

listed on other exchanges in the future, it may become necessary to implement different and/or additional internal controls.

Currency

In the normal course of operations, the Corporation is exposed to currency risk due to business transactions in foreign

countries denominated in a currency other than the functional currency of each entity in the group, being the Canadian dollar

for all the entities within the consolidated group except for AGSM, ZMSM and BGM, for which the functional currency is the

Moroccan Dirham. Transactions related to the Corporation's exploration and evaluation activities are mainly denominated in

Moroccan Dirham. Foreign currency denominated financial assets and liabilities which expose the Corporation to currency risk

are presented below. The Corporation enters into put option contracts to mitigate the risk of fluctuations in the exchange rate

of its holdings of US dollars. These contracts are used on a limited and selective basis and are intended to partially mitigate

exposure to short-term fluctuations in U.S. dollar holdings; they do not fully offset the Corporation's overall foreign exchange

risk. Changes in the fair value of the contracts and the corresponding gains or losses are recorded quarterly and are included

in the fair value adjustment on option contracts on the consolidated statement of comprehensive income (loss). The

Corporation's management strategy is to reduce the risk of fluctuations associated with foreign exchange rate changes. The

foreign currency option contracts are held to maturity and are either exercised for a net profit or loss; or expire at no obligation

to the Corporation.

Interest Rates

Interest rate risk is inherent in interest-bearing assets like loans or bonds, as their value can fluctuate in response to changes

in interest rates. Aya is currently exposed to this risk, primarily with respect to its EBRD facilities, which accrues interest at a

variable rate of SOFR + 5%. As a result, any increase in interest rates will lead to higher borrowing costs, reducing cash flows

available for reinvestment in operations. The Corporation's CTF Tranche ($8M), however, is subject to an interest rate structure

tied to the achievement of specific ESG and operational milestones. Having successfully achieved all three milestones, the

interest rate on the CTF Tranche was reduced to an all-in rate of 1.00% effective July 1, 2024. While the Corporation has

secured a fixed, low-cost structure for the CTF Tranche, it remains exposed to fluctuations in SOFR on the EBRD facilities,

which could impact financial flexibility. Aya continuously monitors interest rate trends and evaluates potential risk mitigation

strategies to manage this exposure.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025118

Use of Derivative Instruments

At times, the Corporation uses derivative instruments like put and call options and forward sales to protect a portion of its

cash flows against decreases in the prices of silver or increases in the underlying commodities it uses. Such instruments,

when used, are applied on a limited and selective basis and are not intended to hedge a significant portion of the Corporation's

overall commodity price exposure. Such hedging activities may not always be available to Aya, may not be effective in

reducing the volatility of its cash flows and may reduce Aya's earnings, profitability and cash flows. There are risks that

contracts pertaining to the derivative instruments: i) limit the price that can be realized on the hedged portion of the silver, if

the market price of silver exceeds the strike price stipulated therein; and ii) stipulate commodity purchase prices higher than

the prevailing market prices. The derivative instruments are only used within the production limits of the Corporation and the

portion of the silver that may be hedged through said instruments remains within the limits of the Corporation's risk matrix,

approved by the Audit Committee.

Credit

Credit risk refers to the risk of an unexpected loss if a party to its financial instrument fails to meet its contractual obligations.

The Corporation's financial assets exposed to credit risk are primarily composed of cash, accounts receivable, options

contracts, and long-term restricted cash. The fact that the Corporation's cash is mostly held with reputable Canadian or

Moroccan banks mitigates that risk. The Corporation has a high degree of customer concentration, with approximately 95% of

its ingots and silver concentrate sales made to a single counterparty. As a result, in the event that this counterparty becomes

insolvent or otherwise unable to meet its payment obligations, the Corporation's revenues and cash flows could be materially

adversely affected. Given the substantial value associated with each delivery, any delay in payment or default could have a

significant financial impact, and the Corporation may be required to seek alternative purchasers on less favorable terms. To

mitigate such credit risk, the Corporation requires that it is paid the majority of what it is owed on transfer of property and

deals with creditworthy counterparties. The Corporation does not rely on external credit ratings, as its counterparties are

generally not rated; instead, it obtains and reviews available financial information, including annual audited financial

statements, and maintains ongoing communication with its customers to monitor credit risk.

Impairment

Regular assessments are conducted by Aya to determine whether impairment is necessary for its assets. Assessing

impairment involves making significant judgments based on various external and internal factors, some of which are beyond

the Corporation's control, and necessitates the use of estimates and assumptions for each cash-generating unit. External

factors encompass a wide range, from overall economic activity to changes in commodity prices, toll rates, discount rates,

foreign exchange rates, and regulatory requirements. Internal factors include production volume, resource conversion

capabilities, capital and operating expenditures, and future development plans. There's no guarantee that management's

estimations of the future will align with actual events, potentially leading to further impairment charges. The timing and

magnitude of such charges are challenging to predict and could have a materially adverse impact on the Corporation's

business, financial status, and operational results.

Risks Linked to Shares

The price of the Shares is highly affected by changes in the price of gold and silver, global economic conditions generally, the

Corporation's financial condition and results of operations, and by the market's perception of the Corporation's value, whether

or not such perceptions accurately reflect the intrinsic value of the Corporation or its future prospects. The Corporation's Share

price may also be negatively impacted if investors' preferred strategy for the Corporation does not coincide with the strategy

adopted by management. Given the volatility in the gold and silver price and the market's changing perception of the

Corporation's value, the Corporation cannot predict their impact on its market capitalization. It is possible that the price of a

Share may experience significant fluctuations and that such price might be less than the actual price paid by an investor. As a

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025119

result of any of these factors, the market price of the Shares at any given point in time may not accurately reflect their long-

term value.

Equity Interest in Other Issuers

The Corporation may from time to time hold shares or other financial interests in other companies, including publicly listed

companies. In particular, Aya holds approximately 42% of Mx2 Mining ("Mx2"), a privately held corporation with projects in

Morocco and approximately 5% of Talisman Metals PLC ("TLM"), a public company listed on the London Stock Exchange (AIM:

TLM) with projects in Morocco. The Corporation does not have the right to appoint directors of TLM but has the right to

nominate two directors of Mx2. As a large shareholder, the Corporation is not in a position to direct the day-to-day business of

such companies and is subject to the risk that these companies may make business, financial or management decisions with

which the Corporation does not agree or may take risks or otherwise act in a manner that does not serve the Corporation's

interests. In addition, the market price of the shares of such companies may be highly volatile and will be subject to many of

the same factors as apply to the Corporation's Shares. These shares may also be subject to restrictions on resale or may be

illiquid. The Corporation may therefore face delays in selling such securities or realizing value for them.

Allocation of Capital - Sustaining, Growth and Exploration and Development Capital

The Corporation has budgeted $96 million for 2026 as sustaining, growth and exploration capital investments in property, plant

and equipment, mine development and exploration and development work. Sustaining capital consists of capital expenditures

required to maintain current operations. Growth capital is earmarked for growth projects to expand current operations. A total

of $36 million has been earmarked for sustaining and growth capital and $60 million has been planned for exploration and

development. There can be no assurance that such cost estimates will prove to be accurate. The Corporation may alter its

allocation of capital to provide for revised strategic planning, metal price fluctuations or other external economic conditions.

Actual costs may vary from the estimates depending on a variety of factors, many of which are not within the Corporation's

control. Failure to stay within cost estimates or material increases in costs could have a material adverse impact on the

Corporation's future cash flows, profitability, results of operations and financial condition.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025120

**DIVIDENDS**

The Corporation has currently no dividend policy. The amount of cash dividends, if any, to be paid is subject to the approval of

the Board and may adapt given a range of factors such as: (i) the prevailing economic and ore-processing environment; (ii) the

Corporation's operational results and net earnings; (iii) the Corporation's financial condition; (iv) capital requirements for the

operations and growth of the Corporation; (v) contractual restrictions on its current loan; (vi) other relevant factors and

conditions that may have consequences over time. To date, it has not declared or paid any cash dividends on any of its issued

Shares.

**CAPITAL STRUCTURE**

The authorized share capital of the Corporation consists of an unlimited number of Shares without par value. There were

142,986,547 Shares issued and outstanding as of the date of this AIF.

The holders of Shares are entitled to one vote per Share at all meetings of the shareholders of the Corporation. The holders of

Shares have the right to receive dividends if, as and when declared by the Board. In the event of the liquidation, dissolution or

winding-up of the Corporation, whether voluntary or involuntary, or any other distribution of its assets among its shareholders

for the purpose of winding-up its affairs, the holders of the Shares are entitled to receive the remaining property and assets of

the Corporation pro rata according to the number of Shares held.

**MARKET FOR SECURITIES**

Trading Price and Volume

The Shares are currently listed and posted for trading on the TSX under the symbol "AYA". The following table shows the price

ranges and volume of the Shares traded in 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Volume** | **High (CA$)** | **Low (CA$)** |
| **January** | 14164746.00 | 12.4 | 10.63 |
| **February** | 16231602.00 | 12.88 | 11.20 |
| **March** | 19939477.00 | 13.66 | 10.12 |
| **April** | 20643413.00 | 11.89 | 8.53 |
| **May** | 23742068.00 | 12.56 | 8.52 |
| **June** | 27299716.00 | 14.91 | 11.80 |
| **July** | 18895552.00 | 14.35 | 11.74 |
| **August** | 18765164.00 | 13.67 | 11.45 |
| **September** | 47186700.00 | 17.11 | 11.95 |
| **October** | 36058528.00 | 19.68 | 13.62 |
| **November** | 24848036.00 | 19.44 | 13.12 |
| **December** | 34223022.00 | 21.8 | 17.42 |

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025121

**DIRECTORS AND OFFICERS**

Directors and Officers

The Board is currently comprised of eight directors, each of whom is elected at each annual meeting of shareholders to hold

office for one year or until their successor is elected or appointed, unless they resign or their office becomes vacant.

The following table sets forth, as at December 31, 2025, for each director and officer, their name, place of residence, their

principal occupation during the past five years, as well as the year during of their election or nomination as director or officer

of the Corporation, along with the number of Shares owned by them. The directors and officers have provided their respective

information.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Name and** <br>**Municipality of** <br>**Residence**<br>| **Director or** <br>**Officer Since**<br>| **Principal Occupation During** <br>**the Five Preceding Years**<br>| **Shares** <br>**Owned as** <br>**at Dec. 31,** <br>**2025**<br>|
| ![photos_boardx4a.jpg](photos_boardx4a.jpg) | **Ghislane Guedira** <br>**Bennouna**<br>Casablanca, <br>Morocco<br>Director<sup>(1)</sup> | June 2024 | •Chief Executive Officer of <br>AMP Capital Morocco S.A, a <br>fund management company <br>(since January 2026)<br>•Founder and Consultant, <br>Amplitude Conseil, a <br>Moroccan local consultancy <br>firm (since 2021) <br>•Director and chair of the <br>audit committees of RISMA <br>and CDG Capital, a <br>Moroccan financial <br>institution (since 2021) <br>•Member of the Moroccan <br>Privatization Valuation Body <br>(since 2019) <br>•CFO (from June 2013 to <br>October 2020) and Advisor <br>to Chairman & CEO (from <br>June 2010 to June 2013 & <br>from October 2020 to July <br>2021) at OCP Group, a <br>Moroccan state-owned <br>phosphate rock miner, <br>phosphoric acid <br>manufacturer and fertilizer <br>producer.<br>| 0<br>0%<br>|

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025122

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Name and** <br>**Municipality of** <br>**Residence**<br>| **Director or** <br>**Officer Since**<br>| **Principal Occupation During** <br>**the Five Preceding Years**<br>| **Shares** <br>**Owned as** <br>**at Dec. 31,** <br>**2025**<br>|
| ![photos_boardx3a.jpg](photos_boardx3a.jpg) | **Yves Grou**<br>Montréal, Canada<br>Director<sup>(1) (2)</sup> | June 2020 | •Chief Financial Officer and <br>Director of Maclos Capital <br>Inc., a healthcare technology <br>company (since 2001) <br>•Director of Falcon Energy <br>Materials plc, a company <br>involved in the chemical <br>refining of graphite <br>concentrate (since 2017)<br>•Director of Algold <br>Resources Inc., a mineral <br>exploration company <br>involved in the development <br>of African gold properties <br>(May 2011 to July 2021)<br>| 35,515<br>0.025%<br>|
| ![photos_boardx2a.jpg](photos_boardx2a.jpg) | **Dr. Jürgen** <br>**Hambrecht**<br>Neustadt, <br>Germany<br>Director<sup>(2) (3)</sup> | June 2020 | •Director of Nyxoah SA, a <br>medical technology <br>company (since 2020)<br>•Chairman of the Board of <br>Trumpf SE, a leading global <br>high-tech company <br>specializing in machine <br>tools, laser technology, and <br>electronics for industrial <br>applications (January 2013 <br>to March 2023)<br>•Chairman of the Supervisory <br>Board of BASF SE, a German <br>multinational corporation <br>and chemical producer <br>(June 2014 to June 2020)<br>•Director of Daimler Truck <br>AG, a commercial vehicle <br>manufacturer (January 2008 <br>to May 2020)<br>•Chairman of the Supervisory <br>Board of Fuchs Petrolub SE, <br>an automotive and industrial <br>lubricants supplier (May <br>2011 to May 2019)<br>| 1,207,250<sup>(4)</sup><br>0.85%<br>|

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025123

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Name and** <br>**Municipality of** <br>**Residence**<br>| **Positions Held** <br>**Within the** <br>**Corporation**<br>| **Director or** <br>**Officer Since**<br>| **Principal Occupation During** <br>**the Five Preceding Years**<br>| **Shares** <br>**Owned as** <br>**at Dec. 31,** <br>**2025**<br>|
| ![photos_boardxa.jpg](photos_boardxa.jpg) | **Benoit La Salle** <br>Montréal, Canada<br>| President, Chief <br>Executive Officer<br>and Director<br>| April 2020 | •President and Chief <br>Executive Officer of Aya <br>Gold & Silver Inc. (since <br>April 2020)<br>•Chairman of the Board <br>(February 2013 to January <br>2021) and Chief Executive <br>Officer of Algold Resources <br>Ltd., a mineral exploration <br>company involved in the <br>development of African gold <br>properties (March 2018 to <br>June 2021)<br>•Executive Chairman of the <br>Board of Sama Resources <br>Inc., a company focused on <br>exploring the Samapleu <br>Nickel – Copper project in <br>Ivory Coast (2012 to date)<br>•Director and Executive <br>Chairman of the Board of <br>Falcon Energy Materials Plc, <br>a company involved in the <br>chemical refining of <br>graphite concentrate (since <br>2017)<br>| 106,666<br>0.08%<br>|
| ![photos_boardx5a.jpg](photos_boardx5a.jpg) | **Eloïse Martin** <br>Bad Homburg, <br>Germany<br>| Director<sup>(1)(2)</sup> | June 2022 | •Self Employed at EM <br>Conseil (Since August 2021)<br>•Director of EM Conseil BV, a <br>company helping industrial <br>SMEs improve performance <br>through pragmatic data <br>analysis (August 2019 to <br>July 2021)<br>•Executive Director, HCF <br>International Advisers Ltd., <br>an independent corporate <br>finance advisory boutique <br>specializing in the global <br>metals, mining, and energy <br>sectors (July 2011 to <br>August 2019)<br>| 0<br>0%<br>|

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025124

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Name and** <br>**Municipality of** <br>**Residence**<br>| **Positions Held** <br>**Within the** <br>**Corporation**<br>| **Director or** <br>**Officer Since**<br>| **Principal Occupation During** <br>**the Five Preceding Years**<br>| **Shares** <br>**Owned as** <br>**at Dec. 31,** <br>**2025**<br>|
| ![photos_boardx6a.jpg](photos_boardx6a.jpg) | **Robert Taub**<br>Brussels, Belgium<br>| Chairman of the <br>Board of Directors<br>| Nov. 2016 | •Chairman of Nyxoah SA, a <br>medical technology <br>company (since July 2009) <br>| 9,846,262<sup>(5)</sup><br>6.93%<br>|
| ![photos_boardx11a.jpg](photos_boardx11a.jpg) | **Annie Torkia** <br>**Lagacé**<br>Montréal, Canada<br>| Director<sup>(3)</sup> | June 2023 | •Chief Legal and Strategy <br>Officer at IAMGOLD, a <br>corporation owning and <br>operating gold mines in <br>Burkina Faso and Canada <br>(since February 2025)<br>•Senior Vice President, <br>General Counsel & <br>Corporate Secretary of <br>Bombardier Inc., a Canadian <br>aerospace manufacturer <br>(December 2020 to May <br>2023)<br>•Executive Vice-President, <br>Finance and Corporate <br>Services of Stornoway <br>Diamonds Corporation, a <br>Canadian diamond <br>exploration and producing <br>corporation (from January <br>2020 to July 2020)<br>•Executive Vice-President, <br>Corporate Development, <br>Legal Affairs and Corporate <br>Secretary of Stornoway <br>Diamonds Corporation, a <br>Canadian diamond <br>exploration and producing <br>corporation(from April 2019-<br>Janurary 2020) <br>| 15,450<br>0.01%<br>|

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025125

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Name and** <br>**Municipality of** <br>**Residence**<br>| **Positions Held** <br>**Within the** <br>**Corporation**<br>| **Director or** <br>**Officer Since**<br>| **Principal Occupation During** <br>**the Five Preceding Years**<br>| **Shares** <br>**Owned as** <br>**at Dec. 31,** <br>**2025**<br>|
| ![photos_boardx12a.jpg](photos_boardx12a.jpg) | **John Burzynski**<br>Montréal, Canada<br>| Director | June 2025 | •Executive Chairman of <br>Osisko Metals Inc., a <br>Canadian exploration and <br>development company <br>focused on advancing base <br>metal assets (since <br>November 2024)<br>•Chairman of O3 Mining Inc., <br>a Quebec-based gold <br>exploration and mine <br>development company <br>(2019-2025)<br>•Executive Chairman and <br>CEO of Osisko Mining Inc., a <br>Canadian mineral <br>exploration company <br>focused on the acquisition, <br>exploration, and <br>development of gold <br>properties (2020 to 2024)<br>| 35,000<br>0.02%<br>|
| ![photos_boardx7a.jpg](photos_boardx7a.jpg) | **Raphaël Beaudoin**<br>Montreal, Canada<br>| Vice-President, <br>Operations<br>| June 2020 | •Vice-Present, Operations of <br>Aya (since June 2020)<br>•Vice-President, Operations <br>of Falcon Energy Materials <br>plc., a company involved in <br>the chemical refining of <br>graphite concentrate (since <br>August 2018)<br>| 12,873<br>0.01%<br>|
| ![photos_boardx10a.jpg](photos_boardx10a.jpg) | **Elias J. Elias**<br>Montreal, Canada<br>| Chief Legal & <br>Sustainability <br>Officer and <br>Corporate <br>Secretary<br>| July 2020 | •Chief Legal & Sustainability <br>Officer and Corporate <br>Secretary of Aya (since July <br>2020)<br>•VP Legal & Corporate <br>Secretary of Falcon Energy <br>Materials plc., a company <br>involved in the chemical <br>refining of graphite <br>concentrate (since January <br>2018)<br>| 25,366<sup>(6)</sup><br>0.02%<br>|

---

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025126

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Name and** <br>**Municipality of** <br>**Residence**<br>| **Positions Held** <br>**Within the** <br>**Corporation**<br>| **Director or** <br>**Officer Since**<br>| **Principal Occupation During** <br>**the Five Preceding Years**<br>| **Shares** <br>**Owned as** <br>**at Dec. 31,** <br>**2025**<br>|
| ![photos_boardx8a.jpg](photos_boardx8a.jpg) | **Mustafa El Ouafi** <br>Casablanca, <br>Morocco<br>| President - <br>General Manager <br>(Morocco)<br>| April 2020 | •President-General Manager <br>of Aya Gold & Silver <br>Morocco S.A. (since April <br>2020)<br>•Deputy Managing Director <br>of OCP S.A., a Moroccan <br>state-owned producer of <br>phosphate and fertilizer <br>products (August 2015 to <br>August 2019) <br>•President of OCP Africa, a <br>subsidiary of OCP Group - a <br>Moroccan state-owned <br>producer of phosphate and <br>fertilizer products (January <br>2017 to August 2019)<br>| 33,897<br>0.02%<br>|
| ![photos_boardx9a.jpg](photos_boardx9a.jpg) | **Ugo Landry-**<br>**Tolszczuk** <br>Mont-Royal, <br>Canada<br>| Chief Financial <br>Officer<br>| May 2020<br>| •Chief Financial Officer of <br>Aya (since May 2020)<br>•President and Chief <br>Operating Officer (January <br>2018 – February 2021) and <br>Interim Chief Financial <br>Officer of Falcon Energy <br>Materials plc., a company <br>involved in the chemical <br>refining of graphite <br>concentrate (February <br>2021- July 2024)<br>| 20,255<br>0.01%<br>|

---

**Notes:**

1. Member of the Audit Committee.

2. Member of the ESG Committee.

3. Dr. Hambrecht owns 1,193,250 Shares directly and 14,000 Shares indirectly through JH Capital GmbH.

4. Mr. Taub owns 5,695,762 Shares directly and 4,150,500 Shares indirectly through Robelga Sprl.

5. Member of the Nomination and Compensation Committee.

6. Mr. Elias owns no Shares directly and 25,366 Shares indirectly through TMR Advisory SPV Ltd.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025127

As the date hereof, the directors and executive officers of the Corporation and its subsidiaries as a group own beneficially,

directly or indirectly, or exercise control or direction over 4,098,268 Shares or 2.87% of the outstanding Shares.

Cease Trade Orders, Bankruptcies, Penalties or Sanctions

Except as described below, to the best of the Corporation's knowledge, after having made due inquiry, none of our directors or

executive officers or, to our knowledge, shareholders holding a sufficient number of our securities to affect materially the

control of the Corporation, if any:

(a)is, as at the date hereof, or has been, within the 10 years before the date hereof, a director, chief executive officer or

chief financial officer of any company, including the Corporation:

i.was subject to a cease trade or similar order or an order that denied the company access to any exemption

under securities legislation, for a period of more than 30 consecutive days, while that person was acting in that

capacity;

ii.was subject to a cease trade or similar order or an order that denied the company access to any exemption

under securities legislation, for a period of more than 30 consecutive days, which resulted from an event that

occurred while the director was a director, chief executive officer or chief financial officer of the company being

subject to such order;

(b)is, as at the date hereof, or has been, within the 10 years before the date hereof, a director or executive officer of any

company, including the Corporation, that, while that person was acting in that capacity, or within a year of that

person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to

bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with

creditors or had a receiver, receiver manager or trustee appointed to hold its assets;

(c)has, within the 10 years before the date hereof, become bankrupt, made a proposal under any legislation relating to

bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with

creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director; and

(d)has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities

regulatory authority or has entered into a settlement agreement with a securities regulatory authority, nor has been

subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered

important to a reasonable investor in deciding whether to vote for a proposed Director.

Mr. Benoit La Salle was the President, Executive Officer and director of Algold when it filed under the Bankruptcy and

Insolvency Act in February 2021. A proposal made in the context of a notice of intention was approved by the creditors and

homologated by the court on March 26, 2021. Under such proposal, Algold became a wholly owned subsidiary of Aya, effective

as of June 11, 2021. Mr. La Salle was also President, Executive Officer and director of Algold when the Autorité des marchés

financiers and the Ontario Securities Commission handed down a cease-trade order against Algold on June 22, 2020 for

having failed to file its annual statements for the fiscal year ended December 31, 2019. In addition, this decision came into

effect automatically in every jurisdiction in Canada that the company in which has an automatic reciprocity legislation.

Mr. Yves Grou was a director of Algold when it filed under the Bankruptcy and Insolvency Act in February 2021. A proposal

made in the context of a notice of intention was approved by the creditors and homologated by the court on March 26, 2021.

Under such proposal, Algold became a wholly owned subsidiary of Aya, effective as of June 11, 2021. Mr. Grou was also

director of Algold when the Autorité des marchés financiers and the Ontario Securities Commission handed down a cease-

trade order against Algold on June 22, 2020, for having failed to file its annual statements for the fiscal year ended December

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025128

31, 2019. In addition, this decision came into effect automatically in every jurisdiction in Canada that the company in which

has an automatic reciprocity legislation.

While Dr. Hambrecht was a non-executive director of Daimler AG ("Daimler"), Daimler was, in several jurisdictions worldwide,

either fined or reached agreements with various authorities or parties regarding emission control systems of certain diesel

vehicles. The cost of proceedings, fines and settlements is expected to exceed US$2B. In July 2016, the European

Commission fined Daimler in excess of €1B in connection with its participation in what is referred to as the European Truck

Cartel which covered the collusion between cartel members for 14 years on the truck pricing and on passing on the costs of

compliance with stricter emission rules in Europe. In July 2021, at which time Mr. Hambrecht was not on Daimler's board of

directors, the European Commission found that Daimler, BMW and Volkswagen group (Volkswagen, Audi and Porsche)

breached EU antitrust rules by colluding on technical development in the area of nitrogen oxide cleaning. Daimler was,

however, not fined.

Ms. Annie Torkia Lagacé was Vice-President, Legal Affairs, General Counsel and Corporate Secretary of Stornoway Diamond

Corporation ("Stornoway") between November 2014 and April 2019, Executive Vice-President, Corporate Development, Legal

Affairs and Corporate Secretary from April 2019 until January 2020 and Executive Vice-President, Finance and Corporate

Services from January 2020 until July 2020. Stornoway filed for protection under the Companies' Creditors Arrangement Act

("CCAA") on September 9, 2019. The CCAA process was concluded by order of the Superior Court of Quebec in November

2019 and Stornoway's operating subsidiary emerged from such process, continuing its operations on a going concern basis

after the successful implementation of Stornoway's restructuring transactions. In November 2019, Stornoway made a

voluntary assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act which was subsequently completed.

Conflicts of Interests

There are potential conflicts of interest to which the directors and officers of the Corporation or its subsidiaries may be subject

in connection with the operations of the Corporation or its subsidiaries, notably due to the nature of the roles of some

Directors and Officers in the management and/or the Board of the Corporation and the management and/or the Board of other

corporations. See "Directors and Officers – Directors (chart columns entitled "Positions within the Corporation" and "Principal

Occupation During the Five Preceding Years"). Some of the directors and officers are engaged and will continue to be engaged,

directly or indirectly, in other businesses and situations may arise where some of the directors and officers will be in direct

competition with the Corporation or its subsidiaries. Conflicts, if any, will be subject to the procedures and remedies under the

CBCA. No conflicts of interest currently exist between the Corporation or its subsidiaries and a director or officer of the

Corporation or its subsidiaries.

Mr. Benoit La Salle was the President, Executive Officer of Algold when it was acquired by Aya on June 11, 2021. This

relationship had no material impact on the Corporation and Mr. La Salle disclosed his interest to the Board, refrained from

voting for or against the acquisition and was not present during the vote.

Mr. Yves Grou was a director of Algold when it was acquired by Aya on June 11, 2021. This relationship had no material impact

on the Corporation and Mr. Grou disclosed his interest to the Board, refrained from voting for or against the acquisition and

was not present during the vote.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025129

**AUDIT COMMITTEE INFORMATION**

The Audit Committee Charter

A copy of the Audit Committee Charter is attached to this AIF as Schedule "A".

Composition of the Audit Committee

The following directors are members of the Audit Committee:

• Yves Grou, Chair of the Audit Committee

• Eloïse Martin

• Ghislane Guedira Bennouna

All the members of the Audit Committee are financially literate and independent as defined in NI 52-110.

Relevant Education and Experience

The education and experience of each Audit Committee member that is relevant to the performance of his responsibilities are

as follows:

Mr. Grou is a CPA CA, having received his Bachelor in Commerce from McGill University. He is a member of the Quebec

Institute of Chartered Accountants and, in that capacity, qualifies as financial expert. He is the Chief Financial Officer and non-

independent director of Maclos Capital, Inc., since 2001 He was co-founder in 1980 and a partner until 2004 of Grou, La Salle &

Associates ("GLA"). The firm grew from two original partners to a staff of over 50. He developed a business valuation

expertise, having several high-profile clients. At GLA, Mr. Grou coordinated and led the reverse take-over process related to

several public companies, having successfully completed several transactions with mining, oil and gas, telecommunications

and medical devices companies of which some were located in France, Cuba, Thailand, West Africa and China. In 2004, GLA

was sold to a major international accounting firm. Prior to 1980, Mr. Grou worked with Ernst & Young (Montreal) for three

years. In addition to his current directorships, Mr. Grou is/was part of a board of directors of several public companies, in

natural resources, renewable energy and materials.

Ms. Martin is a consultant providing financial advisory services in the metals and mining industries. From 2011 to 2019, Ms.

Martin was an Executive Director of HCF International Advisers Limited (London Branch), a leading independent corporate

finance advisory boutique focused on the global natural resources and infrastructure sectors. Prior to 2011, Ms. Martin worked

at ING, a global bank present in over 40 countries where she was part of the Advisory team focusing on large scale projects in

the energy and natural resources sector. Ms. Martin holds a Master of Humanities Degree from Sorbonne University as well as

a Master of International Business Degree (Honours) from l'Institut d'Études Politiques (Paris) and an MBA from ESSEC

Graduate School of Management (Paris).

Ms. Guedira leads A.P. Moller Capital's local transport and logistics investment fund management company - AMP Capital

Morocco S.A., as its CEO since 2026. She is also the founder of Amplitude Conseil, a firm through which she offers senior

finance consultancy services since 2021. She currently serves as a director and chair of the audit committees of RISMA and

CDG Capital, since 2021, in addition to being a member of the Moroccan Privatization Valuation Body since 2019. Ms. Guedira

served, for over a decade in leading executive roles within the OCP Group, the world's largest producer of phosphate and

phosphate-based products and one of the largest phosphate, fertilizer, chemicals, and mineral industrial companies in the

world by revenue. She initially joined the OCP Group as Advisor to the Chairman and CEO in 2010 and was promoted to the role

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025130

of Chief Financial Officer in 2013. Previously, Ms. Guedira held the roles of Secretary General of Winxo in 2007 and several

leadership positions at the Al Mada Group, a pan-African private conglomerate, from 1997 to 2006. She also worked as an

Auditor at Arthur Andersen in Paris and in Casablanca for 5 years, after having graduated with a master's degree from the

ESCP Business School in 1992.

Reliance on Certain Exemptions

At no time since the commencement of the Corporation's most recently completed financial year has the Corporation relied on

any exemptions identified in Section 4, 5 or 6 of Form 52-110F1.

Audit Committee Oversight

At no time since the commencement of the Corporation's most recently completed financial year, a recommendation of the

Audit Committee to nominate or compensate an external auditor was not adopted by the board of directors.

Pre-Approval Policies and Procedures

The Audit Committee has the responsibility to review and pre-approve all audit and audit-related services and the fees and

other compensation related thereto, as well as any non-audit services provided by the independent auditors to the Corporation

or its subsidiary entities, in accordance with Section B viii) of the Audit Committee Charter, hereto attached as Schedule "A" .

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025131

External Auditor Service Fees

---

| | | |
|:---|:---|:---|
|  | **2025 (CA$)** | **2024 (CA$)** |
| Audit Fees<sup>(1)</sup> | 723021 | 536673 |
| Audit-Related Fees<sup>(2)</sup> |  |  |
| Tax Fees<sup>(3)</sup> |  | 16136 |
| All Other Fees |  | 11770 |
| **Total** | **$723021** | **$564579** |

---

***Notes:*** 

*1.Audit Fees include the aggregate fees billed by Aya's external auditor for audit services related to the annual consolidated financial* 

*statements, as well as interim review services related to the quarterly consolidated financial statements. It also includes aggregate fees* 

*billed by Aya's external auditor for services rendered in connection with the prospectus and the related comfort letter, consent letter and* 

*French translation letter.* 

*2.In fiscal 2025, the Corporation changed the classification of prospectus related fees from audit-related fees to audit-fees and as such* 

*has reclassified $71,423 from audit-related fees to audit fees in the 2024 column in the above table above.* 

*3.Tax Fees include the aggregate fees billed by Aya's external auditor for services pertaining to the preparation of income tax returns and* 

*related schedules of the Corporation and its subsidiaries.*

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025132

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

In December 2024, Duro Felguera and its affiliates ("DF") filed for creditor protection under Spanish pre-bankruptcy

legislation while it had not satisfied its contractual obligations towards the Corporation, specifically by not having reached

provisional acceptance within the timelines specified in the EPC Agreements (see the section of this AIF entitled "*Material* 

*Contracts*").

In March 2025, Aya sought the enforcement of certain securities it had received in connection with the EPC Agreements

before the International Chamber of Commerce. On August 5, 2025, the Corporation received net proceeds of $7.2M in

connection with the enforcement of liquidated damages against DF, from such securities. Subsequent to the

disbursement of funds, DF sought to suspend the application and reverse the underlying decision allowing the execution

of the performance bonds before different tribunals in Spain. Their action seeking the suspension of the execution in

another jurisdiction was rejected on October 22, 2025. The appeal procedure and Aya's response to the appeal have been

filed.

In parallel, on March 31, 2025, Aya received a Request for Arbitration Notice from DF seeking payments under the EPC

Agreements of approximately USD 1.7M and €2.8M, as well as damages which amount remains undetermined at this

time. The Request for Arbitration was filed with International Chamber of Commerce. In its counterclaim, Aya is seeking

legal action against DF to enforce and protect its rights under the EPC Agreements and is seeking damages in the amount

of approximately USD 15M.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025133

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Except as disclosed below, no director, executive officer or principal shareholder of the Corporation, or associate or

affiliate of any of the foregoing, has had any material interest, direct or indirect, in any transaction within the preceding

three years or in any proposed transaction that has materially affected or will materially affect the Corporation or any

subsidiary of the Corporation. All figures are in USD ('000).

• Management and consulting fees to Groupe Conseils Grou, La Salle Inc., a company owned by the President and

Chief Executive Officer of $838 for the year ended December 31, 2025 ($758 for the year ended December 31, 2024

and $772 for the year ended December 31, 2023). As at December 31, 2025, $391 (December 31, 2024 - $305,

December 31, 2023 - $412) was due to that company.

**TRANSFER AGENT AND REGISTRAR**

The transfer agent and registrar of the Corporation is TSX Trust Company, having offices notably in Montréal and

Toronto.

**MATERIAL CONTRACTS**

This AIF includes a summary description of certain material contracts. Each summary description discloses all material

attributes of the applicable contract but is not complete and is qualified by reference to the terms of the material

contracts, which are available under the Corporation's SEDAR+ profile at www.sedarplus.ca.

No other material contracts, other than those contracts entered into in the ordinary course of business, have been entered

into by the Corporation since the beginning of the last financial year ended December 31, 2025, or entered into prior to

such date, but which are still in effect and which are required to be filed with Canadian securities regulatory authorization

in accordance with Section 12.2 of NI 51-102.

The capitalized terms used in the summary description of the material contracts below have the same meaning as in the

related agreement(s), except if another meaning is specified herein.

• **EPC Agreements:** On November 30, 2022, Aya's subsidiary ZMSM, entered into a multicurrency fixed price EPC

contract, composed of a Supply Agreement and a Services Agreement, for a total of approximately USD $78 million

with DF (based on the then applicable exchange rate between Euro, MAD and USD), for the engineering, design,

manufacturing, construction, delivery, erection, start-up and commissioning of a new 2,000 tpd processing plant at

the Zgounder Silver Mine. The EPC contract price is fixed based on the USD, Euro and MAD. Litigation between the

Corporation and DF is currently ongoing in relation to EPC Agreements (see "*Legal Proceedings and Regulatory* 

*Action*s").

• **ZMSM EBRD Agreements:** On January 19, 2023, ZMSM entered into a Loan Agreement with the EBRD pursuant to

which the EBRD agreed to lend to ZMSM an amount not to exceed $100M, consisting of: i) an "EBRD Tranche" not to

exceed $92M, which shall be funded by EBRD Resources and; ii) a "CTF Tranche" not to exceed $8M, which shall be

funded from the CTF (i) and (ii) together, the "**ZMSM EBRD Facility**"). Any Disbursements made shall be on a pro rata

basis as between the EBRD Tranche and the CTF Tranche. ZMSM shall pay to EBRD, during the commitment period

of 24 months, a charge on the portion of the Loan that has been disbursed to ZMSM or cancelled. ZMSM shall also

pay to EBRD a front-end commission in respect of the Loan, an underwriting commission and an annual

administration fee. With respect to the EBRD Tranche, ZMSM shall pay interest on the principal amount of each

Disbursement. With respect to the CTF Tranche, ZMSM shall pay interest on the principal amount of each

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025134

Disbursement to the extent it forms part of the CTF Tranche from time to time outstanding during each Interest

Period for such Disbursement at a rate equal to the all-in rate at the signing of the Loan Agreement, reduced

following the achievement of three milestones: (1) the TCFD report disclosed by end of 2023 will result in a 25% rate

reduction; (2) the completion of certain capital expenditure set out in the TCFD report and in the development plan by

end of 2024 will result in a 50% rate reduction and; (3) reaching "advanced" maturity on the TCFD's Climate

Governance and Strategy recommendation will result in reduction of interest to an all-in rate of 1.00%. The capital

and interest on the EBRD Tranche and on the CTF Tranche are payable twice yearly and the Final Maturity Date is six

years from the execution of the Loan Agreement. Prior to the first Disbursement to be made available, a Cost Overrun

Account of $18M and a Debt Service Reserve Account of $16.25M million must be funded. All Disbursements made

under the Loan Agreement are available to ZMSM upon satisfaction of certain customary conditions precedent.

• To secure ZMSM's obligations under the Loan Agreement, a variety of Security Agreements were executed,

including : 1) a Business Pledge Agreement pursuant to which ZMSM granted to EBRD a first ranking security interest

in all of its present and future tangible movable assets and intangible assets belonging to its ongoing business; 2) a

Receivables Pledge pursuant to which ZMSM granted a first ranking security interest in the receivables held or to be

held by ZMSM and arising from any sale agreement or offtake agreement under which a receivable is held or will be

held by ZMSM pursuant to the sale of the Zgounder Silver Mine production; 3) a Bank Accounts Pledge pursuant to

which ZMSM granted to EBRD a first ranking security interest in the Onshore Bank Accounts and; 4) a Share Pledge

Agreement pursuant to which the parent company of ZMSM, AGSM, pledged in favor of EBRD all of its issued and

outstanding shares of ZMSM. The Loan Agreement was also conditional to the execution of a Guarantee, Indemnity

and Subordination Agreement pursuant to which: (a) Aya guaranteed to EBRD the punctual performance of ZMSM of

all its obligations under the Loan Agreement and the amounts owing to EBRD under the Loan Agreement; and (b) Aya

and AGSM agreed to subordinate all amounts owing to them in respect of the Subordinated Debt to all amounts

owing to EBRD under the Loan Agreement.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025135

**NAMES AND INTERESTS OF EXPERTS** 

The following persons, firms or companies have prepared or certified a statement, report, valuation or opinion described

or included in a filing, or referred to in a filing made under NI 51-102 by the Corporation, during, or relating to, the

Corporation's most recently completed financial year and are those whose profession or business gives authority to the

statement, report or valuation made by the person or the Corporation.

(1)RSC Consulting Ltd., Honza Catchpole (PhD, P.Geo.), Abraham Whaanga (B.Sc., MAusIMM (CP)), Olivier Bertoli

(FAusIMM, MSc, M.Eng.), David Lalonde (P.Geo.), Raphaël Beaudoin (P.Eng.), Sebastian Humphrey (P.Eng.), David

Vilder (C.Env.) and Patrick Pérez (P.Eng.) are the Qualified Persons who prepared the Updated Zgounder

Technical Report.

(2)Epoch Resources (Pty) Ltd., George Papageorgiou (P.Eng., PhD, MSc, BSc, Eng (Civil), Wits) SLR Consulting

France SAS, Alex Pheiffer (PrSciNat.), WSP Canada Inc., Benjamin Berson (P.Eng.),Lycopodium Minerals Canada

Ltd., Preetham Nayak (P.Eng.), Ruan Venter, P.Eng., Zuned Shaikh (P.Eng.), RockEng Inc., Cortney Palleske

(P.Eng.), , P&E Consultants Inc., Eugene Puritch (P.Eng.), Antoine Yassa (P.Geo.), Fred Brown (P.Geo.), Jarita Barry

(P.Geo.), William Stone (PhD, P.Geo.), David Lalonde (P.Geo.) and Patrick Pérez (P.Eng.) are the Qualified Persons

who prepared the Boumadine PEA Report.

(3)DRA, Daniel M. Gagnon (P.Eng.), Daniel Morrison (P.Eng.), André-François Gravel (P.Eng., PMP), Claude Bisaillon

(P.Eng.), William Stone (P.Geo.), Fred Brown (P.Geo.), Jarita Barry (P.Geo.), Eugene Puritch (P.Eng., FEC, CET),

Antoine Yassa (P.Geo.), Kathy Kalenchuk (Ph.D., P.Eng., PE), Hugo Dello Sbarba (P.Eng.), Stephen Coates (P.Eng.),

Julie Gravel (P.Eng.), Philippe Rio Roberge, (P.Eng., PMP), Richard Barbeau (P.Eng.), David Lalonde (P.Geo.),

Patrick Pérez (P.Eng.) and Raphaël Beaudoin (P.Eng.), as Qualified Persons, each certified certain technical

information incorporated by reference in the Short Form Base Shelf Prospectus of the Corporation dated June 10,

2025. (4)Norton Rose Fulbright Canada LLP and McCarthy Tétrault LLP certified an opinion on certain legal matters

included in the Prospectus Supplement of the Corporation dated June 12, 2025

KPMG LLP provided an auditor's report dated March 28, 2025, in respect of the Corporation's financial statements as at

and for the years ended December 31, 2024 and December 31, 2023, and auditor's reports, incorporated by reference in

the Short Form Base Shelf Prospectus of the Corporation dated June 10, 2025 and in the Prospectus Supplement of the

Corporation dated June 12, 2025. KPMG LLP are the auditors of the Corporation and have confirmed with respect to the

Corporation that they are independent within the meaning of the relevant rules and related interpretations prescribed by

the relevant professional bodies in Canada and any applicable legislation or regulations.

To the best of the Corporation's knowledge, the experts named above did not have any registered or beneficial interest,

direct or indirect, in securities or other property of the Corporation, when the experts prepared their respective reports, and

no securities or other property of the Corporation or one of its subsidiaries was subsequently received or to be received

by such experts.

**ADDITIONAL INFORMATION**

Additional information relating to the Corporation can be found on the SEDAR+ web site at www.sedarplus.ca.

Additional information including directors' and officers' remuneration and indebtedness, principal holders of the

Corporation's securities and securities authorized for issuance under equity compensation plans, where applicable will be

contained in the Corporation's management information circular in respect of its next annual meeting of shareholders

involving the election of directors.

AYA GOLD & SILVER INC. **/** ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025136

Additional financial information is provided in the annual audited financial statements of the Corporation for the year

ended December 31, 2025, and the notes thereto and also in the Corporation's MD&A for the same period.

**SCHEDULE "A" - AUDIT AND RISK MANAGEMENT COMMITTEE CHARTER**![charter-foraifv2a.jpg](charter-foraifv2a.jpg)

![aya-auditandriskmanagementf.jpg](aya-auditandriskmanagementf.jpg)

![aya-auditandriskmanagemente.jpg](aya-auditandriskmanagemente.jpg)

![aya-auditandriskmanagementg.jpg](aya-auditandriskmanagementg.jpg)

![aya-auditandriskmanagementd.jpg](aya-auditandriskmanagementd.jpg)

## Exhibit 99.105

**Exhibit 99.105**

***Note: [01 Mar 2017]*** *– The following is a consolidation of 13-501F1. It incorporates amendments to this document that came into effect on March 1, 2017. This consolidation is provided for your convenience and should not be relied on as authoritative.*

**FORM 13-501F1**

***CLASS 1 REPORTING ISSUERS AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| I, <u>LANDRY-TOLSZCZUK, Ugo</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. | I, <u>LANDRY-TOLSZCZUK, Ugo</u>, an officer of the reporting issuer noted below have examined this Form 13-501F1 (the **Form**) being submitted hereunder to the Alberta Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. |
| (s) <u>LANDRY-TOLSZCZUK,</u> <u>Ugo</u> | <u>31 Mar 2026</u> |
| Name: LANDRY-TOLSZCZUK, Ugo | Date: |
| Title: Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | AYA GOLD & SILVER INC./ AYA OR & ARGENT INC. |
|  | (00026913) |

---

---

| | |
|:---|:---|
| **End date of previous financial year:** | 31 Dec 2025 |

---

---

| | | |
|:---|:---|:---|
| **Type of Reporting Issuer:** | **[X] Class 1 reporting issuer** | **[ ] Class 3B reporting issuer** |

---

---

| | |
|:---|:---|
| **Highest Trading Marketplace:** | Toronto Stock Exchange (TSX) |

---

**<u>Market</u> <u>value</u> <u>of</u> <u>listed</u> <u>or</u> <u>quoted</u> <u>equity</u> <u>securities</u>:**

---

| | |
|:---|:---|
| **Equity Symbol** | AYA |

---

---

| | |
|:---|:---|
| **1st Specified Trading Period** (dd/mm/yy) | 01/01/25 to 31/03/25 |

---

------

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $11.12<br>(i) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 130790053(ii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (i) x (ii) | $1454385389.36<br>(A) |

---

---

| | |
|:---|:---|
| **2nd Specified Trading Period** (dd/mm/yy) | 01/04/25 to 30/06/25 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $12.25<br>(iii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 141892234(iv)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (iii) x (iv) | $1738179866.50<br>(B) |

---

---

| | |
|:---|:---|
| **3rd Specified Trading Period** (dd/mm/yy) | 01/07/25 to 30/09/25 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $16.1<br>(v) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 141939741(vi)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (v) x (vi) | $2285229830.10<br>(C) |

---

------

---

| | |
|:---|:---|
| **4th Specified Trading Period** (dd/mm/yy) | 01/10/25 to 31/12/25 |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $19.64<br>(vii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period 142014007(viii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (vii) x (viii) | $2789155097.48<br>(D) |

---

---

| | |
|:---|:---|
| **5th Specified Trading Period** (dd/mm/yy) | *N/A* |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the specified trading period in which such security was listed or quoted on the highest trading marketplace | $*N/A* (ix) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the specified trading period *N/A* (x)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (ix) x (x) | *$N/A*<br>(E) |

---

---

| | |
|:---|:---|
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable specified trading period (i.e. A through E above)) | $2066737545.86<br>**(1)** |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary, if applicable) that was listed or quoted on a marketplace at the end of the previous financial year)

------

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| | |
|:---|:---|
| **Fair value of outstanding debt securities:** | |
| (Provide details of how value was determined) | $0.00<br>(2) |
| **Capitalization for the previous financial year (1) + (2)** | $&nbsp;&nbsp;&nbsp;&nbsp;2066737545.86&nbsp;&nbsp;&nbsp;&nbsp; |
| **Participation Fee** | &nbsp;&nbsp;&nbsp;&nbsp;$28000.00&nbsp;&nbsp;&nbsp;&nbsp; |
| **Late Fee,** if applicable | *$N/A* |
| **Total Fee Payable** | &nbsp;&nbsp;&nbsp;&nbsp;$28000.00&nbsp;&nbsp;&nbsp;&nbsp; |
| (Participation Fee plus Late Fee) |  |

---

## Exhibit 99.106

**Exhibit 99.106**

**FORM 13-502F1**

***CLASS 1 AND CLASS 3B REPORTING ISSUERS – PARTICIPATION FEE***

**MANAGEMENT CERTIFICATION**

---

| | |
|:---|:---|
| I, <u>LANDRY-TOLSZCZUK, Ugo</u>, an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. | I, <u>LANDRY-TOLSZCZUK, Ugo</u>, an officer of the reporting issuer noted below have examined this Form 13-502F1 (the **Form**) being submitted hereunder to the Ontario Securities Commission and certify that to my knowledge, having exercised reasonable diligence, the information provided in the Form is complete and accurate. |
| (s) <u>LANDRY-TOLSZCZUK,</u> <u>Ugo</u> | <u>31 Mar 2026</u> |
| Name: LANDRY-TOLSZCZUK, Ugo | Date: |
| Title: Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| **Reporting Issuer Name:** | AYA GOLD & SILVER INC./ AYA OR & ARGENT INC. |
|  | (000026913) |

---

---

| | |
|:---|:---|
| **End date of previous financial year:** | 31 Dec 2025 |

---

---

| | | |
|:---|:---|:---|
| **Type of Reporting Issuer:** | **[X] Class 1 reporting issuer** | **[ ] Class 3B reporting issuer** |

---

---

| | |
|:---|:---|
| **Highest Trading Marketplace:** | Toronto Stock Exchange (TSX) |

---

(refer to the definition of "highest trading marketplace" under OSC Rule 13-502 Fees)

**<u>Market</u> <u>value</u> <u>of</u> <u>listed</u> <u>or</u> <u>quoted</u> <u>equity</u> <u>securities</u>:**

(in Canadian Dollars - refer to section 36 of OSC Rule 13-502 Fees)

---

| | |
|:---|:---|
| **Equity Symbol** | AYA |

---

---

| | |
|:---|:---|
| **1st Quarterly Trading Period** (dd/mm/yy) | 01/01/25 to 31/03/25 |

---

(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees)

------

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $11.12<br>(i) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period 130790053(ii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (i) x (ii) | $1454385389.36<br>(A) |

---

---

| | |
|:---|:---|
| **2nd Quarterly Trading Period** (dd/mm/yy) | 01/04/25 to 30/06/25 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $12.25<br>(iii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period 141892234(iv)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (iii) x (iv) | $1738179866.50<br>(B) |

---

---

| | |
|:---|:---|
| **3rd Quarterly Trading Period** (dd/mm/yy) | 01/07/25 to 30/09/25 |
| (refer to the definition of "quarterly period" under OSC Rule 13-502 Fees) | |

---

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $16.1<br>(v) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period 141939741(vi)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (v) x (vi) | $2285229830.10<br>(C) |

---

------

---

| | |
|:---|:---|
| **4th Quarterly Trading Period** (dd/mm/yy) | 01/10/25 to 31/12/25 |

---

(refer to the definition of "quarterly period" under OSC Rule 13-502 Fees)

---

| | |
|:---|:---|
| Closing price of the security in the class or series on the last trading day of the quarterly trading period in which such security was listed or quoted on the highest trading marketplace | $19.64<br>(vii) |

---

Number of securities in the class or series of such security outstanding at the end of the last trading day of the quarterly trading period 142014007(viii)

---

| | | |
|:---|:---|:---|
| Market value of class or series | (vii) x (viii) | $2789155097.48<br>(D) |

---

---

| | |
|:---|:---|
| **Average Market Value of Class or Series** (Calculate the simple average of the market value of the class or series of security for each applicable quarterly period (i.e. A through D above)) | $2066737545.86<br>**(1)** |

---

(Repeat the above calculation for each other class or series of equity securities of the reporting issuer (and a subsidiary pursuant to paragraph 9(1)(b) of OSC Rule 13-502 Fees, if applicable) that was listed or quoted on a marketplace at the end of the last trading day of each quarterly period in the previous financial year of the reporting issuer)

---

| | |
|:---|:---|
| **Fair value of outstanding debt securities:** | |
| (See paragraph 9(1)(c), and if applicable, paragraphs 9(1)(d) and (e) of OSC Rule 13-502 Fees) |  |
| (Provide details of how value was determined) | $0.00<br>(2) |

---

------

---

| | |
|:---|:---|
| **Capitalization for the previous financial year (1) + (2)** | $2066737545.86 |
| **Participation Fee** |  |
| (For Class 1 reporting issuers, from Appendix A of OSC Rule 13-502 Fees, select the participation fee) | $59350.00 |
| (For Class 3B reporting issuers, from Appendix B of OSC Rule 13-502 Fees, select the participation fee) |  |
| **Late Fee,** if applicable | $0.00 |
| (As determined under section 8 of OSC Rule 13-502 Fees) |  |
| **Total Fee Payable** | $59350.00 |
| (Participation Fee plus Late Fee) |  |

---

## Exhibit 99.107

**Exhibit 99.107**

**CONSENT OF WILLIAM STONE** 

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026  |
| /s/ William Stone |
| William Stone, PhD, P.Geo. |

---

## Exhibit 99.108

**Exhibit 99.108**

**CONSENT OF ANTOINE YASSA**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026  |
| /s/ Antoine Yassa |
| Antoine Yassa, P.Geo. |

---

## Exhibit 99.109

**Exhibit 99.109**

**CONSENT OF JARITA BARRY**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026  |
| /s/ Jarita Barry |
| Jarita Barry, P.Geo. |

---

## Exhibit 99.110

**Exhibit 99.110**

**CONSENT OF FRED BROWN**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026  |
| /s/ Fred Brown |
| Fred Brown, P.Geo. |

---

## Exhibit 99.111

**Exhibit 99.111**

**CONSENT OF EUGENE PURITCH**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026  |
| /s/ Eugene Puritch |
| Eugene Puritch, P.Eng. |

---

## Exhibit 99.112

**Exhibit 99.112**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: 2026-04-13 |
| /s/ DAVID LALONDE, BSc PGeo |
| DAVID LALONDE, BSc PGeo |

---

## Exhibit 99.113

**Exhibit 99.113**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| | | |
|:---|:---|:---|
| Dated: 2026-04-13 | /s/ PATRICK PEREZ | Patrick Pérez |
| PATRICK PEREZ, MSc, P.Eng  | PATRICK PEREZ, MSc, P.Eng  | |

---

## Exhibit 99.115

**Exhibit 99.115**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: 13 April 2026 |
| /s/ Olivier Bertoli |
| [Olivier Francois Bertoli], [Olivier Bertoli, MSc MEng FAusIMM GAA] |

---

## Exhibit 99.116

**Exhibit 99.116**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026 |
| /s/ Abraham Whaanga |
| Abraham Whaanga, BSc DipMgmt MAusIMM(CP) |

---

## Exhibit 99.117

**Exhibit 99.117**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026 |
| /s/ Honza Catchpole, PhD PGeo |
| Honza Catchpole, PhD PGeo |

---

## Exhibit 99.118

**Exhibit 99.118**

**CONSENT OF QUALIFIED PERSON** 

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: 2026-04-13 |
| /s/ Raphaël Beaudoin |
| Raphaël Beaudoin, P.Eng |

---

## Exhibit 99.119

**Exhibit 99.119**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026  |
| /s/ Sebastian Humphrey |
| Sebastian Humphrey, P.Eng.  |

---

## Exhibit 99.120

**Exhibit 99.120**

**CONSENT OF QUALIFIED PERSON** 

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: 13/04/2026 |
| David Vilder. MEnv, MIMMM, CEnv |
| /s/ David Vilder |

---

## Exhibit 99.121

**Exhibit 99.121**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026  |
| /s/ Preetham Nayak |
| Preetham Nayak, MASc, P.Eng |

---

## Exhibit 99.122

**Exhibit 99.122**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: 13 April 2026 |
| /s/ Ruan Pierre Venter |
| Ruan Pierre Venter, P.Eng |

---

## Exhibit 99.123

**Exhibit 99.123**

**CONSENT OF QUALIFIED PERSON**

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: 13 April 23, 2026 |
| /s/ Zunedbhai Shaikh |
| Zunedbhai Shaikh, P.Eng. |

---

## Exhibit 99.124

**Exhibit 99.124**

**CONSENT OF QUALIFIED PERSON**

I, Benjamin Berson, state that I am responsible for preparing or supervising the preparation of a part of the Technical Report titles "Preliminary Economic Assessment for the Boumadine Polymetallic Project, Kingdom of Morocco", with an effective date of November 4, 2025, as signed and certified by me (the "Technical Report").

The undersigned acknowledges that the Technical Report supports the Registration Statement on Form 40-F of Aya Gold & Silver Inc. filed with the United States Securities and Exchange Commission.

The undersigned hereby consents to:

(1) The references to the undersigned's name and to quotations from, or summaries of, only those portions of the Technical Report for which the undersigned is responsible, included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the Technical Report of the Registrant, and;

(2) The filing of the technical report as an exhibit to, or its incorporation by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

The undersigned confirms that the undersigned has read the Registration Statement on Form 40-F and that, in the form and context in which it appears, it fairly and accurately reflects the information in the parts of the technical report for which the undersigned is responsible.

This consent is limited to the Registration Statement on Form 40-F and does not extend to any other disclosure document unless expressly stated.

Dated at Laval, this 13<sup>th</sup> of April, 2026

---

| |
|:---|
| /s/ Benjamin Berson  |
| Benjamin Berson, PEng, PMP |

---

## Exhibit 99.125

**Exhibit 99.125**

**CONSENT OF QUALIFIED PERSON** 

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: 13 April 2026  |
| /s/ Alessandra (Alex) Pheiffer |
| Alessandra (Alex) Pheiffer, PrSciNat <br>ESIA Consultant |

---

## Exhibit 99.126

**Exhibit 99.126**

**CONSENT OF QUALIFIED PERSON** 

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statemenat on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: 13 April 2026 |
| /s/ Dr George Papageorgiou |
| Dr George Papageorgiou. PhD., Pr.Eng.  |

---

## Exhibit 99.127

**Exhibit 99.127**

**CONSENT OF QUALIFIED PERSON** 

The undersigned hereby consents to (1) the references to the undersigned's name included or incorporated in the Registration Statement on Form 40-F of Aya Gold & Silver Inc. in connection with the scientific and technical disclosure of the Registrant, and (2) all other references to the undersigned included or incorporated by reference in the Registration Statement on Form 40-F of Aya Gold & Silver Inc.

---

| |
|:---|
| Dated: April 13, 2026  |
| /s/ Cortney Palleske |
| Cortney Palleske, M.A.Sc., P.Eng.  |

---

<br>